NongHyup Financial, Net Profit of 1.7796 Trillion KRW... Record High
Including Agricultural Support Project Funds Submitted to NongHyup Central Association, Net Profit Surpasses 2 Trillion Won
[Asia Economy Reporter Kim Min-young] NH Nonghyup Financial Group has achieved a net profit exceeding 1 trillion KRW for two consecutive years, setting a record high performance.
On the 14th, Nonghyup Financial announced its earnings, reporting that last year's net profit on a consolidated basis was 1.7796 trillion KRW, an increase of 560.7 billion KRW or 46.0% compared to the previous year. This is the highest performance since the financial holding company was launched in 2012.
Including agricultural support expenses such as the name usage fee paid to the Nonghyup Central Association (413.6 billion KRW), net profit surpassed 2 trillion KRW for the first time.
Nonghyup Financial's interest income was 7.8304 trillion KRW, an increase of 33.4 billion KRW from the previous year. Although non-interest income recorded a loss of 53.5 billion KRW, the loss size significantly decreased compared to the previous year (532.5 billion KRW).
The representative profitability indicators showed a return on equity (ROE) of 8.65% and a return on assets (ROA) of 0.41%.
The soundness indicator, the non-performing loan (NPL) ratio, was 0.63%, down 0.28 percentage points from the end of the previous year, and the loan loss provision coverage ratio increased by 0.05 percentage points to 107.22%.
Total assets increased by 2.4% from the end of the previous year to 427.1 trillion KRW.
The core subsidiary, NH Nonghyup Bank, posted a net profit of 1.5171 trillion KRW last year, also a record high.
Nonghyup Financial explained that net profit surged 24.1% (294.5 billion KRW) based on a credit policy emphasizing soundness, proactive bond management, and solid asset growth.
The non-bank sector also performed well. NH Investment & Securities earned a net profit of 475.5 billion KRW last year, an increase of 31.8% compared to the previous year.
NH Nonghyup Life Insurance turned profitable with 40.1 billion KRW last year, recovering from a loss in the previous year.
NH Nonghyup Property & Casualty Insurance posted a net profit of 6.8 billion KRW, Capital 50.3 billion KRW, Asset Management 21.7 billion KRW, and Savings Bank 18.1 billion KRW.
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Nonghyup Financial stated, “To realize the management slogan ‘DESIGN Nonghyup Financial,’ we will establish a sustainable management system through future innovation and sound management, including digital management innovation, global management expansion, and group portfolio restructuring.”
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