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Hana Financial's net jumps 47.9 pct on-year in 2016

All News 17:37 January 24, 2017

SEOUL, Jan. 24 (Yonhap) -- Hana Financial Group Inc., a major South Korean banking group, said Tuesday its net profit surged 47.9 percent in 2016 from a year earlier on synergy effects.

Net profit came to 1.345 trillion won (US$1.15 billion) in 2016 on a consolidated basis, compared with 909.7 billion won a year ago, the group said in a regulatory filing.

The earnings were Hana's strongest annual results since 2012.

Interest income came to 4.642 trillion won in 2016, up 2.3 percent from a year earlier.

The group's net interest margin, a key barometer of profitability, stood at 1.8 percent in the fourth quarter, unchanged from a quarter earlier.

Flagship KEB Hana Bank posted a net profit of 1.387 trillion won in 2016, up 229.5 percent from a year earlier. KEB Hana was launched Sept. 1, 2015, after Hana Financial Group acquired what was then Korea Exchange Bank.

Hana Financial Group said the increase in profit was largely attributed to synergy effects following the acquisition of KEB.

Shares of Hana Financial Group closed at 33,000 won on the Seoul bourse, unchanged from the previous session's close, outperforming the broader KOSPI's 0.01 percent loss.

Hana Financial's net jumps 47.9 pct on-year in 2016 - 1


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