PROFILE - SOUTH KOREA'S BANKING INDUSTRY (OCT 2003).

AsiaPulse News, October, 2003

By Kwak Young-sup

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A PROFILE OF SOUTH KOREA'S BANKING INDUSTRY

PREPARED BY ASIA PULSE ANALYSTS

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OVERVIEW:

In a drastic turnaround from a bumper year in 2002, South Korean banks fared poorly in the first half of this year due to their heavy exposures to SK Networks, formerly SK Global Co., and a rise in overdue consumer loans.

The banking sector's combined net profit nosedived nearly 87 percent during the January-June period from a year ago, while its performance is not expected to improve much down the road.

In the January-June period, the combined net profit of the nation's 19 banks stood at 467.2...