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SC Bank Korea sees quarterly profit jump 87-fold

A logo of Standard Chartered Bank Korea, a South Korean arm of London-based Standard Chartered Bank
A logo of Standard Chartered Bank Korea, a South Korean arm of London-based Standard Chartered Bank
Standard Chartered Bank Korea saw its quarterly net profit jump 87.2 times on-year to 79.4 billion won ($67.3 million) on a decrease in its future bad debts, filings showed Monday.

The surge is attributable to a shrink in provision for credit losses -- an indicator of a financial institution’s future bad debt -- during the third quarter, as well as the increased interest income, according to filings submitted to the Financial Supervisory Service Monday.

Notably, the provision for credit losses during the quarter shrank by 90 percent on-year to 4.5 billion won. The quarterly pre-provision operating profit rose 8.1 percent.

This comes as its net profit for the first three quarters of 2021 rose 44.5 percent to 264.3 billion won.

SC Bank Korea said in a statement it has seen an increase in loans and more low-cost funding over the past quarter. 

By Son Ji-hyoung (consnow@heraldcorp.com)
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