Lenders set to report 2010 earnings next week

Lenders are set to report their 2010 earnings next week with their combined profits estimated to have soared nearly 36 percent, industry sources said Saturday.

Woori Financial Holdings, the country's No. 1 financial group, is expected to have racked up a profit of 1.3 trillion won ($1.16 billion) last year following a profit of 1.03 trillion won a year earlier.

Shinhan Financial Group, the nation's No. 3 lender, is estimated to have logged a profit of a record 2.5 trillion won, and Hana Financial Group, the No. 4 player, is expected to report a profit of around 1 trillion won, according to the sources.

KB Financial Group, the nation's No. 2 lender, is predicted to have only profited a meager 100 billion won last year due to increased reserves against bad loans and hefty spending for an early retirement program, they said.

Banks saw their earnings surge 35.6 percent last year from a year earlier thanks to increased interest income and profits from sales of stock holdings, the financial regulator said earlier this week.

Net income by 18 local banks came to 9.4 trillion won last year, compared with 6.9 trillion won a year earlier, according to a report by the Financial Supervisory Service (FSS). (Yonhap)