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Finance

Korean financial groups post third-quarter results as stock market outlook hits zero visibility

Korean financial holding firms and banks continued to release third-quarter results, with Woori Bank posting its biggest quarterly net profit on record and Hana Financial Group lifting year-to-date profit on higher fee income. Brokerages faced weakening profitability as trading value fell and market rates rose, adding valuation loss pressure in trading. The Bank of Korea held its policy rate at 3.00 percent, while competition in retirement pensions and expanded support for small firms continued.

Finance

Woori Bank posts 18.4 percent Q3 returns on DC retirement pension products

Woori Bank recorded an 18.4 percent return in the third quarter on non-principal-protected defined contribution retirement pension products, the highest among the top 10 providers by retirement pension assets across banking, securities and insurance, it said. Its individual retirement pension return was 18.3 percent, ranking third. The bank said both DC and IRP rankings rose by one place from the previous quarter.

Finance

Hana Bank retirement pension assets top 52 trillion won, largest rise among banks this year

Hana Bank\'s retirement pension assets exceeded 52 trillion won as of the end of the third quarter, rising 3.77 trillion won from the end of last year, the largest increase among banks. Growth in individual retirement pension (IRP) and defined contribution (DC) plan balances led the overall increase. Hana Bank said assets totalled 52.16 trillion won at end-September. It is also expanding related services and products and running an event for new IRP customers through Nov. 30.