SC First Bank Reports Cumulative Net Profit of 304 Billion Won for Q3, Up 13.6% Year-on-Year
SC First Bank announced on November 14 that its cumulative net profit for the third quarter of this year reached 304 billion won, an increase of 36.3 billion won (13.6%) compared to the same period last year (267.7 billion won).
Despite an increase in customer loans, net interest income decreased by 26.6 billion won (2.8%) to 908.9 billion won, down from 935.5 billion won in the same period last year, due to a 0.20 percentage point drop in the net interest margin (NIM) caused by falling market interest rates. Non-interest income rose by 31.2 billion won (13.0%) to 271.4 billion won, mainly due to increased profits from foreign exchange and derivatives, compared to the same period last year.
Selling and administrative expenses increased by 78.2 billion won (12.3%) to 713.4 billion won, compared to the same period last year, due to higher labor and operating costs caused by rising inflation. Provisions for loan losses rose by 4.3 billion won (4.9%) to 91.3 billion won, up from 87 billion won in the same period last year.
As of the end of September this year, total assets reached 94.7158 trillion won, an increase of 8.8749 trillion won (10.3%) from 85.8409 trillion won at the end of December last year, driven by steady loan growth. Return on assets (ROA) was 0.44%, up 0.03 percentage points from the same period last year, while return on equity (ROE) rose by 0.70 percentage points to 7.32%. The ratio of substandard and below loans was 0.54%, up 0.11 percentage points from the same period last year.
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The BIS total capital adequacy ratio (CAR) and BIS common equity tier 1 (CET1) ratio improved by 0.56 percentage points and 1.20 percentage points, respectively, compared to the end of December last year, reaching 20.29% and 17.27%. The bank continues to exceed regulatory requirements, maintaining sufficient loss-absorbing capacity and capital soundness.
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