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Korea Development Bank reports loss for FY'16

Korea Development Bank reported a net loss for the year ended Dec. 31, 2016, on the back of a plunge in nonoperating income and higher expenses.

The bank March 30 reported a full-year loss attributable to owners of the parent of 12.48 billion won, compared to net profit of 2.070 trillion won in the prior year. On a per-share basis, the bank reported a loss of 4 won, compared to a profit of 619 won in 2015.

Net interest income slipped to 2.044 trillion won from 2.251 trillion won. Net fees and commission income dropped to 515.460 billion won from 622.53 billion won.

Operating loss for the year surged to 3.154 trillion won from 1.092 trillion won in the prior year. Net nonoperating income plunged to 1.916 trillion won from 4.159 trillion won.

The bank's BIS capital adequacy ratio rose to 14.86% as of Dec. 31, 2016, from 14.19% in the prior-year period. Its Tier 1 capital ratio for the period improved year over year to 12.78% from 12.25%, while its common equity Tier 1 ratio climbed to 12.77% from 11.60%.

As of March 30, US$1 was equivalent to 1,114.89 South Korean won.