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FCDU Expands to $30.1 Billion

06.25.2012

As of end-December 2011, the foreign currency deposit unit (FCDU) total resources increased by 1.4 percent to $30.1 billion from $29.7 billion at end-year 2010. Universal and commercial banks (U/KBs) accounted for 95.8 percent or $28.8 billion of the total FCDU assets while thrift banks (TBs) held 4.2 percent or $1.3 billion. Rural and cooperative banks (R/CBs) contributed less than half of 0.1 percent share or one million dollars.

Main recipients of funds were financial assets other than loans, net which held 53.0 percent ($16.0 billion) of total assets from 53.3 percent ($15.8 billion) last year. This was followed by loans, net at 32.7 percent share from last year’s 33.0 percent share (although the amount remained at $9.8 billion).

Meantime, resident borrowers accounted for 91.6 percent ($6.7 billion) of total loans, gross while the remaining share of 8.4 percent ($0.6 billion) was lent out to non-resident borrowers.

By economic activity, the biggest borrowers were the manufacturing sector with a 40.2 percent share of total loans to residents, the electricity, gas and water supply sector with 16.2 percent share and the transport, storage, and communications sector with 10.3 percent share. These top 3 sectors constituted 66.7 percent of the total FCDU loans to residents.

Loan quality improved as FCDU non-performing loans (NPL) ratio eased to 0.5 percent from 0.7 percent last year, while last year’s 0.1 percent ratio was maintained on the FCDU non-performing assets (NPA) ratio. Moreover, the NPL and NPA coverage ratios of FCDUs broadened to 363.4 percent and 361.1 percent, respectively, from last year’s 276.3 percent and 275.3 percent ratios.

Deposit liabilities, which contracted by 3.0 percent to $24.2 billion from $24.9 billion last year, remained the largest source of funds at 80.4 percent share of total resources. Resident depositors accounted for 97.5 percent of total deposit liabilities while the remaining 1.5 percent came from non-resident depositors.

Net profit in 2011 was relatively unchanged from last year’s $1.0 billion as the rise in operating income was matched by the combined increase in non-interest expenses and provision for/write-off of bad debts.

By industry, the UKBs accounted for 96.3 percent ($1.0 billion) of net profit while TBs contributed the remaining 3.7 percent (less than half of $0.1 billion).

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