Seoul: Shinhan Financial Group on Thursday reported its fourth-quarter net profit of 538 billion won (US$367.5 million), marking a 24 percent increase from the same period last year.
According to Yonhap News Agency, operating profit for the October-December period reached 1.11 trillion won, which represents a 66.2 percent rise compared to the previous year. However, the company experienced a 35 percent decline in sales, amounting to 15.82 trillion won.
The reported earnings surpassed market expectations, with analysts having projected an average net profit of 464.8 billion won, as per a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.