Despite record-low interest rate and danger of chain insolvencies in shipping and shipbuilding industries, South Korea’s top financial groups reportedly finished the third quarter ending in September on robust note, helped by increased profit from non-banking sector and non-traditional banking services.

According to data compiled by market analysis provider FnGuide on Sunday, Shinhan Bank, KB Kookmin Bank, Hana Financial Group as well as state-owned Woori Bank would see their combined net profits increase 5.3 percent on year to 1.75 trillion won ($1.5 billion) in the July to September period.

Shinhan Bank releasing third-quarter earnings on Thursday is expected to lead the pack with net income of 607.7 billion won, although pared 10.5 percent from the same period of last year. Net income of KB Kookmin Bank also reporting its earnings on Thursday is estimated to have risne 14.4 percent on year to 465.8 billion won.

Market analysts found that Hana Financial Group due to release its report on Friday would witness its net income surge 30.9 percent to 332.8 billion won over the same period as the cost for merger with Korea Exchange Bank in September last year would no longer weigh on its balance sheet..

Woori Bank that releases its report on Wednesday is estimated to have gained 6.6 percent to 344.7 billion won in net figure. State-run Korea Deposit Insurance Corp. (KDIC), who owns a total of 51.06 percent stake in the bank, is currently reviewing candidates to sell a 30 percent stake in splinters of from 4 percent to 8 percent. As many as 18 bidders including Korea Investment Holdings Co., Hanwha Life Insurance Co. and China’s Anbang Insurance Group sent letters of intent last month. The bids are said to have nearly tripled or quadrupled their eligible share.

By Kim Gyu-sik

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