The number of bank branches fell for the sixth year running in 2024 amid the popularity of mobile and online banking services, data showed.

South Korean banks ran 5,792 branches at home and abroad combined as of end-December, down 57 from a year earlier, according to the data compiled by the Bank of Korea.

Banks have opted to shut down branches as part of cost-cutting measures as more customers prefer mobile and internet banking.

The pace of branch closures appears to be accelerating this year.

According to industry officials, the number of domestic branches operated by the five major banks - KB Kookmin, Shinhan, Hana, Woori and NH Nonghyup - stood at 3,766 as of the end of the first quarter, down 76 from the previous quarter. (Yonhap)