By Kwanwoo Jun
Hana Financial Group Inc.'s third-quarter net profit fell 8.9% from a year earlier, weighed by weaker net interest margins amid a lower policy rate.
Net profit for the quarter ended Sept. 30 was 772.22 billion Korean won ($680.3 million), the South Korean company said Friday. That beat a FactSet consensus forecast for a KRW615.88 billion net profit.
Revenue during the quarter fell 43% to KRW6.522 trillion, while operating profit gained 37% to KRW1.069 trillion.
The company said its net interest margins weakened during the quarter as the central bank kept the policy rate at a record low after rate cuts earlier this year.
Increased loans to small businesses and additional provisions to cover bad debts in response to the Covid-19 pandemic have also weighed on earnings, it said.
Write to Kwanwoo Jun at firstname.lastname@example.org
(END) Dow Jones Newswires