Shinhan Bank Vietnam earns net income $102 mln in H1, up 12%

Shinhan Bank Vietnam earned a net income of KRW141.3 billion ($102 million) in the first half of 2024, up 12.1% year-on-year, according to a report of Shinhan Financial Group, the parent company.

As a result, Shinhan Bank Vietnam accounted for the biggest portion of Shinhan Bank’s overseas business, with 35%.

Other major contributors were Shinhan Bank Japan with 18%, overseas branches of Shinhan Bank with 26%, and others with 21%.

In the six-month period, Shinhan Bank recorded a net income of KRW410.8 billion ($296.6 million) from overseas business, up 32.4%. The figure accounted for 15% of Shinhan Financial Group in the period.

In August 2023, Shinhan Bank officially marked 30 years in Vietnam, saying it was proud to be a “trusted financial partner” for millions of Vietnamese customers.

The South Korean bank established its first representative office in Ho Chi Minh City in August 1993, not long after Vietnam and South Korea officially established diplomatic relations.

2017 became a turning point for Shinhan Bank, when it successfully acquired the retail banking sector of ANZ Bank Vietnam. The move helped it expand its retail sector and offer more balance in terms of product structures between the retail and corporate sectors.

Shinhan Bank Vietnam earned a net profit of VND4.52 trillion ($181.2 million) in 2023, up 22.1% year-on-year, with all major indicators showing improvements.

This was the heftiest profit the bank has reported so far, according to its 2023 financial statement sent to the Hanoi Stock Exchange.