Shinhyup Reports 288.3 Billion KRW Net Profit in First Half, Up 16% YoY

[Asia Economy Reporter Buaeri] The National Credit Union Federation of Korea announced on the 2nd that credit unions nationwide achieved a net income of 288.3 billion KRW this year. This represents a 16% increase compared to the previous year.

Among total assets of 134.4 trillion KRW, loans amounted to 102.4 trillion KRW and deposits to 121.6 trillion KRW, showing growth of 8% in assets, 9.2% in loans, and 8.8% in deposits compared to last year.

The average asset amount of 873 credit unions nationwide was 153.9 billion KRW, an increase of 11.4 billion KRW compared to the end of last year. The number of credit unions with assets exceeding 300 billion KRW increased by 18 compared to the end of last year, while those with less than 30 billion KRW decreased by 9. As of the first half of this year, small credit unions with assets under 30 billion KRW accounted for 16 (18.6%), a 1% decrease compared to the end of last year.

The credit union with the largest asset size was Cheongun Credit Union (Daegu), recording 2.1638 trillion KRW. The highest net income was recorded by Jangan Credit Union (Gyeonggi) with 7.28 billion KRW.

The number of large credit unions with assets over 300 billion KRW was 117 (13.4%), an increase of 2.1% compared to the end of last year, while small credit unions with assets under 30 billion KRW numbered 171 (19.6%), a 1% decrease from the previous year.

Kim Yunsik, Chairman of the National Credit Union Federation of Korea, said, "We will focus on strengthening the substance of our business to increase member satisfaction going forward," adding, "We will do our best to maintain stable growth amid the rapidly changing external environment."

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