April 25, 2024

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The combined net profit of overseas branches of South Korean consumer financing companies rose 10.6 percent on-year in 2018, data showed on July 9.

Overseas branches of such firms, or credit-specialized financial firms, posted a combined net profit of 105.3 billion won ($89.2 million) last year, up 10.1 billion won from a year ago, according to the data by the Financial Supervisory Service.

Korean consumer financing firms were operating 41 overseas branches in 15 countries at the end of last year, the FSS said.

Most of the overseas businesses were concentrated in Asia, including Myanmar, Vietnam and Indonesia, the FSS said.

Their total foreign assets stood at 11.8 trillion won as of the end of 2018, up 11.7 percent from a year earlier, the FSS said.

By Ram Garikipati and newswires (ram@heraldcorp.com)