Hana Financial's net jumps 5.5% in H1

Hana Financial Group Inc., a top South Korean banking group, said Friday its net profit soared 5.5 percent on-year to 790 billion won ($700 million) in the first half of this year, beating market forecasts.

The group's second-quarter net profit also jumped 6.5 percent to 352.1 billion won from the first three months in an earnings surprise.

The upswing is due to fundamental factors such as strong sales and a cut in costs from the successful merger of internal computer systems, group officials said.

"It marks the best performance since the first half of 2012," an official said, citing the improved financial health of the group.

Its estimated BIS ratio rose 1.11 percentage points to 14.54 percent in the first half, with assets totaling 410.7 trillion won.

After acquiring Korea Exchange Bank, the group launched its flagship KEB Hana Bank in September last year.

The group's net interest margin, a key barometer of profitability, rose 0.01 percentage point to 1.81 percent during the April-June period from the previous quarter.

KEB Hana Bank, the flagship of the group, posted a 7.6-percent increase on-year to 799 billion won in net profit in the first half. (Yonhap)