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Shinhan Financial‘s Q2 net up 30.5% on-year

Shinhan Financial Group Co., a major South Korean banking group, said Thursday that its net profit rose 30.5 percent in the second quarter from a year earlier on increased interest income.

Net profit for the second quarter climbed to 892 billion won ($792 million) from 683.5 billion won a year earlier, the bank said in a regulatory filing.

In the January-June period, the group's combined net shot up to 1.88 trillion won, the highest since the foundation of the financial group in 2001, it said.


Shinhan Financial said its bottom line has received a big boost as its interest income rose 8.5 percent year-on-year to 3.78 trillion won in the January-June period.

Flagship Shinhan Bank's net profit jumped 7.6 percent year-on-year to 1.1 trillion won in the first six months of this year.

The group also said its strong performance was also driven by record high net profits of non-banking units.

Shinhan Card, the group's credit card unit, posted a net profit of 631.2 billion won in the January-June period, up 77.7 percent from the same period last year.

Shares of Shinhan Group fell 0.39 percent to 50,600 won on the Seoul bourse, underperforming the broader KOSPI's 0.49 percent gain. The earnings results were released after the stock market closed. (Yonhap)
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