SEOUL, Aug. 29 (Korea Bizwire) — South Korean banks’ second-quarter net profit was flat from the previous quarter as an increase in the Korea Development Bank’s (KDB) net profit offset a decline in ordinary banks’ net profit, preliminary data showed Tuesday. The combined net profit of 20 banks in the April-June period was 7.1 trillion [...]
SEOUL, Aug. 18 (Korea Bizwire) — South Korea’s major banks have recently reported multi-year record profits. Ironically, they are now implementing voluntary retirement programs, even for employees in their 30s. At Shinhan Bank, labor and management recently reached an agreement on voluntary retirement conditions. They have decided to accept applications for several days, starting this [...]
SEOUL, Aug. 14 (Korea Bizwire) — K-Bank, a South Korean internet-only bank, reported Monday that its second-quarter net income dropped 31 percent from a year earlier on increased loan-loss reserves. Net income stood at 14.7 billion won (US$11 million) in the April-June period, compared with a net profit of 21.3 billion won a year earlier, [...]
SEOUL, Aug. 11 (Korea Bizwire) — South Korean banking sector has become entangled in a series of massive corruption scandals, revealing serious weaknesses in its internal control systems. The Financial Supervisory Service (FSS) on Wednesday launched an emergency investigation after receiving allegations that employees of DGB Daegu Bank, located in the southeastern city of Daegu, [...]
SEOUL, Aug. 2 (Korea Bizwire) — South Korean online lender Kakao Bank said Wednesday its second-quarter net profit soared 44 percent from a year earlier on growth in interest revenue and an expanded customer base. Its net profit stood at 81.9 billion won (US$63.6 million) in the April-June period, up from a profit of 57 [...]
SEOUL, July 19 (Korea Bizwire) — South Korean online lender KakaoBank Corp. said Tuesday it will be introducing a “personal vault” service, allowing users to store documents and photos as computer files. Depending on the level of sensitivity associated with each file, users will have the option to implement additional security measures. For instance, less [...]
SEOUL, June 29 (Korea Bizwire) — Financial regulators have issued a strong warning to certain insurers for engaging in unethical practices by promoting insurance sales based on the Fukushima nuclear disaster and the potential increase in cancer rates due to contaminated water discharge. The Financial Services Commission and the Financial Supervisory Service announced on Thursday [...]
SEOUL, June 2 (Korea Bizwire) — South Korean banks saw their first-quarter net profit rise 24 percent from a year earlier on higher interest and non-interest income, preliminary data showed Friday. Their combined net profit came to 7 trillion won (US$5.4 billion) in the January-March period, up from 5.6 trillion won tallied a year ago, [...]
SEOUL, April 27 (Korea Bizwire) — Kakao Pay Corp., the fintech unit of South Korean tech giant Kakao, said Thursday it plans to acquire a controlling stake in Siebert Financial Corp., a U.S. brokerage firm, as part of efforts to expand its financial business abroad. Kakao Pay said in a regulatory filing it has signed [...]
SEOUL, March 31 (Korea Bizwire) — Toss Bank, the country’s third internet-only banking firm, said Friday it suffered a loss last year due to increased loan-loss reserves. Toss Bank, which went into operation in October 2021, reported a net loss of 264.4 billion won (US$203.3 million) in 2022, the lender said in a statement. Toss [...]