Shinhan Financial Group Co Ltd (SHG) 2022 Q4 法說會逐字稿

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（技術難度）

And more detail from the next pages. On an annualized basis, Group's cumulative net income posted KRW4.6423 trillion, and despite uncertain economic conditions at home and abroad, we steadily improved net income. Excluding the KRW321.8 billion of sales gained from Shinhan Securities HQ building sale income, it was a 7.5% increase YoY. Group's annual CIR posted 45.5% and despite the digital-related cost increase and inflationary factors is being managed at a stable level.

以及下一頁中的更多詳細信息。按年率計算，集團累計淨利潤為46423億韓元，在國內外經濟形勢不明朗的情況下，淨利潤穩步提升。扣除新韓證券總部大樓銷售收入的 3,218 億韓元銷售額，同比增長 7.5%。集團的年度 CIR 為 45.5%，儘管與數字相關的成本增加和通脹因素仍在穩定水平。

Group's annual credit cost ratio posted at around 33 bp level, and despite additional provision for future uncertainties due to deterioration of the internal and external economic environment, it is being maintained at a stable level. And going forward, Shinhan Financial Group will maintain a conservative provisioning policy.

集團全年信貸成本率維持在33個基點左右的水平，儘管因內外經濟環境惡化而對未來不確定性進行了額外撥備，但仍維持在穩定水平。展望未來，新韓金融集團將維持保守的撥備政策。

Last, I would like to go over the Group's capital policy. At the BOD meeting held today, the 2022 year-end dividend per share was decided at KRW865. And if the previous quarterly dividends are included, the annual cash dividend payout ratio is 23.5%. In addition, if we include the 2 rounds of share buyback and cancellation that took place last year, 2022 TSR is 30%. Going forward, we will strive forward to maintain an appropriate capital ratio and also continuously improve our shareholder return ratio.

最後，我想回顧一下集團的資本政策。在今天舉行的董事會會議上，決定了每股 865 韓元的 2022 年年終股息。而若計入前一季度派息，全年現金派息率為23.5%。此外，如果我們包括去年發生的兩輪股票回購和註銷，2022 TSR 為 30%。展望未來，我們將努力保持適當的資本比率，並不斷提高股東回報率。

Let's go to Page 5. First, I will go over the main reasons why Q4 performance fell short of the consensus. First item was the KRW146.4 billion of valuation loss, which was recognized for the principal protected [pre-2000] Personal Pension Trust, which was newly recognized -- because of the newly released interpretation by Korea Accounting Institute. However, since this was mostly valuation loss from bond price decline due to interest rate hike, losses will be recovered in full amount, when the bond reaches maturity and most of this will be recovered as valuation gains within 2 to 3 years.

讓我們轉到第 5 頁。首先，我將回顧一下第四季度業績未達到共識的主要原因。第一項是 1,464 億韓元的估值損失，這是為本金受保護的 [2000 年前] 個人養老金信託確認的，這是新確認的 - 因為韓國會計協會新發布的解釋。但是，由於這主要是由於加息導致的債券價格下跌造成的估值損失，因此損失將全額收回，當債券到期時，其中大部分將在 2 至 3 年內作為估值收益收回。

Second is the customer investment product-related losses of KRW180.2 billion, KRW130.7 billion after tax. At the beginning of last year at the 2021 annual business results presentation, I mentioned that the estimated loss related to the sale of investment products could go up at maximum to KRW200 billion after tax. Of this, considering the amount recognized in 2022, expected loss of about KRW70 billion should have been remained, but when we had about KRW80 billion, which was unforeseen at the time such as, the decision of the Heritage Fund dispute Mediation Committee, we expect a total of KRW150 billion worth of additional losses going forward.

其次是客戶投資產品相關虧損1802億韓元，稅後1307億韓元。在去年年初的 2021 年年度業績發布會上，我提到與銷售投資產品相關的估計稅後損失最多可達 2000 億韓元。其中，考慮到 2022 年確認的金額，本應保留約 700 億韓元的預期損失，但當我們有約 800 億韓元時，這在當時是不可預見的，例如傳統基金糾紛調解委員會的決定，我們預計總計價值 1,500 億韓元的額外損失。

Third, valuation loss on nonmarketable securities increased by KRW73.5 billion YoY and recorded KRW104.1 billion. For this, the ERP expense is of KRW145 billion. Lastly, reflecting factors such as conservative future economic outlook, additional provisioning was KRW197 billion.

第三，非流通證券估值損失同比增加735億韓元，錄得1041億韓元。為此，ERP 費用為 1,450 億韓元。最後，考慮到保守的未來經濟前景等因素，追加準備金為 1,970 億韓元。

On Page 6, there is a major business performance of the overall Group. So please refer to it if needed. Then starting from Page 7, I will go through the detailed performance of the Group. First, Page 7 is the Group's interest income. 2022 annual Group interest income went up by 17.9% YoY recording KRW10.6757 trillion, driven by 15 bp quarterly Group margin increase in interest-bearing assets, 4.5% YoY increase. Q4 quarterly bank NIM on the back of decrease in core deposits continuing from Q3, an increase in funding costs following LCR management, posted 1.67%, a 1 bp decline QoQ.

在第 6 頁上，有整個集團的主要業務績效。所以有需要的可以參考一下。然後從Page 7開始，我將詳細介紹Group的性能。首先，第7頁是集團的利息收入。 2022 年集團利息收入同比增長 17.9%，達到 10.6757 萬億韓元，這得益於集團生息資產季度利潤率增長 15 個基點，同比增長 4.5%。由於核心存款從第三季度開始減少，LCR 管理導致融資成本增加，第四季度季度銀行 NIM 為 1.67%，環比下降 1 個基點。

I will now cover bank loans in one. Bank loan growth, despite the continuous decline of household loans, saw solid corporate loan growth and grew 3.8% YoY. Corporate loans driven by increased demand from large and medium-sized companies following the direct funding market, crunch grew 11.2% YTD. On the other hand, household loans with a sharp rise in interest rate leading to factors such as demand decrease and DSR regulatory effect, decreased 3.7% YTD. Please refer to Page 31 for more details.

我現在將銀行貸款合二為一。儘管家庭貸款持續下降，但銀行貸款增長強勁，企業貸款增長穩健，同比增長 3.8%。受直接融資市場之後大中型公司需求增加的推動，公司貸款年初至今增長 11.2%。另一方面，由於利率大幅上升導致需求下降和 DSR 監管效應等因素，家庭貸款年初至今下降 3.7%。詳情請參閱第 31 頁。

Please refer to the next page, Page 8, for Shinhan Bank's margin loan and deposits. Next is Page 9, Group noninterest income. Group's noninterest income following securities-related income decreased due to market interest rate increase and fee income decreased following capital market and real estate market deterioration went down 30.4% YoY, compared to the previous quarter due to factors, including the aforementioned change in accounting or principal protected trust and recognition of alternative investment valuation losses, went down 89.8%. Fee income decreased by 5.6% YoY. This is mainly due to credit card fees, securities, brokerage fees and fund bancassurance fees.

關於新韓銀行的保證金貸款和存款，請參閱下頁第 8 頁。接下來是第 9 頁，集團非利息收入。由於上述會計或本金變動等因素，集團非利息收入因市場利率上升而減少的證券相關收入和因資本市場和房地產市場惡化而減少的手續費收入同比下降30.4%。受保護的信託和確認另類投資估值損失，下降了 89.8%。手續費收入同比下降 5.6%。這主要是由於信用卡費用、證券、經紀費用和基金銀行保險費用。

Credit card fees decreased due to factors such as lower merchant fee rates, although credit card purchases increased. It decreased 13.6% QoQ. Credit card fee income decreased due to a reduction in interest-free installment plans, leading to lower volume and increase in seasonal marketing promotional expenses. IB commissions decreased due to real estate market slowdown in the capital market downturn.

儘管信用卡購買量有所增加，但由於商戶費率較低等因素，信用卡費用有所下降。環比下降 13.6%。由於免息分期計劃減少，信用卡手續費收入減少，導致銷量下降，季節性營銷推廣費用增加。 IB佣金減少的原因是資本市場低迷的房地產市場放緩。

Next, on Page 10, Group G&A and provisioning; trading costs despite the decrease in ERP size, due to DT related marketing expenses and overall increase in general cost levels due to inflation, increased by 4.7% YoY. Group CIR recorded 45.5%, up 0.2 percentage points YoY and is being managed stably. The Group's annual credit cost posted KRW1.3057 trillion and driven by items such as KRW517.9 billion of additional provisioning to respond to the uncertain economy, increased 31%, but credit cost ratio posted 33 bps, a 6 bp increase YoY and is being stably managed. As economic uncertainty is growing to prepare for potential credit risks, we plan to continue our conservative provisioning stance.

接下來，在第 10 頁，集團 G&A 和配置；儘管 ERP 規模有所下降，但由於與 DT 相關的營銷費用和通貨膨脹導致的總體成本水平總體上升，交易成本同比增長 4.7%。集團CIR錄得45.5%，同比上升0.2個百分點，管理穩定。集團年度信貸成本為 13057 億韓元，受經濟不確定性追加撥備 5179 億韓元等項目的推動，增長 31%，但信貸成本比率為 33 個基點，同比增長 6 個基點，正在穩定管理。隨著經濟不確定性增加以應對潛在的信用風險，我們計劃繼續保持保守的準備金立場。

In addition, through actively supporting vulnerable borrowers for individuals and companies and through active support for high-quality businesses among real estate PF, which are recently becoming problematic, we will work hard continuously to mitigate this risk. Looking at the delinquency ratio, which can be seen as a leading indicator of credit cards. In the case of the bank, it is maintained at 0.22 percentage level of 3 bps QoQ. However, in the case of credit card, with the interest rate rise and increasing requests for readjustment of fresh start fund and financial products, credit limit cuts for preemptive asset quality management, it went up 18 bps QoQ. Please refer to Page 11 for a preemptive preparation for future uncertainty plans and please refer to Page 12 for details on the Group's asset quality management.

此外，通過積極支持個人和公司的弱勢借款人以及通過積極支持最近成為問題的房地產 PF 中的優質業務，我們將繼續努力減輕這種風險。看看拖欠率，這可以看作是信用卡的領先指標。就銀行而言，它維持在 3 個基點環比的 0.22 個百分點水平。但信用卡方面，隨著利率上行、新啟動基金和理財產品調整需求增加、提前資產質量管理降額等要求，環比上漲18個基點。未來不確定性預案的先發製人見第11頁，集團資產質量管理詳見第12頁。

Next is Page 13, capital management and major profitability indicators. As of the end of December, the CET1 ratio increased by 0.1 percentage points QoQ and is tentatively expected to post 12.7%. This is attributable to a sharp decrease in credit RWA due to a decrease in foreign currency loans and currency derivatives at the value of the (inaudible), despite the factors that reduced the ratio due to year-end dividends.

接下來是第 13 頁，資本管理和主要盈利指標。截至12月底，CET1佔比環比上升0.1個百分點，初步預計為12.7%。這是由於外幣貸款和貨幣衍生品的價值（聽不清）減少導致信貸 RWA 急劇下降，儘管年終股息導致比率下降。

Next, on Page 14, the Group subsidiaries income. Despite the negative noninterest income trends and spike in provisioning, the bank's net income grew YoY owing to the increase in interest income on the back of margin improvement. In the case of nonbank subsidiaries, in the case of Shinhan Card, despite across-the-board increase in operating profit, including credit purchases, loan and lease, a rapid rise in funding costs, merchant fee cards and provisioning increase led to a slight decline in net income.

接下來，在第 14 頁，集團子公司的收入。儘管非利息收入呈負趨勢且準備金激增，但由於利潤率改善導致利息收入增加，該銀行的淨收入同比增長。非銀子公司方面，新韓卡方面，儘管包括信貸購買、貸款和租賃在內的營業利潤全面增長，但資金成本快速上升，商戶手續費卡和撥備增加導緻小幅增長淨收入下降。

In the case of securities, operating profit was down, owing to the losses and valuation of AFS securities and volume transaction volume. The net income rose YoY due to gains from the sale of the head office.

就證券而言，由於 AFS 證券的虧損和估值以及交易量，營業利潤下降。由於出售總部的收益，淨利潤同比上升。

In the case of insurance, despite the falling income from asset management due to the base effect of the ERP program of last year, operational profit -- the insurance profit increased, resulting in higher net income YoY. In the case of Shinhan Capital, capital saw net income grow YoY due to the solid growth in interest income. But on a QoQ basis, net income fell due to increase in real estate PF related provisioning and valuation loss and equity securities on the back of rising funding rate.

在保險方面，儘管由於去年 ERP 計劃的基數效應導致資產管理收入下降，但經營利潤 - 保險利潤增加，導致淨收入同比增加。就新韓資本而言，由於利息收入的穩健增長，資本的淨收入同比增長。但按環比計算，由於融資利率上升導致房地產 PF 相關撥備和估值損失以及股票證券增加，淨收入下降。

In the case of subsidiaries related to the capital market, including asset management, asset trust, REIT management, the continued downturn of the capital market business led to a decline in net income YoY. The next page is on the Group's global business, and please refer to it at your leisure.

資產管理、資產信託、REIT管理等資本市場相關子公司，資本市場業務持續低迷導致淨利潤同比下降。下一頁是關於集團的全球業務，請您有空時查閱。

Starting from Page 16, I will talk about the midterm capital policy of the company. This is Page 16. The shareholder return policy at your left have been reported to the BOD last February and have been communicated through the IR presentations to the market. The midterm financial targets for 2025 on the right have been resolved at the BOD of last August. In the case of the midterm financial targets, this is a framework that is necessary to enhance corporate value and to achieve sustainable growth for various stakeholders and short term shareholders, customers, employees and society as a whole.

從第16頁開始，我會講到公司的中期資本政策。這是第 16 頁。您左邊的股東回報政策已於去年 2 月向董事會報告，並已通過 IR 演示文稿傳達給市場。右側的 2025 年中期財務目標已在去年 8 月的董事會上得到解決。就中期財務目標而言，這是提升企業價值以及實現各利益相關者和短期股東、客戶、員工和整個社會可持續發展所必需的框架。

First of all, from the double-digit ROE, we have changed our ROE target with more specific numbers. And ROTCE, which deducts intangible assets from ROE has been added as a management indicator. Although this is not an easy number to achieve, that 10.5% and 12%, respectively, are the midterm goals that have been set. Towards this end, we intend to pursue growth in the size of the Capital Life business, which is less capital intensive, and for the more capital-intensive areas, growth in quality will be pursued to achieve efficient capital allocation.

首先，從兩位數的淨資產收益率來看，我們改變了我們的淨資產收益率目標，有了更具體的數字。並增加了從ROE中扣除無形資產的ROTCE作為管理指標。雖然這不是一個容易達到的數字，但10.5%和12%分別是已經確定的中期目標。為此，我們打算在資本密集度較低的Capital Life業務中追求規模的增長，而對於資本密集度較高的領域，將追求質量的增長，以實現高效的資本配置。

In this process, asset growth will be managed at the nominal GDP growth rate level. This must be achieved on the basis of solid robust capital stability. For this, our plan is to maintain the CET1 ratio above 12% at a stable level and the surplus capital that can be secured as much as possible will be used for the shareholder returns. That is our principle. The reason for setting the CET1 ratio above 12% is because we consider the 10.5% regulatory ratio. And after going through regular stress testing, we consider the level of CET1 ratio that will allow us to continue providing credit and financial services to the customers and the society [at large].

在此過程中，資產增長將被控制在名義GDP增長率水平上。這必須建立在堅實穩健的資本穩定基礎上。為此，我們的計劃是將CET1比例保持在12%以上的穩定水平，盡可能將能夠保障的盈餘資本用於股東回報。這是我們的原則。之所以將CET1比例設置在12%以上，是因為我們考慮了10.5%的監管比例。在經過定期壓力測試後，我們考慮 CET1 比率的水平，這將使我們能夠繼續為客戶和社會提供信貸和金融服務 [at large]。

Next, on Page 17, the results of the 2023 shareholder returns and the 2023 shareholder return policy directions based on the midterm financial targets. (inaudible) with BOD that was held today, our company has resolved to pay out year-end dividends of KRW865 per share. Some of this resolution to quarterly cash dividends up until now and the two treasury buyback cancellation included, we have been able to achieve 30% total shareholder return ratio that we have announced back in last February.

接下來，在第 17 頁，2023 年股東回報的結果和基於中期財務目標的 2023 年股東回報政策方向。 （聽不清）在今天舉行的董事會會議上，我們公司已決定派發每股 865 韓元的年終股息。到目前為止，這項關於季度現金股息的部分決議以及包括兩次國債回購在內的取消，我們已經能夠實現我們在去年 2 月宣布的 30% 的股東總回報率。

Let me now explain about the 2023 shareholder return policy discussed in the 2023 business plan that was passed last year at the BOD. First, for the cash dividend to raise the predictability of dividend, not only the quarterly dividend, but the year-end dividend will be of the same amount. For instance, for a total of KRW2100, it will be KRW525 each. Also, the treasury buyback and cancellation will be reviewed on a quarterly basis. Meanwhile, the distribution of profit generated this year will be [6 to 4] ratio and retained earnings is expected at 68%, and the remaining 40% can be used for shareholder returns, but depending on whether the economic uncertainties continue and on the results of the regulators stress testing, we expect total shareholder return ratio of 30% to 40%.

現在讓我解釋一下去年在董事會上通過的 2023 年業務計劃中討論的 2023 年股東回報政策。首先，現金分紅提高了分紅的可預見性，不僅是季度分紅，年終分紅也是一樣的數額。例如，合計 2100 韓元，每人為 525 韓元。此外，將每季度審查一次國庫券回購和取消。同時，今年產生的利潤分配比例為[6比4]，留存收益預計為68%，其餘40%可用於股東回報，但取決於經濟不確定性是否持續以及結果通過監管層壓力測試，我們預計股東總回報率為30%至40%。

As part of the 2023 shareholder return policy today, our BOD resolved to buyback and cancel KRW150 billion of treasury stock. The size of this treasury stock buyback and cancellation will depend on the CET1 ratio this year. But given the dilution of the shareholder equity, we are taking into consideration the volume that will be converted to common stock as of the 1st of May this year.

作為今天 2023 年股東回報政策的一部分，我們的董事會決定回購和註銷 1500 億韓元的庫存股。本次庫存股回購和註銷的規模將取決於今年的CET1比例。但鑑於股東權益的稀釋，我們正在考慮截至今年 5 月 1 日將轉換為普通股的數量。

Next, from Page 18 to talk about our digital strategy, our CDO, Kim Myoung Hee will take over.

接下來，從第 18 頁開始談論我們的數字戰略，我們的 CDO Kim Myoung Hee 將接任。

Good afternoon. I am Kim Myoung Hee the CDO. Let me walk you through the Shinhan Financial Group Digital division's 2022 business results. In 2022, based on the digital division strategies, we have pursued the creation of 6 customer values and strengthening of 4 core capabilities by each key index of the digital strategy framework at the right, the key highlights will be explained. First, the more friendly financial services. The digital platform of the Group has grown into a financial platform, which is visited by 22.2 million a day, up 30% YoY. The 2 mega platform, the Bank SOL and Card businesses play led to growth, while nonfinancial platforms had 3.62 million visitors, up 92% YoY. The Group's MyData service users are 6.96 million. Bank card, securities and life insurance are opening on MyData services, and so in all financial areas, customized personal services are now being provided.

下午好。我是 CDO 金明熙。讓我向您介紹新韓金融集團數字部門的 2022 年業務成果。 2022年，我們在數字化事業部戰略的基礎上，通過右圖數字化戰略框架的各關鍵指標，追求6大客戶價值的創造和4大核心能力的強化，重點解讀。一是更加友好的金融服務。集團數字平台已成長為金融平台，日訪問量達2,220萬人次，同比增長30%。第二大平台，Bank SOL 和 Card 業務帶動增長，非金融平台訪問量 362 萬，同比增長 92%。集團MyData服務用戶696萬。銀行卡、證券、人壽保險都開通了MyData服務，所有金融領域都在提供定制化的個人服務。

The second area is more secure. 6.71 million customers use the Shinhan Sign Certificate to safely access not only the Group's financial platform, but also for public and private sector partners sites safely. The digital innovation branches, which makes use of a range of video technologies and devices has grown twice as high YoY and has expanded to 173 branches.

第二個區域更安全。 671 萬客戶使用 Shinhan Sign Certificate 不僅可以安全地訪問集團的金融平台，還可以安全地訪問公共和私營部門合作夥伴的網站。利用一系列視頻技術和設備的數字創新分支機構同比增長兩倍，已擴展到 173 個分支機構。

Next is the more creative; through the digital new business, KRW9.5 billion in operating profit -- operating income was posted data business and nonfinancial platform sales growth has started becoming a new source of income for the Group. Also, the Group as of today has invested KRW260 billion in strategic investment to expand the future digital ecosystem.

接下來是更有創意的；通過數字新業務，95億韓元的營業利潤——營業收入已發布數據業務和非金融平台銷售增長開始成為集團新的收入來源。此外，截至今日，集團已投資 2600 億韓元用於戰略投資，以擴大未來的數字生態系統。

For the 4 core capabilities, namely data process, technology, people organization, please refer to the presentation materials. On the next page, I will explain about the DP results posted and the strengthening of the foundation for sustained growth going forward. The Group digital platform since 2020 has posted a yearly average of 26% growth, continuing a solid growth trend. Key financial platforms such as SOL Play and Alpha has posted 18.6 million MAU, successful launching of the new SOL, the accessibility of the card play and strengthened consulting services and the UX improvement of Alpha has become more customer friendly. These were the key reasons behind the MAU increase.

4大核心能力，即數據處理、技術、人員組織，請參考演示材料。在下一頁，我將解釋公佈的DP結果和鞏固未來持續增長的基礎。集團數字平台自2020年以來年均增長26%，延續穩健增長態勢。 SOL Play 和 Alpha 等主要金融平台的 MAU 已達到 1860 萬，新 SOL 的成功推出，紙牌遊戲的可訪問性和諮詢服務的加強以及 Alpha 的 UX 改進變得更加客戶友好。這些是 MAU 增長背後的關鍵原因。

As you can see from below, the digital new business operating income also showed steady growth on the right-hand side. The efforts to strengthen the basis for the Group's growth is described. The license necessary for digital life has been preemptively acquired to pursue the relevant business opportunities. Despite the rapid [fingers] in the digital age to carry on the core values of the financial business and to ensure sustained growth, we are strengthening the data utilization framework and ICT modernization is being pursued.

從下圖中可以看出，右側數字新業務營業收入也呈穩定增長態勢。描述了加強集團增長基礎的努力。已搶先獲得數字生活所需的牌照，以尋求相關商機。儘管在數字時代快速[手指]承載金融業務的核心價值並確保持續增長，但我們正在加強數據利用框架，並正在追求ICT現代化。

The Shinhan Financial Group will continue to place top priority on creating customer value in 2023 and will strengthen our digital core capabilities toward this end.

新韓金融集團將在2023年繼續將創造客戶價值放在首位，並為此加強我們的數字核心能力。

Thank you very much.

非常感謝。

Thank you, Mr. Kim for that detailed explanation. Started from Page 20, the corporate sustainability and other details about the Group and the affiliates are included, so please refer to them at your leisure.

謝謝金先生的詳細解釋。從第20頁開始，記載了集團及關聯公司的企業可持續發展等詳細內容，請在閒暇時查閱。

With this, let me conclude the presentation, and we'll now move on to Q&A. Thank you.

至此，讓我結束演講，我們現在將進入問答環節。謝謝。

We will now have a Q&A session. If you have questions, please raise your hand while connected to Zoom. Use the raise your hand button, and if you are asking a question in English, please do the same and press the raise your hand button. We have consecutive interpretation that will be provided for those who ask questions in English. So please wait until the consecutive interpretation will be provided after your question. There might be a slight time lag until your question is connected to the line. So please hold.

我們現在將進行問答環節。如有疑問，請在連接到 Zoom 時舉手。使用舉手按鈕，如果您用英語提問，請照此操作並按下舉手按鈕。我們為那些用英語提問的人提供交替傳譯。所以請等到您的問題後提供交替傳譯。在將您的問題連接到線路之前，可能會有輕微的時間延遲。所以請堅持。

We have the first question. The first question is from Yafei Tian from Citi Securities.

我們有第一個問題。第一個問題來自花旗證券的田亞非。

I have 2 questions. The first one is on net interest margin. We saw a small drop in the bank net interest margin this quarter. And subsequently, this year-to-date, we have seen further decline in the interest rate environment. So would appreciate management's forward-looking outlook on net interest margin for this year, please? And the second one is on the capital return plan that you have laid out. So compared to some of your peers, the CET1 ratio target of 12% is a bit lower than peers. Can I understand what is the reason behind that? And also the full year '22 payout ratio of 30% is also a little bit lower than peers. So just wanted to understand, going forward, are we likely to see a divergence in payout ratio among different Korean banks? And also, so far, what is the feedback from regulators on your ambition to increase the payout ratio towards 40%?

我有兩個問題。第一個是淨息差。本季度我們看到銀行淨息差小幅下降。隨後，今年迄今為止，我們看到利率環境進一步下降。那麼請欣賞管理層對今年淨息差的前瞻性展望？第二個是你制定的資本回報計劃。因此，與您的一些同行相比，12% 的 CET1 比率目標比同行低一點。我能理解這背後的原因是什麼嗎？而且 22 年 30% 的全年派息率也略低於同行。所以只是想了解，展望未來，我們是否可能會看到不同韓國銀行之間的派息率存在差異？而且，到目前為止，監管機構對您將派息率提高到 40% 的雄心有何反饋？

Thank you very much, Yafei Tian, for your question, and we will soon answer your question.

非常感謝田亞非的提問，我們會盡快回答您的問題。

Thank you. Well, I believe that you asked 2 large questions. First is about NIM. And second is about capital policy. So for our NIM, we will hear from our bank's CFO, and I will talk about our capital policy going forward.

謝謝。嗯，我相信你問了 2 個大問題。首先是關於 NIM。其次是關於資本政策。因此，對於我們的 NIM，我們將聽取銀行首席財務官的意見，我將討論我們未來的資本政策。

Thank you very much. I am [Kim Kihoon], the bank's CFO. Thank you very much for your great questions. And for Q4, looking at the market interest rate, it rose greatly from Q3, and in our case, until Q3, I think we had some room and from Q4, we had some funding. And that is why regarding the LCR management and for our liquid deposits, we had the money move toward time deposits. So that is why in Q4, the funding costs went up steeply and I believe that led to the downward NIM trend in Q4.

非常感謝。我是銀行的首席財務官 [Kim Kihoon]。非常感謝您提出的重要問題。對於第四季度，從市場利率來看，它比第三季度大幅上漲，就我們而言，直到第三季度，我認為我們有一些空間，從第四季度開始，我們有一些資金。這就是為什麼關於 LCR 管理和我們的流動存款，我們將資金轉向定期存款。這就是為什麼在第四季度，融資成本急劇上升，我認為這導致了第四季度 NIM 的下降趨勢。

In addition, after entering into 2023, we are seeing the market interest rate go down and be stabilized, but the overall funding costs -- well, it is a bit higher than the time deposit rate. So if the trend in Q4, we believe will continue until Q1 of this year. We believe that will continue. But from Q2 of this year, we believe that there will be some stabilization of the money moved toward time deposits. And in Q4 of the previous year, there was a time deposit that we had at higher interest rates, and we believe that we will have lower rates for those. So we believe that from Q2, it will be stabilized. So from Q2 to Q3, we will have moved toward a stabilization trend. And added to that, for the quarterly NIM basis in 2022, when we compare to 2022, we believe that in 2023, we will have a rise.

此外，進入2023年之後，我們看到市場利率下行並趨於穩定，但整體資金成本——嗯，它比定期存款利率高一點。因此，如果第四季度的趨勢，我們相信會持續到今年第一季度。我們相信這會繼續下去。但從今年第二季度開始，我們相信轉向定期存款的資金將會有所穩定。在去年第四季度，我們有一筆利率較高的定期存款，我們相信這些利率會更低。所以我們相信從二季度開始，它會趨於穩定。所以從第二季度到第三季度，我們將走向穩定趨勢。此外，對於 2022 年的季度 NIM 基礎，當我們與 2022 年進行比較時，我們相信到 2023 年，我們將會有所上升。

I would like to answer your question related to our capital policy about CET1 ratio of 12%. You mentioned that it is slightly lower than our peers. And we have had a consistent CET1 ratio goal of 12%. It is firstly because of the regulatory framework. So we have the capital buffer ratio of 4.5% at [DSIOP], it's 8%. And then we have taken on cyclical CapEx. And if we add that, it's about 10.5%. And then there is the management buffer really against M&As and others, which is 2.5%.

我想回答您有關我們關於 CET1 比率為 12% 的資本政策的問題。你提到它略低於我們的同行。我們有一個一致的 CET1 比率目標 12%。這首先是因為監管框架。因此，我們在 [DSIOP] 的資本緩衝比率為 4.5%，為 8%。然後我們承擔了周期性的資本支出。如果我們加上那個，大約是 10.5%。然後是真正針對併購和其他的管理緩衝，為 2.5%。

So that is why this will reach the number and then we had some internal stress tests. And when there are the regulatory stress tests -- looking at the scenario that we recently received, well less than 1% is due to stress test. So we believe that sufficiently, if we have 12%, even if we add that, it's going to be that number. So we believe that even if there is an economic crisis, then this will become quite sustainable, and we can provide financial services to our customers and to the local communities with confidence.

這就是為什麼這會達到這個數字，然後我們進行了一些內部壓力測試。當進行監管壓力測試時——看看我們最近收到的情況，不到 1% 是由於壓力測試。所以我們充分相信，如果我們有 12%，即使我們加上它，它也將是那個數字。所以我們相信，即使出現經濟危機，這也將變得相當可持續，我們可以充滿信心地為我們的客戶和當地社區提供金融服務。

Secondly, I think you asked about our dividend policy about PSR, 30%, which is lower than our peers. Well, I don't know the rationale behind the other peers, but in our case in 2022, well, we had 30% that we had committed to, including share buybacks and we had KRW150 billion of share buyback that we have resolved. And when we look at -- by fiscal year for the dividends, we had the business decision of the retained earnings. So I think we can calculate it based on last year and the KRW150 billion that was (technical difficulty) that has been confirmed after our financial plan. So I think it can be included as 2023. But when we calculated to other bank standards, how they (technical difficulty), then we believe that including the KRW150 billion, it's 33.2%. So I don't think that our TSR is lower than our peers.

其次，我想你問過我們關於 PSR 的股息政策，30%，低於我們的同行。好吧，我不知道其他同行背後的理由，但就我們 2022 年的情況而言，好吧，我們有 30% 的承諾，包括股票回購，我們已經解決了 1500 億韓元的股票回購。當我們查看 - 按財政年度的股息時，我們有留存收益的業務決策。所以我認為我們可以根據去年和我們的財務計劃後確認的 1500 億韓元（技術難度）來計算它。所以我認為它可以包括在 2023 年。但是當我們按照其他銀行的標準計算它們（技術難度）時，我們認為包括 1500 億韓元在內，它是 33.2%。所以我不認為我們的股東總回報率低於我們的同行。

And regarding the third question, related to differentiated TSR policies for Shinhan, Well, I mentioned in the mid to long-term plans for capital policy is not just -- I believe, to get more profitability compared to our capital. So we need to get more income, more earnings. And based on that, not only 100% is important, but I believe that if we have excess of CET1 12%, we need to acquire this at maximum, so that if we have shareholder return, then we will have -- differentiating between Shinhan and other peers.

關於第三個問題，與新韓的差異化 TSR 政策有關，嗯，我在資本政策的中長期計劃中提到的不僅僅是——我相信，與我們的資本相比，獲得更多的盈利能力。所以我們需要獲得更多的收入，更多的收益。基於此，不僅 100% 很重要，而且我相信如果我們有超過 12% 的 CET1，我們需要最大限度地獲得它，這樣如果我們有股東回報，那麼我們將有 -- 區分新韓和其他同行。

And for the response by the financial authorities in the past, well, they have been emphasizing loss absorption is very important. And that is why I think that the CET1 12%, while we have seen some numbers by the regulatory authorities for that. So that is why the profitability compared to our capital and for our capital buffer. I think you can take all of that into consideration for a differentiation. And you have seen, I believe, a lot of the news in the media. So I think those will be the points that differentiate us from others.

而對於金融當局過去的反應，嗯，他們一直在強調吸收損失非常重要。這就是為什麼我認為 CET1 為 12%，而我們已經看到監管機構的一些數字。這就是為什麼與我們的資本和我們的資本緩衝相比盈利能力。我認為您可以將所有這些考慮在內以進行區分。我相信你已經在媒體上看到了很多新聞。所以我認為這些將是我們與眾不同的地方。

Now we receive the next question. Next question is from Korea Investment Baek Doosan. Mr. Baek, you're online.

現在我們收到下一個問題。下一個問題來自 Korea Investment Baek Doosan。白先生，您在線。

So I have a question about the digital business. I have 2 questions, actually. First question. Recently, your affiliate's consolidated data platform had been created. So (inaudible) this utilization system of the data, what kind of directions are you seeking? For instance, improving internal work processes? Are you emphasizing cost savings or by using the data, or are you trying to seek new sources of income or where is the emphasis, versus the overall data governance and data strategies. That is my first question.

所以我有一個關於數字業務的問題。實際上，我有兩個問題。第一個問題。最近，您的附屬公司的整合數據平台已經創建。那麼（聽不清）這個數據利用系統，你在尋找什麼樣的方向？例如，改進內部工作流程？您是在強調成本節約還是通過使用數據，或者您是在嘗試尋找新的收入來源，還是重點在哪裡，而不是整體數據治理和數據策略。這是我的第一個問題。

And my second question is recently in the securities affiliate, the Token Securities business will be pursued. That has been a news report that I read. So what kind of underlying assets do you see, and what kind of partnership strategies do you have? Is there anything if so, can you share that with us?

而我的第二個問題是最近在證券關聯公司，會進行通證證券業務。那是我讀到的一篇新聞報導。那麼你看到什麼樣的基礎資產，你有什麼樣的合作戰略？如果有的話，你能和我們分享一下嗎？

Mr. Baek, thank you very much for those questions. While we are preparing our answers, please hold for a few seconds.

白先生，非常感謝你提出這些問題。在我們準備答案時，請稍等片刻。

So 2 questions were all digital related. So our CDO will answer those questions.

所以 2 個問題都與數字相關。所以我們的 CDO 將回答這些問題。

So recently, we have announced the Group consolidated data platform. The bank card, life and securities, we will be using a consolidated data platform So this platform has been created for the customers, more personalized and customized services will be provided. As you have mentioned, cost savings and new sources of income -- yes, there might be that impact, but our primary purpose is to center on the customers to provide more customized and personalized services that have been our primary market.

所以最近，我們宣布了集團綜合數據平台。銀行卡、人壽和證券，我們會使用一個統一的數據平台，所以這個平台已經為客戶創建，將提供更多個性化和定制化的服務。正如您所提到的，成本節約和新的收入來源——是的，可能會有這種影響，但我們的主要目的是以客戶為中心，提供更多定制和個性化的服務，這一直是我們的主要市場。

And so in the case of our Group, we'll continuously use the data well, so that the data are well collected, generated and stored, and is also effectively utilized, so that for each group affiliates, they will all strengthen their data governance structures. And overall as a Group, these data will be used from each affiliate, and they will consolidate it into our platform. So the more personalized, ultra-personalized services can be provided to our customers. This is our purpose.

那麼我們集團呢，我們會不斷的把數據用好，把數據收集好，生成好，存儲好，也得到有效的利用，讓每個集團下屬，都加強數據治理。結構。總體而言，作為一個集團，這些數據將從每個附屬公司使用，並將其整合到我們的平台中。因此可以為我們的客戶提供更加個性化、超個性化的服務。這是我們的目的。

Secondly, with regard to the securities, with regards to blockchain business, we have been continuously monitoring the regulatory trends last year at the Group level, digital assets [safe] have been operated. STO; in the case of STO, the capital business -- there is product regulatory laws and regulations. They are being devised at the moment, I do believe. And so those who have the necessary expertise, the Shinhan securities had been preparing for this blockchain business. And so in 2022, they have a new department on blockchain that was instituted and along with a fintech company, we are pursuing an STO infrastructure business. And so in keeping with the regulatory trends and developments in order to provide these new financial services, we will be continuing to put our best foot forward.

其次，關於證券，關於區塊鏈業務，我們去年一直在集團層面持續關注監管趨勢，數字資產[安全]已經運作。申通快遞；就STO而言，資本業務——有產品監管法律法規。我相信，它們目前正在設計中。因此，那些擁有必要專業知識的人，新韓證券一直在為這項區塊鏈業務做準備。因此，在 2022 年，他們成立了一個新的區塊鏈部門，並且與一家金融科技公司一起，我們正在開展 STO 基礎設施業務。因此，為了提供這些新的金融服務，為了與監管趨勢和發展保持一致，我們將繼續全力以赴。

We will take the next question. From Daishin Securities, we have Hye-jin Park on the line.

我們將回答下一個問題。來自大新證券，我們有 Hye-jin Park 在線。

I am Park Hye-jin from Daishin Securities. I have 2 questions. First is on 17 page of your presentation. In May, you can see there is a lot that will be converted to common shares. So regarding share buyback and cancellation well, because you said you made a resolve today. So will it be done every quarter. And going forward, for the share buyback and cancellation, will they be more predictable? Will they be more regular? Second question is about digitalization and I think you have paid keen attention to digital using many of your presentation pages. So what is your take on Internet bank from Shinhan's perspective?

我是大信證券的樸慧珍。我有兩個問題。首先是您演示文稿的第 17 頁。 5 月，您可以看到很多股票將轉換為普通股。所以關於股票回購和取消很好，因為你說你今天下了決心。所以每個季度都會做。展望未來，對於股票回購和註銷，它們會更可預測嗎？他們會更規律嗎？第二個問題是關於數字化的，我認為您使用許多演示頁面都非常關注數字化。那麼，從新韓的角度來看，您對網上銀行有何看法？

Thank you for your questions. Please hold until we answer your question.

謝謝你的問題。請稍等，直到我們回答您的問題。

I believe you asked 2 questions. You asked about capital policy, and you also asked about Internet bank. And related to digital, our CSO will answer that, and then I will answer the question about capital policy.

我相信你問了 2 個問題。你問了資金政策，也問了網上銀行。與數字相關，我們的 CSO 將回答這個問題，然後我將回答有關資本政策的問題。

On May 1st, we will have about KRW750 billion that converted to common shares. And regarding this, we have the existing share amount. So we have plans for share buyback and cancellation taking the dilution into consideration with our existing shareholders and you asked about predictability for each quarter. And we have been mentioning that for the cash dividends, they will be uniform, as most as possible. And share buyback and cancellation, we will keep an eye on CET1 ratio for each quarter. So we will see if we can have enough room. And if the share price is low, it could be higher. So it will depend on the circumstances. So it's quite difficult for it to be very predictable. But at most, we will have adequate asset growth, and we will make more room that exceeds CET1 target, so that we can have active share buyback and cancellation.

5 月 1 日，我們將有大約 7500 億韓元轉換為普通股。關於這一點，我們有現有的份額。因此，我們制定了股票回購和註銷計劃，考慮到我們現有股東的稀釋，您詢問了每個季度的可預測性。而且我們一直提到，對於現金分紅，盡可能統一。而股票回購和註銷，我們會關注每個季度的CET1比率。所以我們會看看我們是否有足夠的空間。如果股價低，它可能會更高。所以這要視情況而定。所以很難預測。但頂多我們有足夠的資產增長，我們會騰出更多的空間，超過CET1的目標，這樣我們就可以有積極的股票回購和註銷。

I am CSSO, Ko Seok-Heon. And regarding your second question, I would like to answer that. for Shinhan Financial Group, regarding our willingness to enter into the Internet-only bank industry, while in principle, well KB Financial Group has -- KakaoBank, Woori, K Bank, Hana has [casting] financial investments previously. So the principle that is not blocked. And for Shinhan, -- we are not excluding opportunities to invest in Internet-only banks. But our foremost priority is, in Shinhan Financial Group's digital and platform competitiveness and strengthening that competitiveness, so that we can have connection and expansion through nonbanking entities, so that we can strengthen our competitiveness in digital.

我是 CSSO，Ko Seok-Heon。關於你的第二個問題，我想回答一下。對於新韓金融集團，關於我們進入純互聯網銀行行業的意願，而原則上，KB 金融集團有——KakaoBank、Woori、K Bank，Hana 之前有[鑄造]金融投資。所以不阻塞的原則。對於新韓，我們不排除投資互聯網銀行的機會。但我們的首要任務是，在新韓金融集團的數字和平台競爭力方面，加強這種競爭力，這樣我們就可以通過非銀行實體進行連接和擴張，從而加強我們在數字方面的競爭力。

Despite this, regarding investment in Internet-only banks or alliances with Internet-only banks, we are not excluding those possibilities at all. So I think that will be my best answer going forward.

儘管如此，關於投資純互聯網銀行或與純互聯網銀行的聯盟，我們並不排除這些可能性。所以我認為這將是我未來的最佳答案。

Thank you very much for those answers. At present, there is no incoming questions. So we will wait for further questions. If you have any questions, please join the Zoom application and press on the hands up icon.

非常感謝您的回答。目前沒有來訪問題。所以我們將等待進一步的問題。如果您有任何疑問，請加入 Zoom 應用程序並按下舉手圖標。

Yes. We have one more question from [SRS Securities] Shim Jongmin. Mr. Shim, you're online.

是的。 [SRS Securities] Shim Jongmin 還有一個問題。 Shim 先生，您在線。

Hello I am Shim Jongmin. I have one simple question on Page 17. On the lower right-hand side, there is the shareholder return policy and the regulator, stress testing results need to be agreed upon, that is mentioned. And the CSSO also, when you provided an answer for a previous question, well under 100% of the results of the regulator stress testing, that was a standard. So are you saying that the internal stress testing by the regulators have been introduced, or are you going to agree with the regulators and conduct the stress testing, so what had taken place? Depending on which had taken place, what are the additional provisioning can be required by the regulators? I think that can be sort of assessed.

大家好，我是沈鐘民。我在第17頁有一個簡單的問題。在右下角，有股東回報政策和監管機構，壓力測試結果需要達成一致，提到了。 CSSO 也一樣，當你為之前的問題提供答案時，遠低於監管機構壓力測試結果的 100%，這是一個標準。那麼你是說監管機構內部壓力測試已經出台了，還是你要同意監管機構進行壓力測試，那麼到底發生了什麼？根據發生的情況，監管機構可能需要哪些額外準備金？我認為這可以進行評估。

Thank you very much for those questions. Please hold while we are preparing the answers.

非常感謝你提出這些問題。我們正在準備答案，請稍等。

Thank you very much for those questions. With regards to stress testing, so I'm going to disclose what happened -- discussed internally. As you are aware, in the case of U.S., the stress testing lost buffer in 2008, after the financial crisis. This has been maintained in the United States for over 10 years and the regulators for their part. They recently introduced the stress testing in Korea. And so we have several scenarios. There is a need to have more sophisticated scenarios to reflect reality to a greater degree. But we need to continue monitoring the situation.

非常感謝你提出這些問題。關於壓力測試，我將披露內部討論的情況。如您所知，就美國而言，壓力測試在金融危機後的 2008 年失去了緩衝。這在美國已經維持了 10 多年，監管機構也這樣做了。他們最近在韓國推出了壓力測試。所以我們有幾種情況。需要有更複雜的場景來更大程度地反映現實。但我們需要繼續監測情況。

In my view, we can (inaudible) there in the [loss] stress as efficiently. However, but to compare to United States, your company has a stress loss this percent. I don't think we're at that level in Korea. I think we will need further consultations with the regulators for the banking center. So what I said was where we are at present. Additional provision is a separate matter, I believe. For expected losses provisioning set aside, where unexpected losses take place, to prepare for those kind of situations, stress testing is conducted. So I think this is 2 different matters.

在我看來，我們可以（聽不清）在 [損失] 壓力中同樣有效。但是，但是與美國相比，貴公司有這個百分比的壓力損失。我不認為我們在韓國處於那個水平。我認為我們需要與銀行中心的監管機構進行進一步磋商。所以我說的是我們目前的情況。我認為，附加條款是另一回事。對於預提的預期損失準備，當發生意外損失時，進行壓力測試以備不時之需。所以我認為這是兩個不同的問題。

We have the next question from HSBC, we have Jaewoong Won.

匯豐銀行的下一個問題是 Jaewoong Won。

I have one question. Recently, there is delinquency and DCR that seems to have inched up in your trend. And for this year's trend, what is your outlook for this? Do you have any guidelines? Secondly, for loan growth for the bank and for digital bank, I think your growth estimates or targets are quite different. So for your loan book growth, what is your guidance for growth this year?

我有一個問題。最近，拖欠和 DCR 似乎在您的趨勢中有所上升。對於今年的趨勢，您對此有何看法？你有什麼指導方針嗎？其次，對於銀行和數字銀行的貸款增長，我認為你們的增長估計或目標是完全不同的。那麼對於您的貸款賬簿增長，您今年的增長指導是什麼？

Thank you very much for your questions. We will soon answer your question. Please hold.

非常感謝您的提問。我們將很快回答您的問題。請等候。

I believe you asked 2 questions. First is about delinquency and second question is about loan growth. For delinquency, our CRO will answer and for loan growth, I will answer your question.

我相信你問了 2 個問題。第一個是關於拖欠，第二個問題是關於貸款增長。對於拖欠，我們的 CRO 將回答，對於貸款增長，我將回答您的問題。

Hello. I am the CRO, Bang Dong-kwon. For delinquency, as you aforementioned, it is true that it is on the rise, and at the latter part of last year, it was on a rising trend. And I think that we had some changes. So with the interest rate rise, it is true that the payment capability went down, and there has been some expectations about government support policies and -- for real estate prices, well, there is a time lag it has on the real economy, and when we take all of those factors into consideration until Q1 and Q2 of this year, for the vulnerable borrowers, we think that it will probably deteriorate, and we are seeing some signs.

你好。我是 CRO，Bang Dong-kwon。至於拖欠率，正如你所說，確實是在上升，而且在去年下半年，是呈上升趨勢。我認為我們有一些變化。所以隨著利率的上升，支付能力確實下降了，人們對政府的支持政策有了一些預期——對於房地產價格，嗯，它對實體經濟有一個時間滯後，而且當我們在今年第一季度和第二季度之前考慮所有這些因素時，對於弱勢借款人，我們認為情況可能會惡化，並且我們看到了一些跡象。

However, from late last year, we have been quite preemptive by the bank and by the credit card, but our subsidiaries have made preemptive preparations. So we are going to see some results of these preemptive measures from Q1 to Q2 of this year. And we believe that at the end of Q2, this upward trend in delinquency will go down, although we are seeing a rise in delinquency, as was mentioned in the presentation,

但是從去年年底開始，我們在銀行方面、在信用卡方面都比較搶先，但是我們的子公司已經做好了先發製人的準備。因此，我們將在今年第一季度到第二季度看到這些先發製人措施的一些結果。我們相信，在第二季度末，拖欠率的上升趨勢將會下降，儘管我們看到拖欠率在上升，正如在演示文稿中提到的那樣，

Until so far, are seeing our collateral or securitized portions that are going up, and we are seeing the loss absorption capabilities that have been strengthened through our conservative provisioning policy. So taking all of those into consideration, it seems that even if the delinquency trends virtually continues, well, we believe that there might be some possibilities of it impacting our credit costs, but it will be quite limited.

到目前為止，我們看到我們的抵押品或證券化部分正在上升，我們看到通過我們保守的準備金政策加強了損失吸收能力。因此，考慮到所有這些因素，似乎即使拖欠趨勢實際上仍在繼續，我們相信它可能會影響我們的信貸成本，但這種可能性非常有限。

Regarding the credit cost to add to the previous answer. On Page 10, you can see that for the credit costs, you can see the trend on the left graph, and we have preemptively provisioned KRW1 trillion. So we had 0.37% for the previous 3 years, and pre-COVID in a normal economic environment from 2018-2019, 0.26% and 0.31%. So we have a bit higher than that. So of course, for delinquency rate, it can go up. But for credit costs, we believe that it will be quite limited.

關於添加到先前答案的信用成本。在第10頁，你可以看到，對於信貸成本，你可以看到左圖的趨勢，我們已經預先撥備了1萬億韓元。因此，前 3 年我們有 0.37%，而在 2018-2019 年正常經濟環境下的 COVID 之前，分別為 0.26% 和 0.31%。所以我們比這高一點。所以當然，對於拖欠率來說，它可能會上升。但對於信貸成本，我們認為它會非常有限。

Secondly, regarding loan growth, well, you asked about the target difference between our bank and digital bank -- and digital. And as I aforementioned, for the nominal GDP rate, well, we don't think that the growth will exceed that amount. And I mentioned that we need to grow in quality, so we need to have profitability compared to our capital, and the economy is quite uncertain. So that is why I believe, compared to the past growth in loans will be a bit lower than the past. And not only for the bank, but also for the credit card, I think we are at a similar position, and we have plans with that in mind.

其次，關於貸款增長，你問的是我們銀行和數字銀行之間的目標差異——以及數字銀行。正如我前面提到的，對於名義 GDP 率，我們認為增長不會超過這個數額。我提到我們需要質量增長，所以我們需要相對於我們的資本有盈利能力，而經濟是非常不確定的。所以這就是為什麼我相信，與過去相比，貸款的增長會比過去低一些。不僅對於銀行，對於信用卡，我認為我們處於相似的位置，並且我們已經考慮到這一點。

We'll receive further questions. Next question from JPMorgan Securities, Mr. Cho Jihyun.

我們會收到進一步的問題。摩根大通證券的下一個問題，Cho Jihyun 先生。

I have 3 questions actually. First question, when doing a quarterly dividend, you said that it's going to be uniform and even -- what will be the floor -- what percentage will be the floor? Is there any guidance on the expectations for that? So if we have the guidance, we may be able to know -- so is the additional shareholder return at once, you have achieved more than 12% CET1 ratio, would that be in the form of share buyback and cancellation? And then you talked about KRW140 billion of valuation losses that have been recognized all that once. Or was it done on a real-time basis, and that is the reason why this amount is large? And on Page 11, the real estate exposure, that was about the (inaudible).

我實際上有3個問題。第一個問題，在進行季度股息時，你說它會是統一的，甚至 - 底線是多少 - 底線是多少百分比？是否有關於對此的期望的任何指導？因此，如果我們有指導意見，我們可能會知道 - 額外的股東回報也是如此，你已經實現了超過 12% 的 CET1 比率，是否會以股票回購和註銷的形式出現？然後你談到了一次確認的 1400 億韓元的估值損失。或者它是實時完成的，這就是這個數額很大的原因？在第 11 頁上，關於房地產的曝光是關於（聽不清）的。

The capital share seem to be larger for the real estate exposure or the metropolitan region you're referring to. And also you have been provisioning well, I think you have managed this well. But going forward, the real estate market situation and within the Group affiliates, what kind of exposure is there in the second-tier financial institutes exposure. How well do you think this exposure will be maintained -- managed going forward in the real estate PS market?

對於您所指的房地產風險或大都市區，資本份額似乎更大。而且您的配置也很好，我認為您已經很好地管理了這一點。但展望未來，房地產市場情況和集團附屬公司內部，二級金融機構的風險敞口有什麼樣的風險敞口。您認為在房地產 PS 市場中，這種風險將保持多好 - 未來如何管理？

So please hold while we are preparing the answers for these questions. Thank you.

因此，請稍候，我們正在準備這些問題的答案。謝謝。

So you have 3 questions. I will take the number one and number two and the third will be answered by our CRO. So we talked about the quarterly dividend. So as I have repeatedly said, the per share cash dividend will be slowly maintained or increased. So last year there was a [KRW2055]. In 2023, it will not go down, it might be slightly more than that. So that is the reason why it's good example of 2,100 and divide that by 4, that will be KRW525 for quarterly dividend. So that is our plan going forward. And of course, for the surplus amount, excess of 12%, the excess amount will be subjected to buyback and cancellation.

所以你有3個問題。我會選擇第一和第二，第三個將由我們的 CRO 回答。所以我們談到了季度股息。所以我一再說過，每股現金分紅會慢慢維持或增加。所以去年有一個[KRW2055]。 2023年不會下降，可能會稍微多一點。這就是為什麼它是 2,100 的好例子並將其除以 4，即季度股息為 525 韓元。這就是我們未來的計劃。當然，對於超額，超過12%，超額部分將進行回購和註銷。

And then talking about the Principal Protected Trust. So yes, it was a lumpsum recognized that we haven't been recognizing it in the past. But there has been a new interpretation for the accounting rules. It came out in December last year. And so we changed our accounting rules. And so there was a lump-sum recognition of this amount. The third question will be answered by our CRO.

然後談論 Principal Protected Trust。所以是的，這是一次性承認的，我們過去沒有承認過。但對會計規則有了新的解釋。它於去年 12 月問世。所以我們改變了我們的會計規則。因此，對這筆金額進行了一次性確認。第三個問題將由我們的CRO來回答。

I am the CRO Bang Dong-kwon. With regards to PF capital exposure and lower projections. Well, the capital exposure is about 30% on the PF and bridge loan together is about KRW8.8 trillion and 30% is for the capital. So average value is high. So that's the current situation. With regards to real estate market, recently it's a hot issue. Well, in our view, as you are well aware, the permit delays and the progress rate delays, these are risk factors, and the ForEx rate has gone up and also the construction materials cost has gone up. They are actually impeding these products as well.

我是 CRO Bang Dong-kwon。關於 PF 資本敞口和較低的預測。那麼，PF 的資本敞口約為 30%，過橋貸款加起來約為 8.8 萬億韓元，其中 30% 用於資本。所以平均價值很高。這就是目前的情況。關於房地產市場，最近是一個熱點問題。那麼，我們認為，正如您所知，許可證延遲和進度延遲，這些都是風險因素，外匯匯率上漲，建築材料成本也上漲。他們實際上也在阻礙這些產品。

And the bridge loans, they are now being converted to the principal PF loans. And so because of these issues, there are concerns about the real estate PF. However, despite that, in order to more clearly give a picture of our situation, among KRW8.8 trillion below substandard is about KRW50 billion, and the precautionary is about KRW48 billion. So below our precautionary, it's about [KRW480 billion]. That's what is being managed.

過橋貸款現在正在轉換為本金 PF 貸款。因此，由於這些問題，人們對房地產 PF 感到擔憂。但是，儘管如此，為了更清楚地說明我們的情況，低於標準的8.8萬億韓元中約有500億韓元，預防性約有480億韓元。因此，低於我們的預防措施，約為 [4800 億韓元]。這就是正在管理的內容。

And so in the case of our Group, yes, the delinquency is slightly inching up. There was about KRW90 billion in January in terms of delinquency [of loan]. But this is the result that I have looked into. We do believe that demand can go up during the first quarter of this year. But internally, with the creditors, with the borrowers Group, we will be continuing to consult and cooperate and respond to the situation and the government policies are coming out as well, and we will be proactively responding these regulatory trends. So we will be fulfilling our roles. We will be providing support for those companies ongoing temporary difficulties and challenges, and we will try to contribute our bit in resolving the situation going forward.

因此，就我們集團而言，是的，拖欠率略有上升。就 [貸款] 拖欠而言，1 月份約有 900 億韓元。但這是我調查過的結果。我們確實相信今年第一季度的需求會上升。但在內部，與債權人、借款人集團，我們將繼續協商、合作並應對形勢和政府政策的出台，我們將積極應對這些監管趨勢。因此，我們將履行我們的職責。我們會為那些暫時遇到的困難和挑戰的企業提供支持，我們會努力為解決未來的形勢貢獻自己的一份力量。

And talking about the principal protected trust. So the question was whether it will occur on a quarterly basis. So in the next quarter, some write-back of reversals will take place from this amount, because there will be a maturity of some marketable securities. So in next quarter, although the amount will be small, not losses, but actually we will be gaining from this.

並談論本金受保護的信託。所以問題是它是否會每季度發生一次。因此，在下個季度，將從這筆金額中進行一些回撥，因為一些有價證券將會到期。所以在下個季度，雖然金額會很小，不會虧損，但實際上我們會從中獲益。

We have another question coming in from Hyundai Motor Securities, we have Hongjae Lee on the line. You're on the line, sir.

我們有來自現代汽車證券的另一個問題，我們有 Hongjae Lee 在線。先生，您在線。

I have one question. It is a quite micro question, and on the 16th page of your presentation material, regarding shareholder return policy, it says until 2025. So is there a special reason why you have set 2025 as the reason? So will it be updated every 3 years? Is that your plan? Also well, it is actually a few years into the future, but when we hear your presentation, 12% of CET1 ratio, well, it seems that the buffer is sufficient. So CET1 ratio of 12%, well it seems that it would be better to hear more from you about the changes that might happen for this.

我有一個問題。這是一個非常微觀的問題，在您的介紹材料第16頁，關於股東回報政策，它說到2025年。那麼您將2025年定為原因有什麼特殊原因嗎？那麼它會每3年更新一次嗎？那是你的計劃嗎？還有嗯，其實是幾年以後，但是聽你介紹的時候，12%的CET1比例，嗯，好像buffer就夠了。所以 CET1 比例為 12%，嗯，似乎最好從你那裡聽到更多關於這可能發生的變化。

Please hold until we answer your question.

請稍等，直到我們回答您的問題。

CET1, 12%. What was your exact question related to that? Can you repeat your question -- the latter part of your question?

大學英語一級，12%。您與此相關的確切問題是什麼？你能重複你的問題——你問題的後半部分嗎？

You mentioned in your presentation, the CET1 ratio, 12% that it is a sufficient buffer. And after 2025, I thought that there were no reasons for CET1 ratio of 12% to change. But why do you have 2025 as a cutoff point in that presentation slide?

你在演講中提到，CET1 比率為 12%，這是一個足夠的緩衝。而在 2025 年之後，我認為 CET1 比例 12% 沒有理由改變。但是，為什麼在該演示幻燈片中將 2025 年作為分界點？

Yes. I now understand your question. The reason why it's 2025 is because, first of all, when we discussed this last year, well -- this was discussed when we talked about our strategy and our midterm strategy framework was until 2025. So that is why that year is included. And the second reason behind that is ROE and ROTCE, 10.5% and others that are targets. Well, these are numbers that are not quite easy, in the Korean financial markets, it's quite challenging. So we want to try our best for the next 3 years going forward. And we will see the situation -- after the next 3 years, and then we will have another discussion. And for CET1 ratio, well, even if it goes beyond 2025, I think this will still hold.

是的。我現在明白你的問題了。之所以選擇 2025 年是因為，首先，當我們去年討論這個問題時，我們在討論我們的戰略時討論過這個問題，我們的中期戰略框架是到 2025 年。所以這就是包括那一年的原因。第二個原因是 ROE 和 ROTCE，10.5% 和其他目標。好吧，這些數字並不容易，在韓國金融市場上，這是相當具有挑戰性的。所以我們想在接下來的 3 年裡盡力而為。我們將在未來 3 年後看到情況，然後我們將進行另一次討論。對於 CET1 比率，即使它超過 2025 年，我認為它仍然會保持不變。

Because of time constraint, we will wait for a few seconds for any further questions, and then we'll wrap up. Because we have no further incoming questions. I would like to wrap up the Q&A session.

由於時間限制，我們將等待幾秒鐘以回答任何進一步的問題，然後我們將結束。因為我們沒有進一步的問題。我想結束問答環節。

With this, we'd like to conclude the 2022 Shinhan Financial Group's Fiscal Year Earnings Presentation. We'd like to thank everyone for participating in today's earnings presentation. And the materials for today's earnings presentation can be viewed again in our website, as well as our YouTube channel. In the case of our YouTube channel, not only last IR events, but also other promotional videos have been uploaded. So please refer to them at your leisure.

至此，我們想結束新韓金融集團 2022 財年收益演示。我們要感謝大家參加今天的收益報告。可以在我們的網站以及我們的 YouTube 頻道中再次查看今天的收益演示材料。在我們的 YouTube 頻道中，不僅上傳了最新的 IR 活動，還上傳了其他宣傳視頻。因此，請在閒暇時參考它們。

Thank you very much for your attendance today.

非常感謝您今天的出席。

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

[現場通話中的口譯員用英語對這份成績單進行了陳述。]