[Asia Economy Reporter Hyunseok Yoo] Korea Capital announced on the 13th that its operating profit for the third quarter of this year reached 11.5 billion KRW, an increase of 84.8% compared to the same period last year. Net profit increased by 73.5% to 8.7 billion KRW. The company has recorded consecutive profit growth for four quarters since the fourth quarter of last year.
The cumulative net profit for the third quarter reached 24 billion KRW, already surpassing last year's net profit of 21 billion KRW.
A company official explained, "This year, we expanded our business areas by launching used car and stock-secured loan (Stock Loan) products. Additionally, we succeeded in increasing the scale of operating assets through proactive borrowing in the frozen corporate bond market."
Korea Capital recently succeeded in borrowing funds amounting to 112.5 billion KRW through a syndicated loan from foreign banks. This means the company's stability, growth potential, and profitability were recognized by overseas banks. The interest rate was also secured at 0.3 percentage points lower than the average market rate for 2-year corporate bonds.
Meanwhile, Korea Capital has received positive credit rating outlooks from three credit rating agencies, raising expectations for a rating upgrade within the year.
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