Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 298

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 298
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           |   5.9 |    |     |           |   4.3 |   |
| Non-controlling interests                                             |     |                                         |   2,691 |     |      |   2,601 |     |      |   2,767 |     |           |  (3.3 | )  |     |           |   6.4 |   |
| Total equity                                                          |     |                                         |  53,423 |     |      |  56,322 |     |      |  58,821 |     |           |   5.4 |    |     |           |   4.4 |   |
| Total liabilities and equity                                          |     |                                       W | 664,433 |     |    W | 691,795 |     |    W | 739,764 |     |           |   4.1 | %  |     |           |   6.9 | % |

2024 Compared to 2023 Our total liabilities increased by 7.2% from W635,473 billion as of December 31, 2023 to W680,943 billion as of December 31, 2024, primarily due to increases in deposits and debt securities issued, which was partially offset by other liabilities. Deposit increased by 10.8% to W422,781 billion as of December 31, 2024 from W381,513 billion as of December 31, 2023, primarily due to increases in time deposits in Korean Won and foreign currencies. 221

Debt securities issued increased by 15.0% to W93,766 billion as of December 31, 2024 from W81,562 billion as of December 31, 2023, primarily due to an increase in debt securities issued in Korean Won and foreign currencies. Other liabilities decreased by 16.1% to W40,880 billion as of December 31, 2024 from W48,722 billion as of December 31, 2023, primarily due to a decrease in domestic exchanges payable. Total equity increased by 4.4% from W56,322 billion as of December 31, 2023 to W58,821 billion as of December 31, 2024, largely due to an increase in retained earnings from profit for the year and the issuance of additional hybrid bonds by the Group. 2023 Compared to 2022 Our total liabilities increased