Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 150

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 150
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 under the guarantee and the account party fails to perform under the contract. The following table sets forth our credit-related commitments and guarantees as of the dates indicated.

|                              |     |  As of December 31, |         |     |      |         |     |      |         |
|                              |     |                2022 |         |     | 2023 |         |     | 2024 |         |
|                              |     | -In billions of Won |         |     |      |         |     |      |         |
| Commitments to extend credit |     |                   W | 108,504 |     |    W | 115,884 |     |    W | 121,678 |
| Commercial letters of credit |     |                     |   3,138 |     |      |   2,934 |     |      |   3,353 |
| Others(1)                    |     |                     | 119,120 |     |      | 122,155 |     |      | 128,397 |
| Total                        |     |                   W | 230,762 |     |    W | 240,973 |     |    W | 253,428 |

Note:

| (1) | Consists of financial guarantees, performance guarantees, liquidity facilities to special purpose entities, acceptances, endorsed bills and unused credit limits on credit cards, etc. |

We have credit-related commitments that are not reflected in our statements of financial position, which primarily consist of commitments to extend credit and commercial letters of credit. Commitments to extend credit, including credit lines, represent unfunded portions of authorizations to extend credit in the form of loans. These commitments expire on fixed dates and a customer is required to comply with predetermined conditions to draw funds under the commitments. Commercial letters of credit are undertakings on behalf of customers authorizing third parties to make drawdowns up to a stipulated amount under specific terms and conditions. They are generally short-term and collateralized by the underlying shipments of goods to which they relate. We also have guarantees that are recorded on our statements of financial position at their fair value at inception which are amortized over the life of the guarantees. Such guarantees generally include standby letters of credit, other financial and performance guarantees and liquidity facilities to special purpose entities. Standby letters of credit are irrevocable obligations to pay third-party beneficiaries when our customers fail to repay loans or debt instruments, which are generally in foreign currencies. A substantial portion of