BOK-2022 net

BOK's 2022 net dips on losses from securities trading

SEOUL, March 30 (Yonhap) -- South Korea's central bank Thursday reported a sharp drop in its net profit for last year due in part to increased losses from trading of securities.

The Bank of Korea (BOK) logged 2.55 trillion won (US$1.95 billion) in net profit last year, sharply down from an all-time high profit of 7.86 trillion won a year earlier, according to the data provided by the central bank.

The decline is blamed on losses from securities trading and interest payments on outstanding monetary stabilization bonds despite a rise in profit from foreign exchange transactions.

In particular, losses from securities trading came to 9.73 trillion won, compared with a loss of 2.77 trillion won a year earlier, the data showed.

Gross revenue came to 20.99 trillion won last year, up from the previous year's 19.08 trillion won. But expenses jumped to 17.70 trillion won last year from 8.34 trillion won.

Of the 2022 net, the BOK said that it sent 1.75 trillion won as tax revenue to the government, while assigning 763.6 billion won to its legal reserve. Its legal reserve currently stands at 20.14 trillion won.

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