# EDGAR Filing Document

**Accession Number:** 0001263043
**File Stem:** 0001193125-26-087035
**Filing Date:** 2026-3
**Character Count:** 73707
**Document Hash:** dc500e83138a9268cab7ee3a6e29ecf7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-087035.hdr.sgml**: 20260303

**ACCESSION NUMBER**: 0001193125-26-087035

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20260303

**FILED AS OF DATE**: 20260303

**DATE AS OF CHANGE**: 20260303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SHINHAN FINANCIAL GROUP CO LTD
- **CENTRAL INDEX KEY:** 0001263043
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31798
- **FILM NUMBER:** 26711542

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 120 2-GA TAEPYUNG RO JUNG GU
- **CITY:** SEOUL100-102
- **PROVINCE COUNTRY:** M5
- **ZIP:** 00000
- **BUSINESS PHONE:** 82263603000

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 120 2-GA TAEPYUNG RO JUNG GU
- **STREET 2:** SEOUL 100-102
- **CITY:** SEOUL
- **PROVINCE COUNTRY:** M5
- **ZIP:** 00000

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**——————————**

**FORM 6-K**

**——————————**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the Month of March 2026**

**Commission File Number: 001-31798**

**——————————**

**SHINHAN FINANCIAL GROUP CO., LTD.**

**(Translation of registrant's name into English)**

**——————————**

**20, Sejong-daero 9-gil, Jung-gu, Seoul 04513, Korea <br>(Address of principal executive offices)**

**——————————**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  Form 40-F 

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**<u>Submission of Audit Report (Shinhan Bank)</u>**

On March 3, 2026, Shinhan Financial Group disclosed audit reports of Shinhan Bank, its wholly-owned subsidiary, for the fiscal year 2025 based on the International Financial Reporting Standards as adopted by the Republic of Korea.

The financial statements with external auditor's report are not yet approved by stockholder's meeting approval process, thus contents are subjected to be changed in the due course of the approval process

Please refer to Exhibit 99.1 and 99.2 for Independent Auditor's Reports on consolidated and separate financial statements.

Exhibit 99.1 : Independent Consolidated Auditor's Report of Shinhan Bank as of December 31, 2025

Exhibit 99.2 : Independent Separate Auditor's Report of Shinhan Bank as of December 31, 2025

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | <u>Shinhan Financial Group Co., Ltd</u>. | <u>Shinhan Financial Group Co., Ltd</u>. |
|  | (Registrant) | (Registrant) |
| &nbsp;&nbsp;&nbsp;&nbsp;Date: March 03, 2026 | By: | /s/ JANG Jeong Hoon |
|  | Name: JANG Jeong Hoon | Name: JANG Jeong Hoon |
|  | Title: Chief Financial Officer | Title: Chief Financial Officer |

---

------

## Exhibit 99.1

**SHINHAN BANK AND SUBSIDIARIES**

Consolidated Financial Statements

**December 31, 2025 and 2024** 

(With Independent Auditors' Report Thereon)

------

Contents

---

| | |
|:---|:---|
|  | **Page** |
| Independent Auditors' Report | 1 |
| Consolidated Statements of Financial Position | 3 |
| Consolidated Statements of Comprehensive Income | 4 |
| Consolidated Statements of Changes in Equity | 6 |
| Consolidated Statements of Cash Flows | 8 |
| Notes to the Consolidated Financial Statements | 10 |

---

------

**<u>Independent Auditors' Report</u>**

Based on a report originally issued in Korean

To the Board of Directors and Stockholder of

Shinhan Bank:

**Opinion**

We have audited the consolidated financial statements of Shinhan Bank and its subsidiaries (collectively the "Group"), which comprise the consolidated statements of financial position as of December 31, 2025 and 2024, the consolidated statements of comprehensive income, changes in equity and cash flows for the years then ended, and notes, comprising of material accounting policy information and other explanatory information.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of December 31, 2025 and 2024 and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with Korean International Financial Reporting Standards ("K-IFRS").

**Basis for Opinion**

We conducted our audits in accordance with Korean Standards on Auditing ("KSAs"). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in the Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

**Other Matter**

The procedures and practices utilized in the Republic of Korea to audit such consolidated financial statements may differ from those generally accepted and applied in other countries.

**Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements**

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with K-IFRS, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group's financial reporting process.

**Auditors' Responsibilities for the Audit of the Consolidated Financial Statements**

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with KSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with KSAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

ㆍIdentify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

ㆍObtain an understanding of internal control relevant to the audit in order to design audit procedures that are appro-priate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.

------

ㆍEvaluate the appropriateness of accounting policies used in the preparation of the consolidated financial statements and the reasonableness of accounting estimates and related disclosures made by management.

ㆍConclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Group to cease to continue as a going concern.

ㆍEvaluate the overall presentation, structure and content of the consolidated financial statements, including the disc-losures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

ㆍObtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. <br>

/s/ KPMG Samjong Accounting Corp.

Seoul, Korea

March 3, 2026

&nbsp;&nbsp;This report is effective as of March 3, 2026, the audit report date. Certain subsequent events or circumstances, which may occur between the audit report date and the time of reading this report, could have a material impact on the accompanying consolidated financial statements and notes thereto. Accordingly, the readers of the audit report should understand that the above audit report has not been updated to reflect the impact of such subsequent events or circumstances, if any.<br>

------

SHINHAN BANK AND SUBSIDIARIES

**Consolidated Statements of Financial Position** 

As of December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of Korean won)* | **Notes** |  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks | 3694041 | W | 31549386 | 32161687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at fair value through profit or loss | 374143 |  | 30509676 | 25950314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative assets | 384143 |  | 5101885 | 7403480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans at amortized cost | 394143 |  | 402551823 | 387840817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans at fair value through profit or loss | 39 |  | 512497 | 772358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at fair value through other comprehensive<br>income | 3101843 |  | 61046557 | 52203335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at amortized cost | 3101843 |  | 27484502 | 28856882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment | 511121718 |  | 2596829 | 2614780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets | 513 |  | 829409 | 1012388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in associates | 14 |  | 631450 | 619772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment properties | 515 |  | 934399 | 621261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net defined benefit assets | 24 |  | 317438 | 261805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current tax assets | 37 |  | 75947 | 61722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets | 37 |  | 98037 | 107612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 391641 |  | 32673381 | 16173365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current assets held for sale | 17 |  | 54102 | 29583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** |  | W | 596967318 | 556691161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities designated at fair value through<br> profit or loss | 19 | W | 287849 | 261299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits | 32041 |  | 434322320 | 412099621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities at fair value through profit or loss | 321 |  | 1522071 | 597058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities | 384143 |  | 4848465 | 7536786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings | 3224041 |  | 29303727 | 22719172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued | 32340 |  | 43117396 | 46692753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net defined benefit liabilities | 24 |  | 8508 | 8274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions | 253941 |  | 555180 | 423210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current tax liabilities | 37 |  | 625998 | 266634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities | 37 |  | 348279 | 298871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 312264144 |  | 43573780 | 29022748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** |  |  | 558513573 | 519926426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital stock | 27 |  | 7928078  | 7928078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hybrid bonds | 27 |  | 1949195  | 2088595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital surplus | 27 |  | 399674  | 403164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital adjustments | 2737 |  | 1614  | 2154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 2737 |  | (104189) | 93197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings  | 2728 |  | 28262102 | 26235404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Regulatory reserve for loan loss)  |  |  | (2790966) | (2348954) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Required provision for regulatory reserve for loan loss)  |  |  | (211014) | (442012) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Expected provision for regulatory reserve for loan loss)  |  |  | (211014) | (442012) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity attributable to equity holder of Shinhan Bank |  |  | 38436474 | 36750592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | 27 |  | 17271 | 14143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total equity** |  |  | 38453745 | 36764735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** |  | W | 596967318 | 556691161 |

---

*See accompanying notes to the consolidated financial statements.*

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SHINHAN BANK AND SUBSIDIARIES

**Consolidated Statements of Comprehensive Income** 

For the years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of Korean won)* | **Notes** |  | **2025** | **2024** |
| Interest income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial instruments at fair value through <br> profit or loss |  | W | 668330 | 697467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial instruments at fair value through other comprehensive income and amortized cost |  |  | 20141692 | 21092068 |
| Interest expense |  |  | 11640133 | 12952498 |
| **Net interest income** | 35294143 |  | 9169889 | 8837037 |
| Fees and commission income |  |  | 1569857 | 1385507 |
| Fees and commission expense |  |  | 353352 | 362535 |
| **Net fees and commission income**  | 35304143 |  | 1216505 | 1022972 |
| Dividend income | 3143 |  | 68663 | 78727 |
| &nbsp;&nbsp;Net gain on financial instruments at fair value through profit or loss | 3241 |  | 368782 | 354535 |
| &nbsp;&nbsp;Net foreign currencies transaction gain |  |  | 558803 | 339943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) on financial instruments designated at fair value through profit or loss | 19 |  | 23446 | (6466) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on disposal of securities at fair value through other comprehensive income | 10 |  | 191960 | 101135 |
| &nbsp;&nbsp;Net loss on disposal of securities at amortized cost | 10 |  | (56) | (41) |
| &nbsp;&nbsp;Provision for credit loss allowance | 39102541 |  | 617279 | 385708 |
| &nbsp;&nbsp;General and administrative expenses | 3341 |  | 4187688 | 3913170 |
| Net other operating expenses | 53541 |  | (1483331) | (1369718) |
| **Operating income** |  |  | 5309694 | 5059246 |
| **Net non-operating expenses** | 536 |  | (262638) | (299165) |
| &nbsp;&nbsp;Share of profit of associates | 514 |  | 14295 | 9856 |
| **Profit before income taxes** | 5 |  | 5061351 | 4769937 |
| Income tax expense | 537 |  | 1285529 | 1074024 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Profit for the year** | 528 |  | 3775822 | 3695913 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Adjusted profit after reflection of regulatory reserve for loan loss |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2025:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,564,808 million won |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2024:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,253,901 million won |  |  |  |  |

---

------

SHINHAN BANK AND SUBSIDIARIES

**Consolidated Statements of Comprehensive Income (Continued)**

For the years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of Korean won, except earnings per share data)* | **Notes** |  | **2025** | **2024** |
| **Other comprehensive income (loss) for the year,**<br> **net of income tax** |  |  |  |  |
| **Items that are or may be reclassified** <br> **subsequently to profit or loss:** |  |  |  |  |
| Foreign currency translation differences for <br>&nbsp;&nbsp;&nbsp;&nbsp;foreign operations |  | W | (121125) | 353868 |
| Unrealized net change in fair value of <br>&nbsp;&nbsp;&nbsp;&nbsp;securities at fair value through other <br>&nbsp;&nbsp;&nbsp;&nbsp;comprehensive income |  |  | (201656) | 306437 |
| Shares in other comprehensive income of associates |  |  | (14328) | 8235 |
|  |  |  | (337109) | 668540 |
| &nbsp;&nbsp;**Items that will not be reclassified to** <br>**profit or loss:** |  |  |  |  |
| Remeasurements of defined benefit plans  |  |  | (11886) | (9843) |
| Unrealized net change in fair value of <br>&nbsp;&nbsp;&nbsp;&nbsp;securities at fair value through other <br>&nbsp;&nbsp;&nbsp;&nbsp;comprehensive income |  |  | 155596 | 60076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Changes in own credit risk on financial liabilities<br>designated at fair value through profit or loss |  |  | 4 | (1) |
|  |  |  | 143714 | 50232 |
| &nbsp;&nbsp;**Other comprehensive income (loss) for the year,** <br>**net of income tax** | 32737 |  | (193395) | 718772 |
| **Total comprehensive income for the year** |  | W | 3582427 | 4414685 |
| **Profit attributable to:** |  |  |  |  |
| &nbsp;&nbsp;Equity holder of Shinhan Bank |  | W | 3774766 | 3695449 |
| Non-controlling interests |  |  | 1056 | 464 |
| **Profit for the year** | 5 | W | 3775822 | 3695913 |
| **Total comprehensive income attributable to:** |  |  |  |  |
| &nbsp;&nbsp;Equity holders of Shinhan Bank |  | W | 3581867 | 4412637 |
| Non-controlling interests |  |  | 560 | 2048 |
| **Total comprehensive income for the year** |  | W | 3582427 | 4414685 |
| **Earnings per share:** |  |  |  |  |
| &nbsp;&nbsp;Basic and diluted earnings per share in won | 38 | W | 2325 | 2278 |

---

*See accompanying notes to the consolidated financial statements.*

------

SHINHAN BANK AND SUBSIDIARIES

**Consolidated Statements of Changes in Equity**

For the year ended December 31, 2024

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Attributable to equity holder of Shinhan Bank** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Attributable to equity holder of Shinhan Bank** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Attributable to equity holder of Shinhan Bank** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Attributable to equity holder of Shinhan Bank** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Attributable to equity holder of Shinhan Bank** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Attributable to equity holder of Shinhan Bank** |  |  |
| *(In millions of Korean won)* |  | **Capital stock** | **Hybrid**<br>**bonds** | **Capital**<br>**surplus** | **Capital**<br>**adjustments** | **Accumulated other comprehensive income (loss)** | **Retained earnings**  | **Non-controlling interests** | **Total** |
| **Balance at January 1, 2024** | W | 7928078 | 1988535 | 403164 | 1946 | (618125) | 23815520 | 12095 | 33531213 |
| &nbsp;&nbsp;&nbsp;**Total comprehensive income (loss), net of income tax** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Profit for the year |  | - | - | - | - | - | 3695449 | 464 | 3695913 |
| &nbsp;&nbsp;&nbsp;Other comprehensive income (loss) for the year |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation differences for foreign operations |  | - | - | - | - | 352277 | - | 1591 | 353868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized net changes in fair values of securities at fair value through other comprehensive income |  | - | - | - | - | 360647 | 5866 | - | 366513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share of other comprehensive income of associates |  | - | - | - | - | 8235 | - | - | 8235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remeasurements of defined benefit plans |  | - | - | - | - | (9836) | - | (7) | (9843) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in own credit risk on financial liabilities designated at fair value through profit or loss |  | - | - | - | - | (1) | - | - | (1) |
|  |  | - | - | - | - | 711322 | 3701315 | 2048 | 4414685 |
| &nbsp;&nbsp;&nbsp;**Transactions with owners in their capacity** <br>**as owner** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Annual dividends to equity holder |  | - | - | - | - | - | (1196396) | - | (1196396) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends to hybrid bond holders |  | - | - | - | - | - | (84150) | - | (84150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of hybrid bonds |  | - | 399387 | - | - | - | - | - | 399387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption of hybrid bonds |  | - | (299327) | - | (673) | - | - | - | (300000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based payment transactions |  | - | - | - | (4) | - | - | - | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others |  | - | - | - | 885 | - | (885) | - | - |
|  |  | - | 100060 | - | 208 | - | (1281431) | - | (1181163) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Balance at December 31, 2024** | W | 7928078 | 2088595 | 403164 | 2154 | 93197 | 26235404 | 14143 | 36764735 |

---

*See accompanying notes to the consolidated financial statement*

------

SHINHAN BANK AND SUBSIDIARIES

**Consolidated Statements of Changes in Equity (Continued)**

For the year ended December 31, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Attributable to equity holder of Shinhan Bank** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Attributable to equity holder of Shinhan Bank** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Attributable to equity holder of Shinhan Bank** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Attributable to equity holder of Shinhan Bank** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Attributable to equity holder of Shinhan Bank** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Attributable to equity holder of Shinhan Bank** |  |  |
| *(In millions of Korean won)* |  | **Capital stock** | **Hybrid**<br>**bonds** | **Capital**<br>**surplus** | **Capital**<br>**adjustments** | **Accumulated other comprehensive income (loss)** | **Retained earnings**  | **Non-controlling interests** | **Total** |
| **Balance at January 1, 2025** | W | 7928078 | 2088595 | 403164 | 2154 | 93197 | 26235404 | 14143 | 36764735 |
| &nbsp;&nbsp;&nbsp;**Total comprehensive income (loss), net of income tax** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Profit for the year |  | - | - | - | - | - | 3774766 | 1056 | 3775822 |
| &nbsp;&nbsp;&nbsp;Other comprehensive income (loss) for the year |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation differences for foreign operations |  | - | - | - | - | (120613) | - | (512) | (121125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized net changes in fair values of securities at fair value through other comprehensive income |  | - | - | - | - | (50564) | 4487 | 17 | (46060) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share of other comprehensive loss of associates |  | - | - | - | - | (14328) | - | - | (14328) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remeasurements of defined benefit plans |  | - | - | - | - | (11885) | - | (1) | (11886) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in own credit risk on financial liabilities designated at fair value through profit or loss |  | - | - | - | - | 4 | - | - | 4 |
|  |  | - | - | - | - | (197386) | 3779253 | 560 | 3582427 |
| &nbsp;&nbsp;&nbsp;**Transactions with owners in their capacity** <br>**as owner** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Annual dividends to equity holder |  | - | - | - | - | - | (1662952) | - | (1662952) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends to hybrid bond holders |  | - | - | - | - | - | (88930) | - | (88930) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of hybrid bonds |  | - | 399387 | - | - | - | - | - | 399387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption of hybrid bonds |  | - | (538787) | - | (1213) | - | - | - | (540000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in ownership interests in subsidiaries |  | - | - | (3490) | - | - | - | 2568 | (922) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others |  | - | - | - | 673 | - | (673) | - | - |
|  |  | - | (139400) | (3490) | (540) | - | (1752555) | 2568 | (1893417) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Balance at December 31, 2025** | W | 7928078 | 1949195 | 399674 | 1614 | (104189) | 28262102 | 17271 | 38453745 |

---

*See accompanying notes to the consolidated financial statements.*

------

SHINHAN BANK AND SUBSIDIARIES

**Consolidated Statements of Cash Flows** 

For the years ended December 31, 2025 and 2024

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of Korean won)* |  | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |  |
| Profit for the year | W | 3775822 | 3695913 |
| Adjustments for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense |  | 1285529 | 1074024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income  |  | (20810022) | (21789535) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  | 11640133 | 12952498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income |  | (68663) | (78727) |
|  |  | (7953023) | (7841740) |
| Non-cash income and expense items: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on financial instruments at fair value through profit or loss  |  | (199754) | (370581) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on non-cash foreign currencies transactions |  | (51172) | (120998) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on financial instruments designated at fair<br> value through profit or loss |  | (23446) | 6466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on disposal of securities at fair value through other comprehensive income |  | (191960) | (101135) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on disposal of securities at amortized cost |  | 56 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit loss allowance |  | 617279 | 385708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash employee benefits |  | 148786 | 102880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization |  | 569525 | 537240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net non-cash other operating expenses |  | 276750 | 200889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share of profit of associates |  | (14295) | (9856) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-operating expenses |  | 180498 | 204130 |
|  |  | 1312267 | 834784 |
| Changes in assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits at amortized cost |  | (62763) | 651994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities at fair value through profit or loss |  | (3689513) | (391326) |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets |  | 6035707 | 2775565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans at amortized cost |  | (14995733) | (35816009) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans at fair value through profit or loss |  | 261036 | (233117) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets |  | (16376053) | 1547064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits due to customers |  | 21390137 | 38845506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities at fair value through profit or loss |  | 396742 | 9418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities |  | (5830726) | (2598931) |
| &nbsp;&nbsp;&nbsp;&nbsp;Defined benefit liabilities |  | (175986) | (80266) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provisions |  | (41638) | (456726) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities |  | 14951248 | (6527440) |
|  |  | 1862458 | (2274268) |
| Income tax paid |  | (891893) | (796796) |
| Interest received |  | 20508322 | 21868131 |
| Interest paid |  | (12023339) | (12414047) |
| Dividends received |  | 72748 | 109856 |
| **Net cash inflow from operating activities** |  | 6663362 | 3181833 |

---

------

SHINHAN BANK AND SUBSIDIARIES

**Consolidated Statements of Cash Flows** 

For the years ended December 31, 2025 and 2024

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of Korean won)* |  | **2025** | **2024** |
| **Cash flows from investing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash flow of derivative financial instruments for hedges | W | 16051 | 45974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from decrease of securities at fair value through profit or loss |  | 1516419 | 703254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of securities at fair value through profit or loss |  | (2118292) | (2262642) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from decrease of securities at fair value through other comprehensive income |  | 40187272 | 37120488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of securities at fair value through other comprehensive income |  | (48771078) | (36910800) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from decrease of securities at amortized cost |  | 7014566 | 7119902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of securities at amortized cost |  | (5405639) | (5004766) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of property and equipment |  | 1790 | 2229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of property and equipment |  | (159986) | (132172) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of intangible assets |  | 5464 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of intangible assets |  | (260926) | (361266) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of investments in associates |  | 19504 | 51139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of investments in associates |  | (38702) | (349121) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of investment properties |  | (4564) | (3202) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of non-current assets for sale |  | 42167 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in other assets |  | 351559 | 539398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in other assets |  | (356044) | (511758) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of a subsidiary |  | (124004) | - |
| **Net cash inflow (outflow) from investing activities** |  | (8084443) | 46673 |
| **Cash flows from financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash flow of derivative financial instruments for hedges |  | 3026 | (9420) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in financial liabilities designated at fair value through profit or loss |  | 99985 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in financial liabilities designated at fair value through profit or loss |  | (50000) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in borrowings |  | 6339179 | (5329664) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of debt securities |  | 27597254 | 36665988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of debt securities |  | (31139271) | (29115542) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid |  | (1751882) | (1280546) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of hybrid bonds |  | 399387 | 399387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of hybrid bonds |  | (540000) | (300000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in other liabilities |  | 53168 | 146039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in other liabilities  |  | (226190) | (316503) |
| **Net cash inflow from financing activities** |  | 784656 | 859739 |
| &nbsp;&nbsp;**Effect of exchange rate fluctuations on cash and cash equivalents held** |  | (8410) | 150386 |
| **Net increase (decrease) in cash and cash equivalents** |  | (644835) | 4238631 |
| **Cash and cash equivalents at the beginning of the year (Note 40)**  |  | 31854539 | 27615908 |
| **Cash and cash equivalents at the end of the year (Note 40)**  | W | 31209704 | 31854539 |

---

**Please refer to attached courtesy PDF from page 10 to 200**

------

## Exhibit 99.2

**SHINHAN BANK**

Separate Financial Statements

**December 31, 2025 and 2024** 

(With Independent Auditors' Report Thereon)

------

Contents

---

| | |
|:---|:---|
|  | **Page** |
| Independent Auditors' Report | 1 |
| Separate Statements of Financial Position | 3 |
| Separate Statements of Comprehensive Income | 4 |
| Separate Statements of Changes in Equity | 6 |
| Separate Statements of Cash Flows | 8 |
| Notes to the Separate Financial Statements | 10 |
| Report on Independent Auditors' Review of Internal Control over Financial Reporting | 184 |
| Report on the Effectiveness of the Internal Control over Financial Reporting | 186 |

---

------

**<u>Independent Auditors' Report</u>**

Based on a report originally issued in Korean

To the Board of Directors and Stockholder of

Shinhan Bank:

**Opinion**

We have audited the separate financial statements of Shinhan Bank (the "Bank"), which comprise the separate statements of financial position as of December 31, 2025 and 2024, the separate statements of comprehensive income, changes in equity and cash flows for the years then ended, and notes, comprising of material accounting policy information and other explanatory information.

In our opinion, the accompanying separate financial statements present fairly, in all material respects, the separate financial position of the Bank as of December 31, 2025 and 2024, and its separate financial performance and its separate cash flows for the years then ended in accordance with Korean International Financial Reporting Standards ("K-IFRS").

**Basis for Opinion**

We conducted our audits in accordance with Korean Standards on Auditing ("KSAs"). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Separate Financial Statements section of our report. We are independent of the Bank in accordance with the ethical requirements that are relevant to our audit of the separate financial statements in the Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

**Other Matter**

The procedures and practices utilized in the Republic of Korea to audit such separate financial statements may differ from those generally accepted and applied in other countries.

**Responsibilities of Management and Those Charged with Governance for the Separate Financial Statements**

Management is responsible for the preparation and fair presentation of the separate financial statements in accordance with K-IFRS, and for such internal control as management determines is necessary to enable the preparation of separate financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the separate financial statements, management is responsible for assessing the Bank's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Bank's financial reporting process.

**Auditors' Responsibilities for the Audit of the Separate Financial Statements**

Our objectives are to obtain reasonable assurance about whether the separate financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with KSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these separate financial statements.

As part of an audit in accordance with KSAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

ㆍIdentify and assess the risks of material misstatement of the separate financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

ㆍObtain an understanding of internal control relevant to the audit in order to design audit procedures that are appro-priate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank's internal control.

------

ㆍEvaluate the appropriateness of accounting policies used in the preparation of the separate financial statements and the reasonableness of accounting estimates and related disclosures made by management.

ㆍConclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Bank's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the separate financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Bank to cease to continue as a going concern.

ㆍEvaluate the overall presentation, structure and content of the separate financial statements, including the disclosures, and whether the separate financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. <br>

/s/ KPMG Samjong Accounting Corp.

Seoul, Korea

March 3, 2026

&nbsp;&nbsp;This report is effective as of March 3, 2026, the audit report date. Certain subsequent events or circumstances, which may occur between the audit report date and the time of reading this report, could have a material impact on the accompanying separate financial statements and notes thereto. Accordingly, the readers of the audit report should understand that the above audit report has not been updated to reflect the impact of such subsequent events or circumstances, if any.<br>

------

SHINHAN BANK

**Separate Statements of Financial Position**

As of December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of Korean won)* | **Notes** |  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks | 3584041 | W | 24283077 | 25173671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at fair value through profit or loss | 3641 |  | 31051245 | 25892162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative assets | 3741 |  | 5092017 | 7400039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans at amortized cost | 3841 |  | 363618144 | 351575129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans at fair value through profit or loss | 38 |  | 506781 | 745412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at fair value through other comprehensive income | 3917 |  | 59845241 | 51096393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at amortized cost | 3917 |  | 25964036 | 27011804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment | 10111617 |  | 2188781 | 2366429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets | 12 |  | 753755 | 936272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in subsidiaries and associates | 13 |  | 2943223 | 2854736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment properties | 14 |  | 654612 | 611208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net defined benefit assets | 23 |  | 317438 | 261805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current tax assets | 37 |  | 4892 | 8542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 381541 |  | 32167367 | 15825559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current assets held for sale | 16 |  | 41069 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** |  | W | 549431678 | 511759161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities designated at fair value through profit or loss | 18 | W | 287849  | 261299  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits | 31941 |  | 396097125  | 375641186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities at fair value through profit or loss | 320 |  | 1522071  | 597058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities | 3741 |  | 4848166  | 7530742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings | 3214041 |  | 28042446  | 21838763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities issued | 32240 |  | 40478377  | 43524701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions | 243941 |  | 605144  | 447008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current tax liabilities | 37 |  | 532905  | 201330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities | 37 |  | 331820  | 303872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 311254142 |  | 42136187  | 28084827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** |  |  | 514882090 | 478430786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital stock | 26 |  | 7928078  | 7928078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hybrid bonds | 26 |  | 1949195  | 2088595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital surplus | 26 |  | 398080  | 398080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital adjustments | 2637 |  | 5563  | 6103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | 2637 |  | (134097) | (58359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings  | 2627 |  | 24402769  | 22965878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Regulatory reserve for loan loss)  |  |  | (2629890) | (2233852) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Required provision for regulatory reserve for loan loss)  |  |  | (137663) | (396038) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Expected provision for regulatory reserve for loan loss)  |  |  | (137663) | (396038) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total equity** |  |  | 34549588  | 33328375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** |  | W | 549431678  | 511759161 |

---

*See accompanying notes to the separate financial statements.*

------

SHINHAN BANK

**Separate Statements of Comprehensive Income**

For the years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of Korean won, except earnings per share data)* | **Notes** |  | **2025** | **2024** |
| Interest income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial instruments at fair value through profit or loss |  | W | 654146  | 703730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial instruments at fair value through other comprehensive income and amortized cost |  |  | 17970242  | 18964453 |
| Interest expense |  |  | 10629344  | 12017026 |
| **Net interest income** | 3283641 |  | 7995044 | 7651157  |
| Fees and commission income |  |  | 1466944  | 1293877 |
| Fees and commission expense |  |  | 295796  | 293673 |
| **Net fees and commission income**  | 3293641 |  | 1171148 | 1000204 |
| Dividend income | 3036 |  | 66871  | 76658 |
| &nbsp;&nbsp;Net gain on financial instruments at fair value through profit or loss | 620313641 |  | 387717  | 278110 |
| &nbsp;&nbsp;Net foreign currencies transaction gain | 36 |  | 510396  | 206356  |
| Net gain (loss) on financial instruments designated at fair<br> value through profit or loss | 18 |  | 23446  | (6466) |
| &nbsp;&nbsp;Net gain on disposal of securities at fair value through other comprehensive income | 936 |  | 167483  | 98164 |
| &nbsp;&nbsp;Net loss on disposal of securities at amortized cost | 9 |  | (56) | (41) |
| &nbsp;&nbsp;Provision for credit loss allowance | 3892441 |  | 593394  | 308568 |
| &nbsp;&nbsp;General and administrative expenses | 3241 |  | 3701518  | 3459539 |
| Net other operating expenses | 343641 |  | (1502977) | (1369210) |
| **Operating income**  |  |  | 4524160 | 4166825 |
| **Net non-operating expense** | 35 |  | (250731) | (269910) |
| **Profit before income taxes** |  |  | 4273429  | 3896915 |
| Income tax expense  | 37 |  | 1088470  | 864543 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Profit for the year** | 27 |  | 3184959 | 3032372 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Adjusted profit after reflection of regulatory reserve <br>for loan loss |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2025:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,047,296 million won |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2024:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,636,334 million won) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Other comprehensive income for the year, net of income tax** |  |  |  |  |
| **Items that are or may be reclassified** <br> **subsequently to profit or loss:** |  |  |  |  |
| Foreign currency translation differences for <br>&nbsp;&nbsp;&nbsp;&nbsp;foreign operations |  |  | (23672) | 64395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized net change in fair value of <br>securities at fair value through other <br>comprehensive income |  |  | (188976) | 304897 |

---

------

SHINHAN BANK

**Separate Statements of Comprehensive Income (Continued)**

For the years ended December 31, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(In millions of Korean won, except earnings per share data)* | **Notes** |  | **2025** | **2024** |
| **Items that will not be reclassified to profit or loss:** |  |  |  |  |
| &nbsp;&nbsp; Remeasurements of defined benefit plans |  | W | (11797) | (9113) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized net change in fair value of <br>&nbsp;&nbsp;&nbsp;&nbsp;securities at fair value through other <br>&nbsp;&nbsp;&nbsp;&nbsp;comprehensive income |  |  | 153191  | 60076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in own credit risk on financial liabilities designated at fair value through profit or loss |  |  | 3  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Other comprehensive income (loss) for the year, net of income tax** | 32637 |  | (71251) | 420254 |
| **Total comprehensive income for the year** |  | W | 3113708 | 3452626 |
| &nbsp;&nbsp;Basic and diluted earnings per share in won | 38 |  | 1953 | 1859 |

---

<br>*See accompanying notes to the separate financial statements.*

------

SHINHAN BANK

**Separate Statements of Changes in Equity (Continued)**

For the year ended December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of Korean won)* |  | **Capital stock** | **Hybrid**<br>**bonds** | **Capital**<br>**surplus** | **Capital**<br>**adjustments** | **Accumulated other comprehensive income (loss)** | **Retained**<br>**earnings** | **Total** |
| **Balance at January 1, 2024** | W | 7928078 | 1988535 | 398080 | 5895 | (472747) | 21209071 | 31056912 |
| &nbsp;&nbsp;&nbsp;**Total comprehensive income (loss), net of**<br>**income tax** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Profit for the year |  | -  | -  | -  | -  | -  | 3032372 | 3032372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) for the<br>year |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation differences for<br> foreign operations |  | -  | -  | -  | -  | 64395 | -  | 64395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized net changes in fair values of<br> securities at fair value through other<br> comprehensive income  |  | -  | -  | -  | -  | 359107 | 5866 | 364973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Remeasurements of defined benefit plans |  | -  | -  | -  | -  | (9113) | -  | (9113) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in own credit risk on financial liabilities designated at fair value through profit or loss |  | - | - | - | - | (1) | - | (1) |
|  |  | -  | -  | -  | -  | 414388 | 3038238 | 3452626 |
| **Transactions with owners in their capacity**<br> **as owners** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Annual dividends to equity holder |  | -  | -  | -  | -  | -  | (1196396) | (1196396) |
| &nbsp;&nbsp;Dividends to hybrid bond holders |  | -  | -  | -  | -  | -  | (84150) | (84150) |
| &nbsp;&nbsp;Issuance of hybrid bonds |  | -  | 399387 | -  | -  | -  | -  | 399387 |
| &nbsp;&nbsp;Redemption of hybrid bonds |  | -  | (299327) | -  | (673) | -  | -  | (300000) |
| &nbsp;&nbsp;Share-based payment transactions |  | -  | -  | -  | (4)  | -  | -  | (4)  |
| &nbsp;&nbsp;Others |  | -  | -  | -  | 885 | -  | (885) | -  |
|  |  | - | 100060 | - | 208 | - | (1281431) | (1181163) |
| &nbsp;&nbsp;&nbsp;**Balance at December 31, 2024** | W | 7928078 | 2088595 | 398080 | 6103 | (58359) | 22965878 | 33328375 |

---

*See accompanying notes to the separate financial statements.*

------

SHINHAN BANK

**Separate Statements of Changes in Equity (Continued)**

For the year ended December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions of Korean won)* |  | **Capital stock** | **Hybrid**<br>**bonds** | **Capital**<br>**surplus** | **Capital**<br>**adjustments** | **Accumulated other comprehensive income (loss)** | **Retained**<br>**earnings** | **Total** |
| **Balance at January 1, 2025** | W | 7928078  | 2088595  | 398080  | 6103  | (58359) | 22965878  | 33328375  |
| &nbsp;&nbsp;&nbsp;**Total comprehensive income (loss), net of**<br>**income tax** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Profit for the year |  | -  | -  | -  | -  | -  | 3184959  | 3184959  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) for the<br>year |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation differences for<br> foreign operations |  | -  | -  | -  | -  | (23672) | -  | (23672) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized net changes in fair values of<br> securities at fair value through other<br> comprehensive income  |  | -  | -  | -  | -  | (40272) | 4487  | (35785) |
| &nbsp;&nbsp;&nbsp;&nbsp;Remeasurements of defined benefit plans |  | -  | -  | -  | -  | (11797) | -  | (11797) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in own credit risk on financial liabilities designated at fair value through profit or loss |  | -  | -  | -  | -  | 3  | -  | 3  |
|  |  | -  | -  | -  | -  | (75738) | 3189446  | 3113708  |
| **Transactions with owners in their capacity**<br> **as owners** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Annual dividends to equity holder |  | -  | -  | -  | -  | -  | (1662952) | (1662952) |
| &nbsp;&nbsp;Dividends to hybrid bond holders |  | -  | -  | -  | -  | -  | (88930) | (88930) |
| &nbsp;&nbsp;Issuance of hybrid bonds |  | -  | 399387  | -  | -  | -  | -  | 399387  |
| &nbsp;&nbsp;Redemption of hybrid bonds |  | -  | (538787) | -  | (1213) | -  | -  | (540000) |
| &nbsp;&nbsp;Others |  | -  | -  | -  | 673  | -  | (673) | -  |
|  |  | -  | (139400) | -  | (540) | -  | (1752555) | (1892495) |
| &nbsp;&nbsp;&nbsp;**Balance at December 31, 2025** | W | 7928078  | 1949195  | 398080  | 5563  | (134097) | 24402769  | 34549588  |

---

*See accompanying notes to the separate financial statements.*

------

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of Korean won)* |  | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |  |
| Profit for the year | W | 3184959 | 3032372 |
| Adjustments for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense |  | 1088470  | 864543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | (18624388) | (19668183) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  | 10629344  | 12017026  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income |  | (66871) | (76658) |
|  |  | (6973445) | (6863272) |
| Non-cash income and expense items: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on financial instruments at fair value through profit or loss |  | (181314) | (313277) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on non-cash foreign currencies transactions |  | (68993) | (55619) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on financial instruments designated at fair value through profit or loss |  | (23446) | 6466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on disposal of securities at fair value through other comprehensive income |  | (167483) | (98164) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on disposal of securities at amortized cost |  | 56  | 41  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit loss allowance |  | 593394  | 308568  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash employee benefits |  | 146596  | 100853  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization |  | 492379  | 464406  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net non-cash other operating expenses  |  | 267851  | 217585  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-operating expenses |  | 181642  | 174960  |
|  |  | 1240682 | 805819  |
| Changes in assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits at amortized cost |  | (565489) | 274779  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities at fair value through profit or loss |  | (4333957) | (529783) |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets |  | 6058152  | 2773352  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans at amortized cost |  | (13064079) | (33131186) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans at fair value through profit or loss |  | 239374  | (228127)  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets |  | (16287997) | 1663999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits due to customers  |  | 20694269  | 35434069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities at fair value through profit or loss |  | 399278  | 11954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities |  | (5823190) | (2645069) |
| &nbsp;&nbsp;&nbsp;&nbsp;Defined benefit liabilities |  | (173821) | (78378) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provisions |  | (36773) | (451073) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities |  | 14699847  | (6369658)  |
|  |  | 1805614 | (3275121) |
| Income tax paid |  | (697081) | (612042) |
| Interest received |  | 18378635  | 19695525  |
| Interest paid |  | (11096646) | (11563384) |
| Dividends received |  | 71313  | 107398  |
| **Net cash inflow from operating activities** |  | 5914031 | 1327295  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| *(In millions of Korean won)* |  | **2025** | **2024** |
| **Cash flows from investing activities** |  |  |  |
| &nbsp;&nbsp;Net cash flow of derivative financial instruments for hedges | W | 16051  | 45974  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from decrease of securities at fair value through profit or loss |  | 1516419  | 703254  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of securities at fair value through profit or loss |  | (2118292) | (2262642) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from decrease of securities at fair value through other comprehensive income |  | 39364298  | 36510846  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of securities at fair value through other comprehensive income |  | (47889009) | (36178368) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from decrease of securities at amortized cost |  | 6572915  | 6591267  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of securities at amortized cost |  | (5289119) | (4444063) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of property and equipment |  | 84  | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of property and equipment |  | (126231) | (117127) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of intangible assets |  | 5465  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of intangible assets |  | (246934) | (346662) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of investments in associates and others |  | 20989  | 51139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of investments in associates and others |  | (109647) | (349121) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of investment properties |  | (4564) | (2893) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of non-current assets for sale |  | 23341  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in other assets |  | 351559  | 539398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in other assets |  | (356044) | (511758) |
| **Net cash inflow (outflow) from investing activities** |  | (8268719) | 229485 |
| **Cash flows from financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash flow of derivative financial instruments for hedges |  | 3026  | (9420)  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in financial liabilities designated at fair value through profit or loss |  | 99985  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in financial liabilities designated at fair value through profit or loss |  | (50000) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in borrowings |  | 6207295  | (5318929) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of debt securities |  | 17524577  | 25075509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of debt securities |  | (20775823) | (17207263) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid |  | (1751882) | (1280546) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of hybrid bonds |  | 399387  | 399387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of hybrid bonds |  | (540000) | (300000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in other liabilities |  | 53168  | 146039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in other liabilities  |  | (186096) | (272041) |
| **Net cash inflow from financing activities** |  | 983637 | 1232736 |
| &nbsp;&nbsp;**Effect of exchange rate fluctuations on cash and cash equivalents held** |  | 15849  | 145081 |
| **Net increase (decrease) in cash and cash equivalents** |  | (1355202) | 2934597  |
| **Cash and cash equivalents at the beginning of the year (Note 40)** |  | 24986635 | 22052038  |
| **Cash and cash equivalents at the end of the year (Note 40)** | W | 23631433 | 24986635  |

---

**Please refer to attached courtesy PDF from page 10 to 183.**

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**<u>Independent Auditors' Review Report on Internal Control over Financial Reporting</u>**

<u>Based on a report originally issued in Korean</u>

To the shareholders and board of directors of

Shinhan Bank:

We have reviewed the accompanying Report on the Operational Status of Internal Control over Financial Reporting (the "ICFR Report") of Shinhan Bank (the "Bank") as of December 31, 2025. The Bank's management is responsible for designing and maintaining effective ICFR and for its assessment of the effectiveness of ICFR. Our responsibility is to review management's assessment and issue a report based on our review. In the accompanying report of management's assessment of ICFR, it is stated that: "Based on the assessment of the operational status of the ICFR by Bank's Chief Executive Officer and Internal Accounting Manager, the Bank's ICFR has been effectively designed and is operating as of December 31, 2025, in all material respects, in accordance with the Conceptual Framework for Designing and Operating Internal Control over Financial Reporting (the "Conceptual Framework") issued by the Operating Committee of Internal Control over Financial Reporting in the Republic of Korea (the "ICFR Committee")."

We conducted our review in accordance with ICFR Review Standards issued by the Korean Institute of Certified Public Accountants. Those standards require that we plan and perform the review to obtain assurance of a level less than that of an audit as to whether the Bank's ICFR Report is free of material misstatement. Our review consists principally of obtaining an understanding of the Bank's ICFR, inquiries of company personnel about the details of the report, and tracing to related documents we considered necessary in the circumstances.

A company's ICFR is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with Korean International Financial Reporting Standards ("K-IFRS"). A company's ICFR includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Bank, (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with K-IFRS, and that receipts and expenditures of the Bank are being made only in accordance with authorizations of management and directors of the Bank; and (3) regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Bank's assets that could have a material effect on the financial statements.

Because of its inherent limitations, ICFR may not prevent or detect material misstatements in the financial statements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Based on our review of the Bank's ICFR Report, nothing has come to our attention that causes us to believe that the ICFR Report as of December 31, 2025 is not prepared in all material respects, in accordance with the Standards for Evaluation and Reporting of Internal Control over Financial Reporting issued by the ICFR Committee.

This report applies to the Bank's ICFR in existence as of December 31, 2025. We did not review the Bank's ICFR subsequent to December 31, 2025. This report has been prepared for Korean regulatory purposes, pursuant to the Act on External Audit of Stock Companies, Etc. and may not be appropriate for other purposes or for other users.

------

KPMG Samjong Accounting Corp.

Seoul, Korea

March 3, 2026

<u>Notice to Readers This report is annexed in relation to the audit of the separate financial statements as of and for the year ended December 31, 2025.</u>

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### Attached PDF Documents

**Attachment 1:** `ck0001263043-ex99_1.pdf`

_No text found in this document._

**Attachment 2:** `ck0001263043-ex99_2.pdf`

_No text found in this document._