Bank of Korea's net profit falls to 7-year low

GMT 09:47 2015 Thursday ,05 March

Arab Today, arab today Bank of Korea's net profit falls to 7-year low

The Bank of Korea
Seoul - QNA

South Korea's central bank saw its net profit fall to the lowest level in seven years last year due to unfavorable macroeconomic circumstances, data showed Wednesday.
The Bank of Korea's net profit for 2014 came in at 1.98 trillion won (US$1.81 billion), shrinking 4% from the previous year and marking the weakest bottom line since the 444.7-billion won net loss in 2007, according to the data.
Since making a turnaround in 2008, the central bank's net profit has mostly remained in the 2-3 trillion won range.
A central bank official attributed the weaker bottom line to changes in macroeconomic circumstances such as sways in foreign exchange and international rates.
The central bank reaps most of its net profit from managing its foreign exchange assets. Its spending, on the other hand, is focused on managing the monetary market.

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