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Finance

IBK Industrial Bank of Korea first-half net profit 1.44 trillion won, down 4.4 percent

IBK Industrial Bank of Korea posted first-half consolidated net profit of 1.44 trillion won, down 4.4 percent from a year earlier, the bank said. Market share in SME finance rose to a record 24.6 percent as SME loans increased to 270 trillion won. The bank cited larger foreign-exchange valuation losses and higher loan-loss provisions as factors behind the profit decline. It will pay its first quarterly dividend.

Finance

Small business credit scores to factor in sales, trading areas; 16 banks to apply 2.2 trillion won

A new credit scoring system for small business loan screening will start operating from late August, evaluating future growth potential using data such as sales, local trading areas, employment and online activity in addition to the owner’s past financial history. The scope will expand from 7 banks and 1.8 trillion won to 16 banks and 2.2 trillion won. Authorities also plan to use the model for a dedicated loan product and future guarantee reviews.

Finance

Loan shutdown leaves homebuyers short of balance payment; Lee says transitional measures needed

South Korean President Lee Jae-myung signalled the need for transitional measures after tighter controls on total household lending disrupted funding for balance payments by people who already signed home contracts. Speaking at a public forum on real estate policy, Lee responded to a participant who said reduced loan limits prevented a balance-payment loan for an apartment bought for owner-occupation. The Financial Services Commission chairman said authorities would consult banks to prevent excessive loan tightening.