kookmin-announces-fourthquarter-loss

Kookmin announces fourth-quarter loss

Korea's biggest bank suffers its first quarterly loss in four years as bad loans surge.

Kookmin Bank reported a loss yesterday of W318.5 billion $229 million for the quarter ending December 2008, due to worsening bad loan charges. It was the first quarterly deficit posted by Korea's biggest lender, a unit of KB Financial Group, since the fourth quarter of 2004. The loss compares with a net profit of W580.1 billion for the same period in 2007.

Kookmin was forced to make additional provisions for losses on loans made to Korean manufacturers. KB Financial set aside W1.2 trillion against potential loan losses, up from W311 billion a year earlier, and wrote off W692.3 billion in bad loans during the quarter.

The Financial Supervisory Service said yesterday that the ratio...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222