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RETAIL BANKING | Tony Chua, Korea

Hana Financial second quarter profit up 27.3%

Yet its sales dipped 28.4% as the bank’s net income soared by 141.6% to $457.7mn. 

Hana Financial Group Inc., South Korea's No. 4 banking group, said on Wednesday its second-quarter earnings more than doubled from a year earlier on a one-off factor and improved profit margins.

Net income came to 482.6 billion won (US$457.7 million) in the April-June period, up 141.6 percent from the previous year, the group said in a regulatory filing. Compared with three months earlier, net profit rose 27.3 percent.

Sales declined 28.4 percent on-year to 5.33 trillion won ($5.06 billion) and operating profit jumped 154.4 percent to 683.2 billion won ($649,67 million), it added.

Shares of Hana Financial rose 0.53 percent to close at 38,200 won ($36.32) on the Seoul bourse. The results were announced after the stock market closed.

View the full story in Yonhap News.

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