SC First Bank Reports Q1 Net Profit of 104.9 Billion Won, Down 6.3% Year-on-Year

SC First Bank reported a decline in profits for the first quarter of this year, attributed to rising operating costs. On May 15, the bank announced that its net profit for the first quarter was 104.9 billion won, a decrease of 6.3% compared to the same period last year.

Interest income fell due to a decline in the net interest margin (NIM). For the first quarter, interest income was 291.5 billion won, down 5.1% from the previous year. During the same period, NIM decreased by 0.23 percentage points.

In contrast, non-interest income increased significantly, driven by improvements in the wealth management (WM) sector, which saw a rise in high-net-worth clients. Non-interest income for the first quarter reached 110.1 billion won, a 25.1% increase year-on-year.

The total loan portfolio grew to 43.7363 trillion won, marking a 2.2% increase from the previous year. Asset quality indicators remained stable, with the non-performing loan (NPL) ratio at 0.56% as of the end of March, similar to the end of last year.

SC First Bank plans to continue enhancing its WM sector performance by expanding private banking (PB) centers in the metropolitan area and Busan, following the success in Apgujeong.