SEOUL, Feb. 12 (Yonhap) -- Shinhan Financial Group Co., a major South Korean banking group, said Tuesday its net profit reached a record high last year on the back of a surge in interest income.
Net profit rose 8.2 percent in 2018 on-year to stand at 3.16 trillion won (US$2.81 billion) on a consolidated basis, beating the previous high set in 2011, when the yearly profit came to 3.1 trillion won, the group said in a release.
The solid performance is mainly attributable to a 9.4 percent surge of its interest income on-year to 8.58 trillion won, according to the financial group.
Its net interest margin (NIM), a measurement of profitability, stood at 2.1 percent as of the end of last year, up 0.04 percentage point on-year.
The flagship Shinhan Bank reported a net profit of 2.28 trillion won last year, up 33.1 percent from the previous year, according to Shinhan Financial.
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