All Six Major Financial Groups Achieve Record-High Net Profit

KB and Shinhan Join the '4 Trillion Won' Club, Hana Joins '3 Trillion Won', Nonghyup and Industrial Bank Join '2 Trillion Won' Club

[Asia Economy Reporter Song Hwajeong] Last year, the five major financial holding companies?KB, Shinhan, Hana, Woori, NongHyup?and IBK Industrial Bank of Korea all recorded their highest-ever net profits. KB and Shinhan joined the 40 trillion won club for the first time, Hana joined the 30 trillion won club for the first time, and NongHyup and IBK joined the 20 trillion won club for the first time.

According to NH NongHyup Financial Group on the 17th, last year's net profit reached 2.2919 trillion won, a 32% increase compared to the same period last year. This is the highest performance since the holding company was launched. Interest income increased by 6.6% year-on-year to 8.5112 trillion won, and non-interest income rose by 17.8% to 1.7314 trillion won. NongHyup Financial stated, "We recorded the highest performance since the holding company was launched through balanced growth of interest and non-interest income and proactive risk management."

By affiliate, the core subsidiary NongHyup Bank posted a net profit of 1.5556 trillion won, up 13.5% from the previous year. Among non-bank affiliates, NH Investment & Securities contributed to the overall group's profit increase with a net profit of 931.5 billion won, a sharp rise of 61.5% year-on-year. NH NongHyup Life Insurance posted a net profit of 165.7 billion won, NH NongHyup Property & Casualty Insurance recorded 86.1 billion won, and NH NongHyup Capital also earned 96 billion won in profit.

Unlike other financial groups, NongHyup Financial supports agricultural support projects annually for agriculture, rural areas, and farmers. Considering the agricultural support project expenses of 446 billion won, the net profit is 2.6034 trillion won. This level surpasses Woori Financial Group's 2.5879 trillion won.

With NongHyup Financial recording net profits in the 20 trillion won range, all five major financial groups and IBK Industrial Bank of Korea earned profits exceeding 20 trillion won last year.

KB recorded a net profit of 4.4096 trillion won last year, a 27.6% increase from the previous year. Net interest income increased by 15.5% to 11.2296 trillion won, driving the group's improved performance. Shinhan posted a net profit of 4.0193 trillion won, up 17.7%, surpassing 4 trillion won alongside KB. This marks eight consecutive years of increasing net profits. Last year, interest income rose by 11.0%, and non-interest income increased by 7.7%. Hana surpassed 30 trillion won in annual net profit for the first time since the holding company's launch. Hana's net profit last year was 3.5261 trillion won, a 33.7% increase from the previous year. Core income, combining interest income (7.4372 trillion won) and fee income (1.8634 trillion won), reached 9.3006 trillion won, up 15.2% year-on-year. IBK Industrial Bank of Korea also recorded a consolidated net profit including subsidiaries of 2.4259 trillion won, a 56.7% increase from the previous year, marking all six major financial groups surpassing 2 trillion won in net profit.

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