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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Jisun] In the first half of 2024, South Korean banks achieved the highest ever half-yearly interest income.
According to preliminary data released by the Financial Supervisory Service on August 22, domestic banks recorded a net income of 12.6 trillion won, a decrease of 1.5 trillion won compared to the same period last year. Despite this decline in net income, interest income rose to 29.8 trillion won, marking a record high for any half-year period.
Interest-earning assets, including deposits, grew from 2,962 trillion won in the first half of 2022 to 3,248 trillion won in the first half of 2024. The net interest margin (NIM), which is the difference between interest income and the cost of funding, increased from 26.2 trillion won to 29.8 trillion won during the same period.
Non-interest income, totaling 3.4 trillion won, decreased by 400 billion won compared to the previous year due to a decline in foreign exchange and derivative-related earnings, despite increases in commission income and gains from securities.
Breaking down by bank type, commercial banks saw a 200 billion won decrease in net income to 6.7 trillion won, while regional banks and internet banks experienced increases of 100 billion won and 170 billion won, respectively. Notably, iM Bank (Daegu Bank) reported a net income of 2.1 trillion won for the second quarter, down 403 billion won from last year, but its interest income increased by 546 billion won to 7.785 trillion won.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
