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Fees, commissions help push major South Korean banks to higher Q3 profit

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Fees, commissions help push major South Korean banks to higher Q3 profit

Combined earnings at the five largest South Korean banking groups jumped 14.4% year over year to 2.721 trillion won, helped by a 20.2% rise in net fees and commissions and a 12.9% increase in net interest income.

KB Financial Group Inc. reported the largest year-over-year growth in net income for the third quarter at 59.0%, while Shinhan Financial Group Co. Ltd. and Hana Financial Group Inc. also posted increases in net income for the September quarter. On the other hand, NongHyup Financial Group Inc. and Woori Bank reported declines in third-quarter net profit.

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As of Nov. 29, US$1 was equivalent to 1,080.22 South Korean won.

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