Shinhyup Central Association Conducts 2020 National Management Evaluation... Jeonnam 'Jangseon Shinhyup' Ranks First

Jangseong Credit Union Achieves 30 Consecutive Years of Profitability
Received Financial Supervisory Service Commendation Last Year

Kim Yoon-sik, President of the National Credit Union Federation of Korea (right), is taking a commemorative photo with Jeon Cheong-ok, Chairman of Jangseong Credit Union, who won the Grand Prize at the '2020 National Credit Union Comprehensive Management Evaluation' (center), and Kim Hwan-soo, Executive Director (left).

[Asia Economy Reporter Song Seung-seop] The National Credit Union Federation of Korea announced on the 5th that Jangseon Credit Union in Jeonnam region received the grand prize in the '2020 Nationwide Credit Union Comprehensive Management Evaluation' conducted on 879 credit unions nationwide.

The comprehensive management evaluation for credit unions is a system introduced in 2014 to establish a reward system based on management performance and to foster a performance-oriented organizational culture. It measures management capabilities using key performance indicators (KPIs) such as profitability and soundness.

The National Credit Union Federation explained that Jangseon Credit Union achieved 30 consecutive years of profitable management and received a commendation from the Financial Supervisory Service last year. The assets of Jangseon Credit Union, which were only about 22.8 billion KRW in 2011, increased 4.6 times to 106 billion KRW last year. The number of members also grew about threefold from 1,900 to 5,700.

Financial soundness is also one of the reasons for the award. Last year, the net capital ratio improved 2.1 times over five years to 5.41%, and the delinquency rate was also low at 0.25%.

In addition, the federation explained that the credit union received favorable evaluations across various indicators, including bonus points in evaluation categories such as 'increase in demand deposits' and 'increase in members.'

Meanwhile, the Excellence Award went to Gimpo Jeil Credit Union, and the Merit Awards were given to Gujwa Credit Union, Byeongjeom Credit Union, Cheongju Jikji Credit Union, Jeonju Welfare Credit Union, Woori Credit Union, and Jeonju Samcheon Credit Union. The Special Award, given to credit unions with outstanding performance compared to the previous year, was awarded to Oncheonjang Credit Union and Jeongeup Ae Credit Union.

Jeon Cheong-ok, Chairman of Jangseon Credit Union, emphasized, "Winning the grand prize is a result achieved by all executives and employees united with the belief that members and the local community come first."