Hana Financial Group Q2 net profit up 10% on noninterest income gain

Hana Financial Group's headquarters in Seoul/ Courtesy of Hana Financial Group

Hana Financial Group Inc. on Thursday reported its second-quarter net profit jumped more than 10 percent from a year earlier largely thanks to a steep increase in noninterest income.

Net profit for the three months ended in June was 935.8 billion won ($732.9 million), up 10.9 percent from a year ago, the company said in a regulatory filing.

The operating profit for the April-June period rose 18.5 percent on-year to 1.33 trillion won, while sales decreased 28.6 percent to 15.18 trillion won.

The net profit for the first half was 2.05 trillion won, up 15.7 percent on-year.

Hana Financial attributed the increased net profit to an advancement in noninterest income.

The group raised a record high 1.37 trillion won of noninterest income and also a record high 750.8 billion won of trading profit in the first half.

The flagship Hana Bank posted a net profit of 870 billion won in the second quarter, up 22.7 percent on-year, thanks to a 338.6 percent increase in its noninterest income and cost management efforts.

But Hana Securities swung to a net loss of 48.9 billion won due a rise in reserve funds amid market uncertainties. (Yonhap)