SC Jeil Bank, Q1 Net Profit of 93.8 Billion KRW... 'Earnings Surprise'

23.4% Increase Compared to 76 Billion KRW Last Year
Operating Profit Also Increased by 22.4% to 119.5 Billion KRW

[Asia Economy Reporter Minyoung Kim] SC First Bank recorded a performance surprise in the first quarter of this year.

SC First Bank announced on the 15th that it recorded a consolidated net profit of 93.8 billion KRW in the first quarter of this year. This is an increase of 17.8 billion KRW (23.4%) compared to the same period last year (76 billion KRW).

Operating profit for the same period was 119.5 billion KRW, up 21.9 billion KRW (22.4%) from 97.6 billion KRW in the same period last year.

The bank achieved efficient management by maintaining good profitability from fees and reducing costs. Regarding revenue, in the first quarter, there was a clear upward trend compared to the same period last year due to an increase in loan assets, growth in fee income from asset management, and the impact of expanded financial market volatility caused by the COVID-19 pandemic. Meanwhile, costs only slightly increased due to thorough cost management and efforts to improve productivity.

Return on assets (ROA) and return on equity (ROE) rose by 0.04 percentage points and 1.64 percentage points, respectively, reaching 0.51% and 8.32%, higher than the same period last year.

Asset quality indicators, such as the ratio of non-performing loans and the delinquency rate, improved by 0.06 percentage points each compared to the end of March last year, recording 0.40% and 0.22%, respectively. The bank stated, "Thanks to proactive risk management, the soundness of the asset portfolio is continuously improving."

Supported by these achievements, assets also increased significantly. Total assets reached 81.1197 trillion KRW, up 13.2569 trillion KRW (19.5%) from the end of last year (67.8628 trillion KRW). This was due to an increase in loan assets, investment assets, and derivative assets during the first quarter.

Robust capital soundness was also maintained. As of the end of March, the Bank for International Settlements (BIS) capital adequacy ratio and Tier 1 capital ratio were 15.41% and 13.53%, respectively, continuously exceeding the regulatory requirements.

This content was produced with the assistance of AI translation services.