Financial Authorities Halt Shinhan Financial's Quarterly Dividend... "Must Consider COVID-19"

[Asia Economy Reporter Kim Jin-ho] Financial authorities have reportedly expressed concerns about Shinhan Financial Group's plan to implement quarterly dividends. They urge caution in introducing quarterly dividends amid the ongoing COVID-19 situation.

According to financial circles on the 29th, the Financial Supervisory Service recently requested Shinhan Financial Group to refrain from paying quarterly dividends. This is interpreted as a suggestion to implement quarterly dividends only after the COVID-19 situation has eased. Given the resurgence of COVID-19 due to the spread of the Delta variant, they advise monitoring the situation further before making a decision.

Earlier, on the 27th, Shinhan Financial Group, which announced its first half performance, stated that it is considering quarterly dividends. Shinhan Financial Group reported a net profit of 2.4438 trillion won for the first half of this year, a 35.4% increase compared to the same period last year.

No Yong-hoon, Vice President and CFO of Shinhan Financial Group's Finance Division, said during a conference call after the earnings announcement, "As of the end of June, the dividend planned is a quarterly dividend, not an interim dividend," adding, "We will carefully monitor market conditions such as a potential resurgence of COVID-19 and make prudent decisions through the board of directors each quarter."

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