Kookmin Bank, the largest lender in South Korea, has seen its net profit more than double in Q1 as lending conditions in the country continue to improve.
Kookmin’s earnings reached KRW803 billion in the three months to March 31, up from KRW340.3 billion in the same quarter a year earlier. The results reflect a burgeoning local economy, and the country’s banks profiting from declining loan defaults.
South Korea’s consumer lending sector was paralyzed to the start of the century by a bad debt crisis triggered by irresponsible borrowing.