Awards for Excellence 2023: Best bank in Korea – Hana Bank
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AwardsAwards for Excellence

Awards for Excellence 2023: Best bank in Korea – Hana Bank


South-Korea

KOREA

Best Bank: Hana Bank

Awards for Excellence

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Hana Bank wins this award for not only growing at a faster rate than its competitors but also for doing so in a way that doesn’t endanger its franchise in the long run.

The bank reported consolidated net profit of W3.2 trillion ($2.5 billion) for 2022, a 23.3% jump from 2021. This was a better performance than its two main rivals, Shinhan Bank and KB Kookmin Bank, and reflects a diverse revenue stream spanning corporate finance, foreign exchange and asset management.

Its core income rose 22% and total assets about 13% year on year. Hana’s non-performing loan ratio improved to 0.21% from 0.26% and its return on tangible common equity ticked up to 10.72% from 9.42%.

Numbers aside, Hana Bank, led by chief executive Lee Seung-lyul, has been quick to adapt to the changing banking environment and digitalization. It has established virtual bank branches, added non-banking services to its mobile app and in July 2022 became the first bank in Korea to launch a mobile-only foreign-currency trading service. This has proven popular, seeing $640 million in trading volume by March 2023.

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