RETAIL BANKING | Tony Chua, Korea

South Korean banks amass $2.7bn Q3 profits

Lenders are trying to increase interest rates on loans while cutting deposits rates.

Korean banks have raked in record profits in the third quarter, earning an average of W3.2 trillion ($2.7 billion).

According to data released Monday by FnGuide, the country's eight major financial groups and banks including Kookmin Bank and Woori Bank posted profits above the previous record seen in the second quarter of 2005, according to a report in Chosun Ilbo.

The higher-than-expected figures come as banks in Korea are trying to hike interest rates on loans while slashing rates for deposits.

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