— Major South Korean financial holding firm Shinhan Financial Group Co. said Tuesday its net profit jumped more than 43 percent in the second quarter of the year with first-half earnings hitting an all-time high.
Net income came to 1.25 trillion won (US$1.09 billion) in the April-June period, up 43.4 percent from a year earlier, the banking group said in a regulatory filing.
In the first half of the year, the group’s net profit stood at a record high of 2.44 trillion won, up 35.4 percent from a year earlier.
Shinhan Financial Group said its flagship Shinban Bank led the robust second-quarter and first-half performance.
Shinhan Bank’s net profit spiked 39 percent on-year to 714.4 billion won in the second quarter, with its bottom line swelling 20.2 percent to 1.37 trillion won in the first half.
Non-bank subsidiaries also posted stellar records. Net profit of Shinhan Financial Investment Co., the group’s brokerage arm, rose 14 times on-year to 154.7 billion won in the second quarter, with that of Shinhan Card Co. rising 13.1 percent to 199.1 billion won.
Shinhan Financial Group’s net interest margin (NIM), or the difference between interest paid and interest received, came to 1.81 percent as of end-June, unchanged from three months earlier but down 0.03 percentage point from a year earlier.
The group’s ratio of non-performing loans amounted to 0.52 percent as of end-June, down 0.04 percentage points from three months earlier. Its loan-loss provisions came to 359 billion won in the first half, down from 463 billion won a year earlier.
Source: Yonhap News Agency