Shinhangroup Reports 4 Percent Increase in Q3 Net Profit to 1.26 Trillion Won

SEOUL: Shinhangroup announced a year-on-year increase of 4 percent in its third-quarter net profit, reaching 1.26 trillion won (US$913.5 million), on Friday. Despite the profit growth, the earnings fell short of market expectations, with analysts predicting a higher net profit of 1.34 trillion won. According to Yonhap News Agency, the financial results were disclosed in a regulatory filing, revealing an operating profit of 1.79 trillion won for the quarter, a slight increase from 1.7 trillion won a year prior. However, the company experienced a significant decline in sales, which dropped by 30.2 percent to 11.62 trillion won. The discrepancy between actual earnings and market forecasts was highlighted by a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency, which had set the average estimate of net profit at 1.34 trillion won. Shinhangroup's latest financial performance underscores the challenges it faces in meeting market expectations despite achieving profit growth.