Hana Financial Group reports highest Q1 net profit on record

Hana Financial Group on Friday reported its highest first-quarter net profit on record this year, driven by a rise in interest income.

The banking group said that it earned a net profit of 1.21 trillion won ($816 million) over the January to March period, up 7.3 percent from a year earlier.

The earnings exceeded market expectations. The average estimate of Hana Financial's net profit by analysts stood at 1.12 trillion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

The banking group's operating income rose 11.1 percent on year to 1.65 trillion won in the first quarter. Revenue surged 71.4 percent to 29 trillion won over the cited period.

Its net interest income rose 10.2 percent on year to 2.5 trillion won, and its noninterest income fell 11.9 percent over the cited period to 584 billion won.

Its flagship Hana Bank reaped a net profit of 1.1 trillion won in the first quarter, up 11.2 percent from a year earlier.

Yonhap