Korea Exchange Bank profit down 31.3% to $259.8 million

Board appoints Chief Executive Larry Klane as the next chairman to supervise the sale of its 51% stake.

Korea Exchange Bank on Tuesday said third-quarter net profit slipped 31.3% from the same period a year earlier when it booked a significant one-time gain.

KEB, in a filing to the Korea Exchange, said net profit for the quarter was 289.97 billion won (US$259.8 million) compared with 422.07 billion won ($380.18 million) a year ago. The bank received a 229.6 billion won ($206.84 million) corporate tax refund gain in the third quarter of 2009.

Loan-loss provisions for the quarter stood at 86.8 billion won ($78.19 million), down from 239.6 billion won ($215.85 million) at the same time a year earlier. KEB also booked an 87.3 billion won ($78.67 million) gain from a sale of some shares in Hynix Semiconductor Inc.

The bank also said its board named Chief Executive Larry Klane as the next chairman after former chairman Richard Wacker stepped down to take up a new job closer to his family in the U.S.

View the full story in The Wall Street Journal.

Follow the link for more news on

Also Read

Cambodia enables QR payments from foreign e-wallets through Alipay+

Hong Kong to rename ‘virtual banks’ to ‘digital banks’

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit