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Net income amounted to 422.1 billion won (US$358.4 million) in the July-September period, up 179.7 per cent from the previous year, the lender, controlled by U.S. buyout fund Lone Star Funds, said in a regulatory filing. Compared with three months earlier, earnings jumped 77.2 per cent on an improved profit margin.
Sales tumbled 46.5 per cent on-year to 3.25 trillion won while operating profit climbed 31.2 per cent to 230 billion won, it added.
Shares of KEB closed down 3.76 per cent to 12,800 won on the main bourse.
The bank booked a one-off profit of 229.6 billion won from corporate tax refunds related to the merger with its credit card unit in March 2004.
The bank's net interest margin (NIM), a key barometer of profitability, came in at 2.49 per cent in the third quarter, up from 2.17 per cent from three months earlier.
Korean banks' NIMs have been under pressure as record-low benchmark interest rates have narrowed their loan-deposit spread. But signs of an economic recovery and expectations of a rate hike by the central bank have begun to boost market rates like returns on certificates of deposit, helping their profit margins improve.
KEB put aside 83.7 billion won in loan-loss reserves last quarter, down 55.2 per cent from three months earlier as the pace of a rise in bad debts eased.
The lender's bad debt ratio stood at 1.25 per cent in the third quarter, down from 1.36 per cent the preceding quarter. The country's financial watchdog has advised local banks to lower their bad loan ratio to around 1 per cent by the end of this year.
The bank's total assets reached 101.4 trillion won as of the end of September, down 0.2 per cent from three months earlier, it added.
(Yonhap) cg
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