00:06two of korea's largest banking groups just posted record quarterly profits
00:13and a currency move nobody expected it's friday july 24th let's break down what's happening in
00:20korea's financial sector kb financial group and shin han financial group both reported their
00:26highest ever quarterly net profits driven by a stock market rally that boosted their securities
00:32units the won also strengthened sharply against the yen falling below 900 won per 100 yen for the
00:39first time in nearly two years rising interest rates are now raising fresh concerns about loan
00:45delinquencies in the second half here's what the numbers show kb financial posted 1.9922 trillion
00:53won in second quarter net profit up 14.6 percent year on year while shin han financial posted 1.8201
01:03trillion won up 17.5 percent combined non-interest income jumped kb's rose 38.2 percent to 1.9783
01:15trillion won driven largely by a 182.1 percent surge in kb securities profit the korean won yen rate fell
01:25to 899.46 won per 100 yen its lowest level since november 2024 as korea's gdp beat and sk hynix's
01:36adr driven dollar conversions pushed the won higher bank of korea data showed the domestic loan delinquency
01:43rate hit 0.67 percent in may the highest in nine years in seven months with small business delinquencies
01:51reaching 1.00 percent so what does this mean for compliance and risk teams tracking korea's
01:58financial sector the record profits confirm fee income not lending is now the primary growth engine
02:05for korea's largest banks rising delinquency rates mean provisioning requirements could tighten
02:10through the second half as the july rate hike works through the system watch whether the bank of korea
02:16moves again in august a back-to-back hike scenario that would directly affect bank funding costs and
02:23loan pricing that's today's ai prism finance daily this episode was produced with ai assistance based
02:30on seoul economic daily reporting and reviewed by a human editor ai prism is a won ifra award-winning
02:37marketing series we'll be back tomorrow you've been listening to ai prism from seoul economic daily
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