Seoul: Hana Financial Group announced on Tuesday that its net profit for the first three quarters of the year achieved a record high, largely due to a significant increase in non-interest income.
According to Yonhap News Agency, the group's net profit reached 3.43 trillion won (US$2.39 billion) from January to September, marking a 6.5 percent increase compared to the same period last year. This was disclosed in the company's regulatory filing.
The group's operating profit saw a 4.86 percent rise year-on-year, totaling 4.46 trillion won for the first three quarters. However, revenue experienced a 2.51 percent decrease, amounting to 51.79 trillion won during the same period.
Net interest income for Hana Financial Group increased by 3.1 percent from the previous year, reaching 6.78 trillion won in the first three quarters. Non-interest income also showed a notable rise of 12.2 percent, totaling 2.03 trillion won.
In the third quarter alone, the financial group reported a net profit of 1.13 trillion won, which represented a 3.5 percent decline from the previous quarter.
Hana Bank, the group's flagship, recorded a net profit of 3.13 trillion won in the first three quarters, reflecting a 12.7 percent increase from the previous year.
The group's net interest margin, which is the difference between interest received and interest paid, was 1.74 percent in the third quarter, slightly up from 1.73 percent in the previous quarter.