韩国储蓄银行上半年净利约7600亿韩元、同比增近200%，但监管数据显示拨备覆盖率降至107.9%、行业NPL覆盖率仅72.1%，利润改善主要靠少提坏账准备

South Korea's savings banks posted net profit of about 760 billion won ($550 million) in the first half of this year, but critics say the gain came from setting aside less money for bad loans. Insufficient loan loss provisioning helped drive the industry's best performance in four years, they said.
The industry's loan loss reserve ratio stood at 107.9% as of the end of June, according to the Financial Supervisory Service on the 6th. The figure divides actual reserves set aside by the amount required under regulations.
The concern is that the ratio keeps falling. It was 113.7% at the end of June 2024, slipped to 112% in June last year and dropped to 107.9% this year, a decline of 4.1 percentage points in a year. That is also 3.4 percentage points below the level at the end of last year. While the ratio remains above the 100% regulatory floor, the industry's overall capacity to absorb additional losses is shrinking.
Provisions charged to loan loss reserves also fell to 1.39 trillion won in the first half, down 260.8 billion won from a year earlier. Over the same period, net profit rose by 508.8 billion won. A senior industry official who previously worked at the financial regulator said the industry's first-half net profit jumped nearly 200% from a year earlier "because they are not setting aside adequate reserves," adding that "the increase in net profit should be seen in that light."
The non-performing loan coverage ratio — calculated by Seoul Economic Daily by dividing the reserve balances of 79 savings banks by their substandard-and-below loans — came to just 72.12%. That means reserves fall short of loans overdue by three months or more, which are less likely to be recovered. The figure has risen from 65.12% at the end of June last year but remains below 100%.
Differences by ownership group are also striking. Savings banks affiliated with commercial banks have relatively high NPL coverage ratios, while those tied to securities firms are lower. Shinhan Savings Bank, part of Shinhan Financial Group, posted an NPL coverage ratio of 101%, meaning its reserves exceed its substandard-and-below loans and giving it a stronger buffer against future losses. The lender is managing conservatively even at the cost of lower profit. Woori Financial Savings Bank at 92.8% and KB Savings Bank at 86.9% were also relatively high.
Securities-affiliated lenders, by contrast, had lower ratios. Korea Investment Savings Bank's NPL coverage ratio was just 55%. Its substandard-and-below loans totaled 676.7 billion won at the end of June, the third-largest after OK Savings Bank at 901.9 billion won and SBI Savings Bank at 691.9 billion won, yet its reserves were relatively thin. The NPL coverage ratios at OK and SBI were 85.3% and 82.9%, respectively.
Other securities-affiliated lenders were also in the 50-60% range, including Daishin at 57.3%, Kiwoom at 61.1% and Yuanta at 69.9%, far below the industry average of 72%. Only Daol Savings Bank, at 77.1%, exceeded the average. An industry official said bank-affiliated lenders "tend to be conservative in both loan management and provisioning because their parent groups are conservative," adding that "securities firms, on the other hand, use aggressive sales approaches and tend to have more complaints about the regulator's lending rules."
Sangsangin Savings Bank, whose sale has run into difficulties, also had a low NPL coverage ratio. Its reserve balance stood at 101.2 billion won at the end of June, well below its 255.9 billion won in substandard-and-below loans, for a ratio of just 39.5%. Affiliate Sangsangin Plus Savings Bank was even lower at 35.8%.
Lenders owned by large corporate groups, such as Hanwha and Heungkuk, also lagged. Hanwha Savings Bank's NPL coverage ratio was 54.1%, and Heungkuk Savings Bank's was 46.1%.
With interest rates rising and regional property markets deteriorating, some in the market say regulators should tighten reserve requirements for savings banks and push them to build up provisions more aggressively. Bad debt tied to real estate project financing is also growing quickly. The FSS said it would "work to improve loss-absorbing capacity through adequate levels of loan loss reserves and capital replenishment."