South Korean financial institutions spent US$935m in social contributions in 2019

Microcredit lending comprised the lion’s share of US$461m.

Data released by the Korea Federation of Banks showed 22 financial institutions, including five retail banks, spent US$935m (KRW1.13t) in social contribution activities in 2019, reports Yonhap News Agency.

It is a 15% hike from 2018 and the highest since 2006 when the federation started collecting data. Microcredit lending comprised the largest chunk at $461m (KRW557.9b), US$83.5m (KRW101.1b) was spent on academic purposes, whilst US$71.8m (KRW86.9b) was allotted on culture and sports.

Shinhan Bank was the most generous bank, with its spending on social contributions standing at US$162m (KRW196.1b) won last year.

KB Kookmin Bank came in second with US$149.7m (KRW181.1b), followed by NongHyup Bank with US$131.6m (KRW159.2b), according to the federation.

Woori Bank and KEB Hana Bank spent US$122.6m (KRW148.3b) and US$114m (KRW138b), respectively.

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