SHG - Shinhan Financial Group Co. Ltd. (SHG) Q1 2024 Earnings Call Transcript
2024-04-26 17:51:09 ET
Shinhan Financial Group Co., Ltd. (SHG)
Q1 2024 Earnings Conference Call
April 26, 2024 01:00 ET
Company Participants
Sang-Hyuk Jung - Chief Executive Officer
Conference Call Participants
Park Hye-jin - Daishin Securities
Jung Jun-Sup - NH Securities
Seol Yong Jin - SK Securities
Doosan Baek - Korea Investment Securities
Sinyoung Park - Goldman Sachs
Shim Jongmin - CLS Securities
Presentation
Sang-Hyuk Jung
Good afternoon. Let me first thank everyone for participating at our Q1 2024 Earnings Conference Call despite your busy schedule.
I will first go through our business highlights from Page 5 of the slides. In Q1 2024, we achieved KRW1.3215 trillion in net income, despite recognition of large nonoperating expense, thanks to the company's strong fundamentals based on top line growth. Interest income grew 9.4% Y-o-Y, thanks to proactive loan asset growth strategy and efficient margin management. Noninterest income for the group grew 0.3% as we defended the decline in securities-related income with a diversified portfolio.
G&A was kept at 1.2% increase, despite the general inflationary factors, thanks to the group's ongoing effort and cost efficiency. With G&A well under control, the cost to income ratio stood at 35.9%, improved by 2 percentage points Y-o-Y, thanks to sound growth in operating income....
Shinhan Financial Group Co., Ltd. (SHG) Q1 2024 Earnings Call Transcript