Suhyup's 'Loan Delinquency' Hits 2.362 Trillion Won... Increases by 284.9 Billion Won in 3 Months

Delinquency Rate Rises from 6.08% to 6.85%, Seoul's Overdue Amount Increases by 51.5 Billion Won
Jeonnam Records Highest Number of Overdue Cases at 186

As of last September, the Fisheries Cooperatives Federation (Suhyup Federation) had loan delinquencies amounting to 2.362 trillion KRW, an increase of 284.9 billion KRW over three months. The delinquency rate rose from 6.08% to 6.85%.

According to data submitted by the Suhyup Federation to Assemblyman Kim Seon-gyo of the National Assembly's Agriculture, Forestry, Livestock, Food, and Maritime Affairs Committee on the 13th, the region with the largest increase in delinquent amounts over three months was Seoul, which saw an increase of 51.5 billion KRW. This was followed by Gyeongnam with 48.6 billion KRW, Gyeonggi·Incheon with 36.3 billion KRW, Jeonnam with 35.2 billion KRW, and Jeonbuk with 33.2 billion KRW.

The number of delinquent cases reached 7,746 last month, increasing by 575 cases over three months. The region with the largest increase in delinquent cases was Jeonnam, where the number rose by 186 cases to 1,727. This was followed by Gyeongnam with 76 cases, Chungcheong region with 67 cases, Gyeonggi·Incheon region with 60 cases, Gyeongbuk region with 59 cases, Jeju region with 40 cases, and Seoul region with 37 cases.

By status, the delinquent amount for quasi-members surged by 274.5 billion KRW from 1.8695 trillion KRW in June to 2.144 trillion KRW in September this year. Quasi-members are defined as fishery workers residing in the Suhyup’s jurisdiction who become members or investors, marine and fisheries-related organizations, or those recognized as appropriate users of Suhyup’s services.

The delinquent amount for non-members, who are general public, increased by 15.3 billion KRW during the same period, while the delinquent amount for members decreased by 5 billion KRW from 119 billion KRW in June to 114 billion KRW in September. The delinquency rates by status also changed over the recent three months: members decreased from 2.11% to 2.01%, whereas quasi-members increased from 6.99% to 7.92%, and non-members rose from 4.96% to 5.96%.

Assemblyman Kim Seon-gyo stated, "The rapid rise in Suhyup’s loan delinquencies is a serious concern," adding, "We must do our utmost to manage loan delinquencies thoroughly by preventing asset deterioration and carefully analyzing characteristics by region and status."