KB, Shinhan, Woori improve rankings on Top 1,000 bank list

South Korea’s KB Financial Group, Shinhan Financial Group and Woori Financial Group improved their rankings on the list of the global top 1,000 banks, while the state-run Korea Development Bank’s (KDB) rating dropped.

Six South Korean banks and financial holding companies were among the 100 leading lenders on the Top 1,000 World Banks 2023 rankings, based on results at the end of last year compiled by The Banker, a global finance journal, according to industry sources in Seoul on Monday.

KB Financial ranked 60th on the list, up from No. 62 in 2022, with $35.5 billion in Tier 1 capital, a key indicator of banks’ capital soundness including capital, retained earnings and hybrid securities. The holding company of KB Kookmin Bank has maintained the highest ranking on the table among South Korean lenders since 2017.

Shinhan Financial raised its ranking by one notch to 63rd, with $34.2 billion in Tier 1 capital, while Woori Financial was rated No. 93 with $22.1 billion in capital, up from 96th last year.

KEPCO LOSS HURTS KDB

In contrast, KDB slipped to No. 75 from 63rd, hurt by its deteriorated financial soundness after Korea Electric Power Corp. — whose largest shareholder is the state-run KDB — reported a loss of 34 trillion won ($25.4 billion) last year.

The rankings of Hana Financial Group and Industrial Bank of Korea dipped to No. 76 and No. 95, respectively, from 73rd and 94th last year.

Industrial and Commercial Bank of China (ICBC) topped the list followed by its domestic rivals China Construction Bank, Agricultural Bank of China and Bank of China.

By total assets, six South Korean banks were among the top 100 lenders. KB Financial ranked 64th with assets of $553.3 billion and Shinhan Financial ranked 66th with $533.3 billion in assets. Hana Financial placed 72nd with $448.9 billion, while NongHyup Financial Group and Woori Financial ranked No. 76 and No. 81, respectively, with assets of $414.2 billion and $379.1 billion.

Write to Bo-Hyung Kim at kph21c@hankyung.com
 
Jongwoo Cheon edited this article.