Shinhan Financial Group said its net profit rose to 997.1 billion won in the first quarter this year, a 29 percent gain from a year earlier, mainly due to improved net interest margins and reduced general and administrative expenses.
The nation’s largest financials having banking, credit card, insurance and other financial units said its first-quarter net profit this year was the largest since the establishment of the holding company in 2001.
“While banking and non-banking affiliates improved profits in a balanced manner, the rebound in net interest margins and reduced costs, along with rearrangement of our resources, contributed to the best quarterly earnings result this time,” the group said in a statement.
The group’s flagship unit Shinhan Bank saw its net interest margin increase to 1.53 percent in the first quarter from 1.49 percent in the fourth quarter, although its net profit decreased by 7 percent on-year to 534.6 billion won in the first quarter, the group said.
Shinhan Card’s net profit jumped by 170 percent to hit 401.8 billion won in the first quarter from a year earlier.
By Kim Yoon-mi (email@example.com