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Korea Herald
3 days ago
- Business
- Korea Herald
[Graphic News] Middle Eastern tourists spend most in Korea
A recent tourism report reveals that among foreign visitors to Korea last year, tourists from the Middle East spent the most, while Japanese tourists spent the least. According to KB Financial Group's Management Research Institute, foreign tourist spending accounted for 10.5 percent of domestic consumption last year, slightly down from 14.8 percent the previous year but still well above the pre-pandemic level of 3.4 percent. The average per capita spending by foreign tourists was $1,372 (1.9 million won). The most popular purchases for shoppers included perfumes and cosmetics, groceries, clothing, shoes, jewelry and accessories, bags, ginseng and herbal medicine, and Korean Wave products. Spending varied significantly by country. Tourists from the Middle East topped the list with an average expenditure of $2,114, well above the global average. They were followed by tourists from India, France, the UK, Germany and the US. Japanese tourists spent the least at $807, likely due to shorter stays given their geographic proximity.
Yahoo
25-07-2025
- Business
- Yahoo
KB Financial Group Inc (KB) Q2 2025 Earnings Call Highlights: Strong Profit Growth Amidst ...
Release Date: July 24, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points KB Financial Group Inc (NYSE:KB) reported a significant increase in net profit for the first half of 2025, up 23.8% year over year, reaching 3 trillion 435.7 billion yuan. The company maintained a strong ROE of 13.03% and a CET1 ratio of 13.74%, indicating robust capital management. Non-interest income increased by 10.9% year over year, driven by gains from asset disposition and improved securities and derivatives performance. The diversified business portfolio contributed to earnings stability, with non-bank sectors accounting for 39% of the group's first-half net profit. KB Financial Group Inc (NYSE:KB) plans a substantial shareholder return, with a total of 3 trillion CNY10 billion for 2025, reflecting a firm commitment to shareholder value. Negative Points Net interest margin contracted due to market rate cuts, with the Group NIM decreasing by 5 basis points quarter over quarter. Despite efforts to cut funding costs, the bank's net interest margin posted a decline, impacting profitability. GNA expenses grew by 4.1% year over year, which could pressure future profitability if not managed effectively. Credit loss provisioning remained high, with additional provisions for real estate projects, indicating ongoing risk management challenges. The interest rate decline trend is expected to continue, potentially impacting future net interest income and margin. Q & A Highlights Warning! GuruFocus has detected 7 Warning Sign with KB. Q: Can you elaborate on the shareholder return strategy for the second half of 2025? A: Larsan Ro, CFO, explained that KB Financial Group plans to use funds above the CET1 ratio of 13.5%, amounting to CNY850 billion, for shareholder returns in the second half. This includes a second round of shareholder returns totaling around 1 trillion 150 billion yuan, following a proactive buyback of $300 billion in the second quarter. The total annual cash dividend for 2025 is projected at $1.34 trillion, with a $335 billion dividend for Q2 and a DPS of 920 Korean won. Additionally, 660 billion won of Treasury shares will be bought back and canceled. The total shareholder return for 2025 is expected to be 3 trillion CNY10 billion, a significant increase from the previous year. Q: How did KB Financial Group perform in terms of net profit and ROE for the first half of 2025? A: Larsan Ro, CFO, reported that the group's net profit for Q2 was 1 trillion 738.4 billion yuan, with a first-half cumulative profit of 3 trillion 435.7 billion yuan, marking a 23.8% year-over-year increase. The ROE stood at 13.03%. This performance was driven by higher non-interest income and recovery from non-operating profit, with non-interest income up 10.9% year-over-year. Q: What are the key directions for capital discipline in the second half of 2025? A: Larsan Ro, CFO, outlined three key directions: maintaining the announced shareholder return framework with consistency, managing risk-weighted assets with greater precision, and balancing between ROE and capital ratio to ensure shareholder return expansion is sustainable. The focus will be on solidifying market trust and ensuring the fundamentals guarantee the bottom line. Q: How did the group's non-interest income and net fee income perform in the first half of 2025? A: Larsan Ro, CFO, stated that the group's non-interest income improved by 10.9% year-over-year, reaching 2 trillion 723.3 billion won. This was due to improved performance in securities and derivatives, driven by a decline in exchange rates and a rise in the stock market index. Net fee income increased by 2.9% year-over-year, with significant contributions from bancassurance sales commissions and securities brokerage fees. Q: What is the outlook for asset quality and credit costs in the second half of 2025? A: Larsan Ro, CFO, indicated that asset quality management conditions are expected to improve favorably due to government economic stimulus efforts and support for vulnerable borrowers. The credit cost is believed to have passed its cyclical peak and is entering a downward phase. The group aims to achieve meaningful improvements in asset quality by rebalancing non-performing assets and reducing high-risk asset limits. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Mint
18-07-2025
- Business
- Mint
South Korean shares fall on financials, US trade caution
KOSPI falls, foreigners net sellers Korean won strengthens against dollar South Korea benchmark bond yield falls SEOUL, - Round-up of South Korean financial markets: ** South Korean shares dropped on Friday, weighed down by dour performances among financials, as investors remained on the sidelines ahead of fresh signals on U.S. trade discussions. ** The benchmark KOSPI was down 17.96 points, or 0.56%, at 3,174.33, as of 0211 GMT. ** The KOSPI is poised to end the week largely flat, if the current momentum holds. ** "There is resistance around the 3,200 level of the previous high," Kiwoom Securities analysts said in a note. ** U.S. President Donald Trump's latest U.S. tariff threats kept investors on edge, with South Korea facing 25% duties if no deal is reached by August 1. ** Securities firms dropped 3.19% and the financials' sub-index lost 1.76%, retreating after recent gains on optimism over President Lee Jae Myung's market reform agenda. ** Earlier this week, South Korea adopted a revision to its Commercial Act and launched a task force aimed at securing developed market status from a global index provider, in a bid to tackle the undervaluation of local stocks versus global peers. ** Shares of KB Financial Group, Shinhan Financial Group and Woori Financial Group < dropped more than 1% each. ** Among other index heavyweights, chipmaker Samsung Electronics was trading flat, while peer SK Hynix edged 0.19% higher. Shares of battery maker LG Energy Solution climbed 1.26%. ** Hyundai Motor and sister automaker Kia Corp were down 0.71% and 0.3%, respectively. Steelmaker POSCO Holdings added 1.63%, while drugmaker Samsung BioLogics lost 1.68%. ** Of the total 933 traded issues, 202 shares advanced, while 689 declined. ** Foreigners were net sellers of shares worth 41.6 billion won . ** The won was quoted at 1,391.1 per dollar on the onshore settlement platform, 0.08% higher than its previous close at 1,392.2. ** In money and debt markets, September futures on three-year treasury bonds gained 0.04 point to 107.14. ** The most liquid three-year Korean treasury bond yield fell by 0.3 basis point to 2.477%, while the benchmark 10-year yield fell 2.3 basis points to 2.881%. This article was generated from an automated news agency feed without modifications to text.
Bangkok Post
11-07-2025
- Entertainment
- Bangkok Post
Korean Literature Translation Awards seeks entries
The 56th Modern Korean Literature Translation Awards is now open for entries. Translators from around the world are invited to submit English editions of contemporary Korean literature before the end of August. Since 1970, The Korea Times has promoted the global reach of Korean literature. It seeks not only to translate acclaimed literary works but also to nurture aspiring literary translators. The annual competition calls for submissions in two categories -- fiction/drama and poetry. Supported by the Ministry of Culture, Sports and Tourism and KB Financial Group, the Modern Korean Literature Translation Awards categories are: Grand Prize in Fiction/Drama: 7 million won (around 166,000 baht) Grand Prize in Poetry: 4 million won Commendation Awards: 2 million won for both categories Kevin O'Rourke Award: 1 million won to an entry from either category Applicants may send a translation of 1) a work of fiction (a novel, novella or short story) or a play, or 2) 10 poems by the same writer. Applicants should submit only one entry in either category. Translations should be sent before Aug 31. Last year, Wingshun Pang won the Grand Prize in Fiction for translation of Kim Cho-yeop's short story Why Don't The Pilgrims Come Back, while Julie Sohn received the Grand Prize for the translation of Choi Seung-ho's poetry collection The Snowman Suicide Incident. Korea is home to a plethora of literary works. The Modern Korean Literature Translation Awards reflects Korea's push for internationalisation across diverse fields. With Han Kang's Nobel Prize in Literature 2024, Korean literature has achieved the highest international acclaim. The Vegetarian was her first novel to be translated into English. It received the International Booker Prize in 2016, which helped expand Han's readership worldwide.
UPI
13-06-2025
- Automotive
- UPI
Korean financial groups offer unconventional services
Shinhan Financial Group (L) and KB Financial Group compete to devise unconventional services in South Korea. Photo courtesy of Shinhan, KB SEOUL, June 13 (UPI) -- South Korean financial groups are increasingly venturing beyond traditional banking, offering services like food delivery and used car platforms, which blur the boundary between finance and daily life. Shinhan Bank, one of the country's leading lenders, has announced that its food delivery app surpassed 5 million users, four years after its debut in 2022. Initially, the service was available in just four cities, including Seoul, which prompted critics to question whether it would be able to stay alive in competition with established players. However, Shinhan expanded the service across the country in 2023 and recorded rapid growth. Now, it runs 24/7 through both a dedicated delivery app and Shinhan's banking app. "Our delivery app is aimed at supporting small business owners. Hence, we operate on a significantly reduced commission rate of just 2%,compared to the market average of around 10%," a Shinhan spokesman told UPI. "Such an approach appears to have worked, as more than 30 regional governments have partnered with us. Going forward, we will continue to focus on helping small businesses boost their sales and profits," he said. The experiment by Shinhan Bank, a representative unit of Shinhan Financial Group, is not an isolated case. Other Korean financial firms also have begun to offer lifestyle services unrelated to conventional financial sectors. In particular, Shinhan's nemesis KB Financial Group was faster in tapping into the non-finance business. Its subsidiary, KB Capital, created an all-in-one used car platform in 2016 to introduce a one-stop service for buying, selling and financing used cars. It has grown into one of the country's top three players with more than 3 million subscribers. Unlike existing rivals, most listings of the KB platform come from actual car owners rather than dealers. The peer-to-peer model not only reduces middleman costs, but also aligns with consumer demand for transparency and price fairness, according to the company. "In 2016, the used car transactions business in Korea was widely regarded as a 'lemon market.' Consumers were concerned that they couldn't be sure of a vehicle's true condition or history. We attempted to deal with that," a KB Capital representative said. "By focusing on real-owner listings, integrating financing options,and providing vehicle warranties, we've helped reshape the used car market into one that consumers can finally trust," he said. Market observers believe that this expansion into the lifestyle realm is only beginning although there are regulatory challenges. "The financial market here is overcrowded, leading to hyper-competition. Hence, financial groups are searching for new cash cows," Seoul-based consultancy Leaders Index CEO Park Ju-gun said in a phone interview. "But legal restrictions on non-finance business remain a major hurdle. The new administration may ease such regulations, but it seems the possibility is not so high," he said. President Lee Jae-myung from the Democratic Party was elected this month to become the country's 21st state head. He has taken issue with the high profitability of financial companies, especially banks. Suh Yong-gu, an economics professor from Sookmyung Women's University in Seoul, agreed. "We are entering the 'Era of Big Blur,' where the industry boundaries collapse. Our financial outfits are desperate to grapple with the big trend," Suh said. "However, Korean financial institutions face strict legal prohibitions in advancing into non-finance sectors. There are questions about whether all the regulations are still necessary in the Era of Big Blur. Regulatory reform will ultimately determine how far they can go," he said. Professor Lee Eun-hee from Inha University stressed the need to prioritize consumers. "While certain regulations on financial institutions are essential, the government should reevaluate them when easing those rules clearly enhances consumer convenience," she said. Beyond their expansion into non-financial sectors, Shinhan and KB have also actively supported professional athletes and sports teams. KB sponsors Park In-bee, the 2016 Olympic gold medalist in golf, while Shinhan signed a sponsorship deal with Lim Jin-hee, who placed second in the LPGA Rookie of the Year standings in 2024. Both financial groups also operate teams in the Women's Korean Basketball League, a six-team league they helped establish as founding members in 1998.
