Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 276

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 276
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500.0 |    |
| Subtotal                                                      |     |                                         | 2,114 |     |      | 1,862 |   |     |          | (11.9 | )  |
| Securities(1)                                                 |     |                                         |     3 |     |      |    (5 | ) |     |          |   N/M |    |
| Others                                                        |     |                                         |   128 |     |      |   156 |   |     |          |  21.9 |    |
| Total provision for credit loss allowance on financial assets |     |                                       W | 2,245 |     |    W | 2,013 |   |     |          | (10.3 | )% |

N/M = not meaningful Note:

| (1) | Consist of securities at amortized cost and securities at fair value through other comprehensive income. |

Provision for credit loss allowance on financial assets decreased by 10.3% from W2,245 billion in 2023 to W2,013 billion in 2024 principally due to an 11.9% decrease in provision for credit loss allowance on loans from W2,114 billion in 2023 to W1,862 billion in 2024. The provision for credit loss allowance on loans decreased primarily due to a decrease in provision for credit loss allowance on corporate loans, which was partially offset by an increase in provision for credit loss allowance on credit card loans. Provision for credit loss allowance on corporate loans decreased in 2024 primarily due to the effect of additional provisions arising from changes in risk components and other non-recurringfactors during 2023 as discussed above. Additional provision for credit loss allowance on corporate loans in 2023 was set aside in anticipation of the discontinuation of COVID-19financial support programs and in light of real estate project financing risks. Provision for credit loss allowance for credit card loans increased in 2024 primarily due to an increase in delinquent credit card loans. Income Tax Expense Income tax expense decreased by 1.1% from W1,487 billion in 2023 to W1,471 billion in 2024 primarily as a result of an increase in adjustments of non-taxableincome by 328.7% to W44,370 billion in 2024 from W10,350 billion in 2023 while profit before income taxes increased by 1.1% to W6,029 billion in 2024 from W5,