Shinhan Financial Reports 26% Decline in Third-Quarter Net Profit to 1.21 Trillion Won

SEOUL, South Korea - Shinhan Financial Group Co. disclosed on Friday that its net income for the third quarter was 1.21 trillion won (US$902.4 million), marking a 26 percent decrease compared to the same period last year.

According to a new release by Yonhap News Agency, the operating income for the third quarter was 1.7 trillion won, down 1.1 percent from a year earlier. Additionally, the company reported that sales for the quarter fell by 29.8 percent to 16.64 trillion won.

Despite the declines, the earnings surpassed market expectations. The average net profit estimate by analysts was 1.17 trillion won, according to a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.

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