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| The headquarters of Shinhan Financial Group in central Seoul. Korea Times file |
Net profit came to 4.64 trillion won ($3.69 billion) in 2022, up 15.5 percent from the previous year, the group said in a regulatory filing.
Its revenue grew 35.33 percent on-year to 61.89 trillion won, and operational profit shrank 1.08 percent to 5.89 trillion won.
Shinhan attributed the stellar performance to increased interest margins amid the central bank's hawkish rate hikes.
Last month, the Bank of Korea raised the benchmark policy interest rate from 3.25 percent to 3.5 percent, the highest level since late 2008, to rein in inflation.
In 2022, Shinhan Financial's net interest income jumped 4.1 percent on-year to 10.68 trillion won, with net interest margin (NIM) up 15 basis points to 1.96 percent.
But its non-interest income dropped 30.4 percent to 2.53 trillion won last year, the group said.
In the fourth quarter alone, Shinhan Financial's net profit came to 326.9 billion won, plunging 28.9 percent from a year ago, due to increased reserves against soured loans, according to the regulatory filing.
Net profit of Shinhan Bank, the flagship of Shinhan Financial, went up 22.1 percent on-year to 3.05 trillion won in 2022.
The bank's fourth-quarter net profit fell 50.2 percent on-year to 452.5 billion won, the bank said. (Yonhap)
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