The result was up 26.9%, or 44.8 billion won, from a year earlier. The group said higher selling and administrative expenses and weaker noninterest income were offset by steady net interest income and lower credit-loss provisions.
By segment, banking net profit came to 175.6 billion won, up 20.6 billion won from a year earlier. BNK Busan Bank posted a 22.5 billion won increase, while BNK Kyongnam Bank slipped 1.9 billion won.
Nonbank units reported net profit of 59.6 billion won, up 25.3 billion won, as results improved across affiliates. BNK Capital rose 10.7 billion won and BNK Asset Management gained 7.5 billion won, the group said.
Asset quality indicators weakened. The group’s nonperforming loan ratio was 1.57% and its delinquency rate was 1.42%, up 15 basis points and 28 basis points, respectively, from the previous quarter, which it attributed to an increase in bad loans amid a slowing economy. The group’s common equity Tier 1 ratio stood at 12.30%, up 5 basis points from a year earlier.
BNK Financial said its board approved a quarterly cash dividend of 150 won per share, a 25% increase from last year. It also plans to buy back and cancel 60 billion won worth of its own shares in the first half.
Park Seong-uk, the group’s chief financial officer, said BNK Financial will work to raise shareholder value by increasing the share of buybacks and cancellations while steadily expanding cash dividends to meet requirements for high-dividend companies under separate taxation of dividend income.
* This article has been translated by AI.
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