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Hana Financial Q3 net profit surges 41.8% YOY on one-off items

Hana Financial Group Inc. said its net profit for the quarter ended Sept. 30 increased 41.8% year over year, helped by one-off items including proceeds from the sale of subsidiary KEB Hana Bank's former headquarters.

The group's net income attributable to equity holders surged to 835.95 billion won from 589.44 billion won. Basic EPS rose to 2,789 won from 1,939 won.

Net interest income increased to 1.459 trillion won from 1.427 trillion won, and net fees and commission income climbed to 498.44 billion won from 485.80 billion won. Impairment loss on financial assets totaled 96.23 billion won, compared to 68.63 billion won in the prior-year period.

The group's net income for the nine months to Sept. 30 rose year over year to 2.040 trillion won, or 6,717 won per basic share, from 1.892 trillion won, or 6,256 won per basic share. The group said the results for the period included one-off items, including 447.7 billion won gain from the sale of KEB Hana Bank's former headquarters.

As of Sept. 30, the group's net interest margin stood at 1.78%, compared to 1.81% as of the end of previous quarter and 1.84% as at Dec. 31, 2018. The company's nonperforming loan ratio fell to 0.48% from 0.56% and from 0.59% over the same periods.

The BIS capital adequacy ratio came in at 14.17%, down from 14.69% a quarter earlier and 14.89% in the prior-year period.
period. Its common equity Tier 1 ratio was 12.25%, down from 12.62% in the previous quarter and from 12.98% a year earlier.

The Tier 1 ratio stood at 12.97%, compared to 13.37% in the previous quarter and to 13.49% at the end of September 2018.

Meanwhile, KEB Hana Bank's net income for the nine months ended Sept. 30 rose year over year to 1.791 trillion won from 1.758 trillion won. EPS increased to 1,664 won from 1,633 won.

The bank's net interest income rose to 4.073 trillion won from 3.925 trillion won. Its net interest margin for the nine-month period clocked in at 1.47%, compared to 1.54% at the end of the second quarter and 1.55% in the prior-year period.

The unit's NPL ratio improved to 0.40% as of Sept. 30 from 0.47% in the previous quarter and 0.55% a year earlier.

Its BIS capital adequacy ratio stood at 15.57%, compared to 15.84% as of the end of the second quarter and 16.51% as of the end of the third quarter of 2018. Its common equity Tier 1 and Tier 1 ratios were 13.49% and 13.57%, respectively, compared to 13.57% and 13.65% in the second quarter and to 14.06% and 14.17% in the prior-year period.

As of Oct. 24, US$1 was equivalent to 1,173.57 South Korean won.