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Biz News Korea(Eng)

Shipbuilding, shipper losses translate to $838.6 mn loss for Korea Eximbank in H1

Collected: 2016.09.14

Distributed: 2016.09.19

Source: Go Direct

South Korea’s state-run the Export-Import Bank of Korea (Korea Eximbank) recorded 937.9 billion won ($838.6 million) in loss for the first half of this year as its losses piled up from troubles on the trade front and major shipping and shipbuilding industries, the bank said on Tuesday.

The state bank was required to set aside much bigger loss reserves due to worsening creditworthiness of large shippers and shipbuilders.

Korea Eximbank placed the loan to Daewoo Shipbuilding & Marine Engineering Co. to non-performing cautionary category from normal status. Provisions must be upped to 7 percent to 19 percent when loans are categorized as risky compared with 0.85 percent for normal loans.

It had to write off the entire loan to bankrupt STX Offshore & Shipbuilding Co. as bad debt after the mid-tier shipper went under court receivership in May.

The state lender booked 1.79 trillion won in provisions for non-performing loans in the first half and as a result, its BIS capital adequacy ratio dropped 0.20 percentage point on quarter to record 9.68 percent as of the end of June.

The bank expects its BIS ratio to recover above the required 10 percent after it gets recapitalization fund from the government. The government endorsed 1 trillion won recapitalization plan for the policy bank to help its funding capacity amid ongoing restructuring in the shipping and shipbuilding sector,

By Chung Ji-sung

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