Woori Bank, a major South Korean lender, said Thursday it swung to a net profit in 2014 from a year earlier on a tumble in loan loss reserves.  Net profit came in at 1.2 trillion won ($1.1 billion) last year, a sharp turnaround from a 537.7 billion won loss a year earlier, the lender said in a regulatory filing.  Woori Bank attributed the turnaround to a plunge in reserves against bad loans and a tax refund of 604.3 billion won.  For the fourth quarter, however, it posted a 163 billion won net l

South Korean stocks closed 0.51 percent lower Thursday, as renewed concerns over Greek debts sapped investor appetite, analysts said. The local currency lost ground against the U.S. dollar.   The benchmark Korea Composite Stock Price Index slid 9.95 points to finish at 1,952.84. Trading volume was moderate at 387.5 million shares worth 4.24 trillion won ($3.89 billion) with decliners outnumbering gainers 419 to 374.   Analysts said the abrupt decision by the European Central Bank not to accept G

South Korea's top economic policymaker said Thursday that 3.8 percent annual growth is attainable for 2015, despite various challenges."If risks are properly managed, the country can use the drop in international crude oil prices to its advantage in trade," Finance Minister Choi Kyung-hwan told lawmakers of the National Assembly's Strategy and Finance Committee. He added that free trade agreements reached with large trading partners will further affect investment that is linked to growth.He poin

A Seoul court handed down a suspension on the ongoing merger talks between Hana Bank and Korea Exchange Bank.The Seoul Central District Court issued an injunction on Wednesday, banning Hana Financial Group from pushing ahead with the merger until the end of June, partly acknowledging the KEB labor union’s protest.“There were no compelling reasons for an early merger,” the court said in its ruling.The court decision will stop the banking group from holding a shareholders’ meeting on the merger is

South Korean stocks closed 0.55 percent higher Wednesday, buoyed by strong foreign buying following a rally on Wall Street overnight, analysts said. The local currency rose sharply against the U.S. dollar.   The Korea Composite Stock Price Index climbed 10.82 points to finish at 1,962.79. Trading volume was moderate at 342.1 million shares worth 4.95 trillion won ($4.53 billion) with advancers far outpacing decliners 535 to 274.   Analysts said a bullish run in U.S. markets on Tuesday, led by a

South Korean banking behemoth Shinhan Financial said Wednesday its net profit slipped 7.7 percent on-year in the fourth quarter, the latest sign of weakening profitability at local lenders challenged by stiff competition and low interest rates.  Net income reached 313.1 billion won ($288.5 million) in the October-December period, compared with 339.1 billion won in the previous year, the financial group said in a press release.   Compared with three months earlier, the banking group's net profit

South Korea's foreign exchange reserves slipped in January from a month earlier as the currency value of the euro and the British pound weakened, data showed Wednesday.  The country's foreign exchange reserves reached $362.2 billion as of the end of last month, falling $1.4 billion from December, according to Bank of Korea data.  Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions, special drawing rights and bullio

Government’s low-rate mortgage loan plans prompt commercial banks to follow suit

South Korean stocks closed marginally lower Tuesday as a selling mode by foreigners offset a rally by oil refiners, analysts said. The local currency gained against the U.S. dollar.   The Korea Composite Stock Price Index fell 0.72 points, or 0.04 percent, to finish at 1,951.96. Trading volume was moderate at 357.4 million shares worth 4.56 trillion won ($4.15 billion) with decliners outpacing advancers 399 to 394.   "We need more signs of a recovery in order for foreigners to opt for local asse

The value of South Korea's socially responsible investment is estimated at $8 billion in 2013, lagging behind those of other advanced countries, data showed on Tuesday.    SRI refers to investment in companies that address environmental issues and practice sustainable and responsible management.  The global SRI market was estimated as $26.9 trillion, with Europe having the largest share of 43 percent, according to the Corporate Governance Service, a private researcher on corporate governance.  B