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Six major banks' dividend payouts soar 18.5 pct in 2019

All News 08:56 March 31, 2020

SEOUL, March 31 (Yonhap) -- Dividend payouts by six major banks in South Korea surged 18.5 percent on-year in 2019 on the back of near-record earnings, industry data showed Tuesday.

Combined dividend payments by the lenders -- KB Kookmin, Shinhan, Woori, Hana, Standard Chartered Bank Korea and Citibank Korea -- came to 4.7 trillion won (US$3.8) last year, according to the lenders' business reports, according to the data.

The total is the highest paid out since 2016, from which comparable figures are available. Hana Bank was born out of a merger between Hana Bank and Korea Exchange Bank in 2015.

Woori paid out the most dividends of 1.35 trillion won to shareholders last year, nearly 90 percent of its net income and three times the amount paid the previous year.

Hana followed with 961.5 billion won, Shinhan with 890 billion won, KB Kookmin with 731.9 billion won and Standard Chartered Bank Korea came next with 655 billion won, with dividend payments by Citibank Korea reaching 65.2 billion won.

The sharp increase in dividend payments reflects their bumper earnings last year that totaled slightly over 9 trillion won.

Their dividend payout ratios, or the proportion of earnings paid out as dividends to shareholders, averaged 51.6 percent last year, up 8.8 percentage points from a year earlier and the highest since 2016.

The headquarters of Woori Bank in Seoul (Yonhap)


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