South Korea’s major commercial banks rewarded employees with significant pay raises last year. (Image courtesy of Yonhap)
SEOUL, Sept. 2 (Korea Bizwire) — Worker productivity at South Korea’s five largest commercial banks jumped nearly 27 percent in the first half of 2025, topping 200 million won ($147,000) per employee for the first time, according to regulatory filings.
The gains narrowed a long-standing gap with internet-only banks, whose per-capita profit, while still higher at 337 million won, slipped 11 percent from a year earlier as staff expansion outpaced earnings growth.
Among traditional lenders, Hana Bank led with 239 million won per worker, while KB Kookmin Bank more than doubled its figure from a year earlier to 228 million won, benefiting from a base-effect rebound after heavy provisions last year tied to equity-linked securities.
Woori Bank and Shinhan Bank also posted solid gains, while NongHyup Bank was the only major lender to see productivity fall, as headcount grew even as margins tightened.
Internet bank(CG). (Image courtesy of Yonhap)
By contrast, internet players expanded hiring aggressively — Toss Bank boosted staff by nearly a third — diluting per-capita profit despite record overall earnings at KakaoBank, Toss Bank and K-Bank. Toss Bank remained the most productive, though its per-worker profit fell 19 percent to 427 million won.
Analysts said the divergent trends underscore how cost discipline and shrinking payrolls at the big five banks have bolstered efficiency, while online lenders, still in rapid growth mode, are prioritizing scale over leaner operations.
M. H. Lee (mhlee@koreabizwire.com)
