Shinhan Financial Group Reports Q3 Profit Increase Driven by Interest Income

SEOUL: Shinhan Financial Group announced a nearly 4 percent rise in third-quarter net profit, driven by increased interest income, despite falling short of market expectations. According to Yonhap News Agency, Shinhan Financial Group's net profit for the July-September period reached 1.24 trillion won (approximately $894 million), marking a 3.9 percent increase from the same quarter a year prior. This figure was below the market estimate of 1.34 trillion won, as determined by a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency. The company's operating profit for the third quarter increased by 5.07 percent year-on-year to 1.79 trillion won, while revenue declined by 30 percent to 11.62 trillion won. Over the first three quarters of the year, Shinhan Financial Group's accumulated net profit rose by 4.4 percent to 3.98 trillion won. Interest income for the group saw a 3.3 percent year-on-year rise in the third quarter, totaling 2.85 trillion won. However, non-interest income fel l by 9.4 percent to 828 billion won during the same period. The net interest margin, which measures the difference between interest earned and interest paid out, decreased slightly to 1.9 percent from 1.99 percent a year earlier.