S.Korea’s top 4 financial holding firms cheer upbeat Q1 results

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S.Korea’s top 4 financial holding firms cheer upbeat Q1 results - Korea Economic Daily

Quick Summary:

According to regulatory filings by Shinhan Financial Group Co., Hana Financial Group and Woori Financial Group Co.– on Friday, a total net profit of the country’s four leading financial holding companies, including KB Financial Group Inc.that reported its result a day before, reached 4.93 trillion won ($3.4 billion) in the January-March period, 16.8% higher than a year ago.

Their total allowance for loan losses for the first quarter jumped 26.7% on-year to 1.83 trillion won.“The biggest challenge we face this year is ensuring financial soundness,” Chun Sang-yung, vice president and chief financial officer of Shinhan Financial, said during an earnings video call on Friday.

South Korea’s top four financial holding companies – Shinhan, KB, Hana and Woori – reported stellar earnings for the first quarter as they have turned the corner after last year’s heavy blow from the equity-linked securities (ELS) debacle.