Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 271

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 271
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 from the date the loan is placed on nonaccrual status. We reclassify loans as accruing when interest (including default interest) and principal payments are current. Loans as of December 31, 2022, 2023 and 2024, consist of loans at amortized cost and loans at fair value through profit or loss. |

| (4) | Average balance and yield on securities are based on book value. Securities as of December 31, 2022, 2023 and 2024, consist of securities at fair value through profit or loss, securities at fair value through other comprehensive income and securities at amortized cost. |

| (5) | Represents the difference between the average rate of interest earned on interest-earning assets and the average rate of interest paid on interest-bearing liabilities. |

| (6) | Represents the ratio of net interest income to average interest-earning assets. |

| (7) | Represents the ratio of average interest-earning assets to average interest-bearing liabilities. |

191

Analysis of Changes in Net Interest Income — Volume and Rate Analysis The following table provides an analysis of changes in interest income, interest expense and net interest income between changes in volume and changes in rates for (i) 2024 compared to 2023 and (ii) 2023 compared to 2022. Volume and rate variances have been calculated on the movement in average balances and the change in the interest rates on average interest-earning assets and average interest-bearing liabilities in proportion to absolute volume and rate change. The variance caused by the change in both volume and rate has been allocated in proportion to the absolute volume and rate change.

|                                        |     | From 2023 to 2024                             
 Interest Increase (Decrease) Due to Change in |       |   |     |      |      |   |     |        |       |   |
|                                        |     | Volume                                        |       |   |     | Rate |      |   |     | Change |       |   |
|                                        |     | -In billions of Won                           |       |   |     |      |      |   |     |        |       |   |
| Increase (decrease) in interest income |     |                                               |       |   |     |      |      |   |     |        |       |   |
| Due from banks                         |     |                                               |       |   |     |      |      |   |     |        |       |   |
| Domestic                               |