Shinhan Financial Group Q3 2023 Earnings Call Transcript

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Provided by Quartr
October 27, 2023

There are 4 speakers on the call.

Operator

Good afternoon, everyone. This is Park Seo in charge of IR. I thank everyone for joining us at this SLG 2023 Q3 earnings presentation. Today, I'm joined by the Group CFO, Lee Tae kyung, the main presenter Group CDO, Kim Myung Hee Group CFO, Koosah Koon Group CRO, Bang Dong kwon Shinhan Bank CFO, Kim Ki hoon Shinhan Card CFO, Kim Nam Joon Shinhan Investment Securities CFO, Lee Hee dong and Shinhan Life CFO, Park Kyun. We will first present the group's business results in Q3 2023, followed by the Q and A session.

Operator

And now I invite the CFO, Itaigyong, to present the group's business results in Q3 2023. Good afternoon. This is CFO, Itaigyong of Shinhan Financial Group. Let me thank everyone for participating at our Q3 2023 earnings conference call despite your busy schedule. I will first go through our business highlights from Page 5 of the slides.

Operator

Page 5. We have maintained steady operating income through Q3 2023. Net income was KRW1.1921 trillion, down KRW46 KRW46.2 billion Q o Q. There was recognition of 1 off costs such as investment related provisioning in Xianhan Securities. Noninterest income fell from Q2 owing to decrease in securities related income resulting from market volatility.

Operator

But fee income is growing evenly across the different items. The group's costincome ratio was 39.2%, slightly up Y o Y. But excluding ERP cost, it fell slightly. Provision for credit loss fell QoQ by KRW 81,000,000,000. Credit cost ratio was 50 bp, increasing Y o Y but falling QoQ.

Operator

Last, the group's broad the group's Board resolved on 25th on KRW 525 1 in dividend per share in Q3 and KRW100 1,000,000,000 in share buyback and cancellation in Q4. It brings the group's total resolution on share buyback and cancellation to KRW 500,000,000,000 in 2023. Looking ahead, we will continue with sustainable capital and shareholder return policy as we try to secure capital adequacy and in response to changes in capital regulated capital regulations. Page 6 is on the group's major business highlights, and Page 7 shows the group's net income and income indicators provided for your information. Moving on to Page 8 on the group's income breakdown.

Operator

Page 8 on the group's interest income. Interest income in Q3 2023 was KRW2.7633 trillion, up 2.6 percent p0q. It is attributable to growth in interest bearing assets and business days despite the fall in the group's margin by 1 bp. In Q3, the bank's NIM was 1.63%, down 1 bpqoq due to loan growth primarily in high quality assets and preemptive funding. The bank's loan assets grew 1.1% in Q3 following the 0.7% in the first half.

Operator

Retail loans fell 2.5% from the end of last year owing to slowing demand for credit

Speaker 1

loan from tightening rates and DSR regulations as well

Operator

as securitization of and DSR regulations as well as securitization of mortgages. Corporate loan grew 5.5% from the end of last year on the back of continued demand from large companies and quality SMEs. Please refer to Page 33 for more details. Page 9 is on Shinhan Bank's loan asset growth, funding and margin provided for your reference. Next, Page 10 on noninterest income.

Operator

The group's noninterest income fell 11.6% QoQ despite growth in fee income and insurance income due to lower securities related income. Insurance income grew 4.2% QoQ, resulting from the increase in CSM amortization from improvement in insurance sales. Next is on fee income breakdown. Credit card fee was up 52.8 percent QoQ driven by growth in credit card purchases and other fees. Brokerage fee was 8.3% on the back of increased stock trading.

Speaker 1

But

Operator

IDC fell 36.6 percent Q on Q despite the growth in underwriting fee resulting from more risk DCM sales due to reduced real estate and financing arrangement fee. Page 11 includes non interest income for your reference purposes.

Speaker 2

Page 12 is for group's valuation for credit losses. GMV costs increased 4.3 percent of revenues and reclassification of service accounts in the United QoQ. Group's CIR on an accumulated basis edged up slightly to 39.2 percent QoQ. But when excluding ERP costs, group's CIR was 38.2%, down 0.3 percent point. Group's Q3 provision for credit losses due to declining additional countercyclical provisioning fell 14.7 percent QoQ.

Speaker 2

Group's recurring provision decreased KRW 8,100,000,000 credit rating season, its recurring provision fell by KRW 71,100,000,000. A Shinhan card with long end of September holidays shortening payment cycle, its recurring provision increased by KRW 79,700,000,000. As for the leading indicator of credit cost ratio, that is delinquency rate, the bank's delinquency rate affected by higher interest rates and unfavorable economic conditions continues an upward trend. Yet compared to pre COVID levels in Q3 2019, the absolute delinquency rate still remains low. Through write offs, delinquency rate remains flat QoQ at 0.27%.

Speaker 2

As for Shinon current due to write offs, delinquency rate dropped APP to 1.35 percent QoQ. But the leading indicator of delinquency, 2 month delinquency migration rate went up to BP QoQ. From Page 13 to 15, information on group's G and A expenses, credit cost ratio, asset quality and real estate has been included with further details for your reference. From Page 16, SFG income by subsidiary will be explained. As for SHP, higher interest rate than FX rate lowered noninterest income, while ERP raised G and A expenses.

Speaker 2

Nevertheless, interest income rose and provisions declined, resulting in an overall increase in net income Q on Q. As for nonbank subsidiaries, Shinhan Card, despite increase in provisioning but boosted by operating income growth, kept its net income flat QoQ. For Xianan Securities, rising interest rates and falling stock prices resulted in sluggish operating income and reflecting recognition of provisioning for investment products related costs, its net income dropped significantly QoQ. As for Shinhan Life, improved insurance sales led to increase in CSM amortization, which led to increase in insurance service income but due to higher interest rates. Insurance finance income decreased, thereby reducing net income QoQ.

Speaker 2

As For Shinhan Capital, interest expenses increased, but were decreased in provisioning, its net income grew QoQ. Page 17 shows SFG income by subsidiaries, and Page 18 shows SFG Overseas Business for your information. Page 19, capital management and key profitability indicators. At the end of September, CET1 ratio is expected to decrease 9 bp to 12.90 percent provisionally. This is due to higher FX rates and loan growth resulting in the growth of RWA.

Speaker 2

As for our digital strategy outlined in Page 21, CDO, Kim Myung Ki, will take the floor. Good afternoon. I am CDO, Kim Myung Ki. Regarding Q3 2023, I will address you on how the group aims to strengthen its fundamentals for its digital transformation. To begin, group's digital strategy framework with 6 key customer centric priorities and their key performance has been described on the left.

Speaker 2

As for SFG's financial and non financial platform, its gross MAU is 24,420,000, up 16% year on year. Financial platform DAU is 5,130,000, indicating the platform evolving into high traffic sites. As for new digital business expansion, data sales business generated KRW 15,500,000,000 in revenue, which is 28% growth year on year. Such results and customer value creation are enabled by 4 key core competencies, which I will explain. 1st, strengthening data competencies.

Speaker 2

The group is working to understand its customers' financial life thoroughly and extensively by scaling up data collaboration with various industries, which is leading to growth in data business. In addition, data contest for university students and other data driven CSR initiatives are also taking place continuously. Next is technology. Group is strategically tapping into cloud to drive infrastructure improvement, open development environment and open source software usage. This will enhance access to new digital technologies and improve service development as well as operational efficiency.

Speaker 2

Next, process innovation. Enable by digital technology, we're optimizing operational processes and enhancing employee productivity across the entire group. We're expanding No Code into business units, while renewing our groupware to innovate the way we work. Last part is the people domain, talent development. Group, in order to qualitatively expand and qualitatively grow digital talent, has established a common group wide competency system based on which a customized HRD program for employees is operated.

Speaker 2

SFG will continue to strengthen its fundamentals to enhance customer value. Thank you. Thank you, Sadio Kim, for your presentation. Starting with Page 22 onwards, information on the group's ESG initiatives, detailed data by group and key subsidiaries as well as key management indicators have been explained for your reference. This concludes the presentation.

Speaker 2

We will now start the Q and A. Thank you.

Operator

Thank you. And now we will take your questions. If you have any questions, please use the raise hand function in Zoom. And for your information, if you ask the question in English, then it will be interpreted consecutively. So please, I ask for your patience while the consecutive interpretation is underway.

Operator

Once again, if you have any questions, The first question is by Mr. Seo Ryun Jin from SK Securities. Please go ahead with your question. Thank you very much for taking my question. This is about provision.

Operator

Now regarding the credit loan, I understand that there were some talks about adjusting LGD value and then also in the Q4 also for the collateralized loan and understand that there are talks about adjusting the LGD value. So if you could explain a bit further. Thank you very much for the question. Please, I ask for your patience as we prepare for the response. Thank you very much.

Operator

So this was about provisioning. Yes, in Q3, about the credit LGD, what we provision for credit LGD, then there is 26,000,000,000 yen for the bank and then also smaller amounts for other subsidiaries. So that was the impact. And then also for the nonrecurring, then not only the not for the credit LGD, but then for retail and also for the SOHO model, then that was about KRW21.8 billion. So then that was also included.

Operator

So in total, it was KRW 55,100,000,000. And therefore, the Q4, the collateral loan, LGD, that we would have to do some more calculation, but then expectation now is that it will be around KRW 100,000,000,000.

Speaker 2

Thank you for the response. We'll take the next question from Han Kang Kook Investment Securities, Paektu san. Please go ahead, sir. Hello. I am from Korea Investment Securities, Paektu san.

Speaker 2

A question regarding capital ratio and also related to the capital growth or asset growth, especially if you look at the bank loans. There's a lot of demand for lending, but our capital ratio due to higher interest rates is in a very tight position. However, we still need to increase TSR.

Speaker 1

In terms

Speaker 2

of the capital ratio and also considering the TSR, and in Q4 or maybe next year, what are your growth targets? Or in order to achieve your growth targets, what are the current plans that you have in place? Thank you very much, Mr. Yipek. And while we prepare for the response, if you could just hold on, we would appreciate that.

Speaker 2

Thank you. Yes, for the capital ratio and also for the asset growth and TSR shareholder returns, so the question was dealing with all 3 different elements here. So at the end of the digging with the year, CET1 target was 12%, and we raised that to 13%. And we're going to achieve that by the end of the year, the 30%. And the effort is underway.

Speaker 2

So currently, it's 12.9%. And in order to achieve 13%, of course, we have to grow our assets. So we have to look at actual demand. At the same time, because there are economic uncertainties, we have to focus on high quality corporate loans that has been increasing. And in order to maintain 30%, RWA is continuing to increase.

Speaker 2

And next year as well, the 30% target is going to be maintained. And if we go with that as planned, next year's net income, we will have to allocate, for example, organically to RWA. And we will also have to think about how we go about doing the TSR. At the beginning of the year, we said that TSR is within the 30% to 40%. We have to take into account, of course, economic uncertainty relative environment And that continues still, the stance maintained.

Speaker 2

And the stance will continue on into the next year, and that is how we're going to allocate. But even for the RWA, because we don't want to erode into the capital, we want to look at profitability, not only the short term, but over the long term, we'll focus a lot on profitability so we can sustain our growth and we'll try to allocate more into those industries and areas and businesses that could bring us more profitability so that we continue to keep our commitment. Thank you.

Operator

Thank you very much for your response. And now, yes, we'll take the next question. From Kijun Securities, it is Park Hyo Jin. I am Park Hyo Jin from Taishin Securities. I have two questions.

Operator

The first is about the funding costs. It seems as if the funding cost pressure continues. So in Q4 and then also in 2024, what is the company's outlook for NIM? And the second question is, I'm asking this because I'm ignoring about this and that's about the securities and also the provision and then also the one off costs, if you could also expand a bit further. Then in Q4, so there is also going to be valuation on the non market assets.

Operator

And now because of the overseas situation, then what is the company's projection for like losses or what is the overall projection? Thank you. So there have been overall three questions. So I ask for your patience as we prepare for the response. Thank you very much.

Operator

So there were 3 questions. 1st will be answered by the bank CFO, followed by the Security CFO. And then the third question will be answered by the CRO. The first from Shinhan Bank. Good afternoon.

Operator

This is Ingye Hong from Shinhan Bank. Thank you very much for the very good question. So now then for Q4 and 2024 NIM outlook. Now in Q3, looking at the NIM then, then we can see that it fell by 1 bpqoq. So looking at just Q3 then, now in Q4 then we see that the funding would be by the commercial banks in Q4.

Operator

So that is why we went into preemptive funding in Q3. So then looking at the funding cost rate, then that was also affected by that. And then also in terms of the loan, then now because of the competition in the interest, now we were thinking that we would be able to maintain this. But then now we ended up with 1 bp lower in Q3. Now looking ahead to Q4 then, now some of the high interest deposits that we had acquired in the past, now they are nearing the maturity.

Operator

So then we believe that afterwards, then the funding rate is going to improve. So then there is going to be improvement in the NIM with the projection of a very cautious 1 to 2 bp. Then looking ahead to next year, now in Q4, the NIM this year was the highest in Q4. Then looking at the interest rate next year, then we believe that the benchmark rate is going to remain frozen for some time. And so looking at the overall situation, then the NIM next year is likely to be largely flat from this year.

Operator

Again, that is our cautious outlook for next year. Thank you. And now this is the Shinhan Security CFO, Yi Hidong. Now your question about the one off cost, well, were reflected in this quarter, one off cost. Now that is from the August decision about the Gen 2 fund.

Operator

And now what we had decided on the private cancellation was line. And then so that was about KRW14 100,000,000,000. And then for this time, the provision this time was for Gen 2, and that's a pretax KRW 119,000,000,000. So now regarding this provisioning. Now in the past, the Financial Supervisory Commission's Dispute Settlement Committee, now they have come up with the ratio of settlement, and we have also applied that this time.

Operator

And of course, in the process of settlement, then whether it is going to so it will be determined throughout the negotiation. But then there is the projected numbers and then also the percentage that is expected for Gen 2. So we combine them as the one off costs in the past quarter. So now into the future, then in the course of settlement, then we are going to compare between these two assets and book them accordingly. Thank you.

Operator

And then also for your further information. Now in early part of the year in January in February, I have also explained about the investor related products and then also about the Gen 2 and also the other small value funds. And then remaining is about the 1501. So you could take it as a part of what we had already explained in the early part of the year. Okay.

Operator

Now this is the group CRO, Angkon. And about the so I would take it that this question is about the overseas real estate. Now first of all, about the status. Now for the group then, our overseas real estate is about KRW 4,000,000,000,000 in holding. And to be more specific, about 60% is in North America.

Operator

And also by purposes then office or residential, that's about 65%. Of them, substandard is about KRW 160,000,000,000, so about 4%. So slightly higher than the other invested assets in Korea. So having said that, we have done an all count in the second half of the year. And since the insurance company has the highest holding, they have conducted inspection of the potentially distressed assets.

Operator

And then now next week, so we believe that we need to take a look into the bottom 10% assets. So then next month, then we would be again conducting on-site inspections across 2 geographies next month. So then in preparation against potential losses, we will continue to closely monitor the overall situation. And for information, yes, of course, we would be working together with outside organizations to conduct additional valuation. And it is too early for us to tell you about the total size, but then we are going to update them in terms of the valuation, and that would be reflected into our Q4.

Operator

Thank you.

Speaker 2

From HSBC, Won Jae Yong will ask the question. Thank you for the opportunity. I have two questions. First is that unlikely anticipation in terms of the corporate lending increase, I think CET1, you were able to defend quite effectively. So the movements, can you explain about the movements between the previous quarter and this quarter in relation to the CET1?

Speaker 2

2nd, and I think the new capital method was used for insurance. Did that lead to any changes in terms of the P and L? Thank you very much for the question. I will try to put together the response. Yes, first question was related to CET1 and MVMT.

Speaker 2

And the second is related to the insurance calculation method. As for the CET1, on a Q o Q basis, you can refer to the slide I'm outlined in Page 19. RWA increased to 700,000,000,000,000 yen credit, 300,000,000,000 yen and market 400,000,000,000 yen down. And in terms of the operation, RWA increased by 800,000,000,000 yen. And as for the declines over here for the market RWAs, I will just read this for you.

Speaker 2

ELS volatility increased and bond positioning going up, but the bond related duration went down, which led to the current results. And not only for the RWE, but for the CET1,

Speaker 1

there's been

Speaker 2

a drop in CET2. As you can see from the graph, this is because 39 bp due to the net income and 12 bp came down due to the TSP. In LWA 32 bp down and TSP 12 bp and OCA changes 4 bp change or reduction was made? Our CFO from insurance side will answer. I'm Shinhan Nye, Baek Kyung Hwan.

Speaker 2

Thank you very much for the question. IFRS 17 guideline, this is related to the actual loss medical cost, which has been reflected in Q3 performance. As for the overall guidelines, it really does not have a lot of implications on our insurance. The reason we decided to reflect that in Q3 because a total KRW100 1,000,000,000 improvement was achieved. And also in terms of the P and L, maybe KRW3 1,000,000,000,000 in terms of the losses, which is quite minimal.

Speaker 2

So really haven't had a lot of different a lot of changes in terms of the P and L as a result of the progressive MiFID application. Thank you very much. We don't have any more questions, so we will wait until more questions come through. If you have any questions, you can raise your hand on Zoom. Those of you who are delivering the questions in English, there will be consecutive interpretation provided afterwards.

Speaker 2

So while the interpreter takes the floor, please wait until the interpretation is finished. We'll wait for more questions.

Operator

Thank you. Now it is Mr. Song Kyejun from Yuan Ta Securities. Please go ahead, sir. Good afternoon.

Operator

I am Seong Joon from Yuan Ta Securities. Thank you very much for taking my questions. My question is on dividend. Now recently, no, actually this year, early this year, you have also revised the articles. And now then, what is your guidance about the shareholder return policy?

Operator

Thank you. Please wait for a while as we prepare for the response. Thank you. So that is about the closing of the shareholder register. And we were preparing to communicate about this even if there were no questions about this.

Operator

So as you have mentioned earlier, so we have changed the AOI at the end of the in the early part of the year. And so now the dividend is not going to be at the year end, but then should be resolved at the Board. And not just for the group, but then for the subsidiaries and also by the other listed companies as well. So then it is going to be determined at the general shareholders meeting. And then so we revised the AOI in accordance to that.

Operator

So then afterwards, we will be paying off the dividend not always at the end of the year, but then determined by the BOD. And so the direction now is that perhaps after the general shareholders meeting, so not right after the GSM, but then perhaps 1 or 2 days afterwards. So that is our direction as we have discussed so far, but it has not been finalized yet. So that is the direction of the discussion. And once we make the decisions, then we will make sure that they are duly communicated and disclosed at the end of the year.

Operator

Thank you very much. We will take the next question.

Speaker 2

Suji Hyun from JPMorgan. Thank you for the opportunity. This was included in the slide, but you didn't mention this. This is really related to real estate The slide clearly shows some information, but on the news, it seems that a lot of media coverage is actually focused on many companies that are in distress. So what's the current situation right now, especially the creditors group, they're quite strong and also there is an influence coming from the government policies as well.

Speaker 2

So what's the current level right now and especially between this year and next year? Do you see any difficulties going forward and how do you plan on responding to them? So if you could talk about your future risk management call, I would appreciate that. And we know that you had a lot of provisioning for credit losses this year. What is the target for provisioning this year, year end?

Speaker 2

And since we had the provisioning in place and also considering the risk factors next year, is that going to continue to go up or is it going to come down? So in terms of the credit loss provisioning, if you could provide us with a yearly guidance? The last question is that among the top banking groups, you did quarterly dividend payout continuously. So can we expect that as well next year? Is that going to continue as for the quarterly dividend?

Speaker 2

So thank you very much. Joe, There were 3 questions from you, and we will now put together our response. So three questions here. First is real estate Our CFO will answer. And for the last remaining two questions, I will try to address them.

Speaker 2

CRO, please take the floor. Hello. I am Apangou himself from CRO. So as I mentioned in the slides, the included bridge loan is 9,100,000,000,000. In terms of the delinquency, that's about 1.4 percent.

Speaker 2

Subcenter and below is about 2%. However, if you look at the characteristics of the assets, most of them 73% are concentrated in the metropolitan area. For residential, that's about 60% concentrated. So across the board, this is well, internally, we are confident about our asset quality unlike what the market sees us. But of course, the market will take precedence over our internal situation, so we're remaining very cautious.

Speaker 2

As for the major creditor group, lenders group, I think operation is quite effective. There are about 40 different sites and about KRW360 1,000,000,000, KRW360 1,000,000,000,000 has been incurred. And all the assets that have gone to the lenders group and some of them are in delinquent state and some of them may go delinquent going forward, but we'll have to be cautious as to how to distinguish between the 2. So of course, a lot of interest is focused on real estate. So we're doing this on a weekly basis.

Speaker 2

We try to monitor the developments on a weekly basis for the We also do monthly review for the assets. We also try to readjust our soundness as well. And in the second half of the year, we'll do full enumeration survey, and we have also come up with the response strategies by each company. So for the time being, for the real estate business, this is where everyone is interested in and we're not exactly sure. We can't say whether it's going to get better or it's going to become worse, but we'll just have to remain vigilant.

Speaker 2

Second question is related to provision for credit losses. 50 bp until 3Q and during the Q4, it's about 40 bp that we have eliminated. As for the 4Q prediction, 89 bp to 49 bp is being planned. As for additional provisioning for 800 for real estate, yes, we'll have to be reviewed on a case by case basis and we'll have to add more provision for that across the board on a yearly basis. Probably in the later 40 bp, but it may go up as high as 50 bp.

Speaker 2

As for next year, we have recurring provision and additional provisioning. As for additional provisioning, due to EAD changes, there could be additional provisioning required. And of course, individual overlay and BTF may be required. But starting last year, the year before and next year, we really don't have much room for additional provisioning. So that is really enough to be that sizable.

Speaker 2

But in terms of the recurring provisioning, it's 30, 60,000 now. As was mentioned by CRO, the soft landing becomes possible for divesting and the loan loss provision or credit loss ratio is going to decrease by next year for the dividend, partly dividend this year as well as next year. That is a regular practice. That's part of our policy to do quarterly dividend. So quarterly dividend policy is going to be maintained.

Speaker 2

Thank you.

Operator

Thank you very much for the response. And now let us wait for further questions. From JPMorgan, Chojun, I believe that she has a follow-up question. So please go ahead. Yes.

Operator

Thank you. So thank you very much for the response. So what I had asked about was also whether for next year, the share buyback and cancellation, will that also occur on a quarterly basis? And I believe that I perhaps have phrased my question wrong asking only about the dividend, but then also about the share buyback and cancellation. Yes.

Operator

Then let me directly answer the question. So yes, dividend on a quarterly basis and then also the share buyback and cancellation, we have also tried that this time. Now the overall shareholder return policy remains unchanged from the previous guidance. And then now for next year, whether it will also take place on a quarterly basis or not, that is also up to the BOD decision as well. So with the overall direction, it

Speaker 1

remains unchanged. But then regarding the share buyback and cancellation, I would have to come back to you after

Operator

we make the BoT. Thank you. Thank you. We will take the next question.

Speaker 2

Weibo Capital, Tetsuya.

Speaker 3

Hi. Thank you for the opportunity. I wanted to understand how the retail business credit scores are being used in our risk management practices. So what how the internal scorecards are used? What kind of BEO data do we use?

Speaker 3

And whether alternate credit scores that with new technology like machine learning and AI, are they replacing bureau data that you are using? How is this risk management at the time of underwriting evolving from a credit risk perspective?

Operator

Thank you very much for your question. So please wait for a while as we prepare the response. Yes, the CRO will take your question. Yes, this is the CRO, Pangdongwon. So I see that it's a quite a technical question.

Operator

So now yes, for the retail loan, then we have the rating agency system. So we don't use the outside system. So then now in our case, for the BIS ratio, when we calculate the BIS ratio, then we use the internal rating method. So then now we are using this with approval from the FSC. So yes, this is the internal model.

Operator

And then there's also what we call the alternative model. So in atop the regulated model, then there's also what we use for our business purpose and that is the alternative model. Now for this alternative model, then what you have mentioned, so for example, machine learning and other new technologies, so yes, we are obviously seeing using them. Now for the data, then we try to use as much data as possible from both inside and outside to input them into the model to run the model. So now let me sum up.

Operator

We have the regulated model, then the alternative model. Regulated model has been approved by the FSE. It is in usage. And then for the alternative model, this is for our internal usage, and we are also applying machine learning technologies as well.

Speaker 2

Thank you for the response. We don't have any questions in the queue, so we'll try to wait a little longer. Yes, I'm aware of the time. And yes, this concludes 2023 Q3 earnings presentation. So we would like to thank the participants once again for earnings presentation.

Speaker 2

Our presentation materials will be posted on home page as well as SFG IR YouTube channel. We ask for your continued interest and we will see you again at the next quarter. Thank you very much.

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Earnings Conference Call
Shinhan Financial Group Q3 2023
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