Earnings of Korean savings banks are expected to surpass the 1 trillion-won (US$920 million) mark this year, data showed on Nov. 29.
The combined net income of 79 savings banks stood at 330 billion won in the third quarter of the year, up 22.3 percent from the same period a year earlier, according to the data from the Financial Supervisory Service.
In the first nine months of this year, their total net profit reached 823 billion won, close to their full-year net of 861 billion won for 2016.
If the current trend goes on, their combined net income is tipped to surpass 1 trillion won for all of this year.
Local savings banks have seen their earnings rise steadily since a massive restructuring drive engulfed the industry amid soaring bad loans between 2011-12.
By Alex Lee and newswires (email@example.com