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Shinhan Financial posts unexpected Q3 earnings

[THE INVESTOR] Shinhan Financial Group reported on Oct. 20 that it has reaped 7.08 billion won (US$631.83 million) net profit in the third quarter, up 4.3 percent from the same period last year.

For the first time in four years its net profit in the first nine months surpassed 2 trillion won, increasing 10.2 percent on-year to 2.16 trillion won.

This unexpected result comes from higher interest income and lower loan-loss reserve that led to a 20.3 percent spike in operating profit to 936.9 billion won. 

Its flagship affiliate Shinhan Bank’s third-quarter net profit rose 4.9 percent on-year to 485 billion won.

The group’s assets swelled 11.3 percent on-year to 489.7 billion won in the third quarter.

By Hwang You-mee (