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Finance

Savings banks sustain profit after PF cleanup; expanding loans for lower-credit borrowers remains task

South Korea\'s savings banks posted 333.8 billion won in net profit in the first quarter, extending a return to the black helped by lower provisions and cleanup of problem property project financing. Some operating indicators improved and capital ratios stayed solid, but delinquency and non-performing loan ratios rose. Lending to mid- and lower-credit borrowers shrank by more than 1 trillion won from a year earlier, raising concerns about weakening support for households and small businesses.

AI & Enterprise

NHN Cloud launches FactoryX AI full-stack brand, targets 50 percent AI revenue by 2027

NHN Cloud has launched FactoryX, an AI full-stack brand spanning infrastructure, platform and services, and set a goal of raising AI to 50 percent of total revenue by 2027. The company outlined a three-layer offering from GPU infrastructure to agent execution, citing market growth forecasts. It highlighted its FactoryX Seoul data centre, liquid cooling and a GPU management platform, and said it expects to turn profitable on an annual basis by year-end.

Finance

Shinhan Bank expands green energy cooperation with Shinhan Asset Management, Hyosung Heavy Industries

Shinhan Bank will expand cooperation with Shinhan Asset Management and Hyosung Heavy Industries on global renewable energy projects. The bank said it signed a business agreement on May 8 at TP Tower in Seoul’s Yeouido district to strengthen competitiveness in global energy infrastructure. The partners plan to broaden collaboration in overseas energy infrastructure based on experience managing the Shinhan-Hyosung Global Greenway Fund. Shinhan Bank plans to provide project finance arranging, foreign-currency payment guarantees and derivatives.