SHGNYSENational Commercial Banks
SHINHAN FINANCIAL GROUP CO LTD
Financials through fiscal 2024, year ended Dec 31, 2024Last filing: 20-F on Apr 22, 2026
$69.63−0.68 (-0.97%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2007 to 2024
Operating margin
8.7%
Net margin
6.0%
Growth rates
Compound annual growth to fiscal 2024
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +20.8% | – | – | – | |
| Operating income | +5.9% | +2.8% | +5.1% | – | |
| Net income | +1.9% | +3.5% | +5.5% | – | |
| EPS, diluted | +4.9% | +4.9% | +3.8% | – | |
| Free cash flow | +1525.3% | +4.1% | -8.8% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2015 | FY2019 | FY2024 | Trend |
|---|---|---|---|---|
| Return on equity | – | 9.1% | 8.1% | |
| Return on assets | – | 0.7% | 0.6% | |
| Interest coverage | 0.7× | 0.8× | 0.4× | |
| Capex to revenue | – | – | 0.4% | |
| Diluted shares | 474M | 477M | 506M |
Where the cash went
Fiscal 2020 to 2024, five years combined
Shinhan Financial Group generated ₩17.58T from operations and spent ₩9.56T on capital expenditure, dividends and share buybacks. 15% of that went back into the business.
Generated
₩17.58T
Used
₩9.56T
Capital expenditure₩1.47T15%Dividends₩6.46T68%Share buybacks₩1.64T17%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin6.0%
×Asset turnover0.10×
×Equity multiplier13.04×
=Return on equity, FY20248.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2024 | 6.0% | 0.10× | 13.04× | 8.1% |
| FY2023 | 7.1% | 0.09× | 12.98× | 8.4% |
| FY2022 | 7.9% | 0.09× | 13.23× | 9.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2024 against fiscal 2023
5of 6 tests passed in fiscal 2024. Some tests lack the figures they need.
- ProfitableNet income above zero₩4.45T
- Cash generatingOperating cash flow above zero₩4.63T
- Return on assets improvedROA up on the prior year0.7% → 0.6%
- Earnings backed by cashOperating cash flow above net income₩4.63T vs ₩4.45T
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise519M → 506M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.09 → 0.11