Local branches of foreign banks operating in South Korea saw their net profit decline in recent years, bogged down by a low interest rate trend and tighter financial regulations, data showed Thursday.

After peaking at 2.4 trillion won ($2.2 billion) in 2009, the combined net profit of foreign branches has been on a downward path. It declined from 1.5 trillion won in 2010 to 1.3 trillion won in 2011, 1 trillion won in 2012 and 900 trillion won in 2013, according to the data gathered from financial records. Over the four-year period, their net income plunged 61 percent.

Their profitability also fell, with return on assets slumping to 0.36 percent from 0.83 percent and return on equity tumbling to 5.42 percent from 22.56 percent over the cited period. (Yonhap)