DGB Financial, 3Q Cumulative Net Profit 424.7 Billion KRW... Up 7.7% YoY

DGB Financial Group announced on the 30th that its cumulative net income attributable to controlling shareholders for the third quarter of this year reached 424.7 billion KRW. This represents a 7.7% increase compared to the same period last year.

DGB Financial explained, "Despite the bank's special provisions set aside in preparation for negative economic conditions such as high inflation and high interest rates, and increased provision-related expenses for securities project financing (PF) assets, solid interest income driven by strong loan asset growth and better-than-planned non-interest income had a positive impact."

[Image source=Yonhap News]

The cumulative net income of DGB Daegu Bank, the group's core affiliate, recorded 347.9 billion KRW, up 5.6% from the previous year. This was due to solid growth in KRW loans along with a significant increase in non-interest income performance.

Despite increased volatility in the financial market and other domestic and international uncertainties, non-bank affiliates also performed well. Hi Investment & Securities struggled due to the downturn in the PF business, but strong performances from the life insurance and capital sectors compensated for this.

DGB Life Insurance posted a cumulative net income of 55 billion KRW, reflecting overall improvements in insurance profit and loss due to changes such as IFRS17. DGB Capital recorded a net income of 63.6 billion KRW, similar to the previous year, as stable funding cost management and a significant increase in securities-related profits offset the rise in loan loss provisions.

A DGB Financial official stated, “With recent global geopolitical risks and the continuation of high interest rates, asset soundness management is more important than ever. We will focus on proactive risk management going forward and faithfully fulfill the role of a financial institution for vulnerable groups.”

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