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
  • World Expo 2030
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
  • World Expo 2030
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

    4 Chinese, 4 Russian military planes enter Korea's air defense zone without notice

  • 3

    'The Second Husband' co-stars to the tie knot, expecting child in real life

  • 5

    Egyptian national arrested for possession of cannabis cookie

  • 7

    Presidential office's plan to revamp TV viewing fees causes stir

  • 9

    Samsung family takes out stock loans to pay inheritance tax

  • 11

    International Yoga Day to celebrate well-being of body, mind

  • 13

    Saudi mega-city project NEOM secures $5.6 bil. for workforce housing

  • 15

    Controversy grows as fisheries ministry stresses safety of seafood, salt, beaches

  • 17

    Hyundai Motor, IKEA join hands to promote sustainable outdoor activities

  • 19

    Apple unveils Vision Pro, its $3,500 headset

  • 2

    Asiana Airlines pilots union to initiate mass flight delays

  • 4

    Korean food's global popularity leads to copycat products in China, Japan

  • 6

    'Dynamite' tops 1.7 bil. YouTube views to become most-watched BTS MV

  • 8

    ROK-US alliance is now nuclear-based: President Yoon

  • 10

    Incheon announces plans to become hub for overseas Koreans

  • 12

    Heart transplant recipients tie the knot

  • 14

    S. Korea wins seat on UN Security Council for 2024-25

  • 16

    JYP founder to work as guest commentator for NBA finals on Korean cable

  • 18

    JPMorgan chief meets with Korean financial leaders

  • 20

    Seoul Queer Culture Festival venue moved to Euljiro

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, June 8, 2023 | 11:21
Companies
Shinhan, Woori shine in overseas business
Posted : 2023-03-21 15:40
Updated : 2023-03-22 11:01
Yi Whan-woo
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
Shinhan Bank's logo is seen outside its headquarters in central Seoul. Korea Times file
Shinhan Bank's logo is seen outside its headquarters in central Seoul. Korea Times file

By Yi Whan-woo

Shinhan Bank and Woori Bank saw an increase in the net profits of their respective offshore businesses last year, driven by strong performances in Southeast Asia, according to data, Tuesday.

The Financial Supervisory Service's (FSS) electronic discourse system showed Shinhan Bank's 10 corporate bodies abroad reported a combined net profit of 426.9 billion won ($326.2 million) in 2022, up 66.24 percent from a year earlier.

The increase in net profits was mainly attributed to a surge in Shinhan Bank Vietnam's year-on-year earnings, which climbed 53.1 percent to 197.7 billion won in the 2021-22 period.

"Shinhan Bank Vietnam focused on localization, especially in retail banking, as well as enhancing contactless banking for remote areas in Vietnam," the Seoul-headquartered lender said. "We're glad that such customized banking services are paying off in Vietnam."

Shinhan Bank's logo is seen outside its headquarters in central Seoul. Korea Times file
Woori Bank's logo is seen on a window at its headquarters in central Seoul. Korea Times file

Woori Bank logged 288.2 billion won in net profit from its corporate bodies outside Korea, thanks to the strong performances of Wooribank Hanoi in Vietnam, Bank Woori Saudara in Indonesia and Woori Bank Cambodia in Cambodia.

The net profit of Wooribank Hanoi more than doubled ― up from 27.3 billion won in 2021 to 63.2 billion won in 2022 ― while that of Bank Woori Saudara increased by 20 billion won to 68.4 billion won during the cited period.

Woori Bank Cambodia in Cambodia reported 59.8 billion won in its 2022 net profit, up 22.7 percent year-on-year.

The 2022 performances of the three companies in Southeast Asia come as each marked more than a 30 percent increase in their net profit on average for the past five years.

"We hope to expand investment into the three companies, and hopefully increase their net profit by more than 50 percent, respectively, in coming years," Woori Bank said.

While ASEAN countries have emerged as a key market for Korean lenders, KB Kookmin Bank struggled in the region. Accordingly, its net profits from corporate bodies outside Korea declined.

Acquired by KB Kookmin Bank in 2018, KB Bukopin in Indonesia has been posting net losses since then. Those losses more than tripled to 802.1 billion won between 2021 and 2022.

The Korean bank has made multiple attempts, including four paid-in capital increases, to normalize loss-making KB Bukopin in Indonesia. KB Kookmin Bank's global corporate bodies as a whole suffered a net loss that increased by more than 10-fold to 558 billion won in the 2021-22 period.

Hana Bank's corporate bodies overseas shifted to the black, with the exception of Hana Bank (China) Co., which reported a net loss of 97.1 billion won in 2022.


Emailyistory@koreatimes.co.kr Article ListMore articles by this reporter
 
wooribank
Top 10 Stories
1Heart transplant recipients tie the knot Heart transplant recipients tie the knot
2Seoul Queer Culture Festival venue moved to Euljiro Seoul Queer Culture Festival venue moved to Euljiro
3Experts skeptical about effectiveness of S. Korea's UNSC seat to rein in NK Experts skeptical about effectiveness of S. Korea's UNSC seat to rein in NK
4Yido bridges East, West via fusion cuisine in crafted ceramics Yido bridges East, West via fusion cuisine in crafted ceramics
5Samsung to unveil new foldable phones at Galaxy Unpacked in Seoul Samsung to unveil new foldable phones at Galaxy Unpacked in Seoul
6Korea, Poland celebrate rollout of Warsaw's first FA-50 Korea, Poland celebrate rollout of Warsaw's first FA-50
7Umbrella union boycotts negotiating body to protest labor crackdownUmbrella union boycotts negotiating body to protest labor crackdown
8Rise in temperatures, solar radiation by 2100 inevitable: weather agency Rise in temperatures, solar radiation by 2100 inevitable: weather agency
9Coupang, Baemin under pressure from radical labor groups Coupang, Baemin under pressure from radical labor groups
10Tax on domestic cars to be lowered in July Tax on domestic cars to be lowered in July
Top 5 Entertainment News
1Frieze Seoul unveils stronger lineup of Asian galleries for its second edition Frieze Seoul unveils stronger lineup of Asian galleries for its second edition
2'Leaving Las Vegas' director Mike Figgis puts Korea in spotlight in new film 'Leaving Las Vegas' director Mike Figgis puts Korea in spotlight in new film
3[REVIEW] 'The ODD Of LOVE' concert: Taeyeon shows why she is among K-pop's top vocalists REVIEW'The ODD Of LOVE' concert: Taeyeon shows why she is among K-pop's top vocalists
4Baritone Kim Tae-han wins Queen Elisabeth Competition Baritone Kim Tae-han wins Queen Elisabeth Competition
5Busan Film Festival accepts director Huh Moon-yung's resignation Busan Film Festival accepts director Huh Moon-yung's resignation
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