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. 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, 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, March 27 (Korea Bizwire) — South Korea’s financial regulator said Monday that local banks showed no signs of abnormality in their withdrawal and deposit operations. The assessment by the Financial Supervisory Service (FSS) came amid concerns of a global banking crisis following the recent failures of two U.S. banks — Silicon Valley Bank and [...]
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 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 [...]
SEOUL, March 1 (Korea Bizwire) — With the value of losses caused by voice phishing estimated at about 1.7 trillion won (US$1.28 billion) over the past five years, South Korean banks are exploring various measures to limit future losses from similar criminal activity. Shinhan Bank introduced an alarm system in March last year that uses [...]