6-K 1 6-k-20231114.htm 6-K 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16

Under the Securities Exchange Act of 1934

For the Month of November 2023

SHINHAN FINANCIAL GROUP CO., LTD.

(Translation of registrant's name into English)

20, Sejong-daero 9-gil, Jung-gu, Seoul 04513, Korea
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will

file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F √ Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in

paper as permitted by Regulation S-T Rule 101(b)(1): _______

Indicate by check mark if the registrant is submitting the Form 6-K in

paper as permitted by Regulation S-T Rule 101(b)(7): _______

Indicate by check mark whether the registrant by furnishing the

information contained in this form is also thereby furnishing the

information to the Commission pursuant to Rule 12g3-2(b) under the

Securities Exchange Act of 1934.

Yes No___√___

If "Yes" is marked, indicate below the file number assigned to the

registrant in connection with Rule 12g3-2(b): 82- n/a .

 

1

EXHIBIT INDEX

 

Exhibit No.

Description

99.1

Shinhan Financial Group Review Report for the 3Q of 2023 (Consolidated)

99.2

 

Shinhan Financial Group Review Report for the 3Q of 2023 (Seperate)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

Summary of 3Q 2023 Business Report

 

On November 14, 2023, Shinhan Financial Group (“SFG”) filed its 3Q 2023 Business Report (the “Business Report”) with the Financial Services Commission of Korea and the Korea Exchange pursuant to the Financial Investment Services and Capital Market Act of Korea. This is the summary of the Business Report translated into English. Non-material or previously disclosed information are omitted or abridged.

The financial information in this report has been prepared in accordance with Korean International Financial Reporting Standards.

Table of Contents

1. Introduction of the Group

2. Business Results

3. Other Financial Information

4. Independent Auditor

5. Corporate Governance

6. Major Shareholders and Market Price Information of our Common Shares and ADRs

7. Directors, Executive Officers and Employees

8. Related Party Transactions

9. Material Information after the reporting period

 

3

1. Introduction of the Group

Company History (from Jan. 2010 through the reporting date)

▪
Jan. 2010: Shinhan Data System became a direct subsidiary of SFG
▪
Aug. 2010: Shinhan Macquarie Financial Advisory was disaffiliated from SFG
▪
Feb. 2011: Shinhan BNP Paribas Asset Management (Hong Kong) Ltd. became an indirect subsidiary of SFG
▪
Nov. 2011: Shinhan Bank Vietnam was merged with Shinhan Vina Bank
▪
Dec. 2011: Shinhan Savings Bank became a direct subsidiary of SFG
▪
Nov. 2012: Shinhan AITAS Co., Ltd. joined SFG as a direct subsidiary
▪
Jan. 2013: Yehanbyoul Savings Bank joined SFG as a direct subsidiary
▪
Apr. 2013: Shinhan Savings Bank merged with Yehanbyoul Savings Bank. As a result of the integration, Shinhan Savings Bank has been liquidated and Yehanbyoul Savings Bank now exists under the name of “Shinhan Savings Bank” as an existing legal entity
▪
Nov. 2014: LLP MFO Shinhan Finance (Kazakhstan) became an indirect subsidiary of SFG
▪
Jul. 2015: Shinhan Securities Vietnam Co., Ltd became an indirect subsidiary of SFG
▪
Oct. 2015: Banco Shinhan de Mexico became an indirect subsidiary of SFG
▪
Nov. 2015: PT Bank Shinhan Indonesia became an indirect subsidiary of SFG
▪
Dec. 2015: PT. Shinhan Indo Finance became an indirect subsidiary of SFG
▪
Dec. 2015: PT Centratama Nasional Bank became an indirect subsidiary of SFG
▪
Jun. 2016: Shinhan Microfinance Co., Ltd. became an indirect subsidiary of SFG
▪
Jul. 2016: PT Shinhan Securities Indonesia became an indirect subsidiary of SFG
▪
Dec. 2016: Launched new integrated PT Bank Shinhan Indonesia
▪
Oct. 2017: Established Shinhan REITs(Real Estate Investment Trusts) Management Co.,Ltd. as SFG subsidiary
▪
Dec. 2017: Shinhan K REITs became an indirect subsidiary of SFG
▪
Apr. 2018: Shinhan Alpha REITs (formerly known as Shinhan K REITs) was disaffiliated from SFG’s indirect subsidiary due to a change in the largest shareholder
▪
May 2018: GX SHINHAN INTERVEST 1st PEF became an indirect subsidiary of SFG
▪
May 2018: Shinhan DS Vietnam became an indirect subsidiary of SFG
▪
Sep. 2018: Shinhan Alpha Yongsan REIT became an indirect subsidiary of SFG
▪
Oct. 2018: SFG entered into a share purchase agreement with Asia Trust Co., Ltd. for the 100% acquisition.
▪
Feb. 2019: Orange Life Insurance, Ltd. joined SFG as a direct subsidiary (acquisition from majority shareholders)
▪
May 2019: Asia Trust. Co., Ltd. joined SFG as a direct subsidiary
▪
Aug. 2019: Shinhan AI Co., Ltd. incorporated and joined as a direct subsidiary
▪
Jan. 2020: Orange Life Insurance, Ltd. became a wholly-owned subsidiary (acquisition of remaining interests by effecting a comprehensive stock exchange)
▪
Sep. 2020: Neoplux Co., Ltd. joined SFG as a direct subsidiary (acquisition from majority shareholder)
▪
Dec. 2020: SFG acquired the remaining interests in Neoplux by effecting a small-scale stock exchange and hence Neoplux has become our wholly owned subsidiary and was renamed to Shinhan Venture Investment.
▪
Jan. 2021: SFG acquired the remaining 35% interests in Shinhan BNPP Asset Management and it became a wholly-owned subsidiary. Shinhan BNPP Asset Management changed its legal name to Shinhan Asset Management.
▪
May. 2021: Shinhan Naotic No. 1 Private Equity Joint Venture joined SFG as a direct subsidiary as a sub-subsidiary.
▪
May. 2021: JS Shinhan Private Equity Limited joined SFG as a direct subsidiary as a sub-subsidiary.
▪
July. 2021: Integrated Shinhan Life Insurance Co., Ltd launched after the merger between Shinhan Life Insurance and Orange Life Insurance, wholly-owned subsidiaries of Shinhan Financial Group.
▪
Jan. 2022: Shinhan Asset Management Co., Ltd. and Shinhan Alternative Investment Management Inc. have merged to form a holding company named Shinhan Asset Management Co., Ltd.
▪
Jun. 2022: SFC acquired 94.54% of the total issued shares of Shinhan EZ General Insurance, Ltd (formerly, BNP Paribas Cardif Life Insurance Ltd.) after the Financial Services Commission approved the incorporation of subsidiary
▪
July 2022 Shinhan Credit Information Co., Ltd. (hereinafter “Shinhan Credit Information”) has been dissolved from the list of group’s direct subsidiaries and became an indirect subsidiary of SFG.

4

▪
Oct 2022 Shinhan Financial Investment Securities Co., Ltd. has changed its legal name to Shinhan Securities Co., Ltd.
▪
April 2023 AITAS Co., Ltd has changed its legal name to Shinhan Fund Partners.

 

5

Principal(Direct) Subsidiaries under Korean Law (as of September 30, 2023)

Subsidiaries

 

Ownership by SFG

Shinhan Bank

 

100.0%

Shinhan Card

 

100.0%

Shinhan Securities

 

100.0%

Shinhan Life Insurance 1)

 

100.0%

Shinhan Capital

 

100.0%

Shinhan Asset Management 2)

 

100.0%

Jeju Bank 3)

 

75.3%

Shinhan Savings Bank 4)

 

100.0%

Shinhan Asset Trust 5)

 

100.0%

Shinhan DS

 

100.0%

Shinhan Fund Partners 6)

 

99.8%

Shinhan REITs Management

 

100.0%

Shinhan AI

 

100.0%

Shinhan Venture Investrment 7)

 

100.0%

Shinhan EZ General Insurance 8)

 

85.1%

SHC Management

 

100.0%
1)
Shinhan Life Insurance and Orange Life Insurance merged on July 1st, 2021 and became Shinhan Life Insurance Co., Ltd
2)
On January 15, SFG acquired remaining 35% interests in Shinhan BNP Paribas Asset Management and it became our wholly-owned subsidiary (changed its legal name to Shinhan Asset Management)
3)
Jeju Bank is currently listed on the Korea Exchange.
4)
On January 30, 2013, Yehanbyoul Savings Bank joined SFG as a direct subsidiary. On April 1, 2013, Shinhan Savings Bank merged with Yehanbyoul Savings Bank, both of which were direct subsidiaries of Shinhan Financial Group. As a result of the integration of the two savings banks, the previous Shinhan Savings Bank has been liquidated and is thus no longer a subsidiary of Shinhan Financial Group and instead, Yehanbyoul Savings Bank now exists under the name of “Shinhan Savings Bank” as an existing legal entity constituting a member of Shinhan Financial Group.
5)
The Group has acquired remaining shares of Asia Trust Co., Ltd during the period, and Asia Trust Co., Ltd became its wholly-owned subsidiary. Asia Trust Co., Ltd has changed its name to Shinhan Asset Trust Co., Ltd.
6)
On November 30, 2012, Shinhan AITAS Co., Ltd. joined SFG as a direct subsidiary. Prior to November 30, 2012, Shinhan AITAS was an indirect subsidiary of SFG under Shinhan Bank, a wholly-owned bank subsidiary of SFG. On April 03, 2023, Shinhan AITAS changed its legal name to Shinhan Fund Partners.
7)
On January 11, Neoplux changed its legal name to Shinhan Venture Investment.
8)
On June 30, 2022, SFG acquired remaining 94.54% stake from BNP Paribas Cardiff and it became our wholly-owned subsidiary (changed its legal name to Shinhan EZ General Insurance) On November 03,2022, KT and Douzone Bizon acquired 9.9% and 5% shares of Shinhan EZ General Insurance, respectively.

 

 

 

 

 

 

 

 

 

 

 

 

6

Indirect subsidiaries held through direct subsidiaries (as of the reporting date)

Direct Subsidiaries

 

Indirect Subsidiaries

 

Ownership by the Parent

Shinhan Bank

 

Shinhan Bank America

 

100.0%

 

Shinhan Bank Japan 5)

 

100.0%

 

Shinhan Bank Europe

 

100.0%

 

Shinhan Bank Cambodia

 

97.5%

 

Shinhan Bank Kazakhstan

 

100.0%

 

Shinhan Bank China Limited

 

100.0%

 

Shinhan Bank Canada

 

100.0%

 

Shinhan Bank Vietnam

 

100.0%

 

Banco Shinhan de Mexico

 

99.99%

 

PT Bank Shinhan Indonesia

 

99.0%

Shinhan Card

 

LLP MFO Shinhan Finance

 

100.0%

 

PT. Shinhan Indo Finance

 

76.3%

 

Shinhan Microfinance Co., Ltd.

 

100.0%

 

Shinhan Vietnam Finance Co. Ltd.

 

100.0%

 

 

Shinhan Credit Information Co.Ltd 6)

 

100.0%

Shinhan Securities

 

Shinhan Securities New York

 

100.0%

 

Shinhan Securities Hong Kong

 

100.0%

 

Shinhan Securities Vietnam Co., Ltd

 

100.0%

 

PT Shinhan Sekuritas Indonesia

 

99.0%

 

 

Shinhan Smilegate Global PEF1 4)

 

10.0%

 

 

Shinhan SKS PEF

 

9.59%

 

 

Shinhan Praxis K-Growth Global Private Equity Fund 2)

 

14.1%

Shinhan Life Insurance

 

Shinhan Financial Plus

 

100.0%

 

 

Shinhan CubeOn Co., Ltd.

 

100.0%

 

 

Shinhan Life Insurance Vietnam Limited Liability Company

 

100.0%

Shinhan Capital

 

Shinhan-We Venture Debt Fund

 

34.5%

Shinhan Asset Management

 

Shinhan Asset MGT HK, Limited

 

100.0%

 

 

Shinhan Private Equity Fund 2nd 3)

 

66.3%

 

 

JS Shinhan Private Equity Fund

 

0.06%

 

 

Shinhan Nautic Private Equity Fund I

 

9.23%

Shinhan DS

 

Shinhan DS Vietnam Co. Limited

 

100.0%

Shinhan Venture Investment

 

Neoplux 3rd PEF

 

10.0%

1) Shinhan Financial Group and its subsidiaries currently own 18.9% in the aggregate.

2) Shinhan Financial Group and its subsidiaries currently own 96.74% in the aggregate.
3) Shinhan Financial Group and its subsidiaries currently own 14.21% in the aggregate.

4) SBJ Bank own 100% in the aggregate.

 

 

7

Credit Ratings (as of September 30, 2023)

Date

Types of Issuance

Credit Rating

Rating Company

(Rating Range)

2022.01.18

Write-down Contingent

Capital Securities

AA-

Korea Rating(AAA~D) / KIS Rating(AAA~D) /

NICE Investors Service(AAA~D)

2022.02.21

Debentures

AAA

Korea Rating(AAA~D) / KIS Rating(AAA~D) /

NICE Investors Service(AAA~D)

2022.03.22

Debentures

AAA

Korea Rating(AAA~D) / KIS Rating(AAA~D) /

NICE Investors Service(AAA~D)

2022.04.19

Debentures

AAA

Korea Rating(AAA~D) / KIS Rating(AAA~D) /

NICE Investors Service(AAA~D)

2022.05.20

Debentures

AAA

Korea Rating(AAA~D) / KIS Rating(AAA~D) /

NICE Investors Service(AAA~D)

2022.06.30

Commercial Paper

A1

Korea Rating(A1~D) / KIS Rating(A1~D) /

NICE Investors Service(A1~D)

2022.06.30

Electronic

Short-term Bond

A1

Korea Rating(A1~D) / KIS Rating(A1~D) /

NICE Investors Service(A1~D)

2022.07.15

Debentures

AAA

Korea Rating(AAA~D) / KIS Rating(AAA~D) /

NICE Investors Service(AAA~D)

2022.08.12

Write-down Contingent

Capital Securities

AA

Korea Rating(AAA~D) / KIS Rating(AAA~D) /

NICE Investors Service(AAA~D)

2022.10.17

Debentures

AAA

Korea Rating(AAA~D) / KIS Rating(AAA~D) /

NICE Investors Service(AAA~D)

2022.11.08

Debentures

AAA

Korea Rating(AAA~D) / KIS Rating(AAA~D) /

NICE Investors Service(AAA~D)

2023.01.16

Write-down Contingent

Capital Securities

AA

Korea Rating(AAA~D) / KIS Rating(AAA~D) /

NICE Investors Service(AAA~D)

2023.01.30

Debentures

AAA

Korea Rating(AAA~D) / KIS Rating(AAA~D) /

NICE Investors Service(AAA~D)

2023.02.23

Debentures

AAA

Korea Rating(AAA~D) / KIS Rating(AAA~D) /

NICE Investors Service(AAA~D)

2023.03.21

Debentures

AAA

Korea Rating(AAA~D) / KIS Rating(AAA~D) /

NICE Investors Service(AAA~D)

2023.04.20

Debentures

AAA

Korea Rating(AAA~D) / KIS Rating(AAA~D) /

NICE Investors Service(AAA~D)

2023.05.22

Debentures

AAA

Korea Rating(AAA~D) / KIS Rating(AAA~D) /

NICE Investors Service(AAA~D)

2023.06.30

Write-down Contingent

Capital Securities

(Issue date: 13 July 2023)

AA

Korea Rating(AAA~D) / KIS Rating(AAA~D) /

NICE Investors Service(AAA~D)

2023.06.30

Commercial Paper

A1

Korea Rating(A1~D) / KIS Rating(A1~D) /

NICE Investors Service(A1~D)

2023.06.30

Electronic

Short-term Bond

A1

Korea Rating(A1~D) / KIS Rating(A1~D) /

NICE Investors Service(A1~D)

2023.07.19

Debentures

A

Standard & Poors (AAA~D)

2023.07.19

Debentures

A1

Moody’s(Aaa~C)

2023.08.25

Debentures

AAA

Korea Rating(AAA~D) / KIS Rating(AAA~D) /

NICE Investors Service(AAA~D)

2023.09.19

Debentures

AAA

Korea Rating(AAA~D) / KIS Rating(AAA~D) /

NICE Investors Service(AAA~D)

 

 

 

 

 

 

 

8

Number of Shares (as of September 30, 2023)

Types of Shares

 

Number of Shares

Number of shares authorized

for issuance

 

1,000,000,000

Number of common shares issued (1)(2)(4)

 

515,504,189

Number of preferred shares issued (5)

 

-

Total outstanding shares

 

515,504,189

Treasury stocks (3)

 

6,352

Total outstanding shares
with voting rights

 

515,497,837

(1) SFG issued 8,232,906 shares of common stock in relation to a comprehensive stock exchange between SFG and Orange Life Insurance on January 28, 2020. On June 1, 2020, SFG cancelled 5,035,658 treasury shares. On September 29, 2020, SFG had a paid-in capital increase and issued 39,130,000 common shares (third-party allocation). On December 30, 2020, SFG issued 72,719 shares of common stock in relation to a small-scale stock exchange between SFG and Neoplux.

(2) For more information, please refer to SFG’s reports on Form 6-K furnished to the Securities and Exchange Commission on February 12, 2019 and April 30, 2019.

(3) SFG acquired treasury stocks through the acquisition of fractional shares as a result of a stock exchange between SFG and Orange Life Insurance on January 28, 2020 and between SFG and Neoplux on December 30, 2020.

(4) SFG canceled treasury shares of 3,665,423 on 25 April, 2022, 4,149,252 on 23 Nov, 2022, 3,676,470 on 38 March,2023, 4,243,381 on 16 June 2023 and 2,842,929 on 31 August,2023 after completion of share repurchase programs. Capital does not change due to the cancellation of acquired stocks within the range of dividend payable income.

(5) 17,482,000 shares of Convertible Preferred Shares had automatically converted to common shares on 1 May 2023 upon the completion of conversion claim period.

 

 

Dividends

 

 

 

(KRW million)

Items

3Q2023

(Jan. 1 ~ Sep. 30)

FY 2022

(Jan. 1 ~ Dec. 31)

FY 2021

(Jan. 1 ~ Dec. 31)

Par value per share (Won)

5,000

5,000

5,000

(Consolidated) Net Income

3,818,288

4,665,643

4,019,254

(Separate) Net Income

1,703,017

1,249,251

1,413,956

(Consolidated Earnings per share (Won)

7,057

8,498

7,308

Total Cash dividends

817,119

1,092,813

1,046,787

Total stock dividends

-

-

-

(Consolidated) Cash dividend payout ratio (%)

21.40

23.54

26.04

Cash dividend yield (%) – common shares

4.21

5.49

5.16

Cash dividend yield (%) – preferred shares

-

-

-

Stock dividend yield (%)

-

-

-

Cash dividend per share (Won)

1,575

2,065

1,960

Stock dividend per share

-

-

-

Note) Cash dividend payout ratio on a common share basis for 3Q 2023 is 21.40%.

 

9

2. Business Results

Operating Results

 

 

 

(KRW billion)

 

3Q2023

(Jan. 1 ~ Sep. 30)

FY 2022

(Jan. 1 ~ Dec. 31)

FY 2021

(Jan. 1 ~ Dec. 31)

Net interest income

8,031

       10,597

 10,769

Interest income

20,336

       20,092

 14,724

Interest expense

12,305

        9,496

 3,955

Net fees and commission income

1,965

        2,418

 2,675

Fees and commission income

3,088

        3,884

 4,140

Fees and commission expense

1,123

        1,466

 1,465

Net insurance income

533

        1,849

-775

Insurance income

2,307

        3,629

 6,485

Insurance expense

1,774

        1,780

 7,260

Net gain(loss) on securities and FX trading/derivatives

1,857

-381

 1,524

Provision for credit loss and impairment loss

-1,485

-1,318

-996

Net other operating income(expense)

-1,409

-1,616

-1,501

General and administrative expenses

4,296

        5,644

 5,743

Net operating income

5,196

        5,906

 5,952

Equity method income

96

           122

 159

Other non-operating income(expense), net

-116

           339

-527

Profit before income taxes

5,176

        6,367

 5,584

Income tax expense

1,274

        1,611

 1,471

Consolidated net profit

3,902

        4,756

 4,113

Net profit attributable to equity holders of the Group

3,818

        4,666

 4,019

Net profit attributable to non-controlling interest

84

             90

 93

1) Some of the totals may not sum due to rounding.

2) Fiscal Year 2022 has been restated retrospectively to reflect newly applied K-IFRS no.1117 ‘Insurance Contract’ from 2023. Fiscal Year 2021 has not been restated.

 

10

 

Source and Use of Funds

Consolidated Basis

(KRW billion, %)

3Q 2023

FY 2022

FY 2021

Jan. 1 ~ Sep. 30

Jan. 1 ~ Dec. 31

Jan. 1 ~ Dec. 31

Average

Balance1)

Propor-tions

(%)

Interest

Paid

Interest

Rate

(%)

Average

Balance1)

Propor-tions

(%)

Interest

Paid

Interest

Rate

(%)

Average

Balance1)

Propor-tions

(%)

Interest

Paid

Interest

Rate

(%)

Source

Deposits

383,347.0

56.6

7,216.2

2.52

374,433.2

57.3

4,642.7

1.24

344,759.5

55.0

2,173.8

0.63

Borrowings

38,258.7

5.7

952.9

3.33

34,678.8

5.3

669.3

1.93

29,458.2

4.7

247.8

0.84

Debt Securities Issued

75,605.8

11.2

1,967.0

3.48

78,719.1

12.1

1,901.5

2.42

77,207.2

12.3

1,390.2

1.80

Other Liabilities

124,269.5

18.3

-

-

113,498.0

17.4

-

-

127,835.4

20.3

-

-

Total Liabilities

621,481.0

91.8

-

-

601,329.1

92.1

-

-

579,260.3

92.3

-

-

Total Stockholder's Equity

55,416.3

8.2

-

-

51,819.8

7.9

-

-

48,104.0

7.7

-

-

Total Liabilities & SE

676,897.3

100.0

-

-

653,148.9

100.0

-

-

627,364.3

100.0

-

-

Use

Cash & Due from Banks

34,924.4

5.2

427.2

1.64

29,660.1

4.5

282.9

0.95

30,080.8

4.8

87.1

0.29

Loans

409,704.9

60.5

16,175.5

5.28

398,391.1

61.0

16,146.9

4.05

375,592.7

59.9

11,928.3

3.18

  Loans in KRW

316,604.4

46.8

11,931.6

5.04

308,197.4

47.2

11,760.0

3.82

293,331.7

46.8

8,503.5

2.90

  Loans in Foreign Currency

40,297.3

6.0

1,596.2

5.30

36,601.1

5.6

1,551.6

4.24

31,871.4

5.1

1,084.7

3.40

  Credit Card Accounts

27,934.3

4.1

1,600.3

7.66

27,229.1

4.2

1,979.3

7.27

24,642.6

3.9

1,890.8

7.67

  Others

24,868.9

3.6

1,047.4

5.63

26,363.5

4.0

856.0

3.25

25,747.0

4.1

449.3

1.75

FVOCI Financial Assets

83,807.8

12.4

1,685.4

2.69

86,538.1

13.2

1,837.8

2.12

59,643.5

9.5

889.2

1.49

AC Financial Assets

34,460.6

5.1

779.0

3.02

29,778.9

4.6

691.8

2.32

48,587.8

7.7

1,092.0

2.25

Other Assets

113,999.6

16.8

-

-

108,780.7

16.7

-

-

113,459.5

18.1

-

-

Total Assets

676,897.3

100.0

-

-

653,148.9

100.0

-

-

627,364.3

100.0

-

-

 

 

11

 

3. Other Financial Information

 

1) Capital Adequacy

Consolidated BIS Ratio (Shinhan Financial Group)

 

 

 

(KRW billion)

 

Sep. 30, 2023

Dec. 31, 2022

Dec. 31, 2021

Aggregate Amount of Equity Capital (A)

49,497.60

46,981.8

43,824.2

Risk-Weighted Assets (B)

317,263.90

291,542.6

270,692.2

BIS Ratio (A/B)

15.60%

16.11%

16.19%

Note:

▪
Calculated in accordance with Basel III
▪
The figures as of September 30, 2023 are preliminary

 

 

 

 

Capital Adequacy Ratios (Subsidiaries)

 

 

 

 

(%)

Subsidiary

Capital Adequacy Ratio

Sep. 30, 2023

Dec. 31, 2022

Dec. 31, 2021

Shinhan Bank

BIS Capital Adequacy Ratio

18.2

17.8

18.2

Shinhan Card

Adjusted Equity Capital Ratio

19.1

18.6

18.9

Shinhan Securities

Net Capital Ratio

1,157.0

1,112.9

1,285.8

Shinhan Life Insurance

Risk Based Capital Ratio

213.8

267.7

284.7

Shinhan Capital

Adjusted Equity Capital Ratio

17.9

16.4

17.42

Shinhan Asset Management

Equity Capital (KRW billion)

224.4

213.3

202.5

Minimum Capital Requirement (KRW billion)

47.8

46.8

31.1

Jeju Bank

BIS Capital Adequacy Ratio

17.0

16.4

17.2

Shinhan Savings Bank

BIS Capital Adequacy Ratio

16.1

14.4

12.4

Shinhan Asset Trust

Net Capital Ratio

996.5

1,107.7

1007.4

Shinhan EZ Gen. Insurance

Risk Based Capital Ratio

541.6

620.8

233.9

Notes :

▪
Basel III was applied in calculating Shinhan Bank and Jeju Bank’s BIS Capital Adequacy Ratio.
▪
Basel I was applied in calculating Shinhan Savings Bank’s BIS Capital Adequacy Ratio.
▪
Shinhan EZ General Insurance became SFG’s wholly-owned subsidiary on June 30, 2022.
▪
The figures as of September 30, 2023 are preliminary
▪
Shinhan Life and Shinhan EZ General Insurance upgraded its insurance risk measurement system in anticipation of a new regulatory solvency regime for insurance companies, the Korean-Insurance Capital Standard (the “K-ICS”). As of the date of submission of the 3Q report in 2023, the above payment capacity ratio is preliminary calculated, and the finally confirmed ratio will be amended and disclosed in Shinhan Life's 3Q 2023 business report and Shinhan EZ General Insurance's 3Q management disclosure.
▪

 

 

 

 

 

 

 

2) Liquidity

Won Liquidity Ratio

 

 

 

(KRW billion, %)

Company

Sep. 30, 2023

Dec. 31, 2022

Dec. 31, 2021

Won Assets

Won Liabilities

Won Liquidity Ratio(%)

Won Assets

Won Liabilities

Won Liquidity Ratio(%)

Won Assets

Won Liabilities

Won Liquidity Ratio(%)

Shinhan Financial Group

1,964.3

841.2

233.5

875.4

131.7

664.5

981.8

286.5

342.7

Shinhan Card

22,354.0

7,080.8

315.7

21,102.5

 5,863.2

359.9

18,950.6

5,024.4

377.2

Shinhan Securities

21,527.5

17,652.2

122.0

19,341.7

13,867.7

139.5

18,798.1

13,153.0

142.9

Shinhan Life Insurance

16,719.5

1,669.1

1,001.7

21,822.0

 1,616.3

 1,350.1

 2,292.4

 1,336.6

171.5

Shinhan Capital

2,607.3

1,310.8

198.9

 2,949.0

722.3

408.3

 1,575.9

797.458

197.6

Shinhan Savings Bank

774.2

714.2

108.4

684.1

576.2

118.7

525.1

477.3

110.0

Shinhan Asset Trust

221.6

18.7

1,186.0

314.3

27.3

1151.2

243.0

42.5

571.7

Shinhan AI

25.0

0.7

37.9

30.3

0.8

36.9

29.5

1.5

19.3

Shinhan EZ General Insurance

106.9

1.4

7,876.0

 83.5

 1.7

 4,918.8

 19.3

1.0

 1,977.5

Notes:

▪
Shinhan Financial Group: Due within 1 month
▪
Shinhan Life Insurance and Orange Life Insurance: (Won assets due within 3 months /3 months average of Claim payments )*100
▪
Shinhan Card, Shinhan Securities, Shinhan Capital, and Shinhan Savings Bank : Due within 3 months
▪
Liquidity Ratio for Shinhan Bank and Jeju Bank have been replaced by Liquidity Coverage Ratio from Mar 31, 2015

to reflect the recent amendments to detailed regulations on supervision of banking business.

 

Liquidity Coverage Ratio

 

 

 

(KRW billion, %)

Company

Sep. 30, 2023

Dec. 31, 2022

Dec. 31, 2021

High Quality Liquid Assets

Net Cash Outflows

Liquidity Coverage Ratio(%)*

High Quality Liquid Assets

Net Cash Outflows

Liquidity Coverage Ratio(%)

High Quality Liquid Assets

Net Cash Outflows

Liquidity Coverage Ratio(%)

Shinhan Bank

84,126.2

82,497.1

102.0

82,709.0

83,705.6

98.8

68,922.6

78,444.5

87.9

Jeju Bank

972.6

797.7

122.6

915.4

823.3

111.8

803.9

748.9

108.4

Notes:

▪
Liquidity Coverage Ratios are the arithmetic mean of daily LCRs.
▪
Financial Services Commission temporarily eased the regulatory minimum from 100.0% to 85.0% by end of June, to 90.0% by end of September 2022, to 92.5% by end of June, 2023. After July 2023, the ratio will be gradually increased and normalized from the first quarter of 2024.

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Currency (FC) Liquidity Ratio

 

 

 

(USD millions, %)

Company

Sep. 30, 2023

Dec. 31, 2022

Dec. 31, 2021

FC

Assets

FC Liabilities

FC Liquidity Ratio(%)

FC

Assets

FC Liabilities

FC Liquidity Ratio(%)

FC

Assets

FC

Liabilities

FC Liquidity Ratio(%)

Shinhan Financial Group

28.6

-

NA

65.0

9.9

655.7

94.9

9.9

958.0

Shinhan Securities

10,423.8

8,879.3

117.4

6,985.2

6,355.4

109.9

7,226.4

6,980.2

103.5

Shinhan Capital

56.0

1.2

4,859.2

79.6

0.4

18,859.5

96.7

0.4

23,033.1

Jeju Bank

         12.9

3.2

408.2

13.8

14.3

96.9

27.6

25.5

108.0

Notes :

▪
Foreign currency liquidity ratios are computed with assets and liabilities due within 3 months.
▪
Shinhan Bank’s foreign currency liquidity ratio reflected securitization weight with the guidelines issued by the FSS.
▪
Shinhan Bank’s foreign currency liquidity ratio has been replaced by Foreign Liquidity Coverage Ratio.

Foreign Currency (FC) Liquidity Coverage Ratio

 

 

 

(USD millions, %)

Company

2023 3Q

2022 4Q

2021 4Q

Jan. 1 ~ Mar. 31

Jan. 1 ~ Dec. 31

Jan. 1 ~ Dec. 31

Shinhan Bank

144.1

141.1

112.6

 

Notes :

▪
Under the guidelines issued by the FSS, Shinhan Bank is required to hold a minimum requirement of foreign exchange debt in high-quality liquidity assets to withstand a 30-day net cash outflow in systemic risks.
The minimum requirement of the foreign currency liquidity coverage ratio was set at 60% in 2017, 70% in 2018 and was increased gradually to 80% in 2019.
▪
Financial Services Commission temporarily eased the regulatory minimum from 100.0% to 85.0% by end of June, to 90.0% by end of September 2022, to 92.5% by end of June, 2023. After July 2023, the ratio will be gradually increased and normalized from the first quarter of 2024.
▪
Foreign Currency Liquidity Coverage Ratio is calculated by daily average.

 

 

3) Asset Quality

SFG Consolidated Basis

(KRW billion)

 

Sep. 30, 2023

Dec. 31, 2022

Dec. 31, 2021

Total Loans

415,072.5

412,421.1

393,049.4

Substandard & Below

2,620.0

2,122.9

1,741.0

Substandard & Below Ratio

0.63%

0.51%

0.44%

Non-Performing Loans

2,232.4

1,800.8

1,363.9

NPL Ratio

0.54%

0.44%

0.35%

Substandard & Below Coverage Ratio

159.70%

176.99%

182.50%

Loan Loss Allowance

4,184.2

3,757.4

3,177.3

Substandard & Below Loans

2,620.0

2,122.9

1,741.0

Separate Basis

(%)

Sep. 30 2023

Dec. 31 2022

Dec. 31 2021

Substandard & Below Ratio

NPL Ratio

Substandard & Below Coverage Ratio

Substandard & Below Ratio

NPL Ratio

Substandard & Below Coverage Ratio

Substandard & Below Ratio

NPL Ratio

Substandard & Below Coverage Ratio 1)

Shinhan Financial Group

-

-

-

-

-

-

-

-

-

Shinhan Bank

0.28

0.22

196

0.25

0.20

202

0.27

0.21

163

Shinhan Card

1.24

0.71

253

0.92

0.43

315

0.88

0.36

314

Shinhan Securites

11.17

11.17

60

10.16

10.16

57

4.83

4.83

98

Shinhan Life Insurance

0.19

0.18

456

0.06

0.06

357

0.07

0.07

286

Shinhan Capital

1.54

1.10

125

0.93

0.72

118

0.42

0.38

165

Jeju Bank

0.98

            0.85

  93

0.55

0.46

128

0.51

0.43

95

Shinhan Savings Bank

3.88

8.20

100

2.45

4.27

143

2.13

2.32

108

Shinhan Asset Trust

34.06

34.06

29

23.07

23.07

84

85.37

85.37

59

 

 

4) Debt to Equity Ratios

Shinhan Financial Group (Separate Basis)

(KRW billion)

 

Sep. 30, 2023

Dec. 31, 2022

Dec. 31, 2021

Debt

11,781.10

10,779.8

10,410.5

Equity

26,549.40

26,676.5

26,405.4

Debt to Equity Ratio

44.37%

40.41%

39.43%

 

Twenty Largest Exposures by Borrower

(KRW billion)

As of Jun. 30, 2023

Consolidated basis

Loans in Won

Loans in Foreign Currency

Securities

Guarantees and Acceptances

Others

Total Exposures

Woori Bank

1,293.8

        40.3

         432.6

-

-

1,766.8

LG Display

388.2

       833.8

         186.2

       350.2

-

1,758.4

Nong Hyup Bank

       560.8

        11.2

         995.6

        63.4

-

1,631.0

KEB Hana Bank

       719.7

        64.3

         474.2

        33.3

-

1,291.4

KB Bank

       692.2

       102.1

         372.6

        17.0

-

 1,183.9

S-Oil

       410.5

       632.4

         110.1

        16.0

  -

 1,169.1

Samsung Heavy Industries Co.,Ltd

          0.0

        20.2

               -

    1,132.7

  -

1,152.9

HD Hyundai Heavy Industries Co.,Ltd

        72.0

        47.2

           33.7

       994.7

-

 1,147.6

National Agriculture Cooperative Federation

        67.5

             -

       1,059.2

             -

 -

 1,126.7

SK Hynix

       500.0

       201.7

         309.2

          7.7

   -

1,018.6

KB Card

             -

        33.9

         951.4

             -

-

985.3

Mirae Asset Management

       350.2

        33.6

         572.0

             -

-

955.8

Korea Electric Power Corporation

          0.4

             -

         833.5

        99.2

  -

933.0

Lotte Hotel

       100.8

       367.7

           72.1

       367.0

-

 907.7

KT

          0.7

             -

         774.9

        45.3

-

 820.8

Hyundai Steel

       313.0

       273.8

         200.7

        21.4

0.0

 808.9

IBK Asset Management

             -

             -

         774.7

             -

-

774.7

Woori Card

             -

             -

         737.1

        33.9

-

 771.0

Hyundai Card

        30.2

        62.8

         599.8

        62.6

-

755.4

Hana Card

             -

             -

         738.9

             -

-

738.9

 

Total

    5,500.1

    2,725.0

     10,228.5

    3,244.2

 0.0

21,697.7

Note) Some of the totals may not sum due to rounding

 

 

Exposure to ten Main Debtor Groups

(KRW billion)

As of Jun. 30, 2023

Consolidated basis

Loans in Won

Loans in Foreign Currency

Securities

Guarantees and Acceptances

Others

Total

Exposures

SK

     1,355.4

       883.7

     2,107.7

       537.4

          0.0

       4,884.1

Hyundai Motor Company

       942.2

     1,668.5

     1,701.7

       569.2

          0.2

       4,881.8

Samsung

       303.8

     1,369.3

     1,228.7

     1,938.3

          0.0

       4,840.1

Lotte

       964.9

       899.6

     1,374.0

       874.2

          0.4

       4,113.1

LG

       860.1

     1,012.6

       967.2

       535.0

          0.0

       3,374.7

Hyundai Heavy Industries

       336.4

       161.6

       224.0

     2,188.3

             -

       2,910.2

Hanwha

       468.3

       429.3

       924.2

       759.5

          0.0

       2,581.3

LS

       282.9

       878.3

       203.1

       823.5

          0.3

       2,188.2

Hyosung

       261.6

       770.4

         14.6

       250.7

          0.0

       1,297.3

KT

         79.4

       129.8

       845.0

       204.9

             -

       1,259.0

Total

    5,855.1

    8,203.0

    9,590.0

    8,680.9

          1.0

    32,329.9

Note) Some of the totals may not sum due to rounding

 

 

Top Twenty Non-Performing Loans

(KRW billion)

Borrower

Industry

Gross Principal Outstanding

Substandard & Below

Allowance for Loan Losses

A

Other financial service activities n.e.c.

149.9

149.9

48.2

B

Other financial service activities n.e.c.

125.5

125.5

125.5

C

Other financial service activities n.e.c.

56.5

56.5

56.5

D

Other financial investment businesses

44.1

44.1

4.4

E

Other financial service activities n.e.c.

41.0

41.0

2.1

F

Other financial service activities n.e.c.

40.1

40.1

27.2

G

Other financial service activities n.e.c.

26.9

26.9

26.9

H

Other financial service activities n.e.c.

26.4

26.4

0.6

I

Other financial investment businesses

20.4

20.4

0.6

J

Manufacture of sections for ships

22.6

20.3

20.6

K

Other financial investment businesses

20.0

20.0

14.4

L

Other financial service activities n.e.c.

19.0

19.0

0.8

M

Development and subdividing of non-residential buildings

18.0

18.0

2.5

N

Other financial service activities n.e.c.

17.3

17.3

13.0

O

Sea freight water transport

15.4

15.4

12.2

P

Other financial service activities n.e.c.

13.8

13.8

10.2

Q

Manufacture of pumps for liquids

14.3

13.3

1.4

R

Apartment building construction

13.1

13.1

4.6

S

Development and subdividing of residential buildings

12.1

12.1

3.4

T

Development and subdividing of non-residential buildings

10.1

10.1

0.0

Total

720.0

706.6

703.0

Notes :

▪
Consolidated basis as of Sep. 30, 2023
▪
Some of the totals may not sum due to rounding.

 

 

 

4. Independent Auditor

Audit Opinion for the last 3 years

 

3Q 2023

FY 2022

FY 2023

Independent Auditor

KPMG Samjong

Accounting Corp.

PwC Samil

Accounting Corp.

PwC Samil

Accounting Corp.

Audit Opinion

Unqualified

Unqualified

Unqualified

 

 

Compensation to the Independent Auditor for Audit and Review Services

The following is a description of the fees for audit and review services performed by our independent auditor for the last three years in connection with our financial statements preparation.

 

Year

Auditor

Payment 1) 
(KRW mil.)

Details

Working hours

3Q 2023

KPMG Samjong

Accounting Corp.

1,007

(annualized basis)

Review/Audit of Financial Statements

6,007

Hours

KPMG Samjong

Accounting Corp.

133

(annualized basis)

K-IFRS Report Package Audit for Shinhan Savings Bank

436

Hours

FY 2022

PwC Samil

Accounting Corp.

987

(annualized basis)

Review/Audit of Financial Statements

9,235

Hours

PwC Samil

Accounting Corp.

130

(annualized basis)

K-IFRS Report Package Audit for Shinhan Savings Bank

1,004

Hours

FY 2021

PwC Samil

Accounting Corp.

958

(annualized basis)

Review/Audit of Financial Statements

9,283

Hours

PwC Samil

Accounting Corp.

126

(annualized basis)

K-IFRS Report Package Audit for Shinhan Savings Bank

1,078.5

Hours

PwC Samil

Accounting Corp.

73

(annualized basis)

Review Consolidation of Asia Trust

610.5

Hours
1)
Excluding value-added taxes.

* In addition to above mentioned description of fees for audit and review services, also provided services related to US listing and ICOFR audit in accordance with the standards of the PCAOB which we agreed to pay KRW 2,323 million(excluding value-added taxes) for FY2023.

 

 

5. Corporate Governance

 

Board of Directors and committees of the Board of Directors

According to new corporate disclosure rules for listed companies by FSC, Board of Directors and committees of the Board of Directors part is omitted from the quarterly report, please refer to the business report for FY2022 submitted on March 15, 2023 and 1H2023 submitted on August 14, 2023 for your references.

 

 

 

6. Major Shareholder and Market Price Information of our Common Shares and ADRs

Major Shareholders1) of Shinhan Financial Group as of Sep. 30, 2023

Name

No. of Common Shares owned

Ownership%2)

National Pension Service

40,069,462

7.77%

BlackRock Fund Advisors3)

29,063,012

5.64%

Employee Stock Ownership Association4)

26,548,291

5.15%

1) Shareholders who own beneficial ownership of 5% or more (common share basis).

2) Ownership is based on the total number of common shares issued, 515,504,189 shares.

3) Based on the large equity ownership discloser by BlackRock Fund Advisors with the Financial Supervisory Service on Sep. 27, 2018.

4) The number of stocks owned by Employee Stock Ownership Association is the sum of 26,470,928 shares owned in the Employee Stock Ownership accounts and 77,363 shares in the ESOA account.

 

Common Shares Traded on the Korea Exchange

 

 

 

 

 

(KRW, number of shares)

 

Apr. 2023

May. 2023

Jun. 2023

Jul. 2023

Aug. 2023

Sep. 2023

Price per share

High

35,900

35,750

35,700

35,150

35,950

38,000

Low

34,300

34,550

33,850

32,500

34,550

35,450

Avg.

35,123

35,070

34,771

33,731

35,182

36,516

Trading Volume

22,250,001

26,504,520

20,371,479

22,448,178

20,761,759

16,456,375

Highest Daily Trading Volume

2,038,028

5,709,393

1,931,552

2,264,210

1,828,015

2,449,194

Lowest Daily Trading Volume

728,126

671,463

588,962

563,437

482,222

388,661

American Depositary Receipts traded on the New York Stock Exchange

 

 

 

 

 

(USD, number of shares)

 

Apr. 2023

May. 2023

Jun. 2023

Jul. 2023

Aug. 2023

Sep. 2023

Price per share

High

27.11

26.99

27.74

27.62

27.91

28.49

Low

26.14

25.69

25.85

25.13

25.63

26.29

Avg.

26.57

26.35

26.96

26.46

26.67

27.34

Monthly Trading Volume

2,648,698

2,742,683

2,158,363

2,911,985

2,459,931

2,241,252

Highest Daily Trading Volume

208,687

255,015

209,094

276,638

218,887

180,615

Lowest Daily Trading Volume

68,074

76,250

72,118

75,883

69,195

62,485

Note) 1 ADR = 1 Common Shares

 

 

 

 

7. Directors, Executive Officers and Employees

 

Directors and Executive Officers

According to new corporate disclosure rules for listed companies by FSC, Directors and Executive Officers part is omitted from the quarterly report, please refer to the business report for FY2022 submitted on March 15, 2023 and 1H2023 submitted on August 14, 2023 for your references.

 

On June 30, 2023, Park Hyun Joo, vice president of Shinhan Bank, was newly appointed as an executive of Chief Consumer Protection Officer(CCPO), and the term of office is from July1st 2023 to December 31, 2023.

 

Name

Date of Birth

Position

Park Hyun Joo

April. 1965

Deputy President and Chief Consumer Protection Officer

 

Compensation to Directors

 

According to new corporate disclosure rules for listed companies by FSC, The Compensation to Directors part is omitted from the quarterly report, please refer to the business report for FY2022 submitted on March 15, 2023 and 1H2023 submitted on August 14, 2023 for your references.

 

Compensation to Non-registered directors

 

According to new corporate disclosure rules for listed companies by FSC, The Compensation to Directors part is omitted from the quarterly report, please refer to the business report for FY2022 submitted on March 15, 2023 and 1H2023 submitted on August 14, 2023 for your references.

 

Stock Options

 

According to new corporate disclosure rules for listed companies by FSC, The Compensation to Directors part is omitted from the quarterly report, please refer to the business report for FY2022 submitted on March 15, 2023 and 1H2023 submitted on August 14, 2023 for your references.

 

Employees

 

According to new corporate disclosure rules for listed companies by FSC, The Compensation to Directors part is omitted from the quarterly report, please refer to the business report for FY2022 submitted on March 15, 2023 and 1H2023 submitted on August 14, 2023 for your references.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8. Related Party Transactions

Loans to Subsidiaries

(KRW billion)

Loans to Subsidiaries
(in KRW bil.)

Type

Origination

Date

Maturity

Date

Lending

Rate

Beginning Balance

(Jan. 1, 2023)

Decrease

Increase

Others1)

Ending Balance

(Mar. 31, 2023)

 

 

 

 

 

 

 

 

 

 

 

Shinhan Card

Loan

2018-02-22

2023-02-22

2.90%

100

100

-

-

-

Loan

2019-04-18

2024-04-18

2.04%

100

-

-

-

100

Loan

2019-04-18

2026-04-18

2.09%

100

-

-

-

100

Loan

2019-10-22

2024-10-22

1.76%

40

-

-

-

40

Loan

2019-10-22

2026-10-22

1.81%

60

-

-

-

60

Loan

2020-09-17

2025-09-17

1.48%

200

-

-

-

200

Loan

2020-10-29

2023-10-29

1.24%

150

-

-

-

150

Loan

2020-10-29

2025-10-29

1.46%

150

-

-

-

150

Loan

2021-02-18

2026-02-18

1.54%

150

-

-

-

150

Loan

2021-02-24

2026-02-24

1.62%

150

-

-

-

150

Loan

2021-11-11

2024-11-11

2.39%

170

-

-

-

170

Loan

2021-11-11

2026-11-11

2.55%

10

-

-

-

10

Loan

2022-04-20

2025-06-20

3.71%

100

-

-

-

100

Loan

2022-07-18

2025-07-18

4.21%

100

-

-

-

100

Loan

2022-07-18

2027-07-18

4.25%

100

-

-

-

100

Loan

2023-04-21

2028-04-21

4.21%

-

-

100

-

100

Loan

2019-11-19

2025-02-04

2.79%

507

-

-

31

538

Loan

2021-05-26

2026-05-12

1.53%

38

-

-

2

40

Financial

assets at

FVPL

2022-03-17

2052-03-17

4.01%

343

-

-

30

373

Financial

assets at

FVPL

2023-02-14

2053-02-14

5.28%

-

-

300

-

300

Shinhan Securities

Loan

2019-11-19

2025-02-04

2.79%

114

-

-

7

121

Loan

2020-08-20

2025-08-20

2.55%

630

-

-

38

668

Financial

assets at

FVPL

2021-06-14

-

2.93%

285

-

-

35

320

Shinhan

Capital

Loan

2019-02-01

2024-02-01

2.23%

50

-

-

-

50

Loan

2019-05-24

2024-05-24

1.92%

20

-

-

-

20

Loan

2020-04-10

2025-04-10

1.75%

200

-

-

-

200

Loan

2020-12-23

2025-12-23

1.57%

160

-

-

-

160

Loan

2021-03-16

2026-03-16

1.83%

150

-

-

-

150

Loan

2021-05-13

2026-05-12

1.53%

253

-

-

17

270

Financial

assets at

FVPL

2020-04-22

2050-04-22

3.56%

90

-

-

6

96

Financial

assets at

FVPL

2021-07-28

2051-07-28

3.38%

128

-

-

5

133

Shinhan Savings Bank

Loan

2020-05-28

2025-05-28

1.52%

50

-

-

-

50

Loan

2021-04-26

2026-04-26

1.85%

50

-

-

-

50

Loan

2021-05-28

2026-05-28

1.99%

50

-

-

-

50

 

Shinhan DS

Loan

2022-02-03

2023-02-02

2.30%

20

20

-

-

-

Loan

2023-02-02

2024-02-01

3.86%

-

-

15

-

15

Shinhan Venture

Loan

2022-12-27

2023-03-27

4.38%

40

40

-

-

-

Loan

2023-03-27

2023-06-26

3.81%

-

40

40

-

-

Loan

2023-06-26

2023-10-26

4.08%

-

-

50

-

50

Total

4,858

200

505

171

5,334

 

 

 

9. Material Information after the reporting period

 

Announcement on Acquisition and Cancellation of Shares

In accordance with the resolution of the Board of Directors on October 25, 2023, the Group resolved to acquire and cancel the treasury shares within the profits available for dividends.

 

Number of Shares to be Acquired and Cancelled: 2,857,142 common shares

Estimated Acquisition and Cancellation Amount: KRW 100,000,000,000

Scheduled Acquisition Period: October 26, 2023 ~ January 25, 2024

Note) “Estimated Amount to be Cancelled” are calculated using the closing share price of common shares of SFG on October 24, 2023 (one day prior to this announcement). The actual number of shares to be cancelled is subject to change depending on share price fluctuation.

 

For more detailed information, please refer to the Independent Accountant’s Audit Report, which was reported on Form 6-K on October 25, 2023.

 

Announcement on Quarterly Cash Dividends

In accordance with the resolution of the Board of Directors on October 25, 2023, the Group resolved to pay quarterly cash dividends.

 

Total dividend amount to be paid: KRW 270,636,364,425 (KRW 525 per share)

The total number of shares subject to dividend is 515,497,837 shares, including class shares

Record date: September 30, 2023

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

 

 

 

 

Shinhan Financial Group Co., Ltd.

 

(Registrant)

 

 

 

    Date: November 14, 2023

 

By:

/s/ Lee Taekyung

 

 

 

 

 

 

Name: Lee Taekyung

 

 

Title: Chief Financial Officer