Shinhan Bank Vietnam records $158 mln post-tax profit in 2022

Shinhan Bank Vietnam, wholly-owned by South Korea’s Shinhan Bank, earned a post-tax profit of VND3.71 trillion ($158.03 million) last year, up 46.6% year-on-year, according to the bank’s audited financial statement.

The lender made a net interest income of VND6.52 trillion ($278 million), up 30.4% year-on-year. It posted a net fee and commission income of VND454.12 billion ($19.37 million), while net gain from dealing in foreign currencies was VND845.29 billion ($36.05 million).

Shinhan Bank Vietnam recorded its loans and advances to customers at VND86.74 trillion ($3.7 billion) last year, up 17.18% year-on-year.

Deposits and borrowings from other credit institutions dropped 22.47% year-on-year to VND11.34 trillion ($483.65 million). The figure included VND10.19 trillion ($434.53 million) of deposits and VND1.15 trillion ($49.11 million) of borrowings.

The bank’s total assets grew 18.8% to VND176,960 billion last year ($7.55 billion).

Shinhan Bank recorded a net income of KRW564.6 billion ($4.28 billion) from overseas business last year, up 43% year-on-year, according to reports of Shinhan Financial Group.

Of this, Shinhan Bank Vietnam accounted for the biggest portion of 37%, followed by Shinhan Bank Japan with 22%.