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Finance

Youth Future Savings bonus rates disclosed, banks offer up to 8 percent

South Korea will launch the Youth Future Savings policy finance product on June 22. The Financial Services Commission said it disclosed interest rates and preferential conditions by institution on the Korea Federation of Banks\' consumer portal. The product carries a fixed base rate of 5 percent for three years, with preferential rates adding 2 to 3 percentage points to as much as 7 to 8 percent. With government contributions and tax exemptions, the commission said the effect can be similar to higher simple-rate savings returns.

Finance

Overseas Koreans to digitise financial power of attorney, process directly at banks without international mail

Inconvenience for overseas Koreans who had to send powers of attorney by international mail to handle banking in South Korea is expected to ease. The Overseas Koreans Agency, the Financial Services Commission and the Korea Financial Telecommunications and Clearings Institute signed an MOU with eight financial companies to launch a digital consular-certified financial power of attorney service. The service will transmit certified documents electronically to banks and use a blockchain-based system to verify authenticity.

Finance

BNK Financial Q1 net profit rises 26.9% to 211.4 billion won

BNK Financial Group posted improved first-quarter results, helped by higher net interest income and lower loan loss costs. Consolidated net profit rose 26.9% from a year earlier to 211.4 billion won. Bank earnings increased, led by Busan Bank, while Kyongnam Bank declined. Non-bank profit rose on improved results at units including capital, investment securities and asset management. Asset quality indicators worsened as the delinquency ratio rose. The board approved a quarterly cash dividend and a share buyback and cancellation plan.