Busan Bank held the 2008 Earnings Report on Feb 10, 2009 at the Kookmin Ilbo Building in Yoido. Despite the global economic downturns in the US and Eastern Europe, Busan Bank actually managed a recorded high net income of 275.0 billion won, beating the previous year’s net income by 1.6%. 

This is an outstanding performance due to the fact that some peer banks even recorded a loss in the 4th quarter due to derivatives and CDO losses. It’s mainly due to the constant risk management the bank has used after the Asian/Credit Card crisis in the past.

In accordance with the FSS requirement for capital ratios, Busan Bank will offer a rights issuance of 200 billion that will ultimately raise the BIS Ratio and Tier 1 to 13.6% and 9.3% each. This raising will form a buffer for unforeseen insolvencies in the future.

The current condition of the local & global market has been included in the 2009 financial guideline to focus more on risk management than loan growth in total.

Cash dividend per share approved by the BOD was 200 korean won, which will be finalized in the shareholder’s meeting late March, 2009.