Banks Earn W11 Trillion from Interest Alone in Q3

  • By Shon Jin-seok

    November 17, 2021 11:24

    Commercial banks earned a whopping W11 trillion in the third quarter of this year from interest income alone as Koreans got deeper into debt due to the pandemic.

    Their net profit so far this year has already surpassed all of last year's (US$1=W1,181).

    The Financial Supervisory Service said Tuesday that the country's 19 commercial banks earned W11.6 trillion in interest income from July to September, up W1.3 trillion on-year.

    Their cumulative interest income in the first three quarters rose W2.9 trillion to a staggering W33.7 trillion.

    Loan assets at banks increased 9.2 percent on-year in the third quarter to W2.785 quadrillion. Meanwhile the gap between loan and deposit interest rates also widened by 0.04 percentage points to 1.8 percentage points over the same period, boosting profitability for the banks.

    That resulted in a cumulative net profit of W15.5 trillion until September this year, up a whopping 50 percent on-year and more than last year's total net profit of W12.1 trillion. 

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