Your browser does not support JavaScript!

2030년대 한국 은행주 투자전망: 고배당 지속성과 가치 평가

General Report June 10, 2025
goover

Executive Summary

  • This report delves into the investment outlook for South Korean banking stocks throughout the 2030s, addressing the critical question of whether these stocks can sustain high dividend yields amidst an evolving economic landscape. Key findings indicate that the traditional banking model faces significant challenges due to demographic shifts, including a rapidly aging population and declining birth rates, which are projected to lead to a substantial decrease in the workforce and altered consumer spending patterns. Consequently, annual average household consumption is expected to decline by 0.7% through 2035, creating implications for loan demand and banking profitability.

  • Moreover, the analysis reveals that South Korean banks currently offer a robust average dividend yield of 4.5% as of 2024, despite facing increasing pressures from regulatory changes and heightened competition from fintech. However, market conditions may lead to a possible reevaluation of dividend policies, particularly for smaller banks that may struggle under operational costs. As the market navigates these uncertainties, strategies for buying and selling banking stocks are proposed, weighing the potential for growth against risks posed by non-performing loans and digital transformation. Overall, there is cautious optimism about the sustainability of high dividends, with a call for adaptive strategies amidst these shifts.

Introduction

  • As we advance into the 2030s, South Korea's banking sector stands on the precipice of significant transformation, driven by a confluence of demographic shifts, economic uncertainties, and evolving regulatory landscapes. The compelling question arises: can Korean banks maintain their long-standing tradition of high dividends in the face of these changes? With the total fertility rate plummeting to an unprecedented low of 0.8 and an aging population poised to represent 40% of the demographic by 2050, forecasting the implications for banking profitability and investment strategies becomes crucial.

  • Compounding these challenges are external economic factors that reflect a structured evolution in the financial environment. To decipher these realities and equip investors with actionable insights, this report examines multiple dimensions of banking investments, exploring historical dividend performance, future valuation models, and potential pathways for investment in the context of macroeconomic scenarios. The intricate balance between maintaining robust shareholder returns while navigating regulatory pressures and market dynamics creates a compelling narrative for investors seeking to understand this evolving sector. As we unpack each section, readers are encouraged to consider the implications of these findings on their investment strategies in South Korean banking stocks.

2030년대 한국 경제 전망

  • The landscape of South Korea's economy is entering uncharted territory, grappling with demographic shifts that threaten to unravel years of growth and stability. Amid a backdrop of high inflation, government apprehensions, and global market uncertainties, the crux of South Korea's economic future lies in its dwindling population and rapidly aging society. Projections indicate a steep decline in the workforce and an increasing reliance on a retirement age population, leading to pressing questions about consumption behavior, investment strategies, and economic viability in the coming decade.

  • As we navigate through the new course set against these demographic changes, the sustainability of South Korea's economic model increasingly appears to be challenged. Understanding these dynamics is crucial for investors and policymakers alike, as they seek to mitigate risks and harness opportunities that lie within this evolving landscape.

  • 인구 고령화·저출산이 불러올 소비·대출 수요 변화

  • The dual phenomena of low birth rates and an aging population are poised to reshape consumer patterns and loan demand in South Korea dramatically. Currently, the total fertility rate has plummeted to 0.8, the lowest not only in South Korean history but among the lowest worldwide. This reduction signals a demographic crisis where the future consumer base is persistently shrinking, a cornerstone of the economy's vibrancy.

  • Simultaneously, an increasing proportion of elderly citizens is expected to alter spending habits significantly. The over-65 age group, which represented just 20.3% of the population in 2025, is anticipated to rise to roughly 40.1% by 2050. As a result, average household consumption is projected to decline by 0.7% annually through 2035, creating an environment where traditional lending practices may no longer meet evolving consumer needs. As a demographic 'super-aged society, ' the paradigm shifts to one wherein older consumers prioritize savings over consumption, leading to increased demand for financial products catering to wealth management and retirement planning rather than new home purchases or consumer loans.

  • This trend entails profound implications for the banking sector as well. A shrinking consumer base means reduced demand for personal loans and mortgages, while at the same time, banks may encounter rising levels of non-performing loans from elderly borrowers struggling with repayment. Consequently, traditional banking models will necessitate a recalibration, with an emphasis on offering investment funds, wealth management solutions, and financial products that cater to older demographics.

  • 잠재 성장률 추이 및 금융 규제·금리 환경

  • As South Korea grapples with its demographic challenges, its potential growth rate is poised to take a significant hit. Recent assessments by the Korea Development Institute suggest a projected reduction in potential growth from 1.5% in the nearer term to a shocking 0.1% by the 2040s. Such figures underscore the critical interaction between demographic changes and economic capability, framing a future where a declining, aging labor force stifles productivity and innovation.

  • One of the primary policy tools at the government's disposal to mitigate these trends lies in financial regulation. The Bank of Korea has signaled an urgent need for stringent macroprudential measures to avoid the pitfalls observed in Japan’s prolonged stagnation era, particularly concerning escalating private debt. The current data indicates that South Korea's private debt ratio stands at an alarming 207.4% of GDP, a red flag reminiscent of Japan's bubble economy threshold.

  • Moreover, as the government considers potential legislative interventions, there is an apparent gap in focus on the evolving financial needs arising from demographic realities. Instead of merely concentrating on debt management, a holistic approach integrating support for innovation, enhancing labor participation rates among the elderly, and incentivizing family-oriented policies must be prioritized. For the financial system to thrive, it needs to adapt dynamically to these trends, transforming challenges into opportunities if it wishes to avert a long-term slowdown.

  • 일본식 장기 침체 리스크 및 정책 대응 방향

  • The specter of prolonged economic stagnation looms large over South Korea, drawing uneasy parallels to Japan’s economic history. The Bank of Korea has underscored the pressing need for South Korea to learn from Japan’s ‘lost decade’ by recognizing systemic risks stemming from low birth rates, an aging populace, and escalating debt accumulation.

  • Lessons from Japan highlight the grave consequences of failing to address demographic changes proactively, such as their declining labor input and protracted deflation. Currently, South Korea is witnessing a reduction in its working-age population, which has decreased since 2017, posing serious implications for labor productivity and economic output. Global markets react sharply to moderate growth forecasts driven, in part, by internal demographic crises.

  • To navigate these turbulent waters, tailored policy responses that prioritize structural reforms are crucial. This spans the introduction of flexible workforce policies that embrace older and foreign labor while fostering an environment conducive to higher birth rates through innovative family support. The road ahead demands not just monetary intervention but a nuanced approach that integrates fiscal responsibility with a forward-thinking understanding of demographic realities, keenly aware that the effectiveness of traditional economic stimuli may fade if structural adjustments are delayed.

한국 은행업의 배당 정책 및 수익성 구조

  • In an era marked by unprecedented economic challenges and shifting demographic trends, the South Korean banking sector's approach to dividends and profitability assumes a critical role. The stability and predictability of high dividend yields have historically attracted investors to banking stocks, but the future viability of such a model is now an intriguing question amidst regulatory changes and market dynamics. As South Korea braces for potential demographic shifts reminiscent of Japan's stagnation, understanding the dividend policies of its banks becomes essential for both investors and stakeholders.

  • The evolution of banking profitability in the face of stringent regulations and the need for robust capital stands at the forefront of this discussion. With the Bank of Korea advocating for structural reforms to avoid protracted stagnation, the resilience of banks' dividend policies and their ability to sustain returns to shareholders take on new urgency. This analysis aims to dissect the mechanisms underpinning dividend yields, profitability structures, and how banks are navigating the complexities of shareholder value in the 2030s.

  • 과거·현재 배당수익률 추이와 ROE 변화

  • The historical trajectory of dividend yields in South Korea's banking sector reveals a nuanced relationship with Return on Equity (ROE). Over the past decade, banks have maintained relatively high dividend payouts, supported by steady profitability and emerging market dynamics. For instance, as of 2024, the average dividend yield for Korean banks was reported at 4.5%, significantly surpassing global averages. Concurrently, the sector's ROE exhibited strong resilience, averaging around 10%, bolstered by strategic asset management and prudent risk controls.

  • However, this favorable scenario is not without complications. The pressures of increasing loan defaults due to economic slowdowns and tightening regulatory environments pose threats to these banks' profitability. Analysts predict a shift in dividend policies, as banks may need to retain earnings to bolster capital buffers in line with Basel III requirements. In 2023, the Bank of Korea reported that South Korean banks are holding higher provisions for loan losses, which can impact the sustainability of current dividend levels.

  • Furthermore, the ROE figures illustrate a concerning divergence among banks. Major players like KB Financial Group and Shinhan Financial Group continue to exhibit robust returns due to diversified income streams and effective management strategies. In contrast, smaller institutions are struggling under the weight of high operational costs and lower lending margins. This inconsistency hints at a future where dividend yields may vary significantly across the sector, presenting a bifurcated landscape for investors.

  • BIS 자기자본비율·지급여력 규제 영향

  • The Bank for International Settlements (BIS) capital adequacy requirements are a cornerstone of banking regulation, fundamentally influencing dividend policies in South Korea. As banks adapt to these stringent requirements, the implications for their capital structures and, consequently, their shareholder returns, become starkly evident. The current BIS ratio among South Korean banks stands at an average of 14.5%, comfortably above the regulatory minimum of 8%. However, maintaining such ratios necessitates retaining earnings and limiting dividends, particularly under stressed economic conditions.

  • In the context of recent macroeconomic trends — including rising interest rates and potential economic slowdown — banks have started recalibrating their strategies towards capital management. The capital flow dynamics suggest that banks might prioritize sustaining their liquidity and solvency over immediate shareholder payouts. A noteworthy illustration of this trend was seen in 2024 when several banks opted to increase their capital reserves rather than return excess liquidity to shareholders, signaling a more cautious approach amidst economic uncertainties.

  • Moreover, the implications don't end with meeting regulatory requirements. The heightened emphasis on capital preservation impacts investor perceptions and market valuations. Banks that proactively manage their capital and maintain a strong BIS ratio tend to attract more favorable valuations. This not only reflects investor confidence but also establishes a long-term narrative that may lead to more robust capital appreciation, albeit at the potential cost of shorter-term dividend yields.

  • 주주환원 정책 강화 흐름

  • As the South Korean banking sector grapples with regulatory pressures and economic uncertainties, there is a palpable shift towards enhancing shareholder return policies. This movement, catalyzed by government reforms and growing shareholder activism, reflects an evolving corporate governance landscape. In 2024, significant changes in corporate law were proposed to ensure that institutional investors enjoy greater influence over company decisions, particularly regarding capital allocation and dividend disbursement.

  • The rising tide of shareholder activism cannot be overlooked; campaigns targeting banks to increase dividend payouts surged significantly, as investors began to demand more transparency and accountability. The involvement of global funds, such as Aberdeen and Franklin Templeton, in boosting local stock positions signifies a recognition that positive reforms and enhanced corporate governance can yield substantial returns. Increased focus on these aspects is likely to foster a more favorable environment for dividends, with many banks promising to boost their shareholder returns in alignment with market expectations.

  • This ongoing transformation not only reflects a responsive corporate strategy toward shareholder expectations but also emphasizes the importance of sustainable practices. Finally, as seen in the total dividend payouts reported by Kospi members rising by 12% to 44 trillion won in 2024, banks are under pressure to align their return policies with global best practices. These developments indicate that, while regulatory and economic headwinds persist, a broader commitment to rewarding shareholders — particularly through high dividends — is emerging as a staple of strategic financial management in the sector.

은행주 저평가 여부 및 가치평가 모델

  • 한국의 은행주, 특히 대형 은행들의 가치 평가가 최근 투자자들 사이에서 심도 깊은 논의의 주제로 떠오르고 있다. 주식 시장에서의 저평가는 자본 시장의 동향뿐만 아니라 경제 전반의 신뢰도, 정책적 환경 변화 등 여러 요인에 뿌리를 두고 있다. 이제는 은행주가 지속적인 고배당을 유지할 수 있을지에 대한 의문과 함께 그들이 과연 공정한 가치에 비해 저평가되어 있는지를 가늠해 볼 필요가 있다. 이 질문은 단순한 투자 전략을 넘어, 한국 경제의 전반적인 미래에 대한 통찰력을 제공하는 중요한 실마리이다.

  • 현재의 경제 환경에서는 세계적인 금리 상승과 대출 수요의 변화 등과 같은 복합적인 요인들이 영향을 미친다. 이러한 배경 속에서 은행주에 대한 가치는 이전 시대에 비해 다양하게 재해석될 필요가 있다. 안정적인 배당 수익률을 제시하는 은행주가 과연 그 가치를 반영하고 있는지에 대한 분석은 투자자들에게 꾸준한 이익을 추구할 수 있는 기반이 될 것이다.

  • P/B, P/E, DDM(배당할인모형) 기반 밸류에이션

  • 주식 가치 평가에서 P/B(Price to Book) 비율과 P/E(Price to Earnings) 비율은 기업의 재무 건강성을 분석하는 데 있어 중요한 지표로 활용된다. P/B 비율은 기업의 시장 가치가 자산의 장부 가치에 비해 어떻게 평가되고 있는지를 나타내며, P/E 비율은 기업이 창출하는 이익에 대한 시장의 인식을 보여준다. 은행주에 적용시킬 경우, 대개 P/B 비율이 1 이하일 경우 저평가로 간주되며, 이는 예상되는 정당한 가치에 비해 시장에서 낮게 평가받을 때 발생한다.

  • DDM(Discounted Dividend Model) 즉 배당 할인 모델은 특히 배당금 지급이 중요한 한국 시장에서 매우 유용한 가치 평가 도구로 자리매김하고 있다. 이 모델은 미래의 배당금을 현재 가치로 할인하여 주식의 가치를 산정한다. 과거 한국 은행주들은 높은 배당 수익률을 지속적으로 제공해왔지만, 이러한 패턴이 계속될 수 있는지는 정확한 시장 데이터와 함께 분석해야 할 문제이다.

  • 지금은 금리가 상승하고 있는 경제 환경 속에서 이러한 모델들이 보여주는 신뢰도 또한 강화되고 있다. 높은 금리는 은행의 수익성을 개선시키고, 이는 결국 주가에도 긍정적인 영향을 미치게 된다. 따라서 P/B, P/E, DDM 비율들을 종합적으로 분석할 때, 투자자들은 보다 정확한 판단을 할 수 있을 것이다.

  • 국내·아시아 주요 은행주 비교

  • 한국의 주요 은행주들은 일반적으로 유지되고 있는 높은 배당 수익률에도 불구하고 상대적으로 저평가되고 있는 실정이다. 아시아 주요 국가와의 비교를 통해 한국 은행주들이 어떻게 위치를 차지하고 있는지를 살펴보는 것은 매우 중요하다. 예를 들어, 일본의 대형 은행들과 비교할 때 한국의 은행들, 특히 신한은행과 KB국민은행은 최근 몇 년간 배당 성향이 더욱 강화되었음에도 불구하고 여전히 시장에서 낮은 평가를 받고 있다.

  • 한편, 아시아 다른 국가의 은행주들은 경제 성장과 내부적인 정책 변화에 힘입어 보다 긍정적인 평가를 받고 있다. 예를 들어, 싱가포르의 DBS 은행은 최근 몇 년간 강력한 재무 성과를 지속하고 있으며, 이는 은행 주식에 대한 투자 수익률을 높이고 있다. 이러한 비교를 통해 한국의 은행주가 가진 상대적인 저평가를 파악하고, 그 원인과 그에 대한 해결 방안을 모색하는 것이 필요하다.

  • 또한, 투자자들이 한국 은행주의 배당 수익률에 대해 기대하는 바가 다소 증가하고 있는 추세임을 고려해야 한다. 외국인 투자자들은 한국 시장의 개혁과 안정적인 배당 성향을 토대로 향후 더 많은 자본을 유입할 가능성이 높다. 이처럼 국내 은행들과 아시아 주요 은행 간 비교는 한국의 은행업계가 어떻게 발전할 수 있을지를 가늠하는 데 필수적이다.

  • 정책 리포트와 시장 기대치 반영

  • 최근 한국 정부는 정책적 변화와 함께 기업 거버넌스를 개선하기 위한 다양한 노력을 기울이고 있다. 주주 친화적인 환경 조성을 위한 법안들이 논의되고 있으며, 이는 특히 은행주들에 긍정적인 영향을 미치고 있다. 예를 들어, 새로 선출된 대통령의 기업 지배구조 개선 의지는 이미 해외 투자자들로부터 긍정적인 반응을 얻고 있으며, 이는 한국 주식 시장의 전반적인 분위기를 변화시키고 있다.

  • 시장에서는 이러한 정책 변화가 은행주들에게 실질적인 영향을 미칠 것이라는 기대감을 내비치고 있다. 대형 은행들이 보다 유리한 조건에서 운영되고, 배당금 지급이 늘어날 경우, 투자자들은 한국 은행주에 대한 믿음을 회복할 수 있을 것이다. 그러나 이러한 변화가 실제 어떻게 시행될지, 그리고 중장기적으로 어떤 효과를 가져올지는 지속적인 모니터링과 분석이 필요하다.

  • 결국, 정책 변화와 시장의 기대가 합쳐져 은행주 평가의 근본적인 변화가 이뤄질 것이라는 전망은 투자자들에게 새로운 기회를 제공할 수 있다. 한국의 고배당 전통이 지속될 수 있는지에 대한 의문은 이러한 체계적인 변화와 밀접한 관련이 있음을 알아야 한다.

2030년대 은행주 주가 흐름 및 투자 시나리오

  • As we advance deeper into the 2030s, the landscape of investment in South Korean banking stocks delineates an atmosphere of cautious optimism intertwined with systemic uncertainties. The evolving macroeconomic panorama, marked by subtle adjustments and glaring challenges, prompts investors to rethink traditional strategies. More than just a quest for high dividends, it has become essential to navigate the intricate confluence of demographic shifts, interest rate changes, and digital transformation that fundamentally reshapes the banking sector. This exploration focuses on deciphering the potential pathways for banking stocks and articulates strategic investment scenarios tailored for discerning investors.

  • Understanding the interplay of macroeconomic elements will be crucial for investors looking to capitalize on the nuances of the banking sector. With projected demographic trends indicating declining birth rates and an aging population, coupled with policy implications echoing those experienced in Japan, the stakes for timely and informed investment decisions have never been higher.

  • 매크로 시나리오별(완만 성장 vs 저성장·고금리) 주가 예상 밴드

  • The anticipated trajectories of South Korean banking stocks hinge significantly on prevailing macroeconomic conditions. Two contrasting scenarios stand out: a path characterized by moderate growth versus one dominated by low growth and high interest rates. According to recent projections, moderate growth is contingent on a stabilization of inflation and a rekindling of consumer sentiment, closely tied to the successful management of demographic transitions. In such a scenario, banking stocks could exhibit an upward price band, buoyed by improved demand for loans and financial services, with the potential for returns outperforming broader market indices.

  • Conversely, the low growth and high interest rate scenario, triggered by prolonged global uncertainties and domestic economic stagnation, hints at a radically different investment climate. As the Bank of Korea warns against a potential liquidity trap, banks may experience declining margins, leading to asset price corrections. Under this model, projections estimate a significant constriction in banking stock valuations, possibly ranging between 20%-30% lower than current levels as investors reassess risk and return expectations.

  • Market analysts suggest that firms with robust capital buffers and diversified income streams could benefit under stress, showing resilience even in adverse conditions. The interplay between loan defaults and interest income will be pivotal in keeping the banking sector afloat during times of elevated economic pressure.

  • 리스크 요인(디지털 전환, 부실채권 증가) 민감도 분석

  • A critical examination of risk factors offers deeper insight into the sensitivities influencing banking stocks in the upcoming decade. Two paramount concerns arise: digital transformation and the specter of increasing non-performing loans (NPLs). As digital banking evolves, traditional banks face formidable pressure to adapt, lest they cede market share to nimble fintech competitors. A failure to innovate could escalate operating costs and erode customer loyalty, which in turn might cripple profitability and precipitate stock price declines.

  • Parallel to this digital race is the looming threat of growing NPLs, particularly if economic conditions continue to tighten. Historical data indicate that banks heavily exposed to volatile sectors, such as real estate and small businesses, could see substantial losses. Projections estimate that NPL ratios could escalate, particularly in a cooling economy, where bad debts rise amidst consumer aversion and corporate bankruptcies. A rigorous stress-testing framework could provide insights into which banks are best equipped to weather these NPL challenges, highlighting the importance of risk diversification in investment portfolios.

  • Thus, investors are urged to remain vigilant, implementing risk-adjusted strategies that account for shifts in consumer behavior, technological changes, and broader economic trends.

  • 매수·매도 시점 및 포트폴리오 전략 제안

  • Identifying optimal buying and selling points in banking stocks will be essential for navigating the unpredictable waters of the 2030s. Investors should consider leveraging technical analysis tools alongside fundamental assessments to arrive at informed decisions. A phased approach could prove advantageous during volatile periods, where incremental investments in fundamentally sound banks are established to average down costs and mitigate risk exposure.

  • As market conditions fluctuate, monitoring specific indicators, such as loan growth rates and net interest margins, can provide pivotal cues for buy/sell signals. For instance, evidence of resilient loan demand, coupled with favorable monetary policy shifts, could trigger buy signals, indicating appropriate entry points for investors.

  • Portfolio diversification also emerges as a critical strategy amidst these dynamic market conditions. Including a mix of high-dividend banking stocks, alongside emerging fintech initiatives, could confer resilience to portfolios amidst fluctuating economic conditions. Establishing a balance between growth-oriented investments and stable income-generating assets stands to alleviate risks while optimizing potential returns. The importance of an adaptable strategy, designed to respond to ongoing shifts in the banking landscape, cannot be overstated as we approach the decade's midway point.

Conclusion

  • In conclusion, the investment outlook for South Korean banking stocks in the 2030s presents a complex yet potentially lucrative opportunity for discerning investors. As highlighted throughout the report, key findings suggest that the sustainability of high dividends will largely depend on the banks' adaptability to demographic changes and evolving consumer demands in an increasingly competitive landscape. The risks posed by an aging workforce and high levels of private debt bring forth both challenges and avenues for strategic realignment within the sector.

  • It is evident that regulatory environments will play a critical role in shaping banks' capital management strategies, influencing both profitability and shareholder returns. Future considerations should focus not only on external macroeconomic pressures but also on how banks innovate in response to digital transformation and shifting consumer behavior. Moreover, ongoing analyses of dividend policies and investor expectations will remain paramount as South Korea's banking industry navigates these tumultuous waters. Strategic foresight, coupled with vigilant market monitoring, may present investors with significant opportunities for capital appreciation in an otherwise uncertain financial tableau.

  • Ultimately, the question of whether high dividends can be sustained transcends mere fiscal performance; it embodies a cultural commitment to shareholder value that intertwines with the broader economic narrative of South Korea. With this understanding, investors are better equipped to make informed decisions that align with anticipated trends and potential shifts in the banking sector landscape.

Glossary

  • Dividend yield: Dividend yield is a financial ratio that indicates how much a company pays in dividends each year relative to its stock price. In the context of South Korean banks, it reflects the attractiveness of banking stocks to investors.
  • Return on Equity (ROE): Return on Equity (ROE) is a measure of financial performance calculated by dividing net income by shareholder equity. It indicates how effectively a company is using its equity to generate profit.
  • Price to Book (P/B) ratio: The Price to Book (P/B) ratio compares a company's market price to its book value, helping investors determine if the stock is undervalued or overvalued based on its assets.
  • Price to Earnings (P/E) ratio: The Price to Earnings (P/E) ratio measures a company's current share price relative to its earnings per share, serving as an indicator of the market's expectations of a company's future financial performance.
  • Discounted Dividend Model (DDM): The Discounted Dividend Model (DDM) is a valuation method used to estimate the value of a company's stock based on the theory that dividends are the key driver of shareholder value.
  • Non-performing loans (NPLs): Non-performing loans (NPLs) are loans that are in default or close to being in default, meaning the borrower has not made the scheduled payments for a specified period, affecting banks' profitability.
  • BIS capital adequacy ratio: The Bank for International Settlements (BIS) capital adequacy ratio is a measure of a bank's capital, compared to its risk-weighted assets, ensuring banks can absorb a reasonable amount of loss and comply with regulations.
  • Macroeconomic conditions: Macroeconomic conditions refer to the overarching economic factors that influence the economy as a whole, including inflation rates, interest rates, and demographic changes.
  • Shareholder activism: Shareholder activism is the use of an equity stake in a corporation to put pressure on its management, typically demanding changes that will enhance shareholder value.
  • Fintech: Fintech refers to technology-driven financial services that improve and automate the delivery and use of financial services. This sector poses significant challenges and competition for traditional banks.
  • Regulatory environment: The regulatory environment encompasses all laws and regulations that dictate how banks and other financial institutions may operate, influencing their strategies and profitability.
  • Demographic changes: Demographic changes include shifts in population characteristics, such as aging, fertility rates, and migration patterns, impacting economic activities and banking sector strategies.

Source Documents