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Shinhan Financial posts 1.3% YOY decline in Q2 net income

ShinhanFinancial Group Co. Ltd. posted an 1.3% year-over-year decline innet profit for the second quarter.

The group on July 21 reported consolidated second-quarter netincome attributable to controlling interests of 683.43 billion won, or 1,413won per share, down from 692.09 billion won, or 1,410 won per share, in theprior-year period.

Net interest income for the quarter rose to 1.772 trillionwon from 1.653 trillion won. Net fee and commission fell to 415.22 billion wonfrom 427.78 billion won.

Group net interest margin for the quarter was 1.99%, up from1.97% in the previous quarter, but remaining the same from the prior-yearperiod.

For the first half, Shinhan Financial posted net incomeattributable to controlling interests of 1.455 trillion won, or 2,987 won pershare, up 13.3% year over year in the aggregate from 1.284 trillion won, or2,611 won per share.

The group's nonperforming loan ratio was 0.87% as of June30, down from 0.93% at March 31 but remaining steady from the end of 2015.

As of June 30, the group's BIS capital adequacy ratio was13.8%, up from 13.4% at Dec. 31, 2015. Its common equity Tier 1 and Tier 1ratios for the period were 11.1% and 11.6%, respectively, up from 10.8% and11.4% as of the end of 2015.

Shinhan Bankposted a 12.8% year-over-year rise in consolidated second-quarter net incomeattributable to controlling interests, totaling 451.81 billion won, or 277 wonper share, up from 400.41 billion won, or 244 won per share.

Net interest income for the quarter rose to 1.098 trillionwon from 1.037 trillion won, while net fee and commission fell to 219.62billion won from 220.24 billion won.

The bank's NIM for the quarter was 1.50%, up from 1.48% inthe prior quarter but remaining the same from the prior-year quarter.

For the first half, Shinhan Bank posted net incomeattributable to controlling interests of 1.027 trillion won, or 631 won pershare, up 29.9% year over year in the aggregate from 790.33 billion won, or 480won per share.

Shinhan Bank's NPL ratio was 0.82% as of June 30, down from0.86% at March 31, but up from 0.80% at the end of 2015.

As of June 30, the bank's BIS capital adequacy ratio was15.2%, up from 14.8% at Dec. 31, 2015. Its common equity Tier 1 and Tier 1ratios for the period were 12.1% and 12.6%, respectively, up from 12.0% and12.5%, respectively, as of the end of 2015.

As of July 20, US$1 wasequivalent to 1,141.58 South Korean won.