Major Korean banks poised to hand-out record dividends

Total dividends from four major banks in South Korea are estimated to be KRW3.8tr (USD3.1bn), about 26% of their combined net profit of KRW14.5tr. KB Financial Group, Hana Financial Group, Shinhan Financial Group, and Woori Financial Group are expected to hand out record-high dividends for their net profits made last year, thanks to a pandemic recovery. The four banking giants are expected to retain strong profit margins this year as well, as the Bank of Korea, the country's central bank, looks to lift borrowing costs as part of returning to its pre-pandemic monetary policy amid growing concerns over consumer prices and household debt. According to Yonhap Infomax, a local financial data provider, the four banks are projected to earn KRW15.5tr in net profits this year.