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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

JB Financial posts record Q2 net profit of 219.6 billion won, driven by capital unit

JB Financial Group posted a controlling shareholders\' net profit of 219.6 billion won in the second quarter, its highest ever for a second quarter, led by JB Woori Capital. The group said first-half net profit totalled 385.7 billion won. ROE stood at 13.0 percent and ROA at 1.07 percent. The board approved a quarterly cash dividend of 314 won per share and a 100 billion won share buyback and cancellation.

Finance

Banks to ease conditions for discounted loan rates, recognise debit card spending the same

South Korea\'s Financial Supervisory Service said on Tuesday it will work with banks to improve how card spending is calculated for loan rate discounts and to narrow excluded items. Banks will provide clearer guidance in loan contracts and on digital channels, and notify long-term borrowers at least once a year. Exclusions will be cut to about 0 to 1 item per bank. Debit and credit card spending will be treated the same, and instalment payments will be counted monthly over the instalment period.