South Korean savings banks' business performance improved sharply in their fiscal 2013 as a result of their efforts to clean out their balance sheets following a series of bankruptcies a few years ago, data showed on Thursday.
The combined net loss of 87 savings banks stood at 495 billion won (US$466 million) in the period from July last year to June this year, falling from 967 trillion won a year earlier, according to the data compiled based on their filings. The banks close their books in June.