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    Jung Jun-Sup • NH Investment & Securities Co., Ltd.

    Jung Jun-Sup's questions to Shinhan Financial Group Co Ltd (SHG) leadership

    Jung Jun-Sup's questions to Shinhan Financial Group Co Ltd (SHG) leadership • Q3 2024

    Question

    Jung Jun-Sup from NH Investment & Securities asked if the current large-scale quarterly share buybacks would continue and what the group's priority was between share count reduction and PBR targets. He also requested an outlook on credit provisioning.

    Answer

    An executive clarified that accelerating share cancellation to meet the 2027 target is the top priority, especially while the PBR is below 1x. The pace of buybacks will depend on annual P&L and CET1 ratio. Regarding provisioning, the year-end credit cost ratio (CCR) is expected to be around 45 basis points, with no significant asset quality improvement expected in the short term, though sufficient provisions have been set aside.

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    Jung Jun-Sup's questions to Shinhan Financial Group Co Ltd (SHG) leadership • Q1 2024

    Question

    Jung Jun-Sup from NH Investment & Securities asked for the full-year loan growth forecast and strategy, and the expected impact of a potential H2 rate cut on the full-year Net Interest Margin (NIM).

    Answer

    CFO Sang-Hyuk Jung explained that the loan strategy focused on customer growth in H1 and will shift to profitability and asset quality in H2, with overall growth managed within capital limits. Regarding NIM, he anticipates a slight fall in H2 due to expected rate cuts but expects H1 to be relatively flat year-over-year, with a focus on active margin management throughout the year.

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    Jung Jun-Sup's questions to Woori Financial Group Inc (WF) leadership

    Jung Jun-Sup's questions to Woori Financial Group Inc (WF) leadership • Q1 2024

    Question

    Jung Jun-Sup from NH Investment & Securities asked if the group's M&A priority has shifted from securities to insurance, requested a progress update on the Korea POS Securities acquisition, and sought clarification on the logic behind the KRW 181 quarterly dividend and any changes to the Total Shareholder Return (TSR) policy.

    Answer

    An executive explained that there is no change in M&A priority between securities and insurance firms; the group reviews all strong market opportunities. While the Korea POS Securities deal is underway, specific details could not be disclosed. Regarding dividends, the policy of equal quarterly payments based on the prior year's dividend remains. For TSR, the group is considering segmenting its CET1 ratio brackets further to enhance shareholder returns, in line with the government's 'Corporate Value-up Program'.

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    Jung Jun-Sup's questions to Woori Financial Group Inc (WF) leadership • Q1 2024

    Question

    Jung Jun-Sup of NH Securities asked if the M&A priority has shifted from securities to insurance, requested an update on the Korea POS Securities deal, and questioned the logic behind the KRW 181 quarterly dividend and any changes to the TSR policy.

    Answer

    An executive clarified there is no change in M&A priority between securities and insurance firms and confirmed the Korea POS Securities deal is in progress. Regarding dividends, the policy of equal quarterly payouts based on the prior year's dividend is unchanged, with KRW 181 planned for Q1-Q3. They also noted plans to refine the Total Shareholder Return (TSR) framework by further segmenting CET1 ratio brackets to align with the government's 'Corporate Value-up Program'.

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