Photo of BNK Financial Group head office. (Photo=BNK Finance)

 

[Alpha Biz= Reporter Kim Jisun] BNK Financial Group's net profit in the first quarter of this year fell slightly from the same period last year. Although BNK Financial's interest income and non-interest income have increased evenly, net profit has decreased from the previous year due to additional provisions related to real estate project financing (PF).

BNK Financial Group announced on April 30 that its net profit in the first and fourth quarters of this year was 249.5 billion won, down 2.8% (7.3 billion won) from last year.

Interest income and non-interest ... profits in the group increased by KRW 9.1 billion and KRW 9.2 billion, respectively, and profits before provisions increased by KRW 31.1 billion as sales and management costs were reduced by KRW 12.8 billion. However, we have accumulated additional provisions of 44.2 billion won to expand our loss absorption capacity. As a result, net profit fell slightly as loan-loss costs increased by KRW 40.9 billion from the same period last year.

The banking sector's net profit in the first quarter fell 1.7 percent (3.9 billion won) to 226.4 billion won over the same period. Due to continued high interest rates, BNK Financial's net interest margin (NIM) in the first quarter was 2.11 percent, up 4bp (1bp 0.01 percentage point) from the same period last year, but its net profit backtracked due to additional provisions.

Kyongnam Bank's net profit rose 19.1% (16.2 billion won) over the same period, but Busan Bank's net profit fell 13.7% (20.1 billion won) from last year.

The non-banking sector posted a net profit of KRW 54.7 billion, down 6.3% (KRW 3.7 billion) over the same period, although securities-related profits increased.

BNK Investment & Securities and BNK Asset Management posted net profits of 14.6 billion won and 3.3 billion won, down 23.6 percent and 10.8 percent, respectively, over the same period. BNK Capital and BNK Savings Bank posted net profits of 34.5 billion won and 800 million won, respectively, with net profits rising 5.8 percent and 14.3 percent over the same period.

 

 

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