Haenam County Fisheries Cooperative Rewards Outstanding Branches and Individuals in Performance Evaluation... Exploring Directions for Management Improvement

Haenam County Fisheries Cooperative held a meeting of responsible persons in the main conference room, attended by about 20 people including Chairman Kim Seong-ju, executive directors, and branch and department heads. (Photo by Haenam County Fisheries Cooperative)

[Haenam＝Asia Economy Honam Reporting Headquarters Reporter Kim Hyun] Jeonnam Haenam County Fisheries Cooperative announced on the 12th that a managers' meeting was held on the 10th in the main conference room, attended by about 20 people including Chairman Kim Seong-ju, standing directors, branch and department heads.

The managers' meeting began with awarding certificates and prizes to outstanding business branches and individuals based on the 2020 performance evaluation, followed by discussions on the progress and improvement directions of projects by branch and department.

Furthermore, although the mutual finance business deteriorated due to accumulated bad debt provisions caused by non-performing loans since 2019 amid government real estate regulations and the economic downturn from COVID-19, it has gradually improved and returned to a normal track.

As of April, deposits reached 349.3 billion KRW and loans 375.2 billion KRW, increasing by 51 billion KRW and 61 billion KRW respectively compared to the previous year, resulting in a profit improvement of 700 million KRW.

In particular, the head office credit business department (Credit Executive Director Park Jun-su) achieved an increase of 35.6 billion KRW in deposits and 39.2 billion KRW in loans compared to the previous year, maintained an appropriate loan-to-deposit ratio through non-performing loan management, achieved zero delinquency rate, and realized about 300 million KRW in profit, transforming from a deficit branch to a profitable one, thereby perfectly improving the management structure.

Kim Seong-ju, Chairman of Haenam County Fisheries Cooperative, stated, “Crisis is an opportunity. Our cooperative’s executives and employees are making every effort to overcome the current precarious situation of the mutual finance business due to the economic downturn,” and expressed his ambition, “We will overcome these difficulties and grow further to become the top fisheries cooperative.”

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