On Tuesday, data from the Financial Supervisory Service (FSS) revealed that South Korea’s financial holding companies experienced a 10 percent rise in their combined net profit during the first half of 2023 compared to the same period in the previous year. This was largely due to the increase in non-interest income from banks, investment, and insurance sectors.
The 10 firms included KB Financial Group Inc., Shinhan Financial Group Co., Hana Financial Group Inc. and Woori Financial Group Inc. Banks under the holding firms saw a 16.7 percent year-on-year growth in net profit, while the total net income of their financial investment and insurance arms rose 78.7 percent and 41.7 percent respectively.
The FSS also reported that the total assets of the 10 holding firms had reached 3.48 quadrillion won by the end of June, a 1.7 percent increase from the previous six months.
The logo of the Financial Supervisory Service provided by the agency (PHOTO NOT FOR SALE) (Yonhap)
nyway@yna.co.kr
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