Korean banks' profit fall 32% in 2016

Net profit of Korean banks declined 32% in 2016 due to the country's beleaguered shipyard and shipping industry.

Earnings from 17 banks dropped to KRW 3 trillion ($2.6bn) combined, according to the country's Financial Supervisory Service.

This was mainly down to losses incurred by state-owned Korea Development Bank and Korea EximBank, which have been involved in the restructuring of DSME and failed Hanjin Shipping.

These