Seoul: Shinhan Financial Group said Thursday its fourth-quarter net profit reached 501.3 billion won (US$346 million), down 13 percent from a year earlier. The company reported this in a regulatory filing, highlighting the decrease in net profit compared to the previous year.
According to Yonhap News Agency, the company posted 759.3 billion won in operating profit for the quarter, a decrease from 904.5 billion won a year ago. Despite the decline in operating profit, sales surged by 104.6 percent, reaching 24.8 trillion won.
The earnings results did not meet market expectations, as analysts had projected an average net profit of 665.6 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.