Hana Financial’s books suffer in Q2 due to absence of stake saleHana Financial Group, Korea’s No. 4 banking group, said yesterday its second-quarter earnings fell 54 percent from a year earlier due mainly to the absence of a one-off stake gain.
Net income came to 225.1 billion won ($196.2 million) in the April-June period, compared with 489.8 billion won the previous year, said the group, which competed to buy Korea Exchange Bank (KEB) in February.
Hana Financial’s net profit includes KEB’s earnings results.
In the second quarter of 2011, the group posted a one-time profit of around 137.4 billion won by selling its stake in Hyundai Engineering & Construction.
For the first half, the group’s net profit amounted to 1.54 trillion won, up 77.2 percent from a year earlier.
Sales rose 7.3 percent on-year to 5.63 trillion won in the last three months, while operating profit declined 39 percent to 417 billion won.
The group’s net interest margin, a gauge of profitability, came in at 2.2 percent in the second quarter, up 0.02 percentage point from three months earlier.
The group’s total assets stood at 364 trillion won as of end-June, up 12.2 trillion won from three months earlier.
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