Shinhyup Reports Net Profit of 571.6 Billion KRW Last Year, Up 11% YoY

21 Consecutive Years of Profitability Recorded

[Asia Economy Reporter Bu Aeri] The National Credit Union Federation of Korea announced on the 23rd that credit unions nationwide posted a net income of 571.6 billion KRW last year.

This figure represents an 11% increase compared to the previous year, marking the 21st consecutive year of profitable management for credit unions nationwide.

The total assets of 870 credit unions nationwide amounted to 143.4 trillion KRW, a 15.2% increase from the previous year. The number of users, including 6.73 million members, totaled 15.97 million.

As of the end of last year, loans stood at 107.9 trillion KRW and deposits at 129.9 trillion KRW, growing 15.1% and 16.2% respectively compared to the end of the previous year.

The average asset size of the 870 credit unions was 164.8 billion KRW, an increase of 22.3 billion KRW compared to the average assets at the end of the previous year.

According to the National Credit Union Federation, the number of credit unions with assets exceeding 150 billion KRW increased by 49 compared to the previous year-end, while those with assets under 30 billion KRW decreased by 12.

The credit union with the largest asset size was Cheongun Credit Union in Daegu, recording 2.3229 trillion KRW. Gwang-an Credit Union in Busan had the largest number of members, with 38,922 members. The average number of members per credit union was 7,732.

Kim Yunsik, Chairman of the National Credit Union Federation, stated, "We will provide high-quality financial services amid the rapid changes in the financial environment."