Commercial Banks' Net Profit Increased by 69% Over 10 Years, but Workforce and Branches Reduced

[Asia Economy Reporter Buaeri] Although the profits of major domestic banks have increased, the number of employees and branches has decreased.

According to data received on the 12th from the Financial Supervisory Service by Kim Young-joo, a member of the National Assembly's Science, Technology, Information and Broadcasting Communications Committee from the Democratic Party of Korea, the net income of the four major commercial banks?KB Kookmin, Shinhan, Woori, and Hana?was 9.2487 trillion won last year.

This is an increase of 69.3% (3.7874 trillion won) compared to 2012, ten years ago, when it was 5.4613 trillion won.

During the same period, the number of employees at the four major banks decreased by 9.5% (6,151 people), from 64,556 to 58,405.

The number of branches also decreased by 1,058, from 4,137 in 2012 to 3,079 last year.

This phenomenon has continued as banks promote digital transformation, including the adoption of artificial intelligence (AI) technology. Because of this, concerns have been raised that accessibility for financially vulnerable groups, such as the elderly, may weaken.

Assemblyman Kim pointed out, "The record-high net income and interest income of the four major commercial banks were significantly influenced by the reduction in bank employees and branches," adding, "Financial authorities need to examine the issue of bank workforce and branch reductions from various perspectives."

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