Shinhan Bank delivered a record full-year net profit of 3.70 trillion won for 2024, equivalent to approximately 2.6 billion US dollars, representing a 20.5% increase on the prior year. The result, disclosed by parent company Shinhan Financial Group on 6 February 2025, enabled the bank to overtake Hana Bank, which posted net profit of 3.36 trillion won, and KB Kookmin Bank, with 3.25 trillion won, and reclaim the title of South Korea's most profitable bank by earnings for the first time since 2018, ending a period during which rival lenders, most recently Hana Bank, had held the top position.
Shinhan's full-year earnings came in roughly 340 billion won ahead of second-placed Hana Bank's result.
OVERSEAS EARNINGS
Shinhan Bank generated overseas earnings of 733.6 billion won in 2024, accounting for approximately 20% of total bank profits. The overseas portfolio benefited from performances in Vietnam and Japan.
GROUP RESULTS
Shinhan Financial Group reported consolidated net profit of 4.52 trillion won for 2024, up 3.4%, released the same day.