[Alpha Biz=(Chicago) Reporter Paul Lee] By the third quarter of this year, the cumulative interest income of local banks reached a record high of 44.2 trillion won, the report showed.

According to data released by the Financial Supervisory Service, the cumulative interest income of local banks reached KRW 44.2 trillion in the third quarter of this year, up 8.9% from KRW 40.6 trillion in the same period last year.

Despite a drop in net interest margin (NIM) for the third consecutive quarter of this year, the increase in interest income is attributed to an increase in interest-income assets such as loans.

Meanwhile, the cumulative net profit of domestic banks in the first to third quarters was 19.5 trillion won, up 38.2% from the same period last year.

Net profit in the third quarter was 5.4 trillion won, up 28.6% from last year, but down 23.9% from the previous quarter.

In the third quarter, non-interest income of domestic banks was 800 billion won, down 56.1% (900 billion won) from the previous quarter (1.7 trillion won).

 

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