KDB expects gains from overseas operations to more than double this year

SEOUL, Nov. 30 (Yonhap) — The state-run Korea Development Bank said Wednesday net profit from its overseas operations will more than double this year helped by aggressive marketing and risk management.

Faced with declining margins and the lack of a growth engine, the policy lender has stepped up its efforts in exploring a new growth engine in global markets in recent years.

As a result, KDB is expected to post US$80 million in pre-tax net profit from its overseas business operations for the whole of this year, compared with $33 million last year, the bank said in a statement.

KDB performed better than local banks, the combined net profit of which fell 17.5 percent in the first half from a year earlier, according to data released by the Financial Supervisory Service.

Looking ahead, the policy bank said it plans to double its assets in Southeast Asia to $3 billion by 2020 from the current $1.5 billion.

KDB has stepped up its efforts to make a presence in Asian markets such as Hong Kong, Singapore, Indonesia, India and Vietnam, in particular, due to their big growth potential in the long term.

In Hong Kong, the state bank is set to earn a record $25 million in pre-tax net profit this year backed by increased syndicated loans to businesses operating there and increased gains from investments in local equities, it said.

In Singapore, the bank expects to earn a net profit of $20 million also on increased syndicated loans to companies operating there and active involvement in shipping finance, it said.

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