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(LEAD) Shinhan Financial's Q1 net rises 1.5 pct on one-off gains

All News 16:06 April 24, 2020

(ATTN: UPDATES with company's comment and stock prices in paras 1, 3, 7; ADDS photo)

SEOUL, April 24 (Yonhap) -- Shinhan Financial Group Co., a major South Korean banking group, said Friday its net profit edged up 1.5 percent in the first quarter from a year earlier due to decreased one-off gains.

For the three months that ended March 31, Shinhan Financial posted a net profit of 932.4 billion won (US$755 million), compared with a net profit of 918.4 billion won a year earlier, the company said in a statement.

The banking group said corporate tax refunds and the reversal of the allowance for bad debts contributed to the slight hike in its net profit.

(LEAD) Shinhan Financial's Q1 net rises 1.5 pct on one-off gains - 1

Shinhan Financial's interest income rose 5 percent on-year to 2 trillion won during the January-March period.

Its net interest margin, a key barometer of profitability, slightly fell to 1.86 percent at the end of March, compared with 2.07 percent from the same period of last year.

Flagship Shinhan Bank saw its net profit gain 1.4 percent on-year to 626.5 billion won for the first quarter.

Shares in Shinhan Financial fell 1.27 percent to 27,150 won Friday, roughly in line with the broader KOSPI's 1.34 percent loss.

entropy@yna.co.kr
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