Jin Ok-dong, Chairman of Shinhan Financial Group, noted on the 26th, "This year will be the essential first year for value-up, and I will intensify efforts for qualitative growth."
Chairman Jin said at the '24th Regular Shareholders' Meeting' held at Shinhan Financial Group's headquarters in Jung-gu that, "By 2025, we will get closer to being 'first-class Shinhan.'"
Chairman Jin stated, "Last year, Shinhan Financial achieved solid management results with an emphasis on 'sustainability,'" adding, "We generated solid profits based on stable asset growth and recorded the largest global performance ever, with overseas results increasing by 38.1% compared to the previous year." He continued, "Following the proactive announcement of the value-up plan, we continued our efforts for its implementation," and added, "We achieved a shareholder return rate of 40.2%, which improved by about 4 percentage points compared to the previous year."
Chairman Jin remarked, "There are some regrets," noting, "The non-bank performance, which was Shinhan's existing strength, did not quite meet expectations, and some subsidiaries faced challenges in asset quality management due to the decline in the real estate market." He also stated, "There were painful moments that reaffirmed the importance of internal control."
Chairman Jin emphasized that "value-up is a core task that must be achieved for first-class Shinhan," saying, "I will work diligently toward the promised goals, such as achieving a 10% return on equity (ROE) and a 50% shareholder return rate."
Chairman Jin presented three agendas toward being first-class: ▲ zero scandals ▲ enhancing customer convenience ▲ sustainable revenue generation.
He stated, "We will firmly establish internal control with Shinhan's differentiated capabilities." He added, "To enable a more practical operation of the internal control system, we will improve overall management, supervision, and monitoring systems, and internalize a strong ethical awareness through continuous education and effective efforts, while also placing a high priority on reflecting customer feedback in management overall and enhancing customer experience management."
He further stated, "We will lead a business innovation ecosystem for sustainable growth," adding, "We will quickly catch up with the latest technologies and trends, accelerating digital transformation and artificial intelligence (AI) innovation. We will strengthen internal capabilities to lead the flow of change and discover future growth engines based on entrepreneurship."