Hana Financial Group announced on Feb. 4 that its consolidated net profit stood at 3,738.8 billion won in 2024, up 9.3 percent from the previous year.
In the fourth quarter of 2024 alone, the financial group earned a net profit of 513.5 billion won, up 15.71 percent year on year.
Hana Financial Group’s diversified portfolio has been the key to its record-breaking performance, despite a decline in interest income sparked off by a lower market interest rate.
In 2024, Hana Financial Group’s interest income stood at 876.1 billion won, down slightly by 0.6 percent year on year.
However, fee income grew by 15.2 percent (273.5 billion won) year on year to 2,069.6 billion won, driving the group’s overall performance improvement.
The increase was attributable to an increase in IB fees, the expansion of a base for accumulated fees such as those for pensions and operating leases and higher credit card commissions.
Income from credit card fees increased 39.4 percent year on year to 350.6 billion won.
Credit and foreign exchange-related commissions also climbed 19.3 percent year on year to 837.9 billion won.
Hana Financial Group’s credit cost ratio fell by 0.11 percentage points year on year to 0.29 percent and its delinquency ratio improved by 0.04 percentage points quarter on quarter to 0.51 percent.
Hana Financial Group’s BIS capital ratio estimate is 15.50 percent. Its return on equity (ROE) and return on assets (ROA) were 9.12 percent and 0.61 percent, respectively.
Hana Financial Group’s estimated Common Equity Tier 1 (CET1) ratio was 13.13 percent as of the end of 2024.
By affiliate, Hana Bank racked up consolidated net income of 3,356.4 billion won for 2024 including 575.6 billion won in the fourth quarter of 2024. This was a year on year decrease of 3.5 percent.
Hana Bank’s commission income grew by 8.5 percent or 74.1 billion won, year on year to 945.0 billion won.
The combined amount of Its interest income (7,738.5 billion won) and fee income stood at 8,663.5 billion won.
The bank’s net interest margin stood at 1.46 percent at the end of the fourth quarter of 2024, up 0.05 percentage points from the same period of 2023.
Hana Securities posted a net profit of 225.1 billion won, driven by the growth of customers in its wealth management (WM) sector and improved performances in its IB and sales and trading (S&T) businesses.
Hana Card posted a net profit of 221.7 billion won, Hana Capital 116.3 billion won and Hana Asset Trust 58.8 billion won.
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