Home > Business > Finance

Hana Financial Group reports $839 million profit in Q3

Published: 29 Oct. 2024, 18:18

Hana Financial Group office in central Seoul [HANA FINANCIAL GROUP]

Hana Financial Group on Tuesday reported its third quarter net profit of 1.16 trillion won ($839 million), up 20.4 percent from a year earlier thanks to a rise in noninterest income.

The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 1.04 trillion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

The company said in a regulatory filing that it posted 1.33 trillion won in operating profit for the quarter, compared to 1.19 trillion won a year ago. Revenue fell 39 percent to 10.93 trillion won.

For the first nine months of the year, the group's net profit came to a record 3.23 trillion won, up 8.3 percent from the same period last year.

The flagship Hana Bank posted a net profit of 1.03 trillion won in the third quarter, up 11.9 percent from a year earlier.

Its third quarter operating profit soared 10.6 percent to 1.25 trillion won over the cited period, while revenue sank 47.5 percent to 7.44 trillion won.

Yonhap