Banking groups on alert over widening virus-related uncertainties
Financial Services Commission Chairman Eun Sung-soo, right, greets heads of the nation's five largest financial holding firms at headquarters of the Korea Federation of Banks in Seoul, Feb. 16. YonhapBy Lee Min-hyungThe nation's four major banking groups are on alert over the fourth wave of the COVID-19 pandemic, as it heightens uncertainties in the local financial market that could possibly slow down the momentum of an economic recovery here.The annual earnings outlooks for KB, Shinhan, Hana and Woori remained optimistic up until recently, as the economy was widely expected to bounce back from the coronavirus-induced contraction last year. A recovery in a series of key indices ― such as exports and consumer sentiment ― also added to the rosy outlook for banks, as they see opportunities to generate more profits from possible interest rate hikes that come in line with any economic recovery.But with the nation's daily new coronavirus cases topping 1,000 for a week, the financial holding firms are paying close attention to the possibility of falling victim to a prolonged fourth wave of
Jul 13, 2021By Lee Min-hyung
