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NH Financial's net falls 2.5 pct in 2020

Finance 14:24 February 16, 2021

SEOUL, Feb. 16 (Yonhap) -- NH Financial Group Inc., a major South Korean banking group, said Tuesday its earnings edged down in 2020 from a year earlier due to increased loan-loss reserves.

Net profit came to 1.74 trillion won (US$1.58 billion) last year, down 2.5 percent from a year earlier, NH Financial said in a statement.

In the fourth quarter, its bottom line tumbled 50 percent on-quarter to 275.1 billion won.

Interest income climbed 2 percent on-year to 7.99 trillion won for all of last year, according to the statement.

NH Financial's net interest margin, a key barometer of profitability, stood at 1.65 percent as of end-December, down 0.7 percentage point from a year earlier.

Nonghyup Bank, the flagship banking arm of NH Financial, saw its net profit decrease 9.6 percent on-year to 1.37 trillion won.

NH Investment & Securities, a brokerage unit of NH Financial, posted a net profit of 577 billion won, up 21.3 percent from a year ago.

Nonghyup refers to the National Agricultural Cooperative Federation, whose key stakeholders include farms and other agricultural businesses. In addition to its banking affiliate, the group also has securities firms and asset managers under its arm.

The headquarters of NH Financial Group Inc. in Seoul (Yonhap)


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