DGB Financial, Net Profit of 332.3 Billion KRW Last Year... Up 8.1% YoY

[Asia Economy Reporter Kim Hyo-jin] DGB Financial Group announced on the 8th that it recorded a net income attributable to controlling shareholders of 332.3 billion KRW last year. This represents an 8.1% increase compared to the previous year (307.3 billion KRW).

DGB Financial Group analyzed that the effect of the accounting policy change related to the reserve for DGB Life insurance guarantees was reflected, and excluding this, the ordinary profit was at a similar level to the previous year.

Last year, non-bank affiliates played a key role. Net profits of Hi Investment & Securities and DGB Capital increased by 31.4% and 30.8% respectively compared to the previous year. The profit contribution from non-bank sectors was 43.8%.

The net profit of the main affiliate, Daegu Bank, was 238.3 billion KRW last year, down 15.6% from the previous year. DGB Financial Group explained that this was due to proactively setting aside provisions in preparation for the prolonged COVID-19 pandemic and the resulting uncertain economic conditions.

DGB Financial stated, "We plan to closely monitor uncertainties related to COVID-19 and the pace of economic recovery while focusing more on managing capital adequacy and soundness."

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