BNK Financial Group achieved net profit of 276 billion won in the first quarter

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BNK Financial Group announced on the 28th that it achieved a consolidated net profit of 276.3 billion won in the first quarter of this year.

Most of the major subsidiaries’ performance improved significantly. In the banking sector, Busan Bank recorded 128.2 billion won in net income and Kyongnam Bank recorded 87.2 billion won in net income as assets increased and asset quality improved due to the increase in loans to local SMEs.

Non-bank affiliates also continued to grow their profits, accounting for 30.2% of total profits. BNK Capital posted a net profit of KRW 57.5 billion, a 69.1% increase compared to the same period of the previous year, due to an increase in assets and an increase in PF fees. BNK Investment & Securities recorded 34.5 billion won in performance, a 9.5% increase compared to the same period last year, thanks to an increase in profits related to IB (corporate finance) and over-the-counter derivatives.

The group’s asset quality indicators also improved. The group’s non-performing loan ratio and delinquency rate recorded 0.4% and 0.31%, down 0.33 percentage points and 0.18 percentage points from the same period last year, respectively. The group’s substandard and below loan coverage ratio was 204.2%, which increased by 82.1% compared to the same period, indicating that the ability to cope with insolvency increased. The common stock capital ratio, which is an indicator of the group’s capital adequacy, remained stable at 11.18%, up 0.16%p from the end of the previous year, thanks to an increase in net income and continuous management of risk-weighted assets (RWA).

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Sungjae Jeong, head of the group strategic finance division of BNK Financial Group, said, “We will continue to promote differentiated business models for each subsidiary to exceed our target net profit. As triple weakness is underway, we will focus not only on improving profitability, but also on risk management due to increased volatility in the financial market.”

Busan = Reporter Min Gun-tae

ⓒ Hankyung.com, unauthorized reprinting and redistribution prohibited

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