Hana Financial reports record net of $2.9 billion

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Hana Financial reports record net of $2.9 billion

An office of Hana Financial Group in Myeong-dong, central Seoul [YONHAP]

An office of Hana Financial Group in Myeong-dong, central Seoul [YONHAP]

 
Hana Financial Group reported a record net profit last year thanks to steady growth in banking, securities and card units, beating market expectations.  
 
The group announced Thursday 3.53 trillion won ($2.9 billion) in net profit in 2021, up 33.7 percent over a year ago and higher than the market consensus of 3.52 trillion won.  
 
In the fourth quarter, net rose 58.5 percent to 844.5 billion won compared to the same period last year.  
 
The results were driven by an upbeat performance by its affiliates Hana Bank, Hana Financial Investment and Hana Card.  
 
Hana Bank brought in 2.57 trillion won of net last year, up 27.9 percent on year.  
 
The bank cited growing demand for loans tailored to small-and-medium sized enterprises and reduced expenditures, which offset unfavorable conditions like a higher currency exchange rate against the dollar.  
 
Its non-banking sector accounted for 35.7 percent of the entire net in 2021.  

 
Hana Financial Investment posted a 23.3 percent increase in net to 506.6 billion won, thanks to the growing commissions from brokering equity trading.  
 
Hana Capital, a consumer finance arm, reported a 53.5 percent jump in net to 272 billion won on year. Hana Card saw a 62.2 percent rise in net to 250.5 billion won.  
 
The group raised its year-end dividend payout by 77.8 percent to 2,400 won per share, on top of an interim dividend payment of 700 won.  

The  payout ratio rose to 26 percent, on par with the ratio recorded in 2019 before the pandemic hit.
 
Following Thursday's announcement, shares of Hana Financial Group jumped 5.35 percent on Friday to close at 51,200 won.  
 
The group is set to undergo a major change in leadership.  
 
Ham Young-joo, the group’s vice chairman, was nominated by a board committee on Feb. 9 to be the next chairman of the group. Ham will replace Kim Jung-tai, who held the title since March 2012.  
 
 
 

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]
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