South Korean banking groups register record earnings
(From left to right) The headquarters of South Korea’s top four major banking groups – KB, Shinhan, Hana and Woori – all located in Seoul. SUPPLIED/THE KOREA HERALD
South Korea’s top four major banking groups – KB, Shinhan, Hana and Woori – saw their combined earnings last year hit a record high, largely buoyed by robust interest and commission income.
According to their separate regulatory filings, the total net profit of the firms soared 34.5 per cent year-on-year to 14.5 trillion won ($12 billion) last year, eclipsing the previous record of 10.8 trillion won in 2020.
KB Financial Group outpaced rivals in terms of net profit. Its net increased 27.6 per cent to 4.4 trillion won. Its flagship commercial lender KB Kookmin Bank’s net profit gained 12.7 per cent on-year to 2.59 trillion won, while brokerage KB Securities’ net jumped 39.6 per cent to 594.3 billion won.
Shinhan Financial Group trailed behind KB, posting…
