BOK logs largest net in 2021 on decreased expenses

SEOUL-- South Korea's central bank on Thursday reported the largest net income in 2021 thanks to a decline in expenses.

The Bank of Korea (BOK) logged 7.86 trillion won (US$6.49 billion) in net profit last year, up from the previous year's 7.37 trillion won, according to the data provided by the central bank.

Gross revenue came to 19.08 trillion won last year, which was 782.2 billion won smaller than the previous year.

But expenses shrank sharply with its interest payments on currency stabilization bonds, in particular, down 781.6 billion won on-year.

The BOK issues monetary stabilization bonds to control liquidity in the market and makes interest payment on the debt.

A BOK official explained that the central bank's steep rate cuts in 2020 to bolster the pandemic-hit economy led to a decline in interest payment last year.

As of end-2021, the BOK held assets valued at around 595.64 trillion won, up from 538.73 trillion won a year earlier, the data showed. The increase was due to a rise in the value of its dollar-denominated assets amid the greenback's ascent.

Source: Yonhap News Agency