May 2 (UPI) — Despite concerns over an economic downturn, South Korea’s major financial groups — KB, Shinhan, and Hana — posted the highest-ever first-quarter profits.

KB Financial Group announced last week that it had netted $1.18 billion in profit during the January-March period, up 62.9% from a year earlier.

Shinhan Financial recorded $1.03 billion in net income, up 12.6% year-on-year. Hana Financial saw its profit jump 9.1% to reach $785 million.

Observers expect the three to sustain high profitability throughout 2025. KB Financial is projected to improve the most, thanks to its robust non-banking businesses.

“KB Financial’s profit exceeded market consensus by more than 5% and also unveiled its plan for a $210 million share buyback,” Hanwha Investment & Securities analyst Kim Do-ha said in a report.

He added that the measure demonstrated KB Financial’s confidence in its capital strength.

KB Financial’s share price went up 2.72% on the Seoul bourse Friday, while those of Shinhan and Hana increased 2.15% and 0.82%, respectively.

Globally, the three groups are also known as proactive sponsors of professional golfers, who play on the LPGA Tour.

KB backs Park In-bee, who topped the podium in the Rio 2016 Summer Olympics, while Hana supports reigning Olympic champion Lydia Ko and Lee Min-jee, who won the U.S. Women’s Open in 2022.

Earlier this month, Shinhan signed a sponsorship deal with Lim Jin-hee, who ranked second in the LPGA Rookie of the Year standings in 2024.

In the meantime, the country’s No. 4 financial group Woori suffered a 25.29% decline in its first-quarter profit, which amounted to $428 million.