Financial Supervisory Service As the integrated supervisory authority, the FSS oversees financial services firms across
the entire financial sectors.

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  • 35 branches of foreign banks which have operated in Korea generated KRW1.1482 trillion in net income for FY2021, down KRW53.5 billion or 4.5% from the same period a year earlier. In particular, interest income grew KRW303.4 billion, but non-interest income decreased KRW445.5 billion year on year. Meanwhile, return on assets (ROA) stood at 0.35%, down 0.02%p from a year ago.

  • The delinquency rate of domestic banks’ won-denominated (WD) loans—classified as the percentage of loans with principal of interest payment past due by at least one month—as of end-March 2022 stood at 0.22%, down 0.03%p from a month earlier and 0.06%p from a year earlier. In March, the amount of resolved loans expanded KRW0.9 trillion month on month while that of newly delinquent loans shrank KRW0.1 trillion. This mostly contributed to the monthly decline in the delinquency rate for March.

  • The Financial Supervisory Service announced that it selected 32 heavily indebted business group for 2022. Under amendments to the Regulation of Supervision of Banking Business, the main debtor groups came to be selected based on total borrowings and the amount of credit provided from banks. The selection criteria for 2022 were group-wide borrowings in excess of KRW1.9332 trillion and the outstanding amount of credit extension in excess of KRW1.0763 trillion as of year-end 2021.

  • Foreign investors sold a net KRW5.2940 trillion of listed stocks and bought a net KRW36.0 billion of listed bonds in April 2022. The cumulative holdings of listed stocks came in at KRW696.2 trillion in total, 26.7% of total market capitalization. Meanwhile, the bond holdings totaled KRW223.2 trillion, representing 9.6% of total listed bonds.

  • Domestic banks’ preliminary net income for the first quarter of 2022 remained the same as a year earlier, coming in at KRW5.6 trillion. In the first three months, interest income expanded by KRW1.8 trillion or 16.9% due to higher interest rates. By contrast, non-interest income shrank KRW1.2 trillion or 49.4% due to the base effect of unusual factors last year. Meanwhile, loan loss expenses grew KRW0.2 trillion as well as selling and administrative expenses increased KRW0.4 trillion from the same period a year ago.

  • The Financial Supervisory Service held the 14th FSS SPEAKS, an annual forum for communication and dialogue with foreign financial companies, at the Millennium Seoul Hilton on April 29, 2022. Approximately 230 officials and executives from embassies and foreign financial firms attended the FSS SPEAKS 2022, and the forum was held this year under the theme “Post Corona, Transformation and Financial Stability.” Among high-profile attendees were Colin James Crooks, Ambassador of the British Embassy in Seoul; Joanne Doornewaard, Ambassador of the Netherlands Embassy in Seoul; Catherine Raper, Ambassador of the Australian Embassy in Seoul; and Dagmar Schmidt Tartagli, Ambassador of Switzerland Embassy in Seoul.

  • The amount of asset-backed securities (ABS) issued in the first quarter 2022 came in at KRW10.9 trillion, down KRW2.8 trillion or 20.2% from KRW13.7 trillion a year earlier. Mortgage-backed securities (MBS) issuance by the Korea Housing Finance Corporation (KHFC) decreased KRW2.8 trillion from the same period a year ago, which drove total ABS issuance in the first three months downward. Meanwhile, financial companies increased their issuance by KRW0.2 trillion while issuance by non-financial companies fell KRW0.2 trillion year on year.

  • Corporate financing through debt and equity issues in March 2022 came in at KRW13.8606 trillion, down KRW1.6475 trillion from a month earlier. In addition, corporate financing through issuance of commercial paper (CP) and short-term electronic bond expanded KRW24.9550 trillion to KRW149.5194 trillion in March.

  • The delinquency rate of domestic banks’ won-denominated (WD) loans—classified as the percentage of loans with principal of interest payment past due by at least one month—as of end-February 2022 stood at 0.25%, up 0.02%p from a month earlier and down 0.08%p from a year earlier. In February, the amount of newly delinquent loans grew KRW0.1 trillion while that of resolved loans remained the same as a month ago. This resulted in the month-on-month increase in the delinquency rate for February.