SECURITIES AND EXCHANGE COMMISSION. Washington, D.C Form 6-K

Transcription

1 Total pages: 17 SECURITIES AND EXCHANGE COMMISSION Washington, D.C Form 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For the month of August 2001 H&CB (Translation of registrant s name into English) 36-3, Yoido-dong, Youngdeungpo-gu, Seoul, Korea (Address of principal executive office) (Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.) Form 20-F X Form 40-F (Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.) Yes No X (If yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ) 1

2 Summary of the Semi-Annual Report Submitted to the Korean Financial Supervisory Commission and the Korea Stock Exchange Contents: 1 History of the company Employees Market Share Deposits (Banking accounts) Operation status Deposits Deposit deposit per domestic branch deposit per employee Loans Loan s Loan s as of June 30, 2001 by remaining maturities Loan s by uses (banking account) Loan to deposit ratio by average Acceptances and guarantees Securities investment Trust account Other details relevant to investment decision BIS risk-adjusted capital ratios Non-performing loans (NPL) Loan loss allowances Stocks Treasury stocks Stock options

3 7 Dividends Dividend related items of recent 3 years Weighted average number of common shares calculation H&CB s affiliate List of affiliate Operating results of affiliate Financial Statements in accordance with Generally Accepted Accounting Principles in the Republic of Korea

4 1 History of the company July 10, 1967 January 4, 1969 September 15, 1969 March 2, 1973 July 20, 1981 June 1, 1984 January 4, 1988 January 15, 1988 February 18, 1989 March 12, 1993 March 7, 1996 December 3, 1996 July 15, 1997 August 30, 1997 December 24, 1997 April 23, 1998 June 29, 1998 December 29, 1998 July 15, 1999 October 23, 1999 November 15, 1999 Established by the Korean Government under the name of The Korea Housing Finance Corporation with paid-in capital of 5 billion Became the Korea Housing Bank under the Korea Housing Bank Act Began issuing Housing Lottery tickets Began issuing National Housing Bonds The National Housing Fund separated from Korea Housing Bank and the bank appointed as administrator Entered the credit card business Housing Finance Credit Guarantee Fund established and the Bank appointed as administrator Began international banking business Began banking trust business Established Jooeun Industrial Co., Ltd. Completed initial public offering and listed shares on the Korea Stock Exchange Established Jooeun Real Estate Trust Co., Ltd. Issued US$150 million in new global depositary shares and listed US$150 million in government shares as GDSs, taking paid-in capital to billion The Korea Housing Bank Act repealed Increased paid-in capital to billion by issuing new shares Increased paid-in capital to billion by issuing new shares Acquired Dong Nam Bank, a regional bank, through purchase and assumption Issued billion of preferred shares to Korea Deposit Insurance Corporation Entered into strategic alliance with ING Group N.V.; increased total paid-in capital to billion Established Jooeun Credit Information Co., Ltd. Established New Branch Business System. 4

5 April 14, 2000 October 3, 2000 December 22, 2000 April 23, 2001 Established Frontier Investment (a venture capital investment company) Listed on the New York Stock Exchange under the symbol of HCB; outstanding global depositary shares (GDSs) converted into American depositary shares (ADSs) Signed memorandum of understanding for a merger with Kookmin Bank Signed merger agreement with Kookmin Bank 5

6 2 Employees (As of June 30, 2001) Number of Employees Total Payment for Payment Ordinary Others (3) Total tenure (1) the six months (1)(4) Per Person per (year) (millions of Won) month (thousands of Won) (2) Men 6, , ,732 4,074 Women 2,418 2,892 5, ,802 2,792 Total 8,810 3,715 12, ,534 3,160 Note: (1) We excluded employees in the Others category in calculating the average tenure and total payment. (2) The average payment per man is the estimated standard pay for a man of 12 years' tenure, and the average payment per woman is the estimated standard pay for a woman of 9 years' tenure. The average payment per person is the estimated standard pay for an employee of 11 years' tenure. (3) Others consist of specialists, part-time workers, and other contractors. (4) Total payment for the six months is the salary paid to June 30, 2001, including employee benefits paid as salary. 6

7 3 Market Share 3.1 Deposits (Banking accounts) (Units: 100 millions of Won, %) June 30, 2001 Dec. 31, 2000 Dec Amount % Amount % Amount % H&CB 487, , , Kookmin 596, , , Hanvit 418, , , CHB 318, , , Shinhan 280, , , Hana 272, , , KorAm 167, , , KEB 221, , , Korea First 160, , , Total 2,923, ,869, ,223, Note: (1) Deposit includes deposit in Won, and certificate of deposit. (2) The numbers shown above are closing s of our major competitors. 7

8 4 Operation status 4.1 Deposits Deposit June 30, 2001 Dec. 31, 2000 Dec. 31, 1999 Deposits Demand deposits 31,145 37,343 26,083 28,369 18,743 25,333 in Won Time & savings 392, , , , , ,671 deposits Mutual installment deposits 49,843 54,088 44,631 46,283 49,538 48,392 Certificates of 6,942 7, , deposits Sub-total 480, , , , , ,809 Deposits in foreign currency 3,693 3,968 1,961 2,691 1,505 1,174 Trust Money trust 64,052 61,601 71,599 61, ,183 82,791 deposits Non-money trust 5,261 35, Sub-total 69,313 96,971 71,599 61, ,183 82,791 Total 553, , , , , , deposit per domestic branch June 30, 2001 Dec. 31, 2000 Dec. 31, 1999 Deposits 1, Deposits in Won 1, Note: There were 546 domestic branches at June 30, deposit per employee June 30, 2001 Dec. 31, 1999 Dec. 31, 1998 Deposits Deposits in Won Note There were 8,810 employees at June 30,

9 4.2 Loans Loan s June 30, 2001 Dec. 31, 2000 Dec. 31, 1999 Loans in Won 413, , , , , ,907 Loans in foreign currency (1) 12,377 10,624 11,237 12,993 12,485 10,748 Advances to customers Sub-total 426, , , , , ,508 Trust loans 17,456 13,132 25,375 19,801 32,227 31,400 Total 443, , , , , ,908 Note: (1) Loans in foreign currency include domestic loans in foreign currency, off-shore loan in foreign currency and domestic import usance bills Loan s as of June 30, 2001 by remaining maturities Less than 1 year More than 1 year~less than 3 years More than 3 years~less than 5 years More than 5 years Loans in Won 156, ,296 40,362 88, ,244 Loans in foreign 5,610 2,857 1,110 1,047 10,624 currency Loan s by uses (banking account) Total June 30, 2001 Dec Dec Loans to enterprises Loans for operations 59,654 61,556 36,603 Loans for equipment 2,128 2,298 2,115 Loans to households 141, ,637 60,696 Loans to public Loans for operations 3,644 4,389 2,287 sector & others Loans for equipment Loans on property formation savings Loans for housing (1) 218, , ,120 Total 425, , ,907 Note: (1) Housing loans includes corporate, household, and public sectors 9

10 4.2.4 Loan to deposit ratio by average June 30, 2001 Dec. 31, 2000 Dec 31, 1999 Loans and discounts (A) (1) 443, , ,027 Deposits and others (B) (2) 553, , ,587 Ratio (A/B) 80.24% % % Note: (1) Loans and discounts include loans in banking and trust accounts (2) Deposits and others include deposits in banking and trust accounts 4.3 Acceptances and guarantees June 30, 2001 Dec. 31, 2000 Dec 31, 1999 Won Foreign currencies 7,753 6,691 4,763 Total 8,416 7,183 5, Securities investment (Banking account) Securities in Won Monetary stabilization bonds Government and public bonds June 30, 2001 Dec Dec 31, ,080 1,585 18,114 9,233 31,245 12,809 7,830 7,407 17,457 8,843 13,481 21,875 Debentures 42,814 43,748 44,771 42,706 29,583 39,868 Stocks 3,391 5,373 4,931 2,902 3,045 3,962 Others 50,322 52,534 23,634 39,880 17,762 17,216 Sub-total 109, , , ,564 95,116 95,730 (Trust account) Monetary 5,198 5,077 7,375 4,519 5,582 7,418 Securities in stabilization Won bonds Government and public bonds 4,084 3,706 3,274 3,719 2,299 3,791 Debentures 26,962 29,807 16,862 20,371 12,460 14,394 Stocks 2,477 3,639 2,419 2, Others 13,384 14,050 20,756 12,459 52,092 27,075 Sub-total 52,105 56,279 50,686 43,688 72,710 53,086 Foreign Foreign 2,441 2, , currency securities Off-shore foreign securities Sub-total 2,595 3,231 1,080 1,848 1, Total 164, , , , , ,781 10

11 4.5 Trust account Total amount trusted June 30, 2001 Dec. 31, 2000 Dec. 31, 1999 Trust fees Total Trust fees Total Trust fees amount amount trusted trusted ,400 - Guaranteed rate of return trust Non-guaranteed 61, , , trust Total 61, , ,

12 5 Other details relevant to investment decision 5.1 BIS risk-adjusted capital ratios June 30, 2001 Dec. 31, 2000 Dec. 31, 1999 Risk-adjusted capital (A) 45,405 37,803 30,373 Risk-weighted assets (B) 451, , ,712 BIS ratios (A/B) 10,06% 9.92% 11.74% 5.2 Non-performing loans (NPL) June 30, 2001 Dec. 31, 2000 Dec. 31, 1999 Change (from Dec. 31, 2000 to June 30, 2001) Balance of NPL NPL to total loan Balance of NPL NPL to total loan Balance of NPL NPL to total loan Balance of NPL NPL to total loan 13, % 14, % 18, % percentage points 5.3 Loan loss allowances June 30, 2001 Dec. 31, 2000 Dec. 31, 1999 Loan loss Domestic General 9,867 11,837 15,005 allowance (1) Special Sub-total 9,867 11,837 15,005 Overseas General Special Sub-total Total 9,884 11,857 15,062 Write-offs 4,501 5,433 1,604 Note: (1) Loan loss allowances include allowances for possible losses of loans, acceptances and guarantees in banking accounts 12

13 6 Stocks 6.1 Treasury stocks (As of June 30, 2001) Date of Repurchase Type of shares Number of shares Amount paid Jan. 31, 2000 Non-cumulative and 17,790,000 88,950 Non-participating redeemable preferred shares Feb. 1, 2000 Non-cumulative and 23,720, ,600 Non-participating redeemable preferred shares Total 41,510, ,550 Note: The treasury stocks were repurchased from Korea Depositary Insurance Corporation. The remaining repurchasable preferred shares are 17,790,000 shares. 6.2 Stock options Date of grant Grantee Number of shares Exercise Price (Won) (As of June 30, 2001) Expiration date Oct. 21, 1998 CEO 300,000 (1) 5,000 Oct. 31, 2004 Feb. 27, 1999 Directors and 280,000 13,900 Feb. 27, 2005 employees Feb. 28, 2000 Directors and employees 267,000 27,600 Feb. 28, 2006 Mar. 24, 2001 Directors and employees 111,000 25,100 Mar. 24, people 958,000 Note: (1) The CEO will also have the option to purchase an additional 100,000 shares at an exercise price of (Won) 5,000 per share if the average closing price of our stock between August 1, 2001 and October 31, 2001 (or during the three months prior to his resignation if he resigns before August 2001) is higher than the stock prices of any other bank listed on the Korea Stock Exchange. 13

14 7 Dividends 7.1 Dividend related items of recent 3 years (Unit: Won, shares, %) Net income for the period (millions of Won) 523, , ,356 Earnings per share 4,795 4,824-3,569 Total dividends amount (millions of Won) 71,780 67,411 - Dividend payout ratio Dividends per Common shares Dividends per Preferred shares Dividend yield ratio Net asset value per common share 22,505 19,177 9,415 Ordinary income per common share 4,795 4,824-3, Weighted average number of common shares calculation (Unit: shares, days) Number of shares Number of days Accumulated shares Dec. 31, ,147, ,288,086,382 Stock dividend 9,914, (1) 3,628,808, ,062,554-39,916,894,764 Note (1) New shares for stock dividends treated as being issued on the first day of the fiscal year. 14

15 8 H&CB s affiliate 8.1 List of affiliate H&CB is the parent corporation of the following corporations (ownership ratio is shown in parentheses): H&CB Finance Ltd. (100%) Jooeun Industrial Co., Ltd. (99%) Jooeun Real Estate Trust Co., Ltd. (99%) Frontier Investment Co., Ltd. (formerly, Pacific Ventures Co., Ltd.) (99%) Jooeun Leasing Co., Ltd. (85%) [Listed on KOSDAQ] Jooeun Investment Trust Management Co., Ltd. (80%) Jooeun Credit Information Co., Ltd. (50%) ING Life Korea Co., Ltd. (20%). 8.2 Operating results of affiliate (Unit: millions of Won) Industry Company Name Date of Initial Accounting results of the latest fiscal year Investment Closing date Total Assets Total Liabilities Total Equities Capital Stock Sales Net income Investment trust Jooeun Investment Trust Management Co., Ltd Dec. 8, 1992 Mar. 31, , ,387 38,338 25,788 7,431 Leasing Construction Trust Credit information Banking Insurance Venture Capital Jooeun Leasing Co., Ltd Jooeun industrial Co., Ltd Jooeun Real Estate Trust Co., Ltd Jooeun Credit Information Co., Ltd H&CB Finance Co. Ltd. ING Life Insurance Co., Ltd Frontier Investment, Co., Ltd May 8, 1991 Mar. 31, , ,500 25,666 99,257 76,336 1,821 Mar. 12, 1993 Dec. 31, , ,638-6,686 10,000 47,716-21,275 Nov. 30, 1996 Dec. 31, , ,147 5,957 10,000 43,568-15,581 Oct. 9, 1999 Dec. 31, ,595 4,445 8,150 3,000 28,630 5,176 Dec. 15, 1998 Dec. 31, ,346 88,336 48,010 25,194 33,397 14,721 Jan. 11, 2000 Mar. 31, , ,417 61,814 70, ,035 12,610 Apr. 14, 2000 Dec. 31, , ,620 20, ,380 15

16 9 Financial Statements in accordance with Generally Accepted Accounting Principles in the Republic of Korea Attachment: Review Report for the interim results as of 30 June 2001 from the independent auditors. 16

17 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. H&CB (Registrant) Date: August 16, 2001 By: /s/ Je-Hyung Jo (Signature) Name: Title: Je-Hyung Jo EVP & Chief Financial Officer 17