Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 283

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 283
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 for banking services increased by 23.2% from W4,010 billion in 2023 to W4,940 billion in 2024. Net interest income increased by 5.2% from W8,548 billion in 2023 to W8,989 billion in 2024 primarily due to increases in net interest income for others and international group sub-segments,which were partially offset by a decrease in net interest income for channel and capital market sub-segments.More specifically:

| • |     | Net interest income for others sub-segment increased to W11 billion in 2024 shifting from net interest loss of W494 billion in 2023 primarily due to an increase in interest income received from the channel, capital market and international sub-segments which Shinhan Bank recognizes through its others sub-segment. |

| • |     | Net interest income for international group sub-segment increased by 7.7% from W1,183 billion in 2023 to W1,274 billion in 2024 primarily due to an increase in interest income resulting from growth across Shinhan Bank’s international markets, particularly Vietnam and Japan, amid the Vietnamese government’s policies to promote loans and the increase in interest rates in Japan, respectively. |

| • |     | Net interest income for capital market sub-segment decreased by 21.6% from W232 billion in 2023 to W182 billion in 2024 primarily due to the continuous decline in government bond yields throughout 2024, which resulted from the two base interest rate reductions by the Bank of Korea during the year 2024 and expectations for further rate reductions. |

| • |     | Net interest income for channel sub-segment decreased by 1.4% from W7,627 billion in 2023 to W7,522 billion in 2024 primarily due to aggressive pricing policies taken by Shinhan Bank, as well as the impact of the two base interest rate reductions by the Bank of Korea in 2024, which led to a decline in the Shinhan Bank’s loan-to-deposit margin. |

Net fees and commission income increased by 16.0% from W748 billion in 2023 to W868 billion in 2024 primarily due to an increase in net fees and commissions income for channel and capital market sub-segments.Net fees and commission income for channel sub-segmentincreased primarily due to an increase in investment banking fees resulting from an increase in investment banking deals in collaboration with the IB division within the capital market