Shinhan Investment Corp. announced that its net profit for the first half of the year reached 577.7 billion won, a 123.1% increase compared to 258.9 billion won during the same period last year.
Operating profit for the same period rose to 748.4 billion won, up 135.0% year-on-year, while operating revenue increased by 76.3% to 1.4741 trillion won.
In the second quarter, net profit was 289.3 billion won, reflecting a 0.3% increase from the previous quarter and a 91.6% rise from the same quarter last year. Operating profit for the second quarter was 362.0 billion won, an 80.2% increase year-on-year, with operating revenue reaching 772.6 billion won, up 65.4%.
The strong performance in the first half was driven by growth in the brokerage sector. Commission income totaled 935.4 billion won, with trust commissions soaring to 677.9 billion won, a 228.5% increase from 206.4 billion won in the same period last year. This surge was attributed to increased trading volumes amid a booming capital market.
Conversely, the investment banking (IB) sector experienced some challenges. IB revenue for the first half was 73.4 billion won, down 24.7% from the previous year. In the second quarter, IB revenue also fell to 30.8 billion won, a decrease of 26.7% year-on-year and 27.7% from the previous quarter.
Shinhan Investment Corp. stated, "The significant improvement in performance compared to the previous year was due to increased commission income from stock trading and financial products, along with improved product management income. However, despite the rise in stock trading commissions due to favorable capital market conditions, conservative management strategies in response to rising market interest rates led to a slight increase in net profit compared to the previous quarter."
* This article has been translated by AI.
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