EX-99.2

Independent Auditors’ Report

Based on a report originally issued in Korean

To the Board of Directors and Stockholder of

Shinhan Bank:

Opinion

We have audited the separate financial statements of Shinhan Bank (the “Bank”), which comprise the separate statements of financial position as of December 31, 2025 and 2024, the separate statements of comprehensive income, changes in equity and cash flows for the years then ended, and notes, comprising of material accounting policy information and other explanatory information.

In our opinion, the accompanying separate financial statements present fairly, in all material respects, the separate financial position of the Bank as of December 31, 2025 and 2024, and its separate financial performance and its separate cash flows for the years then ended in accordance with Korean International Financial Reporting Standards (“K-IFRS”).

Basis for Opinion

We conducted our audits in accordance with Korean Standards on Auditing (“KSAs”). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Separate Financial Statements section of our report. We are independent of the Bank in accordance with the ethical requirements that are relevant to our audit of the separate financial statements in the Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Matter

The procedures and practices utilized in the Republic of Korea to audit such separate financial statements may differ from those generally accepted and applied in other countries.

Responsibilities of Management and Those Charged with Governance for the Separate Financial Statements

Management is responsible for the preparation and fair presentation of the separate financial statements in accordance with K-IFRS, and for such internal control as management determines is necessary to enable the preparation of separate financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the separate financial statements, management is responsible for assessing the Bank’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Bank’s financial reporting process.

Auditors’ Responsibilities for the Audit of the Separate Financial Statements

Our objectives are to obtain reasonable assurance about whether the separate financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with KSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these separate financial statements.

As part of an audit in accordance with KSAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

ㆍIdentify and assess the risks of material misstatement of the separate financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

ㆍObtain an understanding of internal control relevant to the audit in order to design audit procedures that are appro-priate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank’s internal control.

ㆍEvaluate the appropriateness of accounting policies used in the preparation of the separate financial statements and the reasonableness of accounting estimates and related disclosures made by management.

ㆍConclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Bank’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the separate financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Bank to cease to continue as a going concern.

ㆍEvaluate the overall presentation, structure and content of the separate financial statements, including the disclosures, and whether the separate financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

/s/ KPMG Samjong Accounting Corp.

Seoul, Korea

March 3, 2026

     This report is effective as of March 3, 2026, the audit report date. Certain subsequent events or circumstances, which may occur between the audit report date and the time of reading this report, could have a material impact on the accompanying separate financial statements and notes thereto. Accordingly, the readers of the audit report should understand that the above audit report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

    


(In millions of Korean won)	Notes		2025	2024

Assets
Cash and due from banks	3,5,8,40,41	W	24,283,077	25,173,671
Securities at fair value through profit or loss	3,6,41		31,051,245	25,892,162
Derivative assets	3,7,41		5,092,017	7,400,039
Loans at amortized cost	3,8,41		363,618,144	351,575,129
Loans at fair value through profit or loss	3,8		506,781	745,412
Securities at fair value through other comprehensive income	3,9,17		59,845,241	51,096,393
Securities at amortized cost	3,9,17		25,964,036	27,011,804
Property and equipment	10,11,16,17		2,188,781	2,366,429
Intangible assets	12		753,755	936,272
Investments in subsidiaries and associates	13		2,943,223	2,854,736
Investment properties	14		654,612	611,208
Net defined benefit assets	23		317,438	261,805
Current tax assets	37		4,892	8,542
Other assets	3,8,15,41		32,167,367	15,825,559
Non-current assets held for sale	16		41,069	-
Total assets		W	549,431,678	511,759,161

Liabilities
Financial liabilities designated at fair value through profit or loss	18	W	287,849	261,299
Deposits	3,19,41		396,097,125	375,641,186
Financial liabilities at fair value through profit or loss	3,20		1,522,071	597,058
Derivative liabilities	3,7,41		4,848,166	7,530,742
Borrowings	3,21,40,41		28,042,446	21,838,763
Debt securities issued	3,22,40		40,478,377	43,524,701
Provisions	24,39,41		605,144	447,008
Current tax liabilities	37		532,905	201,330
Deferred tax liabilities	37		331,820	303,872
Other liabilities	3,11,25,41,42		42,136,187	28,084,827
Total liabilities			514,882,090	478,430,786

Equity
Capital stock	26		7,928,078	7,928,078
Hybrid bonds	26		1,949,195	2,088,595
Capital surplus	26		398,080	398,080
Capital adjustments	26,37		5,563	6,103
Accumulated other comprehensive loss	26,37		(134,097)	(58,359)
Retained earnings	26,27		24,402,769	22,965,878
(Regulatory reserve for loan loss)			(2,629,890)	(2,233,852)
(Required provision for regulatory reserve for loan loss)			(137,663)	(396,038)
(Expected provision for regulatory reserve for loan loss)			(137,663)	(396,038)
Total equity			34,549,588	33,328,375
Total liabilities and equity		W	549,431,678	511,759,161

See accompanying notes to the separate financial statements.


(In millions of Korean won, except earnings per share data)	Notes		2025	2024
Interest income
Financial instruments at fair value through profit or loss		W	654,146	703,730
Financial instruments at fair value through other comprehensive income and amortized cost			17,970,242	18,964,453
Interest expense			10,629,344	12,017,026
Net interest income	3,28,36,41		7,995,044	7,651,157

Fees and commission income			1,466,944	1,293,877
Fees and commission expense			295,796	293,673
Net fees and commission income	3,29,36,41		1,171,148	1,000,204

Dividend income	30,36		66,871	76,658
Net gain on financial instruments at fair value through profit or loss	6,20,31,36,41		387,717	278,110
Net foreign currencies transaction gain	36		510,396	206,356
Net gain (loss) on financial instruments designated at fair value through profit or loss	18		23,446	(6,466)
Net gain on disposal of securities at fair value through other comprehensive income	9,36		167,483	98,164
Net loss on disposal of securities at amortized cost	9		(56)	(41)
Provision for credit loss allowance	3,8,9,24,41		593,394	308,568
General and administrative expenses	32,41		3,701,518	3,459,539
Net other operating expenses	34,36,41		(1,502,977)	(1,369,210)
Operating income			4,524,160	4,166,825

Net non-operating expense	35		(250,731)	(269,910)
Profit before income taxes			4,273,429	3,896,915
Income tax expense	37		1,088,470	864,543
Profit for the year	27		3,184,959	3,032,372
(Adjusted profit after reflection of regulatory reserve for loan loss
For the year ended December 31, 2025:
3,047,296 million won
For the year ended December 31, 2024:
2,636,334 million won)
Other comprehensive income for the year, net of income tax
Items that are or may be reclassified subsequently to profit or loss:
Foreign currency translation differences for foreign operations			(23,672)	64,395
Unrealized net change in fair value of securities at fair value through other comprehensive income			(188,976)	304,897


(In millions of Korean won, except earnings per share data)	Notes		2025	2024
Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit plans		W	(11,797)	(9,113)
Unrealized net change in fair value of securities at fair value through other comprehensive income			153,191	60,076
Changes in own credit risk on financial liabilities designated at fair value through profit or loss			3	(1)
Other comprehensive income (loss) for the year, net of income tax	3,26,37		(71,251)	420,254

Total comprehensive income for the year		W	3,113,708	3,452,626
Basic and diluted earnings per share in won	38		1,953	1,859

See accompanying notes to the separate financial statements.


(In millions of Korean won)		Capital stock	Hybrid bonds	Capital surplus	Capital adjustments	Accumulated other comprehensive income (loss)	Retained earnings	Total
Balance at January 1, 2024	W	7,928,078	1,988,535	398,080	5,895	(472,747)	21,209,071	31,056,912
Total comprehensive income (loss), net of income tax
Profit for the year		-	-	-	-	-	3,032,372	3,032,372
Other comprehensive income (loss) for the year
Foreign currency translation differences for foreign operations		-	-	-	-	64,395	-	64,395
Unrealized net changes in fair values of securities at fair value through other comprehensive income		-	-	-	-	359,107	5,866	364,973
Remeasurements of defined benefit plans		-	-	-	-	(9,113)	-	(9,113)
Changes in own credit risk on financial liabilities designated at fair value through profit or loss		-	-	-	-	(1)	-	(1)
		-	-	-	-	414,388	3,038,238	3,452,626
Transactions with owners in their capacity as owners
Annual dividends to equity holder		-	-	-	-	-	(1,196,396)	(1,196,396)
Dividends to hybrid bond holders		-	-	-	-	-	(84,150)	(84,150)
Issuance of hybrid bonds		-	399,387	-	-	-	-	399,387
Redemption of hybrid bonds		-	(299,327)	-	(673)	-	-	(300,000)
Share-based payment transactions		-	-	-	(4)	-	-	(4)
Others		-	-	-	885	-	(885)	-
		-	100,060	-	208	-	(1,281,431)	(1,181,163)
Balance at December 31, 2024	W	7,928,078	2,088,595	398,080	6,103	(58,359)	22,965,878	33,328,375

See accompanying notes to the separate financial statements.


(In millions of Korean won)		Capital stock	Hybrid bonds	Capital surplus	Capital adjustments	Accumulated other comprehensive income (loss)	Retained earnings	Total
Balance at January 1, 2025	W	7,928,078	2,088,595	398,080	6,103	(58,359)	22,965,878	33,328,375
Total comprehensive income (loss), net of income tax
Profit for the year		-	-	-	-	-	3,184,959	3,184,959
Other comprehensive income (loss) for the year
Foreign currency translation differences for foreign operations		-	-	-	-	(23,672)	-	(23,672)
Unrealized net changes in fair values of securities at fair value through other comprehensive income		-	-	-	-	(40,272)	4,487	(35,785)
Remeasurements of defined benefit plans		-	-	-	-	(11,797)	-	(11,797)
Changes in own credit risk on financial liabilities designated at fair value through profit or loss		-	-	-	-	3	-	3
		-	-	-	-	(75,738)	3,189,446	3,113,708
Transactions with owners in their capacity as owners
Annual dividends to equity holder		-	-	-	-	-	(1,662,952)	(1,662,952)
Dividends to hybrid bond holders		-	-	-	-	-	(88,930)	(88,930)
Issuance of hybrid bonds		-	399,387	-	-	-	-	399,387
Redemption of hybrid bonds		-	(538,787)	-	(1,213)	-	-	(540,000)
Others		-	-	-	673	-	(673)	-
		-	(139,400)	-	(540)	-	(1,752,555)	(1,892,495)
Balance at December 31, 2025	W	7,928,078	1,949,195	398,080	5,563	(134,097)	24,402,769	34,549,588

See accompanying notes to the separate financial statements.


(In millions of Korean won)		2025	2024

Cash flows from operating activities
Profit for the year	W	3,184,959	3,032,372
Adjustments for:
Income tax expense		1,088,470	864,543
Interest income		(18,624,388)	(19,668,183)
Interest expense		10,629,344	12,017,026
Dividend income		(66,871)	(76,658)
		(6,973,445)	(6,863,272)
Non-cash income and expense items:
Net gain on financial instruments at fair value through profit or loss		(181,314)	(313,277)
Net gain on non-cash foreign currencies transactions		(68,993)	(55,619)
Net loss (gain) on financial instruments designated at fair value through profit or loss		(23,446)	6,466
Net gain on disposal of securities at fair value through other comprehensive income		(167,483)	(98,164)
Net loss on disposal of securities at amortized cost		56	41
Provision for credit loss allowance		593,394	308,568
Non-cash employee benefits		146,596	100,853
Depreciation and amortization		492,379	464,406
Net non-cash other operating expenses		267,851	217,585
Non-operating expenses		181,642	174,960
		1,240,682	805,819
Changes in assets and liabilities:
Deposits at amortized cost		(565,489)	274,779
Securities at fair value through profit or loss		(4,333,957)	(529,783)
Derivative assets		6,058,152	2,773,352
Loans at amortized cost		(13,064,079)	(33,131,186)
Loans at fair value through profit or loss		239,374	(228,127)
Other assets		(16,287,997)	1,663,999
Deposits due to customers		20,694,269	35,434,069
Financial liabilities at fair value through profit or loss		399,278	11,954
Derivative liabilities		(5,823,190)	(2,645,069)
Defined benefit liabilities		(173,821)	(78,378)
Provisions		(36,773)	(451,073)
Other liabilities		14,699,847	(6,369,658)
		1,805,614	(3,275,121)

Income tax paid		(697,081)	(612,042)
Interest received		18,378,635	19,695,525
Interest paid		(11,096,646)	(11,563,384)
Dividends received		71,313	107,398
Net cash inflow from operating activities		5,914,031	1,327,295


(In millions of Korean won)		2025	2024

Cash flows from investing activities
Net cash flow of derivative financial instruments for hedges	W	16,051	45,974
Proceeds from decrease of securities at fair value through profit or loss		1,516,419	703,254
Acquisition of securities at fair value through profit or loss		(2,118,292)	(2,262,642)
Proceeds from decrease of securities at fair value through other comprehensive income		39,364,298	36,510,846
Acquisition of securities at fair value through other comprehensive income		(47,889,009)	(36,178,368)
Proceeds from decrease of securities at amortized cost		6,572,915	6,591,267
Acquisition of securities at amortized cost		(5,289,119)	(4,444,063)
Proceeds from disposal of property and equipment		84	225
Acquisition of property and equipment		(126,231)	(117,127)
Proceeds from disposal of intangible assets		5,465	16
Acquisition of intangible assets		(246,934)	(346,662)
Proceeds from disposal of investments in associates and others		20,989	51,139
Acquisition of investments in associates and others		(109,647)	(349,121)
Acquisition of investment properties		(4,564)	(2,893)
Proceeds from disposal of non-current assets for sale		23,341	-
Decrease in other assets		351,559	539,398
Increase in other assets		(356,044)	(511,758)
Net cash inflow (outflow) from investing activities		(8,268,719)	229,485

Cash flows from financing activities
Net cash flow of derivative financial instruments for hedges		3,026	(9,420)
Increase in financial liabilities designated at fair value through profit or loss		99,985	-
Decrease in financial liabilities designated at fair value through profit or loss		(50,000)	-
Net increase (decrease) in borrowings		6,207,295	(5,318,929)
Proceeds from issuance of debt securities		17,524,577	25,075,509
Redemption of debt securities		(20,775,823)	(17,207,263)
Dividends paid		(1,751,882)	(1,280,546)
Issuance of hybrid bonds		399,387	399,387
Redemption of hybrid bonds		(540,000)	(300,000)
Increase in other liabilities		53,168	146,039
Decrease in other liabilities		(186,096)	(272,041)
Net cash inflow from financing activities		983,637	1,232,736

Effect of exchange rate fluctuations on cash and cash equivalents held		15,849	145,081
Net increase (decrease) in cash and cash equivalents		(1,355,202)	2,934,597

Cash and cash equivalents at the beginning of the year (Note 40)		24,986,635	22,052,038
Cash and cash equivalents at the end of the year (Note 40)	W	23,631,433	24,986,635

Please refer to attached courtesy PDF from page 10 to 183.


		Page

Independent Auditors’ Report		1

Separate Statements of Financial Position		3

Separate Statements of Comprehensive Income		4

Separate Statements of Changes in Equity		6

Separate Statements of Cash Flows		8

Notes to the Separate Financial Statements		10

Report on Independent Auditors’ Review of Internal Control over Financial Reporting		184

Report on the Effectiveness of the Internal Control over Financial Reporting		186