SEOUL, Oct. 27 (Yonhap) — Shinhan Financial Group said Tuesday its third-quarter net profit jumped 11 percent from a year earlier on increased commissions fees and interest income.
Net profit for the three months that ended in September climbed to 1.17 trillion won from 1.05 trillion won in the same period of last year, the company said in a statement.
“Commissions income increased in the third quarter as retail investors made an aggressive investment in funds sold through the (Shinhan) bank. Increased loans to individuals and companies helped buoy interest income,” a Shinhan spokesman said.
Operating profit rose 3.6 percent to 1.47 trillion won in the third quarter from 1.42 trillion won a year ago. Sales fell 34 percent to 8.24 trillion won from 12.5 trillion won during the same period.
From January to September, net income fell 2.5 percent to 3 trillion won from 3.08 trillion won in the year-ago period.
Operating profit declined 3.8 percent to 3.98 trillion won in the first nine months from 4.12 trillion won a year ago, while sales were down 2.5 percent to 35.43 trillion won from 36.35 trillion won during the same period.
Shinhan Financial Group is the country’s largest lender in terms of net income in the January-September period.