Suhyup Bank Reports 233.6 Billion KRW Net Profit Last Year, Down 18% YoY

"Result of Special Reserve Reflection... Significance in Expanding Customer Base"

Kim Jin-gyun, President of Sh Suhyup Bank, attending the '2021 Suhyup Bank 1st Management Strategy Meeting' on the 29th of last month

[Asia Economy Reporter Song Seung-seop] Sh Suhyup Bank announced on the 1st that its pre-tax net profit last year recorded 233.6 billion KRW, down 18.1% (51.7 billion KRW) from the previous year. During the same period, total assets increased by 4.9657 trillion KRW to 52.5664 trillion KRW.

Suhyup Bank stated, "Although total assets increased, the decrease in pre-tax net profit is the result of reflecting special reserves," adding, "Due to increased uncertainty in the financial sector caused by COVID-19, we focused on securing soundness."

It continued, "Last year was a difficult environment with the economy rapidly contracting and society overall shrinking due to the COVID-19 pandemic crisis," and added, "It is meaningful that we secured soundness and profitability superior to competing banks and expanded our customer base."

The fixed and overdue loan ratio, an indicator of soundness, was recorded at 0.44%, down 0.02 percentage points from 0.46% the previous year.

Meanwhile, Suhyup Bank held the '2021 1st Suhyup Bank Management Strategy Meeting' on the 29th of last month at the Suhyup Bank headquarters in Songpa-gu, Seoul, to share management performance and this year's management strategy.

At the meeting, Im Joon-taek, Chairman of Suhyup Bank, urged, "To quickly achieve Suhyup's original role of supporting fishing villages, fishermen, and fishery resources, the Central Association and the bank should join forces and move forward together."

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