Bank Reports to Be Meatier
Banks will be required to report financial information, such as return on assets, in their quarterly financial reports, the Financial Supervisory Commission said Monday.The commission said the rule change was in response to consumer interest in bank health after account guarantees were limited to 50 million won ($38,432) last year.
Banks will have to start to disclose major financial information such as assets in foreign currency, amount of debts and differences in deposit and loan rates with their third-quarter reports.
"With the new rule, quarterly financial reports will be more informative," said a commission official. "The commission also plans to require banks to indicate whether they were audited by external auditors."
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)