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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Jisun] South Korea's four major financial groups—KB Kookmin, Shinhan, Hana, and Woori—are expected to achieve record-breaking profits in the third quarter of this year, largely driven by their lending businesses.
According to financial data provider FnGuide, their combined net income for Q3 2024 is projected to reach 4.7977 trillion won, an 8% increase compared to the same period last year, when they earned 4.4423 trillion won.
KB Financial Group is anticipated to lead the pack with an estimated net income of 1.5069 trillion won, marking a 12.29% year-on-year increase, solidifying its position as the top financial group in the country. Shinhan Financial is expected to see a 13.55% rise in net income to 1.384 trillion won, while Hana Financial is projected to grow by 8.31% to 1.0435 trillion won. Woori Financial, however, is likely to report a slight decline, with a 5.98% decrease to 863.3 billion won.
Since July, financial authorities have been pushing banks to raise lending rates in an effort to curb rising household debt. This policy has inadvertently benefited the banks, as mortgage rates have risen from around 2% in late June to over 4%, contributing to the banks' record profits.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
