Shinhan Financial Group Posts Record Quarterly Profit On Strong Income

According to Yonhap, Shinhan Financial Group said Thursday that its second-quarter net profit climbed 17.5% from a year earlier to a record 1.82 trillion won ($1.24 billion), supported by gains in both interest and non-interest income. The result beat the 1.69 trillion won average estimate from analysts in a Yonhap Infomax survey. First-half net profit also reached a record 3.44 trillion won, up 13.3% from a year earlier. Operating income for April-June rose 22.9% to 2.47 trillion won, while revenue increased 7.9% to 25.06 trillion won. The company booked 437 billion won in loan-loss reserves in the second quarter, down 14.7% from the previous quarter, and first-half reserves came to 940 billion won, down 10.8% from a year earlier. Interest income rose 9.4% to a record 3.13 trillion won, and non-interest income advanced 14.6% to a record 1.44 trillion won. Shinhan Bank, the group's main unit, reported second-quarter net profit of 1.31 trillion won, up 14.3% from a year earlier.