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Shinhan Financial 2016 net rises to 2.7 tln won

All Headlines 15:50 February 08, 2017

SEOUL, Feb. 8 (Yonhap) -- Major banking group Shinhan Financial Group said Wednesday its net profits jumped more than 17 percent on-year in 2016, led by an improvement in the earnings of flagship subsidiary Shinhan Bank.

Net profit rose 17.2 percent to 2.77 trillion won (US$2.35 billion) last year, the third consecutive year for the group to post more than 2 trillion won in net income. It also marks Shinhan's second-biggest earnings in its history after 3.1 trillion won recorded in 2011.

Shinhan Bank's net profits soared 30.2 percent to 1.9 trillion won last year from a year earlier.

But its net interest margin (NIM), a measurement of profitability, fell one basis point to 1.49 percent, hit by the Bank of Korea's decision in June to lower the key interest rate.

"We have been able to meet market expectations for the No. 1 financial group by posting the second-highest earnings since its establishment," a group official said.

The corporate logo of Shinhan Financial Group. (Yonhap)

lcd@yna.co.kr
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