Shinhan profit surges more than double to $918.3mn

The second quarter net beats forecasts as bad loan provisions fall to less than half year-ago level.

Shinhan Financial Group reported its net profit more than doubled in the second quarter from the prior year as it set aside fewer provisions.

Shinhan, which closely trails rivals KB Financial Group and Woori Finance Holdings in asset size, said on Wednesday net profit in the quarter ended June was 965 billion won ($918.3 million), compared to 448 billion won ($419.77 million) in the year-earlier quarter.

South Korean banks in general are expected to post stellar profit growth this year due to declining provisioning charges and stable net interest margins.

Nine analysts polled by Thomson I/B/E/S forecast an average profit of 953 billion won ($892.94 million) for the second quarter.

South Korea's top financial services group by market value said the results underscored profit recovery in its banking division and were helped by 352.3 billion won ($330.1 million) in pre-tax gains from a stake sale in Hyundai Engineering & Construction .

"In the banking division, interest income remains on an uptrend through stable asset growth and margins," Shinhan said in a statement

View the full story in Reuters.

Follow the link for more news on

Also Read

Cambodia enables QR payments from foreign e-wallets through Alipay+

Hong Kong to rename ‘virtual banks’ to ‘digital banks’

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit