SC First Bank reported on the 14th that it had a net profit of 331.1 billion won (provisional) last year. This is a decrease of 5.6% (19.5 billion won) compared to the previous year.
SC First Bank explained, "The net profit decreased as we recognized the one-time operating expense of 103 billion won for the Hong Kong H index linked securities (ELS) compensation estimate."
Last year, interest income was 1.2321 trillion won, which decreased by 4.7% compared to the previous year as the lending assets decreased despite an improvement in net interest margin (NIM). SC First Bank's NIM last year was 1.57%, up 0.06 percentage points from the previous year (1.51%). Non-interest income recorded 338.3 billion won, a 9.6% increase during the same period, driven by increased sales commissions in the institutional sector.
SC First Bank's ratio of non-performing loans was 0.42%, rising by 0.03 percentage points from a year ago, while the arrears rate also increased from 0.27% to 0.34%, up 0.07 percentage points. The loan loss reserve ratio, calculated by dividing the balance of total loan loss reserves by non-performing loans (bad debts overdue for more than three months), was 206.43%, down 19 percentage points from the previous year.
SC First Bank approved a settlement of account dividend of 232 billion won at its regular board meeting on that day and presented it as an item for the upcoming regular shareholders' meeting scheduled for the 31st.