Shinhyup Reports 378.5 Billion KRW in Cumulative Q3 Net Profit, Up 42.4% Year-on-Year

[Asia Economy Reporter Song Seung-seop] Shinhan Credit Union announced on the 26th that it recorded a cumulative net income of 378.5 billion KRW in the third quarter of this year, thanks to improved loan soundness and an increase in demand deposits. This is an increase of 112.8 billion KRW (42.4%) compared to the same period last year (265.7 billion KRW).

It also showed balanced performance in key financial indicators. Total assets grew by 8.0% during the same period to 119.8 trillion KRW. Loans (88.7 trillion KRW) and deposits (107.6 trillion KRW) increased by 12.4% and 8.2%, respectively. The net capital ratio reached 6.96%, rising by 0.47 percentage points. This was due to the expansion of capital from the steady inflow of new members and the increase in net income.

The average asset amount of the 873 unions nationwide was 137.2 billion KRW, an increase of 13.9 billion KRW compared to the same period last year. The number of unions with assets exceeding 150 billion KRW increased by 16 compared to the end of last year, while those with less than 30 billion KRW decreased by 14. The union with the largest asset size was Cheongun Credit Union (Daegu), which secured 2.0033 trillion KRW in funds.

Kim Yoon-sik, Chairman of the National Credit Union Federation of Korea, stated, “We will do our best to achieve encouraging results in the fourth quarter as well.”

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