(Updated with additional information)

Korean financial groups are enjoying another bumper year as they kept up hot earnings streak in the third quarter and outdone annual performance of 2020 on strong loan demand amid unfazed housing frenzy and higher interest rates.

The country’s five major financial groups, —Woori Financial Group, NH Nonghyup Financial Group, Hana Financial Group, Shinhan Financial Group, and KB Financial Group— have already outperformed 2020 and reported strongest bottom line as of September.

Shinhan Financial Group’s net profit for the third quarter reached 1.14 trillion won, down 10.65 percent on quarter and 2.12 percent on year, according to its regulatory filing on Tuesday. Its cumulative net from January to September came to 3.56 trillion won, eclipsing last year’s full-year net of 3.41 trillion won.

Woori Financial Group reported on Monday that its consolidated net profit for the July-September period came to an all-time high of 778.6 billion won ($668.44 million), up 3.5 percent from the previous quarter and 62.13 percent from last year.

The holding company’s cumulative net profit in the first nine months of this year nearly doubled on year to a record high of 2.19 trillion won, overwhelming its 2020 full-year net income of 1.9 trillion won.

Its net operating profit, combining interest income and non-interest income, jumped 20.6 percent on year to 6.18 trillion won.

NH Nonghyup Financial Group reported on the same day that it raked in 542.8 billion won in net income in the third quarter, off 1.4 percent from the same period last year but its cumulative net from January to September surged 24.9 percent on year to 1.82 trillion won, also exceeding last year’s full-year net of 1.73 trillion won.

KB Financial Group reported on Thursday its third-quarter net profit came to 1.3 trillion won, up 8.12 percent on quarter and 9.31 percent on year. Its cumulative net profit for the January-September period, gained 31.1 percent on year to 3.77 trillion won.

Hana Financial Group on Friday disclosed that it earned 942 billion won in consolidated net income in the third quarter, up 22.3 percent against a year ago. The cumulative net also surged 27.4 percent on year to 2.68 trillion won.

The stellar performance of the country’s banking groups is mainly owed to higher net interest margins resulting from hikes in lending rates under the state order to tame the country’s snowballing consumer loans.

KB earned 8.25 trillion won in interest income, Hana 4.99 trillion won, Woori 5.08 trillion won and NH Nonghyup 6.31 trillion won, up 15.6 percent, 15.3 percent, 14.9 percent and 5.9 percent on year, respectively.

By Seo Jeong-won and Lee Soo-min

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