Banks Spent 1.9 Trillion Won on Social Contributions Last Year

[Financial News] The total amount of social contribution activities by the banking sector last year increased by 15.8% (258.5 billion won) from the previous year to 1.8934 trillion won. It is the largest scale ever. 
The Korea Federation of Banks announced this by publishing the '2024 Bank Social Contribution Activity Report' on the 29th.
The banking sector has been publishing a report every year since 2006 to transparently disclose the contents and achievements of the banking sector's social contribution activities. The scale of social contribution, which was 351.4 billion won in 2006, has maintained over 1 trillion won annually since 2019, recording an upward trend.
By sector, 1.1694 trillion won (61.8%) was allocated to local communities and public interest, and 547.9 billion won (28.9%) to financial services for low-income individuals, accounting for a high proportion of the total amount. This was followed by 75.4 billion won (4.0%) for the arts, 13.1 billion won (0.7%) for the environment, and 13.2 billion won (0.7%) for global initiatives.
The Korea Federation of Banks explained, "This is the result of the banking sector's efforts to revitalize the local economy, create a sustainable economic ecosystem, and establish an inclusive financial environment."
The report also includes information on the banking sector's efforts to support the livelihood economy, such as plans to support people's livelihood finance, win-win finance, public interest-linked financial products, major financial education programs, and alternative branch operations.
This year, the banking sector's activities to overcome the low birthrate crisis were introduced in themed social contribution activities, and a separate introduction was made of the 2.1 trillion won scale people's livelihood finance support plan announced in October 2023 and the banking sector's social responsibility project to support vulnerable groups by contributing a total of 580 billion won over three years from 2023.
Choyongbyeong, Chairman of the Korea Federation of Banks, said, "I hope that the various social contribution activities of the banking sector will be widely known through the report and become an opportunity for positive change in our society," adding, "In the future, the banking sector promises to do its best as a reliable partner for coexistence with the people and a strong pillar of the financial market, addressing the challenges faced by our society together."

gogosing@fnnews.com Park Sohyun Reporter