Financial Performance and Risk Management - The delinquency ratio for Shinhan Bank was 0.24% as of December 31, 2020, 0.19% as of December 31, 2021, and 0.21% as of December 31, 2022[40]. - Shinhan Bank's net interest margin increased to 1.85% in 2022 from 1.62% in 2021 due to increases in the base interest rate by the Bank of Korea[46]. - The Bank of Korea raised the base interest rate from 1.00% to 3.50% between January 2022 and January 2023, with potential further increases in 2023[48]. - The Korean economy faces significant risks including sluggish domestic consumption, rising household debt, and potential declines in productivity due to aging demographics[39]. - The company has significant exposure to small- and medium-sized enterprises, which may lead to deterioration in asset quality if these enterprises face financial difficulties[33]. - The company may incur losses from counterparty exposures and market fluctuations affecting its investments and trading activities[33]. - Risks associated with COVID-19 include increased defaults on loan payments and potential impairments in the fair value of investments[65]. - The company is continuously assessing the impact of COVID-19 on its asset portfolio, indicating potential future special provisions for credit losses[64]. - The company faces significant market risks, including interest rate, foreign exchange, and bond and equity price risks, which could adversely affect financial condition[79]. - The company has implemented risk management systems to mitigate market risks, but predicting economic changes remains challenging[79]. - The company has maintained capital adequacy ratios in excess of the required regulatory minimum levels, but future compliance is uncertain due to potential increases in risky assets and provisioning expenses[67]. - The company faces increasing pricing competition for deposit products, which may impact funding costs and operational results[75]. Competition and Market Dynamics - Competition in the Korean financial services industry is intense, with Shinhan Bank focusing on stable asset growth based on quality credit[44]. - Shinhan Card faces intense competition from monoline credit card companies, banks, and fintech firms, with significant investments in marketing to acquire high-quality customers[49]. - The financial services sector in Korea is experiencing consolidation, with significant mergers and acquisitions, potentially increasing competition for Shinhan Card[52]. - The introduction of the MyData service allows for increased competition between traditional financial institutions and fintech firms, particularly in asset management services[59]. - Regulatory reforms, including Basel III capital requirements, have imposed stricter guidelines on financial institutions, affecting competition dynamics[60]. - The launch of open banking services in October 2019 has enabled customers to access multiple banking services, increasing competition among banks and fintech companies[57]. - The Financial Services Commission is expected to launch a government-led platform for comparing loan products in May 2023, intensifying competition in the lending market[59]. - Shinhan Card's revenue growth is challenged by the maturing credit card industry and increased competition from non-financial companies like Kakao Pay and Naver Pay[109]. Regulatory Environment and Compliance - The minimum common equity Tier I capital adequacy ratio required is 4.5%, with a Tier I capital adequacy ratio of 6.0% and a total capital (BIS) ratio of 8.0%[66]. - The liquidity coverage ratio was temporarily lowered from 100% to 85% in April 2020 due to COVID-19, with a gradual restoration plan to reach 100% by the third quarter of 2023[74]. - The Financial Services Commission may impose penalties if capital adequacy ratios fall below required levels, which could include suspension or revocation of business licenses[71]. - The Basel III standards require a minimum liquidity coverage ratio of 100%, which was fully implemented as of January 1, 2019[74]. - The company is subject to the Financial Consumer Protection Act, which strengthens consumer rights and imposes stricter compliance requirements on financial product distributors[151]. - The company faces potential litigation and regulatory scrutiny due to the evolving nature of cyber security threats and financial scams[144]. Strategic Initiatives and Acquisitions - Shinhan Financial Group has made strategic acquisitions, including a 100% stake in Orange Life Insurance and a 96.8% stake in Neoplux Co., Ltd.[53]. - The integration of acquired companies, such as Orange Life Insurance and Neoplux, is expected to generate synergies but poses risks related to successful integration and increased expenses[119]. - The company has made significant investments, including a W660 billion capital contribution to Shinhan Securities to strengthen its non-banking businesses[115]. - The company has established a new mid-term strategy called 'F.R.E.S.H. 2020s', focusing on solid fundamentals, resilience, integrated digital ecosystems, sustainability, and talent management[210]. Cybersecurity and Fraud Prevention - The company has implemented an ISO 27001-certified security management system across all subsidiaries, enhancing compliance with international information security standards[141]. - The company has set aside W10 billion for cyber security breach insurance related to its banking business, W3 billion in total for other operations, and W1 billion per incident for its securities investment business[141]. - The company has established a new information security lab to develop technical capabilities for responding to the latest cyber threats[141]. - The company has experienced a rise in voice phishing scams, necessitating the establishment of fraud detection systems to identify questionable transactions[145][146]. - The company has made substantial investments in cyber security measures, including employee training and advanced security infrastructure[141]. Economic and Geopolitical Risks - The Korean economy is highly dependent on global economic conditions, with potential adverse effects from geopolitical risks and trade tensions[180]. - Tensions with North Korea could adversely affect the bank's business and share prices due to potential military and political instability in the region[184]. - Shinhan Bank engages in limited lending activities related to Russia, which may expose the bank to legal and reputational risks due to ongoing sanctions[179]. - The bank has ceased processing Euro-denominated transactions with Iranian businesses since August 2017, following changes in U.S. sanctions[178]. Customer Base and Market Position - The company is the second largest financial services provider in Korea, with consolidated total assets as of December 31, 2022[205]. - The company operates the second largest banking business and the largest credit card business in Korea, measured by consolidated total bank assets and total credit purchase volume in 2022, respectively[205]. - As of December 31, 2022, the company serves approximately 19 million active customers, the largest customer base in Korea[207]. - Over 80% of the company's revenues have historically been derived from Korea, with a global network of 248 offices in various countries[207].

Financial Reporting - Shinhan Financial Group submitted its report under Form 20-F for the month of April 2023[2] - The filing is in compliance with the Securities Exchange Act of 1934[8] Shareholder Information - The report includes a change in the number of shares owned by the largest shareholder of Shinhan Financial Group[6]

Shinhan Financial Group Co., Ltd. (NYSE:SHG) Q4 2022 Earnings Conference Call February 8, 2023 12:00 AM ET Company Participants Park Cheol Woo - Head, Investor Relations Lee Taekyung - Chief Financial Officer Kim Myoung Hee - Chief Development Officer Bang Dong Kwon - Chief Risk Officer Ko Seok-Hon - CSSO Kim Kihoon - Shinhan Bank, CFO Kim Nam-Jun - Shinhan Card, CFO Park Kyoung Won - Shinhan Life, CFO Conference Call Participants Yafei Tian - Citi Securities Baek Doosan - Korea Investment Park Hye-jin - Da ...

NYSE We believe finance should be Friendly, More Secure, Creative Business Results FY 2022 Shinhan Financial Group Contents I. FY22 Result Highlights II. Supplements The financial information contained herein has neither been reviewed nor audited by independent auditors. Therefore, no assurance is given that the financial information contained herein is accurate or complete, and such financial information may differ from the financial information to be contained in our financial statements audited by indepe ...

Exhibit 99.1 SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES Consolidated Interim Financial Statements September 30, 2022 and 2021 (Unaudited) Contents | | Page | | --- | --- | | Report on Review of Interim Financial Statements | 1 | | Consolidated Interim Statements of Financial Position | 3 | | Consolidated Interim Statements of Comprehensive Income | 4 | | Consolidated Interim Statements of Changes in Equity | 6 | | Consolidated Interim Statements of Cash Flows | 8 | | Notes to the Consolidated Interi ...

Financial Data and Key Indicators Changes - In Q3 2022, the Group's cumulative net income reached KRW 4,315.4 billion, with Q3 alone contributing KRW 1,594.6 billion, indicating solid results despite external challenges [8][9] - The cost income ratio (CIR) for Q3 was 40.1%, reflecting stable management of SG&A expenses despite increased digital-related costs [10][19] - Interest income for Q3 was KRW 2,716 billion, up 2.7% QoQ, driven by improved bank NIM [12] - The CET1 ratio remained stable at 12.7% as of the end of September [22] Business Line Data and Key Indicators Changes - The Group's non-interest income decreased by 28.8% QoQ, primarily due to declining fee income and market volatility [16] - Corporate loans grew by 2.5% QoQ, while retail loans declined by 1.3% QoQ, reflecting a shift in demand due to regulatory changes and interest rate hikes [15] - Shinhan Card's recurring net income decreased despite growth in credit purchases, attributed to rising funding costs and merchant fee cuts [23] Market Data and Key Indicators Changes - The delinquency rate for the Bank remained stable at 0.20%, while the Card business saw a slight increase to 0.86% [20] - In overseas markets, the Group's exposure to real estate is about KRW 3.5 trillion, with no visible risks currently identified [124] Company Strategy and Development Direction - The Group aims to enhance shareholder value through a gradual improvement of the shareholder return ratio, including a per-share dividend of KRW 400 [11] - A conservative provisioning policy will be maintained to address potential credit risks amid economic uncertainties [20] - The digital strategy focuses on expanding customer engagement through multiple applications, enhancing user experience and financial contributions [38][80] Management's Comments on Operating Environment and Future Outlook - Management acknowledged increasing uncertainties in domestic and foreign financial markets due to tightening monetary policies and economic conditions [28] - The Group is preparing for potential asset quality deterioration due to rising interest rates and is implementing preemptive risk management measures [30][34] - Future NIM growth is anticipated despite current funding rate increases, with expectations of stabilization in Q1 2023 [76] Other Important Information - The Group's digital platform MAU surpassed 21 million, indicating strong user engagement and growth in digital services [38] - The Group is actively involved in ESG efforts, with a focus on reducing carbon emissions and integrating sustainability into its operations [56][59] Q&A Session Summary Question: Concerns about real estate PF status and future strategies - The Group's real estate PF constitutes about 2% of total loans, with a manageable NPL of KRW 20 billion, indicating effective risk management [53][54] Question: Outlook for Card business fee income and asset quality - Card fee income was softer in Q3 due to seasonal factors, but is expected to normalize in Q4, with asset quality remaining stable [64][66] Question: Impact of liquidity risk on funding costs - The Group has sufficient liquidity and is not significantly affected by market liquidity risks, although funding costs are rising [68] Question: Strategies for managing overseas real estate exposure - The Group's overseas real estate exposure is KRW 3.5 trillion, with no current visible risks, and a sophisticated monitoring system is in place [124] Question: Dividend expectations and shareholder return ratio - The Group plans to maintain a solid increase in cash dividends, supported by a high CET1 ratio and effective stress testing [99][100]

NYSE We believe finance should be Friendly, fore Secure, Creative Business Results 3Q 2022 Shinhan Financial Group Contents I. 3Q22 Result Highlights II. Supplements The financial information contained herein has neither been reviewed nor audited by independent auditors. Therefore, no assurance is given that the financial information contained herein is accurate or complete, and such financial information may differ from the financial information to be contained in our financial statements audited by indepe ...

Exhibit 99.2 Independent Auditors' Review Report (Consolidated Financial Statements) of Shinhan Financial Group as of June 30, 2022 SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES Consolidated Interim Financial Statements June 30, 2022 and 2021 (Unaudited) Contents | | Page | | --- | --- | | Report on Review of Interim Financial Statements | 1 | | Consolidated Interim Statements of Financial Position | 3 | | Consolidated Interim Statements of Comprehensive Income | 4 | | Consolidated Interim Statements o ...

Financial Performance Highlights - Group net income reached KRW 27208 billion, an increase of 113% year-over-year[7, 8] - Interest income increased by 173% year-over-year, driven by asset growth and margin improvement[12, 14] - Non-interest income decreased by 77% year-over-year, primarily due to declines in securities and insurance-related income[12, 25] - The cost-to-income ratio improved to 390%, a decrease of 24%p year-over-year[7, 8] - Provision for credit losses increased by 676% year-over-year, with additional provisioning of KRW 2990 billion for uncertainties[12, 27] Business Segment Performance - Shinhan Bank's net income increased by 228% year-over-year to KRW 16830 billion, driven by higher interest income and cost control[37, 62] - Shinhan Card's net income increased by 124% year-over-year to KRW 4127 billion, supported by business diversification[37, 68] - Shinhan Life Insurance's net income decreased by 102% year-over-year to KRW 2775 billion, mainly due to increased guarantee reserves[37, 72] - Shinhan Investment Corp's net income decreased by 414% year-over-year to KRW 1891 billion, due to decreased brokerage fees and valuation losses[37, 76] - Overseas net income contribution increased by 443% to KRW 2832 billion[39] Capital Management and Asset Quality - The CET1 ratio is expected to be 128%[7, 8, 35] - Group assets increased by 92% year-over-year to KRW 6833 trillion[58, 81] - The group's NPL ratio decreased by 008%p year-over-year to 038%[8, 34, 58] Digital Transformation and ESG Initiatives - SFG Gross MAU increased by 481 million YoY[52] - The company aims to provide KRW 30 trillion in green financing by 2030[54]

SHE LISTED NYSE We believe finance should be Friendly, More Secure, Creative Business Results 1Q 2022 Shinhan Financial Group Contents I. 1Q22 Result Highlights II. Supplements The financial information contained herein has neither been reviewed nor audited by independent auditors. Therefore, no assurance is given that the financial information contained herein is accurate or complete, and such financial information may differ from the financial information to be contained in our financial statements audite ...