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Transactions among financial firms up 3.7% in 2016

By Paige Shin

Published : July 10, 2017 - 10:15

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Transactions among South Korean financial firms rose 3.7 percent in 2016 from a year earlier, the central bank said, a move that could pose a potential problem in the financial market in the event of a surge in non-performing loans.

Transactions among banks and non-banking lenders came to 1,970 trillion won ($1.7 trillion) at the end of last year, up 69.9 trillion won from 2015, the Bank of Korea said in a recent report.



(Yonhap) (Yonhap)

The amount of transactions among the financial firms has been on a rise in recent years.

The report said financial transactions among non-banking lenders accounted for 57.7 percent, while transactions between banks and non-banking lenders accounted for 38 percent, and transactions among banks accounted for 4.2 percent.

By product, deposits and bonds accounted for 23.2 percent and 22.8 percent of financial transactions, respectively, followed by stocks with 19 percent, lending 5.4 percent and derivatives 4.2 percent, according to the report.

There is concern that transactions among financial institutions could deal a blow to the market if problems with non-performing loans of a financial firm spread to others.

In 2003, banks and other financial firms suffered damage due to problems of non-performing loans of credit card companies. (Yonhap)

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