Hana Financial Q1 profit sinks on severance payments

By Yonhap

Published : April 19, 2019 - 16:57

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Hana Financial Group, a major South Korean banking group, said Friday its first-quarter net profit fell 16.8 percent on-year, hit by one-off costs related to severance payments.

Net profit stood at 556 billion won ($489 million) for the January-March period, compared with a profit of 668.6 billion won a year earlier, Hana Financial said in a statement.

Hana Financial said it spent 126 billion won in severance payments in February, when it cut 241 jobs.

(Yonhap)

Its interest income and earnings from commission fees rose 2.6 percent on-year to 1.9 trillion won for the quarter. Hana Financial said its net interest margin, a key barometer of profitability, fell 0.05 percentage point to 1.8 percent at the end of March.

Flagship KEB Hana Bank posted a net profit of 479.9 billion won for the first quarter, down 24.1 percent from a year earlier.

KEB Hana Bank‘s interest income and revenue from commission fees gained 4.3 percent on-year to 1.5 trillion won for the first quarter, Hana Financial said. (Yonhap)

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Hana Financial Q1 profit sinks on severance payments

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