Korea Business News Agency - NSP NEWS AGENCY.

(Seoul=NSP NEWS AGENCY) = Last year, the net profit of domestic banks' overseas branches reached $1.33 billion, marking an increase of $340 million compared to the previous year. This growth is attributed to the rise in interest income due to higher interest rates and the increase in non-interest income from the sale of non-performing loans.

According to the '2023 Management Status and Localization Indicator Evaluation Results of Domestic Banks' Overseas Branches' released by the Financial Supervisory Service on the 26th, the total number of overseas branches of domestic banks at the end of last year was 202, spread across 41 countries, with a decrease of five branches from the end of the previous year.

The Financial Supervisory Service stated,"Last year, the number of branches decreased due to the establishment of two new branches and the closure of seven, primarily driven by the closure of existing offices following the establishment of new local subsidiaries and branches."

By country, Vietnam has the highest number of overseas branches with 20, followed by the United States and China with 16 each, Myanmar with 14, and Hong Kong with 11.

In terms of financial status, the total assets of domestic banks' overseas branches at the end of last year amounted to $210.19 billion, an increase of $7.05 billion compared to the end of the previous year. This represents 7.4% of the total assets of domestic banks.

By country, the United States had the largest total assets with $34.35 billion, followed by China with $29.94 billion, and Hong Kong with $25.85 billion. Significant increases in total assets were observed in Japan (+$1.82 billion), the United States (+$1.73 billion), and the United Kingdom (+$1.49 billion) compared to the end of the previous year.

By Eun-young Huh(eunyoung114@nspna.com) and Soo-in Kang(sink606@nspna.com)

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