SEOUL, Feb. 9 (Korea Bizwire) – Nonghyup Financial Group Inc. said Friday its net profit jumped 167.9 percent in 2017 from a year earlier, thanks to a rise in interest income and lower loan-loss provisions.
Net profit reached 859.8 billion won (US$784.8 million) last year, compared with the previous year’s 321 billion won, the group said in a statement.
In the fourth quarter of last year, however, Nonghyup Financial’s net profit plunged 40.9 percent on year to 131.3 billion won.
Nonghyup Bank, the group’s flagship banking unit, reported a net profit of 652.1 billion won last year.
The bank’s net interest margin, a key barometer of profitability, rose 0.04 percentage point to 1.77 percent last year.