The following is a summary of the Shinhan Financial Group Co., Ltd. (SHG) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Shinhan Financial Group reported a net income of KRW1.3215 trillion in Q1 2024, driven largely by top-line growth.

• Interest income and noninterest income saw growth, with interest income increasing by 9.4% Year-on-Year.

• The company maintained a good cost efficiency, keeping G&A increase at 1.2%, despite recognizing large non-operating expenses.

• A reduced credit cost ratio of 38 basis points was reported, showing a Y-o-Y decrease by 10 basis points.

Business Progress:

• Shinhan Financial Group aims to sustain profitability and secure capital adequacy through proactive loan asset growth strategy and efficient margin management.

• With ongoing plans to invest in cloud infrastructure, the company expects to keep a sufficient capital buffer while maintaining stable financial performance.

• There's a clear focus towards enhancing shareholder value via quarterly payouts, share buybacks, and cancellations.

• Despite a decrease in profits in Q1 2024, the company plans to focus on stability, particularly in their prop trading business due to ongoing uncertainties.

• Shinhan Financial set a CET1 ratio target of 13%, beyond which, they will take additional steps towards shareholder returns. A slight increase in credit cost is anticipated due to potential quality deterioration.

More details: Shinhan Financial Group Co Ltd IR

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