Korea Citibank Reports Cumulative Net Profit of 248.6 Billion Won for Q3, Down 7.2% Year-on-Year

Korea Citibank announced that it recorded a net profit of 65.4 billion won in the third quarter of this year, bringing its cumulative net profit for the first three quarters to 248.6 billion won. This represents a 7% decrease in cumulative net profit compared to the same period last year. As of the end of September this year, the Bank for International Settlements (BIS) capital adequacy ratio and Common Equity Tier 1 (CET1) ratio stood at 34.40% and 33.52%, respectively. These figures represent increases of 0.18 percentage points and 0.32 percentage points compared to 34.22% and 33.20% in the same period last year. Cumulative total revenue for the first three quarters was 806 billion won, down 11% year-on-year. Non-interest income, mainly from corporate banking activities such as foreign exchange, derivatives, and securities, increased by 37% compared to the same period last year. However, interest income declined by 36% year-on-year, mainly due to the continued reduction of consumer f

Finance

11.14 18:25

"Auto Tariffs Cut to 15% May Be Retroactive from November 1... 'MASGA' Profits to Go to Korean Companies (Comprehensive)"

With South Korea and the United States reaching an agreement on the operation plan for a total of $350 billion in strategic investments, the tariff imposed by the US on Korean goods will be reduced from 25% to 15%. Although the joint fact sheet on the countries' tariff and security negotiations does not specify the effective date for the tariff reduction, it is possible for the change to be retroactively applied as early as November 1. The Ministry of Trade, Industry and Energy announced on November 14 that Minister Kim Jeong-Kag and US Secretary of Commerce Howard Lutnick signed the "Memorandum of Understanding on US-Korea Strategic Investment." This comes about three and a half months after a broad agreement was reached in the tariff negotiations on July 30. The current tariffs on Korean automobiles and parts will be set at 15%, and tariffs on wood products will be adjusted to a maximum of 15%. Minister Kim explained, "With regard to the effective date of the tariff reduction, both

General

11.14 17:55

Lotte Card's Q3 Net Profit Reaches 66.9 Billion Won, Up 68.5% Year-on-Year

Lotte Card announced on November 14 that its net profit for the third quarter reached 66.9 billion won, a 68.5% increase compared to the same period last year. During this period, operating profit rose by 49.2% to 84.6 billion won. Accumulated net profit for the first three quarters reached 108.4 billion won, up 5.8% year-on-year. Cumulative operating revenue for the first three quarters was 2.2354 trillion won, a 6.3% increase from the previous year. Its subsidiary, Lotte Finance Vietnam, turned profitable during this period. Lotte Card stated that the maturity structure improved through refinancing at low interest rates, and funding costs increased by only 1.2%, allowing for continued stable fund management. A Lotte Card representative said, "Profitability in the fourth quarter is expected to deteriorate somewhat due to the impact of the cyber breach incident in September," adding, "We plan to continue improving mid- to long-term profitability by expanding our customer base through t

Finance

11.14 16:59

Yeo Hangoo: "Thoroughly Defended Against Further Opening of Korean Agriculture in US-Korea Investment Talks"

Yeo Hangoo, Director General for Trade Negotiations at the Ministry of Trade, Industry and Energy, stated on November 14, "During the US-Korea strategic investment negotiations, our top priority was to thoroughly defend against any further opening of our agricultural market." On this day, during a briefing at the Government Seoul Office regarding the "US-Korea Tariff Negotiation Fact Sheet and Business Agreement," Director General Yeo explained, "In the agricultural sector, we took into account the sensitivities of our agricultural products, including rice and beef." Director General Yeo added, "Since the launch of the Trump administration, our government has discussed non-tariff issues with the US side in parallel with tariff agreements, aiming to expand trade and investment between the two countries in a mutually beneficial direction. The non-tariff items included in this joint explanatory document focus on agreements in non-tariff areas such as automobiles, agriculture, and digital

General

11.14 16:51

SC First Bank Reports Cumulative Net Profit of 304 Billion Won for Q3, Up 13.6% Year-on-Year

SC First Bank announced on November 14 that its cumulative net profit for the third quarter of this year reached 304 billion won, an increase of 36.3 billion won (13.6%) compared to the same period last year (267.7 billion won). Despite an increase in customer loans, net interest income decreased by 26.6 billion won (2.8%) to 908.9 billion won, down from 935.5 billion won in the same period last year, due to a 0.20 percentage point drop in the net interest margin (NIM) caused by falling market interest rates. Non-interest income rose by 31.2 billion won (13.0%) to 271.4 billion won, mainly due to increased profits from foreign exchange and derivatives, compared to the same period last year.Selling and administrative expenses increased by 78.2 billion won (12.3%) to 713.4 billion won, compared to the same period last year, due to higher labor and operating costs caused by rising inflation. Provisions for loan losses rose by 4.3 billion won (4.9%) to 91.3 billion won, up from 87 billion

Finance

11.14 16:32

Korean Manufacturing Struggles to Catch Up with China: Strategies for Strengthening the Sector

As China begins to dominate the global manufacturing industry across all sectors, some argue that it has become increasingly difficult for rival countries like South Korea to catch up. In particular, China has secured control over supply chains in new industries such as electric vehicles, making it challenging for South Korea to implement its economic development model of the "fast follower" strategy. To overcome this, proposals such as innovation through inter-industry exchanges, redefining labor-management relations, and fostering small-scale manufacturing clusters in local regions have been suggested. Ji Mansoo, Senior Research Fellow at the Korea Institute of Finance, presented these points at the policy symposium "Strengthening Korean Manufacturing in the Era of Economic Security," held on the afternoon of November 14. In his presentation on "China's Path to Dominating Global Manufacturing," Ji stated, "China has been fostering its manufacturing sector by learning from the social

Finance

11.14 16:22

Meritz Fire & Marine Insurance Reports Q3 Net Profit of 463.8 Billion Won, Down 6.3% Year-on-Year

Meritz Fire & Marine Insurance announced on November 14 that its standalone net profit for the third quarter of this year was 463.8 billion won, a decrease of 6.3% compared to the same period last year. The cumulative net profit for the first three quarters was 1.4511 trillion won, down 2.8% year-on-year. Cumulative sales for the first three quarters reached 9.25 trillion won, an increase of 8.1% compared to the same period last year. Operating profit was 1.954 trillion won, a decrease of 2.5%. The cumulative investment profit and loss for the first three quarters was 929.7 billion won, up 55% from the same period last year. As of the end of the third quarter, the investment return on asset management stood at approximately 4.6%. The provisional risk-based capital ratio (K-ICS) as of the third quarter was 242.7%, up about 2.9 percentage points from the second quarter, maintaining the highest level in the industry. A representative from Meritz Fire & Marine Insurance explained, "Despite

Finance

11.14 15:58

Meritz Financial Group Surpasses 2 Trillion Won in Cumulative Net Profit for Q3, Achieving Record High

Meritz Financial Group announced on November 14 that its consolidated cumulative net profit for the third quarter of this year reached 2.0268 trillion won, up 2.2% compared to the same period last year. With its net profit surpassing 2 trillion won within just three quarters, Meritz Financial Group achieved its highest performance ever. This marks the third consecutive year the group has joined the "2 trillion won club." Cumulative sales for the third quarter totaled 24.9522 trillion won, and operating profit reached 2.5338 trillion won. As of the end of the third quarter, total assets stood at 132.6895 trillion won, and the return on equity (ROE) was 25.9%. This performance is attributed to strong long-term insurance sales and increased investment income at Meritz Fire & Marine Insurance, as well as improved corporate finance investment returns and advisory results at Meritz Securities. By major subsidiary, Meritz Fire & Marine Insurance posted a cumulative net profit of 1.4511 trill

Finance

11.14 15:53

"Apartment Complex Parking Lots Are Not Roads...Drunk Driving Does Not Lead to License Cancellation"

Korea Citibank Reports Cumulative Net Profit of 248.6 Billion Won for Q3, Down 7.2% Year-on-Year

"Auto Tariffs Cut to 15% May Be Retroactive from November 1... 'MASGA' Profits to Go to Korean Companies (Comprehensive)"

Lotte Card's Q3 Net Profit Reaches 66.9 Billion Won, Up 68.5% Year-on-Year

Yeo Hangoo: "Thoroughly Defended Against Further Opening of Korean Agriculture in US-Korea Investment Talks"

SC First Bank Reports Cumulative Net Profit of 304 Billion Won for Q3, Up 13.6% Year-on-Year

Korean Manufacturing Struggles to Catch Up with China: Strategies for Strengthening the Sector

Meritz Fire & Marine Insurance Reports Q3 Net Profit of 463.8 Billion Won, Down 6.3% Year-on-Year

Meritz Financial Group Surpasses 2 Trillion Won in Cumulative Net Profit for Q3, Achieving Record High

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