S. KOREAN BANKS LOSE US$1 BLN FROM DERIVATIVES TRADING IN H1
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CBKKY | Quote | Chart | News | PowerRating -- South Korean banks posted a
1.2-trillion-won (US$1 billion) loss from derivatives trading
in the first half of the year due to the prolonged global
financial crisis, a leading financial think tank said Sunday.
Five major domestic banks -- Kookmin, Woori, Shinhan, Korea
Exchange and Hana -- recorded combined losses of 1.21 trillion
won, according to data by the Korea Institute of Finance (KIF).
Foreign-owned Citibank Korea and SC First Bank Korea, however,
reported earnings of 495.4 billion won, it said.
The seven banks had earned 601.4 billion won from
derivatives trading in the first half of 2008 but lost 406
billion won in the second half of last year, hit by losses
related to currency options known as "knock-in knock-out," or
KIKO contracts, and the global financial crisis, KIF said.
Outstanding derivatives contracts held by all seven banks
fell 13.8 per cent on-year to 1,398.4 trillion won as of the end
of June, KIF said.
(Yonhap) cg
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