Four Major Financial Groups Achieve Record Performance Last Year
Holding Company Chairpersons Receive Tens of Billions of Won in Compensation
Woori Financial Offers Highest Employee Compensation
The four major financial holding companies (KB, Shinhan, Hana, and Woori) recorded their highest-ever performance last year, with the holding company chairpersons receiving tens of billions of won in compensation. Among the four, the highest-paid executive was Ham Young-joo, Chairman of Hana Financial Group, who is estimated to have received over 2 billion won in compensation last year alone. The financial holding company with the highest average employee compensation was Woori Financial, with an average of 178 million won.
According to the '2024 Governance and Compensation System Annual Report' and shareholder meeting agenda analysis reports disclosed by the four major financial holding companies on the 10th, Ham Young-joo, Chairman of Hana Financial Group, received more than 2 billion won in compensation last year. Following him, Yang Jong-hee, Chairman of KB Financial Group, received 1.85 billion won last year. Of this, 950 million won was performance-based compensation, including long-term performance bonuses received during his tenure as vice chairman. Next was Jin Ok-dong, Chairman of Shinhan Financial Group, who received a total of 1.5 billion won last year, including 700 million won in performance-based compensation. Woori Financial paid 1.66 billion won in compensation to registered executives, including Chairman Lim Jong-ryong and outside directors. Chairman Lim received 712 million won in the first half of last year alone. The performance-based compensation he received amounted to 280 million won.
Among the major financial holding company chairpersons, both current and former, in 2023, former KB Financial Group Chairman Yoon Jong-kyu, who retired in November 2023, received the highest total salary of 3.856 billion won. This includes a salary of 824 million won, bonuses of 2.657 billion won, and retirement pay of 375 million won. Among current chairpersons, Ham Young-joo of Hana Financial Group ranked first with 2.253 billion won in compensation. He also received 20,454 shares of performance-linked stock as long-term performance compensation. Following him, Yang Jong-hee of KB Financial Group received 1.555 billion won, including a bonus of 950 million won and a salary of 500 million won. Jin Ok-dong of Shinhan Financial Group received 659 million won and 20,982 shares of long-term performance-linked stock. Lim Jong-ryong of Woori Financial Group received 652 million won.
The highest average employee compensation was found at Woori Financial. Last year, 115 employees affiliated with Woori Financial Group received an average annual salary of 178 million won. This was followed by Shinhan Financial (199 employees) with an average of 165 million won, KB Financial (150 employees) with 164 million won, and Hana Financial (151 employees) with 160 million won.
Meanwhile, last year, major domestic financial groups recorded their highest-ever performance, with net profits reaching up to 5 trillion won in some cases. Despite interest rate cuts, household and corporate loans increased, pushing the interest income of the four major financial holding companies to about 42 trillion won. Thanks to this, the net income of the four major financial holding companies exceeded a record 16 trillion won. By financial holding company, KB Financial Group's net income last year was 5.0782 trillion won, becoming the first financial company to join the 5 trillion won club. This was followed by Shinhan Financial Group with 4.5175 trillion won, Hana Financial Group with 3.7388 trillion won, and Woori Financial Group with 3.086 trillion won. The combined net income of the four major financial holding companies last year was 16.4205 trillion won, a 10.3% increase compared to the previous year (14.8908 trillion won).
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