(LEAD) Shinhan Financial’s net profit climbs 14.4 pct in Q2

Shinhan Financial Group Co. on Friday reported its second-quarter net income jumped 14.4 percent from a year earlier, with both its interest and noninterest income growing.

The group posted a net profit of 1.45 trillion won (US$1.05 billion) in the April-June period, compared with a net profit of 1.27 trillion won from the same period last year, it said in a regulatory filing.

The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 1.28 trillion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

The Q2 net profit marks the second highest in the group’s history on a quarterly basis after the 1.59 trillion won net income posted in the third quarter of 2022.

Its second-quarter operating profit came to 1.85 trillion won, up 6.7 percent from 1.74 trillion won in the same period last year.

The financial holding firm said its revenue spiked 32.3 percent on-year to nearly 18 trillion won from 13.6 trillion won over the cited pe
riod.

In the April-June period, the group’s interest income came to 2.82 trillion won, up 4.7 percent from a year earlier, while its noninterest income gained 7.6 percent on-year to 1.11 trillion won.

Its net interest margin, the difference between interest received and paid, stood at 1.95 percent for the second quarter, down 0.05 percentage point from a year before.

For the first half of the year, the group’s net income came to 2.8 trillion won, up 4.31 percent from the same period last year.

Its operating profit came to 3.92 trillion won in the January-June period, up 12.3 percent from a year earlier.

Source: Yonhap News Agency