Shinhan Financial Group Logs 2 Tln Won in Net Profit For Second Straight Year
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Shinhan Financial Group Logs 2 Tln Won in Net Profit For Second Straight Year
Chmn. Han attributes performance to exemplary results posted by Shinhan Bank, a major affiliate, and non-banking sector led by Shinhan Card

26(Sun), Feb, 2017

Chairman Han Dong-woo of Shinhan Financial Group.

Shinhan Financial Group's net profit surpassed 2 trillion won for the second year in a row, the company said recently. The group posted 2.37 trillion won ($1.91 billion) in net profit last year, up 14 percent from 2.08 trillion won the year before. By surpassing 2 trillion won, Shinhan said it will likely register the highest net profit in the local financial industry for the eighth straight year.

"This is not an outcome accomplished in the short term," an official said. "It was possible because the group held a long-term perspective in establishing sustainable growth strategies and carried them out consistently. Also of note is that the group's banking and non-banking units together created a favorable outcome through complementary and synergic operations."

The group recorded 409.1 billion won net income in the fourth quarter of 2015, down 39.8 percent from the previous quarter. With voluntary retirement and other seasonal effects incurring extra costs in the last quarter every year, the decrease was moderate, the group said.

The group posted 6.69 trillion won in interest income, down a mere 1.4 percent on year, as the group's entire credit had increased 8.5 percent from the previous year. Shinhan Bank, the group's flagship business, posted 1.49 trillion won net profit last year, up 2.4 percent from the previous year. Along with the bank's performance, the group's non-banking units also posted solid numbers. The combined net profit of non-banking units was 1.09 trillion won, up 18.3 percent from 2014.

The non-banking units' profits account for 42 percent of that of the entire group.

Shinhan Investment logged the largest net profit of 215.5 billion won in 2014, up a whopping 82.5 percent. The group noted that the amount was the largest in its 15 years as a subsidiary.

"Throughout 2015, performance has improved in almost every part of the group's operation,” officials said. “Our banking units fulfilled their role as the main pillar of the Gr"oup, posting 1.5 trillion won net income despite margin contraction amid falling interest rates.”

The non-banking subsidiaries contributed 42 percent of the group’s total income led by stable earnings from Shinhan Card as well as improved results from Shinhan Investment Corp. and Shinhan Life Insurance. For 2015, the group delivered net income of 2.37 trillion won. 

Shinhan Financial Group far outpaced domestic competitors in overall performance, further solidifying their leadership as Korea’s top financial group. 

As a result of ongoing efforts to practice Compassionate Finance, Shinhan Financial Group was ranked 18th on the list of the Global 100 Most Sustainable Corporations by The World Economic Forum. This represents the highest rank any Korean company has ever achieved on this prestigious list. Shinhan also earned worldwide recognition as Korea’s leading banking brand by ranking in 44th place in the global banking brands survey by the U.K.’s The Banker.

Our differentiated achievements in the face of a challenging environment would not have been possible without the consistent trust and support from our shareholders. As a token of our sincere appreciation, Shinhan Financial Group has constantly raised the dividend payout ratio for the past four consecutive years. In 2015, the payout ratio rose to 24 percent, a sizeable jump from the 21.6 percent of the previous year. Consequently, the dividend yield ratio stood at around 3 percent.

A view of the building in Seoul where Shinhan I&S has offices.(Photos: Shinhan I&S)

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