43.7% increase compared to the same period last year… Daegu Bank’s profit improvement, high growth impact of non-bank affiliates
DGB Financial Group announced on the 28th that its accumulated net profit in the third quarter reached 456.4 billion won, up 43.7 percent from the same period last year, the highest ever.
During this period, the controlling shareholder’s net profit increased 47% to 417.5 billion won and operating profit increased by 50% to 612 billion won.
It surpassed the previous year’s annual performance for the first time in three quarters thanks to an improvement in profits from its flagship affiliate DGB Daegu Bank and an increase in non-interest income from non-bank affiliates such as Hi Investment & Securities and DGB Capital.
DGB Daegu Bank’s accumulated operating profit for the third quarter was 376.8 billion won, up 46.6%, and net profit increased 40.3% to 285.6 billion won.
DGB Financial explained that this is because interest income increased due to the growth of loans to businesses and households, and bad debt expenses decreased due to internal and external economic recovery.
In addition, he added that the future earnings outlook is bright, with the NPL ratio, which is a key soundness indicator, improved from 0.7% to 0.53% and the delinquency rate from 0.54% to 0.31%.
The accumulated net profit of non-bank affiliates in the third quarter was 130.1 billion won for Hi Investment & Securities and 61.5 billion won for DGB Capital, up 51.5% and 117.3%, respectively.
An official from DGB Financial said, “Banks and non-bank affiliates showed even profit growth thanks to good performance.
ⓒ Hankyung.com, unauthorized reprinting and redistribution prohibited