Korean financial holding companies see higher net income in H1

The insurance sector buoyed the increase as income from banking and financial investments fell.

South Korea’s ten financial holding companies (FHCs) saw their combined net income rise to about $10.43b (KRW14.06t) in the first six months of 2024, according to data from the Financial Supervisory Service (FSS).

This is higher than the $10.1b (KRW13.61t) in consolidated net income the FHCs reported in H1 2023.

About 54.3% of the income came from the banking sector, followed by insurance (15.3%), financial investment (15.3%), and specialized credit finance companies (10.4%).

By subsidiary sector, insurance saw the largest rise, with a 13.3% increase to $213.44m (KRW287.7b) compared to the same period in 2023.

This offset the declines in the banking, financial investment, and specialized credit finance companies.

The net income of the banking sector shrank $337.79m (KRW455.3b). The financial investment sector tumbled by $699.09m (KRW942.3b) compared to H1 2023.

The specialized credit finance companies’ income dropped by $8.75m (KRW11.8b).

As of end-June, FHCs total assets were $2.72t (KRW3,672.7t), up 4% from the end of December 2023.

Over three-fourths (75.1%) of all assets came from the banking sector, followed by financial investment (10.4%), insurance (6.6%), and specialized credit finance companies (6.6%).

The total number of subsidiary units held by FHCs have risen to 333, versus 329 previously, the FSS said.

(US$1 = KRW1,347.89; as of 7 October 2024, 3:30PM)

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