4 major financial groups post record quarterly net income on robust loan growth

4 major financial groups post record quarterly net income on robust loan growth

Korea’s four major financial groups — KB, Shinhan, Hana and Woori — posted a record 5 trillion won ($3.7 billion) in combined first-quarter profits, despite heightened domestic and global uncertainties, market watchers said Sunday. KB, Shinhan and Hana each posted record first-quarter earnings, while Woori’s profit dropped 25 percent, partly due to base effects from last year’s compensation related to problematic sales of Hong Kong index-linked …

[Digital Daily Reporter Park Ki-Rok] In the first quarter of this year, the four major financial institutions recorded record-breaking net income of 5 trillion won, but paradoxically, they were found to have been living in greater poverty than ever before, such as reducing sales and administrative expenses (hereinafter referred to as “SG&A expenses”). It is interpreted that as the high exchange rate situation continued due to the aftermath of t…