6-K
Shinhan Financial Group Co Ltd (SHG)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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FORM 6-K
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REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
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For the Month of March 2026
Commission File Number: 001-31798
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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)
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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
Summary of FY2025 Business Report
On March 18, 2026, Shinhan Financial Group (“SFG”) filed its FY2025 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
Introduction of the Group
Business Results
Other Financial Information
Independent Auditor
Corporate Governance
Major Shareholders and Market Price Information of our Common Shares and ADRs
Directors, Executive Officers and Employees
Related Party Transactions
Internal Control
Contingencies
Material Information after the reporting period
Introduction of the Group
Business Objective
Shinhan Financial Group is a financial holding company established on September 1, 2001, through a stock transfer from the Shinhan Bank, Shinhan Securities Co., Ltd., Shinhan Capital Co., Ltd., and Shinhan BNP Paribas Asset Management Co., Ltd. The primary business objectives of the company include the control and management of financial business, as well as financial support for its subsidiaries.
On September 10, 2001, the company was listed on the Korea Stock Exchange and on September 16, 2003, the company was registered with the U.S. Securities and Exchange Commission(SEC), where its American Depositary Shares(ADSs) were listed on the New York Stock Exchange(NYSE).
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
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
Mar. 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.
May 2022: SFG acquired the remaining 40% interests in Asia Trust. Co., Ltd. and it became a wholly-owned subsidiary. Asia Trust Co., Ltd. changed its legal name to Shinhan Asset Trust.
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.
Oct 2022 Shinhan Financial Investment Securities Co., Ltd. has changed its legal name to Shinhan Securities Co., Ltd.
July 2024 Shinhan AI has been dissolved from the list of group’s direct subsidiaries
Overview of the Business Group
Principal(Direct) Subsidiaries under Korean Law (as of December 31, 2025)
| 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) | 64.0% |
| 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 AI9) | - |
| Shinhan Venture Investrment 7) | 100.0% |
| Shinhan EZ General Insurance 8) | 91.7% |
| SHC Management | 100.0% |
| 1) Shinhan Life Insurance and Orange Life Insurance merged on July 1st, 2021 and became Shinhan Life Insurance Co., Ltd<br><br>2) On January 15, 2021, 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)<br><br>3) Jeju Bank is currently listed on the Korea Exchange.<br><br>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.<br><br>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.<br><br>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.<br><br>7) On January 11, Neoplux changed its legal name to Shinhan Venture Investment.<br><br>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.<br><br>9) On July 15, 2024, we announced the liquidation and dissolution of Shinhan AI. Co., Ltd. and accordingly Shinhan AI. Co., Ltd. is no longer a subsidiary of SFG. |
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 1) | 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 | 99.9% | |
| PT Bank Shinhan Indonesia | 99.0% | |
| Shinhan Card | LLP MFO Shinhan Finance | 72.1% |
| PT. Shinhan Indo Finance | 76.3% | |
| Shinhan Microfinance Co., Ltd. | 100.0% | |
| Shinhan Vietnam Finance Co. Ltd. | 100.0% | |
| Shinhan Credit Information Co.Ltd | 100.0% | |
| Shinhan Securities | Shinhan Securities America Inc. | 100.0% |
| Shinhan Securities Asia Limited | 100.0% | |
| Shinhan Securities Vietnam Co., Ltd | 100.0% | |
| PT Shinhan Sekuritas Indonesia | 99.0% | |
| Shinhan SKS Corporate Financial<br>Stabilization PEF2) | 9.6% | |
| Shinhan Praxis K-Growth Global Private Equity Fund | 14.2% | |
| Shinhan Life Insurance | Shinhan Financial Plus | 100.0% |
| Shinhan Life Care Co., Ltd. | 100.0% | |
| Shinhan Life Insurance Vietnam Limited Liability Company | 100.0% | |
| Shinhan Capital | Shinhan-We Venture Debt Fund 3) | 34.5% |
| Shinhan Asset Management | Shinhan Private Equity Fund 2nd 4) | 66.3% |
| JS Shinhan Private Equity Fund | 0.1% | |
| Shinhan QED Fund I 5) | 8.4% | |
| Shinhan DS | Shinhan DS Vietnam Co. Limited | 100.0% |
| Shinhan Venture Investment | Neoplux 3rd PEF | 10.0% |
| Shinhan Rio Green PEF | 0.4% | |
| 1) SBJ DNX: SBJ Bank own 100% in the aggregate.<br><br>2) Shinhan Financial Group and its subsidiaries currently own 33.6% in the aggregate.<br><br>3) Shinhan Financial Group and its subsidiaries currently own 98.5% in the aggregate.<br><br>4) Shinhan Financial Group and its subsidiaries currently own 96.7% in the aggregate.<br><br>5) Shinhan Financial Group and its subsidiaries currently own 36.2% in the aggregate. |
Credit Ratings (as of December 31, 2025)
| Date | Types of Issuance | Credit Rating | Rating Company<br><br>(Rating Range) |
|---|---|---|---|
| 2025.01.22 | Debentures | AAA | Korea Rating(AAA~D) / KIS Rating(AAA~D) /<br><br>NICE Investors Service(AAA~D) |
| 2025.01.31 | Write-down Contingent<br><br>Capital Securities | AA- | Korea Rating(AAA~D) / KIS Rating(AAA~D) /<br><br>NICE Investors Service(AAA~D) |
| 2025.02.24 | Debentures | AAA | Korea Rating(AAA~D) / KIS Rating(AAA~D) /<br><br>NICE Investors Service(AAA~D) |
| 2025.03.21 | Debentures | AAA | Korea Rating(AAA~D) / KIS Rating(AAA~D) /<br><br>NICE Investors Service(AAA~D) |
| 2025.04.18 | Debentures | AAA | Korea Rating(AAA~D) / KIS Rating(AAA~D) /<br><br>NICE Investors Service(AAA~D) |
| 2025.06.23 | Debentures | AAA | Korea Rating(AAA~D) / KIS Rating(AAA~D) /<br><br>NICE Investors Service(AAA~D) |
| 2025.07.15 | Debentures | AAA | Korea Rating(AAA~D) / KIS Rating(AAA~D) /<br><br>NICE Investors Service(AAA~D) |
| 2025.08.22 | Debentures | AAA | Korea Rating(AAA~D) / KIS Rating(AAA~D) /<br><br>NICE Investors Service(AAA~D) |
| 2025.08.26 | Write-down Contingent<br><br>Capital Securities | AA- | Korea Rating(AAA~D) / KIS Rating(AAA~D) /<br><br>NICE Investors Service(AAA~D) |
| 2025.09.15 | Debentures | AAA | Korea Rating(AAA~D) / KIS Rating(AAA~D) /<br><br>NICE Investors Service(AAA~D) |
| 2025.10.24 | Debentures | AAA | Korea Rating(AAA~D) / KIS Rating(AAA~D) /<br><br>NICE Investors Service(AAA~D) |
| 2025.12.02 | Debentures | AAA | Korea Rating(AAA~D) / KIS Rating(AAA~D) /<br><br>NICE Investors Service(AAA~D) |
Capital Structure
Number of Shares (as of December 31, 2025)
| Types of Shares | Number of Shares |
|---|---|
| Number of shares authorized<br><br>for issuance | 1,000,000,000 |
| Number of common shares issued (1) (3) | 485,494,934 |
| Number of preferred shares issued | - |
| Total outstanding shares | 485,494,934 |
| Treasury stocks (2) | 8,337,535 |
| Total outstanding shares <br>with voting rights | 477,157,399 |
| Treasury stocks per<br><br>total outstanding shares ratio | 1.72 |
| 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 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.<br><br>2) SFG acquired treasury shares through the acquisition of 1 fractional shares as a result of a share exchange.<br><br>3) SFG canceled treasury shares of 5,035,658 on June 01, 2020, 3,665,423 on April 25, 2022, 4,149,262 on November 23, 2022, 3,676,470 on March 28,2023, 4,243,281 on June 16, 2023, 2,842,929 on August 31, 2023, 2,744,718 on December 27, 2023, 3,366,257 on March 22, 2024, 5,947,889 on November 1, 2024, 7,603,260 on April 29, 2025, and 10,347,131 on June 26,2025 after completion of share repurchase program. Capital does not change due to the cancellation of acquired stocks within the range of dividend payable income. |
Dividends
The Company established its Corporate Value-up Plan on July 26, 2024 and set the following key targets to be achieved by 2027. These targets included
- ROE of 10%, ROTCE of 11.5%, CET1 ratio of 13.0%.
- Increase the shareholder return ratio to around 50%
- Reduce the number of shares to fewer than 500 million by the end of 2024, and further to 450 million by the end of 2027, thereby enhancing per-share vale.
Through a progress review of its target levels, the Company decided to maintain the previously established targets. However, in order to commence the full implementation of the corporate value-up plan in 2025, the Board of Directors resolved on April 25, 2025 to adopt the following plan.
- Improve ROE by +50bp
- Maintain a CET1 ratio of at least 13.1%
- Achieve a shareholder return ratio of no less than 42%
Based on the 2025 implementation review and assessment, the Company’s ROE and ROTCE improved, driven by profit growth centered on banking and securities. Despite market volatility in exchange rates and interest rates, appropriate growth enabled the CET1 ratio to improve by more than 30bp compared to plan. In addition, through the consistent execution of shareholder return policies and an additional cash dividend to meet the requirements for separate taxation of dividend income for investors, the Company achieved an early realization of a 50% shareholder return ratio.
- 2025 financial results: ROE 9.1%, ROTCE 10.3%, CET1 ratio 13.35%, shareholder return ratio 50.2%, number of shares 477million, TBPS KRW 109,117.
For further details regarding the Company’s Corporate Value-up Plan, please refer to the voluntary disclosure titled ‘2025 Shinhan Financial Group Corporate Value-up Plan’ announced on April 25, 2025.
2026 Quarterly Dividend Record Dates and Expected Payment Dates
| Quarter | Dividend Record Date | Expected Payment Date |
|---|---|---|
| Q1 2026 | April 30, 2026 | May 29, 2026 |
| Q2 2026 | July 30, 2026 | August 28, 2026 |
| Q3 2026 | November 3, 2026 | November 27, 2026 |
Note) The dividend amount for each quarter will be determined at the Board meeting held before each respective record date. The expected payment dates may subject to change based on consultations with relevant institutions.
| (KRW million) | |||
|---|---|---|---|
| Items | FY2025<br><br>(Jan. 1 ~ Dec. 31) | FY2024<br><br>(Jan. 1 ~ Dec. 31) | FY 2023<br><br>(Jan. 1 ~ Dec. 31) |
| Par value per share (Won) | 5,000 | 5,000 | 5,000 |
| (Consolidated) Net Income | 4,971,561 | 4,450,177 | 4,368,035 |
| (Separate) Net Income | 2,385,457 | 1,619,867 | 1,671,011 |
| (Consolidated) Earnings per share (Won) | 9,812 | 8,441 | 8,048 |
| Total Cash dividends | 1,245,730 | 1,088,042 | 1,086,317 |
| Total stock dividends | - | - | - |
| (Consolidated) Cash dividend payout ratio (%) | 25.06 | 24.45 | 24.87 |
| Cash dividend yield (%) – common shares | 3.01 | 4.26 | 4.87 |
| Cash dividend yield (%) – preferred shares | - | - | - |
| Stock dividend yield (%) | - | - | - |
| Cash dividend per share (Won) – common shares | 2,590 | 2,160 | 2,100 |
| Cash dividend per share (Won) – preferred shares | - | - | 525 |
| Stock dividend per share | - | - | - |
| --- | --- | --- | --- |
1) Cash dividend payout ratio on a common share basis for FY 2024 is 24.45%, and FY 2025 is 25.06%.
2) Cash dividend yield for preferred shares is not calculated, as the Company’s (convertible) preferred shares are unlisted.
3) FY2022 has been restated retrospectively to reflect newly applied K-IFRS no.1117 ‘Insurance Contract’ from FY2023
- Business Results
Operating Results
| (KRW billion) | |||
|---|---|---|---|
| FY 2025<br><br>(Jan. 1 ~ Dec. 31) | FY 2024<br><br>(Jan. 1 ~ Dec. 31) | FY 2023<br><br>(Jan. 1 ~ Dec. 31) | |
| Net interest income | 11,695 | 11,402 | 10,818 |
| Interest income | 27,989 | 29,209 | 27,579 |
| Interest expense | 16,294 | 17,807 | 16,761 |
| Net fees and commission income | 2,921 | 2,715 | 2,647 |
| Fees and commission income | 4,564 | 4,295 | 4,175 |
| Fees and commission expense | 1,643 | 1,581 | 1,528 |
| Net insurance income | -136 | 884 | 598 |
| Insurance income | 3,611 | 3,393 | 3,088 |
| Insurance expense | 3,746 | 2,509 | 2,490 |
| Net gain(loss) on securities and FX trading/derivatives | 3,134 | 2,038 | 2,485 |
| Provision for credit loss and impairment loss | -2,012 | -2,104 | -2,251 |
| Net other operating income(expense) | -2,176 | -2,360 | -2,300 |
| General and administrative expenses | 6,403 | 6,116 | 5,895 |
| Net operating income | 7,023 | 6,459 | 6,101 |
| Equity method income | 221 | -24 | 125 |
| Other non-operating income(expense), net | -316 | -406 | -261 |
| Profit before income taxes | 6,929 | 6,029 | 5,965 |
| Income tax expense | 1,845 | 1,471 | 1,487 |
| Consolidated net profit | 5,085 | 4,558 | 4,478 |
| Net profit attributable to equity holders of the Group | 4,972 | 4,450 | 4,368 |
| Net profit attributable to non-controlling interest | 113 | 108 | 110 |
1) Some of the totals may not sum due to rounding numbers.
Source and Use of Funds
| Consolidated Basis<br><br>(KRW billion, %) | FY 2025 | FY 2024 | FY 2023 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Jan. 01 ~ Dec. 31 | Jan. 01 ~ Dec. 31 | Jan. 01 ~ Dec. 31 | |||||||||||
| Average<br><br>Balance1) | Propor-tions<br><br>(%) | Interest<br><br>Paid | Interest<br><br>Rate<br><br>(%) | Average<br><br>Balance1) | Propor-tions<br><br>(%) | Interest<br><br>Paid | Interest<br><br>Rate<br><br>(%) | Average<br><br>Balance1) | Propor-tions<br><br>(%) | Interest<br><br>Paid | Interest<br><br>Rate<br><br>(%) | ||
| Source | Deposits | 430,736.9 | 56.6 | 9,202.3 | 2.14 | 403,986.6 | 55.9 | 10,220.8 | 2.53 | 383,064.0 | 56.3 | 9,790.8 | 2.56 |
| Borrowings | 52,442.2 | 6.9 | 1,534.8 | 2.93 | 54,754.3 | 7.6 | 1,862.4 | 3.40 | 53,259.8 | 7.8 | 1,895.9 | 3.56 | |
| Debt Securities Issued | 91,752.3 | 12.1 | 3,347.4 | 3.65 | 87,474.4 | 12.1 | 3,422.0 | 3.91 | 76,797.0 | 11.3 | 2,735.4 | 3.56 | |
| Other Liabilities | 126,732.1 | 16.6 | - | - | 119,008.3 | 16.5 | - | - | 111,158.7 | 16.4 | - | - | |
| Total Liabilities | 701,663.5 | 92.1 | - | - | 665,223.6 | 92.0 | - | - | 624,279.5 | 91.8 | - | - | |
| Total Stockholder's Equity | 59,862.9 | 7.9 | - | - | 57,655.6 | 8.0 | - | - | 55,597.4 | 8.2 | - | - | |
| Total Liabilities & SE | 761,526.4 | 100.0 | - | - | 722,879.2 | 100.0 | - | - | 679,876.9 | 100.0 | - | - | |
| Use | Cash & Due from Banks | 42,566.8 | 5.6 | 782.5 | 1.84 | 38,020.3 | 5.3 | 780.2 | 2.05 | 34,892.3 | 5.1 | 590.8 | 1.69 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Loans | 455,659.5 | 59.8 | 21,419.3 | 4.70 | 434,102.2 | 60.1 | 22,542.6 | 5.19 | 410,463.6 | 60.4 | 21,823.8 | 5.32 | |
| Loans in KRW | 356,117.1 | 46.8 | 15,398.7 | 4.32 | 339,139.5 | 46.9 | 16,520.0 | 4.87 | 317,950.0 | 46.8 | 16,093.6 | 5.06 | |
| Loans in Foreign Currency | 49,607.3 | 6.5 | 2,461.5 | 4.96 | 44,188.9 | 6.1 | 2,402.3 | 5.44 | 40,341.7 | 5.9 | 2,160.6 | 5.36 | |
| Credit Card Accounts | 28,528.8 | 3.8 | 2,331.9 | 8.17 | 27,982.2 | 3.9 | 2,256.0 | 8.06 | 27,965.4 | 4.1 | 2,162.1 | 7.73 | |
| Others | 21,406.3 | 2.8 | 1,227.3 | 5.73 | 22,791.6 | 3.2 | 1,364.3 | 5.99 | 24,206.5 | 3.6 | 1,407.5 | 5.81 | |
| FVPL Financial Assets | 44,793.8 | 5.9 | 1,499.1 | 3.35 | 44,711.6 | 6.2 | 1,693.1 | 3.79 | 38,184.2 | 5.6 | 1,396.4 | 3.66 | |
| FVOCI Financial Assets | 95,525.5 | 12.5 | 2,888.3 | 3.02 | 88,378.8 | 12.2 | 2,744.1 | 3.10 | 84,680.8 | 12.5 | 2,357.1 | 2.78 | |
| AC Financial Assets | 32,462.5 | 4.3 | 1,044.1 | 3.22 | 35,015.5 | 4.8 | 1,101.7 | 3.15 | 34,708.0 | 5.1 | 1,062.1 | 3.06 | |
| Other Assets | 90,518.3 | 11.9 | - | - | 82,650.8 | 11.4 | - | - | 76,948.0 | 11.3 | - | - | |
| Total Assets | 761,526.4 | 100.0 | - | - | 722,879.2 | 100.0 | - | - | 679,876.9 | 100.0 | - | - |
Notes :
- Consolidated basis
- The “Average Balance” is the arithmetic mean of the ending balance of each quarter
.
- Other Financial Information
1) Capital Adequacy
Consolidated BIS Ratio (Shinhan Financial Group)
| (KRW billion) | |||
|---|---|---|---|
| Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023 | |
| Aggregate Amount of Equity Capital (A) | 56,260.6 | 53,903.4 | 50,192.5 |
| Risk-Weighted Assets (B) | 352,907.6 | 342,375.3 | 314,180.7 |
| BIS Ratio (A/B) | 15.94% | 15.74% | 15.98% |
| Note:<br><ul><li><font>Calculated in accordance with Basel III</font></li><li><font>The figures as of Dec 31, 2025 are preliminary</font></li></ul> |
Capital Adequacy Ratios (Subsidiaries)
| (%) | ||||
|---|---|---|---|---|
| Subsidiary | Capital Adequacy Ratio | Dec. 31 2025 | Dec. 31, 2024 | Dec. 31, 2023 |
| Shinhan Bank | BIS Capital Adequacy Ratio | 17.4 | 17.6 | 18.1 |
| Shinhan Card | Adjusted Equity Capital Ratio | 20.8 | 20.0 | 19.7 |
| Shinhan Securities | Net Capital Ratio | 1,924.7 | 1,345.0 | 926.6 |
| Shinhan Life Insurance | Risk Based Capital Ratio(K-ICS) | 206.0 | 205.7 | 250.8 |
| Shinhan Capital | Adjusted Equity Capital Ratio | 19.5 | 19.3 | 19.0 |
| Shinhan Asset Management | Equity Capital (KRW billion) | 287.6 | 316.6 | 233.2 |
| Minimum Capital Requirement (KRW billion) | 54.2 | 50.1 | 49.1 | |
| Jeju Bank | BIS Capital Adequacy Ratio | 16.2 | 17.6 | 17.5 |
| Shinhan Savings Bank | BIS Capital Adequacy Ratio | 19.9 | 20.1 | 17.6 |
| Shinhan Asset Trust | Net Capital Ratio | 443.5 | 519.1 | 926.8 |
| Shinhan EZ Gen. Insurance | Risk Based Capital Ratio(K-ICS) | 231.2 | 159.2 | 469.4 |
2) Liquidity
Won Liquidity Ratio
| (KRW billion, %) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Company | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023 | |||||||
| Won Assets | Won Liabilities | Won Liquidity Ratio(%) | Won Assets | Won Liabilities | Won Liquidity Ratio(%) | Won Liabilities | Won Liabilities | Won Liquidity Ratio(%) | ||
| Shinhan Financial Group | 934.2 | 149.7 | 623.9 | 1,051.7 | 56.4 | 1,865.9 | 721.2 | 235.9 | 305.8 | |
| Shinhan Card | 21,507.1 | 6,786.6 | 316.9 | 21,546.6 | 6,077.3 | 354.5 | 21,732 | 5,970 | 364 | |
| Shinhan Securities | 23,577.5 | 18,417.5 | 128 | 23,664.4 | 18,128.1 | 130.5 | 25,804.2 | 21,888.6 | 117.9 | |
| Shinhan Life Insurance | 5,034.1 | 1,371.5 | 367 | 5,635.7 | 1,359.9 | 414.4 | 21,863.8 | 1,479.1 | 1,478.2 | |
| Shinhan Capital | 2,218.8 | 830.6 | 267.1 | 2,529 | 1084.1 | 233.3 | 3,053.2 | 1064.9 | 286.7 | |
| Shinhan Savings Bank | 604.6 | 544.3 | 111.1 | 608.4 | 480.2 | 126.7 | 721.7 | 602.2 | 119.8 | |
| Shinhan Asset Trust | 61.7 | 15.3 | 402.8 | 186.3 | 11 | 1,686.2 | 185.2 | 21.2 | 872 | |
| Shinhan EZ General Insurance | 111.9 | 17 | 659.4 | 73.1 | 9.9 | 736.3 | 125.3 | 2 | 6,286.4 | |
| Notes:<br><ul><li><font>Shinhan Financial Group: Due within 1 month</font></li><li><font>Shinhan Life Insurance and EZ General Insurance: (Won assets due within 3 months /3 months average of Claim payments)*100</font></li><li><font>Shinhan Card, Shinhan Securities, Shinhan Capital, Shinhan Savings Bank and Shinhan Asset Trust : Due within 3 months</font></li><li><font>Liquidity Ratio for Shinhan Bank and Jeju Bank have been replaced by Liquidity Coverage Ratio from Mar 31, 2015<br>to reflect the recent amendments to detailed regulations on supervision of banking business.</font></li><li><font>Shinhan Life Insurance recorded a decline in its liquidity ratio following the amendment to the Insurance Business Supervision Regulations on December 31, 2024, which narrowed the scope of assets recognized as liquid - such as government bonds with maturities exceeding three months now classified as only 30% liquid.</font></li></ul> |
Liquidity Coverage Ratio
| (KRW billion, %) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Company | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023 | ||||||
| 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 | 99,551.4 | 95,016.8 | 104.8 | 90,658.4 | 87,753.4 | 103.3 | 85,172.4 | 85,155.4 | 100.0 |
| Jeju Bank | 1,090.1 | 907.0 | 120.9 | 939.4 | 770.1 | 122.7 | 1,020.7 | 813.0 | 125.6 |
| Notes:<br><ul><li><font>Liquidity Coverage Ratios are the arithmetic mean of daily LCRs.</font></li><li><font>Financial Services Commission temporarily eased the regulatory minimum from 100.0% to 85.0% by end of June 2022 to 95.0% by end of December 2023, to 97.5% by end of December 2024. From 2025 onwards, the regulatory minimum is back to 100% after normalized process. </font></li></ul> |
Foreign Currency (FC) Liquidity Ratio
| (USD millions, %) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Company | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023 | ||||||
| FC<br><br>Assets | FC Liabilities | FC Liquidity Ratio(%) | FC<br><br>Assets | FC Liabilities | FC Liquidity Ratio(%) | FC<br><br>Assets | FC<br><br>Liabilities | FC Liquidity Ratio(%) | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Shinhan Financial Group | 540.7 | 523.5 | 103.3 | 531.4 | 519.2 | 102.4 | 33.3 | 20.8 | 160.2 |
| Shinhan Bank | 77,073.0 | 71,832.5 | 107.3 | 63,127.9 | 56,347.0 | 112.0 | 67,956.7 | 63,159.8 | 107.6 |
| Shinhan Life Insurance | 2,707.4 | 243.6 | 1,111.7 | 2,074.0 | 163.0 | 1,272.3 | 2,598.7 | 174.4 | 1,490.1 |
| Shinhan Securities | 9,534.0 | 8,026.4 | 118.8 | 11,083.7 | 9,616.5 | 115.3 | 10,318.0 | 9,117.0 | 113.2 |
| Shinhan Capital | 54.5 | 1.7 | 3,273.5 | 79.7 | 0.6 | 13,741.7 | 55.6 | 0.4 | 13,470.1 |
| Jeju Bank | 13.5 | 0.6 | 240.4 | 10.1 | 0.8 | 1,295.2 | 13.4 | 2.2 | 605.7 |
| Notes :<br><ul><li><font>Foreign currency liquidity ratios are computed with assets and liabilities due within 3 months.</font></li><li><font>Shinhan Bank and Jeju Bank’s foreign currency liquidity ratio is based on the application of the liquidity weight.</font></li></ul> |
Foreign Currency (FC) Liquidity Coverage Ratio
| (%) | |||
|---|---|---|---|
| Company | FY 2025 | FY 2024 | FY 2023 |
| Jan. 1 ~ Dec. 31 | Jan. 1 ~ Dec. 31 | Jan. 1 ~ Dec. 31 | |
| Shinhan Bank | 185.0 | 148.8 | 157.8 |
Notes :
- Foreign Currency Liquidity Coverage Ratio started from January 2017, and is calculated by quarterly average.
3) Asset Quality
SFG Consolidated Basis
| (KRW billion) | |||
|---|---|---|---|
| Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023 | |
| Total Loans | 478,739.9 | 452,826.9 | 413,664.8 |
| Substandard & Below | 3,536.6 | 3,562.4 | 2,668.4 |
| Substandard & Below Ratio | 0.74% | 0.79% | 0.65% |
| Non-Performing Loans | 3,067.6 | 2,974.7 | 2,176.6 |
| NPL Ratio | 0.64% | 0.66% | 0.53% |
| Substandard & Below Coverage Ratio | 126.55% | 132.48% | 165.61% |
| Loan Loss Allowance | 4,475.4 | 4,719.3 | 4,419.1 |
| Substandard & Below Loans | 3,536.6 | 3,562.4 | 2,668.4 |
Separate Basis
| (%) | Dec. 31 2025 | Dec. 31 2024 | Dec. 31 2023 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| 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 | 0.25 | 173 | 0.24 | 0.18 | 202 | 0.24 | 0.19 | 233 |
| Shinhan Card | 1.16 | 0.57 | 234 | 1.32 | 0.80 | 243 | 1.31 | 0.70 | 248 |
| Shinhan Securites | 10.62 | 10.62 | 76 | 18.30 | 18.30 | 70 | 12.86 | 12.86 | 62 |
| Shinhan Life Insurance | 0.54 | 0.38 | 235 | 0.32 | 0.32 | 393 | 0.21 | 0.21 | 510 |
| Shinhan Capital | 2.30 | 2.26 | 144 | 3.98 | 2.35 | 75 | 1.74 | 0.74 | 193 |
| Jeju Bank | 1.57 | 1.54 | 86 | 1.32 | 1.22 | 114 | 0.98 | 0.87 | 120 |
| Shinhan Savings Bank | 6.24 | 11.98 | 91 | 7.90 | 13.16 | 72 | 4.38 | 9.10 | 93 |
| Shinhan Asset Trust | 86.17 | 64.06 | 38 | 75.15 | 52.31 | 43 | 64.66 | 9.04 | 15 |
4) Debt to Equity Ratios
Shinhan Financial Group (Separate Basis)
| (KRW billion) | |||
|---|---|---|---|
| Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023 | |
| Debt | 11,458.4 | 11,324.1 | 11,190.4 |
| Equity | 26,335.5 | 26,348.2 | 26,099.1 |
| Debt to Equity Ratio | 43.51% | 42.98% | 42.88% |
Twenty Largest Exposures by Borrower
| (KRW billion) | ||||||
|---|---|---|---|---|---|---|
| As of Dec. 31, 2025<br><br>Consolidated basis | Loans in Won | Loans in Foreign Currency | Securities | Guarantees and Acceptances | Others | Total Exposures |
| Korea Electric Power Corporation | 0.3 | 121.4 | 3,582.5 | 84.1 | - | 3,788.3 |
| KEB Hana Bank | 1,352.7 | 2.1 | 1,506.1 | 39.3 | - | 2,900.1 |
| Samsung Electronics | - | 2,801.4 | - | - | - | 2,801.4 |
| Woori Bank | 1,425.8 | - | 1,115.2 | 1.0 | - | 2,542.0 |
| KB Bank | 858.3 | 61.4 | 999.9 | 11.3 | - | 1,930.9 |
| Nong Hyup Bank | 350.9 | 32.6 | 1,385.8 | 20.3 | - | 1,789.7 |
| Lotte Hotel | 100.5 | 615.2 | 328.7 | 701.8 | - | 1,746.1 |
| Samsung Asset Management | - | - | 1,652.2 | - | - | 1,652.2 |
| LG Display | 910.7 | 631.7 | 10.0 | - | - | 1,552.3 |
| SK Hynix | 979.0 | - | 493.8 | 30.0 | - | 1,502.8 |
| KT | 286.4 | - | 1,069.7 | 119.1 | - | 1,475.3 |
| HD Hyundai Heavy Industries Co., Ltd. | 0.4 | - | 0.2 | 1,419.6 | - | 1,420.3 |
| Hyundai Motor Company | 348.0 | 877.9 | 104.1 | 22.0 | - | 1,352.0 |
| Mirae Asset Management | - | - | 1,339.6 | - | - | 1,339.7 |
| Hyundai Rotem Company | 2.9 | 25.3 | - | 1,159.9 | - | 1,188.0 |
| Lotte Chemical Corporation | 290.0 | 184.9 | 29.9 | 626.3 | - | 1,131.1 |
| LIG NEX1 Co., Ltd. | 13.5 | - | - | 1,112.2 | - | 1,125.7 |
| Samsung Heavy Industries Co., Ltd. | 20.0 | - | 9.9 | 1,077.7 | - | 1,107.6 |
| NH Investment & Securities | 652.1 | - | 432.2 | - | - | 1,084.3 |
| Hanwha Corporation | 650.4 | 113.2 | 219.8 | 71.6 | - | 1,055.0 |
| Total | 8,241.9 | 5,467.0 | 14,279.7 | 6,496.1 | - | 34,484.7 |
Note) Some of the totals may not sum due to rounding
Exposure to ten Main Debtor Groups
| (KRW billion) | ||||||
|---|---|---|---|---|---|---|
| As of Dec. 31, 2025<br><br>Consolidated basis | Loans in Won | Loans in Foreign Currency | Securities | Guarantees and Acceptances | Others | Total<br><br>Exposures |
| Samsung | 488.4 | 4,067.6 | 2,356.4 | 1,859.9 | 0.0 | 8,772.2 |
| --- | --- | --- | --- | --- | --- | --- |
| Lotte | 2,570.2 | 1,275.6 | 1,128.2 | 1,704.9 | 0.3 | 6,679.1 |
| SK | 2,298.2 | 854.3 | 2,192.5 | 751.8 | 0.0 | 6,096.9 |
| Hyundai Motor Company | 1,307.2 | 1,904.7 | 1,291.1 | 1,397.0 | 0.0 | 5,900.1 |
| Hanwha | 1,524.2 | 556.6 | 1,504.4 | 847.0 | 0.0 | 4,432.1 |
| LS | 268.7 | 1,293.2 | 261.0 | 1,377.7 | 0.6 | 3,201.3 |
| HD Hyundai | 499.5 | 23.2 | 228.6 | 2,425.8 | - | 3,177.0 |
| LG | 1,380.3 | 824.9 | 690.9 | 209.5 | - | 3,105.6 |
| POSCO | 840.4 | 646.9 | 269.2 | 64.0 | 0.0 | 1,820.5 |
| KT | 344.3 | 92.9 | 1,161.7 | 212.8 | - | 1,811.7 |
| Total | 11,521.3 | 11,539.8 | 11,084.1 | 10,850.4 | 1.0 | 44,996.6 |
| 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. | 159.0 | 159.0 | 112.5 |
| B | Cable boradcasting | 64.9 | 64.9 | 64.9 |
| C | Development and subdividing of non-residential building | 49.4 | 47.4 | 40.1 |
| D | Other financial service activities n.e.c. | 47.1 | 47.1 | 47.1 |
| E | Advertising agencies | 30.6 | 30.6 | 2.5 |
| F | Other financial service activities n.e.c. | 51.0 | 29.8 | 15.3 |
| G | Non-specialized wholesale trade | 26.7 | 26.7 | 26.7 |
| H | Manufacture of health functional foods | 25.7 | 25.7 | 6.7 |
| I | Other financial service activities n.e.c. | 20.5 | 20.5 | 4.3 |
| J | Museum activities | 20.0 | 20.0 | - |
| K | Development and subdividing of non-residential building | 49.0 | 20.0 | 38.3 |
| L | Development and subdividing of non-residential building | 19.5 | 19.5 | 9.9 |
| M | Development and subdividing of non-residential building | 19.0 | 19.0 | 5.3 |
| N | Other financial service activities n.e.c. | 19.0 | 19.0 | 19.0 |
| O | Other financial service activities n.e.c. | 27.5 | 18.1 | 2.6 |
| P | Development and subdividing of non-residential building | 16.6 | 16.6 | 2.7 |
| Q | Development and subdividing of residential buildings | 15.5 | 15.5 | 5.4 |
| R | Development and subdividing of other real estate | 30.0 | 15.0 | 15.1 |
| S | Other financial service activities n.e.c. | 13.7 | 13.7 | 13.6 |
| T | Other financial service activities n.e.c. | 13.0 | 13.0 | 11.6 |
| --- | --- | --- | --- | --- |
| Total | 717.5 | 640.9 | 443.7 | |
| Notes :<br><ul><li><font>Consolidated basis as of Dec. 31, 2025</font></li><li><font>Some of the totals may not sum due to rounding.</font></li></ul> |
- Independent Auditor
Audit Opinion for the last 3 years
| FY 2025 | FY 2024 | FY 2023 | |
|---|---|---|---|
| Independent Auditor | KPMG Samjong<br><br>Accounting Corp. | KPMG Samjong<br><br>Accounting Corp. | KPMG Samjong<br><br>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) <br>(KRW mil.) | Details | Working hours |
|---|---|---|---|---|
| FY 2025 | KPMG Samjong<br><br>Accounting Corp. | 1,025<br><br>(annualized basis) | Review/Audit of Financial Statements | 9,107<br><br>Hours |
| KPMG Samjong<br><br>Accounting Corp. | 135<br><br>(annualized basis) | K-IFRS Report Package Audit for Shinhan Savings Bank | 1,115<br><br>Hours | |
| FY 2024 | KPMG Samjong<br><br>Accounting Corp. | 1,025<br><br>(annualized basis) | Review/Audit of Financial Statements | 9,071<br><br>Hours |
| KPMG Samjong<br><br>Accounting Corp. | 135<br><br>(annualized basis) | K-IFRS Report Package Audit for Shinhan Savings Bank | 1,144<br><br>Hours | |
| FY 2023 | KPMG Samjong<br><br>Accounting Corp. | 1,187<br><br>(annualized basis) | Review/Audit of Financial Statements | 11,311<br><br>Hours |
| KPMG Samjong<br><br>Accounting Corp. | 133<br><br>(annualized basis) | K-IFRS Report Package Audit for Shinhan Savings Bank | 1,207<br><br>Hours | |
| 1) Excluding value-added taxes.<br><br>* 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 2,401 million(excluding value-added taxes) for FY2025 |
Change of External Auditor
| Financial<br>Year | Changed Company | Previous Auditor | Changed Auditor | Detail |
|---|---|---|---|---|
| FY2023 | Shinhan Financial Group Co., Ltd. | PWC Samil<br><br>Accounting Corp. | KPMG Samjong<br><br>Accounting Corp. | Expiration of the audit contract term |
Note) Pursuant to the Act on External Audit of Stock Companies, etc. and its enforcement decree, the audit contract term of PWC Samil, designated as the external auditor for Shinhan Financial Group for the 20th to 22nd fiscal year has expired. Accordingly, the external auditor for the 23rd fiscal year of Shinhan Financial Group and its subsidiaries has been changed from PWC Samil to KPMG Samjong.
- Corporate Governance
Board of Directors and committees of the Board of Directors
Our board of directors, which currently consists of one executive director, one non-executive director and 9 outside directors, has the ultimate responsibility for the management of our affairs.
• Committees of the Board of Directors
We currently have eight management committees that serve under the board:
- the Risk Management Committee;
- the Remuneration Committee;
- the Audit Committee;
- the Internal Control Committee;
- the Independent & Audit Committee Member Recommendation Committee;
- the CEO Recommendation Committee;
- the Environment, Social and Governance (ESG) Strategy Committee; and
- the Subsidiary’s CEO Recommendation Committee.
Each committee member is appointed by the board of directors, except for members of the Audit Committee, who are elected at the general meeting of shareholders.
• Risk Management Committee
The Risk Management Committee currently consists of three outside directors, namely Song Seongjoo (Chair), Yang In Jip and Choi Young-Gwon. The primary objectives of the Risk Management Committee include the establishment of basic policies and strategies for risk management.
• Remuneration Committee
The Remuneration Committee currently consists of three outside directors, namely Choi Young-Gwon (Chair), Lee Yong Guk and Chun Myo Sang. The primary objectives of the Remuneration Committee include the determination and administration of evaluation and compensation frameworks for the management of the company and its subsidiaries.
• Audit Committee
The Audit Committee currently consists of four outside directors, namely Kwak Su Keun (Chair), Bae Hoon, Yoon Jaewon and Lee Yong Guk. The primary objectives of the Audit Committee include overseeing the preparation and submission of the audit reports.
• Internal Control Committee
The Internal Control Committee currently consists of four outside directors, namely Choi Young-Gwon (Chair), Kwak Su Keun, Bae Hoon and Song Seongjoo. The primary objectives of the Internal Control Committee include the establishment of basic policies and strategies for internal control.
• Committee for Recommending Candidates for Independent Directors and Members of Audit Committee
The Committee for recommending candidates for independent directors and members of audit committee currently consists of four outside directors, namely Yang In Jip (Chair), Kim Jo Seol, Song Seongjoo and Chun Myo Sang. The primary objectives of the Committee for Recommending Candidates for Independent Directors and Members of Audit Committee include the formulation, review, and enhancement of the principles governing the appointment of outside directors.
• Committee for Recommending Candidates for CEO
The Committee for recommending candidates for Chief Executive Officer (CEO) was established in March 2012 and currently consists of five directors, namely Kwak Su Keun (Chair), Kim Jo Seol, Bae Hoon, Yoon Jaewon and Choi Young-Gwon. The primary objectives of the Committee for Recommending Candidates for CEO include the review of the Group Chief Executive Officer succession plan, together with matters concerning the recommendation of director candidates for the position of Chief Executive Officer.
• Environmental, Social and Governance (ESG) Strategy Committee
The ESG Strategy Committee was established in March 2015 and currently consists of five directors, namely Lee Yong Guk (Chair), Kim Jo Seol, Chun Myo Sang, Jung Sang Hyuk and Jin Okdong. The primary objectives of the ESG Strategy Committee include the formulation of strategies for sustainable management.
• Subsidiary’s CEO Recommendation Committee
The Subsidiary’s CEO Recommendation Committee was established in March 2021 and currently consists of five directors, namely Jin Okdong (Chair), Kwak Su Keun, Bae Hoon, Yoon Jaewon, and Yang In Jip. The primary objectives of the Subsidiary’s CEO Recommendation Committee include the formulation and implementation of succession plans for the management of subsidiaries.
- Major Shareholder and Market Price Information of our Common Shares and ADRs
Major Shareholders of Shinhan Financial Group (as of Dec. 31, 2025)
| Name | No. of Common Shares owned | Ownership%1) |
|---|---|---|
| National Pension Service2) | 43,846,070 | 9.03% |
| BlackRock Fund Advisors3) | 29,063,012 | 5.99% |
| Shinhan Financial Group Employee Stock Ownership Association4) | 24,470,282 | 5.04% |
| 1) Ownership is based on the total number of common shares issued, 485,494,934 shares.<br><br>2) The number of common shares owned and ownership is based on shareholder registry as of end of December 2025<br><br>3) The number of shares and the percentage of total issued shares held by BlackRock Fund Advisors are as of 14 September, 2018 and are based on the disclosure made by BlackRock Fund Advisors in a statement of acquisition filing on 27 September, 2018<br><br>4) The number of shares owned by Employee Stock Ownership Association is the sum of 24,383,904 shares owned in the Employee Stock Ownership accounts and 86,378 shares in the ESOA account. |
Common Shares Traded on the Korea Exchange
| (KRW, number of shares) | |||||||
|---|---|---|---|---|---|---|---|
| Jul. 2025 | Aug. 2025 | Sep. 2025 | Oct. 2025 | Nov. 2025 | Dec. 2025 | ||
| Price per share | High | 71,800 | 70,000 | 70,900 | 74,500 | 81,400 | 81,400 |
| Low | 61,700 | 65,000 | 64,000 | 68,400 | 74,100 | 75,800 | |
| Avg. | 68,096 | 67,415 | 68,018 | 72,678 | 77,750 | 77,895 | |
| Trading Volume | 36,951,826 | 24,830,081 | 28,973,043 | 22,899,201 | 25,692,234 | 21,166,359 | |
| Highest Daily Trading Volume | 3,382,082 | 3,442,595 | 2,749,337 | 2,295,623 | 2,192,476 | 2,024,541 | |
| Lowest Daily Trading Volume | 783,907 | 624,850 | 647,824 | 717,150 | 646,356 | 446,463 |
American Depositary Receipts traded on the New York Stock Exchange
| (, number of shares) | ||||||
|---|---|---|---|---|---|---|
| Jul. 2025 | Aug. 2025 | Sep. 2025 | Oct. 2025 | Nov. 2025 | ||
| Price per share | High | 51.26 | 50.96 | 50.52 | 52.93 | 55.06 |
| Low | 45.56 | 47.23 | 46.81 | 48.94 | 51.70 | |
| Avg. | 49.05 | 48.81 | 48.86 | 51.23 | 53.60 | |
| Monthly Trading Volume | 5,942,798 | 2,907,173 | 4,712,562 | 6,526,210 | 3,644,714 | |
| Highest Daily Trading Volume | 703,169 | 259,817 | 450,684 | 677,694 | 336,909 | |
| Lowest Daily Trading Volume | 113,591 | 87,732 | 100,584 | 107,371 | 96,211 | |
| Note) 1 ADR = 1 Common Shares |
All values are in US Dollars.
- Directors, Executive Officers and Employees
Directors and Executive Officers
1) Executive Director
| Name | Date of Birth | Position | Executive<br><br>Director Since | Date Term Ends(1) |
|---|---|---|---|---|
| Jin Okdong | Feb. 21, 1961 | Chief Executive Officer | March 23, 2023 | March 2026 |
Note: The date on which the term will end will be the date of the general shareholders’ meeting in the relevant year.
Jin Okdong is our Chief Executive Officer. Prior to being elected to his current position on March 23, 2023, Mr. Jin served as the chief executive officer of Shinhan Bank from 2019 to 2023. Mr. Jin served as the deputy president of Shinhan Financial Group from 2017 to 2018, the deputy president of Shinhan Bank in 2017 and the chief executive officer of Shinhan Bank Japan from 2015 to 2016. Mr. Jin received a master’s degree in business administration from Chung Ang University.
2) Non-Executive and Outside Directors
Non-executive directors are directors who are not our employees and do not hold executive officer positions with us. Outside directors are non-executive directors who also satisfy the requirements set forth under the Financial Investment Services and Capital Markets Act to be independent of our major shareholders, affiliates and management. Our non-executive directors and outside directors are selected based on the candidates’ talents and skills in diverse areas, such as law, finance, economics, management and accounting. Currently, 1 non-executive director and 9 outside directors are in office, all of whom were nominated by our board of directors and approved at a general meeting of shareholders.
Our non-executive and outside directors are as follows:
| Name | Date of Birth | Position | Director Since | Date Term Ends(1) |
|---|---|---|---|---|
| Jung Sang Hyuk | Nov. 26, 1964 | Non-Executive Director | March 23, 2023 | March 2027 |
| Yoon Jaewon | Aug. 29, 1970 | Outside Director | March 26, 2020 | March 2026 |
| Kwak Su Keun | Aug. 16, 1953 | Outside Director | March 25, 2021 | March 2026 |
| Bae Hoon | Mar. 30, 1953 | Outside Director | March 25, 2021 | March 2026 |
| Lee Yong Guk | May 11, 1964 | Outside Director | March 25, 2021 | March 2026 |
| Kim Jo Seol | Dec. 5, 1957 | Outside Director | March 24, 2022 | March 2026 |
| Song Seongjoo | Mar. 26, 1971 | Outside Director | March 26, 2024 | March 2026 |
| Choi Young-Gwon | Jul. 16, 1964 | Outside Director | March 26, 2024 | March 2026 |
| Yang In Jip | Jul. 16, 1957 | Outside Director | March 26, 2025 | March 2027 |
| Chun Myo Sang | May 20, 1980 | Outside Director | March 26, 2025 | March 2027 |
Note: The date on which each term will end will be the date of the general shareholders’ meeting in the relevant year.
Jung Sang Hyuk has been our non-executive director since March 23, 2023. Mr. Jung is the chief executive officer of Shinhan Bank and previously served as the deputy president of Shinhan Bank from 2020 to 2023 Mr. Jung received a bachelor’s degree in economics from Seoul National University.
Yoon Jaewon has been our outside director since March 26, 2020. Ms. Yoon is currently a professor at Hongik University College of Business Administration and member of the committee for National Tax Service as well as the committee on national accounting policy of the Ministry of Economy and Finance and Korea Custom Service. Ms. Yoon received a Ph.D. in accounting from Korea University.
Kwak Su Keun has been our outside director since March 25, 2021. Mr. Kwak currently serves as an honorary professor of accounting at Seoul National University, Business School and chair of Corporate Governance Advisory Board at Korea Listed Companies Association. Mr. Kwak received a Ph.D. in business administration from University of North Carolina Chapel Hill.
Bae Hoon has been our outside director since March 25, 2021. Mr. Bae is a lawyer and Certified Public Accountant in Japan and currently serves as a representative attorney at Orbis Legal Profession Corporation. Mr. Bae received a master’s degree in business administration from Kobe University.
Lee Yong Guk has been our outside director since March 25, 2021. Mr. Lee is a clinical professor at Seoul National University, School of Law. Mr. Lee previously served as Senior Counsel at Cleary Gottlieb Steen & Hamilton LLP. Mr. Lee received a J.D. from Harvard University Law School.
Kim Jo Seol has been our outside director since March 24, 2022. Ms. Kim is a professor who teaches economics at Osaka University of Commerce and economist with a high awareness of Northeast Asian economics. Ms. Kim received a Ph.D. in economics from Osaka City University.
Song Seongjoo has been our outside director since March 26, 2024. Ms. Song currently serves as a professor of statistics at Korea University and as a director of the Korea Risk Management Society. Ms. Song was previously an Advisory Professor, Economic Statistics Division, Bank of Korea. Ms. Song received a Ph. D in Statistics from University of Chicago.
Choi Young-Gwon has been our outside director since March 26, 2024. Mr. Choi currently serves as an Adjunct Professor, Graduate School of Business Administration, Sogang University. Mr. Choi was previously served the chief executive officer of Woori Asset Management in 2019-2023. Mr. Choi received a Ph.D. in Financial Management from Soongsil University.
Yang In Jip has been newly appointed as our outside director since March 26, 2025. Mr. Yang currently serves as a CEO of ONYCOME Co., Ltd. Mr. Yang was previously served Head of Global Business at HITEJINRO Co., Ltd. And CEO at Ssangyong Fire & Marine Insurance Co., Ltd. Mr. Yang received MBA from University of Southern California.
Chun Myo Sang has been newly appointed as our outside director since March 26, 2025. Ms. Chun currently serves as a Head of Planning & Administration of SmartNews, Inc. Ms. Chun was previously a researcher and accounting advisor at Development Bank of Japan Inc. and Manager at KPMG. Ms. Chun received MBA from University of Southern California and BA from Kyoto University School of Economics.
Any director wishing to enter into a transaction with Shinhan Financial Group or any of its subsidiaries in his or her personal capacity is required to obtain the prior approval of our board of directors. The director having an interest in the transaction may not vote at the meeting of our board of directors at which the relevant transaction is subject to vote for approval.
3) Executive Officers
In addition to the executive directors who are also our executive officers, we currently have the following executive officers.
| Name | Date of Birth | Position |
|---|---|---|
| Koh Seogheon | Sept. 27, 1968 | Deputy President and Chief Strategy Officer |
| Chun Sang Yung | Jul. 25, 1969 | Deputy President and Chief Financial Officer |
| Lee Een-kyoon | Apr. 1, 1967 | Deputy President and Chief Operation Officer |
| Park Hyun Joo | Apr. 22, 1965 | Deputy President and Chief Customer Protection Part |
| Bang Dong-kwon | Feb. 10, 1966 | Deputy President and Chief Risk Officer |
| Choi Hyuck Jae | Aug. 15, 1970 | Deputy President and Chief AI Officer and Chief Digital Officer |
| Name | Date of Birth | Position |
| --- | --- | --- |
| Lee Young Ho | Oct. 17, 1970 | Executive Director and Chief Compliance Officer |
| Kim Jion | May. 12, 1968 | Executive Director and Chief Audit Officer |
| Kim Junhwan | Jun. 23, 1972 | Executive Director and Chief Digital Officer |
None of the executive officers have any significant activities outside Shinhan Financial Group.
Koh Seogheon has been our executive director and chief strategy officer since January 1, 2022. Mr. Koh previously served as the head of business management division and strategic planning team of Shinhan Financial Group. Mr. Koh received a bachelor’s degree in economics from Seoul National University.
Chun Sang Yung has been our deputy president and chief finance officer since January 1, 2024. Mr. Chun previously served as the head of group synergy division and business management division of Shinhan Financial Group. Mr. Chun received a bachelor’s degree in business management from Yonsei University.
Lee Een-kyoon has been our deputy president and chief operation officer since January 1, 2019. Mr. Lee previously served as the head of management support team and the head of secretary’s office of Shinhan Bank. Mr. Lee received a bachelor’s degree in English literature from Hanyang University.
Park Hyun Joo, has been our deputy president and chief consumer protection part since July 1, 2023. Ms. Park previously served as the head of Consumer Protection Division at Shinhan Bank. Ms. Park graduated from Seoul Girl’s Commercial High School.
Bang Dong-kwon has been our deputy president and chief risk officer since January 1, 2020. Mr. Bang previously served as the head of risk management department of Shinhan Bank. Mr. Bang received a bachelor’s degree in English language and literature from Sung Kyun Kwan University.
Choi Hyuck Jae has been our deputy president and chief AI officer and chief digital officer since October 1, 2025. Mr. Choi previously served as the head of digital innovation group at Shinhan Bank. Mr. Choi received a bachelor’s degree in business management from Kookmin University.
Lee Young Ho, has been our executive director and Chief Compliance Officer since January 1, 2025. Mr. Lee previously served as Chief Compliance Officer at Shinhan Bank. Mr. Lee received a bachelor’s degree in law from Sogang University.
Kim Jion has been our executive director and chief audit officer since January 1, 2024. Ms. Kim previously served as the head of PRM marketing team at Shinhan Bank. Ms. Kim received a bachelor’s degree in economics from Yonsei University.
Kim Junhwan has been our executive director and head of digital part since January 1, 2024. Mr. Kim previously served as the head of digital innovation team at Shinhan Bank. Mr. Kim received a Ph.D. and master’s degree in computer application design studies from Korea Advanced Institute of Science & Technology.
There are no family relationships among our directors and/or executive officers.
Compensation to Directors
1) Total Amount Approved at the Meeting of Shareholders
| (As of Dec. 31, 2025) | |||
|---|---|---|---|
| Total number of persons | Total amount approved<br><br>at shareholders’ meeting<br><br>(KRW millions) | Notes | |
| Directors<br><br>(Outside directors) | 11(9) | 3,000 | No distinction is made between registered directors, outside directors, and members of the audit committee. |
| Note) Represents the aggregate amount for all directors (including outside directors) excluding long-term incentives. |
2) Total Amount Paid
| (As of Dec. 31, 2025) | ||||
|---|---|---|---|---|
| Total number of<br><br>Persons | Total compensation<br><br>(KRW million) | Average<br><br>compensation<br><br>per person<br><br>(KRW million) | Notes | |
| Registered Directors | 2 | 1,297 | 649 | - |
| Outside Directors | 5 | 474 | 91 | - |
| Audit committee members or internal auditor | 4 | 394 | 105 | - |
| Notes : Represents the total number of applicable persons as of Dec. 31, 2025. |
Compensation to Non-registered directors
| (As of Dec. 31, 2025) | ||||
|---|---|---|---|---|
| Total number of persons | Total compensation<br>(KRW million) | Average Compensation<br><br>per person<br><br>(KRW million) | Notes | |
| Non-registered directors | 8 | 3,753 | 526 | - |
Top 5 Highest-Paid Individuals
1) Compensation exceeding Won 500 million- Individual basis
(KRW million)
| Name | Position | Total Amount | Deferred Compensation | |
|---|---|---|---|---|
| Jin Okdong | CEO | 1,297 | The performance-linked stock compensation (PS) consists of 17,841 shares, with the payment and amount to be determined later based on the company's long-term performance and stock price from 2025 to 2028. | |
| Lee Een-kyoon | Deputy President | 847 | The performance-linked stock compensation (PS) consists of 4,710 shares, with the payment and amount to be determined later based on the company's long-term performance and stock price from 2025 to 2028. | |
| Bang Dong-kwon | Deputy President | 802 | The performance-linked stock compensation (PS) consists of 4,710 shares, with the payment and amount to be determined later based on the company's long-term performance and stock price from 2025 to 2028. | |
| Name | Position | Total Amount | Deferred Compensation | |
| --- | --- | --- | --- | --- |
| Koh Seog-heon | Deputy President | 722 | The performance-linked stock compensation (PS) consists of 4,710 shares, with the payment and amount to be determined later based on the company's long-term performance and stock price from 2025 to 2028. | |
| Chun Sang Yung | Deputy President | 555 | The performance-linked stock compensation (PS) consists of 4,710 shares, with the payment and amount to be determined later based on the company's long-term performance and stock price from 2025 to 2028. |
2) Calculation criteria and method of compensation
(KRW million)
| Name | Compensation Type | Total Compensation | Deferred Compensation | |
|---|---|---|---|---|
| Jin Okdong | Earned Income | Salary | 850 | -The salary is paid monthly by dividing the total annual base salary and job allowance, which are determined by the Board of Directors and the Compensation Committee, within the compensation limit for directors resolved at the general shareholders' meeting. This determination takes into account factors such as position, duties, and contributions. |
| Bonus | 446 | -The bonus was paid in the first quarter of 2025 in the amount of KRW 446 million, based on the criteria set by the first Compensation Committee in 2024 and reflecting the company’s annual performance evaluation results for 2024.<br><br><br><br>-The CEO’s annual performance bonus is determined by reflecting the performance evaluation grade, which is based on Group KPIs and strategic task scores, and finalized after confirming whether any deductions apply according to the company’s risk management evaluation score.<br><br><br><br>-When evaluating Group KPIs, achievement rates of quantitative indicators such as total shareholder return, group customer base, ROE, non-performing loan ratio, ROTCE, RAROC, and cost-to-income ratio are considered.<br><br><br><br>-For strategic task evaluation, factors such as customer base expansion through SOL Travel Check, Hey Young Campus, and securities IPOs; solid global business growth and favorable achievement of ESG goals including green finance and financed emissions; and strengthening of the Group’s internal control system through submission of the financial industry’s first accountability structure and establishment of an implementation management system were reflected. | ||
| Stock option | - | Not Applicable | ||
| Other earned Income | 1 | Employee benefits | ||
| Retirement Income | - | Not Applicable | ||
| Other Income | - | Not Applicable | ||
| Lee Een-kyoon | Earned Income | Salary | 316 | -The salary is paid monthly by dividing the total annual base salary and job allowance, which are determined by the Compensation Committee. This determination takes into account factors such as position, duties, and contributions. |
| Bonus | 529 | -The bonus consisted of the 2024 annual performance bonus of KRW 187 million and the long-term performance share (PS) granted in 2021 of KRW 342 million. The 2024 annual performance bonus was paid | ||
| Name | Compensation Type | Total Compensation | Deferred Compensation | |
| --- | --- | --- | --- | --- |
| in the first quarter of 2025, based on the criteria set by the first Compensation Committee in 2024 and reflecting both company and individual annual performance evaluation results. The long-term performance share (PS) granted in 2021 was paid in the first quarter of 2025, based on the criteria set by the first Compensation Committee in 2021, reflecting the company’s performance over the subsequent four years and the Shinhan Financial Group’s reference share price at the beginning of 2025.<br><br><br><br>-The 2024 annual performance bonus was determined by comprehensively evaluating quantitative indicators—shareholder value (total shareholder return), profitability (ROE, ROTCE), soundness (non-performing loan ratio), risk (RAROC), and efficiency (cost-to-income ratio)—together with non-quantitative indicators such as building competency models tailored to each group company, advancing New HR initiatives for innovation and challenge, and differentiating customer experience to expand the future customer base. The final amount was calculated by reflecting the performance evaluation grade derived from these indicators, the achievement rate of company performance evaluation targets, and the absolute profit scale of the Group compared to prior years, and was finalized after considering the company’s risk management task evaluation score.<br><br><br><br>-The long-term performance share (PS) granted in 2021 was determined by calculating the number of PS units based on the evaluation indicators, such as shareholder value, profitability, and soundness over the four-year period following the grant. The final amount was then adjusted based on the stock price of the company’s common stock at the beginning of 2025. | ||||
| Stock option | - | Not Applicable | ||
| Other earned Income | 2 | Employee benefits | ||
| Retirement Income | - | Not Applicable | ||
| Other Income | - | Not Applicable | ||
| Bang Dong-kwon | Earned Income | Salary | 268 | -The salary is paid monthly by dividing the total annual base salary and job allowance, which are determined by the Compensation Committee. This determination takes into account factors such as position, duties, and contributions |
| Bonus | 418 | -The bonus consisted of the 2024 annual performance bonus of KRW 189 million and the long-term performance share (PS) granted in 2021 of KRW 229 million. The 2024 annual performance bonus was paid in the first quarter of 2025, based on the criteria set by the first Compensation Committee in 2024 and reflecting both company and individual annual performance evaluation results. The long-term performance share (PS) granted in 2021 was paid in the first quarter of 2025, based on the criteria set by the first Compensation Committee in 2021, reflecting the company’s performance over the subsequent four years and the Shinhan Financial Group’s reference share price at the beginning of 2025<br><br><br><br>-The 2024 annual performance bonus was determined by reflecting the performance evaluation grade | ||
| Name | Compensation Type | Total Compensation | Deferred Compensation | |
| --- | --- | --- | --- | --- |
| derived from assessments of objectives such as managing economically sensitive high-risk segments and securing loss-absorbing capacity, establishing policies and systems to strengthen third-party/ICT risk management, and building a risk management framework for customer assets. The final amount was confirmed based on these evaluations.<br><br><br><br>-The long-term performance share (PS) granted in 2021 was determined by calculating the number of PS units based on individual performance evaluation results over the four-year period following the grant. The final amount was then adjusted based on the stock price of the company’s common stock at the beginning of 2025. | ||||
| Stock option | - | Not Applicable | ||
| Other earned Income | 6 | Employee benefits | ||
| Retirement Income | 110 | In accordance with the Company’s executive retirement severance regulations, the retirement allowance is calculated by multiplying the monthly base salary at the time of retirement by the standard payment rate (1 per year of service). A retirement allowance corresponding to a monthly base salary of KRW 18.3 million and a service period of six years (January 1, 2020 – December 31, 2025) was paid. | ||
| Other Income | - | Not Applicable | ||
| Koh Seog-heon | Earned Income | Salary | 316 | -The salary is paid monthly by dividing the total annual base salary and job allowance, which are determined by the Compensation Committee. This determination takes into account factors such as position, duties, and contributions. |
| Bonus | 404 | -The bonus consisted of the 2024 annual performance bonus of KRW 187 million and the long-term performance share (PS) granted in 2021 of KRW 217 million. The 2024 annual performance bonus was paid in the first quarter of 2025, based on the criteria set by the first Compensation Committee in 2024 and reflecting both company and individual annual performance evaluation results. The long-term performance share (PS) granted in 2021 was paid in the first quarter of 2025, based on the criteria set by the first Compensation Committee in 2021, reflecting the company’s performance over the subsequent four years and the Shinhan Financial Group’s reference share price at the beginning of 2025.<br><br><br><br>- The 2024 annual performance bonus was determined by comprehensively evaluating quantitative indicators—shareholder value (total shareholder return), profitability (ROE, ROTCE), soundness (non-performing loan ratio), risk (RAROC), and efficiency (cost-to-income ratio)—together with non-quantitative indicators such as driving change and innovation at the Group level and expanding performance creation through “Digital to Value.” The final amount was calculated by reflecting the performance evaluation grade derived from these indicators, the achievement rate of company performance evaluation targets, and the absolute profit scale of the Group compared to prior years, and was finalized after considering the company’s risk management task evaluation score. | ||
| Name | Compensation Type | Total Compensation | Deferred Compensation | |
| --- | --- | --- | --- | --- |
| - The long-term performance share (PS) granted in 2021 was determined by calculating the number of PS units based on the evaluation indicators, such as shareholder value, profitability, and soundness over the four-year period following the grant. The final amount was then adjusted based on the stock price of the company’s common stock at the beginning of 2025. | ||||
| Stock option | - | Not Applicable | ||
| Other earned Income | 2 | Employee benefits | ||
| Retirement Income | - | Not Applicable | ||
| Other Income | - | Not Applicable | ||
| Chun Sang Yung | Earned Income | Salary | 316 | -The salary is paid monthly by dividing the total annual base salary and job allowance, which are determined by the Compensation Committee. This determination takes into account factors such as position, duties, and contributions. |
| Bonus | 187 | -The bonus consisted of the 2024 annual performance bonus of KRW 187 million. The 2024 annual performance bonus was paid in the first quarter of 2025, based on the criteria set by the first Compensation Committee in 2024 and reflecting both company and individual annual performance evaluation results.<br><br><br><br>-The 2024 annual performance bonus was determined by comprehensively evaluating quantitative indicators—shareholder value (total shareholder return), profitability (ROE, ROTCE), soundness (non-performing loan ratio), risk (RAROC), and efficiency (cost-to-income ratio)—together with non-quantitative indicators such as supporting subsidiaries in achieving strategic performance, preparing measures to achieve mid- to long-term financial goals and secure future growth drivers, and enhancing shareholder value through optimal capital management. The final amount was calculated by reflecting the performance evaluation grade derived from these indicators, the achievement rate of company performance evaluation targets, and the absolute profit scale of the Group compared to prior years, and was finalized after considering the company’s risk management task evaluation score. | ||
| Stock option | - | Not Applicable | ||
| Other earned Income | 15 | Employee benefits | ||
| Retirement Income | 37 | In accordance with the Company’s executive retirement severance regulations, the retirement allowance is calculated by multiplying the monthly base salary at the time of retirement by the standard payment rate (1 per year of service). A retirement allowance corresponding to a monthly base salary of KRW 18.3 million and a service period of two years (January 1, 2024 – December 31, 2025) was paid. | ||
| Other Income | - | Not Applicable |
Stock Options
None
Stock-based compensation system
- Cash compensation linked to stock
On March 4, 2025, through a resolution of the Remuneration Compensation Committee, our company granted cash compensation linked stock (PS) equivalent to 96,962 shares of our common stock to 11 executives, and the eligibility and amount of payment will be determined in the future based on the company's long-term performance and stock price from 2025 to 2028.
Employees
| Gender | Number of Employees | Average length of Service | Total Salaries and wages<br><br>paid in 2025<br><br>(KRW million) | Average Payment<br><br>per person<br><br>(KRW million) |
|---|---|---|---|---|
| Male | 134 | 3 yrs 1mths<br><br>(16 yrs 2mth) | 27,112 | 187 |
| Female | 48 | 4 yrs 6mths<br><br>(13 yrs 4 mths) | 7,499 | 152 |
| Total | 182 | 3 yrs 5 mths<br><br>(15 yrs 6mth) 1) | 34,611 | 178 |
| 1) Average length of service including services within group subsidiaries<br><br>2) Total Salaries and wages is the amount paid from Jan.1,2025 to Dec.31, 2025. |
- Related Party Transactions
Loans to Subsidiaries
| (KRW billion) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Loans to Subsidiaries<br>(in KRW bil.) | Type | Origination<br><br>Date | Maturity<br><br>Date | Lending<br><br>Rate | Beginning Balance<br><br>(Jan. 1, 2025) | Decrease | Increase | Others | Ending Balance<br><br>(Dec. 31, 2025) |
| Shinhan Card | Loan | 2019-04-18 | 2026-04-18 | 2.09% | 100 | - | - | - | 100 |
| 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 | 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 | 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 | 2025-03-25 | 2028-03-25 | 2.97% | - | - | 100 | - | 100 | |
| Loan | 2025-03-25 | 2030-03-25 | 3.02% | - | 100 | - | 100 | ||
| Loan | 2025-07-18 | 2028-07-18 | 2.73% | - | - | 100 | - | 100 | |
| Loan | 2025-07-18 | 2030-07-18 | 2.92% | - | - | 70 | - | 70 | |
| Loan | 2025-09-17 | 2028-09-17 | 2.76% | - | - | 100 | - | 100 | |
| Loan | 2025-09-17 | 2030-09-17 | 2.90% | - | - | 50 | - | 50 | |
| Loan | 2025-10-29 | 2028-10-29 | 2.87% | - | - | 80 | - | 80 | |
| Loan | 2025-10-29 | 2030-10-29 | 3.02% | - | - | 70 | - | 70 | |
| Loan | 2019-11-19 | 2025-02-04 | 2.79% | 588 | 588 | - | - | - | |
| Loan | 2021-05-26 | 2026-05-12 | 1.53% | 44 | - | - | -1 | 43 | |
| Financial assets at FVPL | 2022-03-17 | 2052-03-17 | 4.01% | 404 | - | - | - | 404 | |
| Financial assets at FVPL | 2023-02-14 | 2053-02-14 | 5.28% | 314 | - | - | -4 | 310 | |
| Shinhan Securities | Loan | 2019-11-19 | 2025-02-04 | 2.79% | 132 | 132 | - | - | - |
| Loan | 2020-08-20 | 2025-08-20 | 2.55% | 731 | 731 | - | - | - | |
| Loan | 2025-07-29 | 2030-07-29 | 5.13% | - | - | 676 | 27 | 703 | |
| Financial assets at FVPL | 2021-06-14 | Perpetual Bond | 2.93% | 368 | - | - | 15 | 383 | |
| Shinhan<br><br>Capital | 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 | 2025-04-22 | 2028-04-22 | 2.77% | - | - | 100 | - | 100 | |
| Loan | 2025-12-04 | 2028-12-04 | 3.35% | - | - | 60 | - | 60 | |
| Loan | 2021-05-13 | 2026-05-12 | 1.53% | 294 | - | - | -7 | 287 | |
| Financial assets at FVPL | 2020-04-22 | 2050-04-22 | 3.56% | 99 | 99 | - | - | - | |
| Financial assets at FVPL | 2021-07-28 | 2051-07-28 | 3.38% | 147 | - | - | 2 | 149 | |
| Financial assets | 2025-04-22 | 2055-04-22 | 3.78% | - | - | 100 | -1 | 99 | |
| at FVPL | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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 | 2024-02-01 | 2025-01-30 | 3.78% | 10 | 10 | - | - | - |
| Loan | 2025-01-31 | 2026-01-30 | 3.08% | - | - | 10 | - | 10 | |
| Shinhan Venture | Loan | 2024-02-26 | 2025-02-26 | 3.84% | 50 | 50 | - | - | - |
| Loan | 2024-10-11 | 2025-02-26 | 3.60% | 10 | 10 | - | - | - | |
| Loan | 2025-02-26 | 2026-02-26 | 3.02% | - | - | 60 | - | 60 | |
| Shinhan Asset Trust | Loan | 2024-03-25 | 2027-03-25 | 3.76% | 100 | - | - | - | 100 |
| Financial assets at FVPL | 2024-05-23 | 2054-05-23 | 4.71% | 100 | - | - | -3 | 97 | |
| Financial assets at FVPL | 2024-10-29 | 2054-10-29 | 4.10% | 51 | - | - | - | 51 | |
| Total | 5,322 | 2,580 | 1,676 | 28 | 4,446 |
- Internal Control
Management’s Assessment of the Effectiveness of the Internal Accounting Management System
| Period | Report Date | Assessment | Material Deficiencies | Corrective Action Plans |
|---|---|---|---|---|
| FY2025 | March 3, 2026 | In terms of overall materiality, the internal accounting management system is under effective design and operation. | - | - |
| FY2024 | March 4, 2025 | In terms of overall materiality, the internal accounting management system is under effective design and operation. | - | - |
| FY2023 | March 4, 2024 | In terms of overall materiality, the internal accounting management system is under effective design and operation. | - | - |
Audit Committee’s Assessment of the Effectiveness of the Internal Accounting Management System
| Period | Report Date | Assessment | Material Deficiencies | Corrective Action Plans |
|---|---|---|---|---|
| FY2025 | March 3, 2026 | In terms of overall materiality, the internal accounting management system is under effective design and operation. | - | - |
| FY2024 | March 4, 2025 | In terms of overall materiality, the internal accounting management system is under effective design and operation. | - | - |
| FY2023 | March 4, 2024 | In terms of overall materiality, the internal accounting management system is under effective design and operation. | - | - |
External Auditor’s Audit Opinion of the Effectiveness of the Internal Accounting Management System
| Period | Auditor | Audit or Review | Opinion Type | Issues | Company’s Response Actions |
|---|---|---|---|---|---|
| FY2025 | KPMG Samjong Accounting Corp. | Audit | Unqualified | - | - |
| FY2024 | KPMG Samjong Accounting Corp. | Audit | Unqualified | - | - |
| FY2023 | KPMG Samjong Accounting Corp. | Audit | Unqualified | - | - |
- Contingencies
Please refer to 6-K (Submission of Audit Report) submitted to Edgar system on March 3, 2026.
- Material Information after the reporting period
1) Announcement on Annual Cash Dividend
On February 5, 2026, the Board of Directors of Shinhan Financial Group made a resolution to pay annual cash dividends.
Dividend Amount : KRW 880 per share
Record date : February 20, 2026
Expected payment date : April 3, 2026
Please refer to Form 6-K submitted to Edgar system on February 5, 2026.
2) Decision on Record Date for Quarterly Cash Dividend
To enhance investors' predictability of dividends, the Board of Directors has pre-determined the dividend record dates for the 1st, 2nd, and 3rd quarters of 2026. (The dividends for the 1st, 2nd and 3rd quarter of FY2026 will be determined at the board meeting held before the dividend record date of each quarter.)
- The quarterly Dividend Record Dates and Expected Cash Dividend Payment Dates for 2026 are as follows:
1st Quarter Dividend Record Date: April 30, 2026 / Expected Payment Date: May 29, 2026 2nd Quarter Dividend Record Date: July 30, 2026 / Expected Payment Date: August 28, 2026 3rd Quarter Dividend Record Date: November 3, 2026 /Expected Payment Date: November 27, 2026
*The expected quarterly dividend payment dates are subject to change upon discussions with relevant institutions.
Please refer to Form 6-K submitted to Edgar system on February 5, 2026.
3) Treasury stock acquisition and cancellation
The Company made a decision on the acquisition of treasury stock amounted to KRW 500 billion at the Board of Directors on February 5, 2026.
Agreement of treasury share acquisition trust agreement : KRW 500 billions
Contract period : February 9, 2026 – July 10, 2026
Number of shares to be cancelled(scheduled) : 5,537,098 shares
* The number of treasury shares to be acquired and cancelled(scheduled) was calculated based on the amount of the treasury share trust agreement resolved by the Board of Directors on February 5, 2026, using the closing price of Shinhan Financial Group shares on the day before the resolution date (February 4, 2026). The actual number of shares may change depending on future stock price fluctuations.
Please refer to Form 6-K submitted to Edgar system on February 5, 2026.
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: March 18, 2026 | By: | /s/ JANG Jeong Hoon |
| Name: JANG Jeong Hoon | ||
| Title: Chief Financial Officer |