Hana Financial registers strong Q3 net income, vows to bolster shareholder returns to 50% by 2027

Hana Financial Group Chairman Ham Young-joo / Yonhap

By Lee Kyung-min

• Published Oct 29, 2024 4:03 PM KST
• Updated Jan 10, 2025 2:17 PM KST

Hana Financial Group’s net profit in the first three quarters came to 3.22 trillion won ($2.3 billion), including 1.15 trillion won for the July-September period, the group said Tuesday.

Underpinning nine months of a robust profit increase of 8.3 percent from a year earlier was an expanded customer base, increased non-interest income from portfolio diversification and risk management efforts.

The feat came despite heightened uncertainty within the country and abroad across financial markets and sliding market rates due to monetary easing.

The group’s board agreed to buy back 150 billion won worth of shares for cancellation for the remainder of the year and a quarterly per-share dividend of 600 won, as part of an enhanced shareholder return policy.

The group has retired 300 billion won worth of shares as of the third quarter.

The efforts are intended to raise the group’s shareholder returns to 50 percent by 2027, aided by improved earnings per share and greater dividends.

Hana Financial said efforts will continue to bolster the group's stagnant shares, underpinned by an annual review and assessment of corporate strategy.

The group will fortify its financial soundness. Its common equity tier 1 (CET1) ratio is expected to soar to a range of between 13 percent and 13.5 percent. It will maintain its return on equity at over 10 percent. The ratio, as measured by a financial firm's highest-quality capital relative to risk-weighted assets, is a gauge of its liquidity profile and ability to survive a challenging monetary event.

NongHyup Financial said its net income for the July-September period came to 2.31 trillion won, up 13.2 percent from the previous year.

Shinhan Financial Group’s net income for the third quarter came to 1.23 trillion won, up 3.9 percent from the previous year.

Woori Financial Group’s figure came to 903.6 billion won, up 0.6 percent from the previous year. Its net income in the first nine months amounted to 2.65 trillion won, up 9.1 percent year-on-year.

KB Financial Group reported a record-high net income of 1.61 trillion won for the third quarter, up 17.9 percent from a year earlier.

The figure for the first nine months reached 4.39 trillion won.