SC First Bank has reported its highest-ever net profit for the second quarter, driven by increased non-interest income amid a strong stock market.
The bank announced on August 14 that its net profit for the second quarter reached 319.6 billion won, a 230.51% increase compared to the same period last year.
This surge is attributed to the rise in non-interest income due to favorable market conditions and the reversal of a portion of the provision related to penalties for Hong Kong H-index linked securities (ELS), amounting to 110.2 billion won.
For the first half of the year, the cumulative net profit stood at 424.4 billion won, reflecting a 103.45% increase from the same period last year, marking the largest half-year profit in the bank's history.
Interest income for the first half was 609.0 billion won, a slight decrease of 0.13% from the previous year. Total loans increased by 3.58% to 44.7661 trillion won, but the net interest margin (NIM) fell from 1.48% to 1.24%, leading to a minor decline in interest income.
In contrast, non-interest income rose by 78% to 365.6 billion won, bolstered by an increase in high-net-worth clients and improved performance in the asset management sector due to the strong stock market.
As of the end of the second quarter, the bank's total capital ratio under the Basel III framework was 17.77%, with a common equity tier 1 (CET1) ratio of 15.65%.
The bank announced on August 14 that its net profit for the second quarter reached 319.6 billion won, a 230.51% increase compared to the same period last year.
This surge is attributed to the rise in non-interest income due to favorable market conditions and the reversal of a portion of the provision related to penalties for Hong Kong H-index linked securities (ELS), amounting to 110.2 billion won.
For the first half of the year, the cumulative net profit stood at 424.4 billion won, reflecting a 103.45% increase from the same period last year, marking the largest half-year profit in the bank's history.
Interest income for the first half was 609.0 billion won, a slight decrease of 0.13% from the previous year. Total loans increased by 3.58% to 44.7661 trillion won, but the net interest margin (NIM) fell from 1.48% to 1.24%, leading to a minor decline in interest income.
In contrast, non-interest income rose by 78% to 365.6 billion won, bolstered by an increase in high-net-worth clients and improved performance in the asset management sector due to the strong stock market.
As of the end of the second quarter, the bank's total capital ratio under the Basel III framework was 17.77%, with a common equity tier 1 (CET1) ratio of 15.65%.
* This article has been translated by AI.
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