35 foreign banks in South Korea report 4.5% profit loss in 2021

Foreign bank branches in South Korea saw their combined net profit fall 4.5% in 2021, data from the Financial Supervisory Service (FSS) showed. The combined net income of 35 foreign lenders' local branches stood at KRW1.15tr (USD904.4m) in the fiscal year of 2021, down KRW53.5bn a year earlier. The branches reported KRW1.05tr in losses from securities, which was larger than the KRW218.9bn losses tallied a year earlier. They also registered a loss of KRW33.6bn in transaction fees due to increased expenses. The FSS said it will bolster its monitoring of those foreign bank branches' risk management capacity amid worries over monetary tightening in major economies and growing currency market volatility.