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Hana Financial posts 6.1% YOY decline in Q2 net income

Hana FinancialGroup Inc. posted a 6.1% year-over-year decline in net income forthe second quarter as it booked increased losses on derivative financialinstruments.

The group on July 22 reported a fall in consolidated netincome attributable to equity holders to 352.15 billion won, or 1,167 won pershare, from 374.86 billion won, or 1,248 won per share, in the prior-yearquarter.

Hana Financial reported a net loss of 8.37 billion won onderivative financial instruments for hedging purposes, compared to a net lossof 1.37 billion won in the second quarter of 2015.

Net interest income for the quarter climbed year over yearto 1.145 trillion won from 1.132 trillion won, while net fees and commissionincome fell to 420.21 billion won from 460.01 billion won. Net trading incomecame to 80.27 billion won, compared to a net trading loss of 66.28 billion wonin the prior-year quarter.

Total operating income fell to 1.881 trillion won from 2.034trillion won, while net operating income declined to 1.616 trillion won from1.669 trillion won.

The group's net interest margin for the quarter was 1.81%,up from 1.80% in both the prior quarter and the prior-year period.

For the first half, Hana Financial's net income attributableto equity holders rose 5.5% year over year in the aggregate to 790.03 billionwon, or 2,613 won per share, from 748.83 billion won, or 2,516 won per share.

The group's nonperforming loan ratio was 1.23% as of June30, down from 1.30% at March 31 and 1.41% at June 30, 2015.

As of June 30, the group's BIS ratio was 14.54%, up from13.43% in the first quarter and 12.52% in the prior-year period. Its commonequity Tier 1 and Tier 1 ratios for the period were 11.44% and 11.98%,respectively, compared to 9.44% and 9.97%, respectively, at June 30, 2015.

The group's banking unit, KEB Hana Bank, reported a 181.0% year-over-year increasein consolidated second-quarter net income attributable to equity holders to306.78 billion won from 109.16 billion won. EPS for the quarter rose to 284 wonfrom 206 won.

Net interest income for the quarter rose to 1.070 trillionwon from 437.15 billion won, while net fees and commission income climbed to158.25 billion won from 103.32 billion won. Operating incomeincreased to 363.65 billion won from 127.11 billion won.

Net interest margin for the quarter was 1.40%, remainingsteady from both the previous quarter and prior-year quarter.

For the first half, KEB Hana Bank's net income attributableto equity holders rose 245.5% year over year in the aggregate to 798.98 billionwon, or 741 won per share, from 231.27 billion won, or 438 won per share.

The banking unit's nonperforming loan ratio was 1.17% as ofJune 30, down from 1.24% at March 31 and 1.33% at June 30, 2015.

As of June 30, the bank's BIS ratio was 16.76%, up from15.22% at March 31 and 14.20% in the prior-year period. Its common equity Tier1 and Tier 1 ratios for the period were 13.31% and 13.43%, respectively,compared to 11.52% and 11.80%, respectively, at June 30, 2015.

Hana Financial recommended an interim dividend of 250 wonper share for the first half, up from the prior year's interim dividend of 150won per share.

As of July 21, US$1was equivalent to 1,138.16 South Korean won.