Notwithstanding the fact that banks operate much the same way in different markets, it seems that some banks (in some markets) are just more profitable than others. Banks issue credit cards and provide loans (usually at a healthy interest differential to the Central Bank), banks finance cars and homes and support payment systems. Yet, the profitability of banks in some markets are just higher:
For instance Korea: "Encouraged by record-breaking third-quarter earnings at South Korean banks, analysts expect profits there to grow strongly into 2006. www.investors.com/editorial/IBDArticles.asp?artsec=23&issue=20051202 ,
Or South Africa: "Banks profitability increased significantly from already healthy levels in 2003" IMF Worldbank www.imf.org/external/pubs/ft/scr/2005/cr05345.pdf
I was looking for a reason, when I realised: mobile banking penetration is big in both Korea and South Africa, and people actually use it.