Shinhan Bank has decided to accept the mediation plan of the Financial Supervisory Service Dispute Mediation Committee (hereinafter referred to as the subcommittee) for Lime CI funds.
Shinhan Bank said it held a board meeting on the 21st and made the decision. Shinhan Bank said, “If two customers who have confirmed the compensation rate according to the compensation plan agree, they will pay the compensation immediately and plan to proceed with the compensation process in the same way to other customers.” Shinhan Bank has provided 50% of the subscription 폰테크 amount to Lime CI fund subscribers in June last year. At the same time, we will do our best to recover Lime CI fund assets so that we can minimize the damage of customers who have trusted Shinhan Bank and waited. “
The Financial Supervisory Service said on June 19 that it applied a 55% basic compensation ratio to the liability for damages caused by incomplete sales of Lime Fund CI funds sold by Shinhan Bank, and decided to pay 69% and 75% respectively for each investor. “We plan to make the rest of the investment victims self-adjustment as soon as possible at a compensation rate of 40-80% * according to the compensation standards of the division,” he added.
Woori Financial Group achieved its highest quarterly earnings since its conversion to holding company in 2019, with net profit of 671.6 billion won in the first quarter of this year.
According to the Woori Financial Group’s announcement on the 21st, Woori Financial Group’s net profit (based on the ownership stake of the dominant company) in the first quarter was 671.6 billion won, up 29.6% from the same period last year and 303.3% from the previous quarter.
“Despite the still impact of the Corona 19 infection and the base rate cut, we have expanded our profit base by improving our profit structure and expanding our non-bank portfolio,” said Woori Financial Group.
Net profit for each major subsidiary was 589.4 billion won for Woori Bank, 72 billion won for Woori Card, 35 billion won for Woori Financial Capital and 17 billion won for Woori Financial Group.
Net operating profit, which combines interest income and non-interest income, rose 17% QoQ to KRW1.987 trillion.
Interest income was 1.69 trillion won, up more than 3% QoQ thanks to efforts to improve net interest margins, including asset growth centered on corporate loans and increased low-cost deposits.
Non-interest income reached 367.4 billion won due to asset management and strong securities, plus capital lease fees.
The soundness sector improved compared to the end of last year.
The NPL ratio was 0.39%, and the delinquency rate was 0.27%, which was good compared to the end of the previous year. The ratio of good assets and NPL coverage ratio was 88.2% and 162.2%, respectively, securing sufficient loss absorption capacity even in future uncertainties.
Cost efficiency has also been achieved: the cost-to-sales management ratio has fallen to 46.2% from 50.2% a year earlier.
“As the non-banking sector’s profit and loss exceeds 100 billion won for the first time this quarter, the effect of the newly incorporated subsidiaries’ profit and loss contribution is getting more serious and the profitability of the banks has improved,” said a Woori Financial Group official. “Woori Financial Group’s earnings momentum will continue throughout the year.”