Shinhyup Reports H1 Net Profit of 248.7 Billion KRW, Up 59% YoY

Exterior view of the National Credit Union Federation of Korea building

[Asia Economy Reporter Song Seung-seop] Shinhan Credit Union announced on the 30th that it achieved a net profit of 248.7 billion KRW in the first half of this year. Compared to 156.4 billion KRW recorded in June last year, this is an increase of 92.3 billion KRW (59%).

Loan and deposit amounts were 85 trillion KRW and 105.3 trillion KRW respectively, increasing by 7.8% and 5.9% compared to the same period last year. Total assets approached 117.2 trillion KRW, up 5.6%.

The net capital ratio improved by 0.52 percentage points year-on-year to 6.78%. This is attributed to the expansion of capital contributions and increased net profit.

The average asset amount of 873 nationwide cooperatives was 134.1 billion KRW, which is 8.2 billion KRW larger than the average asset amount last year. Large cooperatives with assets exceeding 150 billion KRW numbered 242 (27.72%), an increase of 2.54% compared to the end of last year. Conversely, small cooperatives with less than 30 billion KRW numbered 176 (20.16%), a decrease of 5.88%.

Kim Yoon-sik, Chairman of the Shinhan Credit Union Central Association, emphasized, “In the second half of the year, we will operate various projects to strengthen our internal foundation both externally and internally, achieving the remarkable feat of 20 consecutive years of profitable management. We will enhance the transparency and safety of Shinhan Credit Union’s management to establish it as a more autonomous and accessible financial institution for ordinary people.”

This content was produced with the assistance of AI translation services.