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Finance

NH NongHyup Financial posts record nine-month net profit of 2.53 trillion won, up 11.9 percent

NH NongHyup Financial Group posted a record net profit of 2.53 trillion won for the first nine months of the year, up 11.9 percent from a year earlier. The company said interest income rose on loan growth centred on corporate finance and funding cost management. Non-interest income increased as capital-market affiliates such as securities and asset management delivered strong results. Third-quarter net profit fell from the previous quarter.

Finance

Lee Chan-jin urges bank holding company boards to boost IT security investment and internal controls

Lee Chan-jin (이찬진), head of South Korea\'s Financial Supervisory Service, urged chairmen of bank holding company boards to increase information technology security investment and strengthen internal controls. He warned that cyber intrusions are spreading to ancillary systems and called for autonomous defence frameworks and active board involvement. Lee also pressed boards to improve governance by enhancing outside directors\' independence and expertise and ensuring transparent CEO succession procedures.

Finance

Securities firms race to expand size amid IMA, investment bank push, raise 8.7 trillion won

South Korean securities firms are accelerating capital expansion as they compete to enter integrated management accounts (IMA) and become comprehensive financial investment businesses. Thirteen brokerages have raised or are seeking 8.705 trillion won this year through rights issues and hybrid capital securities, about twice last year’s total. KB Securities led with 1.7 trillion won. The capital race is tied to rules that expand permitted businesses based on equity levels, including IMA eligibility at 8 trillion won.