SHG · Shinhan Financial Group Co., Ltd.

Shinhan Financial Group's preliminary 1Q2026 results demonstrate robust sequential growth across key income statement lines, with consolidated revenue reaching KRW 28,492 billion, up 80.02% from 4Q2025, driven by the sum of interest revenues, fees and commissions, and other operating revenues. Operating income surged 94.05% QoQ to KRW 2,154 billion, while net income attributable to controlling interest more than tripled to KRW 1,623 billion, reflecting a 217.77% QoQ increase. Year-over-year, controlling interest net income grew modestly by 9.02%, indicating sustained but tempered performance against 1Q2025. Subsidiary results varied: Shinhan Bank showed strong QoQ gains with net income up 176.16% to KRW 1,158 billion and slight YoY growth of 2.60%, underscoring banking segment resilience. Shinhan Card experienced 24.80% QoQ revenue growth but operating income declined 19.05% YoY to KRW 144 billion, with net income down 14.76% YoY amid potential competitive pressures. Shinhan Life rebounded dramatically from a 4Q2025 net loss, posting KRW 103 billion net income (up 1,615% QoQ), though down 37.55% YoY, possibly due to seasonal insurance dynamics. These unaudited figures under Korean IFRS are subject to auditor review and potential changes, with full IR materials available on the company's website. Investors should monitor the final audited results for confirmation of these trends.