Hana Financial swings to net loss in Q3

SEOUL, Oct. 31 (Yonhap) -- Hana Financial Group Inc., South Korea's fourth-ranked financial holding firm, said Friday it switched to a net loss in the third quarter due to increased loan loss reserves.

Net loss reached 73.3 billion won (US$56.5 million) in the July-September period,
compared to a profit of 392.7 billion won a year earlier, it said in a regulatory
filing
The group suffered its first quarterly loss since its foundation in 2005. In the
second quarter, it posted a profit of 309.6 billion won.
Revenue jumped 238 percent on-year to 11.3 trillion won, but it posted an
operating loss of 146.6 billion won, the group said.
"The third quarter earnings loss reflects loan loss reserves of 251 billion won
following the collapse of Taesan LCD Co," to which the group extended loans, said
an official of the group said.
Hana Bank, the group's flagship banking unit, logged a net loss of 71 billion won
in the cited period due to the worsened credit market, the group said.