Shinhan Financial Group Reports Q1 Profit of 1.4 Trillion KRW... Largest Since Establishment

Cho Yong-byeong, Chairman of Shinhan Financial Group

[Asia Economy Reporter Song Seung-seop] Shinhan Financial Group recorded a profit of 1.4 trillion KRW last quarter, setting a new all-time high.

According to Shinhan Financial Group's disclosure on the 22nd, the net profit for the first quarter was 1.4004 trillion KRW, a 17.5% increase compared to the same period last year (1.1919 trillion KRW).

This is the highest since the founding of Shinhan Financial Group. A Shinhan Financial official explained, "Despite uncertainties such as price increases due to global supply chain instability, the group's recurring profit significantly increased through profit growth in core subsidiaries like the bank and card businesses, along with strong performance in the non-bank sector."

During the same period, Shinhan Bank led the performance with a 31.5% increase in profit to 863.1 billion KRW. Shinhan Card also posted a 4.7% growth with a profit of 175.9 billion KRW. However, Shinhan Investment Corp.'s net profit decreased by 37.8% to 104.5 billion KRW, and Shinhan Life shrank by 15.6% to 152.4 billion KRW.

Interest income rose 17.4% to 2.4876 trillion KRW. Household and corporate loans increased last year, and low-cost deposits such as demand deposits grew, expanding margins. The net interest margin (NIM) improved by 0.06 percentage points from 1.83% to 1.89%.

Fee income increased by 9.2% to 743.9 billion KRW. Notable growth was seen in investment banking, credit cards, and leasing.

The provision for loan losses rose 29.7% from 187.8 billion KRW to 243.6 billion KRW.

Meanwhile, Shinhan Financial Group has decided to set the dividend level to 400 KRW per common share, to be paid in early May.

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