South Korean-Owned Banks Sluggish in Q1/2024

Most banks owned by South Korean companies recorded a decline in profit in the first quarter of 2024. Despite this, South Korean investors seem undeterred from exiting Indonesia’s banking industry.

Fahmi Ahmad Burhan

15 Mei 2024 - 18.00
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South Korean-Owned Banks Sluggish in Q1/2024

Illustration - A detailed scene of a large, modern bank office building in an urban setting. The building features contemporary architectural design with large glass./Bisnis/Dall-E

Bisnis, JAKARTA — Amid domestic and external headwinds, most banks owned by South Korean investors have recorded a decline in profits, with one in particular dipping into the red. 

At present, there are at least six banks in Indonesia with South Korean owners, namely PT KB Bukopin (BBKP), PT Bank IBK Indonesia (AGRS), PT Bank Woori Saudara Indonesia 1906 (SDRA), PT Bank Oke Indonesia (DNAR), PT Bank KEB Hana Indonesia, and PT Bank Shinhan Indonesia.

KB Bank (BBKP), formerly Bank KB Bukopin, is controlled by the South Korean financial corporation KB Kookmin Bank Ltd., which holds a 67 percent stake. This bank was hit the hardest, with losses reported at IDR1.24 trillion in Q1/2024, swelling more than 400 percent year-on-year (YoY).

In the same period, Bank Woori Saudara (SDRA), owned by Woori Bank Korea with 90.78 percent ownership, recorded a decline in profits by 24.13 percent YoY to IDR151.15 billion.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.