"Banking Sector's Social Contribution Reaches 1.8934 Trillion Won Last Year"

Korea Federation of Banks Reports 1.89 Trillion Won in Social Contribution Activities Last Year
Support for Local Communities and Inclusive Finance Reaches Record High
Special Focus on Low Birthrate Crisis and Livelihood Finance Initiatives

Last year, the total amount of social contribution activities by the banking sector reached 1.8934 trillion won.

On May 29, the Korea Federation of Banks announced this figure in its '2024 Bank Social Contribution Activities Report.' This represents an increase of 258.5 billion won (15.8%) compared to 2023. The scale of social contribution, which was 351.4 billion won when first recorded in 2006, has continued to rise, maintaining an annual level of over 1 trillion won since 2019.

By category, 1.1694 trillion won was allocated to 'local community and public interest,' and 547.9 billion won to 'inclusive finance,' accounting for a significant proportion of the total amount. The Korea Federation of Banks stated, "This is the result of the banking sector's efforts to revitalize local economies, create a sustainable economic ecosystem, and establish an inclusive financial environment."

This report also provides useful information for readers, such as efforts to restore the real economy through initiatives like 'measures to support livelihood finance' and 'mutual growth finance,' as well as public-interest-linked financial products, major financial education programs, and the current status of alternative branch operations.

In particular, the section on 'thematic social contribution activities' newly introduces the banking sector's efforts to address the low birthrate crisis. The 'Special Page' separately highlights the 2.1 trillion won 'livelihood finance support measures' announced in October 2023, as well as the 'banking sector social responsibility project,' which will provide a total of 580 billion won over three years from 2023 to support vulnerable groups.

Cho Yongbyung, Chairman of the Korea Federation of Banks, said, "We hope this report will widely publicize the diverse social contribution activities of the banking sector and serve as an opportunity for positive change in our society. The banking sector promises to continue to work together with the public to address the challenges facing our society and to do its utmost as a reliable partner for mutual growth and a solid pillar of the financial market."

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