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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

NH NongHyup Bank upgrades corporate loan screening, shifts to \'agentic AI bank\'

NH NongHyup Bank is applying artificial intelligence to corporate credit pre-screening, product recommendations and credit review report writing. The bank said it has built an AI-based PASS screening system for the corporate loan review process. It aims for pre-screening accuracy comparable to full reviews, provides customised product recommendations and automates corporate review reports. The bank expects faster and more consistent screening and less repetitive paperwork.

Finance

NH NongHyup Financial first-half net profit rises 9.2 percent to 1.78 trillion won

NH NongHyup Financial Group posted a record first-half net profit of 1.78 trillion won, up 9.2 percent from a year earlier, supported by growth in both interest and non-interest income. Operating profit rose 14.0 percent to 3.2 trillion won. NH Investment & Securities more than doubled profit, while bank and insurance units saw declines. Credit loss provisions and selling and administrative expenses increased.