Hana Financial profit rises 7.9% in third quarter

Hana Financial Group on Friday reported a rise in net profit in the third quarter of the year, driven by a rise in interest and noninterest income.

The banking group said it racked up a net profit of 1.2 trillion won ($919 million) in the July to September period, up 7.9 percent from a year earlier.

The earnings are higher than market expectations. The average estimate of net profit by analysts stood at 1.2 trillion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Hana Financial posted 1.6 trillion won in operating profit for the quarter, compared with 1.5 trillion won a year ago. Revenue also rose 83.6 percent to 20 trillion won.

In the first nine months of the year, Hana racked up 3.6 trillion won in net profit, up 5.6 percent on year, marking the highest ever.

Hana Financial posted an interest income of 7.5 trillion won in the January to September period, up 10.37 percent on year, and its commission income spiked 29.8 percent to 2.1 trillion won over the cited period.

Its flagship Hana Bank reaped a net profit of 1.2 trillion won in the third quarter, up 5.8 percent from a year earlier.

Yonhap