Korea Exchange Bank's 2009 net grows by 13.9%

Lower loan-loss reserves and a one-off gain attributed to KEB's growth.

Korea Exchange Bank (KEB), controlled by U.S. buyout fund Lone Star Funds, said in a regulatory filing its net income amounted to 891.7 billion won ($768.8 million) in 2009, compared with 782.6 billion won ($681.32 million) the previous year.

Its fourth-quarter earnings jumped 159.9 percent on-year to 306.4 billion won ($266.75 million).

Sales declined 27.9 percent on-year to 16.4 trillion won ($14.28 billion) and operating profit fell 38 percent to 715.2 billion won ($622.6 million), the bank said in a report in Trading Markets.

The lender said it plans to pay a dividend of 510 won ($.44) per common share, marking the fourth straight yearly dividend payout.

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