NH NongHyup Financial Group said on the 11th that last year's net profit was 2.5112 trillion won, up 2.3% from a year earlier. This is the largest annual net profit on record.
Interest income was 8.4112 trillion won, down 1.0% from the previous year, while noninterest income was 2.2740 trillion won, up 26.4%. Within noninterest income, fee income was 2.0727 trillion won, up 15.2%, and gains on securities, foreign exchange, and derivatives were 1.5563 trillion won, up 25.7%.
The bank and card net interest margin fell 0.03 percentage point (p) to 1.67% at the end of last year from 1.70% at the end of 2024. The group's ratio of substandard or worse loans declined 0.05 percentage point to 0.63% from 0.68%. The loan-loss allowance coverage ratio was 165.98% at the end of last year, the highest among the five major financial holding companies.
NongHyup Financial spent a record 650.3 billion won on agricultural support programs last year. Social contribution spending was 276.2 billion won.
By affiliate, NH NongHyup Bank's net profit last year was 1.8140 trillion won, up 0.4% from the previous year. NH Investment & Securities logged balanced growth across all business segments, including retail and investment banking (IB), on the back of a strong stock market, with last year's net profit rising 50.2% to 1.0316 trillion won. This is the first time annual net profit has exceeded 1 trillion won. NH NongHyup Life fell 12.4% to 215.5 billion won, and NH NongHyup Non-life Insurance fell 20.5% to 82.4 billion won in net profit, respectively.