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Biz News Korea(Eng)
KB and Shinhan Financial post over 1 trillion won in net profit in H1
- Collected
- 2016.07.22
- Distributed
- 2016.07.25
- Source
- Go Direct
According to the Financial Supervisory Service (FSS) and the financial industry on Thursday, net profit of KB Financial Group came to 595.3 billion won in the second quarter, up 75.8 percent on year on a consolidated basis. Its net profit for the first half increased more than 20 percent from a year ago to 1.15 trillion won, helped by reduced labor cost after it carried out early retirement program in the second half last year.
Shinhan Financial Group kept up its record of earning more than 1 trillion won in net figures in the first half for the seventh consecutive year. Its net profit in the second quarter stood at 683.4 billion won, down 1.3 percent from the same period of last year but its net profit in the first half came to 1.45 trillion won, up 13.3 percent from the previous year. Much of the credit went to the net profit of 355.2 billion won from its card unit Shinhan Card Co.
Among other second-quarter notable performers, non-ferrous metal manufacturer Korea Zink Inc. recorded 137.3 billion won in net profit in the second quarter, down 10 percent on year. Its operating profit declined 6 percent while its sales increased 17 percent.
Operating profit and sales of KT&G, the nation’s leading tobacco company, increased 14.5 percent and 5.4 percent on year in the second quarter, respectively, to 353.7 billion won and 1.09 trillion won. Sales at home were sluggish while but the company fared well on the overseas front in the first half.
By Kim Hyo-sung, Lee Yong-gun
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]