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Finance

Small business sales up 4.5 percent but margins fall for second straight quarter; delinquencies rise

South Korean small business sales rose 4.53 percent in the second quarter from a year earlier, but profit margins fell for a second straight quarter as expenses increased faster, a report by Korea Credit Data showed. Average revenue per business was 47.11 million won, while average spending rose 5.83 percent to 35.22 million won. Delinquent amounts on sole proprietors’ loans rose 4.3 percent from the previous quarter to 15.2 trillion won.

Finance

Korea Post to offer services for all commercial and regional banks at nationwide post offices

From October, customers of Gwangju Bank and Busan Bank will be able to use deposit and withdrawal services and ATM services without fees at about 2,400 post offices nationwide. Korea Post signed a partnership agreement with the two banks and the Korea Financial Telecommunications and Clearings Institute at Gwanghwamun Post Office on Aug. 28. The deal completes Korea Post’s shared financial counter network agreements with 14 domestic commercial and regional banks.

Finance

BNK Financial to provide 1.6 trillion won in Chuseok funding for SMEs and small merchants

BNK Financial Group will provide special loans worth a total of 1.6 trillion won to regional small and medium-sized companies and small merchants ahead of the Chuseok holiday. BNK Financial said on Sunday it will supply the BNK 2026 Chuseok Special Loan through BNK Busan Bank and BNK Kyongnam Bank from Aug. 24 to Oct. 26. Each bank will support 800 billion won, split between new funding and maturity extensions. Borrowers may receive interest-rate cuts of up to 1.0 percentage point.