Gwangju Bank Achieves 85.8 Billion KRW Net Profit in First Half of the Year

Song Jong-wook, President of Gwangju Bank

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Bank (President Song Jong-wook) announced that it achieved a net profit of 85.8 billion KRW (separate basis) in the first half of 2020.

Excluding the one-time additional provision related to COVID-19 amounting to 8.9 billion KRW (after-tax profit effect of 6.8 billion KRW), the net profit was 92.6 billion KRW, representing a 0.8% increase compared to the net profit of 91.9 billion KRW in the same period last year.

Gwangju Bank maintained excellent asset soundness at the highest level in the banking sector, with a NIM (Net Interest Margin) of 2.28%, a non-performing loan ratio of 0.47%, and a delinquency ratio of 0.38%. Despite the COVID-19 crisis, it achieved favorable results based on customer-focused management and field-centered management.

Gwangju Bank views the continuous increase of low-cost core deposits and high-quality customers, qualitative growth focused on soundness, and proactive asset soundness management as the main factors behind its stable business performance.

President Song Jong-wook said, “To repay the love and trust from our customers and local residents, we will continue to do our best as the representative bank of Gwangju and Jeonnam by practicing continuous customer-centered and community-based management, coexisting with the region and fulfilling corporate social responsibility. Especially during these difficult times due to COVID-19, we will do our utmost to overcome this crisis together with the community and walk alongside the local residents.”

This content was produced with the assistance of AI translation services.