The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    BLACKPINK Jennie's 'Solo' music video hits record high 900 mil. YouTube views

  • 3

    Japanese students' field trips to Korea resume after pandemic hiatus

  • 5

    Lotte desperate to win LVMH Chairman Arnault's heart

  • 7

    President Yoon refutes criticism of fence-mending summit with Japan

  • 9

    Apple Pay service starts in Korea

  • 11

    Kwon Sang-woo's new series to stream on Disney+ this year

  • 13

    Busan to have alternate no-driving days during Expo inspection

  • 15

    Osstem Implant to invite 1,500 dentists from 22 countries for training

  • 17

    VIDEOMiracle rescue of 200 dogs caged for dog meat

  • 19

    From sky to deserted islands, two artists' documentation of nature adds surreal touch to reality

  • 2

    Lee Se-young to lead MBC's new series 'The Story of Park's Marriage Contract'

  • 4

    Possibly next SOHO, Seoul selects 5 neighborhoods for new signature 'K-alleys'

  • 6

    Kakao criticized for half-baked AI chatbot

  • 8

    INTERVIEW'The Flag': Kwon Jin-ah's love letter to people chasing their dreams

  • 10

    US report voices concerns over S. Korea's press freedom

  • 12

    LVMH allegedly joins takeover bid to acquire Missha

  • 14

    Shinhan, Woori shine in overseas business

  • 16

    Korean startup Innospace announces successful test launch of space vehicle HANBIT-TLV

  • 18

    MZ generation-led unions flex muscle across board

  • 20

    Floating pool development: new excuse to get your swimming outfit ready for Han River

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Thu, March 23, 2023 | 01:27
Economy
Korean banks see brisk earnings in Southeast Asia
Posted : 2019-03-19 17:24
Updated : 2019-03-20 10:39
Kim Bo-eun
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
A Korean bank's branch in Ho Chi Minh, Vietnam / Korea Times file
A Korean bank's branch in Ho Chi Minh, Vietnam / Korea Times file

By Kim Bo-eun

Twelve Korean banks saw record earnings in Vietnam in 2018, according to data from the Financial Supervisory Service (FSS), Tuesday.

The banks' net incomes in the region more than doubled from $61 million in 2017 to $131.8 million in 2018.

Shinhan Bank Vietnam made the biggest contribution to the lenders' overall growth there as it posted nearly 100 billion won ($88 million) in net profit last year.

Their combined net income in Singapore also grew by 17.2 percent in 2018; while assets also grew in Vietnam and Indonesia.

The banks' profits from business in Vietnam grew from $5.72 billion in 2017 to $6.43 billion in 2018; and in Indonesia from 5.76 billion to $6.34 billion.

In 2018, the twelve Korean banks were operating in 39 countries through 55 subsidiaries, 77 branches and 57 offices, and most of their overseas operations, or nearly 70 percent were concentrated in Asia.

New openings were also concentrated in the region ― out of seven, four were opened in Cambodia and one in Bangladesh.

"We continue to see increasing profits in Asia," an FSS official said. "The scale of assets in the region is not very great compared to that of other larger economies but continues to grow."

Shinhan Bank said its stellar growth in Southeast Asia, especially in Vietnam, was due to its well-executed strategy and services tailored to local customers.

"We believe it's due to localization strategies, as the bank has focused securing local customers, hiring local employees and local executives, and increasing the percentage of local assets," a Shinhan Bank official said.

The FSS assessed the banks did better in terms of localization in 2018 than a year earlier.

According to the FSS, the total asset volume of overseas businesses came to $114.25 billion, up 8.9 percent from a year earlier. The banks' overseas businesses reported a net income of $983 million for 2018, up 22.2 percent from a year earlier. This was due to considerable increases in interest and non-interest incomes.

Meanwhile, FSS First Senior Deputy Governor Yoo Kwang-yeol is in Southeast Asia for meetings with his regulatory counterparts to discuss Korean financial companies' businesses there.

He was in Jakarta Monday and will hold meetings in Hanoi Wednesday and Thursday.

This is the first visit by members of the FSS management in four years ― the last took place in 2015 under then governor Zhin Woong-seob.

An FSS official said "There is a lot more to discuss with our counterparts there because the presence of Korean finance companies in the region has grown significantly over the past years."


Emailbkim@koreatimes.co.kr Article ListMore articles by this reporter
 
LG Group
Top 10 Stories
1Korean firms balk at donating to fund compensating victims of Japan's forced laborKorean firms balk at donating to fund compensating victims of Japan's forced labor
2Main opposition leader indicted, faces calls to resignMain opposition leader indicted, faces calls to resign
3World water day World water day
4Outback Steakhouse sees sales soar as it opens stores in large shopping malls Outback Steakhouse sees sales soar as it opens stores in large shopping malls
5Sexual assaults by Korean diplomats continue despite zero-tolerance policy Sexual assaults by Korean diplomats continue despite zero-tolerance policy
6[INTERVIEW] Retired FSC chief finds inspiration exploring Koreans' ancestral roots INTERVIEWRetired FSC chief finds inspiration exploring Koreans' ancestral roots
7Autistic golfer appointed as ambassador of veterans ministry-affiliated country club Autistic golfer appointed as ambassador of veterans ministry-affiliated country club
8Korean pension fund hit by overseas banking crisis Korean pension fund hit by overseas banking crisis
9Consumers choose to travel abroad over purchasing luxury goods Consumers choose to travel abroad over purchasing luxury goods
10Investment banks compete for HMM sale advisory roles Investment banks compete for HMM sale advisory roles
Top 5 Entertainment News
1Lee Se-young to lead MBC's new series 'The Story of Park's Marriage Contract' Lee Se-young to lead MBC's new series 'The Story of Park's Marriage Contract'
2[INTERVIEW] 'The Flag': Kwon Jin-ah's love letter to people chasing their dreams INTERVIEW'The Flag': Kwon Jin-ah's love letter to people chasing their dreams
3Kwon Sang-woo's new series to stream on Disney+ this year Kwon Sang-woo's new series to stream on Disney+ this year
4From sky to deserted islands, two artists' documentation of nature adds surreal touch to reality From sky to deserted islands, two artists' documentation of nature adds surreal touch to reality
5'Kill Boksoon' star Jeon Do-yeon talks about why she signed up without reading script 'Kill Boksoon' star Jeon Do-yeon talks about why she signed up without reading script
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group