$SHG

SHINHAN FINANCIAL GROUP CO LTD

CIK:0001263043|SEC Filings

Consolidated Statements of Comprehensive Income - KRW (₩) ₩ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Interest income
Interest income	₩ 27,988,801	₩ 29,209,338	₩ 27,579,211
Interest expense	(16,294,345)	(17,807,036)	(16,761,289)
Net interest income (Notes 36)	11,694,456	11,402,302	10,817,922
Net fees and commission income
Fees and commission expense	(1,643,112)	(1,580,492)	(1,528,037)
Fees and commission income	4,564,323	4,295,366	4,175,243
Net fees and commission income (Notes 37)	2,921,211	2,714,874	2,647,206
Net insurance loss
Insurance income	3,364,322	3,116,553	2,899,599
Reinsurance income	202,299	73,578	44,985
Insurance service expenses	(2,321,814)	(2,131,560)	(1,748,779)
Reinsurance service expenses	(189,080)	(75,405)	(82,190)
Net insurance income	1,055,727	983,166	1,113,615
Insurance finance income	44,087	202,363	143,064
Insurance finance expenses	(1,235,282)	(301,802)	(659,161)
Net insurance finance expense (Notes 30)	(1,191,195)	(99,439)	(516,097)
Dividend income (Notes 38)	209,681	239,097	181,486
Net gain on financial instruments at fair value through profit or loss (Note 39)	2,409,365	1,210,771	2,493,626
Net loss on financial instruments designated at fair value through profit or loss (Note 40)	(413,948)	(344,453)	(437,780)
Net gain on foreign currency transaction	875,962	510,985	256,766
Net gain (loss) on disposal of securities at fair value through other comprehensive income (Notes 12)	193,612	60,260	(129,575)
Net gain (loss) on disposal of securities at amortized cost (Notes 12)	(56)	(23,155)	251
Provision for credit loss allowance (Notes 41)	(2,002,965)	(2,013,274)	(2,244,503)
General and administrative expenses (Notes 42)	(6,402,500)	(6,116,240)	(5,895,337)
Other operating expenses, net (Notes 44)	(2,325,993)	(2,066,224)	(2,186,730)
Operating income	7,023,357	6,458,670	6,100,850
Equity method income (loss) (Note 16)	221,225	(23,822)	125,088
Other non-operating expense (Note 45)	(315,573)	(405,756)	(260,978)
Profit before income taxes	6,929,009	6,029,092	5,964,960
Income tax expense (Note 46)	1,844,490	1,470,922	1,486,960
Profit for the year	5,084,519	4,558,170	4,478,000
Items that are or may be reclassified to profit or loss:
Valuation gain (loss) on securities at fair value through other comprehensive income	(1,600,292)	1,146,623	3,162,544
Equity in other comprehensive income (loss) of associates	(16,736)	6,671	7,156
Foreign currency translation adjustments for foreign operations	(144,288)	416,182	(6,245)
Net change in unrealized fair value of cash flow hedges	(173,103)	38,514	61,280
Net finance income (expense) on insurance contract assets (liabilities)	1,268,886	(2,334,235)	(2,172,458)
Net finance expense on reinsurance contract assets (liabilities)	(153,683)	(1,523)	(20,772)
Items that are or may be reclassified to profit or loss	(819,216)	(727,768)	1,031,505
Items that will not be reclassified to profit or loss:
Remeasurements of the net defined benefit liabilities (assets)	5,324	(62,143)	(200,857)
Valuation gain on securities at fair value through other comprehensive income	160,107	43,258	8,174
Gain (loss) on disposal of securities at fair value through other comprehensive income	2,923	7,329	(3,056)
Changes in own credit risk on financial liabilities designated at fair value through profit or loss	(2,652)	(6,341)	8,623
Items that will not be reclassified to profit or loss	165,702	(17,897)	(187,116)
Total other comprehensive income (loss), net of income tax	(653,514)	(745,665)	844,389
Total comprehensive income (loss)	4,431,005	3,812,505	5,322,389
Profit attributable to:
Equity holders of Shinhan Financial Group Co., Ltd. (Notes 33 and 47)	4,971,561	4,450,177	4,368,035
Non-controlling interests	112,958	107,993	109,965
Total comprehensive income attributable to:
Equity holders of Shinhan Financial Group Co., Ltd.	4,320,358	3,702,863	5,208,629
Non-controlling interests	₩ 110,647	₩ 109,642	₩ 113,760
Earnings per share: (Notes 33 and 47)
Basic earnings per share	₩ 9,812	₩ 8,441	₩ 8,048
Diluted earnings per share	₩ 9,812	₩ 8,441	₩ 8,048

Consolidated Statements of Cash Flows - KRW (₩) ₩ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Profit for the year	₩ 5,084,519	₩ 4,558,170	₩ 4,478,000
Adjustments for:
Interest income (Note 36)	(27,988,801)	(29,209,338)	(27,579,211)
Interest expense (Note 36)	16,294,345	17,807,036	16,761,289
Dividend income (Note 38)	(209,681)	(239,097)	(181,486)
Income tax expense (Note 46)	1,844,490	1,470,922	1,486,960
Net fees and commission expense (Note 37)	378,283	330,896	307,492
Net insurance income (Note 29)	(1,055,727)	(983,166)	(1,113,615)
Net insurance finance expense (Note 30)	1,191,195	99,439	516,097
Net gain on financial instruments at fair value through profit or loss (Note 39)	(846,030)	(678,697)	(1,228,900)
Net gain on derivatives (Note 11)	(510,524)	(82,184)	(292,483)
Net loss (gain) on foreign currency translation	(284,765)	(107,294)	4,396
Net loss (gain) on financial instruments designated at fair value through profit or loss (Note 40)	(43,372)	35,604	(54,256)
Net loss (gain) on disposal of securities at fair value through other comprehensive income (Note 12)	(193,612)	(60,260)	129,575
Provision for allowance for credit loss (Notes 41)	2,002,965	2,013,274	2,244,503
Net loss (gain) on disposal of securities at amortized cost (Note 12)	56	23,155	(251)
Employee benefit (Note 27)	238,848	157,711	145,874
Depreciation and other amortization (Note 42)	1,295,085	1,280,382	1,185,006
Other operating expense (Note 44)	815,185	687,447	859,065
Equity method loss (income), net (Note 16)	(221,225)	23,822	(125,088)
Other non-operating expense (Note 45)	265,392	323,593	200,355
Sub-total	(7,027,893)	(7,106,755)	(6,734,678)
Changes in assets and liabilities:
Due from banks at amortized cost	731,113	(408,314)	1,325,355
Securities at fair value through profit or loss	(2,887,391)	(159,581)	(7,374,788)
Deposits at fair value through profit or loss	1,053	(5,418)	0
Loans at fair value through profit or loss	380,767	(138,009)	620,955
Financial instruments designated at fair value through profit or loss	(1,853,330)	379,352	(726,476)
Derivative instruments	378,311	(83,294)	(336,770)
Loans at amortized cost	(17,106,486)	(34,952,582)	(5,652,482)
Insurance contract assets	4,879	5,015	(10,387)
Reinsurance contract assets	(418,688)	(96,401)	(4,262)
Other assets	(20,923,665)	2,036,969	(6,394,740)
Deposits	24,093,267	38,873,523	(1,380,003)
Net defined benefit liabilities	(413,143)	(246,347)	7,263
Provisions	(169,300)	(505,457)	(424,494)
Insurance contract liabilities	(409,819)	(916,060)	(1,247,849)
Reinsurance contract liabilities	(226,184)	936	(31,265)
Investment contract liabilities	332,236	(467,655)	(671,181)
Other liabilities	18,745,622	(8,626,434)	13,479,464
Sub-total	259,242	(5,309,757)	(8,821,660)
Income taxes paid	(1,076,814)	(1,030,947)	(1,931,943)
Interest received	27,043,508	28,511,378	26,411,959
Interest paid	(14,749,663)	(15,218,677)	(13,058,769)
Dividends received	197,982	222,887	186,937
Net cash inflow from operating activities	9,730,881	4,626,299	529,846
Cash flows from investing activities
Proceeds from disposal of financial instruments at fair value through profit or loss	4,584,365	5,846,223	3,845,778
Acquisition of financial instruments at fair value through profit or loss	(4,963,361)	(7,043,560)	(5,355,995)
Proceeds from disposal of securities at fair value through other comprehensive income	50,955,576	44,576,886	36,748,023
Acquisition of securities at fair value through other comprehensive income	(61,673,847)	(44,514,955)	(36,745,746)
Proceeds from disposal of securities at amortized cost	7,073,830	7,646,004	4,257,920
Acquisition of securities at amortized cost	(5,478,916)	(5,109,510)	(6,421,141)
Proceeds from disposal of property and equipment (Notes 14 and 45)	7,729	6,652	16,159
Acquisition of property and equipment (Note 14)	(258,659)	(263,836)	(261,444)
Proceeds from disposal of intangible assets (Notes 15 and 45)	14,445	8,102	25,029
Acquisition of intangible assets (Note 15)	(378,410)	(514,938)	(454,794)
Proceeds from disposal of investments in associates (Note 16)	601,006	326,439	377,496
Acquisition of investments in associates (Note 16)	(239,959)	(662,106)	(428,423)
Net cash inflow from loss of control	98,267	0	0
Net cash outflow from acquisition of control	(947,246)	0	0
Proceeds from disposal of investment property (Notes 17 and 45)	9,128	5,281	166,767
Acquisition of investment property (Note 17)	(4,564)	(3,202)	(5,367)
Proceeds from disposal of assets held for sale	48,867	0	3,663
Change in other assets	(5,264)	31,741	1,959
Proceeds from settlement of hedging derivative financial instruments	42,920	50,300	29,123
Payment of settlement of hedging derivative financial instruments	(265,683)	(236,988)	(70,720)
Net cash flows from business combinations	(124,004)	0	0
Net cash inflow (outflow) from investing activities	(10,903,780)	148,533	(4,271,713)
Cash flows from financing activities
Issuance of hybrid bonds	797,870	797,866	897,646
Redemption of hybrid bonds	(650,000)	(200,000)	(1,195,550)
Net change in borrowings	5,125,412	(8,231,239)	8,153,087
Proceeds from debt securities issued	44,481,665	54,660,582	47,674,027
Redemption of debt securities issued	(45,234,727)	(45,082,555)	(43,808,445)
Increase in financial liabilities designated at fair value through profit or loss	99,985	0	209,969
Decrease in financial liabilities designated at fair value through profit or loss	(50,000)	0	0
Changes in other liabilities	(95,556)	(61,797)	164,567
Dividends paid	(1,293,828)	(1,267,146)	(1,461,371)
Proceeds from settlement of hedging derivative financial instruments	2,705,549	2,774,765	1,538,590
Payments of settlement of hedging derivative financial instruments	(2,556,770)	(2,655,404)	(1,459,027)
Acquisition of treasury stock	(1,250,001)	(700,000)	(485,947)
Disposal of treasury stock	0	297	0
Expense for retirement of treasury stock	(69)	(102)	(81)
Increase (decrease) in non-controlling interests	(547,355)	54,717	(205,169)
Repayments of lease liabilities	(281,530)	(272,634)	(262,055)
Conversion costs for preferred stock to common stock	0	0	(75)
Net cash inflow (outflow) from financing activities	1,250,645	(182,650)	9,760,166
Effect of exchange rate changes on cash and cash equivalents held	(26,857)	238,477	(15,361)
Increase in cash and cash equivalents	50,889	4,830,659	6,002,938
Cash and cash equivalents included in assets held for sale	(3,309)	0	0
Cash and cash equivalents at the beginning of the year	35,247,543	30,416,884	24,413,946
Cash and cash equivalents at the end of the year	₩ 35,295,123	₩ 35,247,543	₩ 30,416,884

Consolidated Statements of Financial Position - KRW (₩) ₩ in Millions	Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and due from banks at amortized cost (Notes 5,9,13 and 20)	₩ 39,742,605	₩ 40,525,712
Financial assets at fair value through profit or loss (Notes 5, 10 and 20)	78,053,377	72,146,845
Derivative assets (Notes 5 and 11)	7,153,950	10,279,257
Securities at fair value through other comprehensive income (Notes 5, 12 and 20)	103,216,950	93,805,369
Securities at amortized cost (Notes 5, 12 and 20)	31,944,368	33,315,999
Loans at amortized cost (Notes 5, 13 and 20)	464,773,880	449,295,238
Property and equipment (Notes 14, 19, and 20)	4,153,186	4,157,592
Intangible assets (Notes 15)	5,893,158	6,120,133
Investments in associates (Notes 16)	2,639,202	2,752,980
Current tax assets	68,609	54,658
Deferred tax assets (Notes 46)	209,718	205,506
Investment property (Notes 17)	611,620	327,696
Net defined benefit assets (Notes 27)	353,097	155,697
Insurance contract assets (Notes 29)	760	5,639
Reinsurance contract assets (Notes 29)	603,442	184,754
Other assets (Notes 5, 13, 18 and 20)	46,524,351	26,401,598
Assets held for sale	71,212	29,583
Total assets	786,013,485	739,764,256
Liabilities
Deposits (Notes 5 and 22)	447,648,971	422,781,045
Financial liabilities at fair value through profit or loss (Notes 5 and 23)	2,312,487	954,899
Financial liabilities designated at fair value through profit or loss (Notes 5 and 24)	6,378,064	8,220,475
Derivative liabilities (Notes 5 and 11)	7,020,846	10,058,532
Borrowings (Notes 5 and 25)	55,394,834	49,920,373
Debt securities issued (Notes 5 and 26)	92,991,422	93,765,854
Net defined benefit liabilities (Notes 27)	17,820	38,974
Provisions (Notes 28)	1,363,345	1,308,896
Current tax liabilities	763,377	203,131
Deferred tax liabilities (Notes 46)	446,799	423,821
Insurance contract liabilities (Notes 29)	50,471,303	51,124,629
Reinsurance contract liabilities (Notes 29)	56,378	98,063
Investment contract liabilities (Notes 5 and 31)	1,536,393	1,165,022
Other liabilities (Notes 5 and 32)	59,237,657	40,879,509
Liabilities held for sale (Notes 21)	1,465	0
Total liabilities	725,641,161	680,943,223
Equity (Notes 33)
Capital stock	2,969,641	2,969,641
Hybrid bonds	4,749,837	4,600,121
Capital surplus	12,098,558	12,094,968
Capital adjustments	(1,180,080)	(807,114)
Accumulated other comprehensive loss	(2,474,813)	(1,824,440)
Retained earnings	41,796,129	39,020,580
Total equity attributable to equity holders of Shinhan Financial Group Co., Ltd.	57,959,272	56,053,756
Non-controlling interests	2,413,052	2,767,277
Total equity	60,372,324	58,821,033
Total liabilities and equity	₩ 786,013,485	₩ 739,764,256