Shinhan Bank has been expanding its microcredit financing business for low-income customers, with the service reaching 1 trillion won ($900 million) in the first half of this year, the company said Tuesday.

“We are stepping up our efforts to make society better through the company’s finance business for low-income earners,” said Suh Jin-won, president of Shinhan Bank.

Shinhan Bank has been making progress in its financial support programs for borrowers with low credit scores. 

The company set up the so-called Supporters for Hope Finance program in 2013, which is comprised of experts in microcredit financing, in a bid to help low-income customers.

The experts have provided consulting services on credit management, financing and welfare for customers.

Furthermore, the bank built a joint support program with the Korea Asset Management Corp. in March to help its customers become financially independent and reach middle-class status.

Shinhan Bank provides financial and credit management consulting for its low-income customers, while the state-run KAMCO helps them find suitable jobs through the program.

Shinhan Bank also began its “New Hope Savings” service in 2011 to help its customers build their financial assets.

The company said over 21,000 customers this year opened the savings account, which offers an annual interest rate of 6 percent.

The company has allowed its customers, who had repaid their small loans, to open a higher-interest savings account since August.

The bank said it would further step up efforts to discover and support social enterprises as part of its social contributions.

The bank’s financial support for social enterprises has increased threefold in July from a year ago, according to the company.

“We plan to expand our financial services for social enterprises by providing higher interest rates and more incentives,” a Shinhan Bank spokesperson said.

By Shin Ji-hye (shinjh@heraldcorp.com)