SEOUL, March 23 (Korea Bizwire) — South Korean brokerage firms saw their combined net profits plunge in 2022 due to a fall in transaction fees and shrinkage in profits from stock and bond markets, data showed Thursday. The combined net profit of 58 brokerages stood at 4.51 trillion won (US$3.47 billion) last year, compared with [...]
SEOUL, March 20 (Korea Bizwire) — South Korean card firms saw their net profit drop 4 percent last year compared with a year earlier, due mainly to steep interest hikes and concerns about an economic slowdown, regulator’s data showed Monday. The combined net profit of the big eight card issuers here, including KB Kookmin, Lotte, [...]
SEOUL, March 17 (Korea Bizwire) — As a bank run carried out from smartphones has been identified as one of the factors behind the rapid downfall of Silicon Valley Bank, which collapsed in just 36 hours, concerns are growing that South Korea’s online lenders could also fall prey to a fast-moving bank run. Under the [...]
SEOUL, March 16 (Korea Bizwire) — A number of universities are offering breakfast at an affordable price as consumer prices continue to rise. Kyung Hee University has been selling breakfasts for 1,000 won (US$0.76) to 100 people on a first-come, first-serve basis, since Monday. Seoul National University, Korea University, Sungkyunkwan University and Kangwon National University [...]
SEOUL, March 16 (Korea Bizwire) — South Korean banks saw their 2022 earnings rise nearly 10 percent from a year earlier on sharply increased interest income, data showed Thursday. Their combined net profit came to 18.5 trillion won (US$14.1 billion) last year, up 9.6 percent from the previous year, according to the preliminary data from [...]
SEOUL, March 16 (Korea Bizwire) — South Korea’s financial authorities called on local banks to ramp up efforts to prepare for possible crises amid the fallout from the collapses of two U.S. banks, officials said Thursday. The call came after the recent failures of Silicon Valley Bank and Signature Bank, which sparked concerns over their [...]
SEOUL, March 16 (Korea Bizwire) — Amid growing interest in the protection of depositors resulting from the collapse of the United States-based Silicon Valley Bank, the value of uninsured deposits is estimated at more than 100 trillion won (US$762 billion) in South Korea, data showed Wednesday. According to the data that Rep. Kim Hee-gon of [...]
SEOUL, March 12 (Korea Bizwire) — The collapse of the United States’ Silicon Valley Bank (SVB) could heighten volatility and uncertainties in the financial market, South Korea’s finance ministry said Sunday, vowing to beef up monitoring and swift responses to minimize potential impacts on the economy. On Friday, U.S. banking regulators shut down the startup-focused [...]
SEOUL, March 7 (Korea Bizwire) – Korea faces a slowdown in job growth due to changes in its demographic structure, which will reduce the country’s potential growth rate in the coming years. According to Park Yang-soo, head of the Bank of Korea’s Economic Research Institute, the average annual increase in the number of employed people [...]
SEOUL, March 3 (Korea Bizwire) — South Korea’s financial regulator said Friday it will expand the disclosure of information on loan-deposit rate differences as part of efforts to promote competition in the banking sector amid criticism that it has been bent on making profits from the “interest business” without diversifying income sources. Banks have been [...]