SEOUL, Feb. 8 (Korea Bizwire) – South Korea’s four major financial holding firms saw their net profits rise last year as interest income increased, according to industry data on Thursday.
The combined net profit of KB Financial, Shinhan Financial, Hana Financial and Woori Bank stood at 9.77 trillion won (US$8.98 billion) lastyear, up more than 30 percent from a year earlier.
KB Financial’s net profit jumped 54.5 percent on-year last year, and Shinhan Financial reported a 5.2 percent rise in its 2017 net profit.
Hana Financial and Woori Bank reported a 53.1 percent and 19.9 percent rise in net profit last year, respectively.
The combined interest income of the four financial holding firms rose 11.2 percent on-year to 25.8 trillion won last year.
South Korean banks enjoyed hefty profits last year on strong sales of mortgage loans.