South Korean banks reported a sharp drop in their net income last year, hit by massive loan loss spending to handle troubles in the shipbuilding industry, data showed Monday.Their combined net profits came to 3 trillion won ($2.6 billion) in the year, down 31.8 percent from 2015, according to the Financial Supervisory Service.A bank worker taking care of a customer. (Yonhap)Specialized banks, including such state policy lenders as the Korea Development Bank  and the Export-Import Bank of Korea,

South Korea's foreign exchange reserves fell slightly in February from a month earlier due to a decrease in the value of non-dollar currencies when converted into the dollar, central bank data showed Monday.As of the end of February, the country's foreign exchange reserves came to $373.91 billion, down $130 million from the previous month, the Bank of Korea said in a statement. Dollar notes at KEB Hana Bank (Yonhap)Foreign exchange reserves consist of securities and deposits denominated in overs

South Korea's financial market has already factored in expectations for US interest rate hikes this year, the finance minister said Friday, indicating it is well-positioned to withstand their impact.After boosting its benchmark interest rate by a quarter point to 0.75 percent in December, the US Fed forecast it could raise the federal funds target rate three times in 2017, instead of the two quarter-point increases previously projected.Finance Minister Yoo Il-ho attends a ceremony to mark Taxpay

The head of South Korea's central bank asked heads of major banks on Friday to strengthen efforts to reduce possible risks in embracing innovation in digital finance.Bank of Korea Gov. Lee Ju-yeol said innovation in digital finance could offer various benefits, but it could also pose risks to the financial industry.South Korean banks "should pay attention to risk management as they develop a new business territory for digital technologies,"Lee said in a meeting with heads of major banks in Seoul

Foreign investors remain picky about what they buy in South Korea's stock market amid their strong presence here, data showed Friday.Foreigners owned more than 500 trillion won ($434 billion) worth of local shares as of January, 32 percent of the total market capitalization of all companies listed on the nation's bourse.But their possession is concentrated in a small bucket of shares. (Yonhap)Among a total of 2,249 companies listed on the local stock market, only 466, or 20.7 percent, boasted 10

South Korea's current account surplus narrowed in January due to an increased deficit in the service balance, central bank data showed Friday.The country's current account surplus reached $5.28 billion in January, compared with a surplus of $7.18 billion a year earlier, according to the preliminary data from the Bank of Korea.The figure represents a surplus for 59 months in a row. The current account is the biggest measure of cross-border trade. (Yonhap)The BOK said the service balance deficit h

A court specializing in bankruptcy opened Thursday, aiming to respond to the increasing number of bankruptcy and rehabilitation cases.The Seoul Bankruptcy Court is to replace the Seoul Central District Court’s bankruptcy division, to settle all types of both personal and corporate cases regarding bankruptcy, according to officials.Seoul Bankruptcy Court (Yonhap)Consisting of 34 judges, the new court will henceforth deal with corporate bankruptcies and individual rehabilitation cases, both of whi

South Korea and the US agreed to enhance financial sanctions against North Korea amid concerns over Pyongyang’s latest ballistic missile test, the Finance Ministry in Seoul said Thursday.South Korea’s Finance Minister Yoo Il-ho and US Treasury Secretary Steven Mnuchin held their first phone call Thursday since the inauguration of US President Donald Trump. They promised the two countries would more thoroughly implement UN Security Council sanctions as well as their own sanctions against the recl

South Korea plans to sell 4 trillion won ($3.5 billion) worth of Treasury bills this month to support its expansionary fiscal policy, the finance ministry said Thursday.The bills will have a maturity of between 28 days and 63 days to be sold each in two separate auctions throughout the month, according to the Ministry of Strategy and Finance. (Yonhap)Treasury bills are usually sold to raise money to cover short-term financial shortfalls, and thus are generally sold with a maturity of less than a

South Korea's top-three life insurers - Samsung, Hanwha and Kyobo - have decided to pay all overdue suicide claims, giving in to regulators' punitive steps, industry officials said Thursday.Samsung will pay a total of 174 billion won ($152 million) in respect of its policyholders who committed suicide on 3,337 claims. An image of Samsung, Hanwha and Kobyo life insurers in a file photo. (Yonhap)The decision was made at the board meeting earlier in the day."(We) have decided to pay the insurance m

The chief of Tera Funding, a peer-to-peer property financial service provider, said Thursday that the company's accumulated loans have surpassed 100 billion won ($87.6 million) since its launch two years ago."Tera Funding surpassed the 100 billion-won mark for the first time as a P2P lending firm because the company is evaluated as being safe," CEO Yang Tae-young said. CEO of Tera Funding Yang Tae-young (Tera Funding)P2P lending refers to a new type of loan extension to individuals or businesses

South Korea's national pension fund operator said Thursday it is moving to employ dozens of new investment managers following a recent staff exodus.Late last year, the Investment Management Office of the National Pension Service saw some 30 staffers quit ahead of its relocation to Jeonju, 243 kilometers south of Seoul. In addition, 11 investment managers have left or offered to resign. The Investment Management Office of the National Pension Service in Jeonju, 243 kilometers south of Seoul (Yonh

Returns from investments in studio apartments in South Korea edged down in February from a month earlier due to oversupply, data showed Thursday.The annual returns from investments in studio apartments, better known as "officetels" in South Korea, stood at 5.09 percent in February, down from 5.11 percent in January, according to the data compiled by KB Kookmin Bank, the country's biggest retail lender. (Yonhap)The annual returns reached 6.02 percent in August 2010, but they have either moved in

South Korea's won has risen more than 6 percent against the US dollar this year, the best performer among major currencies, data showed Thursday.The won was last traded at 1,133.7 per dollar on Monday, up 6.1 percent from the end of last year, according to the Korea Center for International Finance. This undated file photo shows a board for foreign exchange rates at a South Korean bank. (Yonhap)It marks the biggest gains among the world's currencies during the two-month period.The dollar has bee

The number of stock trading accounts has reached a record high, partly due to a sharp rise in retail investors, the country's stock market operator said Wednesday.The number of trading accounts came to about 23.26 million as of Friday, according to Korea Exchange.(Yonhap)The KRX noted the number has been on a steady increase since breaching the 10 million mark in 2007, but said the tally spiked by 1.73 million in 2016, following a 1.51 million on-year surge the year before.Such large increases c