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(LEAD) Hana Financial Group Q1 earnings beat expectations

Finance 16:16 April 22, 2022

(ATTN: RECASTS throughout with details; ADDS image; CHANGES headline)

SEOUL, April 22 (Yonhap) -- Hana Financial Group Inc., a major financial holding group in South Korea, said Friday its earnings rose more than 7 percent in the first quarter on higher interest income, beating market expectations.

Consolidated net income came to 914.7 billion won (US$738.2 million) in the January-March period, up 7.4 percent from a year earlier, the company said in a regulatory filing.

The first-quarter bottom line was higher than market forecasts. The median net-profit estimate by analysts stood at 769.6 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Operating profit increased 2.2 percent on-year to 1.1 trillion won, while revenue fell 2.2 percent to 13.7 trillion won.

The strong first-quarter performance was attributed largely to a jump in interest income, which soared 28 percent on-year to 2.02 trillion won.

The group's flagship, Hana Bank, also saw its net income swell 15.9 percent on-year to 669.4 billion won in the first quarter, despite a 6 percent drop in revenue to 9.3 trillion won.

The group's return on assets (ROA), a key gauge of profitability, stood at 0.72 percent, and the return on equity (ROE) reached 10.7 percent.

Shares in Hana Financial rose 1.46 percent to 48,750 won on Friday, outperforming the broader KOSPI's 0.86 percent decline.

(LEAD) Hana Financial Group Q1 earnings beat expectations - 1


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