South Korean banks reported a 24% year-on-year increase in their Q1 net profit, driven by a surge in both interest and non-interest income. Financial Supervisory Service (FSS) data reveals a combined net profit of KRW7tr (USD5.4bn), up 55.9% from the previous quarter. Although interest income rose to KRW14.7tr, marking an increase from the same period last year, it was down from the previous quarter. Non-interest income increased to KRW2.1tr. With the banks' return on assets at 0.78%, and return on equity at 10.91%, the FSS urges banks to ensure adequate loss-absorption capacity amidst the looming uncertainties caused by policy tightening both domestically and globally.
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