Korean lender Shinhan Financial Group has cut loan losses despite the woes besetting domestic shipowners and shipyards.

It said provisions for non-performing assets fell 2.6% in the six months to 30 June, year-on-year.

Shinhan also posted a 13% rise in net profit to KRW 1.45 trillion ($1.2bn), it said in a regulatory filing.

Its banking unit logged a stable increase in profits, it added.