SEOUL– Shinhan Financial Group Co., a major South Korean financial holding firm, on Friday reported a 4.85 percent hike in its second-quarter net profit compared to a year ago, citing robust interest income.
Consolidated net profit came to 1.34 trillion won (US$1 billion) in the April-June period, the group said in a regulatory filing.
Operating income rose 3.3 percent on-year to 1.75 trillion won and revenue jumped 123 percent to 18.7 trillion won over the cited period.
In the first half of this year, Shinhan Financial’s net profit came to a record 2.76 trillion won, up 10.6 percent from a year earlier, according to the filing.
Shinhan Financial attributed the stellar performance to increased interest income and solid performance of its subsidiaries.
Among Shinhan Financial’s key subsidiaries, Shinhan Bank and Shinhan Card Co. saw their net profit increase by 14.8 percent and 18.9 percent, respectively.
As of 10:16 a.m., Shinhan Financial Group shares exchanged hands at 35,400 won, down 1.26 percent from the previous session’s closing. The earnings report was revealed during the stock trading session.
Source: Yonhap News Agency