Apr 26, 2024 / 05:00AM GMT
Sang-Hyuk Jung - Shinhan Financial Group Co., Ltd. - Deputy President, CFO & Director
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 KRW 1.3215 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.
Credit cost ratio in Q1 was 38 bp, down by 10 bp Y-o-Y. But the
Q1 2024 Shinhan Financial Group Co Ltd Earnings Call Transcript
Apr 27, 2024
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