Shinhyup Reports 515.6 Billion KRW Net Profit Last Year... 20 Consecutive Years of Surplus

[Asia Economy Reporter Buaeri] Shinhan Credit Union recorded a net profit of 515.6 billion KRW last year, achieving 20 consecutive years of surplus.

On the 17th, according to the National Credit Union Federation of Korea, the '49th Regular Delegates Meeting' was held yesterday at the multipurpose hall of the Shinhan Credit Union Central Training Center located in Deokmyeong-dong, Yuseong-gu, Daejeon, where this information was shared.

Despite the COVID-19 situation last year, Shinhan Credit Union achieved total assets of 124 trillion KRW. Total loans recorded 94 trillion KRW. The National Credit Union Federation of Korea also posted a net profit of 178.1 billion KRW.

Kim Yoonsik, Chairman of the National Credit Union Federation of Korea, said, "Last year, Shinhan Credit Union, with the central federation and cooperatives united as one, played a pioneering role in alleviating the financial crunch for ordinary citizens," adding, "The central federation has also become a top-tier financial cooperative holding surplus funds exceeding 1 trillion KRW, enabling it to further strengthen its cooperative support functions."

Chairman Kim set the management goal for this year as the "early termination of the National Credit Union Federation of Korea's Memorandum of Understanding (MOU)." During the IMF foreign exchange crisis, the federation suffered deficits after absorbing cooperative insolvencies and subsequently received 260 billion KRW in government support from 2007 to 2009, entering into a management improvement MOU. The period extends until 2024.

On the same day, the National Credit Union Federation of Korea also elected 13 directors. The term of the new directors will be four years starting from the 1st of next month. The 13 new directors are Ko Youngcheol (Gwangju Munhwa Credit Union), Kim Myungho (Gyeongnam Hangun Credit Union), Kim Jongchan (Gumi Credit Union), Kim Haksan (Kkulbeol Credit Union), Nam Gihwa (Sasang Credit Union), Noh Wonho (Cheongju Nambu Credit Union), Park Jongsik (Samik Credit Union), Yang Junmo (Gongju Jungang Credit Union), Oh Gyunho (Seodaegu Credit Union), Oh Inhwan (Majang Credit Union), Lee Gichan (Suji Credit Union, director and audit committee member), Jo Gangrae (Daegu Chilgok Credit Union), and Han Sukja (Chuncheon Credit Union).

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