Consumer financing firms in South Korea saw their combined net profit gain 24.3 percent on year in the first half of this year, thanks to a robust gain in interest income, data showed Friday.
|Financial Supervisory Service in Yeouido, Seoul (Yonhap)|
The combined net profit of 92 credit-specialized financial firms stood at 1.1 trillion won (US$981 million) in the January-June period, compared with a profit of 890.1 billion won a year earlier, according to the data by the Financial Supervisory Service (FSS).
Their interest income rose 13.2 percent on year to 297.2 billion won in the first half, the data showed.
The combined assets of those firms climbed 9.9 percent on year to 137.1 trillion won at the end of June, according to the latest numbers.
The FSS has urged consumer financing firms to improve risk assessment processes amid global liquidity tightening trends.
U.S. rate hikes and South Korea's mounting household debt are likely to deal a blow to consumer financing firms if market volatility surges, FSS officials said. (Yonhap)
Lee Sam-sun firstname.lastname@example.org
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