Search results for linked loans
Finance
Kbank first-half net profit falls; SOHO loans double in a year
Kbank\'s net profit for the first half of this year fell 28.7 percent from a year earlier to 60.1 billion won. Excluding gains from loan receivables sales reflected in last year\'s results, net profit rose 77.3 percent to 33.1 billion won. Second-quarter net profit fell 60.6 percent as non-interest income declined. SOHO lending more than doubled year on year, supporting interest income and improving net interest margin.
Finance
South Korea curbs P2P stock loans, caps new issuance at 30 percent
South Korea\'s financial authorities will limit the size of new stock-loan issuance and set borrower-by-borrower loan caps for the online investment-linked finance sector, after stock loans expanded rapidly amid a recent stock market rally. The Financial Services Commission and the Financial Supervisory Service said the measures take effect from July 16. Monthly new stock-loan issuance will be capped at 30 percent of the prior month’s new linked loans excluding stock loans, with an exception tied to keeping balances below end-June levels.
Fintech
On2U firms, savings banks linked-investment loans top 500 billion won, expand lending to mid-low credit borrowers
Cumulative personal credit loans jointly supplied by online investment-linked finance firms and savings banks have exceeded 500 billion won, with most users classified as mid-to-low credit borrowers and the delinquency rate below 1 percent. The Korea Online Investment-Linked Finance Association put the total at 502.2 billion won as of July 3. It said the average interest rate is 11.95 percent a year and the average borrower credit score is 739.