https://www.koreatimes.co.kr/www/biz/2024/06/126_376877.html
Korean banks' aggressive global expansion fails to yield strong results
Major Korean banks earned less than 1 trillion won ($724.9 million) in net profit from overseas markets last year, data showed Tuesday. The industry explained that a prolonged period of high interest rates significantly increased the non-performing loans o
www.koreatimes.co.kr
Major Korean banks earned less than 1 trillion won ($724.9 million) in net profit from overseas markets last year, data showed Tuesday. The industry explained that a prolonged period of high interest rates significantly increased the non-performing loans of local subsidiaries, causing the banks to incur losses.
net profit = net income = net earnings = net gains 순수익
overseas market = foreign market 해외 시장
prolonged = protracted = long-drawn-out = long-drawn = drawn-out = long-term = long-lasting 장기화된, 오래된
high interest rate 고금리
non-performing loan (NPL) 부실계정, 부실여신
subsidiaries = affiliate = affiliated nation 자회사, 계열사
incur losses = sustain losses = suffer losses 손실을 입다, 손해를 입다
The top five commercial banks in Korea — namely KB Kookmin, Shinhan, Hana, Woori and NH Nonghyup — earned about 894 billion won in net income last year from their overseas subsidiaries, according to combined data.
commercial banks 일반 은행
namely = that is = that is to say = in other words = to be specific = specifically 즉, 다시말해
net income = net profit = net earnings = net gains 순수익
combined data = compiled data 결합 자료, 집계된 자료
This represents only 6 percent of the total net income of 14 trillion won generated by these banks last year, indicating that the contribution of overseas operations to overall earnings is minimal despite their external growth.
total = in all = altogether = all told = in total = the aggregate total of = the sum of 총, 다 합해서, 총계의
net income = net profit = net earnings = net gains 순수익
generate income 수입을 창출하다
contribution to ~에 기여, ~에 기부, ~에 공헌
minimal = minimum = trival = least = smallest = least possible = slightest = tiny 최소의, 아주 적은
external growth = inorganic growth 외부 성장
internal growth = organic growth 내부 성장
Since COVID-19, these five banks have continuously increased the number of their employees, reaching 2,465 as of 2023. Their global networks have also expanded, with the number of subsidiaries, branches, and offices rising to 1,265 as of last year, a 50 percent increase compared to five years ago.
the number of ~의 수
continuously = persistently = incessantly = continuingly = continuedly = in a row = constantly = steadily = tenaciously = doddedlly = perserveringly = back to back 계속해서, 연이어서, 연속해서
global networks 글로벌 네트워크
as of ~일자로, ~현재로
Among the banks, Shinhan Bank achieved the highest net income with 482 billion won, earning 42 percent of this net profit from Vietnam. It was followed by Woori Bank with 332 billion won and Hana Bank with 105 billion won. In contrast, KB Kookmin and NH NongHyup Bank reported net losses of 23.4 billion won and 1.9 billion won, respectively.
be followed by ~가 따라나오다, ~가 뒤이어지다
in contrast = in comparison = as compared 그에 반해서
net losses 영업 손실, 절대 손실
Despite KB Kookmin Bank earning 149.9 billion won from four wholly-owned subsidiaries in China, Myanmar and Cambodia, it recorded a net loss of 174.3 billion won solely from KB Bank, formerly KB Bukopin Bank, in Indonesia. KB has been experiencing continuous losses in Indonesia since it acquired a majority of shares in KB Bank in 2020.
wholly-owned subsidiaries 완전소유 자회사(전액 출자한 자회사를 말함)
solely 오로지, 단독으로, 단지
formerly 이전의, 예전의
acquire a majority of shares 다수의 주식을 획득하다
KB Kookmin Bank explained that its net income decreased due to "deteriorating asset quality and a sharp rise in market interest rates." NH NongHyup Bank, a late mover in its global expansion, reported a net loss of 3.2 billion won from NongHyup Finance Cambodia and a net profit of 1.3 billion won from NongHyup Finance Myanmar.
deteriorating = exacerbating = compounding = worsening 악화되는, 나빠지는
asset quality 자산 건전성
market interest rate 시장 이자율
late mover 후발 진입자
first mover 앞선자, 선도자
global expansion 글로벌 확장
Banking industry officials explained that loans issued during the low-interest period have turned into non-performing loans in the current high-interest environment, creating difficulties for overseas branches. Some experts have pointed out the structural issues within the industry.
banking industry 은행 산업
issue a loan 공채를 발행하다, 대출을 발행하다
low-interst 저금리
turn into = develop into = change into = shift into = convert into = transform into ~로 바뀌다, ~로 변화하다, ~로 발전되다
non-performing loans (NPL) 부실채권 (3개월 이상된 금융 회사의 부실 채권), 부실 여신
creat difficulties 어려움을 낳다, 어려움을 발생시키다
point out = indicuate = display = show = criticize = manifest 지적하다, 가리키다
structural issues 구조적 이슈, 구조적 문제
Park Hae-sik, vice president of the Korea Institute of Finance, wrote in December 2023 that competition is fierce among domestic financial institutions as they tend to focus on the same regions, clients and business activities. As of 2022, over 60 percent of the overseas branches of domestic financial companies are concentrated in Asia, where many Korean companies have a strong presence.
fierce competition = bitter competition = heated competition = intense competition = cutthroat competition 심한 경쟁, 치열한 경쟁
financial institution 금융 기관
focus on = concentrate on = center on = target = aim at ~에 집중하다, ~을 목표로 하다, ~에 초점을 맞추다
business activities 사업 활동
be concentrated in = give too much importance ~에 밀집되어 있다. ~에 편중되어 있다
have a strong presence 강한 입지를 가지다, 강한 존재감을 가지다
"Those operating in Asia serve domestic companies rather than local customers, mainly focusing on providing loans, underwriting, and managing bonds, and offering limited services such as stock brokerage, causing cutthroat competition," Park said.
serve 제공하다, 서브로 들어가다, 차려주다, 서브를 넣다
mainly focus on = mainly concentrate on 주로 ~에 집중하다, 주로 ~에 초점을 맞추다
underwriting 보험업, 증권 인수
stock brokerage = stockbroking 증권 중개업
cutthroat competition = fierce competition = bitter competition = heated competition = intense competition 심한 경쟁, 치열한 경쟁
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