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 2024
SHINHAN FINANCIAL GROUP CO., LTD.
(Translation of registrant's name into English)
20, Sejong-daero 9-gil, Jung-gu, Seoul 04513, Korea
(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
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1): _______
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7): _______
Indicate by check mark whether the registrant by furnishing the
information contained in this form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
Yes No___√___
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- n/a .
Please refer to Exhibit 99.1 and 99.2
EXHIBIT INDEX
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Exhibit No. |
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Description |
99.1 |
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Independent Auditor’s Report (Separate Financial Statements) of Shinhan Card as of December 31, 2023 |
99.2 |
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Independent Auditor’s Report (Consolidated Financial Statements) of Shinhan Card as of December 31, 2023 |
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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.
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Shinhan Financial Group Co., Ltd. |
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(Registrant) |
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Date: March 4, 2024 |
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By: |
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/s/ CHUN Sang-yung |
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Name: CHUN Sang-yung |
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Title: Chief Financial Officer |
Exhibit 99.1
Independent Auditor’s Report (Separate Financial Statements) of Shinhan Card as of December 31, 2023
On March 4, 2024, Shinhan Card, our wholly-owned credit card subsidiary, filed its audit report with the Financial Supervisory Service and the Korea Exchange of the Republic of Korea pursuant to the Act of External Audit of Stock Companies and KOSPI Market Disclosure Regulation.
Contents
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Page |
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Independent Auditors’ Report |
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1 |
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Separate Statements of Financial Position |
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3 |
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Separate Statements of Comprehensive Income |
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4 |
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Separate Statements of Changes in Equity |
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5 |
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Separate Statements of Cash Flows |
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6 |
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Notes to the Separate Financial Statements |
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8 |
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Independent Auditors’ Review Report on Internal Control over Financial Reporting |
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Refer to PDF |
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ICFR Operating Status Report |
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Refer to PDF |
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Please refer to the attached PDF file to see more details of Audit Reports with separate financial statements.
Independent Auditors’ Report
Based on a report originally issued in Korean
To the Board of Directors and Shareholder of Shinhan Card Co., Ltd.
Opinion
We have audited the separate financial statements of Shinhan Card Co., Ltd.(“the Company”), which comprise the separate statement of financial position as of December 31, 2023, the separate statement of profit or loss and other comprehensive income, changes in equity and cash flows for the year 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 Group as of December 31, 2023, and its separate financial performance and its separate cash flows for the year then ended in accordance with Korean International Financial Reporting Standards (“K-IFRS”).
Basis for Opinion
We conducted our audit 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 Company 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.
The separate financial statements of the Group for the year ended December 31, 2022 were audited by another auditor who expressed an unmodified opinion on those statements on March 6, 2023.
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 Korean 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 Company’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 Company or to cease operations.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.
Auditor’s 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 auditor’s 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 Korean Standards on
Auditing 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 Korean Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
•Identify 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.
•Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.
•Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
•Conclude 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 Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s 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 auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
•Evaluate 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.
KPMG Samjong Accounting Corp.
March 4, 2024
Seoul, Korea
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This report is effective as of March 4, 2024, 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 there is a possibility that the above audit report has not been updated to reflect the impact of such subsequent events or circumstances, if any. |
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(In millions of won, except share data) |
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Note |
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2023 |
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2022 |
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Assets |
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Cash and due from banks |
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10,40 |
W |
493,057 |
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407,852 |
Financial assets at fair value through profit or loss |
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11 |
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1,513,207 |
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864,401 |
Derivative assets |
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12 |
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147,690 |
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138,072 |
Credit card receivables at amortized cost and others |
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13 |
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35,362,909 |
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35,676,297 |
Lease assets |
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14 |
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2,082,812 |
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1,944,821 |
Financial assets at fair value through other comprehensive income |
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16 |
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393,979 |
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375,471 |
Property and equipment, net |
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15,17 |
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617,717 |
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623,982 |
Intangible assets |
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18 |
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98,507 |
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90,256 |
Investments in subsidiaries and others |
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19 |
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331,677 |
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325,082 |
Current tax assets |
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39 |
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21,626 |
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21,634 |
Deferred tax assets |
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39 |
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115,747 |
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116,841 |
Investment properties |
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20 |
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46,943 |
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45,959 |
Defined benefit assets |
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24 |
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3,480 |
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36,795 |
Other assets |
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21 |
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1,372,791 |
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1,640,945 |
Total assets |
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W |
42,602,142 |
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42,308,408 |
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Liabilities |
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Derivative liabilities |
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12 |
W |
229 |
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- |
Borrowings |
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22 |
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9,739,749 |
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11,616,048 |
Debentures, net |
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23 |
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19,282,427 |
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18,467,463 |
Current tax liabilities |
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39 |
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87,386 |
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79,203 |
Provisions |
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25 |
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232,105 |
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237,320 |
Other liabilities |
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15,26 |
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5,289,129 |
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4,551,597 |
Total liabilities |
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W |
34,631,025 |
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34,951,631 |
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Equity |
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Common stock |
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27 |
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626,847 |
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626,847 |
Hybrid bonds |
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699,822 |
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399,901 |
Capital surplus |
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27 |
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860,592 |
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860,592 |
Capital adjustments |
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27 |
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1,895 |
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1,893 |
Accumulated other comprehensive loss |
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27 |
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(60,158) |
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(35,432) |
Retained earnings |
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27,28 |
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5,842,119 |
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5,502,976 |
Total equity |
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7,971,117 |
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7,356,777 |
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Total liabilities and equity |
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W |
42,602,142 |
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42,308,408 |
The accompanying notes are an integral part of the separate financial statements.
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(In millions of won, except earnings per share) |
Note |
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2023 |
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2022 |
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Interest income |
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W |
2,636,469 |
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2,344,686 |
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Interest expense |
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(883,759) |
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(677,497) |
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Net interest income |
32 |
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1,752,710 |
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1,667,189 |
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Fee and commission income |
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2,039,246 |
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1,740,291 |
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Fee and commission expense |
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(1,275,435) |
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(1,221,557) |
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Net fee and commission income |
33 |
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763,811 |
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518,734 |
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Dividend income |
34 |
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382 |
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415 |
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Net gain on financial assets at fair value through profit or loss |
11 |
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52,120 |
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38,774 |
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Net gain on derivatives |
12 |
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31,434 |
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113,871 |
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Net gain(loss) on foreign currency transactions |
7 |
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9,882 |
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(78,497) |
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Provision for credit loss allowance |
35 |
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(810,930) |
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(509,009) |
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General administrative expenses |
36 |
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(684,361) |
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(692,538) |
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Other operating expense, net |
37 |
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(311,843) |
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(322,602) |
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Operating income |
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803,205 |
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736,337 |
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Non-operating income, net |
38 |
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2,383 |
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64,838 |
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Impairment of investments in subsidiaries and others |
19 |
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- |
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(5,201) |
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Profit before income tax |
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805,588 |
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795,974 |
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Income tax expense |
39 |
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(179,740) |
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(186,361) |
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Profit for the year |
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W |
625,848 |
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609,613 |
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Other comprehensive income (loss): |
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Items that will not be reclassified to profit or loss |
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Remeasurement of the net defined benefit obligations |
24,27 |
W |
(21,314) |
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30,697 |
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Net changes in the unrealized fair value of financial assets at fair value through other comprehensive income |
7,27 |
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1,969 |
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6,047 |
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Items that are or may be reclassified to profit or loss |
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Loss on financial assets at fair value through other comprehensive income |
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10,864 |
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(17,031) |
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Net changes in the unrealized fair value of cash flow hedges |
12,27 |
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(16,245) |
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(18,277) |
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Other comprehensive income for the year, net of tax |
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(24,726) |
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1,436 |
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Total comprehensive income for the year |
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W |
601,122 |
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611,049 |
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Earnings per share Basic and diluted earnings per share (in won) |
30 |
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4,752 |
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4,762 |
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The accompanying notes are an integral part of the separate financial statements.
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(In millions of won) |
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Common stock |
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Hybrid |
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Capital surplus |
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Capital adjustments |
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Accumulated other |
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Retained earnings |
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Total |
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bonds |
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comprehensive income (loss) |
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Balance at January 1, 2022 |
W |
626,847 |
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- |
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860,592 |
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1,871 |
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(36,868) |
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5,243,604 |
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6,696,046 |
Transactions with the owner of the Company: |
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Dividends |
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- |
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- |
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- |
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- |
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- |
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(337,620) |
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(337,620) |
Share-based payment transactions |
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- |
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- |
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- |
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22 |
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- |
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- |
|
22 |
Issuance of hybrid bonds |
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- |
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399,901 |
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- |
|
- |
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- |
|
- |
|
399,901 |
Dividend on hybrid bonds |
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- |
|
- |
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- |
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- |
|
- |
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(12,621) |
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(12,621) |
Total comprehensive income for the year: |
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Profit for the year |
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- |
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- |
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- |
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- |
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- |
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609,613 |
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609,613 |
Remeasurement of the net defined benefit obligations |
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- |
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- |
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- |
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- |
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30,697 |
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- |
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30,697 |
Net changes in the unrealized fair value of financial assets at fair value through other comprehensive income |
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- |
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- |
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- |
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- |
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(10,984) |
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- |
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(10,984) |
Net changes in the unrealized fair value of cash flow hedges |
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- |
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- |
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- |
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- |
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(18,277) |
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- |
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(18,277) |
Balance at December 31, 2022 |
W |
626,847 |
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399,901 |
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860,592 |
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1,893 |
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(35,432) |
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5,502,976 |
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7,356,777 |
Balance at January 1, 2023 |
W |
626,847 |
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399,901 |
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860,592 |
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1,893 |
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(35,432) |
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5,502,976 |
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7,356,777 |
Transactions with the owner of the Company: |
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Dividends |
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- |
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- |
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- |
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- |
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- |
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(256,631) |
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(256,631) |
Share-based payment transactions |
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- |
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- |
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- |
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2 |
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- |
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- |
|
2 |
Issuance of hybrid bonds |
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- |
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299,921 |
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- |
|
- |
|
- |
|
- |
|
299,921 |
Dividend on hybrid bonds |
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- |
|
- |
|
- |
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- |
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- |
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(30,074) |
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(30,074) |
Total comprehensive income for the year: |
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Profit for the year |
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- |
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- |
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- |
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- |
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- |
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625,848 |
|
625,848 |
Remeasurement of the net defined benefit obligations |
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- |
|
- |
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- |
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- |
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(21,314) |
|
- |
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(21,314) |
Net changes in the unrealized fair value of financial assets at fair value through other comprehensive income |
|
- |
|
- |
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- |
|
- |
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12,833 |
|
- |
|
12,833 |
Net changes in the unrealized fair value of cash flow hedges |
|
- |
|
- |
|
- |
|
- |
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(16,245) |
|
- |
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(16,245) |
Balance at December 31, 2023 |
W |
626,847 |
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699,822 |
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860,592 |
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1,895 |
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(60,158) |
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5,842,119 |
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7,971,117 |
The accompanying notes are an integral part of the separate financial statements.
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(In millions of won) |
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2023 |
|
2022 |
Cash flows from operating activities |
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Profit for the year |
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W |
625,848 |
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609,613 |
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Adjustments for: |
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(1,573,352) |
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(1,481,234) |
Interest income |
|
|
(2,636,469) |
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(2,344,686) |
Interest expense |
|
|
883,759 |
|
677,497 |
Dividend income |
|
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(382) |
|
(415) |
Income tax expense |
|
|
179,740 |
|
186,361 |
Fee and commission income |
|
|
37,444 |
|
32,470 |
Fee and commission expense |
|
|
1,009 |
|
670 |
Net gain on sale of financial assets at fair value through profit or loss |
|
|
(4,029) |
|
(7,102) |
Net loss on sale of financial assets at fair value through profit or loss |
|
|
322 |
|
- |
Net gain on valuation of financial assets at fair value through profit or loss |
|
|
(7,164) |
|
(4,494) |
Net loss on valuation of financial assets at fair value through profit or loss |
|
|
1,806 |
|
1,133 |
Net gain on derivatives |
|
|
(33,334) |
|
(118,611) |
Net loss on derivatives |
|
|
1,900 |
|
4,740 |
Net gain on foreign currency transactions |
|
|
(2,532) |
|
(9,483) |
Net loss on foreign currency transactions |
|
|
33,813 |
|
120,554 |
Provision for credit loss allowance |
|
|
810,930 |
|
509,009 |
Employee-related expenses |
|
|
20,093 |
|
24,211 |
Depreciation expenses |
|
|
61,979 |
|
53,885 |
Increase (Decrease) in provision for restoration |
|
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(1,282) |
|
20 |
Other operating income |
|
|
- |
|
- |
Other operating expenses |
|
|
445,122 |
|
351,390 |
Non-operating income |
|
|
(1,036) |
|
(62,974) |
Non-operating expenses |
|
|
1,906 |
|
1,547 |
Subsidiary investment stock damage loss |
|
|
- |
|
5,201 |
|
|
|
1,366,947 |
|
902,166 |
Changes in assets and liabilities: |
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|
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|
|
Due from banks at amortized cost |
|
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(50,000) |
|
- |
Financial assets at fair value through profit or loss |
|
|
(604,809) |
|
75,103 |
Credit card receivables at amortized cost and other |
|
|
(328,472) |
|
(3,250,701) |
Lease assets |
|
|
(583,175) |
|
(898,355) |
Other assets |
|
|
(143,310) |
|
(401,899) |
Net defined benefit obligations |
|
|
(10,632) |
|
(49,989) |
Provisions |
|
|
(37,261) |
|
(22,206) |
Other liabilities |
|
|
592,608 |
|
545,795 |
|
|
|
(1,165,051) |
|
(4,002,252) |
|
|
|
|
|
|
Income taxes paid |
|
|
(161,906) |
|
(295,341) |
Interest received |
|
|
2,489,477 |
|
2,177,939 |
Interest paid |
|
|
(701,926) |
|
(636,285) |
Dividend received |
|
|
382 |
|
415 |
Net cash inflow (outflow) from operating activities |
|
W |
880,419 |
|
(2,724,988) |
|
|
|
|
|
(In millions of won) |
|
2023 |
|
2022 |
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Proceeds from disposal of financial assets at fair value through profit or loss |
W |
7,000 |
|
9,339 |
Acquisition of financial assets at fair value through profit or loss |
|
(41,931) |
|
(14,760) |
Proceeds from disposal of financial assets at fair value through other comprehensive income |
|
- |
|
- |
Acquisition of financial assets at fair value through other comprehensive income |
|
- |
|
(192,894) |
Proceeds from disposal of Investments in subsidiaries and others |
|
4,805 |
|
12,163 |
Acquisition of investments in subsidiaries and others |
|
(11,400) |
|
(68,899) |
Proceeds from disposal of property and equipment |
|
970 |
|
76,709 |
Acquisition of property and equipment |
|
(30,670) |
|
(33,391) |
Proceeds from disposal of intangible assets |
|
758 |
|
637 |
Acquisition of intangible assets |
|
(29,219) |
|
(27,854) |
Decrease in security deposits paid |
|
1,141 |
|
4,557 |
Increase in security deposits paid |
|
(6,372) |
|
(4,193) |
|
|
|
|
|
Net cash outflow from investing activities |
|
(104,918) |
|
(238,586) |
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Proceeds from borrowings |
|
855,200 |
|
5,728,510 |
Repayment of borrowings |
|
(2,496,701) |
|
(3,517,500) |
Proceeds from debentures |
|
7,163,981 |
|
6,200,800 |
Repayment of debentures |
|
(6,380,000) |
|
(5,595,000) |
Cash inflows from cash flow hedges |
|
- |
|
477,760 |
Cash outflows from cash flow hedges |
|
- |
|
(480,960) |
Repayment of lease liabilities |
|
(8,957) |
|
(8,510) |
Dividends paid |
|
(256,631) |
|
(337,620) |
Increase in security deposits received |
|
110,818 |
|
215,470 |
Issuance of hybrid bonds |
|
299,921 |
|
399,901 |
Payment of dividend on hybrid bonds |
|
(27,927) |
|
(12,041) |
Net cash inflow (outflow) from financing activities |
|
(740,296) |
|
3,070,810 |
|
|
|
|
|
Net increase in cash and cash equivalents |
|
35,205 |
|
107,236 |
|
|
|
|
|
Cash and cash equivalents at the beginning of the year |
|
407,816 |
|
300,580 |
|
|
|
|
|
Cash and cash equivalents at the end of the year (Note 40) |
W |
443,021 |
|
407,816 |
The accompanying notes are an integral part of the separate financial statements.
Exhibit 99.2
Independent Auditor’s Report (Consolidated Financial Statements) of Shinhan Card as of December 31, 2023
On March 4, 2024, Shinhan Card, our wholly-owned credit card subsidiary, filed its audit report with the Financial Supervisory Service and the Korea Exchange of the Republic of Korea pursuant to the Act of External Audit of Stock Companies and KOSPI Market Disclosure Regulation.
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 |
|
Refer to PDF |
Please refer to the attached PDF file to see more details of Audit Reports with consolidated financial statements.
Independent Auditors’ Report
Based on a report originally issued in Korean
To the Board of Directors and Shareholder of Shinhan Card Co., Ltd.
Opinion
We have audited the consolidated financial statements of Shinhan Card Co., Ltd. and its subsidiaries (“the Group”), which comprise the consolidated statement of financial position as of December 31, 2023, the consolidated statement of profit or loss and other 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, 2023, 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 audit 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 review such consolidated financial statements may differ from those generally accepted and applied in other countries.
The consolidated financial statements of the Group for the year ended December 31, 2022 were audited by another auditor who expressed an unmodified opinion on those statements on March 6, 2023.
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 Korean 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.
Those charged with governance are responsible for overseeing the Group’s financial reporting process.
Auditor’s 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 auditor’s 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 Korean Standards on Auditing 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 Korean Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
•Identify 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.
•Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.
•Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
•Conclude 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 auditor’s 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 auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
•Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
•Obtain 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.
Seoul, Korea
March 4, 2024
|
This report is effective as of March 4, 2024, 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. |
|
|
|
|
|
|
|
(In millions of won, except share data) |
|
Note |
|
2023 |
|
2022 |
Assets |
|
|
|
|
|
|
Cash and due from banks |
|
10,40 |
W |
587,523 |
|
664,928 |
Financial assets at fair value through profit or loss |
|
11 |
|
951,025 |
|
389,326 |
Derivative assets |
|
12 |
|
147,727 |
|
196,596 |
Credit card receivables at amortized cost and others |
|
13 |
|
36,740,727 |
|
36,831,167 |
Lease assets |
|
14 |
|
2,082,762 |
|
1,944,650 |
Financial assets at fair value through other comprehensive income |
|
16 |
|
393,979 |
|
375,471 |
Property and equipment, net |
|
15,17 |
|
638,694 |
|
646,555 |
Intangible assets |
|
18 |
|
220,714 |
|
214,085 |
Investments in associates |
|
19 |
|
92,456 |
|
88,692 |
Current tax assets |
|
39 |
|
21,626 |
|
21,634 |
Deferred tax assets |
|
39 |
|
129,403 |
|
124,738 |
Investment property |
|
20 |
|
46,943 |
|
45,959 |
Net defined benefit assets |
|
24 |
|
3,480 |
|
36,988 |
Other assets |
|
21 |
|
1,363,103 |
|
1,469,532 |
Total assets |
|
|
W |
43,420,162 |
|
43,050,321 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Derivative liabilities |
|
12 |
W |
18,978 |
|
21,346 |
Borrowings |
|
22 |
|
7,962,662 |
|
9,136,178 |
Debentures, net |
|
23 |
|
21,650,752 |
|
21,502,816 |
Net defined benefit obligations |
|
24 |
|
395 |
|
207 |
Current tax liabilities |
|
39 |
|
85,786 |
|
80,550 |
Provisions |
|
25 |
|
234,166 |
|
240,060 |
Other liabilities |
|
15,26 |
|
5,412,436 |
|
4,610,410 |
Total liabilities |
|
|
|
35,365,175 |
|
35,591,567 |
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
Common stock |
|
27 |
|
626,847 |
|
626,847 |
Hybrid bonds |
|
27 |
|
699,822 |
|
399,901 |
Capital surplus |
|
27 |
|
860,729 |
|
860,729 |
Capital adjustments |
|
27 |
|
(1,548) |
|
(1,550) |
Accumulated other comprehensive loss |
|
27 |
|
(55,952) |
|
(17,253) |
Retained earnings |
|
27,28 |
|
5,916,393 |
|
5,582,516 |
Equity attributable to owner of the Company |
|
|
|
8,046,291 |
|
7,451,190 |
Non-controlling interests |
|
27 |
|
8,696 |
|
7,564 |
|
|
|
|
|
|
|
Total equity |
|
|
|
8,054,987 |
|
7,458,754 |
|
|
|
|
|
|
|
Total liabilities and equity |
|
|
W |
43,420,162 |
|
43,050,321 |
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the consolidated financial statements.
|
|
|
|
|
|
(In millions of won, except earnings per share) |
Note |
|
2023 |
|
2022 |
|
|
|
|
|
|
Interest income |
|
W |
2,840,691 |
|
2,508,702 |
Interest expense |
|
|
(945,393) |
|
(710,697) |
Net interest income |
32 |
|
1,895,298 |
|
1,798,005 |
|
|
|
|
|
|
Fee and commission income |
|
|
2,070,601 |
|
1,758,461 |
Fee and commission expense |
|
|
(1,275,360) |
|
(1,221,388) |
Net fee and commission income |
33 |
|
795,241 |
|
537,073 |
|
|
|
|
|
|
Dividend income |
34 |
|
611 |
|
415 |
Net gain on financial assets at fair value through profit or loss |
11 |
|
22,428 |
|
19,867 |
Net gain on derivatives |
12 |
|
69,041 |
|
191,068 |
Net loss on foreign currency transactions |
7 |
|
(40,238) |
|
(160,792) |
Provision for credit loss allowance |
35 |
|
(883,956) |
|
(560,265) |
General administrative expenses |
36 |
|
(744,161) |
|
(741,626) |
Other operating expense, net |
37 |
|
(311,437) |
|
(318,704) |
|
|
|
|
|
|
Operating income |
|
|
802,827 |
|
765,041 |
|
|
|
|
|
|
Non-operating income, net |
38 |
|
3,204 |
|
64,575 |
|
|
|
|
|
|
Impairment of investments in subsidiaries and others |
|
|
(2,831) |
|
7,115 |
|
|
|
|
|
|
Profit before income tax |
|
|
803,200 |
|
836,731 |
|
|
|
|
|
|
Income tax expense |
39 |
|
(181,292) |
|
(192,176) |
|
|
|
|
|
|
Profit for the year |
|
W |
621,908 |
|
644,555 |
|
|
|
|
|
|
Other comprehensive income (loss): |
|
|
|
|
|
Items that will not be reclassified to profit or loss |
|
|
|
|
|
Remeasurement of the net defined benefit obligations |
24,27 |
W |
(21,965) |
|
30,554 |
Net changes in the unrealized fair value of financial assets at fair value through other comprehensive income |
7,27 |
|
1,969 |
|
6,047 |
Items that are or may be reclassified to profit or loss |
|
|
|
|
|
Gain(Loss) on financial assets at fair value through other comprehensive income |
|
|
10,864 |
|
(17,031) |
Net changes in the unrealized fair value of cash flow hedges |
12,27 |
|
(26,712) |
|
(12,452) |
Foreign currency translation adjustments for foreign operations |
27 |
|
(3,050) |
|
19,440 |
|
|
|
|
|
|
Other comprehensive income (loss) for the year, net of tax |
|
|
(38,894) |
|
26,558 |
|
|
|
|
|
|
Total comprehensive income for the year |
|
W |
583,014 |
|
671,113 |
|
|
|
|
|
|
(In millions of won, except earnings per share) |
Note |
|
2023 |
|
2022 |
|
|
|
|
|
|
Profit attributable to: |
|
|
|
|
|
Owner of the Company |
30 |
W |
620,582 |
|
641,368 |
Non-controlling interests |
|
|
1,326 |
|
3,187 |
Profit |
|
W |
621,908 |
|
644,555 |
|
|
|
|
|
|
Total comprehensive income (loss) attributable to: |
|
|
|
|
|
Owner of the Company |
|
W |
581,882 |
|
666,304 |
Non-controlling interests |
|
|
1,132 |
|
4,809 |
Total comprehensive income |
|
W |
583,014 |
|
671,113 |
|
|
|
|
|
|
Earnings per share Basic and diluted earnings per share (in won) |
30 |
W |
4,710 |
|
5,015 |
The accompanying notes are an integral part of the consolidated financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
(In millions of won) |
|
Common stock |
|
hybrid bonds |
|
Capital surplus |
|
Capital adjustments |
|
Accumulated other comprehensive income (loss) |
|
Retained earnings |
|
Sub total |
|
Non-controlling interests |
|
Total equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2022 |
W |
626,847 |
|
- |
|
860,592 |
|
1,871 |
|
(42,190) |
|
5,291,390 |
|
6,738,510 |
|
(3,507) |
|
6,735,003 |
Transactions with owner |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(337,620) |
|
(337,620) |
|
- |
|
(337,620) |
Share-based payment transactions |
|
- |
|
- |
|
- |
|
24 |
|
- |
|
- |
|
24 |
|
- |
|
24 |
Issuance of hybrid bonds |
|
- |
|
399,901 |
|
- |
|
- |
|
- |
|
- |
|
399,901 |
|
- |
|
399,901 |
Dividend on hybrid bonds |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(12,622) |
|
(12,622) |
|
- |
|
(12,622) |
Net changes from business combination |
|
- |
|
- |
|
137 |
|
- |
|
- |
|
- |
|
137 |
|
- |
|
137 |
Net change in non-controlling interests |
|
- |
|
- |
|
- |
|
(3,445) |
|
- |
|
- |
|
(3,445) |
|
6,263 |
|
2,818 |
Total comprehensive income for the year: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
- |
|
- |
|
- |
|
- |
|
- |
|
641,368 |
|
641,368 |
|
3,187 |
|
644,555 |
Remeasurement of the net defined benefit obligations |
|
- |
|
- |
|
- |
|
- |
|
30,554 |
|
- |
|
30,554 |
|
- |
|
30,554 |
Net changes in the unrealized fair value of financial assets at fair value through other comprehensive income |
|
- |
|
- |
|
- |
|
- |
|
(10,984) |
|
- |
|
(10,984) |
|
- |
|
(10,984) |
Net changes in the unrealized fair value of cash flow hedges |
|
- |
|
- |
|
- |
|
- |
|
(12,452) |
|
- |
|
(12,452) |
|
- |
|
(12,452) |
Foreign currency translation adjustments for foreign operations |
|
- |
|
- |
|
- |
|
- |
|
17,819 |
|
- |
|
17,819 |
|
1,621 |
|
19,440 |
Balance at December 31, 2022 |
W |
626,847 |
|
399,901 |
|
860,729 |
|
(1,550) |
|
(17,253) |
|
5,582,516 |
|
7,451,190 |
|
7,564 |
|
7,458,754 |
The accompanying notes are an integral part of the consolidated financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
(In millions of won) |
|
Common stock |
|
hybrid bonds |
|
Capital surplus |
|
Capital adjustments |
|
Accumulated other comprehensive income (loss) |
|
Retained earnings |
|
Sub total |
|
Non-controlling interests |
|
Total equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2023 |
W |
626,847 |
|
399,901 |
|
860,729 |
|
(1,550) |
|
(17,253) |
|
5,582,516 |
|
7,451,190 |
|
7,564 |
|
7,458,754 |
Transactions with owner |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(256,631) |
|
(256,631) |
|
- |
|
(256,631) |
Share-based payment transactions |
|
- |
|
- |
|
- |
|
2 |
|
- |
|
- |
|
2 |
|
- |
|
2 |
Issuance of hybrid bonds |
|
- |
|
299,921 |
|
- |
|
- |
|
- |
|
- |
|
299,921 |
|
- |
|
299,921 |
Dividend on hybrid bonds |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(30,074) |
|
(30,074) |
|
- |
|
(30,074) |
Net changes from business combination |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Net change in non-controlling interests |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Total comprehensive income for the year: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
- |
|
- |
|
- |
|
- |
|
- |
|
620,582 |
|
620,582 |
|
1,326 |
|
621,908 |
Remeasurement of the net defined benefit obligations |
|
- |
|
- |
|
- |
|
- |
|
(21,964) |
|
- |
|
(21,964) |
|
- |
|
(21,964) |
Net changes in the unrealized fair value of financial assets |
|
- |
|
- |
|
- |
|
- |
|
12,833 |
|
- |
|
12,833 |
|
- |
|
12,833 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
at fair value through other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net changes in the unrealized fair value of cash flow hedges |
|
- |
|
- |
|
- |
|
- |
|
(26,712) |
|
- |
|
(26,712) |
|
- |
|
(26,712) |
Foreign currency translation adjustments for foreign operations |
|
- |
|
- |
|
- |
|
- |
|
(2,856) |
|
- |
|
(2,856) |
|
(194) |
|
(3,050) |
Balance at December 31, 2023 |
W |
626,847 |
|
699,822 |
|
860,729 |
|
(1,548) |
|
(55,952) |
|
5,916,393 |
|
8,046,291 |
|
8,696 |
|
8,054,987 |
The accompanying notes are an integral part of the consolidated financial statements.
|
|
|
|
|
|
(In millions of won) |
|
|
2023 |
|
2022 |
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
Profit for the year |
|
W |
621,908 |
|
644,555 |
Adjustment for: |
|
|
|
|
|
Interest income |
|
|
(2,840,691) |
|
(2,508,702) |
Interest expense |
|
|
945,393 |
|
710,697 |
Dividend income |
|
|
(611) |
|
(415) |
Income tax expense |
|
|
181,292 |
|
192,176 |
Fee and commission income |
|
|
37,444 |
|
32,470 |
Fee and commission expense |
|
|
1,009 |
|
670 |
Net gain on sales of financial assets at fair value through profit or loss |
|
|
(4,029) |
|
(7,129) |
Net loss on sales of financial assets at fair value through profit or loss |
|
|
322 |
|
- |
Net gain on valuation of financial assets at fair value through profit or loss |
|
|
(7,266) |
|
(4,414) |
Net loss on valuation of financial assets at fair value through profit or loss |
|
|
1,812 |
|
1,133 |
Net gain on valuation and transaction of derivatives |
|
|
(81,106) |
|
(234,298) |
Net loss on valuation and transaction of derivatives |
|
|
12,065 |
|
43,230 |
Net gain on foreign currency transaction |
|
|
(1,946) |
|
(32,691) |
Net loss on foreign currency transaction |
|
|
60,610 |
|
177,659 |
Provision for credit loss allowance |
|
|
883,957 |
|
560,265 |
Employee expenses |
|
|
20,783 |
|
24,577 |
Depreciation expenses |
|
|
73,325 |
|
63,942 |
Increase (decrease) in restoration liabilities |
|
|
(1,282) |
|
20 |
Other operating income |
|
|
(11) |
|
(24) |
|
|
|
|
|
|
(In millions of won) |
|
|
2023 |
|
2022 |
Other operating expenses |
|
|
445,159 |
|
351,264 |
Non-operating income |
|
|
(1,066) |
|
(62,987) |
Non-operating expenses |
|
|
1,910 |
|
2,012 |
Equity method loss (income), net |
|
|
2,831 |
|
(7,114) |
|
|
|
(270,096) |
|
(697,659) |
Changes in assets and liabilities: |
|
|
|
|
|
Restricted due from banks |
|
|
153,053 |
|
(84,988) |
Due from banks at amortized cost |
|
|
(56,200) |
|
- |
Financial assets at fair value through profit or loss |
|
|
(509,825) |
|
(19,956) |
Credit card receivables at amortized cost and other |
|
|
(640,905) |
|
(3,447,311) |
Lease assets` |
|
|
(583,322) |
|
(898,312) |
Other assets |
|
|
(307,359) |
|
(320,603) |
Net defined benefit obligations |
|
|
(11,718) |
|
(51,013) |
Provisions |
|
|
(37,261) |
|
(22,251) |
Other liabilities |
|
|
597,364 |
|
543,472 |
|
|
|
(1,396,173) |
|
(4,300,962) |
|
|
|
|
|
|
Income taxes paid |
|
|
(167,982) |
|
(300,946) |
Interest received |
|
|
2,691,567 |
|
2,337,839 |
Interest paid |
|
|
(763,612) |
|
(667,545) |
Dividend received |
|
|
611 |
|
415 |
Net cash inflow (outflow) from operating activities |
|
W |
716,223 |
|
(2,984,303) |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
Proceeds from disposal of financial assets at fair value through profit or loss |
|
W |
7,000 |
|
37,269 |
Acquisition of financial assets at fair value through profit or loss |
|
|
(49,713) |
|
(42,663) |
|
|
|
|
|
|
(In millions of won) |
|
|
2023 |
|
2022 |
|
|
|
|
|
|
Proceeds from disposal of financial assets at fair value through other comprehensive income |
|
W |
- |
|
- |
Acquisition of financial assets at fair value through other comprehensive income |
|
|
- |
|
(192,894) |
Acquisition of investments in associates |
|
|
(11,400) |
|
(22,350) |
Proceeds from disposal of investments in associates |
|
|
4,805 |
|
12,163 |
Proceeds from disposal of property and equipment |
|
|
1,019 |
|
77,157 |
Acquisition of property and equipment |
|
|
(31,851) |
|
(33,905) |
Proceeds from disposal of intangible assets |
|
|
758 |
|
679 |
Acquisition of intangible assets |
|
|
(31,570) |
|
(34,453) |
Decrease in security deposits paid |
|
|
1,224 |
|
4,558 |
Increase in security deposits paid |
|
|
(7,820) |
|
(4,236) |
Net cash outflows from business combination |
|
|
- |
|
(4,260) |
Net cash outflow from investing activities |
|
W |
(117,548) |
|
(202,935) |
Cash flows from financing activities |
|
|
|
|
|
Proceeds from borrowings |
|
W |
934,737 |
|
5,062,702 |
Repayment of borrowings |
|
|
(1,862,068) |
|
(2,622,384) |
Proceeds from debentures |
|
|
7,488,226 |
|
7,446,370 |
Repayment of debentures |
|
|
(7,392,194) |
|
(6,909,706) |
Cash inflows from cash flow hedges |
|
|
1,535,439 |
|
2,391,500 |
Cash outflows from cash flow hedges |
|
|
(1,457,988) |
|
(2,319,927) |
Repayment of lease liabilities |
|
|
(14,274) |
|
(12,629) |
Dividends paid |
|
|
(256,631) |
|
(337,620) |
Increase in security deposits received |
|
|
175,809 |
|
215,385 |
Issuance of hybrid bonds |
|
|
299,921 |
|
399,901 |
Payment of dividend on hybrid bonds |
|
|
(27,927) |
|
(12,042) |
Increase in other financial liabilities |
|
|
11,090 |
|
25,622 |
|
|
|
|
|
|
(In millions of won) |
|
|
2023 |
|
2022 |
|
|
|
|
|
|
Proceeds from disposal of financial assets at fair value through other comprehensive income |
|
W |
- |
|
- |
Acquisition of financial assets at fair value through other comprehensive income |
|
|
- |
|
(192,894) |
Acquisition of investments in associates |
|
|
(11,400) |
|
(22,350) |
Proceeds from disposal of investments in associates |
|
|
4,805 |
|
12,163 |
Decrease in other financial liabilities |
|
|
(14,231) |
|
- |
Increase in paid-in capital |
|
|
- |
|
3,158 |
Net cash outflow(inflow) from financing activities |
|
|
(580,091) |
|
3,330,330 |
|
|
|
|
|
|
Effect of exchange rate fluctuations on cash and cash equivalents |
|
|
865 |
|
854 |
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
|
19,449 |
|
143,946 |
|
|
|
|
|
|
Cash and cash equivalents at the beginning of year |
|
|
463,814 |
|
319,868 |
|
|
|
|
|
|
Cash and cash equivalents at the end of year (Note 40) |
|
W |
483,263 |
|
463,814 |
The accompanying notes are an integral part of the consolidated financial statements.
Grafico Azioni Shinhan Financial (NYSE:SHG)
Storico
Da Ott 2024 a Nov 2024
Grafico Azioni Shinhan Financial (NYSE:SHG)
Storico
Da Nov 2023 a Nov 2024
