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Finance

Four major financial groups\' net profit tops 11 trillion won, competition shifts from banks to capital markets

South Korea’s four major financial holding groups posted combined first-half net profit of 11.34 trillion won, up 9.8 percent from a year earlier, helped by steady interest income and rising fee income from capital-market businesses such as securities, wealth management and investment banking. As non-bank earnings contributions expanded, the competitive focus among groups increasingly shifted to capital markets. In banking, Shinhan Bank led in net profit, while Woori Bank was the only one to decline.

Finance

Woori Financial first-half net profit 1.61 trillion won, non-bank contribution rises to 22.3%

Woori Financial Group posted first-half net profit attributable to owners of the parent of 1.609 trillion won, up 3.7% from a year earlier, helped by higher capital markets fee income and the effect of consolidating an insurer. Second-quarter profit rose 66.4% from the previous quarter to 1.005 trillion won. Non-bank units’ share of group profit rose to 22.3%. The group announced a 220 won per share cash dividend for the second quarter.

Finance

Woori Investment Securities arranges 600 billion won acquisition financing, largest since launch

Woori Investment Securities has completed its largest acquisition financing arrangement since its launch, as it expands participation in big-ticket investment banking deals after a 1 trillion won rights issue. The firm said it completed on June 30 the acquisition financing arrangement for a deal in which a consortium led by STIC Alternative Asset Management and Korea Investment Private Equity is buying stakes in Ulsan GPS and SK Multi Utility. The overall transaction is worth 1.6 trillion won.