On the occasion of its 4th anniversary in May, DGB Group announced its new vision to boost total assets to 100 trillion won by 2020 with operating profit of 60 billion won, with Daegu Bank assuming the bulk of responsibility for the financial group’s growth.
The regional bank posted 180 billion won in net profit in the first half of the year, sharing more than 80 percent of the group’s total profit in the period. The bank’s net profit figure is up 38 percent year-on-year and close to the financial group’s total profit in the first half, amounting to 229.7 billion won.
In order to continue to lead the group, Daegu Bank has decided to strengthen its Fintech banking, expand its operations in Southeast Asia as well as in the capital area in Korea in the second half.
In order not to fall behind others in Fintech, the bank signed tie-up agreements with a number of Fintech enterprises, including the Bibari Republica and Mirae Technology. Mirae Technology deals with the production of OTP, a producer of secret numbers for smartphones which passed tests by the Korea Financial Telecommunications and Clearings Institute on the company’s certification as an expert Fintech firm. The Fintech company commands the biggest share of the OTP market in the country.
Daegu Bank plans to introduce a system called “Toss,” which is a function for fund transfers and settlement services. Daegu Bank set up a task force to take charge of the fund transfer system, which is aimed at helping the bank expand its operations, not only in Daegu and North Gyeongsang Province, its traditional operation areas, but also other areas in Korea, including the greater Seoul area and then the rest of the country.
The bank opened a branch in the Banwol Industrial Complex in Gyeonggi Province in July under its strategy to make steady expansion moves.
Also as part of its expansion plans, the bank recently concluded a cooperative tie-up with the HK Savings Bank located in Seoul.
Daegu Bank’s total assets increased by 14.9 percent in the first half to 50.1 trillion won; net profit rose 37.6 percent to 180 billion won; total loans outstanding increased 13.9 percent to 30.4 trillion won; and total deposits rose 15.9 percent to 38.2 trillion won in the first half of this year.
DGB Financial Group is a South Korean banking holding company headquartered in Daegu, Korea. Its flagship company, Daegu Bank, is one of the largest regional banks in the country, mostly serving customers in the Daegu-Gyeongbuk region.
Background
The group was founded on May 17, 2011 upon the Financial Supervisory Service's approval for the establishment of a financial holding company for Daegu Bank and its two arms, Daegu Credit Information and Kardnet. Park In-gyu is currently serving as president and CEO of both Daegu Bank and DGB Financial Group.
“We plan to actively pursue moving management with the region, value management with the stockholders, and communication management with the employees. We request both customers and stockholders to continuously observe the decisions Daegu Bank will make and provide the support and cooperate that we may need,” CEO Park said.
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