Released TV commercials for credit union benefits

NACUFOK released TV commercials on benefits offered by Credit Unions. They have used the statement "Humanism Bank of Korea-Credit Union" They stress that Credit Unions are more friendly and closer to users than other commercial banks. A professional model appearing in the commercials tries to introduce the credit union to a florist and a waiter when they come up with a question, "How come you are fond of credit union? What is the credit union like?" It also has released a commercial composed of two 15-second ad spots in CATV, which recently emerged as a very effective media for commercials.

Extended the deadline of the Tax Reduction and Exemption Act

The National Assembly passed an amendment to the Tax Reduction and Exemption Act, which extended the current tax exemption for Credit Union members' deposit amounting to not more than KRW 30 million(USD 24,000) three more years, by December 12, 2012. Let's say a member deposits the same amount of money, USD 20,000, into a credit union and a commercial bank. With the same interest rate(for example 6%), a year later, the member will get 16.5 more interest for the deposit(USD 1,183 for credit union, USD 1,015 for other bank).

Reached KRW 30 trillion in the total asset

The total asset of Korean credit union surpassed KRW 30 trillion(USD 24 billion) at the end of September 2008. The total asset, amounted to KRW 27 trillion in December 2008, has increased up to KRW 3 trillion (9.4%). The asset has recorded a steady growth from KRW 19.5 trillion in 2003, making the loan-deposit ratio 65.33%.

Recording profits for seven years

Credit unions across the country recorded an aggregate net profit of KRW114.5 billion(USD 90 million) as of the end of 2008 to continue from KRW 89.4, 99.5, 131.7 ,153.6, 122.4, and 140.5 billion in 2002 through 2008, respectively, based on its stable profit structure. The aggregate amount of the assets of Credit Unions has increased rapidly to reach 30.8 trillion won(USD 24 billion) by the end of 2008. Asset soundness and profitability have also increased strongly. In 2008, the aggregate asset amount of Credit Unions grew by 11.11%, and net capital ratio by 3.1%. the ratio of loans in the total assets showed the highest figure in the post-financial crisis period. Fee revenue has increased by 21%, indicating that the revenue structure is going in a desirable direction.