Shinhan, Kookmin set aside record reserves amid real estate worries
Kookmin provisions account for 38% of income; 23% for Shinhan
Two Korean banks collectively set aside 2.15 trillion won ($1.6 billion) in the fourth quarter of 2023 to cover future loan losses, both driven by concerns over the quality of their real estate portfolios.
Kookmin Bank added 1.38 trillion won to its loan loss reserves in Q4, equivalent to 38.2% of its operating income for the quarter; both figures were their highest since at least 2016. Of this 754 billion won was attributed to one-off additional provisions for priority sectors including real
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