Banks' Spending on Social Contributions Falls for 4th Year | Be Korea-savvy

Banks’ Spending on Social Contributions Falls for 4th Year

(image: Public Domain)

(image: Public Domain)

SEOUL, Jul. 24 (Korea Bizwire)The combined spending by banks on social contributions again fell in 2016, marking its fourth straight year of decline despite their healthier earnings, industry data showed Monday.

According to the data by the Korea Federation of Banks, 21 financial institutions, including five major retail banks, spent a total of 400.2 billion won (US$358.6 million) on social contribution activities in the one-year period.

The 2016 data is compared with 465.1 billion won in 2015, 514.6 billion won in 2014 and 563 billion won in 2013.

Nonghyup Bank was picked as the most generous bank, with its spending on social contributions standing at 92.3 billion won last year.

Korea Housing Finance Corp., Citibank Korea and Standard Chartered Bank Korea were at the bottom of the list in terms of the ratio of social contribution spending to net profits.

Korea Housing Finance Corp. spent 0.78 percent of its net profit on social contribution activities. For Citibank Korea and Standard Chartered Bank Korea, their ratios were 1.13 percent and 1.72 percent, respectively.


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