Shinhan Financial Group Co. on Thursday reported its fourth-quarter net profit of 576.1 billion won (US$433.9 million), up 49.3 percent from a year earlier. The company said in a regulatory filing that it posted 904.5 billion won in operating profit for the quarter, compared with 580.1 billion won a year ago. Revenue rose 276 percent to 12.12 trillion won. The earnings met market expectations. The average estimate of net profit by analysts stood at 571.7 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. However, the net profit marks a sharp drop from the 1.19 trillion won posted in the third quarter. "The (on-quarter) decrease was due to a rise in one-time costs, such as reserves for potential losses," a group official said. In the October-December period alone, the group set aside 768.8 billion won in reserves amid growing concerns of risks stemming from real estate project financing loans. The amount marks a 61.4 percent spike from three months earlier . For the whole of 2023, the group's net income decreased 5.8 percent on-year to 4.47 trillion won. Its operating profit for the year gained 3.3 percent to 6.1 trillion won, with revenue growing 4.3 percent to 61.33 trillion won over the cited period. Flagship Shinhan Bank posted an annual net profit of 3.07 trillion won, up 0.73 percent from 2022, while its operating profit slipped 0.37 percent on-year to 4.14 trillion won. Annual revenue gained 5.48 percent to 37.4 trillion won. Source: Yonhap News Agency
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