Interest income of 5 financial companies in the first half of the year may grow by 11% due to an increase in loans

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(Yonhap)

(Yonhap)

Industry sources said on Sunday that interest income of South Korea’s five major financial groups was likely to jump 11 percent in the first half from a year earlier due to expanded credit growth amid lower market rates.

KB, Hana, Shinhan, Woori and NH Nonghyup are expected to report cumulative interest income of 20.38 trillion won ($ 17.7 billion) from January to June, up from 18.43 trillion won in the same period last year. …

KB, Hana, Woori and NH Nonghyup reported interest income of 5.41 trillion won, 3.25 trillion won, 3.32 trillion won and 4.17 trillion won, respectively, in the first six months. Shinhan has yet to release its first half interest income, but Shinhan is forecast to hit 4.24 trillion won.

Finance companies have received higher interest income due to increased loans at high rates for home purchases and living expenses amid the ongoing coronavirus pandemic. (Yonhap)



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