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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

South Korea\'s three internet-only banks keep mid-to-low credit loan share above 30 percent

South Korea\'s three internet-only banks kept the share of loans to mid-to-low credit borrowers in the 30 percent range in the second quarter, continuing inclusive finance. KakaoBank recorded 31.9 percent by outstanding balance and 38.4 percent by new lending, while K Bank posted 31.3 percent and Toss Bank 34.2 percent on a three-month average basis. The banks are widening access through upgraded scoring models, refinancing loans and use of alternative data.

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.