Asia has been seeing a surge in its economy for the last few years. On that note, we’ve come up with the top business and financial news from Asia. Make sure to go through the whole read.
South Korean Banks See A 23.9% Decline In Net Income
The financial supervisor service of Korea has stated that the country’s banks are facing a decline in their net income. The preliminary net worth of Korean banks in Q3 came down 23.9% compared to the previous quarter. However, the domestic banks saw an increase in their interest income. The interest income went from KRW14.7 trillion to KRW 14.8 trillion, which marks a KRW0.1 trillion increase in Q3 compared to Q2. However, the Non-interest income of the banks went down KRW 0.9 trillion in Q3 compared to Q2.
Taiwan Records 37 Million Active Credit Card In October
The Financial Supervisory Commission of Taiwan has come forward with data showing that the country has around 37.78 million active credit card users as of October 2023. The total revolving credit balance is around NT$104.4 billion or $3.4 billion. Also, the country has around 173.34 million active value cards, with a total expenditure of NT$6.7 billion in October which is more than September’s NT$6.3 billion. This is not a piece of good news especially considering that the US has been trying to shift the Epicentre of the semiconductor industry from Taiwan.
Philippines Banks Register 7.1% Surge In Lendings In October
Based on the data released by The Bangko Sentral ng Pilipinas in mid-December, the outstanding bank loans in the Philippines went up 7.1% in October. This is a 1.4% increase compared to September. The maximum surge is seen in Consumer loans to residents. Credit card loans and automobile loans account for most of it. However, loans to non-residents fell by 5.1% in the month of October.
