Shinhan Financial Group announced in late October that the group posted 1,115.7 billion won in net profit in the third quarter of 2021 and 3.5594 billion won in net profit in the first three quarters of the year.
This is the highest third-quarter cumulative performance ever, up 20.7 percent from a year earlier (2,950.2 billion won).
By affiliates, Shinhan Bank earned 2,130 billion won by the third quarter, up 20.7 percent (365 billion won) from a year earlier.
Shinhan Card racked up a cumulative net profit of 538.7 billion won, up 14.6 percent (68.5 billion won).
Shinhan Life posted 401.9 billion won, up 4.5 percent (17.3 billion won) while Shinhan Financial Investment a net profit of 367.5 billion won, up 99.1 percent.
Shinhan Financial Group continued to improve its current profits through selective asset growth and preemptive risk management.
In addition, capital market-related subsidiaries and non-banking group companies such as Shinhan Life and Asia Trust, which were incorporated through M&A strategies, fared well and showed the strengths of the financial group’s diversified portfolio once again.
In addition, despite the expansion of market volatility, Shinhan Financial Group continues to stabilize credit costs through preemptive risk management.
Shinhan Financial Group is also actively responding to future uncertainties by accumulating about 390 billion won in additional provisions last year to maintain the group’s soundness even after the end of financial support for those hit hard by COVID-19.
In particular, Shinhan Financial Group is continuing its digital innovation to create “easier, more convenient and newer finance.”
All of the group’s resources are concentrated on fueling the sustainable growth of the group, such as expanding the group’s customer base by securing competitiveness of digital platforms and strengthening customer-centered business strategies.
The company will systematically promote its ESG strategy at the group level based on the group’s ESG slogan “Do the Right Thing for a Wonderful World.”
Shinhan Financial Group plans to further sharpen the group’s competitiveness for future growth by discovering new business opportunities such as eco-friendly finance.
It decided to pay third-quarter dividends following second-quarter dividends through a board resolution.
Considering the prolonged COVID-19 situation, 260 won per share will be paid as a dividend, down slightly from 300 won per share in the previous quarter.
The board of directors plans to determine the final dividend payout ratio after confirming annual profits in a board meeting on the settlement of fourth-quarter business results.
The group’s ROE in the first three quarters of 2021 stood at 11.0 percent, logging a double-digit third-quarter ROE for the fifth consecutive year.
In particular, the non-banking sector has expanded based on strong performances in highly profitable capital market sectors such as the capital sector and by the Group & Global Investment Banking Group (GIB).
Shinhan Financial Group’s cumulative eco-friendly financial investment stood at about 1.9 trillion won (221.4 billion won in green loans, 407 billion won in eco-friendly project financing and 1,253.1 billion won in green investment) in the third quarter of 2021.
In the future, it plans to continue to create new business opportunities through eco-friendly financial support for a conversion to new and renewable energy and waste management.
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