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 March 2024
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 .
Please refer to Exhibit 99.1 and 99.2
EXHIBIT INDEX
Exhibit No. |
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Description |
99.1 |
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Independent Auditor’s Report (Separate Financial Statements) of Shinhan Bank as of December 31, 2023 |
99.2 |
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Independent Auditor’s Report (Consolidated Financial Statements) of Shinhan Bank as of December 31, 2023 |
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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.
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Shinhan Financial Group Co., Ltd. |
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(Registrant) |
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Date: March 4, 2024 |
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By: |
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/s/ CHUN Sang-yung |
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Name: CHUN Sang-yung |
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Title: Chief Financial Officer |
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Exhibit 99.1
Independent Auditor’s Report (Separate Financial Statements) of Shinhan Bank as of December 31, 2023
On March 4, 2024, Shinhan Bank, our wholly-owned bank subsidiary, filed its audit report with the Financial Supervisory Service and the Korea Exchange of the Republic of Korea pursuant to the Act of External Audit of Stock Companies and KOSPI Market Disclosure Regulation.
Contents
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Page |
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Independent Auditors’ Report |
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1 |
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Separate Statements of Financial Position |
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3 |
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Separate Statements of Comprehensive Income |
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4 |
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Separate Statements of Changes in Equity |
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6 |
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Separate Statements of Cash Flows |
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8 |
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Notes to the Separate Financial Statements |
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Refer to PDF |
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Independent Auditors’ Review Report on Internal Control over Financial Reporting |
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Refer to PDF |
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Report on the Operations of Internal Control over Financial Reporting |
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Refer to PDF |
Please refer to the attached PDF file to see more details of Audit Reports with separate financial statements.
Independent Auditors’ Report
Based on a report originally issued in Korean
To the Board of Directors and Stockholder of
Shinhan Bank:
Opinion
We have audited the separate financial statements of Shinhan Bank (the “Bank”), which comprise the separate statement of financial position as of December 31, 2023, the separate statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising of material accounting policy information and other explanatory information.
In our opinion, the accompanying separate financial statements present fairly, in all material respects, the separate financial position of the Bank as of December 31, 2023, and its separate financial performance and its separate cash flows for the year then ended in accordance with Korean International Financial Reporting Standards (“K-IFRS”).
Basis for Opinion
We conducted our audit in accordance with Korean Standards on Auditing (KSAs). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Separate Financial Statements section of our report. We are independent of the Bank in accordance with the ethical requirements that are relevant to our audit of the separate financial statements in the Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other Matters
The procedures and practices utilized in the Republic of Korea to audit such separate financial statements may differ from those generally accepted and applied in other countries.
The separate financial statements of the Bank for the year ended December 31, 2022 were audited by another auditor who expressed an unmodified opinion on those statements on dated March 6, 2023.
Responsibilities of Management and Those Charged with Governance for the Separate Financial Statements
Management is responsible for the preparation and fair presentation of the separate financial statements in accordance with K-IFRS, and for such internal control as management determines is necessary to enable the preparation of separate financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the separate financial statements, management is responsible for assessing the Bank’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Bank’s financial reporting process.
Auditors’ Responsibilities for the Audit of the Separate Financial Statements
Our objectives are to obtain reasonable assurance about whether the separatefinancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with KSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these separatefinancial statements.
As part of an audit in accordance with KSAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
ㆍIdentify and assess the risks of material misstatement of the separate financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
ㆍObtain an understanding of internal control relevant to the audit in order to design audit procedures that are appro-priate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank’s internal control.
ㆍEvaluate the appropriateness of accounting policies used in the preparation of the separate financial statements and the reasonableness of accounting estimates and related disclosures made by management.
ㆍConclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Bank’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the separate financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Bank to cease to continue as a going concern.
ㆍEvaluate the overall presentation, structure and content of the separate financial statements, including the disclosures, and whether the separatefinancial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
/s/ KPMG Samjong Accounting Corp.
Seoul, Korea
March 4, 2024
This report is effective as of March 4, 2024, the audit report date. Certain subsequent events or circumstances, which may occur between the audit report date and the time of reading this report, could have a material impact on the accompanying separatefinancial statements and notes thereto. Accordingly, the readers of the audit report should understand that the above audit report has not been updated to reflect the impact of such subsequent events or circumstances, if any. |
(In millions of Korean won) |
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Notes |
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2023 |
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2022 |
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Assets |
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Cash and due from banks |
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3,5,8,40,41 |
W |
22,333,042 |
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16,402,829 |
Securities at fair value through profit or loss |
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3,6,41 |
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23,494,168 |
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20,645,384 |
Derivative assets |
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3,7,41 |
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3,262,590 |
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4,904,187 |
Loans at amortized cost |
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3,8,41 |
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317,062,249 |
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315,234,621 |
Loans at fair value through profit or loss |
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3,8 |
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515,564 |
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950,519 |
Securities at fair value through other comprehensive income |
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3,9,17 |
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49,630,720 |
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47,778,295 |
Securities at amortized cost |
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3,9,17 |
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28,907,293 |
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27,081,299 |
Property and equipment |
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10,11,16,17 |
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2,354,161 |
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2,354,811 |
Intangible assets |
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12 |
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1,020,354 |
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564,569 |
Investments in subsidiaries and associates |
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13 |
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2,557,874 |
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2,330,159 |
Investment properties |
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14 |
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615,303 |
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597,402 |
Defined benefit assets |
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23 |
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277,784 |
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530,174 |
Current tax assets |
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37 |
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8,511 |
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6,039 |
Deferred tax assets |
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37 |
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23,686 |
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329,421 |
Other assets |
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3,8,15,41 |
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17,657,164 |
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15,132,789 |
Non-current assets held for sale |
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16 |
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6,590 |
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- |
Total assets |
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W |
469,727,053 |
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454,842,498 |
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Liabilities |
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Financial liabilities designated at fair value through profit or loss |
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18 |
W |
254,832 |
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47,327 |
Deposits |
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3,19,41 |
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339,769,070 |
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342,202,963 |
Financial liabilities at fair value through profit or loss |
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3,20 |
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419,342 |
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424,964 |
Derivative liabilities |
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3,7,41 |
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3,519,083 |
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5,817,237 |
Borrowings |
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3,21,40,41 |
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25,696,911 |
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23,670,126 |
Debt securities issued |
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3,22,40 |
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34,530,057 |
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30,935,213 |
Provisions |
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24,39,41 |
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702,887 |
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381,345 |
Current tax liabilities |
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37 |
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125,614 |
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441,602 |
Other liabilities |
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3,11,25,41,42 |
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33,652,345 |
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21,782,981 |
Total liabilities |
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438,670,141 |
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425,703,758 |
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Equity |
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Capital stock |
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26 |
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7,928,078 |
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7,928,078 |
Hybrid bonds |
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26 |
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1,988,535 |
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2,088,542 |
Capital surplus |
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26 |
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398,080 |
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398,080 |
Capital adjustments |
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26,37 |
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5,895 |
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6,465 |
Accumulated other comprehensive loss |
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26,37 |
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(472,747) |
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(1,128,983) |
Retained earnings |
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26,27 |
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21,209,071 |
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19,846,558 |
(Regulatory reserve for loan loss) |
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(2,418,175) |
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(2,559,855) |
(Required provision for (reversal of) regulatory reserve for loan loss) |
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((184,323)) |
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((141,679)) |
(Expected provision for (reversal of) regulatory reserve for loan loss) |
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((184,323)) |
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((141,679)) |
Total equity |
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31,056,912 |
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29,138,740 |
Total liabilities and equity |
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W |
469,727,053 |
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454,842,498 |
See accompanying notes to the separate financial statements.
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(In millions of Korean won, except earnings per share data) |
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Notes |
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2023 |
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2022 |
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Interest income |
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Financial instruments at fair value through profit or loss |
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W |
613,216 |
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389,222 |
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Financial instruments at fair value through other comprehensive income and amortized cost |
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17,960,601 |
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12,354,759 |
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Interest expense |
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11,193,171 |
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5,505,835 |
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Net interest income |
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3,28,36,41 |
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7,380,646 |
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7,238,146 |
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Fees and commission income |
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1,167,226 |
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1,175,314 |
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Fees and commission expense |
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301,403 |
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280,591 |
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Net fees and commission income |
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3,29,36,41 |
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865,823 |
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894,723 |
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Dividend income |
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30,36 |
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47,776 |
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18,545 |
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Net gain on financial instruments at fair value through profit or loss |
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31,36,41 |
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614,427 |
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160,286 |
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Net foreign currencies transaction gain |
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36 |
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110,382 |
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320,984 |
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Net gain on financial instruments designated at fair value through profit or loss |
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18 |
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2,495 |
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2,673 |
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Net gain (loss) on disposal of securities at fair value through other comprehensive income |
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9,36 |
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19,488 |
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(2,640) |
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Net loss on disposal of securities at amortized cost |
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9 |
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(107) |
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(60) |
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Provision for credit loss allowance |
|
3,8,41 |
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729,912 |
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544,876 |
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General and administrative expenses |
|
32,41 |
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3,366,656 |
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3,287,936 |
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Net other operating expenses |
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34,36,41 |
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(1,406,893) |
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(1,148,647) |
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Operating income |
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3,537,469 |
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3,651,198 |
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|
|
|
|
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Net non-operating expense |
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35 |
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(80,083) |
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(83,722) |
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Profit before income taxes |
|
|
|
3,457,386 |
|
3,567,476 |
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Income tax expense |
|
37 |
|
845,274 |
|
935,603 |
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Profit for the year |
|
27 |
|
2,612,112 |
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2,631,873 |
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(Adjusted profit after reflection of regulatory reserve for loan loss |
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For the year ended December 31, 2023: |
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2,796,435 million won |
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For the year ended December 31, 2022: |
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|
|
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2,773,552 million won) |
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|
|
|
|
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Other comprehensive income for the year, net of income tax |
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|
|
|
|
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Items that may be reclassified subsequently to profit or loss: |
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|
|
|
|
|
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Foreign currency translation differences for foreign operations |
|
|
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5,973 |
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(5,206) |
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Unrealized net change in fair value of financial assets at fair value through other comprehensive income |
|
|
|
782,466 |
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(763,895) |
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|
|
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(In millions of Korean won, except earnings per share data) |
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Notes |
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2023 |
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2022 |
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Items that will not be reclassified to profit or loss: |
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Remeasurements of defined benefit plans |
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(159,625) |
|
192,935 |
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Unrealized net change in fair value of financial assets at fair value through other comprehensive income |
|
|
|
24,367 |
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(28,014) |
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Other comprehensive income (loss) for the year, net of income tax |
|
3,26,37 |
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653,181 |
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(604,180) |
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Total comprehensive income for the year |
|
|
W |
3,265,293 |
|
2,027,693 |
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Basic and diluted earnings per share in won |
|
38 |
|
1,591 |
|
1,619 |
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See accompanying notes to the separate financial statements.
(In millions of Korean won) |
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Capital stock |
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Hybrid bonds |
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Capital surplus |
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Capital adjustments |
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Accumulated other comprehensive income (loss) |
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Retained earnings |
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Total |
Balance at January 1, 2022 |
W |
7,928,078 |
|
1,586,662 |
|
398,080 |
|
6,692 |
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(522,669) |
|
18,176,820 |
|
27,573,663 |
Total comprehensive income (loss), net of income tax |
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|
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|
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|
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Profit for the year |
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- |
|
- |
|
- |
|
- |
|
- |
|
2,631,873 |
|
2,631,873 |
Other comprehensive income (loss) for the year |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Foreign currency translation differences for foreign operations |
|
- |
|
- |
|
- |
|
- |
|
(5,206) |
|
- |
|
(5,206) |
Unrealized net changes in fair values of financial assets at fair value through other comprehensive income |
|
- |
|
- |
|
- |
|
- |
|
(794,043) |
|
2,134 |
|
(791,909) |
Remeasurements of defined benefit plans |
|
- |
|
- |
|
- |
|
- |
|
192,935 |
|
- |
|
192,935 |
Total comprehensive income (loss) for the year |
|
- |
|
- |
|
- |
|
- |
|
(606,314) |
|
2,634,007 |
|
2,027,693 |
Transactions with owners in their capacity as owners |
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|
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|
|
|
|
|
|
|
|
|
|
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Annual dividends to equity holder |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(900,000) |
|
(900,000) |
Dividends to hybrid bond holders |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(64,269) |
|
(64,269) |
Issuance of hybrid bonds |
|
- |
|
631,581 |
|
- |
|
- |
|
- |
|
- |
|
631,581 |
Repayment of hybrid bonds |
|
- |
|
(129,701) |
|
- |
|
(299) |
|
- |
|
- |
|
(130,000) |
Share-based payment transactions |
|
- |
|
- |
|
- |
|
72 |
|
- |
|
- |
|
72 |
Total transactions with owners in their capacity as owners |
|
- |
|
501,880 |
|
- |
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(227) |
|
- |
|
(964,269) |
|
(462,616) |
Balance at December 31, 2022 |
W |
7,928,078 |
|
2,088,542 |
|
398,080 |
|
6,465 |
|
(1,128,983) |
|
19,846,558 |
|
29,138,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to the separate financial statements.
(In millions of Korean won) |
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Capital stock |
|
Hybrid bonds |
|
Capital surplus |
|
Capital adjustments |
|
Accumulated other comprehensive income (loss) |
|
Retained earnings |
|
Total |
Balance at January 1, 2023 |
W |
7,928,078 |
|
2,088,542 |
|
398,080 |
|
6,465 |
|
(1,128,983) |
|
19,846,558 |
|
29,138,740 |
Total comprehensive income (loss), net of income tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
- |
|
- |
|
- |
|
- |
|
- |
|
2,612,112 |
|
2,612,112 |
Other comprehensive income (loss) for the year |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation differences for foreign operations |
|
- |
|
- |
|
- |
|
- |
|
5,973 |
|
- |
|
5,973 |
Unrealized net changes in fair values of financial assets at fair value through other comprehensive income |
|
- |
|
- |
|
- |
|
- |
|
809,888 |
|
(3,055) |
|
806,833 |
Remeasurements of defined benefit plans |
|
- |
|
- |
|
- |
|
- |
|
(159,625) |
|
- |
|
(159,625) |
Total comprehensive income for the year |
|
- |
|
- |
|
- |
|
- |
|
656,236 |
|
2,609,057 |
|
3,265,293 |
Transactions with owners in their capacity as owners |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual dividends to equity holder |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(1,157,105) |
|
(1,157,105) |
Dividends to hybrid bond holders |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(89,140) |
|
(89,140) |
Issuance of hybrid bonds |
|
- |
|
399,107 |
|
- |
|
- |
|
- |
|
- |
|
399,107 |
Repayment of hybrid bonds |
|
- |
|
(499,114) |
|
- |
|
(886) |
|
- |
|
- |
|
(500,000) |
Share-based payment transactions |
|
- |
|
- |
|
- |
|
17 |
|
- |
|
- |
|
17 |
Others |
|
- |
|
- |
|
- |
|
299 |
|
- |
|
(299) |
|
- |
Total transactions with owners in their capacity as owners |
|
- |
|
(100,007) |
|
- |
|
(570) |
|
- |
|
(1,246,544) |
|
(1,347,121) |
Balance at December 31, 2023 |
W |
7,928,078 |
|
1,988,535 |
|
398,080 |
|
5,895 |
|
(472,747) |
|
21,209,071 |
|
31,056,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to the separate financial statements.
(In millions of Korean won) |
|
|
|
|
|
|
2023 |
|
2022 |
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
Profit before income tax |
W |
2,612,112 |
|
2,631,873 |
Adjustments for: |
|
|
|
|
Income tax expense |
|
845,274 |
|
935,603 |
Interest income |
|
(18,573,817) |
|
(12,743,981) |
Interest expense |
|
11,193,171 |
|
5,505,835 |
Dividend income |
|
(47,776) |
|
(18,545) |
|
|
(6,583,148) |
|
(6,321,088) |
Income and expense items without cash inflow/outflow: |
|
|
|
|
Net (gain) loss on financial instruments at fair value through profit or loss |
|
(491,304) |
|
200,157 |
Net non-cash foreign currencies transaction gain |
|
(27,154) |
|
(129,624) |
Net gain on financial instruments designated at fair value through profit or loss |
|
(2,495) |
|
(2,673) |
Net (gain) loss on disposal of financial assets at fair value through other comprehensive income |
|
(19,488) |
|
2,640 |
Net loss on disposal of securities at amortized cost |
|
107 |
|
60 |
Provision for credit loss allowance |
|
729,912 |
|
544,876 |
Non-cash employee benefits |
|
99,818 |
|
128,390 |
Depreciation and amortization |
|
429,566 |
|
370,895 |
Net non-cash other operating expenses |
|
427,506 |
|
142,488 |
Net non-operating expenses |
|
47,854 |
|
35,173 |
|
|
1,194,322 |
|
1,292,382 |
Changes in assets and liabilities: |
|
|
|
|
Deposits at amortized cost |
|
41,338 |
|
560,658 |
Securities at fair value through profit or loss |
|
(1,367,012) |
|
1,675,242 |
Derivative assets |
|
3,865,727 |
|
2,365,700 |
Loans at amortized cost |
|
(2,553,165) |
|
(15,699,351) |
Loans at fair value through profit or loss |
|
435,505 |
|
(90,747) |
Other assets |
|
(2,384,224) |
|
1,254,722 |
Deposits due to customers |
|
(2,710,068) |
|
16,008,843 |
Financial liabilities at fair value through profit or loss |
|
(66,764) |
|
(196,589) |
Derivative liabilities |
|
(3,947,929) |
|
(2,238,570) |
Defined benefit liabilities |
|
(44,060) |
|
(261,526) |
Provisions |
|
(4,761) |
|
(10,449) |
Other liabilities |
|
10,099,717 |
|
1,388,521 |
|
|
1,364,304 |
|
4,756,454 |
|
|
|
|
|
Income tax paid |
|
(1,094,385) |
|
(707,756) |
Interest received |
|
18,275,265 |
|
12,502,525 |
Interest paid |
|
(9,946,094) |
|
(4,556,579) |
Dividends received |
|
49,483 |
|
20,418 |
Net cash inflow from operating activities |
|
5,871,859 |
|
9,618,229 |
(In millions of Korean won) |
|
2023 |
|
2022 |
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Net cash flow of derivative financial instruments for hedges |
|
13,687 |
|
4,022 |
Proceeds from decrease of securities at fair value through profit or loss |
|
801,197 |
|
1,839,509 |
Acquisition of securities at fair value through profit or loss |
|
(2,045,508) |
|
(1,944,891) |
Proceeds from decrease of securities at fair value through other comprehensive income |
|
28,386,057 |
|
16,679,279 |
Acquisition of securities at fair value through other comprehensive income |
|
(28,641,365) |
|
(18,034,340) |
Proceeds from decrease of securities at amortized cost |
|
3,935,151 |
|
4,864,231 |
Acquisition of securities at amortized cost |
|
(5,589,576) |
|
(11,856,814) |
Proceeds from disposal of property and equipment |
|
709 |
|
9 |
Acquisition of property and equipment |
|
(154,552) |
|
(220,752) |
Proceeds from disposal of intangible assets |
|
5 |
|
3,481 |
Acquisition of intangible assets |
|
(336,832) |
|
(380,396) |
Proceeds from disposal of investments in associates |
|
12,184 |
|
17,932 |
Acquisition of investments in associates |
|
(229,925) |
|
(72,739) |
Proceeds from disposal of investment properties |
|
55 |
|
- |
Acquisition of investment properties |
|
(3,084) |
|
(5,995) |
Proceeds from sale of non-current assets held for sale |
|
3,663 |
|
9,991 |
Decrease in other assets |
|
545,601 |
|
645,080 |
Increase in other assets |
|
(539,326) |
|
(534,297) |
Net cash outflow from investing activities |
|
(3,841,859) |
|
(8,986,690) |
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Net cash flow of derivative financial instruments for hedges |
|
333 |
|
56 |
Increase in financial liabilities designated at fair value through profit or loss |
|
209,969 |
|
49,993 |
Net increase in borrowings |
|
1,865,901 |
|
2,948,269 |
Proceeds from issuance of debt securities |
|
23,283,985 |
|
15,731,442 |
Repayment of debt securities |
|
(19,937,381) |
|
(19,381,515) |
Dividends paid |
|
(1,247,209) |
|
(963,305) |
Issuance of hybrid bonds |
|
399,107 |
|
631,581 |
Repayment of hybrid bonds |
|
(500,000) |
|
(130,000) |
Increase in other liabilities |
|
109,848 |
|
101,315 |
Decrease in other liabilities |
|
(248,969) |
|
(250,370) |
Net cash inflow (outflow) from financing activities |
|
3,935,584 |
|
(1,262,534) |
|
|
|
|
|
Effect of exchange rate fluctuations on cash and cash equivalents held |
|
(13,295) |
|
16,447 |
Net decrease in cash and cash equivalents |
|
5,952,289 |
|
(614,548) |
|
|
|
|
|
Cash and cash equivalents at the beginning of the year (Note 40) |
|
16,099,749 |
|
16,714,298 |
Cash and cash equivalents at the end of the year (Note 40) |
W |
22,052,038 |
|
16,099,750 |
See accompanying notes to the separate financial statements.
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