NongHyup Financial Group logged a net profit of 2.457 trillion won in 2024.
The figure was the highest-ever for the company.
Its non-banking affiliates, such as NH Life Insurance, took the initiative in driving the financial group’s performance.
On Feb. 14, NongHyup Financial Group announced its 2024 earnings report, revealing that its net profit stood at 2,453.7 trillion won in 2024, up 11.4 percent from the previous year of 2023.
It added that the growth was attributable mainly to the growth of profit in the non-banking sector, including non-interest income and profits in the insurance business.
In 2024, its non-interest income ascended by 6.7 percent to 1,799.1 trillion won, while its insurance profit soared by 153.8 billion won. Interest income shrank by 0.1 percent to 8,497.2 billion won.
Growth was remarkable, particularly in the non-banking sector. NongHyup Life Insurance posted a net profit of 246.1 billion won last year, up 35.4 percent year on year while NH Capital’s net profit climbed by 1.1 percent to 85.4 billion won.
NH Savings Bank turned a profit of 12.6 billion won, returning to profitability.
As a result, NongHyup Financial Group’s non-banking affiliates’ contribution to the group’s net profit swelled by 4.2 percentage points year on year to 31.9 percent.
NongHyup Bank posted a net profit of 1,807.0 billion won in 2024, up 1.5 percent year on year due to a 42.4 percent decrease in provisions of 969.6 billion won.
The bank’s interest income contracted by 1.3 percent to 7,657.9 billion won, as its net interest margin (NIM) sank by 0.14 percentage points to 1.88 percent.
Its non-interest income dipped by 0.3 percent to 745.4 billion won as all of its segments except the credit segment posted declines.
NongHyup Financial Group's asset quality and capital adequacy deteriorated somewhat. Its NPLs overdue for more than three months surged 23.5 percent year on year to 2,353.2 billion won.
However, its NPL ratio hit 178.01 percent, an increase of 20.84 percentage points from 2023.
Its Bank for International Settlements (BIS) ratio was 15.37 percent, down 0.54 percentage points from 2023.
“NongHyup Financial Group will proactively respond to the three megatrends that are directly related to its survival, including demographic change, climate change and digital technological innovation,” said an official of NongHyup Financial Group.
“We will have the capabilities and systems to closely manage risks caused by uncertainties in internal and external economic environments, changes in international regulatory environments and the emergence of new products and services.”
_농협 이찬우회장.jpg)
_농협금융도표_대지 1.jpg)
