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K-Bank-Q3 earnings
K-Bank Q3 net plunges 48 pct on one-off provisions
SEOUL, Nov. 14 (Yonhap) -- K-Bank, a South Korean internet-only bank, said Tuesday its third-quarter net profit plunged 48 percent from a year earlier due to one-off provisions.
Net profit for the three months ended in September fell to 13.2 billion won (US$9.9 million) from 25.6 billion won during the same period of last year, the company said in a statement.
"The company preemptively put aside some provisions in the third quarter in case of financial volatility, which weighed on the quarterly results," it said.
K-Bank said it put aside 63 billion won worth of provisions in the third quarter, nearly doubling from 32.1 billion won a year ago.
But the lender posted profits for the 10th consecutive quarter through this past quarter helped by diversified loan portfolios and increased interest income, the statement said.
Its interest income rose 15 percent on-year to 115.6 billion won in the quarter.
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