Hana Financial net hits record high in Q1
The logo of Hana Financial Group is seen at its building in central Seoul, May 26. Newsis
Hana Financial Group on Friday reported a record high net profit in the first quarter of the year, driven by a rise in interest incomes.
The banking group said it racked up a net profit of 1.21 trillion won ($816 million) in the January-March period, up 7.3 percent from a year earlier.
The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 1.12 trillion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
Operating income rose 11.1 percent on-year to 1.65 trillion won in the first quarter. Revenue surged 71.4 percent to 29 trillion won over the cited period.
Its net interest income rose 10.2 percent on-year to 2.5 trillion won, and its non-interest income fell 11.9 percent over the cited period to 584 billion won.
Its flagship Hana Bank reaped a net profit of 1.1 trillion won in the first quarter, up 11.2 percent from a year earlier.