Fair value of financial assets and liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of fair value measurement [Abstract]

Fair value measurement of financial assets and liabilities measured at fair value

(2) Fair value hierarchy of financial assets and liabilities measured at fair value are as follows (Unit: Korean Won in millions):

	December 31, 2022
	Level 1(*)		Level 2(*)		Level 3		Total
Financial assets:
Financial assets at FVTPL
Deposits		34,995		—		—		34,995
Debt securities		2,580,563		1,654,591		1,078		4,236,232
Equity securities		76,007		25		307,851		383,883
Capital contributions		—		—		1,976,474		1,976,474
Beneficiary certificates		45,394		2,398,592		1,458,776		3,902,762
Loans		—		794,723		104,505		899,228
Derivative assets		69,316		8,042,895		93,970		8,206,181
Other financial assets in foreign currency		—		—		41,679		41,679
Others		34,299		—		144,840		179,139
Sub-total		2,840,574		12,890,826		4,129,173		19,860,573
Financial assets at FVTOCI
Debt securities		9,895,456		22,250,302		—		32,145,758
Equity securities		382,257		—		557,065		939,322
Sub-total		10,277,713		22,250,302		557,065		33,085,080
Derivative assets (designated for hedging)		—		37,786		—		37,786
Total		13,118,287		35,178,914		4,686,238		52,983,439
Financial liabilities:
Financial liabilities at FVTPL
Deposits due to customers		35,161		—		—		35,161
Derivative liabilities		11,700		8,883,976		9,449		8,905,125
Securities sold		12,113		—		—		12,113
Sub-total		58,974		8,883,976		9,449		8,952,399
Derivative liabilities (designated for hedging)		—		202,911		—		202,911
Total		58,974		9,086,887		9,449		9,155,310

(*) Among financial assets and financial liabilities measured at fair value, the amount transferred from Level 2 to Level 1 is 2,835,187 million Won. The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed. A change in the judgement of the active market where the financial product was traded resulted the transfer between levels.

	December 31, 2023
	Level 1(*)		Level 2(*)		Level 3		Total
Financial assets:
Financial assets at FVTPL
Deposits		39,241		—		—		39,241
Debt securities		4,414,956		1,888,052		4,230		6,307,238
Equity securities		68,691		19		353,279		421,989
Capital contributions		—		—		2,459,646		2,459,646
Beneficiary certificates		169,012		3,634,938		1,705,965		5,509,915
Loans		—		726,714		56,002		782,716
Derivative assets		113		5,669,078		129,138		5,798,329
Other financial assets in foreign currency		—		—		42,408		42,408
Others		—		—		183,274		183,274
Sub-total		4,692,013		11,918,801		4,933,942		21,544,756
Financial assets at FVTOCI
Debt securities		12,392,117		24,301,994		—		36,694,111
Equity securities		649,220		—		548,164		1,197,384
Sub-total		13,041,337		24,301,994		548,164		37,891,495
Derivative assets (designated for hedging)		—		26,708		—		26,708
Total		17,733,350		36,247,503		5,482,106		59,462,959
Financial liabilities:
Financial liabilities at FVTPL
Deposits due to customers		39,524		—		—		39,524
Derivative liabilities		8,303		5,932,727		1,994		5,943,024
Securities sold		155,765		—		—		155,765
Sub-total		203,592		5,932,727		1,994		6,138,313
Derivative liabilities (designated for hedging)		—		153,007		—		153,007
Total		203,592		6,085,734		1,994		6,291,320

(*) There were no transfers between Level 1 and Level 2 of financial assets and liabilities measured at fair value. The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.

Valuation methods and input variables for each type of financial instruments measured at fair value and classified into Level 2

1) Valuation methods and input variables for each type of financial instrument classified into level 2 in December 31, 2022 and 2023 are as follows:

	Valuation methods	Input variables
Debt securities	Fair value is measured by discounting the future cash flows of debt securities applying the risk-free market rate with credit spread and LSMC and Hull-White model.	Risk-free market rate, credit spread, discount rate originated from credit grade, volatility of stock and volatility of interest rate
Equity securities and beneficiary certificates	Equity securities and beneficiary certificates are measured at net asset value method, DCF model (Discounted Cash Flow Model), Binomial Tree model and T-F model.	Values of underlying assets such as bond, discount rate, volatility of stock, terminal growth rate etc.
Derivatives	Fair value is measured by models such as option model (Closed form).	Discount rate, volatility, exchange rate, stock prices, fair value originated from forward price etc.
Loans	Fair value is measured by discounting the future cash flows of debt instruments by applying the market interest rate applied to entities with similar creditworthiness to the debtor.	Risk-free market rate and credit spread

Valuation methods and input variables for each type of financial instruments measured at fair value and classified into Level 3

2) Valuation methods and input variables for each type of financial instrument classified into level 3 in December 31, 2022 and 2023 are as follows:

	Valuation methods	Input variables
Loans	Fair value is measured by using the DCF model (Discounted Cash Flow Model), which is a valuation technique commonly used in the market taking into account the price and volatility of the underlying asset, T-F model, LSMC and Hull-White etc.	Values of underlying assets, volatility, discount rate, volatility of stock, volatility of interest rate
Debt securities	Fair value is measured by models such as LSMC(Least-Squares Monte Carlo), Hull-White model.	Discount rate originated from credit grade, volatility of stocks, volatility of interest rate etc.
Equity securities, capital contributions and Beneficiary certificates	Among DCF (Discounted Cash Flow) Model, FCFE (Free Cash Flow to Equity) Model, Comparable Company Analysis, Dividend Discount Model, Risk-adjusted Rate of Return Method, Net Asset Value Method, LSMC, Binomial Tree Model, Hull-White and Precedent Transactions model, one or more methods are used given the characteristic of the subject of fair value measurement.	Risk-free market rate, market risk premium, corporate Beta, stock prices, volatility of underlying asset, discount rate originated from credit grade, volatility of interest rate, volatility of real estate value, terminal growth rate, PBR, PSR etc.
Derivatives	Fair value is measured by models such as option model.	Correlation, etc.
Others	The fair value of the underlying asset, after calculating the fair value using the DCF model, etc., considering the price and volatility of the calculated underlying asset, is calculated using the binomial tree, which is commonly used valuation techniques in the market.	Stock price, volatility of underlying assets, etc.

Valuation methods of financial assets and liabilities measured at fair value and classified into Level 3 and significant but unobservable inputs

Valuation methods of financial assets and liabilities measured at fair value and classified into Level 3 and significant but unobservable inputs are as follows:

	Fair value measurement technique	Type	Significant unobservable inputs	Range(%)	Impact of changes in significant unobservable inputs on fair value measurement
Loans	DCF model and others		Discount rate	4.05%~6.58%	Fair value increases as discount rate decreases.
	LSMC(Hull-White)		Volatility of stock	0.19%~0.24%	Fair value increases as volatility of stock increases.
			Volatility of interest rate	0.47%~0.91%	Fair value increases as volatility of interest rate increases.
			Discount rate	13.78%~21.92%	Fair value increases as discount rate decreases.
Derivative assets	Option valuation model and others	Equity related	Correlation coefficient	0.32~0.68	Variation of fair value increases as correlation coefficient increases.
Derivative liabilities	Option valuation model and others	Equity related	Correlation coefficient	0.32~0.68	Variation of fair value increases as correlation coefficient increases.
Equity securities, capital contributions, and beneficiary certificates	Binomial Tree		Discount rate	3.58%	Fair value increases as discount rate decreases.
			Stock prices, Volatility of underlying asset, Volatility of stocks	27.34%~76.22%	Variation of fair value increases as volatility of underlying asset and stock price increases.
	Risk-adjusted discount rate method (Tsiveriotis-Fernandes)		Discount rate	6.98%	Fair value increases as discount rate decreases.
			Volatility of stock	34.6%	Variation of fair value increases as volatility of stock increases.
	DCF model and others		Discount rate	5.08%~19.90%	Fair value increases as discount rate decreases.
			Terminal growth rate	0.00%, 1.00%	Fair value increases as terminal growth rate increases.
			Liquidation value	-1.00%~1.00%	Fair value increases as liquidation value increases.
	LSMC(Hull-White)		Discount rate	5.06%~6.86%	Fair value increases as discount rate decreases.
Others	Binomial Tree		Stock prices, Volatility of underlying asset	15.48%~76.22%	Variation of fair value increases as volatility of underlying asset and stock price increases.
			Discount rate	10.42%	Fair value increases as discount rate decreases.
			Growth rate	0.00%	Fair value increases as terminal growth rate increases

Changes in financial assets and liabilities measured at fair value classified into Level 3

(3) Changes in financial assets and liabilities measured at fair value classified into Level 3 are as follows (Unit: Korean Won in millions):

	For the year ended December 31, 2021
	Beginning balance		Net income (loss)(*1)			Other comprehensive income		Purchases/ issuances			Disposals / settlements			Transfer to or out of Level 3(*2)			Ending balance
Financial assets:
Financial assets at FVTPL
Debt securities		4,618		(431	)		—		1,000			(4,070	)		1,000			2,117
Equity securities		450,371		(24,501	)		—		33,570			(154,455	)		(1,000	)		303,985
Capital contributions		865,685		82,596			—		575,643			(236,201	)		—			1,287,723
Beneficiary certificates		1,917,811		10,347			—		86,224			(910,308	)		—			1,104,074
Loans		209,062		16,975			—		761,045			(773,447	)		—			213,635
Derivative assets		7,872		22,256			—		5,058			—			(5,838	)		29,348
Others		84,979		12,245			—		14,982			(16,548	)		533			96,191
Sub-total		3,540,398		119,487			—		1,477,522			(2,095,029	)		(5,305	)		3,037,073
Financial assets at FVTOCI
Equity securities		570,715		—			11,362		645			(1,267	)		—			581,455
Total		4,111,113		119,487			11,362		1,478,167			(2,096,296	)		(5,305	)		3,618,528
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities		20,136		4,926			—		(3,979	)		(10,188	)		(6,254	)		4,641
Financial liabilities at FVTPL designated as upon initial recognition
Equity-linked securities		19,630		(102	)		—		—			(19,528	)		—			—
Total		39,766		4,824			—		(3,979	)		(29,716	)		(6,254	)		4,641

(*1) For financial liabilities, positive numbers represent losses that increase balance and negative numbers represent gains that decrease balance. The gain amounting to 2,634 million Won for the year ended December 31, 2021, which is from financial assets and liabilities that the Group holds as at the end of the year.

(*2) There were transfers between levels as the availability of observable market data for these financial instruments changed. The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.

	For the year ended December 31, 2022
	Beginning balance		Net income (loss)(*1)			Other comprehensive income		Purchases/ issuances			Disposals / settlements			Transfer to or out of Level 3(*2)			Ending balance
Financial assets:
Financial assets at FVTPL
Debt securities		2,117		(40	)		—		—			(999	)		—			1,078
Equity securities		303,985		697			—		20,175			(16,974	)		(32	)		307,851
Capital contributions		1,287,723		103,376			—		703,160			(117,785	)		—			1,976,474
Beneficiary certificates		1,104,074		(2,922	)		—		98,420			259,204			—			1,458,776
Loans		213,635		17,544			—		802,092			(928,766	)		—			104,505
Derivative assets		29,348		64,359			—		582			(319	)		—			93,970
Other foreign currency financial assets		—		—			—		41,679			—			—			41,679
Others		96,191		16,744			—		40,836			(8,931	)		—			144,840
Sub-total		3,037,073		199,758			—		1,706,944			(814,570	)		(32	)		4,129,173
Financial assets at FVTOCI
Equity securities		581,455		—			2,084		2,357			(28,831	)		—			557,065
Total		3,618,528		199,758			2,084		1,709,301			(843,401	)		(32	)		4,686,238
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities		4,641		8,058			—		(351	)		(2,899	)		—			9,449
Total		4,641		8,058			—		(351	)		(2,899	)		—			9,449

(*1) For financial liabilities, positive numbers represent losses that increase balance and negative numbers represent gains that decrease balance. The gain amounting to 2,770 million Won for the year ended December 31, 2022, which is from financial assets and liabilities that the Group holds as at the end of the year.

(*2) There were transfers between levels as the availability of observable market data for these financial instruments changed. The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.

	For the year ended December 31, 2023
	Beginning balance		Business combination		Net income (loss)(*1)		Other comprehensive income			Purchases/ issuances		Disposals / settlements			Transfer to or out of Level 3(*2)			Ending balance
Financial assets:
Financial assets at FVTPL
Debt securities		1,078		—		152		—			4,000		(1,000	)		—			4,230
Equity securities		307,851		10,628		10,632		—			62,638		(32,630	)		(5,840	)		353,279
Capital contributions		1,976,474		10,977		65,437		—			655,921		(249,163	)		—			2,459,646
Beneficiary certificates		1,458,776		—		3,534		—			280,435		(36,780	)		—			1,705,965
Loans		104,505		—		483		—			577,296		(626,282	)		—			56,002
Derivative assets		93,970		—		41,620		—			2,273		(8,725	)		—			129,138
Other foreign currency financial assets		41,679		—		729		—			—		—			—			42,408
Others		144,840		—		9,015		—			32,214		(2,795	)		—			183,274
Sub-total		4,129,173		21,605		131,602		—			1,614,777		(957,375	)		(5,840	)		4,933,942
Financial assets at FVTOCI
Equity securities		557,065		—		—		(6,564	)		343		(2,657	)		(23	)		548,164
Loans		—		—		—		—			139,567		(139,567	)		—			—
Sub-total		557,065		—		—		(6,564	)		139,910		(142,224	)		(23	)		548,164
Total		4,686,238		21,605		131,602		(6,564	)		1,754,687		(1,099,599	)		(5,863	)		5,482,106
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities		9,449		—		1,994		—			—		(9,449	)		—			1,994
Total		9,449		—		1,994		—			—		(9,449	)		—			1,994

(*1) For financial liabilities, positive numbers represent losses that increase balance and negative numbers represent gains that decrease balance. The gain amounting to 171,095 million Won for the year ended December 31, 2023, which is from financial assets and liabilities that the Group holds as at the end of the year.

(*2) The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.

Sensitivity analysis on the unobservable inputs used for measuring Level 3 financial instruments

The sensitivity on fluctuation of input variables by financial instruments as of December 31, 2021, 2022 and 2023 is as follows (Unit: Korean Won in millions):

	December 31, 2021
	Net income (loss)					Other comprehensive income (loss)
	Favorable		Unfavorable			Favorable		Unfavorable
Financial assets:
Financial assets at FVTPL
Derivative assets(*1)		1,668		(1,191	)		—		—
Loans(*2)		682		(671	)		—		—
Debt securities		13		(12	)		—		—
Equity securities(*2)(*3)(*4)		6,348		(5,331	)		—		—
Beneficiary certificates(*4)		1,305		(1,171	)		—		—
Others(*2)		921		(876	)		—		—
Financial assets at FVTOCI
Equity securities(*3)(*4)		—		—			30,391		(23,865	)
Total		10,937		(9,252	)		30,391		(23,865	)
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities(*1)		205		(264	)		—		—
Total		205		(264	)		—		—

(*1) Fair value changes of equity related derivatives assets and liabilities and equity-linked securities are calculated by increasing or decreasing historical volatility of the stock price and correlation, which are major unobservable variables, by 10%, respectively. In the case of interest rate related derivative assets and liabilities, fair value changes are calculated by increasing or decreasing the volatility of interest rate, which are major unobservable variables, by 10%.

(*2) Fair value changes of equity securities are calculated by increasing or decreasing stock prices (-10%~10%) and volatility (-10~10%). The stock prices and volatility are major unobservable variables.

(*3) Fair value changes of equity securities are calculated by increasing or decreasing terminal growth rate (-0.5%~0.5%) and discount rate (-1~1%) or liquidation value (-1~1%). The growth rate, discount rate, and liquidation value are major unobservable variables.

(*4) Even if the sensitivity analysis of the capital contributions and beneficiary certificates is not possible in practice, fair value changes of beneficiary certificates and other securities whose major unobservable variables are composed of the real estate are calculated by increasing or decreasing price fluctuation rate of real estate which is underlying assets and discount rate by 1%.

	December 31, 2022
	Net income (loss)					Other comprehensive income (loss)
	Favorable		Unfavorable			Favorable		Unfavorable
Financial assets:
Financial assets at FVTPL
Derivative assets(*1)		2,453		(1,993	)		—		—
Loans(*2)		203		(200	)		—		—
Debt securities		1		—			—		—
Equity securities(*2)(*3)(*4)		10,146		(8,079	)		—		—
Beneficiary certificates(*4)		737		(737	)		—		—
Others(*2)		2,860		(2,790	)		—		—
Financial assets at FVTOCI		—		—			—		—
Equity securities(*3)(*4)		—		—			24,370		(17,579	)
Total		16,400		(13,799	)		24,370		(17,579	)
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities(*1)		41		(39	)		—		—
Total		41		(39	)		—		—

(*1) Fair value changes of equity related derivatives assets and liabilities and equity-linked securities are calculated by increasing or decreasing historical volatility of the stock price and correlation, which are major unobservable variables, by 10%, respectively. In the case of interest rate related derivative assets and liabilities, fair value changes are calculated by increasing or decreasing the volatility of interest rate, which are major unobservable variables, by 10%.

(*2) Fair value changes of equity securities are calculated by increasing or decreasing stock prices (-10%~10%) and volatility (-10~10%). The stock prices and volatility are major unobservable variables.

(*3) Fair value changes of equity securities are calculated by increasing or decreasing terminal growth rate (-0.5%~0.5%) and discount rate (-1~1%) or liquidation value (-1~1%). The growth rate, discount rate, and liquidation value are major unobservable variables.

(*4) Even if the sensitivity analysis of the capital contributions and beneficiary certificates is not possible in practice, fair value changes of beneficiary certificates and other securities whose major unobservable variables are composed of the real estate are calculated by increasing or decreasing price fluctuation rate of real estate which is underlying assets and discount rate by 1%.

	December 31, 2023
	Net income (loss)					Other comprehensive income (loss)
	Favorable		Unfavorable			Favorable		Unfavorable
Financial assets:
Financial assets at FVTPL
Derivative assets(*1)		88		(95	)		—		—
Loans(*2)		202		(199	)		—		—
Debt securities(*3)		21		(22	)		—		—
Equity securities(*2)(*3)(*4)		11,562		(8,953	)		—		—
Beneficiary certificates(*4)		722		(722	)		—		—
Others(*2)		4,098		(3,921	)		—		—
Financial assets at FVTOCI
Equity securities(*3)(*4)		—		—			28,020		(22,302	)
Total		16,693		(13,912	)		28,020		(22,302	)
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities(*1)		10		(7	)		—		—
Total		10		(7	)		—		—

(*1) Fair value changes of equity related derivatives assets and liabilities and equity-linked securities are calculated by increasing or decreasing correlation, which are major unobservable variables, by 10%, respectively.

(*2) Fair value changes of equity securities are calculated by increasing or decreasing stock prices (-10%~10%) and volatility (-10%p~10%p). The stock prices and volatility are major unobservable variables.

(*3) Fair value changes of equity securities are calculated by increasing or decreasing terminal growth rate (-0.5%p~1%p) and discount rate (-1%p~1%p) or liquidation value (-1%p~1%p). The growth rate, discount rate, and liquidation value are major unobservable variables.

(*4) Even if the sensitivity analysis of the capital contributions and beneficiary certificates is not possible in practice, fair value changes of beneficiary certificates and other securities whose major unobservable variables are composed of the real estate are calculated by increasing or decreasing price fluctuation rate of real estate which is underlying assets and discount rate by 1%.

Schedule of fair value measurement of financial instruments measured at amortized costs

(5) Fair value and carrying amount of financial assets and liabilities that are recorded at amortized cost are as follows (Unit: Korean Won in millions):

	December 31, 2022
	Fair value								Carrying amount
	Level 1		Level 2		Level 3		Total
Financial assets:
Securities at amortized cost		2,652,449		24,623,369		—		27,275,818		28,268,516
Loans and other financial assets at amortized cost		—		6,238,724		345,952,544		352,191,268		355,760,729
Financial liabilities:
Deposits due to customers		—		343,931,576		—		343,931,576		342,105,209
Borrowings		—		26,063,256		2,135,047		28,198,303		28,429,603
Debentures		—		42,918,411		—		42,918,411		44,198,486
Other financial liabilities(*)		—		21,244,664		536,209		21,780,873		22,492,705

(*) Lease liabilities are excluded as of December 31, 2022.

	December 31, 2023
	Fair value								Carrying amount
	Level 1		Level 2		Level 3		Total
Financial assets:
Securities at amortized cost		2,361,627		21,303,099		—		23,664,726		23,996,172
Loans and other financial assets at amortized cost		—		9,905,518		364,211,207		374,116,725		373,148,148
Financial liabilities:
Deposits due to customers		—		360,186,521		—		360,186,521		357,784,297
Borrowings		—		31,065,237		87,342		31,152,579		30,986,746
Debentures		—		40,504,019		—		40,504,019		41,239,245
Other financial liabilities(*)		—		24,584,447		609,620		25,194,067		25,780,550

(*) Lease liabilities are excluded as of December 31, 2023.

Valuation methods and input variables for financial assets and liabilities that are measured at amortized costs

The fair values of financial instruments are measured using quoted market price in active markets. In case there is no active market for financial instruments, the Group determines the fair value by using valuation methods. Valuation methods and input variables for financial assets and liabilities that are measured at amortized cost are given as follows:

	Valuation methods	Input variables
Securities at amortized cost	The fair value is measured by discounting the projected cash flows of debt securities by applying risk-free market rate with credit spread.	Risk-free market rate and credit spread
Loans and other financial assets at amortized cost	The fair value is measured by discounting the projected cash flows of loan products by applying the market discount rate that has been applied to a proxy company that has similar credit rating to the debtor.	Risk-free market rate, credit spread and prepayment rate
Deposits due to customers, borrowings, debentures and other financial liabilities	The fair value is measured by discounting the projected cash flows of debt products by applying the market discount rate that is reflecting credit rating of the Group.	Risk-free market rate and credit spread

Carrying amounts of financial instruments by category

(6) Financial instruments by category

Carrying amounts of financial assets and liabilities by each category are as follows (Unit: Korean Won in millions):

	December 31, 2022
Financial assets	Financial asset at FVTPL		Financial assets at FVTOCI		Financial assets at amortized cost		Derivatives assets (designated for hedging)		Total
Deposits		34,995		—		2,994,672		—		3,029,667
Securities		10,676,985		33,085,080		28,268,516		—		72,030,581
Loans		899,228		—		343,918,560		—		344,817,788
Derivative assets		8,206,181		—		—		37,786		8,243,967
Other financial assets		43,184		—		8,847,497		—		8,890,681
Total		19,860,573		33,085,080		384,029,245		37,786		437,012,684

	December 31, 2022
Financial liabilities	Financial liabilities at FVTPL		Financial liabilities at amortized cost		Derivatives liabilities (designated for hedging)		Total
Deposits due to customers		35,161		342,105,209		—		342,140,370
Borrowings		12,113		28,429,603		—		28,441,716
Debentures		—		44,198,486		—		44,198,486
Derivative liabilities		8,905,125		—		202,911		9,108,036
Other financial liabilities(*)		—		22,492,707		—		22,492,707
Total		8,952,399		437,226,005		202,911		446,381,315

(*) Lease liabilities are excluded as of December 31, 2022.

	December 31, 2023
Financial assets	Financial asset at FVTPL		Financial assets at FVTOCI		Financial assets at amortized cost		Derivatives assets (designated for hedging)		Total
Deposits		39,241		—		1,950,573		—		1,989,814
Securities		14,880,479		37,891,495		23,996,172		—		76,768,146
Loans		782,716		—		358,577,179		—		359,359,895
Derivative assets		5,798,329		—		—		26,708		5,825,037
Other financial assets		43,991		—		12,620,396		—		12,664,387
Total		21,544,756		37,891,495		397,144,320		26,708		456,607,279

	December 31, 2023
Financial liabilities	Financial liabilities at FVTPL		Financial liabilities at amortized cost		Derivatives liabilities (designated for hedging)		Total
Deposits due to customers		39,524		357,784,297		—		357,823,821
Borrowings		155,765		30,986,746		—		31,142,511
Debentures		—		41,239,245		—		41,239,245
Derivative liabilities		5,943,024		—		153,007		6,096,031
Other financial liabilities(*)		—		25,780,550		—		25,780,550
Total		6,138,313		455,790,838		153,007		462,082,158

(*) Lease liabilities are excluded as of December 31, 2023.

Income or expense from financial instruments by category

(7) Income or expense from financial instruments by category

Income or expense from financial assets and liabilities by each category during the years ended December 31, 2021, 2022 and 2023 are as follows (Unit: Korean Won in millions):

	For the year ended December 31, 2021
	Interest Income (expense)			Fees and Commissions Income (expense)			Reversal (provision) of credit loss			Gain or loss on transactions and valuation		Dividends, etc.		Total
Financial assets at FVTPL		45,803			(156	)		—			325,751		284,683		656,081
Financial assets at FVTOCI		381,814			1,343			(4,909	)		32,624		24,528		435,400
Securities at amortized cost		324,920			—			(664	)		—		—		324,256
Loans and other financial assets at amortized cost		9,142,212			494,296			(551,957	)		107,317		—		9,191,868
Financial liabilities at amortized cost		(2,901,592	)		2,205			—			—		—		(2,899,387	)
Net derivatives (designated for hedging)		—			—			—			72,493		—		72,493
Total		6,993,157			497,688			(557,530	)		538,185		309,211		7,780,711

	For the year ended December 31, 2022
	Interest Income (expense)			Fees and Commissions Income (expense)			Reversal (provision) of credit loss			Gain or loss on transactions and valuation			Dividends, etc.		Total
Financial assets at FVTPL		106,698			(134	)		—			238,502			136,136		481,202
Financial assets at FVTOCI		632,615			1,606			827			(21,498	)		23,846		637,396
Securities at amortized cost		515,246			—			(3,151	)		—			—		512,095
Loans and other financial assets at amortized cost		13,399,990			600,902			(881,668	)		74,204			—		13,193,428
Financial liabilities at amortized cost		(5,950,277	)		2,094			—			—			—		(5,948,183	)
Net derivatives (designated for hedging)		—			—			—			78,822			—		78,822
Total		8,704,272			604,468			(883,992	)		370,030			159,982		8,954,760

	For the year ended December 31, 2023
	Interest Income (expense)			Fees and Commissions Income (expense)		Reversal (provision) of credit loss			Gain or loss on transactions and valuation			Dividends, etc.		Total
Financial assets at FVTPL		192,094			514		—			488,486			222,357		903,451
Financial assets at FVTOCI		999,407			1,621		(16,542	)		(37,641	)		17,936		964,781
Securities at amortized cost		782,513			—		(5,549	)		—			—		776,964
Loans and other financial assets at amortized cost		18,667,540			578,387		(1,839,987	)		203,942			—		17,609,882
Financial liabilities at amortized cost		(11,887,127	)		1,247		—			—			—		(11,885,880	)
Net derivatives (designated for hedging)		—			—		—			15,678			—		15,678
Total		8,754,427			581,769		(1,862,078	)		670,465			240,293		8,384,876