Hana Financial Group reports 7.4% jump in profit

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Hana Financial Group reports 7.4% jump in profit

Hana Financial Group, the holding company of major lender Hana Bank, on Tuesday said its net profit came to 2.44 trillion won ($2.1 billion) in 2019, up 7.4 percent from a year earlier.

Annual revenue jumped 18.87 percent on-year to some 38.65 trillion won, with operating profit rising 3.91 percent to 3.27 trillion won over the period.

For the fourth quarter, sales came to 6.38 trillion won, with operating profit jumping more than 49 percent from a year earlier to 766 billion won, beating a market consensus of 619 billion won. Net profit came to 375 billion won in the October-December period.

The rise in the group’s net profit was partly attributed to an improved performance by brokerage subsidiary Hana Financial Investment, which reported an 85.6 percent on-year spike in its net profit to some 280 billion won.

The group’s flagship Hana Bank saw its net profit gain 3.58 percent to 2.16 trillion won last year, while sales jumped 16.1 percent to 30.2 trillion won.

The bank’s operating profit slipped 4.8 percent on-year to 2.7 trillion won.

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