New book by Larry Connors Click here Improve your trading - See how
Net profit amounted to 196.6 billion won (US$157.2 million) in the April-June period, a turnaround from a loss of 323.3 billion won three months earlier, the group said in a regulatory filing. But compared with a year earlier, net income declined 36.5 percent.
Sales fell 7.9 percent on-year to 5.37 trillion won and operating income declined 37.7 percent to 250.8 billion won, it added.
Shares of the group closed down 2.78 percent to 31,450 won on the main bourse. The results came after the stock market closed.
"The group swung to a profit as commission income rose and bad-debt provisioning declined," an official at the group said.
Hana Group suffered losses after Taesan LCD Co., a local maker of parts used for computer screens, collapsed due to losses from currency options contracts. But the won's recent ascent against the U.S. dollar helped Hana Group trim such losses, enabling the company to hold less bad-debt provisioning.
Hana Financial put aside 82.1 billion won in reserves against risky loans during the second quarter, down from 563.2 billion won the previous quarter.
The group also booked one-time pre-tax profits of 15.6 billion won by selling a stake in Hyundai Engineering & Construction Co. in May.
Hana Group's total assets reached 158.5 trillion won as of the end of June, it said.
Hana Bank, the group's flagship unit, reported a net income of 169.8 billion won in the second quarter, a turnaround from a net loss of 305 billion won the previous quarter, it said.
The lender's net interest margin, a key measure of profitability from lending, was 1.43 percent in the second quarter, while non-performing loans shrank to 1.72 percent of the bank's total lending as of the end of June, down from 1.76 percent three months earlier.
Hana Bank's capital adequacy ratio, a barometer of financial soundness, stood at 13.9 percent in the second quarter, up from 13.56 percent.
The lender is poised to spin off its card unit in September, with operation planned to start the next month in a bid to beef up its non-banking sector.
"Hana Bank is seeking to form joint ventures with other sectors like telecom or retailing in order to draw a wider range of clients," a bank official said.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
