Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 296

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 296
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 also led to a decrease in the profitability of existing construction projects, increases in construction fees and delays in commission fee payments due to changes in project execution schedules. Also as a result of our holding company’s sale of Shinhan Credit Information to Shinhan Card, Shinhan Credit Information’s fees and commission income is no longer recognized under the other segment, thereby contributing to the decrease in the segment’s net fees and commission income.

Net other expense decreased by 53.8% from W379 billion in 2022 to W175 billion in 2023 primarily due to an increase in net gain on financial liabilities measured at fair value through profit or loss of our holding company and, to a lesser extent, a decrease in net other operating expense of Shinhan Asset Management. The increase in net gain on financial liabilities measured at fair value through profit or loss of our holding company was mainly due to a rise in stock market indices compared to the previous year. Net other operating expense of Shinhan Asset Management also decreased due to a rise in stock market indices compared to the previous year.

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Financial Condition Assets The following table sets forth, as of the dates indicated, the principal components of our assets.

|                                                             |     |                      As of December 31, |         |     |      |         |     |      |         |     | % Change  |       |   |     |           |       |   |
|                                                             |     |                                    2022 |         |     | 2023 |         |     | 2024 |         |     | 2022/2023 |       |   |     | 2023/2024 |       |   |
|                                                             |     | -In billions of Won, except percentages |         |     |      |         |     |      |         |     |           |       |   |     |           |       |   |
| Cash and due from banks at amortized cost                   |     |                                       W |  30,051 |     |    W |  34,629 |     |    W |  40,526 |     |           |  15.2 | % |     |           |  17.0 | % |
| Financial assets at fair value through profit or loss       |     |                                         |  61,508 |     |      |  71,217 |     |      |  72,147 |     |           |  15.8 |   |