Hana Financial Group posts $360 million in Q4 profit

Hana Financial Group reported 473.7 billion won ($360 million) in net profit in the fourth quarter, down 33.5 percent on-year and falling short of the 520.4 billion won FnGuide market consensus.

Hana Financial Group Chairman Ham Young-joo attends a corporate event in central Seoul on Dec. 2. [NEWS1]

Hana Financial Group reported 473.7 billion won ($360 million) in net profit in the fourth quarter, down 33.5 percent on-year and falling short of the 520.4 billion won FnGuide market consensus.

The company reported 3.45 trillion won in net profit annually in 2023, down 3.3 percent on-year, Hana announced in its preliminary earnings report released on Wednesday.

Its noninterest income jumped 65.3 percent on year, but one-off costs such as setting aside provisions to weather recession-related losses and social contribution programs, attributed to the decline in profit, said Hana.

The company raised 370.9 billion won in provision through the fourth quarter last year.

The flagship Hana Bank’s net profit in the fourth quarter was 710.2 billion won, down 16.6 percent on-year. The bank’s annual net profit stood at 3.48 trillion won, up 12.3 percent from a year earlier.

Hana Securities reported 270.8 billion won in net loss last year from a net profit of 125.9 billion won in 2022.

Hana Financial Group's total shareholder return rate was 32.7 percent in 2023 after it acquired and incinerated 150 billion won of treasury stocks. The company’s mid-to-long-term target is to raise the figure to 50 percent, it said.

Hana Financial Group’s stock rose 3.24 percent Thursday to 47,800 won.

BY JIN MIN-JI [jin.minji@joongang.co.kr]