 |
| ▲ This image, provided by Hana Financial Group, shows the logo of the major South Korean banking group. (PHOTO NOT FOR SALE) (Yonhap) |
(LEAD) Hana Financial Group-Q3 earnings
(LEAD) Hana Financial's Q3 net up 21 pct on higher interest income
(ATTN: RECASTS throughout with details; ADDS image; CHANGES headline)
By Chung Joo-won
SEOUL, Oct. 25 (Yonhap) -- Hana Financial Group said Tuesday its net profit jumped 20.8 percent in the third quarter from a year earlier due to higher interest income.
Consolidated net profit came to 1.12 trillion won (US$780.1 million) in the July-September period, compared with 928.8 billion won from a year earlier, South Korea's major financial group said in a regulatory filing.
Operating profit grew 28.2 percent on-year to 1.47 trillion won, with sales increasing 133.8 percent to 31.1 trillion won, the group said.
Hana Financial Group's earnings exceeded market expectations. The average estimate of net profit by analysts stood at 941.5 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
In the first three quarters of the year, the group's net income jumped 6.26 percent from a year earlier to an all-time high of 2.85 trillion won.
"Despite foreign exchange losses from a weak Korean currency, (Hana Financial Group) posted stable earnings through substantial growth in loans and efficient cost management," the group said.
In the third quarter alone, the group's net interest margin -- the difference between interest paid and interest received -- came to 1.82 percent.
Hana Financial Group's key subsidiaries also enjoyed robust earnings in the third quarter.
Hana Bank, the group's flagship subsidiary, saw its net profit in the first three quarters swell 15.2 percent on-year to 2.24 trillion won.
The bank's key income -- interest income and commission income -- came to 6.09 trillion won in the first nine months, up 21.3 percent from a year ago.
(END)
(C) Yonhap News Agency. All Rights Reserved
