Shinhan Financial Group Co Ltd

Hello, everyone. My name is Park Chor-woo, and I'm in charge of IAR. Thank you for attending the 2nd quarter business performance announcement in 2025. Today's performance announcement includes the Group CFO, Cheon Sang-hyun, Group CSO, Group CRO, Shinhan Bank CFO, Shinhan Card CFO, Shinhan Investment CFO, and Shinhan Life CFO, Joo Sung-won. Hello, I would like to thank everyone who participated in the 2nd quarter performance announcement in 2025.

I would like to start by explaining the highlights of the 2nd quarter performance on page 2. At the end of June of 2025, the CT1 ratio of the group was temporarily increased to 13.59%, which was improved by 32BP compared to the previous quarter. This is a result of the rapid growth of the group, the effect of the exchange rate decline, and efficient RWA management efforts. Today, the board of directors agreed on a 570 won per week cash payment and an 8 billion won of self-reward based on a stable CT1 ratio. 6.5 billion won will be raised in the second half of this year, and the remaining 2.5 billion won will be raised in January next year, and we will continue to pursue a year-round self-sufficiency policy. The total amount of 2.5 billion won will be raised in the first half of this year, including 6.5 billion won in the second half of this year, including 6.5 billion won in the second half of this year. The short-term net profit of the 2nd quarter of 2025, despite the increase in cash flow costs, has increased by 4.1% compared to the previous quarter through the improvement of the interest rate. The business interest rate has maintained a stable level, but the cash flow costs have increased significantly due to delay in recovery. Next is the 3-page capital. As I mentioned earlier, the group's CET-1 ratio has been improved by 32BP compared to the previous quarter based on the decline in exchange rates and stable short-term profits. Group RWA has decreased the risk of foreign currency markings due to the decline in exchange rates, and the portfolio has decreased by 4 trillion won compared to the previous quarter, focusing on profitability with the growth of the original loan at the right level. We will do our best to provide the necessary funds for the future and to maintain a stable capital ratio through internal efficiency and strategic resource distribution. Please refer to the data on the 4-page asset list. This is Sonic of the 5-page group. This meeting is being archived. I will explain the details of each item in detail from the next page. Page 6 is interest interest. The interest interest is based on the proper growth of capital profitability based on the market interest rate. Bank loan is based on the market demand, and it has grown to a level similar to the previous quarter. Please refer to page 27 for more details. Bank NIM's interest rate, including the bond loan, has dropped 16BP compared to the previous quarter due to a drop in market interest, but it maintained its previous quarter level through proper asset growth and efficient ALM strategies. Next page is interest on non-investors. Group non-investors' interest has improved by 34.7% compared to the previous quarter. In particular, the growth of the overall interest rate of non-contractors, which have greatly increased in response to the negative market environment, has contributed to the growth of the overall interest rate of non-contractors. If you look at the fees a little more closely, credit card fees have improved compared to the previous quarter through the reduction in marketing costs, but they are still insufficient compared to the previous year. The stock exchange fees have greatly increased compared to the previous quarter as the stock market has been activated and the stock exchange fund has been expanded. Investing fees are continuing to grow, with large-scale IBDL transactions centered around banks, and product sales fees, such as funds and bank cards, are also growing in a favorable market environment for the entire year and for the entire quarter. Insurance-related profits have decreased for the entire year due to the negative effects of short-term insurance sales in the previous year, but we are showing a stable level of profit. The next page is about the budget and the commission. The budget of the group is managed at a moderate level compared to the previous year, and the sales profit-earning ratio is 36.6% in the first half of the year. The increase in commission compared to the previous quarter is mainly due to the increased commission cost, which was recognized through conservative evaluation of the goddess, while the recovery was slightly delayed. The government has been implementing real estate PF settlement plans, and is managing the additional cuts that are occurring little by little, focusing on non-banking, within the expected range. Considering that the difficulty of low-income customers will continue to increase with the increase in credit risk of companies due to the delay in recovery, it is expected that the line cost will be slightly higher than expected in terms of the size and recovery period. Up to the next 9 and 10 pages, we have included group asset sustainability indicators and loss-absorption capabilities, so please refer to them. Next, page 11, Group 4 and overseas business profits. Despite the increase in cash costs, Shinhan Bank maintained a strong performance, with a large increase in non-borrowing profits, focusing on childcare rights and IB-related fees, along with interest rates of the previous quarter. Shinhan Investment Regulatory Commission is recovering its strength through the improvement of competitiveness of stock, self-servicing, and other fundamental business areas. Shinhan Card and Capital are showing poor performance due to the continued pressure of fraud and loss, but we are expecting a gradual recovery of profitability through fundamental improvements such as asset rebalancing and self-effort. Despite the uncertainty of the domestic and foreign businesses of the Group, Sonic is still in the second quarter. From page 12 to page 13, it is an explanation of digital and sustainable business performance. Page 14 is related to rising and inclusive finance, which is being promoted at the Group level. It is an explanation of rising and inclusive finance, which is being promoted In addition to finding the hidden asset value of the customer, it is crucial to provide institutional support for the customer's financial condition improvement, such as unifying more than 10% of the Sina Bank's cash loan interest rate into one place and helping them continue their consumer lives with economic independence. In the future, the group will continue to implement the production-based financial broadcasting function of the group, We will continue to promote various programs that can coexist with customers and society, and do our best to become a sustainable financial group that can grow together with all stakeholders. From page 15 to page 18, we can say that the company is promoting the second-hand performance of the company's value-added plan. Overall, compared to the second-hand plan announced last year and this year, we can say that we are showing good second-hand performance so far. Please refer to the detailed information. From the next 19th page, we have listed the financial situation and detailed profits of each group and the operation and delivery situation, so please refer to it. We are also preparing a separate explanation for individual investors in relation to the performance of the party's first half and the policy of paying attention. We ask for your participation. This concludes the presentation. Thank you for listening.

Thank you. We will now have Q&A time with you. Please excuse me for not being able to choose the screen in the middle. We will now take questions from you. If you have any questions, please raise your hand while you are on Zoom. The first question is from Jung Joon-seop of NH Investment. Please ask your question.

Hello, I'm Jung Joon-suk from NA Securities. Thank you for the question. I have two questions for you. The first is that one of the competitors in the beginning of this year has implemented a mortgage payment, and yesterday another competitor announced that it will review the mortgage payment. In fact, I've asked the same question before, but there has been a change in the capital market recently, So, regarding this, I'm curious if there has been any recent changes in your opinion on this matter. Secondly, I'm curious about the future of the second half of the year. Especially, in the second half of this year, I would like to ask you to explain how you expect the loss rate.

Mr. Jung, thank you for your question. Please wait a moment while we prepare the answer to the question.

Yes, thank you for your question. You asked two questions. First, I would like to ask about our position on the exchange rate. Second, I would like to ask about our position on the exchange rate. First, I would like to ask about our position on the exchange rate. Second, I would like to ask about our position on the exchange rate. First, I would like to ask about our position on the exchange rate. First, I would like to ask about our position on the exchange rate. First, I would like to ask about our position on the exchange rate. First, I would like to ask about our position on the exchange rate. First, I would like to ask about our position on the exchange rate. First, I would like to ask about our position on the exchange rate. First, I would like to ask about our position on the exchange rate. First, I would like to ask about our position on the exchange rate. First, I would like to ask about our position on the exchange rate. First, I would like to ask about our position on the exchange rate. First I think it would be right to say that we have not yet made a positive review of it. When we reviewed it at the beginning of the year, we also reviewed it, but I think there are many things to consider. Especially from this point of view, I know that the policy authorities are reviewing various policies. I think we will be able to re-evaluate the results, but at the current point of view, we do not have any plans to implement the bond repayment. In the case of other companies, the reason for implementing the bond repayment is to increase the benefits of the shareholder, There are some cases where there is no way to do it because there is not enough interest to be paid, but in our case, there is enough interest to be paid as of the end of last year, so I don't think it's a situation where we should review the bond payment from that point of view. Anyway, if there is a change in taxes or something like that, we will review it again, but at the moment, I would like to say that there is no plan for bond payment yet.

Hello, I'm Park Mung-ho, CRO. I'd like to talk about the environment of efficiency in the second half of the year. In the first half of the year, the efficiency of all industries showed a bad trend, and it was difficult to expect a turnaround in terms of the actual market, domestic and foreign sentiment, and growth rate. . . . . . For example, we have been implementing policies to support consumers and small and medium-sized businesses. Since last year, we have been working with the government on real estate policies such as real estate policies such as real estate policies. In the second half of the year, we expect that there will be a peak-out period in the second half of the year. However, we are in a difficult situation right now. There is a policy on tariffs, and recently, there has been a policy to strengthen the regulation of the stock market. In that regard, I think there is still some impracticality. So, we are going to continue to manage it without losing any sense of security. I'd like to talk about the situation in the first half of the year. As I said earlier, the overall recovery of the health system has been delayed. And then, we made a conservative assessment of the situation in the first half of the year. So, there was a slight increase in the number of people in the first half of the year. And then, in the first half of the year, we raised additional funds for the real estate sector. I can tell you that these factors have contributed to the increase in the cost of transportation compared to what we expected.

Mr. Ciaro just talked about the flow of the credit cycle in the second half of the year. Every quarter, we provide guidance on the prospect of profitability and the cost of line-up. I think this year is particularly difficult. Every quarter, the cost of line-up is rising. If we were to give you a guidance again, I think I told you about 40bp in the first half of the first quarter, but I think we might be able to go over 40bp in the middle. On the inside, we are targeting about 40bp in the middle. Instead, as Mr. Ciaro mentioned, there is a possibility that the cost of transportation will worsen and the cost of transportation will increase. uh uh uh Thank you. Next question, please.

Thank you for the question. I'd like to ask two questions. Recently, we've been getting more and more interested in tax evasion and tax evasion. If we can legalize that part, I'd like to ask you to share your thoughts and direction on whether the changes in the stock market that you talked about will be triggered together. Secondly, we've been talking about stable coins lately, so I'd like to ask if there's anything you're preparing from the company side.

Thank you for the question. Please wait a moment while we answer the questions.

Yes, thank you, Mr. Chairman. You have two questions. First, you asked about the mix of the stock market and the stablecoin. I will answer the first question. The second question will be answered by our CSO. Recently, there has been a lot of talk about the separation tax. We are clearly monitoring various things about this. uh... I think we need to think about the mix of the two. When we first announced the value of the company, we said that we would check the progress every year and discuss it at the board meeting. Of course, we need to discuss this part as well. In fact, I talked about this at the board meeting this morning. I said that we should review this part because we don't know what the law will be like. However, in our case, the characteristics of our company's value-added projects are the speed of the production, but we also set a separate goal for the reduction of the number of stocks, so from our point of view, there seems to be no big change in the principle of going to the center of the stock market. Fortunately, since the speed of self-sufficiency is so fast, I think we will be able to achieve 50 million weeks, which we have been aiming for, even if it does not reach 2027. I think there is a room where we can flexibly change the mix of dividend and self-employed income. Ultimately, if the value of our PBR exceeds 0.8 billion won, if it goes beyond the appropriate value, rather than self-employed income, we have the idea that we will provide a cash flow to our retirees or individual customers through dividend, so we will carefully review the process of entering the law in the future, and communicate with the market.

There was a question related to stable coins. As announced in the media, I will give you a public response. There are 14 banks that have come together in the media to discuss and study stable coins. Shinhan Bank is participating in this. It is still not legalized internally, so it is still unclear who the issuer is, where it can be used, and what the director should do. However, if the stable coin is activated internally, it will not be left empty until then, and we are conducting studies, concerns, and reviews on how to use it well internally, not as a cause of crisis, but as a plan. That is all.

Thank you for your answer. Let's move on to the next question. H.S.B.C. Won Jung-young, please.

Thank you so much for making good results in difficult situations and paying a lot of attention to the stock exchange. There are two things to ask. The first is, if you look at page 16, the company said that the plan is a little different depending on the section of PBR when the stock exchange is held. But now, more than 1 times of PBR, I would like to ask if we can understand that there is no more self-sufficiency in PBR 1 or more because it is not written as self-sufficiency. And then, there is no content in the section of 0.8 to 1 times. So, I would like to ask if we can expect the cash payment to go up a little faster in the section of 0.8 to 1 times. The second is, Yes, thank you for the question. Please wait a moment while we prepare for the answer.

Yes, you asked questions about the mix of PBR sections, and you talked about the second loan. I will answer the first question, and I will answer the second loan growth question from the bank CFO. Regarding the first question, we also included it when we did the first corporate value stock project. The principle is that the principle of our corporate value stock project is COE and ROE will be used to effectively distribute resources. In order to normalize PBR, It means that we are going to speed up the stock exchange rate, and we have determined that the stock exchange rate will be more effective than the cash payment. When we look at the correct level, there is no correct answer, but if we say that it is up to the level of PBR 100, we are going to raise the stock exchange rate to PBR 0.8, which is close to it, to the stock exchange rate center, which is our principle. If it exceeds 0.8 times, we will look at the mix at the right time. That's the rule. If it's more than 1 times, will you not do self-referencing? I don't think so. In fact, in case of overseas cases, PBR is effective to do self-referencing up to 1.2 times. I think it's different depending on the situation. So what I can tell you now is, Our ROE recovery rate, level, and PBR will be flexible depending on the level. We will continue to discuss and communicate with the market by looking at the performance of our ROE and the level of corporate value.

I'm Jung-bin Lee, CFO of the bank. You mentioned asset growth and margin. Let me answer your question. In the first half of the year, as you said, we saw a slight decline in asset growth. Shop loans are being managed by the government and the government authorities. In the first half of the year, the company loan amounted to 2.5 trillion won. In the second half of the year, considering various policy aspects, we plan to manage the growth rate of the company loan at an appropriate level. In the first half of the year, the company loan amounted to 2.5 trillion won. In the first half of the fiscal year, we managed to manage our assets with a conservative standard in terms of profitability as well as margin management. In the second half of the year, we are planning to promote asset portfolio management in the first half of the year to secure some growth potential in the corporate sector. In the second half of the year, unlike in the first half of the year, we are planning to promote asset growth in the corporate loan market in a more active way. We are also planning to do that in terms of productive financial support. While we are taking some growth from the corporate loan market, I think you may have concerns about the margin. Basically, in the first half of the year, we managed the margin, but we also managed the interest rate on the loan side, but I think the management of the payment cost played a very important role. So, in the second half of the year, we managed the basic customer, the mobility, and the payment cost management on the payment side, and the margin dropped to some extent. That's it. I hope that answers your question.

The next question is from Jung Tae-joon of the Future Assets Authority. Jung, please ask your question.

Hello, I'm Jung Tae-joon of the Future Assets Authority. I have two questions. First of all, the capital ratio of this quarter has increased, and I wonder how much you think the appropriate capital ratio level and management range is. And if you want to use it by selecting RWA, I wonder if you plan to use it in other ways other than loan. The second question seems to be close to 50% of the share price, but we are also reviewing the share price plan, which is 50% higher than competitors. Thank you for sharing.

Thank you for the question, Mr. Jung. Please wait a moment while we answer the question.

You asked two questions. I will answer the question about the appropriate capital ratio first. We improved our capital ratio a lot compared to the first quarter. In the meantime, I think the market and our capital ratio level seemed to be a little tight. And on the inside, of course, there was a hygienic exchange rate change, but in the first half of the year, we have increased our capital ratio considerably through various efficient work and rebalancing. And in terms of how to use this capital ratio, we are not doing a big M&A in detail, but at the appropriate level, as the bank CF said, I think we need to effectively distinguish between loan growth and investment. As you know, the Korean economy is in a difficult situation right now, with low growth and poor consumption. I think it's a great opportunity for us to talk about this. The second question is about the level of demand. Last year in July, when we announced 50% of the stock price, I think the market responded very innovatively. Even if we did it two years ago, it was 30% of the stock price, then 40% last year, and now in the case of other financial institutions, it's probably over 50%. I think we're going to go up quite a bit, too. I think we have to talk about this in the same tone as what we said earlier. We have a goal of 50% in 2027. We will see many things in the open, but this is also the same as our PBR level, ROE, and various internal management strategies. Thank you for your answer.

Let's move on to the next question.

Yes, hello. I have two questions. I would appreciate it if you could explain more in detail about the cash flow. Looking at the bank and the card, the amount of net worth has increased, but I don't think the ratio between fixed and net worth is falling. Especially, if you look at the 10th page of the account book, it seems that the amount of non-profit assets in the card sector is increasing than in the bank. In the last performance announcement, you said that it would ease the burden of card collection and handling costs by the third quarter. So, I wonder if the outlook is good. And did you explain earlier that the increase in cash flow costs is aimed at increasing the loss of assets on the card side? Please explain a little more about the rigidity of the card side. Thank you for your question. Please wait a moment while we prepare for the next question.

Yes, you asked two questions. You asked about the line cost and then you asked about the self-sufficiency schedule. I'll tell you about the self-sufficiency schedule first. The line cost, I'll just say it overall for a moment, and since you focused on the card side, I'll say that the card CF has told you in more detail about the reliability of the card and the overall situation. In this board meeting, we agreed on $80 billion. What we clearly shared was that All you might cause you turn a girl may have a go man on you already turn a girl may have 하는걸로 구분을 했습니다 이 부분은 제가 작년에도 똑같았는데요 제가 워낙 자사주의 소각 워낙 규모가 커지다 보니까 그것들을 연중으로 좀 퍼트리기 위해서 작년부터 그렇게 하고 있구요 저희들은 일관되게 어 회계 년도 기준으로 명확하게 구분을 하고 있습니다 그래서 올해 me me pocket on your channel까지가 올해에 저희 주자는 금액이고 나머지 2천억은 내년도에 매입하면서 내년도에 주전으로 편입된다 그렇게 말씀드릴 수 있겠습니다 대손 병과 건전성 관련 그런 것 같습니다 저희들이 이제 상매가 또 나름 조금 하고 열심히 하고 있는데요 아무래도 I think it's true that high-end products are growing a little faster than we thought. However, there is a concern about the high-end products. Since there are a lot of high-end products in the market, the price of high-end products in the market is falling. Compared to last year, the price of high-end products has fallen sharply, so it is a concern internally as to how far we can reduce the loss to manage the efficiency ratio. Of course, the management of the efficiency ratio is also important, so we need to manage it at the right level, but I would like to say that there is also such a concern. As for the card, I will explain a little more about the card CF.

Yes, this is Card CF Park Hae-chang. Last time, I also explained about the year-end. We are looking at the card side in more detail about the entry of the new year. The concept is that the year-end is 2 months before the new year. We are focusing on the year-to-month interest rate. Last year, the interest rate rose a lot after the nuclear accident. We also run the recovery organization internally and take various measures. The year-to-month interest rate peaked at 0.45% around February, and it is expected to rise to 0.415% around July. However, recently, the loan supply has been blocked in terms of housing prices and stability. This capacity will come again in two or three months, so we need to keep an eye on that part, so I don't want to say it in haste. In the current situation, there is a trend of many pick-outs and descents. Then, you mentioned the goddess of fixed below. The part that was delayed before has been pushed down to fixed below, so we are managing it through 상매각. We will continue to maintain the previous level of rate management. Thank you.

Thank you for your answer. There is no one who has a question at the moment. I'd like to ask a question from Kim Do-ha of Hana Investment.

I'd like to ask you one last question. Recently, there have been articles about the lawsuit regarding the real estate tax. So far, it seems that some of the assets related to real estate have been fined, but I think it would be helpful if you could point out some additional areas that should be added, whether it's this quarter, in the second half of the year, or next year. Thank you.

Yes, please wait a moment for the answer to the question.

Yes, Mr. Chairman, you asked a question related to real estate credit. If you look at the decisions made within the industry this year, it seems that there are still few real estate creditors. I think it's still a bit difficult. In our case, as you may remember last year, we had a huge loss in the last year's final. So, relatively speaking, I think it's right to say that we have a lot of potential because we have lost a lot in that regard. In the second quarter of this year, about 2.5 billion won has been allocated to the middle class. In the case of Shinhwansha Sanctuary, the amount of income has decreased compared to the past, but it continues to maintain the black mark in the first and second quarters. Of course, what we can't rest assured of is that, depending on how the real estate market goes, if the real estate market continues to go down, there will be additional losses that can occur because we will give them a recovery budget that can come back from there. I think it would be right to say that most of the losses in the big picture are over. For reference, at the end of June, we have about 8,400 billion won for Shintak's account. But here, we have about 3,400 billion won, which is about 40% of the total. So I can't tell you for sure, but rather than any loss or loss of the contract, it can flow out little by little depending on the decline in the real estate market. Thank you for your answer.

Next question is from Kim Ji-won of Daol Investment.

Yes, hello. Thank you for the question. I would like to ask more about the stock market. Recently, the share price of new investment securities and brokerage is rising, and the volume of IBD is also increasing. So, in terms of the group B and E companies, I would like to ask what kind of business you think is the main focus of the stock market, or if you are pursuing a business diversification. Also, I know that you recently applied for a launch. I would like to ask about the operation plan after the launch. Thank you.

Thank you for your question. Please wait for a moment while preparing for your answer.

I'm Jang Jung-won, CFO of Zincone. Thank you for your question. You asked a question about brokerage and IV revenue. For the past 4-5 years, we have been pursuing growth centered on WM and IV, but there have been losses due to the situation of the private fund and overseas alternative investment and PF. To be honest, Retail WM and IB were a bit lacking. But as you said, we are trying to grow our profits by focusing on the self-management of PWM and IB. As you said, even if we include overseas stocks such as MS or LH, we have risen to more than 5% MS. There is a lot of talk about the brokerage of this part, so in the first half of this year, we believe that the basic physical strength will be improved a lot, including more than 2 billion won of artificial intelligence self-administration fees. We are evaluating it internally. However, we are going to continue to work in the second half of the process to carefully judge and eliminate the uncertainty about the possible cause of loss and the potential cause of loss. The second issue is the acquisition of a patent license. In fact, it seems to be a careful talk. We are also investigating the fact that five business owners of the real estate industry have applied for it. We also carefully reviewed this part, and compared to the aggressive growth of the existing 발행엄, We also wanted to promote the activation of adventure capital by the government. We also wanted to promote the activation of adventure capital by the government. We also wanted to promote the activation of adventure capital by the government. We also wanted to promote the activation of adventure capital by the government. We wanted to promote the activation of adventure capital by the government. We are preparing for a stable business through many versions. That's all. Thank you for your answer.

Kim Jae-woo from Samsung. Please ask a question. Hello.

Thank you for your question. I have a few simple questions. First of all, when you mentioned the credit cost earlier, you said that you will see about 40pp in the second half of this year, but if we calculate it in the second quarter, it seems to have come out about 60pp. So, it's 50 in cumulative, and in the second half of the quarter, it's 60. Then, there are some parts that rise a little in the quarter, but even so, if it is in the middle of the 40-day period of the year, is it right for us to expect it to come down in the second quarter or in the upper quarter? Please check that part a little more. Secondly, there are a lot of new cases in the visa sector. I'm wondering if it can be continued in the second half of the year. I'm wondering how much it can be continued. I'm wondering if it can be continued in the second half of the year. I'm wondering if it can be continued in the second half of the year. I'm wondering if it can be continued in the second half of the year. I'm wondering if it can be continued in the second half of the year. I'm wondering if it can be continued in the second half of the year. I'm wondering if it can be continued in the second half of the year. I'm wondering if it can be continued in the second half of the year. I'm wondering if it can be continued in the second half of the year.

Yes, thank you for the question. Please wait a moment for us to answer the question.

Yes, I have three questions. You asked about the basis of the credit cost outlook. As you said, if you put it in the second quarter, if you say 60pp, if that continues, of course, the middle and second half of 40pp will not come out. We have a normal trend that can occur in the third quarter or the third quarter. I've done some simulations to see if there's anything that can go into it. If that's the case, I think it's right to say that we're going to give you a little bit more than the second quarter. The second is related to the birth of the child's right. Since the child's right has dropped in the U.S. dollar, instead of losing interest, it is based on income from the U.S. dollar. I think this part is also connected to the macro variable. I think it will depend on the situation of the stock market, the capital market, and COSPY. It's hard to say that it will continue to increase explosively, but if you look at the current market rate flow and the activity of COSPY since the second quarter, I think this trend will be able to go. And in the case of origin, it is not a special factor. Rather than the evaluation aspect of the origin, if you think about the benefits from variability when the exchange rate moves, we think that there is still enough potential for that part. Third, CSO will answer the challenge vision.

I think I should say that we are doing a good job of cooperating with them. The employees of Jeju Bank, Deojeon Bank, and Sinan Bank are experts in this field. We have a team of about 40 people, and we've been working hard since April to prepare for various revisions. As I said at the beginning, we are working hard to release meaningful products to small and medium-sized enterprises and small and medium-sized workers by targeting the end of the first quarter of next year. After the business expansion is successful, Thank you for your answer.

Today, there are several financial institutions' performance announcements. The time has passed considerably. So, we would like to end the 2nd quarter business performance announcement of the 25th year. Before we finish the announcement, I will give you a brief explanation of individual investment. As CFO said, on August 28, through the official YouTube channel of Shinhan Financial Group, 개인투자자를 위한 경영실적 및 주주환원정책에 대한 설명회를 작년과 같이 진행하고자 합니다. 금일부터 8월 4일까지 저희가 홈페이지를 통해서 오늘 소화되지 못한 개인투자자들의 질문을 홈페이지에서 사전에 취합을 해서 그 내용들을 8월 28일날 질의응답하는 시간을 가지고자 하니 많은 개인투자자분들께서는 저희 홈페이지를 통해서 못하신 질문을 Thank you.