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View Annual Report 2003 ANNUAL REPORT JUST THE BEGINNING Building our way to becoming the financial leader through One-Portal network. 2003 ANNUAL REPORT THE BEST IS YET TO COME RELY ON SFG BUILD IN ALL DIRECTIONS OUR SYNERGY CREATION Corporate Profile_01 Vision and Strategy_18 Subsidiaries_26 Financial Highlights_02 Customers_19 Commercial Banking_28 Message from the Chairman_04 Investors_20 Investment Banking_32 Message from the CEO_06 Communities and Society_21 Brokerage_34 Corporate Governance _12 Asset Management_35 BOD & Management_13 Credit Cards_36 Employees_15 Private Banking_38 Bancassurance_40 E-business_41 Risk Management_43 SFG FINANCIALS AND OTHER MD&A_48 Financial Statements_94 Organization Chart_200 Directory_201 Share and Shareholder Information_204 Contact Point_205 Financial Calendar_205 JUST THE BEGINNING Rely on SFG to build enterprise value through the synergy of our One-Portal network. Shinhan Financial Group Co., Ltd. (SFG) is Korea's first financial holding company that delivers comprehensive financial solutions through a powerful One-Portal network to meet all of our customers' financial needs. Our subsidiaries offer quality financial products and services in commercial banking, credit card, private banking, asset management, investment banking, brokerage and insurance. As of December 31, 2003, SFG reported KRW 160 trillion in total assets, over 10 million active customers, and 970 network branches nationwide. In addition, SFG has 21 offices in nine countries, including the U.S., the U.K., Japan, China, Germany, India, Hong Kong, Vietnam and Singapore. RELY ON SFG Financial highlights Korean Won in Billions U.S. Dollars in Millions1) 2003 2002 2003 2002 For the year Operating Revenue￦￦ 8,072 5,929 $6,739 $4,950 Net Income 363 602 303 504 At year-end Total Assets2) ￦￦159,354 80,830$$ 133,039 67,482 Total Loans2) 94,344 45,341 78,764 37,854 Total Deposits2) 99,280 47,792 82,885 39,900 Total Securities2) 35,218 19,911 29,402 16,623 Total Shareholders' Equity 6,118 4,010 5,108 3,348 Financial Ratios Return on Average Shareholders' Equity 8.66% 17.57% 02 Return on Average Assets 0.39% 0.94% Cost Income Ratio 43.08% 43.83% ANNUAL REPORT 2003 Substandard & Below Ratio 3.49% 1.78% Net Interest Margin3) 2.26% 2.83% (Korean Won) 2.40% 2.97% (Foreign Currency) 1.50% 1.81% Net Interest Spread (Won)3) 2.51% 3.12% BIS Capital Adequacy Ratio 10.49% 10.91% (Tier I Capital Ratio) 6.34% 6.81% (Tier 2 Capital Ratio) 4.15% 4.23% Share Information Earnings Per Share (Won)￦￦ 1,003 2,045 Net Asset Value Per Share (Won) 15,234 13,270 Dividend Per Share (Won) 600 600 Market Value (Won in Billions) 5,608 3,625 Notes: 1) Converted into U.S. dollars at a rate of ￦1,197.80 per US$1.00, the prevailing rate on December 31, 2003. 2) Calculated based on the sum of all subsidiaries minus intra-group transactions. 3) Shinhan Bank only (Shinhan Credit Card spun-off in June 2002) JUST THE BEGINNING Stock Performance Share Price of SFG (LHS) 20,000 KOSPI Index (RHS) 1,000 15,000 800 10,000 600 03 Won/Share Jan.03 Apr.03 Jul.03 Oct.03 Dec.03 Point Total Assets Total Shareholders’ Equity Operating Revenue (In Billions of Korean Won) (In Billions of Korean Won) (In Billions of Korean Won) 159,354 6,118 8,072 80,830 4,010 5,929 5,249 65,569 3,788 FY01 FY02 FY03 FY01 FY02 FY03 FY01 FY02 FY03 RELY ON SFG Message from the Chairman 0304 ANNUAL REPORT 2003 ANNUAL REPORT 2003 We have, to date, strategically managed the evolving financial environment, and we will continue to perform and achieve growth to come out at the top. JUST THE BEGINNING To our constituents SFG is off to a great start this year, paving the Moving forward, our efforts will be concentrated on way for an even more exciting and great challenges upgrading our business strategy of customers, markets, ahead. In 2003, we secured our position as the second channel and IT infrastructure, leveraging our collective largest financial services group in Korea, and entered the customer base and channel network. As we make further global capital market by listing on the New York Stock improvements in business management in line with global Exchange. Through the combined efforts of our team standards, we will also focus on enhancing management members, we have made significant improvement in our transparency and corporate governance for protection of 0305 management structure, resulting in the successful shareholder rights. establishment of a solid foundation for future growth and global opportunities. These are meaningful achievements, In the next decade, change and progress through but we will not stop here. We will continue to make consolidation, intense competition, and growing bigger and better advancements and aim to place first in sophistication of customer needs will determine winners the financial services industry in terms of corporate value. and losers. Accordingly, we will develop into a financial services group with global competitiveness in products and We have emerged as Korea's second largest services, as well as in revenues and profits. We have, to comprehensive financial services group within a relatively date, strategically managed the evolving financial short period. Subsequent to our transformation into a environment, and we will continue to perform and achieve holding company structure in 2001, we have established a growth to come out at the top. core business portfolio covering banking, securities, credit card and asset management. Furthermore, the acquisition I would like to take this opportunity to share our of Chohung Bank has resulted in a new formidable appreciation for the support we are receiving from our platform for creating synergies, not just for our banking investors and customers. business, but for our non-banking, financial-services related businesses as well. While the consolidation Sincerely, process of Shinhan Bank and Chohung Bank will take two to three years to create true organizational cohesiveness in operational efficiency and cultural alignment, our new identity has already strengthened our brand power and Eung-Chan Ra global recognition. Chairman of Shinhan Financial Group RELY ON SFG Message from the CEO 0306 ANNUAL REPORT 2003 ANNUAL REPORT 2003 Our financial innovation and reform will help Shinhan Financial Group emerge as a first-rate financial institution. JUST THE BEGINNING To our constituents It has been one year since I assumed the role of The operating environment in 2004 will continue to pose president and chief executive officer of Shinhan Financial competition-driven challenges for domestic financial Group (SFG). With one goal in mind, to secure our institutions. Early this year, the biggest question on position as the leading universal financial services group in investors' minds was how the entry of foreign financial 0307 Korea, we have taken aggressive measures to achieve services companies would affect the financial landscape of extensive financial innovation and reform. We developed Korea. I believe the entry of foreign financial institutions new financial products and services, added marketing and into Korea will result in advancements for our financial distribution channels, realigned corporate strategies and market. Competition is good for improving service quality policies, and established a common goal. With the and corporate productivity. The key is for SFG to continue acquisition of Chohung Bank in August 2003, our future to develop and maintain our unrivaled lead in One-Portal prospects for One-Portal network is brighter than ever, network and customer relationship. moving us closer to our vision. Notable highlights in 2003 Operating environment in 2003 In 2003, we witnessed the beginning stages of In 2003, Korea's economy achieved a limited recovery. cooperative efforts toward creating revenue synergies for Export-driven gains were offset by contractions in domestic increasing our commission-based income and diversifying demand from uncertain geo-political and economic revenue sources. SFG subsidiaries developed various conditions, and increasing household debt. Such an hybrid financial products and services, such as financial operating environment further highlighted what we had network accounts (FNAs), securities savings deposits, forecasted few years back when we established our bancassurance and structured products. These products universal-banking structure: the need for financial were cross-sold and up-sold through our integrated institutions to focus on risk management and commission- distribution channels, including Financial Plaza, Private based income growth. This became more apparent with Banking, Corporate Banking Center, and Branch-in-Branch the negative developments at select corporations, such as (BIB) Business Offices. In addition, as part of our efforts to the accounting scandal at SK Networks and the liquidity create accessible and accurate information and cost- crisis at LG Card. efficient synergies, we completed the integration of our RELY ON SFG 2002 2001 Expansion and Reorganization of Business Portfolios Establishment of Shinhan Financial Group call centers and customer relationship management (CRM) Unity of the Group moving forward to enable a Group-wide customer database for customized Our strategic goal for 2004 is to make further progress in marketing and promotion. building a unified organization with a common vision and 08 strong brand identity. Our mission in creating a New Bank At the end of 2003, our total assets reached KRW 159 will materialize over a three-year period, during which ANNUAL REPORT 2003
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