RPT-UPDATE 1-Shinhan posts record Q1 profit on Chohung upturn

Newswire

(Repeats to add company codes) SEOUL, April 28 (Reuters) - South Korea's Shinhan Financial Group posted a record quarterly profit on Thursday, ago, aided by a faster-than-expected recovery at its Chohung Bank unit and proceeds from sales of stakes in ailing companies. Like many South Korean banks, Shinhan is poised for a much stronger 2005, after offloading a big chunk of distressed assets in 2004. An expected recovery in domestic consumption could also drive up credit card usage. A ...

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