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Top 4 banks' net profit expected to edge up in Q1

SEOUL, March 31 (Yonhap) -- South Korea's top four financial holding companies are expected to see their net profits to go up slightly in the first quarter of this year due to eased burdens on reserves for ailing companies amid signs of economic recovery, industry sources said Monday. The combined net profit of the four major financial firms -- Woori Finance Holdings Co., Hana Financial Group Inc., Shinhan Financial Group Co. and KB Financial Group Inc. -- was projected at 1.59 trillion won (US$1.49 billion) in the first three months of the year, according to the sources.

Shinhan Financial's net profit sinks 18 pct in 2013

SEOUL, Feb. 11 (Yonhap) -- Shinhan Financial Group Co., South Korea's No. 4 banking group, said Tuesday its earnings sank 18 percent from a year earlier on a squeezed profit margin and decreased non-interest income. Net income amounted to 1.9 trillion won (US$1.77 billion) last year, compared with a profit of 2.32 trillion won the previous year, the firm said in a regulatory filing. The weaker performance came as the firm suffered a decline in its non-interest income, the group said.

Shinhan Financial's net profit sinks 18 pct in 2013

SEOUL, Feb. 11 (Yonhap) -- Shinhan Financial Group Co., South Korea's No. 4 banking group, said Tuesday its earnings sank 18 percent from a year earlier on a squeezed profit margin and decreased non-interest income. Net income amounted to 1.9 trillion won (US$1.77 billion) last year, compared with a profit of 2.32 trillion won the previous year, the firm said in a regulatory filing. The weaker performance came as the firm suffered a decline in its non-interest income, the group said.

Korean banks face risk of losing credibility on irregularities

SEOUL, Dec. 23 (Yonhap) -- After a year muddied by irregularities, exposed corruption and profit losses, the South Korean banking sector faces strong supervision by the regulator as well as demand for internal controls. Scandals have damaged the reputations of top lenders, who have been implicated on suspicion of private data leaks, shady art work purchases and the possession of slush funds.

Shinhan Financial Q3 net falls 5.2 pct

SEOUL, Oct. 29 (Yonhap) -- Shinhan Financial Group Co., South Korea's No. 4 banking group, said Tuesday its third-quarter earnings edged down 5.2 percent on-year on a fall in non-interest income. Net income amounted to 523.2 billion won (US$493.2 million) in the July-September period, compared with 552.1 billion won the previous year, the group said in a regulatory filing. From three months earlier, net profit inched down 5.8 percent.

FSS to check Shinhan Bank for alleged search on politicians

SEOUL, Oct. 21 (Yonhap) -- The financial regulator said Monday it has launched a probe into allegations that Shinhan Bank Co. looked up bank account details of South Korean politicians without consent, after a lawmaker raised the suspicion at a recent parliamentary audit. The Financial Supervisory Service (FSS) dispatched a team of inspectors to check whether such allegations are true and if the bank has well maintained its internal control system on the private information of its clients.

480 Korean firms established over 50 years ago: report

SEOUL, Sept. 15 (Yonhap) -- The number of local companies established over 50 years ago totaled 480, a report said Sunday, with six of them already having celebrated their centennial. Doosan Group, which has transformed from a consumer goods manufacturer into a heavy industrial conglomerate, is the longest-surviving enterprise in the country, according to the report by corporate research firm Chaebul.com.

Shinhan Financial Q2 net down 12.1 pct on poor margin

SEOUL, July 30 (Yonhap) -- Shinhan Financial Group Co., South Korea's No. 4 banking group, said Tuesday its second-quarter earnings declined 12.1 percent from a year earlier on a fall in profit margin. Net income amounted to 555.3 billion won (US$498.4 million) in the April-June period, compared with 631.8 billion won in the previous year, the group said in a regulatory filing. From three months earlier, net profit gained 15.5 percent.

Shinhan Financial Q2 net down 12.1 pct on poor margin

SEOUL, July 30 (Yonhap) -- Shinhan Financial Group Co., South Korea's No. 4 banking group, said Tuesday its second-quarter earnings declined 12.1 percent from a year earlier on a fall in profit margin. Net income amounted to 555.3 billion won (US$498.4 million) in the April-June period, compared with 631.8 billion won in the previous year, the group said in a regulatory filing. From three months earlier, net profit gained 15.5 percent.

Banks, builders take up 60 pct of corporate lawsuits in 2012

SEOUL, June 19 (Yonhap) -- Banks and builders accounted for nearly 60 percent of corporate lawsuits filed in 2012, data showed Wednesday, due mainly to an increase in conflicts amid the protracted economic slump. The combined number of lawsuits filed by or against 182 firms came to 26,640 cases of which combined values are estimated at 20.5 trillion won (US$18.1 billion) last year, according to the data by CEO Score, a Seoul-based market researcher.
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