NongHyup Financial, Cumulative Net Profit of 1.4608 Trillion KRW in Q3
[Asia Economy Reporter Park Sun-mi] NongHyup Financial announced on the 29th that its cumulative net income for the third quarter of this year reached 1.4608 trillion KRW, a 4.8% increase compared to the same period last year (1.3937 trillion KRW).
Unlike other financial groups, NongHyup Financial's net income, considering the 321.1 billion KRW agricultural support project expenses provided under the NongHyup Act to support agriculture and rural areas, amounts to 1.6854 trillion KRW.
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The cumulative net income of its core subsidiary, NongHyup Bank, for the third quarter was 1.1155 trillion KRW, a 6.4% (76.7 billion KRW) decrease compared to the same period last year. Interest income increased by 3.8% (146 billion KRW) compared to the previous year, but the credit loss provision increased by 111.4 billion KRW due to proactive additional reserves for enhancing future loss absorption capacity.
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