Chairman Kim Gwang-soo of NH Financial Group. (Photo: NHFG)

NH Financial Group said its net profit in 2018 amounted to 1.218,9 trillion won, the largest in its history, up 41.8 percent YoY. It was the initial year for Chairman Kim Gwang-soo as the top manager of the financial group.

NH Financial, launched in 2012, attributed the outstanding performance results to reduced loan loss provision and boosts in interest and fee earnings for its affiliates namely HN Bank, the group said.

The loan loss provision was cut to 735.5 billion won, down 22.1 percent YoY, while the interest earnings came to 7.910,1 trillion won and fee earnings 1.789 trillion won, up 9.9 percent and 4.5 percent YoY, respectively.

Among the affiliates, NH Bank and NH Investment Securities logged the best annual results, 1.222,6 trillion won for NH Bank and 360 billion won for NHIS, up 87.5 percent and 3.1 percent respectively. The group’s total assets rose to 417 trillion won, up 7.3 percent YoY with NPL down 0.04 percentage point at 0.91 percent from the preceding quarter. NIM at 1.89 percent was up 0.02 percentage point for the whole year last year.

Chairman Kim has been credited with the excellent performance results for the group for his leadership and management ability amid the management environment for the year not considered improved over the preceding year, especially, his risk management that he managed to build as part of sustainable profit base.

The chairman also has been given credit for improving the management structure of the group to build stable growth base, while boosting the support to agricultural industry and farms as the people’s Federation to last for a long time.

NongHyup Financial Group Inc. provides financial products and services in South Korea. Its services include financing, mortgages, personal lines of credit, corporate finance, real estate finance, and new technology finance.

The company also provides life, property, and casualty insurance products. In addition, it accepts various deposits products, such as time and periodical deposits; and offers loan products, as well as engages in agricultural cooperative banking, investment and securities, and asset management businesses. The company is based in Seoul, South Korea.

NongHyup Financial Group Inc. is a subsidiary of National Agricultural Cooperative Federation.

NongHyup Financial Group Inc. provides financial products and services in South Korea. Its services include financing, mortgages, personal lines of credit, corporate finance, real estate finance, and new technology finance. The company also provides life, property, and casualty insurance products.

In addition, it accepts various deposits products, such as time and periodical deposits; and offers loan products, as well as engages in agricultural cooperative banking, investment and securities, and asset management businesses. The company is based in Seoul, South Korea. NongHyup Financial Group Inc. is a subsidiary of National Agricultural Cooperative Federation.

The move by NongHyup comes as South Korea’s pension and retirement funds are seeking to increase commitments to global investment firms through co-investment, or joint venture launch with the world’s largest pension sChemes, with an aim to become major LPs.

Because of their smaller commitments than global rivals’, South Korean institutional investors were crowded out of competition for better-yielding alternative assets.

Major LPs of investment funds are often provided with co-investment opportunities, or investment banking businesses such as M&A financing and advisory.