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Major banking group Shinhan Financial Group said Wednesday its net profit 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 ($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.
The volume of the bank's won-denominated loans climbed 4.4 percent from 2015.
But its net interest margin, 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.
Shinhan's non-banking affiliates such as Shinhan Card Co. and Shinhan Life Insurance Co. also helped boost its earnings.
The card issuer's net profit rose 3 percent to 715.9 billion won, with the insurer's net profit surging 50.2 percent to 150.6 billion won. (Yonhap)
