21.   Lower interest rates mean banks earn more money on their loans.

22.   Net interest income -- what the bank earns from loans minus what it pays on deposits -- should grow as Korean interest rates decline.

23.   Operating profits -- what banks earn from everyday business before loan disposals, stock losses and taxes -- fell as corporate lending sagged and bond-trading revenue declined.

24.   Operating profits -- what banks earn from everyday business before loan disposals, stock losses and taxes -- fell because corporate lending was sluggish and the bond market slumped.

25.   Operating profits -- what banks earn from everyday business before loan disposals, stock losses and taxes -- fell because corporate lending was sluggish and bond trading revenue declined.

26.   One reason is that the bank is earning more in Germany.

27.   Rising interest rates hurt banks by narrowing the spread between what banks earn from lending and pay to raise deposits.

28.   That means banks can earn more by borrowing from the central bank and then lending it back to the government than before.

29.   That means banks can earn more by borrowing from depositors and then lending to the government than they could before.

30.   That ignited bank stocks as falling interest rates let banks earn more money on their loans.