Major financial groups enjoy strong Q3 earnings, but face mounting regulatory pressure
Korea’s four largest financial groups — KB, Shinhan, Hana and Woori — have shown strong earnings for the third quarter of this year, posting a combined 5.76 trillion won ($4.31 billion) in net profit. But a recent wave of cyberattacks and data breaches, as well as tougher regulatory scrutiny of corporate governance, are adding to the challenges they face, industry officials said Thursday.…
Three of South Korea's largest financial conglomerates – KB, Shinhan, and Hana – reported robust earnings for the third quarter of the year, amassing a collective net profit of 5.76 trillion won ($4.31 billion). However, they are grappling with increasingly stringent regulatory oversight and a surge in cyberattacks and data breaches, according to industry insiders.
Leading the charge was KB Financial Group, with a third-quarter net profit of 1.91 trillion won, marking a 13.1% increase year-over-year. The conglomerate's nine-month profit reached a record 5.79 trillion won. Following closely was Shinhan Financial Group, which posted a profit of 1.58 trillion won, a 11.3% surge compared to the same period last year. The company also achieved a record 5.03 trillion won in nine months.
Hana Financial Group demonstrated the strongest quarterly performance since the 2015 merger of Hana Bank and Korea Exchange Bank, reporting a net profit of 1.22 trillion won, its highest quarterly earnings ever. In contrast, Woori Financial Group faced a decline, with net profit falling 15.7% to 1.04 trillion won. Despite the dip, Woori still managed a quarterly profit exceeding 1 trillion won.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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