Shinhan Financial Group Co., Ltd. (SHG) Balance Sheet

NYSE: SHGAssets, liabilities, debt and equity over 10 years.

SHG balance sheet, 2025

December 31, 2025 · South Korean won

₩785.98T assets = ₩730.36T liabilities + ₩55.62T equity

Both columns are drawn to the same scale: what SHG owns equals what it owes plus shareholders’ equity. Hover a block for its value.

SHG financial health

Debt / equity2.90

High leverage · ₩2.90 of debt for each $1 of equity

Cash / debt17.9%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles0.7%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

SHG balance sheet trends, 2016–2025

Shinhan Financial Group Co., Ltd. balance sheet trends
Metric	Then	Latest	Change
Total assets	₩395.68T2016	₩785.98T2025	+7.9%/yr
Total liabilities	₩363.94T2016	₩730.36T2025	+8.0%/yr
Shareholders’ equity	₩31.11T2016	₩53.21T2025	+6.1%/yr
Cash & short-term investments	₩58.01T2016	₩27.68T2025	−7.9%/yr
Total debt	₩73.07T2016	₩154.21T2025	+8.7%/yr
Net cash (debt)	−₩15.06T2016	−₩126.53T2025	−₩111.5T
Working capital	−₩192.11T2016	−₩50.03T2025	+₩142.1T
Debt / equity	2.352016	2.902025	+0.55
Shares outstanding	474.2M2016	496.5M2025	+0.5%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

SHG assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

SHG liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

SHG debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

SHG balance sheet in South Korean won

Shinhan Financial Group Co., Ltd. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	₩27.68T	₩135.48T	₩126.08T	₩116.54T	₩119.94T	₩92.87T	₩88.99T	₩56.82T	₩65.94T	₩58.01T
Cash & equivalents	₩21.14T	₩41.67T	₩35.77T	₩31.07T	₩29.05T	₩34.56T	₩29.61T	₩18.50T	₩23.83T	₩20.35T
Short-term investments	₩6.54T	₩93.81T	₩90.31T	₩85.47T	₩90.89T	₩58.32T	₩59.38T	₩38.31T	₩42.12T	₩37.66T
Receivables	₩27.44T	₩17.48T	₩20.99T	₩14.80T	₩15.16B	₩15.10T	₩12.06T	₩9.61T	₩7.95T	₩6.69T
Inventory	₩0	₩0	₩877.32B	−₩72.57T	−₩54.95T	−₩58.37T	−₩47.95T	−₩35.63T	−₩65.73T	−₩60.22T
Other current assets	₩0	₩865.92B	₩0	₩73.65T	₩55.65T	₩58.77T	₩48.46T	₩36.44T	₩65.73T	₩60.62T
Total current assets	₩27.68T	₩153.82T	₩147.78T	₩132.41T	₩120.66T	₩108.38T	₩101.56T	₩67.23T	₩73.89T	₩65.09T
Property, plant & equipment (net)	₩6.04T	₩4.16T	₩6.05T	₩5.94T	₩4.05T	₩5.01T	₩4.08T	₩3.00T	₩3.02T	₩3.15T
Goodwill & intangible assets	₩5.89T	₩6.12T	₩6.22T	₩5.81T	₩5.64T	₩5.48T	₩5.56T	₩4.32T	₩4.27T	₩4.23T
Long-term investments	₩213.77T	₩199.98T	₩199.91T	₩181.18T	₩180.09T	₩167.35T	₩159.58T	₩111.00T	₩99.78T	₩87.93T
Other non-current assets	₩532.59T	₩375.69T	₩331.84T	₩339.09T	₩331.43T	₩319.02T	₩281.64T	₩274.04T	₩245.34T	₩235.28T
Total assets	₩785.98T	₩739.76T	₩691.80T	₩664.43T	₩641.86T	₩605.23T	₩552.42T	₩459.60T	₩426.31T	₩395.68T
Liabilities
Accounts payable	₩29.03T	₩15.14T	₩18.92T	₩12.34T	₩14.04T	₩14.57T	₩11.89T	₩9.75T	₩8.52T	₩7.26T
Short-term debt	₩77.71T	₩11.57T	₩17.35T	₩9.59T	₩10.75T	₩11.14T	₩9.18T	₩7.69T	₩27.59T	₩0
Deferred revenue	—	—	₩661.83B	₩637.89B	₩574.13B	₩317.28B	₩294.71B	₩368.21B	₩523.26B	₩373.89B
Total current liabilities	₩77.71T	₩464.88T	₩433.24T	₩421.28T	₩402.33T	₩367.42T	₩332.45T	₩296.39T	₩36.11T	₩257.20T
Long-term debt	₩132.74T	₩131.83T	₩119.56T	₩116.36T	₩111.68T	₩104.49T	₩101.51T	₩83.99T	₩69.00T	₩60.40T
Lease obligations	₩790.34B	₩890.69B	₩613.91B	₩623.34B	₩612.69B	₩594.16B	₩1.10T	₩0	₩0	₩0
Other long-term liabilities	₩519.91T	₩84.23T	₩82.68T	₩73.37T	₩77.64T	₩86.97T	₩76.53T	₩42.57T	₩0	₩46.34T
Total liabilities	₩730.36T	₩680.94T	₩635.47T	₩611.01T	₩591.65T	₩558.88T	₩510.49T	₩422.95T	₩392.60T	₩363.94T
Shareholders' equity
Common stock & paid-in capital	₩2.70T	₩2.70T	₩2.70T	₩2.61T	₩2.97T	₩2.61T	₩2.37T	₩2.37T	₩2.37T	₩2.37T
Retained earnings (deficit)	₩41.79T	₩39.02T	₩36.39T	₩33.96T	₩31.14T	₩27.78T	₩25.53T	₩22.96T	₩20.79T	₩18.64T
Treasury stock	—	—	—	—	—	—	₩0	₩0	₩0	₩0
Accumulated other comprehensive income	−₩2.47T	−₩1.82T	−₩1.07T	−₩1.91T	−₩905.22B	−₩404.18B	−₩260.16B	−₩753.22B	−₩529.73B	−₩102.58B
Minority interest	₩2.41T	₩2.77T	₩2.60T	₩2.69T	—	—	₩0	₩0	₩0	₩0
Total shareholders' equity	₩53.21T	₩56.05T	₩53.72T	₩50.73T	₩47.97T	₩44.07T	₩39.18T	₩35.73T	₩33.70T	₩31.11T
Key figures
Total debt	₩154.21T	₩150.26T	₩143.78T	₩128.72T	₩134.68T	₩117.06T	₩114.25T	₩93.72T	₩96.59T	₩73.07T
Net cash (debt)	−₩126.53T	−₩14.78T	−₩17.71T	−₩12.18T	−₩14.74T	−₩24.19T	−₩25.26T	−₩36.90T	−₩30.64T	−₩15.06T
Working capital	−₩50.03T	−₩311.06T	−₩285.46T	−₩288.86T	−₩281.68T	−₩259.04T	−₩230.90T	−₩229.16T	₩37.78T	−₩192.11T
Tangible book value	₩47.31T	₩49.93T	₩47.50T	₩44.92T	₩42.32T	₩38.59T	₩33.62T	₩31.41T	₩29.43T	₩26.88T
Shares outstanding	496.5M	506.2M	519.2M	508.8M	534.0M	500.3M	477.3M	473.6M	474.2M	474.2M
Current ratio	0.36	0.33	0.34	0.31	0.30	0.29	0.31	0.23	2.05	0.25
Quick ratio	0.71	0.33	0.34	0.31	0.30	0.29	0.30	0.22	2.05	0.25
Debt / equity	2.90	2.68	2.68	2.54	2.81	2.66	2.92	2.62	2.87	2.35
Equity / assets	6.8%	7.6%	7.8%	7.6%	7.5%	7.3%	7.1%	7.8%	7.9%	7.9%

Shinhan Financial Group Co., Ltd. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	₩47.24T	₩144.99T	₩144.61T	₩147.05T	₩137.15T	₩137.86T	₩35.23T	₩135.83T	₩123.86T	₩123.34T	−₩34.81T	₩122.28T
Cash & equivalents	₩47.24T	₩40.80T	₩41.39T	₩47.26T	₩39.88T	₩43.19T	₩35.23T	₩44.44T	₩35.04T	₩34.81T	₩34.81T	₩35.89T
Short-term investments	₩105.63T	₩104.19T	₩103.22T	₩99.79T	₩97.27T	₩94.67T	₩93.81T	₩91.39T	₩88.82T	₩88.53T	₩88.53T	₩86.39T
Receivables	₩0	₩27.44T	₩27.44T	₩37.06B	₩35.89B	₩63.54B	₩13.61T	₩39.50B	₩36.79B	₩30.15B	₩30.15B	₩31.62B
Inventory	₩0	₩0	₩0	₩0	₩0	₩0	₩0	₩0	₩0	₩34.78T	₩34.78T	−₩41.89T
Other current assets	₩0	₩0	₩1.06T	₩2.68T	₩0	₩0	₩0	₩0	₩0	₩0	₩40.03T	₩41.89T
Total current assets	₩47.24T	₩148.70T	₩173.12T	₩149.76T	₩137.19T	₩137.93T	₩35.23T	₩135.87T	₩123.90T	₩123.37T	₩40.03T	₩122.31T
Property, plant & equipment (net)	₩4.08T	₩4.17T	₩6.04T	₩3.98T	₩4.00T	₩4.11T	₩4.16T	₩4.00T	₩3.97T	₩3.97T	₩3.97T	₩3.95T
Goodwill & intangible assets	₩5.94T	₩7.23T	₩5.89T	₩11.81T	₩5.96T	₩10.73T	₩5.44T	₩6.14T	₩6.18T	₩10.87T	₩10.87T	₩10.91T
Long-term investments	₩213.64T	₩204.37T	₩213.77T	₩200.58T	₩195.41T	₩194.13T	₩199.98T	₩195.05T	₩192.68T	₩199.50T	₩199.91T	₩191.38T
Other non-current assets	₩570.00T	₩452.24T	₩387.19T	₩416.81T	₩410.14T	₩399.33T	₩494.96T	₩404.33T	₩400.95T	₩372.05T	₩454.98T	₩361.46T
Total assets	₩840.89T	₩816.72T	₩786.01T	₩782.94T	₩752.69T	₩746.22T	₩739.76T	₩745.40T	₩727.68T	₩709.76T	₩709.76T	₩690.01T
Liabilities
Accounts payable	—	₩29.03T	₩29.03T	—	—	₩15.14T	₩15.14T	—	—	₩18.92T	₩16.58T	₩16.58T
Short-term debt	₩81.49T	₩12.43T	₩15.04T	₩12.76T	₩14.67T	₩10.71T	—	₩14.40T	₩16.34T	₩15.86T	₩17.99T	₩13.69T
Deferred revenue	—	—	—	—	—	—	—	—	—	₩661.83B	₩661.83B	₩661.83B
Total current liabilities	₩81.49T	₩483.23T	₩511.77T	₩452.26T	₩440.48T	₩436.45T	₩7.02T	₩437.93T	₩425.64T	₩417.83T	₩180.87T	₩407.37T
Long-term debt	₩137.78T	₩132.87T	₩132.74T	₩129.49T	₩127.49T	₩128.42T	₩131.83T	₩126.51T	₩128.71T	₩124.63T	₩125.81T	₩120.29T
Lease obligations	—	—	₩790.34B	—	—	—	₩890.69B	—	—	—	₩613.91B	—
Other long-term liabilities	₩555.94T	₩139.14T	₩81.13T	₩140.62T	₩124.53T	₩122.00T	₩542.09T	₩122.19T	₩115.73T	₩110.53T	₩350.71T	₩105.94T
Total liabilities	₩778.37T	₩755.24T	₩725.64T	₩722.36T	₩692.50T	₩686.87T	₩680.94T	₩686.63T	₩670.08T	₩652.99T	₩657.39T	₩633.60T
Shareholders' equity
Common stock & paid-in capital	₩2.97T	₩2.70T	₩2.70T	₩2.70T	₩2.70T	₩2.70T	₩2.97T	₩2.97T	₩2.70T	₩2.70T	₩2.97T	₩2.70T
Retained earnings (deficit)	₩53.45T	₩52.02T	₩41.80T	₩41.62T	₩40.51T	₩40.20T	₩39.02T	₩39.23T	₩38.25T	₩37.15T	₩37.15T	₩36.25T
Accumulated other comprehensive income	₩1.45T	−₩2.11T	−₩2.47T	−₩2.72T	−₩2.62T	−₩2.36T	₩1.97T	−₩2.04T	−₩1.97T	−₩1.65T	−₩1.65T	−₩1.04T
Minority interest	₩2.42T	₩2.42T	₩2.41T	₩2.71T	₩3.01T	—	—	—	—	—	—	—
Total shareholders' equity	₩60.10T	₩59.06T	₩57.96T	₩57.87T	₩57.19T	₩56.82T	₩56.05T	₩56.00T	₩54.84T	₩54.40T	₩50.00T	₩53.62T
Key figures
Total debt	₩156.31T	₩145.30T	₩156.57T	₩144.64T	₩144.44T	₩141.16T	₩131.20T	₩145.22T	₩144.49T	₩140.03T	₩144.18T	₩133.22T
Net cash (debt)	−₩109.07T	−₩308.22B	−₩11.96T	₩2.41T	−₩7.28T	−₩3.30T	−₩95.97T	−₩9.38T	−₩20.63T	−₩16.68T	−₩178.99T	−₩10.94T
Working capital	−₩34.25T	−₩334.52T	−₩338.65T	−₩302.49T	−₩303.30T	−₩298.52T	₩28.20T	−₩302.06T	−₩301.74T	−₩294.46T	−₩140.84T	−₩285.06T
Tangible book value	₩54.16T	₩51.83T	₩52.07T	₩46.06T	₩51.23T	₩46.09T	₩50.61T	₩49.86T	₩48.66T	₩43.53T	₩39.13T	₩42.70T
Shares outstanding	481.6M	482.4M	511.6M	484.2M	487.4M	495.6M	501.1M	504.0M	511.6M	511.6M	511.6M	516.8M
Current ratio	0.58	0.31	0.34	0.33	0.31	0.32	5.02	0.31	0.29	0.30	0.22	0.30
Quick ratio	0.58	0.36	0.34	0.33	0.31	0.32	6.95	0.31	0.29	0.30	−0.19	0.30
Debt / equity	2.60	2.46	2.70	2.50	2.53	2.48	2.34	2.59	2.63	2.57	2.88	2.48
Equity / assets	7.1%	7.2%	7.4%	7.4%	7.6%	7.6%	7.6%	7.5%	7.5%	7.7%	7.0%	7.8%

Quarterly columns are labeled by the month the quarter ended. Figures in South Korean won as reported (latest annual report filed April 22, 2026); data from EODHD.

SHG financial position

At the end of fiscal 2025 (December 31, 2025), Shinhan Financial had total assets of ₩785.98 trillion (up 6.2% from a year earlier), total liabilities of ₩730.36 trillion and shareholders' equity of ₩53.21 trillion. It held ₩27.68 trillion in cash and short-term investments against ₩154.21 trillion of debt, net debt of ₩126.53 trillion. Its current ratio was 0.36. In the latest quarter (ended June 30, 2026) total assets were ₩840.89 trillion and equity ₩60.10 trillion.

Related: SHG income statement, SHG cash flow statement, SHG key metrics. See the SHG stock overview for the latest quote and news.

SHG balance sheet FAQ

What are Shinhan Financial's total assets?

Shinhan Financial reported total assets of ₩785.98 trillion at the end of fiscal 2025 (December 31, 2025), compared with ₩739.76 trillion a year earlier.

How much debt does Shinhan Financial have?

Shinhan Financial had ₩154.21 trillion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 2.90.

How much cash does Shinhan Financial have?

Shinhan Financial held ₩27.68 trillion in cash and short-term investments at the end of fiscal 2025; with ₩154.21 trillion of debt that is net debt of ₩126.53 trillion.

What is Shinhan Financial's book value?

Shinhan Financial's shareholders' equity (book value) was ₩53.21 trillion at the end of fiscal 2025.

What is Shinhan Financial's current ratio?

Shinhan Financial had current assets of ₩27.68 trillion and current liabilities of ₩77.71 trillion, a current ratio of 0.36 (current liabilities exceed current assets).

How much goodwill does Shinhan Financial have?

Shinhan Financial carried ₩5.89 trillion of goodwill and intangible assets, 0.7% of total assets, at the end of fiscal 2025.