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Hana Financial Group. (photo = Yonhap news) |
[Alpha Biz= Kim Sangjin] Hana Financial Group reported a record-high net profit of 3.7388 trillion won in 2023, a 9.3% increase from the previous year, driven largely by strong earnings in its core areas of interest and fee income.
The solid performance was expected. From the first quarter of 2023, Hana Financial Group showed strong results. In the first half of the year, it posted a net profit of 2.0687 trillion won, setting a new record for the largest first-half profit in its history. The third quarter continued the momentum with a quarterly record profit of 1.1566 trillion won, achieving the highest cumulative net profit for the first three quarters (3.2254 trillion won).
In the fourth quarter, net profit amounted to 513.5 billion won, a decrease from the previous quarter but a 15.7% increase compared to the fourth quarter of the previous year. The fourth-quarter decline was attributed to one-off expenses, including loan loss provisions and performance bonuses.
Hana Financial also saw balanced growth and stability in 2023. Despite a decline in market interest rates, the group's annual interest income remained steady at 8.761 trillion won, almost identical to the previous year's figure of 8.879 trillion won. Its net interest margin (NIM) decreased to 1.77% in Q1, 1.69% in Q2, and 1.63% in Q3, but rebounded to 1.69% in Q4.
In non-interest income, fee income surged by 15.2%, from 1.796 trillion won in 2023 to 2.069 trillion won in 2024, significantly contributing to the overall improvement in the group’s performance.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
