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[Graphic News] Local banks’ bad debt soars 13%By Chung Joo-won
Published : May 8, 2013 - 20:37
The total sum of nonperforming loans from the country’s six largest banks has been snowballing, reaching 13.1 trillion won ($12 billion) as of the end of March, up 12.9 percent since December’s 11.6 trillion won. A nonperforming loan is one that appears unlikely or impossible to be repaid.
The six banks ― Shinhan Bank, Hana Bank, Korea Exchange Bank, KB Kookmin Bank, Woori Bank and the Industrial Bank of Korea ― account for about 80 percent of the nation’s bank loan funding, both for enterprises and households. Woori Bank holds the largest sum in nonperforming loans.
A bank official said the global economic slowdown had a negative influence on the financial credit of large firms, one of which is STX Group.
By Chung Joo-won (firstname.lastname@example.org)
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