(LEAD) Hana Financial Q1 net hits record high in Q1

(LEAD) Hana Financial-Q1 earnings

(LEAD) Hana Financial Q1 net hits record high in Q1

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SEOUL, April 24 (Yonhap) -- Hana Financial Group on Friday reported a record high net profit in the first quarter of the year, driven by a rise in interest incomes.

The banking group said it racked up a net profit of 1.21 trillion won (US$816 million) in the January-March period, up 7.3 percent from a year earlier.

The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 1.12 trillion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Operating income rose 11.1 percent on-year to 1.65 trillion won in the first quarter. Revenue surged 71.4 percent to 29 trillion won over the cited period.

Its net interest income rose 10.2 percent on-year to 2.5 trillion won, and its non-interest income fell 11.9 percent over the cited period to 584 billion won.

Its flagship Hana Bank reaped a net profit of 1.1 trillion won in the first quarter, up 11.2 percent from a year earlier.

The logo of Hana Financial Group (Yonhap)

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