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Banks expect to post record profits in 2004.
(From The Korea Herald)
By Rafael Nam The nation's 19 major banks, including commercial, specialized and regional lenders, will experience a surge in their combined net profit this year, said a report by Yonhap News quoting unidentified government sources.
According to the semi-official news agency the nation's major banks expect a 192.3 percent surge in net profits to 7.8 trillion ($6.7 billion) this year, as a recovery in corporate investment and consumer demand buoy profits. If attained, it would mark a significant improvement of the previous record of 5.28 trillion won in 2001.
Although the government has yet to officially tally final 2003 results, officials said they expected combined profits of 2.67 trillion won among the nation's 19 lenders, Yonhap added.
The nation's commercial banks are forecasting a net profit of 5.7 trillion won this year, while provincial and specialized lenders are targeting 500 billion won and 1.6 trillion won, said the news report.
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