Korean banks’ net income jump 24% in Q1

Interest income declined as a result of interest rates falling during the period.

South Korean banks’ net income rose 24% to KRW7t in Q1, according to preliminary data released by the Financial Supervisory Service (FSS).

Income is also 55.9% higher than in Q4 2022, when banks’ net income was reported to be KRW4.6t in total.

Interest income for the first three months of the year is down 4.4% quarter-on-quarter to KRW14.7t, as a result of interest rates declining during the period, the FSS said.

Return on assets rose 0.3 percentage point to 0.78% in Q1 compared to the previous quarter, and 0.1 ppt compared to Q1 2022.