SC First Bank Reports Q1 Net Profit of 104.9 Billion Won, Down 6.3% Year-on-Year

SC First Bank announced on May 15 that its consolidated net profit for the first quarter reached 104.9 billion won, down 6.3% compared to the same period last year.

Regarding interest income, it recorded 291.5 billion won, a 5.1% decrease from the previous year, due to a 0.23 percentage point decline in net interest margin (NIM). Non-interest income increased by 25.1% to 110.1 billion won, driven by strong performance in the wealth management division, which saw a rise in high-net-worth clients.

Total loans amounted to 43.7363 trillion won, up 2.2% from the same period last year. The ratio of non-performing loans stood at 0.56%, similar to the level at the end of December last year, indicating that asset soundness was maintained through ongoing and proactive risk management.

The Bank for International Settlements (BIS) total capital adequacy ratio and Common Equity Tier 1 (CET1) ratio were recorded at 17.23% and 14.86%, respectively.

An official from SC First Bank stated, "Our total capital adequacy ratio and CET1 ratio have consistently exceeded the requirements of supervisory authorities, allowing us to maintain sufficient loss-absorbing capacity and capital soundness. In addition, in line with SC Group's ESG policy guidelines, we are implementing and operating financial investments, risk management, and governance systems for sustainable growth."

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