NongHyup Financial Group said on Feb. 14 its net profit reached an all-time high last year, surpassing the 1 trillion won (US$888.90 million) mark for the first time.
Net profit of the financial group reached 1.22 trillion won in 2018, up 41.8 percent from a year earlier, the group said in a statement.
The best-ever performance since the group’s establishment in 2012 is attributable to the growth in interest income and commission fees and lower loan-loss provisions.
Its interest income rose 9.9 percent on-year to 7.91 trillion won, and income from commission fees went up 4.5 percent to 1.08 trillion won, while the loan-loss provision dropped 22.1 percent from a year earlier to 735.5 billion won, according to the group.
NongHyup Bank, the group’s flagship banking unit, reported a net profit of 1.22 trillion won in 2018, up 87.5 percent from a year before.
Its net interest margin, a measurement of profitability, grew 0.02 percentage point on-year to stand at 1.92 percent as of the end of last year, it noted.
By Ram Garikipati and newswires (firstname.lastname@example.org)