Shinhan Financial Group Co. on Friday reported its first-quarter net profit of 1.34 trillion won (US$978.1 million), down 4.7 percent from a year earlier.
The company said in a regulatory filing that operating profit for the January-March period rose 17.8 percent on-year to 2.06 trillion won. Revenue increased 6 percent to 20.12 trillion won.
The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 1.18 trillion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
Source: Yonhap News Agency