Shinhan Financial Group(US:SHG)2022-07-22 02:22Financial Performance Highlights - Group net income reached KRW 27208 billion, an increase of 113% year-over-year[7, 8] - Interest income increased by 173% year-over-year, driven by asset growth and margin improvement[12, 14] - Non-interest income decreased by 77% year-over-year, primarily due to declines in securities and insurance-related income[12, 25] - The cost-to-income ratio improved to 390%, a decrease of 24%p year-over-year[7, 8] - Provision for credit losses increased by 676% year-over-year, with additional provisioning of KRW 2990 billion for uncertainties[12, 27] Business Segment Performance - Shinhan Bank's net income increased by 228% year-over-year to KRW 16830 billion, driven by higher interest income and cost control[37, 62] - Shinhan Card's net income increased by 124% year-over-year to KRW 4127 billion, supported by business diversification[37, 68] - Shinhan Life Insurance's net income decreased by 102% year-over-year to KRW 2775 billion, mainly due to increased guarantee reserves[37, 72] - Shinhan Investment Corp's net income decreased by 414% year-over-year to KRW 1891 billion, due to decreased brokerage fees and valuation losses[37, 76] - Overseas net income contribution increased by 443% to KRW 2832 billion[39] Capital Management and Asset Quality - The CET1 ratio is expected to be 128%[7, 8, 35] - Group assets increased by 92% year-over-year to KRW 6833 trillion[58, 81] - The group's NPL ratio decreased by 008%p year-over-year to 038%[8, 34, 58] Digital Transformation and ESG Initiatives - SFG Gross MAU increased by 481 million YoY[52] - The company aims to provide KRW 30 trillion in green financing by 2030[54]