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Finance

Four major financial groups\' net profit tops 11 trillion won, competition shifts from banks to capital markets

South Korea’s four major financial holding groups posted combined first-half net profit of 11.34 trillion won, up 9.8 percent from a year earlier, helped by steady interest income and rising fee income from capital-market businesses such as securities, wealth management and investment banking. As non-bank earnings contributions expanded, the competitive focus among groups increasingly shifted to capital markets. In banking, Shinhan Bank led in net profit, while Woori Bank was the only one to decline.

Finance

Woori Financial first-half net profit 1.61 trillion won, non-bank contribution rises to 22.3%

Woori Financial Group posted first-half net profit attributable to owners of the parent of 1.609 trillion won, up 3.7% from a year earlier, helped by higher capital markets fee income and the effect of consolidating an insurer. Second-quarter profit rose 66.4% from the previous quarter to 1.005 trillion won. Non-bank units’ share of group profit rose to 22.3%. The group announced a 220 won per share cash dividend for the second quarter.

Industry

Xiaomi Korea launches five AIoT products in South Korea, from smart band to home cameras

Xiaomi Korea is launching five AIoT products in South Korea, including Xiaomi Smart Band 10 Pro, Redmi Buds 8, Xiaomi Watch S5 46mm, and the Xiaomi Smart Camera C500 and C701 Pro. The company detailed specifications such as display brightness, battery life and sensors, and announced recommended retail prices. Some models will be sold at discounted prices for limited periods, including through Aug. 16 and Aug. 24.