Business - The Korea Times

Woori Financial Group posts 2.8 trillion won net profit in Q4

The Woori Financial Group headquarters in central Seoul / Courtesy of Woori Financial Group Woori Financial Group, a major South Korean banking group, reported a 85.3 percent rise in its 2021 earnings thanks to increased interest income and strong business performance in its affiliates. Net profit came to 2.81 trillion won ($2.3 billion) last year on a consolidated basis, compared with 1.52 trillion won registered a year earlier, according to data provided by the company. Annual operating profit grew 75.9 percent on-year to 3.66 trillion won, while sales declined 5 percent to 27.23 trillion won.The strong earnings came mostly from increased income from loans and non-interest income from its affiliates, the company said. The company earned 6.99 trillion won in net interest income last year, up 16.5 percent from a year earlier. The rise is attributed to improved profitability from loan making. Its non-interest income also jumped 65.2 percent on-year to 1.36 trillion w

Feb 9, 2022

Woori Financial Group posts 2.8 trillion won net profit in Q4

Samsung set to launch integrated financial app in March

Samsung Group's corporate flag flies in front of its headquarters in Seoul. YonhapBy Lee Min-hyungSamsung Group is set to launch an integrated financial app, tentatively named Monimo, as early as March, with a view to overcoming toughening competition against the rapid rise of big tech players.The app enables users from Samsung's financial arms ― such as Samsung Life Insurance, Samsung Fire & Marine Insurance, Samsung Securities and Samsung Card ― to view all their information at one glance via the platform.The four financial affiliates of Samsung have around 32 million subscribers here. The tech giant aims to expand its presence in the online finance market by launching the app at a time when Naver and Kakao ― two of Korea's most influential internet and mobile platform operators ― are aggressively widening their revenue streams into the market. Kakao Pay has more than 20 million subscribers, with Naver Pay coming in second in the online payment market with 16 million users.The rise of fintech startups ― such as Toss ― also comes as a challenge to Samsung's financial affiliates.

Feb 9, 2022By Lee Min-hyung

Samsung set to launch integrated financial app in March

Ham Young-joo tapped as Hana Financial's new chairman

Outgoing chief Kim Jung-tae to end 10-year reign on March 25By Yi Whan-wooHana Financial Group said Tuesday it has nominated Vice Chairman Ham Young-joo as its next leader, replacing outgoing Chairman Kim Jung-tae who led the banking group for the past decade.Ham Young-joo, the nominee for Hana Financial Group's new chairman / Korea Times fileHam will be officially appointed as the new chairman for a three-year term upon confirmation by shareholders and board of directors in their respective meeting in March. Kim's term will end on March 25.The nomination comes a little more than a week after the company shortlisted five candidates. The decision, which was announced late Tuesday evening, was unexpected considering Kim remains as the longest serving CEO in the banking sector, while the lender was expected to take more time, possibly until late February, to pick the right person for the job.Hana Financial Group said Ham, 66, was recognized by its chairman nomination committee for successfully leading its flagship affiliate, Hana bank, from 2015 to 2019. This was when Hana Bank took ove

Feb 8, 2022By Yi Whan-woo

Ham Young-joo tapped as Hana Financial's new chairman

KB Financial Group net profit jumps 27.6% to all-time high

KB Financial Group / Yonhap KB Financial Group said Tuesday that its net profit hit an all-time high last year on the back of increases in interest and commission income.The net profit of the country's top banking group came to 4.41 trillion won ($3.68 billion) in 2021, up 27.6 percent from the previous year, the group said in a regulatory filing. The previous record was set in 2020 when the figure stood at 3.45 trillion won, according to the group.Operating profit jumped 32.1 percent year-on-year to 6.09 trillion won, and annual sales increased 5.8 percent to 58.91 trillion won.In the fourth quarter, net profit rose 10.4 percent from the same period a year earlier to come to 637.2 billion won, it added.The growth is largely attributable to increased loans for home purchases and other investments, which led to higher interest income and related commissions.Interest income grew 15.5 percent to 11.23 trillion won and the income from commission fees also surged 22.5

Feb 8, 2022

KB Financial Group net profit jumps 27.6% to all-time high

What's behind fall of oil and chemical stocks despite record profits?

gettyimagesbankInvestors turn away from traditional energy sector despite solid earningsBy Anna J. ParkDespite achieving a record high operating profit last year, S-Oil's stock price still hovers some 25 percent below its 52-week high of 117,500 won set in October last year.In a longer time frame, the firm's stock is less than half of its highest intra-day trading record of 170,000 won set in 2011. It seems the oil refiner's impressive operating profit of 2.3 trillion won ($1.9 billion) and annual revenue of 27.4 trillion won were not enough to convince investors of the firm's bright future. SK innovation, another major company engaged in the petroleum and energy sector, is displaying similar stock price movements. The company logged an annual operating profit of 1.7 trillion won, mainly due to the increase of global oil prices and the inflated demand for petroleum products. However, the firm's stock price fell by nearly 25 percent in less than a month, since the intra-day trading price hit 278,000 won on Jan. 18. The two major petroleum companies' similar negative stock price moves,

Feb 8, 2022By Anna J. Park

What's behind fall of oil and chemical stocks despite record profits?

Banking group stocks to continue upward trend amid record profit, rate hikes

Seen above are the headquarters of Korea's four major financial holding firms ― KB, Shinhan, Hana and Woori. Courtesy of each firmBy Lee Min-hyungStocks of Korean financial holding firms are expected to regain momentum for an additional rally, as their earnings performance will remain robust this year amid interest rate hikes.Starting from KB Financial Group, the nation's top financial firms will unveil their 2021 earnings reports this week. The market here expects the so-called big four firms ― KB, Shinhan, Hana and Woori ― to have generated a combined net profit last year of 14.47 trillion won, up 33.9 percent from the previous year, according to data from market tracker Wise Report. This was driven by their expanded loan-deposit margin after the Bank of Korea (BOK) increased the key rate by 25 basis points last August. The central bank made an additional rate hike in November, which helped banks chalk up more revenue throughout last year. Notably, Korean financial players will be able to keep up the solid earnings momentum this year, at a time when the U.S. Federal Reserve is set

Feb 8, 2022By Lee Min-hyung

Banking group stocks to continue upward trend amid record profit, rate hikes

NH Bank to open Sydney branch in Q3 this year

NH Nonghyup Bank's global business head Kim Yong-ki, right, stands next to Investment NSW's Senior Trade and Investment Commissioner Michael Newman at the headquarters of the bank in Seoul, Monday. Courtesy of NH NongHyup BankBy Anna J. ParkNH Nonghyup Bank is planning to open a branch in Sydney, Australia, accelerating its overseas push as a part of an ambitious plan to operate in over 12 countries by 2025. According to NH Nonghyup Bank, it is planning to open the Sydney branch in the third quarter of this year. Currently it is applying for a permit from the Australian government, after receiving preliminary authorization last March. In order to discuss NH Nonghyup Bank's Sydney operation, Nonghyup Bank's global business chief Kim Yong-ki held a meeting at the bank's headquarters in central Seoul earlier this week with Michael Newman, senior trade and investment commissioner of the provincial government agency Investment NSW. The Australian Trade and Investment Commission's (Austrade) Seoul Trade Commissioner Ronald Green also attended the meeting. During the meeting, Kim called for

Feb 8, 2022By Anna J. Park

NH Bank to open Sydney branch in Q3 this year

Financial firms keep low profile at Winter Olympics

Korean speed skaters attend an official training session during the Winter Olympics at the Beijing National Speed Skating Oval, Sunday. YonhapBy Lee Min-hyungKorean financial firms are keeping a low profile in their advertisement campaigns for the 2022 Winter Olympics in Beijing, as they do not expect huge marketing benefits from the global sporting event which kicked off with less fanfare due to the prolonged COVID-19 pandemic.Korean financial institutions are also reluctant to engage in active Olympic marketing campaigns this time, as only a limited number of spectators are allowed to attend events, industry sources said Monday.However, this was not the case during previous Winter Games. Major financial holding companies here launched a series of special financial products during the Olympic seasons ― including the 2018 PyeongChang Winter Games in Korea and 2014 Sochi Games in Russia ― under the view that they can maximize their marketing impact.“The public is paying much less attention to the Olympics than before due to a number of reasons ― such as the upcoming Korean presi

Feb 8, 2022By Lee Min-hyung

Olympic marketing losing ground on trade tussle, anti-China sentiment

JB Financial pledges to speed up carbon emission reduction for ESG goals

The headquarters of Jeonbuk Bank, the flagship affiliate of JB Financial Group, is seen in Jeonju, North Jeolla Province in this undated file photo. The banking group is making a push to cut carbon emissions from its offices and those of affiliates by 67 percent by 2030. Korea Times fileBy Yi Whan-wooJB Financial Group said Monday it will push to slash greenhouse gases emitted from its offices and also those of its affiliates by 67 percent from the current level by 2030, as part of efforts for an accelerated transition to net zero by 2035.The holding group of regional Jeonbuk Bank and Kwangju Bank also said it will work with corporate customers accordingly to reduce their carbon emissions by 30 percent combined by 2025.The pledges come in accordance with JB Financial Group's environmental, sustainable and corporate governance (ESG) goals announced in July 2021. JB Financial Group is one of the leading retail finance groups in Korea and offers a variety of financial services to its customers.For financial services companies, reducing the carbon footprint associated with their loans, i

Feb 7, 2022By Yi Whan-woo

JB Financial pledges to speed up carbon emission reduction for ESG goals

Woori Financial nominates new head of banking arm

Woori Bank's headquarters in Seoul / YonhapBy Lee Min-hyungWoori Bank CEO nominee Lee Won-dukWoori Financial Group nominated Senior Deputy President Lee Won-duk as the next leader of its banking arm, the company said Monday.Lee, 60, is known as the group's key strategist. He has been in charge of mapping out the group's management strategies as senior vice president since 2020.Lee will replace incumbent CEO Kwon Kwang-seok after being approved at the group's regular shareholder meeting in March.“We identified Lee as the most qualified figure for the position, and expect him to revitalize the organization and stabilize management after the group's recent privatization,” Woori's CEO recommendation committee said.Last year, Woori Financial Group achieved complete privatization for the first time in 23 years. This has raised hopes for the group to remain more agile in its key decision-making and business expansion.The financial holding firm spoke highly of Lee's comprehensive understanding of key businesses of the group.“He has a deep and comprehensive understanding of

Feb 7, 2022By Lee Min-hyung

Banking & Finance