The average salary at the holding companies of Korea’s four largest financial groups — KB, Shinhan, Hana and Woori — amounted to nearly 100 million won ($73,500) in the first half of 2024, according to data released Friday by the companies.
That salary level came as the four financial holding companies collectively recorded all-time-high net profit of 9.35 trillion won in the January-to-June period, driven by a steep increase in interest income.
KB Financial Group, the largest of the four, said it paid a salary of 80 million won on average to each employee.
The average salary of employees at Shinhan Financial Group amounted to 86 million won, while that of Hana Financial Group totaled 94 million for those who worked 14 years and two months on average.
Woori Financial Group, the smallest of the four, paid an average salary of 97 million won.
Among the affiliates of the four financial groups, 한국을 the banking units each boasted the highest salaries in the first six months.
The average salary for the four lenders averaged 60 million won.
Hana Bank was ranked on top as it paid a salary of 67 million won to each employee on average. The average salary of employees at both KB Kookmin Bank and Woori Bank was 60 million won, while that of Shinhan Bank was 55 million won.
Regarding earnings, the four financial groups reaped a total net profit of 9.35 trillion won in the first half, up 1.7 percent from the previous year, as their combined net interest income exceeded 20 trillion won for the first time in history.
The net interest income totaled 20.77 trillion won, attributable mainly to a surge in mortgage loans amid the high benchmark interest rate. It stands at 3.5 percent, which marks the highest level since December 2008.
The banking groups said they will try to ensure more profits for their employees as well as shareholders, in line with the government’s Corporate Value-up Program aimed at boosting the stock market.
All four companies are listed on the benchmark KOSPI.