SEOUL: South Korea’s top lender, Kookmin Bank, reported yesterday a worse-than-expected 89% drop in quarterly profits, plagued by a surge in credit card defaults and exposure to the SK Global accounting scandal.
Kookmin, Asia’s fifth largest bank by market capitalisation, also said it planned to issue 30-year bonds worth 1.3 trillion won (US$1.08bil) in the second quarter in a bid to strengthen its capital.
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