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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Sangjin] DGB Financial Group reported a significant decrease in its net profit for the second quarter of this year, largely due to the impact of real estate project financing (PF) issues. On July 29, the group disclosed that its net profit for Q2 amounted to 38.3 billion won, a 73% decrease compared to the same period last year. The cumulative net profit for the first half of the year also fell by 51.6%, totaling 150 billion won.
This decline is primarily attributed to substantial provisions made by its affiliate, iM Investment Securities, in response to concerns about real estate PF defaults. iM Securities added 150.9 billion won in provisions during Q2, following 36.5 billion won in the first quarter. As a result, iM Securities' net profit turned from a 29.1 billion won surplus in the first half of last year to an 81.4 billion won deficit this year.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
