Hana Financial Group posted a record net profit of 3.74 trillion won ($2.57 billion) for 2024, the group announced on Tuesday.

The group’s 2024 net profit is an approximately 9 percent increase from 3.42 trillion won in 2023, topping the previous record of 3.57 trillion won set in 2022.

Breaking down the profits, Hana Financial’s fee-based income rose approximately 15 percent year-on-year to hit 2.07 trillion won. This category includes income from the bank’s investment banking (IB) division, retirement pensions, asset management leases, and credit card transactions.

However, interest income saw a slight decline of 1.3 percent from the previous year for a total of 8.76 trillion won. Together, interest and fee-based income amounted to 10.83 trillion won, reflecting a 1.5 percent increase compared to 2023.

Despite these gains, the group’s non-performing loan (NPL) ratio, which measures loans delinquent for over three months, rose 0.12 percentage points from 0.50 percent at the end of 2023 to 0.62 percent. The overall delinquency rate also increased by 0.06 percentage points to 0.51 percent.

Hana Bank, the group’s flagship subsidiary, experienced a decline in net profit due to lower market interest rates and a weaker won against the U.S. dollar. The bank’s net profit was 3.36 trillion won, down 3.5 percent from the previous year.

While Hana Securities Co., Hana Card Co., Hana Capital Co., and Hana Asset Trust Co. all reported net profits, Hana Life Insurance Co. and Hana Savings Bank posted losses of 700 million won and 32.2 billion won respectively.

The group also announced plans to buy back and retire a total of 450 billion won worth of treasury shares in 2025, with the board approving a 400 billion won buyback and retirement plan for the year on the same day. Alongside the 50 billion won from the 2024 plan, the total buyback amount will total 450 billion won.

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