Form 6-K

6-K 1 d836792d6k.htm FORM 6-K Form 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2024

Commission File Number: 001-31811

Woori Financial Group Inc.

(Translation of registrant’s name into English)

51, Sogong-ro, Jung-gu, Seoul, 04632, Korea

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Index

1.	Summary of 2024 First Quarter Business Report

2.	Exhibit 99.1 Woori Financial Group Review Report for 2024 1Q (Consolidated)

3.	Exhibit 99.2 Woori Financial Group Review Report for 2024 1Q (Separate)

Summary of 2024 First Quarter Business Report

Table of Contents


I. INTRODUCTION OF THE COMPANY			5

II. BUSINESS OVERVIEW			5

1. Results of Operations			5

2. Funding Sources and Uses of Funds			5

3. Other Information Necessary for Making Investment Decisions			6

III. FINANCIAL INFORMATION			11

1. Condensed Financial Statements (Consolidated)			11

2. Condensed Financial Statements (Separate)			13

3. Dividend Information			15

IV. INDEPENDENT AUDITOR’S OPINION			16

1. Independent Auditor’s Opinion			16

2. Compensation to the Independent Auditor			16

V. CORPORATE GOVERNANCE			18

VI. SHAREHOLDER INFORMATION			18

1. Share Distribution			18

2. Stock Price and Stock Market Performance			19

VII. DIRECTORS AND EMPLOYEE INFORMATION			20

1. Directors and Executives			20

2. Employee Status			20

3. Directors’ Compensation			21

Except where indicated otherwise, financial information contained in this document (including the attached financial statements) has been prepared in accordance with the Korean equivalent of International Financial Reporting Standards (“Korean IFRS”), which differ in certain important respects from generally accepted accounting principles in the United States.

All references to “Woori Financial Group,” “we,” “us” or the “Company” are to Woori Financial Group Inc. and, unless the context requires otherwise, its subsidiaries. In addition, all references to “Won” or “KRW” in this document are to the currency of the Republic of Korea.

Introduction of the Company

This section has been omitted for quarterly business reports, pursuant to revised Korean regulations. For information on this section, please refer to the Form 6-K furnished to the Securities and Exchange Commission on March 14, 2024 under the title “Summary of 2023 Business Report.”

II.

Business Overview

1.	Results of Operations

(unit: billions of Won)


Type	2024 1Q			2023		2022
Operating income		1,151			3,499		4,431
Non-operating income (expense)		(7	)		18		55
Income from continuing operations before income tax		1,144			3,517		4,485
Income tax expense from continuing operations (-)		305			891		1,161
Net income		839			2,627		3,324
Controlling Interest		824			2,506		3,142
Non-controlling Interest		15			121		182

Note 1)

Based on K-IFRS consolidated financial statements

2.	Funding Sources and Uses of Funds

a.	Sources of Funds


For the periods indicated other than as noted below															(units: millions of Won, %)

Classification	Funding Source	2024 1Q						2023						2022
Classification	Funding Source	Average Balance		Interest Rate		Proportion		Average Balance		Interest Rate		Proportion		Average Balance		Interest Rate		Proportion
Source	Deposits		342,591,648		2.93		70.27		324,824,465		2.83		68.98		313,019,768		1.45		68.21
	Borrowings		28,426,353		4.41		5.83		28,052,983		4.02		5.96		27,296,742		1.99		5.95
	Debentures		41,467,481		4.16		8.51		42,458,653		3.55		9.02		45,945,392		2.26		10.01
	Others		41,327,579		—		8.48		42,829,998		—		9.09		42,537,152		—		9.27
	Total Liabilities		453,813,061		—		93.09		438,166,099		—		93.05		428,799,054		—		93.44

	Total Equity		33,660,917		—		6.91		32,708,219		—		6.95		30,082,662		—		6.56

	Total Liabilities & Equity		487,473,978		—		100.00		470,874,318		—		100.00		458,881,716		—		100.00

Note 1)

Average Balance : the simple average of the balances at the start of the fiscal year and at the end of each quarter

Note 2)

Based on K-IFRS consolidated financial statements

b.	Use of Funds


For the periods indicated other than as noted below																	(units: millions of Won, %)

Type	Managed Item	2024 1Q							2023							2022
Type	Managed Item	Average Balance		Interest Rate		Proportion			Average Balance		Interest Rate		Proportion			Average Balance		Interest Rate		Proportion
Use	Cash & Due from Banks		18,684,512		3.59		3.83			16,692,268		3.26		3.54			16,097,533		1.52		3.51
	Marketable securities		77,289,683		2.33		15.86			75,522,522		3.61		16.04			68,661,882		1.50		14.96
	Loans		349,287,695		5.10		71.65			334,205,508		5.08		70.98			326,710,683		3.73		71.20
	Loans in local currency		300,538,075		4.84		61.65			287,312,990		4.84		61.02			280,414,033		3.53		61.12
	Loans in foreign Currency		32,394,453		6.67		6.65			31,215,114		6.64		6.63			30,916,107		4.54		6.74
	Guarantee payments		6,920		3.89		0.00			14,567		2.28		0.00			21,260		2.67		0.00
	Credit card receivables		12,143,900		6.93		2.49			11,215,186		6.85		2.38			10,026,037		7.24		2.18
	Foreign bills bought		4,204,347		6.03		0.86			4,447,651		5.33		0.95			5,333,246		2.58		1.16
	Bad debt expense in local currency		3,053,126		—		(0.63	)		2,609,403		—		(0.55	)		2,128,867		—		(0.46	)
	Others		45,265,214		—		9.29			47,063,423		—		9.99			49,540,485		—		10.79

	Total Assets		487,473,978		—		100.00			470,874,318		—		100.00			458,881,716		—		100.00

Note 1)

Average Balance : the simple average of the balances at the start of the fiscal year and at the end of each quarter

Note 2)

Based on K-IFRS consolidated financial statements

3.	Other Information Necessary for Making Investment Decisions

a.	Capital Adequacy Ratios

Group BIS Capital Adequacy Ratios


As of the end of the period indicated						(units: billions of Won, %)


Type	2024 1Q		2023		2022
Equity capital (A)		35,571		34,756		31,404
Risk weighted assets (B)		225,028		219,792		205,307
BIS(Capital adequacy) ratio (A/B)		15.81		15.81		15.30

Note 1)

BIS (Bank for International Settlements) Capital Adequacy Ratios = Equity capital / Risk weighted assets * 100

Note 2)

Based on K-IFRS consolidated financial statements and Basel III standards

Note 3)

2024 1Q figures are preliminary and are subject to change

Capital Adequacy Ratios for Significant Subsidiaries and Consolidated Companies


As of the end of the periods indicated		(units: millions of Won, %)


Name of Company	Type		2024 1Q		2023		2022
Woori Bank Note2)	BIS ratio Note1)	Equity capital (A)		28,960,609		28,237,929		26,119,135
		Risk weighted assets (B)		181,897,182		176,073,743		167,432,214
		Capital adequacy ratio (A/B)		15.92		16.04		15.60
Woori Card Note3)	Adjusted capital ratio			17.08		16.03		16.54
	Tangible common equity ratio			11.20		10.97		11.28
Woori Financial Capital Note3)	Adjusted capital ratio			13.99		14.35		13.78
	Tangible common equity ratio			11.19		11.48		10.66
Woori Investment Bank Note4)	BIS ratio Note1)	Equity capital (A)		1,140,335		1,127,425		674,082
		Risk weighted assets (B)		4,487,880		4,664,162		4,448,524
		Capital adequacy ratio (A/B)		25.41		24.17		15.15
Woori Asset Trust Note5)	Operating capital ratio			2,945.88		1,284.26		1,189.77
Woori Asset Management Note3)	Minimum operating capital ratio			709.44		650.26		681.18
Woori Venture Partners Note6)	Tangible common equity ratio			90.49		90.82		90.92
Woori Savings Bank Note7)	BIS Capital adequacy ratio Note1)			13.84		13.21		18.06
Woori Private Equity Asset Management Note3)	Minimum operating capital ratio			8,417.26		8,618.79		8,937.76

Note 1)

BIS (Bank for International Settlements) Capital Adequacy Ratio : Equity capital / Risk weighted assets * 100

Note 2)

Figures for Woori Bank are based on K-IFRS consolidated financial statements and Basel III standards. 2024 1Q figures are preliminary and are subject to change

Note 3)

Figures for Woori Card, Woori Financial Capital, Woori Asset Management and Woori Private Equity Asset Management are based on the applicable standards for business reports submitted to the Financial Supervisory Service and K-IFRS separate financial statements

Note 4)

Figures for Woori Investment Bank are based on the applicable standards for business reports submitted to the Financial Supervisory Service and K-IFRS consolidated financial statements

Note 5)

Figures for Woori Asset Trust are based on K-IFRS separate financial statements

Note 6)

Figures for Woori Venture Partners are based on K-IFRS consolidated financial statements

Note 7)

Figures for Woori Savings Bank are based on K-GAAP

b.	Liquidity Ratios

Won Liquidity Ratios


As of the end of the periods indicated														(units: millions of Won, %)

Type	2024 1Q						2023						2022
Type	Won Liquidity Assets		Won Liquidity Liabilities		Won Liquidity Ratio		Won Liquidity Assets		Won Liquidity Liabilities		Won Liquidity Ratio		Won Liquidity Assets		Won Liquidity Liabilities		Won Liquidity Ratio
Woori Financial Group Note 1)		1,065,235		485,093		219.6		111,895		8,155		1,372.1		316,876		7,656		4,138.9
Woori Card Note 2)		9,300,999		2,944,094		315.92		9,119,265		2,454,480		371.54		8,282,745		1,832,484		452.0
Woori Financial Capital Note 2)		2,471,317		1,240,659		199.2		1,919,083		1,245,067		154.1		2,468,298		1,205,067		204.8
Woori Investment Bank Note 2)		4,524,482		1,683,275		268.8		4,032,290		1,926,080		209.4		3,128,499		1,802,149		173.6
Woori Asset Trust Note 2)		366,173		19,616		1,866.7		171,860		18,555		926.2		232,036		32,755		708.4
Woori Savings Bank Note 2), Note3)		517,871		341,193		151.78		434,495		231,003		188.09		534,678		384,493		139.1
Woori Venture Partners Note 2)		106,574		9,494		1,122.6		103,367		7,210		1,433.6		109,432		10,707		1,022.1
Woori Private Equity Asset Management Note 2)		35,038		2,609		1,342.9		27,506		2,396		1,147.8		23,226		1,897		1,224.4

Note 1)

Based on current assets and liabilities within one month of maturity

Note 2)

Based on current assets and liabilities within 90 days of maturity

Note 3)

Based on K-GAAP

Foreign Currency (FC) Liquidity Ratios

As of the end of the periods indicated

(units: millions of Won, %)

Type

2024 1Q

2023

2022

FC
Liquidity
Assets

FC
Liquidity
Liabilities

FC
Liquidity
Ratio

FC
Liquidity
Assets

FC
Liquidity
Liabilities

FC
Liquidity
Ratio

FC
Liquidity
Assets

FC
Liquidity
Liabilities

FC
Liquidity
Ratio

Woori Investment Bank Note 1)

2,465

2,303

107.03

9,450

7,362

128.36

65,102

63,365

102.74

Note 1)

Based on current assets and liabilities within three months of maturity

Liquidity Coverage Ratios (LCR)

(unit: %)


Name of Company	Type	2024 1Q		2023		2022
Woori Bank	Liquidity coverage ratio Note 1)		100.80		101.26		102.40
	Foreign currency liquidity coverage ratio Note 2)		161.90		162.75		143.11
	Ratio of business purpose premises and equipment		10.26		10.20		11.04

Note 1)

The LCR is calculated as the average of daily ratios during the applicable period (same as the calculation method used for business disclosures). The applicable LCR requirements for banks were 95%, 95%, and 92.5% as of March 31, 2024, December 31,2023, and December 31, 2022, respectively

Note 2)

The foreign currency LCR is calculated based on averages of the amount of each category (same as the calculation method used for business disclosures). The applicable foreign currency LCR requirements for banks were 80% for all applicable periods.

c.	Profitability Ratio Note1), Note2)


														(units: %)

Type	2024 1Q						2023						2022
Type	ROA			ROE			ROA			ROE			ROA		ROE
Woori Financial Group
Including non-controlling interests		0.67			10.50			0.54			8.65			0.70		12.21
Excluding non-controlling interests		0.66			10.32			0.52			8.25			0.66		11.54
Woori Bank		0.69			12.03			0.56			9.68			0.66		11.71
Woori Card		0.30			1.92			1.02			6.64			1.14		7.28
Woori Financial Capital		0.78			6.02			0.83			6.39			1.51		12.53
Woori Investment Bank		(0.83	)		(5.64	)		(0.93	)		(6.95	)		1.74		14.47
Woori Asset Trust		7.24			8.79			9.73			12.68			20.86		29.74
Woori Savings Bank Note3)		(2.45	)		(20.34	)		(2.42	)		(18.47	)		0.41		3.05
Woori Asset Management		1.44			1.59			4.97			5.30			0.75		0.80
Woori Venture Partners		2.07			2.28			2.63			2.90			4.06		4.51
Woori Private Equity Asset Management		1.97			2.07			2.07			2.16			2.60		2.75

Note 1)

Based on the applicable standards* for business reports submitted to the Financial Supervisory Service. The figures for Woori Financial Group and Woori Bank are on a consolidated basis and the figures for the other subsidiaries are on a non-consolidated basis.

Woori Card, Woori Financial Capital, Woori Investment Bank, Woori Savings Bank, Woori Venture Partners, Woori Private Equity Asset Management : net income for the past year / average balance of assets and equity capital for the past year

Woori Financial Group and other subsidiaries: on an annualized basis based on the applicable standards for business reports submitted to the Financial Supervisory Service

Note 2)

Total assets and total equity : the simple average of the balances at the start the fiscal year and at the end of each quarter

Note 3)

Figures for Woori Savings Bank are based on K-GAAP

d.	Asset Quality

Group Asset Quality

(units: billions of Won, except percentages)


Type	2024 1Q		2023		2022
Total loans		370,976		365,780		343,821
Substandard and below loans		1,666		1,357		1,082
Substandard and below loans ratio		0.45		0.37		0.31
Non-Performing Loans (“NPL”)		1,532		1,299		997
NPL ratio		0.41		0.36		0.29
Substandard and below coverage ratio (A/B)		186.9		220.1		217.6
Loan loss reserve (A)		3,115		2,986		2,354
Substandard and below loans (B)		1,666		1,357		1,082

Note 1)

Based on the applicable standards for financial holding company business reports submitted to the Financial Supervisory Service

Asset Quality for Significant Subsidiaries and Consolidated Companies Note1)

(units: %)


Type	2024 1Q						2023						2022
Type	Substandard and below ratio		NPL ratio		Substandard and below coverage ratio		Substandard and below ratio		NPL ratio		Substandard and below coverage ratio		Substandard and below ratio		NPL ratio		Substandard and below coverage ratio
Woori Bank		0.21		0.19		279.48		0.18		0.17		320.84		0.19		0.16		263.43
Woori Card		1.15		—		104.78		0.97		—		104.92		0.8		—		104.92
Woori Financial Capital		2.57		—		107.51		2.37		—		113.21		1.22		—		198.56
Woori Investment Bank		0.98		0.87		358.87		0.55		0.55		578.29		0.63		0.58		151.81
Woori Asset Trust		64.43		—		—		32.11		—		—		32.23		—		—
Woori Savings Bank Note 2)		6.33		—		77.37		3.53		—		101.66		3.22		—		97.54

Note 1)

Based on the applicable standards for business reports submitted to the Financial Supervisory Service

Note 2)

Based on K-GAAP

III.

Financial Information

1.	Condensed Financial Statements (Consolidated)

Summary Consolidated Statement of Financial Position


(The Company and its Consolidated Subsidiaries, as of the end of the periods indicated)				(unit: millions of Won)

Classification	2024 1Q		2023		2022
ASSETS
Cash and cash equivalents		31,934,284		30,556,618		34,219,148
Financial assets at fair value through profit or loss (“FVTPL”)		23,192,488		21,544,756		19,860,573
Financial assets at fair value through other comprehensive income		35,987,201		37,891,495		33,085,080
Securities at amortized cost		23,129,662		23,996,172		28,268,516
Loans and other financial assets at amortized cost		379,448,788		373,148,148		355,760,729
Investments in joint ventures and associates		1,988,060		1,795,370		1,305,636
Investment properties		474,861		472,768		387,707
Premises and equipment		3,180,944		3,176,759		3,142,930
Intangible assets and goodwill		999,821		996,842		849,114
Assets held for sale		53,141		20,345		13,772
Net defined benefit asset		187,604		240,260		319,280
Current tax assets		117,553		203,542		53,274
Deferred tax assets		49,432		93,366		109,299
Derivative assets (designated for hedging)		62,837		26,708		37,786
Other assets		3,960,722		3,841,787		3,061,552

Total assets		504,767,398		498,004,936		480,474,396

LIABILITIES
Financial liabilities at FVTPL		7,448,229		6,138,313		8,952,399
Deposits due to customers		355,053,538		357,784,297		342,105,209
Borrowings		30,162,465		30,986,746		28,429,603
Debentures		41,695,718		41,239,245		44,198,486
Provisions		652,147		806,031		545,865
Net defined benefit liability		3,057		6,939		35,202
Current tax liabilities		76,780		103,655		843,555
Deferred tax liabilities		499,967		470,311		31,799
Derivative liabilities (designated for hedging)		185,554		153,007		202,911
Other financial liabilities		34,245,409		26,115,005		22,811,868
Other liabilities		820,191		803,897		690,157



Classification	2024 1Q			2023			2022
Total liabilities		470,843,055			464,607,446			448,847,054

EQUITY
Owners’ equity:		32,223,787			31,666,881			28,761,897
Capital stock		3,802,676			3,802,676			3,640,303
Hybrid securities		4,010,141			3,611,129			3,112,449
Capital surplus		927,660			935,563			682,385
Other equity		(1,673,963	)		(1,668,957	)		(2,423,392	)
Retained earnings		25,157,273			24,986,470			23,750,152
Non-controlling interests		1,700,556			1,730,609			2,865,445

Total equity		33,924,343			33,397,490			31,627,342

Total liabilities and equity		504,767,398			498,004,936			480,474,396

Number of Consolidated Subsidiaries (excluding holding company)		179			179			167

Summary Consolidated Statement of Comprehensive Income


(The Company and its Consolidated Subsidiaries, for the periods indicated)		(unit: millions of Won, except per share amounts)

Classification	2024 1Q			2023 1Q			2023			2022
Operating income		1,150,689			1,252,000			3,499,029			4,430,524
Net interest income		2,198,203			2,218,821			8,742,540			8,696,579
Net fees and commissions income		502,931			418,094			1,720,481			1,710,170
Dividend income		66,782			49,080			240,293			159,982
Net gain or loss on financial instruments at FVTPL		515,607			238,498			488,486			238,502
Net gain or loss on financial assets at FVTOCI		20,476			331			(37,641	)		(21,498	)
Net gain or loss arising on financial assets at amortized cost		46,119			64,306			203,942			74,204
Impairment losses due to credit loss		(366,512	)		(261,573	)		(1,894,916	)		(885,272	)
General and administrative expenses		(1,031,667	)		(1,036,980	)		(4,443,433	)		(4,529,890	)
Other net operating expenses		(801,250	)		(438,577	)		(1,520,723	)		(1,012,253	)
Non-operating income (expense)		(6,732	)		18,321			18,424			54,850
Net income before income tax expense		1,143,957			1,270,321			3,517,453			4,485,374
Income tax expense		(305,046	)		(323,699	)		(890,559	)		(1,161,392	)
Net income		838,911			946,622			2,626,894			3,323,982
Net income attributable to owners		824,001			913,686			2,506,296			3,141,680


Classification	2024 1Q			2023 1Q			2023		2022
Net income attributable to the non-controlling interests		14,910			32,936			120,598		182,302
Other comprehensive income (loss), net of tax		(3,812	)		370,711			663,537		(239,819	)
Items that will not be reclassified to profit or loss		(75,240	)		(9,744	)		122,334		216,767
Items that may be reclassified to profit or loss		71,428			380,455			541,203		(456,586	)

Total comprehensive income		835,099			1,317,333			3,290,431		3,084,163

Comprehensive income attributable to the owners		816,769			1,272,696			3,164,464		2,909,053
Comprehensive income attributable to non-controlling interests		18,330			44,637			125,967		175,110
Net income per share:
Basic and diluted loss per share (in Korean Won)		1,056			1,214			3,230		4,191

2.	Condensed Financial Statements (Separate)

Summary Statement of Financial Position


(The Company, as of the end of the period indicated)		(unit: millions of Won)


Classification	2024 1Q		2023		2022
ASSETS
Cash and cash equivalents		684,829		289,507		313,361
Financial assets at fair value through profit or loss		—		—		689
Financial assets at fair value through other comprehensive income		539,869		539,709		312,771
Loans and other financial assets at amortized cost		1,869,156		1,104,815		2,041,877
Investments in subsidiaries		23,911,852		23,670,476		22,394,915
Premises and equipment		5,462		6,609		11,052
Intangible assets		3,983		4,052		4,859
Net defined benefit asset		106		3,941		5,947
Current tax assets		170,111		158,951		14,350
Deferred tax assets		6,640		7,478		13,433
Other assets		568		484		322

Total assets		27,192,576		25,786,022		25,113,576

LIABILITIES
Debentures		1,587,843		1,587,659		1,447,762
Provisions		1,240		1,227		487


Classification	2024 1Q			2023			2022
Current tax liabilities		35,334			32,125			721,795
Other financial liabilities		652,125			163,621			46,039
Other liabilities		1,961			392			591

Total liabilities		2,278,503			1,785,024			2,216,674

EQUITY
Capital stock		3,802,676			3,802,676			3,640,303
Hybrid securities		4,009,965			3,610,953			3,112,273
Capital surplus		11,120,236			11,120,236			10,909,281
Other equity		(8,438	)		(7,871	)		(26,186	)
Retained Earnings		5,989,634			5,475,004			5,261,231

Total equity		24,914,073			24,000,998			22,896,902

Total liabilities and equity		27,192,576			25,786,022			25,113,576

Summary Statement of Comprehensive Income


(The Company, for the period indicated)		(unit: millions of Won, except per share amounts)


Classification	2024 1Q			2023 1Q			2023			2022
Operating income		1,168,850			1,457,173			1,424,670			1,185,627
Net interest expense		1,319			5,682			27,495			(5,030	)
Interest income		12,635			13,706			64,592			25,614
Interest expense		(11,316	)		(8,024	)		(37,097	)		(30,644	)
Net fees and commissions loss		(3,845	)		(3,337	)		(20,097	)		(15,059	)
Fees and commissions income		407			399			1,625			1,596
Fees and commissions expense		(4,252	)		(3,736	)		(21,722	)		(16,655	)
Dividend income		1,189,333			1,469,291			1,482,956			1,272,393
Net gain (loss) on financial instruments at FVTPL		—			2,023			2,023			1,018
Provisions for impairment losses due to credit loss		(460	)		(41	)		(348	)		(244	)
General and administrative expenses		(17,497	)		(16,445	)		(67,359	)		(67,451	)
Non-operating income (expense)		(18	)		(9	)		(1,043	)		(1,363	)
Net income before income tax expense		1,168,832			1,457,164			1,423,627			1,184,264
Income tax income (expense)		(1,043	)		(785	)		881			(1,015	)
Net income		1,167,789			1,456,379			1,424,508			1,183,249
Other comprehensive income (loss), net of tax		(567	)		7,678			18,916			(22,312	)
Items that will not be reclassified to profit or loss		(567	)		7,678			18,916			(22,312	)


Classification	2024 1Q			2023 1Q			2023			2022
Net gain (loss) on valuation of equity securities at FVTOCI		119			9,024			19,789			(24,676	)
Remeasurement of the net defined benefit liability		(686	)		(1,346	)		(873	)		2,364

Total comprehensive income		1,167,222			1,464,057			1,443,424			1,160,937

Net income per share:
Basic and diluted income per share (in Korean Won)		1,510			1,959			1,754			1,499

3.	Dividend Information

IV. Independent Auditor’s Opinion

1.	Independent Auditor’s Opinion


	2024 1Q	2023	2022
Auditor	KPMG Samjong Accounting Corp.	KPMG Samjong Accounting Corp.	Samil PricewaterhouseCoopers
Auditor’s Opinion	Note 1)	Note 2)	Note 3)

Note 1)

In its review report attached to this report, KPMG Samjong Accounting Corp. has stated that nothing had come to their attention that caused them to believe that the accompanying consolidated and separate interim financial statements of Woori Financial Group are not presented fairly in all material respects, in accordance with Korean IFRS.

Note 2)

In its audit report, KPMG Samjong Accounting Corp. has stated that the financial statements present fairly, in all material respects, the financial position of Woori Financial Group as of December 31, 2023, and its financial performance and its cash flows for the year then ended in accordance with Korean IFRS

Note 3)

In its audit report, Samil PricewaterhouseCoopers has stated that the financial statements present fairly, in all material respects, the financial position of Woori Financial Group as of December 31, 2022, and its financial performance and its cash flows for the year then ended in accordance with Korean IFRS.

2.	Compensation to the Independent Auditor

a.	Audit Services

Term

Auditor

Description

Contractual

Actual

Fee

Time

Fee

Time

2024 1Q

KPMG Samjong Accounting Corp.

1Q/1H/3Q Review

Closing audit (including internal

accounting management system)

KRW 1,037 million

9,930 hours

KRW 210 million

1,334 hours

2023

KPMG Samjong Accounting Corp

1Q/1H/3Q Review

Closing audit (including internal

accounting management system)

KRW 964 million

9,380 hours

KRW 964 million

9,613 hours

2022

Samil

PricewaterhouseCoopers

1Q/1H/3Q Review

Closing audit (including internal

accounting management system)

KRW 1,068 million

9,380 hours

KRW 1,068 million

8,714 hours

Note 1)

Fee excludes VAT

Note 2)

Time includes planning time up until the commencement of the applicable services

b.	Other Audit Services

Not Applicable

c.	Current Status of Audit Service Agreements with the Independent Auditor Relating to U.S. Listing


Term	Auditor	Description	Fee
2024 1Q	KPMG Samjong Accounting Corp.	U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2024)		KRW 2,015 million
2023	KPMG Samjong Accounting Corp.	U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2023)		KRW 1,891 million
2022	Samil PricewaterhouseCoopers	U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2022)		KRW 2,240 million

Note 1)

Fee excludes VAT

d.	Non-Audit Services


Term	Date of Execution of Agreement	Description of Service	Service Term	Fees
2024 1Q	March 31, 2024	Tax adjustment (including review relating to application of consolidated tax)	April 1, 2024 ~ June 2, 2025	KRW 68 million
2023	March 31, 2023	Tax adjustment (including review relating to application of consolidated tax)	April 1, 2023 ~ May 31, 2024	KRW 64 million
2022	March 30, 2022	Tax adjustment (including review relating to application of consolidated tax)	April 1, 2022 ~ May 31, 2023	KRW 64 million

Note 1)

Fee excludes VAT

V. Corporate Governance

VI. Shareholder Information

1.	Share Distribution

a.	Share Information of the Largest Shareholder and Specially Related Parties


As of March 31, 2024		(units: shares, %)


				Shares Held								Notes
Name	Relation	Type		Beginning balance Note 1)				Ending balance
				Number		Share		Number		Share
Employee Stock Ownership Association of Woori Financial Group	The largest shareholder		Common		43,990,091		5.85		43,786,634		5.90		—
Employee Stock Ownership Association of Woori Bank	Specially related party of the largest shareholder		Common		25,040,007		3.33		22,483,857		3.03		—
Total			Common		69,030,098		9.18		66,270,491		8.92		—
			Others		—		—		—		—		—

Note 1)

Beginning balance is as of December 31, 2023

b.	Changes in the largest shareholder


As of March 31, 2024		(units: shares, %)

Change of Date

Largest Shareholder

Number Held

Share

Notes

April 9, 2021

Korea Deposit Insurance Corporation

110,159,443

15.25

Sales of KDIC’S 14,445,354 shares through after-hours trading Note 1)

August 10, 2021

Korea Deposit Insurance Corporation

110,159,443

15.13

Issuance of new common shares

(5,792,866 shares) Note 2)


December 9, 2021		Employee Stock Ownership Association of Woori Financial Group and others 1			71,346,178				9.80			Purchased 1.00% of the KDIC’s remaining shares of Woori Financial Group (8.80% share already held) Note 3)

Note 1)

Refer to the prior disclosure on Form 6-K on April 13, 2021, “Change in the Number of Shares Owned by the Largest Shareholder of Woori Financial Group” for further details.

Note 2)

Comprehensive stock exchange between Woori Financial Group and Woori Financial Capital

Note 3)

Refer to the prior disclosure on Form 6-K on December 10, 2021, “Changes in the Largest Shareholder” for further details.

c.	Share Ownership of More Than 5%

2.	Stock Price and Stock Market Performance

VII. Directors and Employee Information

1.	Directors and Executives

As of March 31, 2024

Position

Name

Common
Shares
Owned

Term

Commencement Date

Expiration of Term

Chief Executive Officer

Registered

Jong-Yong Yim

10,000

March 24, 2023

Note 1)

Outside Director

Registered

In-Sub Yoon

—

January 27, 2022

Note 2)

Outside Director

Registered

Chan-Hyoung Chung

10,532

January 11, 2019

Note 2)

Outside Director

Registered

Su-Young Yun

—

March 24, 2023

Note 2)

Outside Director

Registered

Yo-Hwan Shin

—

January 27, 2022

Note 2)

Outside Director

Registered

Sung-Bae Ji

—

March 24, 2023

Note 2)

Outside Director

Registered

Eun-Ju Lee

—

March 28, 2024

Note 1)

Outside Director

Registered

Sunyoung Park

—

March 26, 2024

Note 1)

Deputy President

Non-Registered

Sung-Wook Lee

16,000

February 25, 2022

February 10, 2025

Deputy President

Non-Registered

Gwang-Ik Jang

1,200

April 3, 2023

April 2 , 2025

Deputy President

Non-Registered

Il-Jin Ouk

4,000

December 8, 2023

November 30, 2024

Deputy President

Non-Registered

Jang-Keun Park

2,000

December 8, 2023

March 6, 2025

Deputy President

Non-Registered

Jeong-Soo Lee

6,890

December 8, 2023

March 6, 2025

Deputy President

Non-Registered

Chan-Ho Jeong

7,492

December 8, 2023

November 30, 2025

Deputy President

Non-Registered

Yoon-Hong Song

—

December 8, 2023

November 30, 2025

Deputy President

Non-Registered

Jae-Hwa Jeon

7,872

December 8, 2023

March 6, 2025

Deputy President

Non-Registered

Kyu-Hwang Jeong

11,741

December 8, 2023

November 30, 2025

Managing Director

Non-Registered

Hae-Kwang Lee

—

December 8, 2023

December 22, 2024

Note 1)

End of the annual general meeting of shareholders for FY2025

Note 2)

End of the annual general meeting of shareholders for FY2024

Note 3)

Term commencement date: date of inauguration for registered officers or directors / date of appointment for non-registered officers or directors

Note 4)

Common shares owned are as of the date of submission of this report, and those owned by executives exclude the shares owned through the Employee Stock Ownership Association.

2.	Employee Status

3.	Directors’ Compensation

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	Woori Financial Group Inc.
	(Registrant)

Date: May 16, 2024	By:	/s/ Sung-Wook Lee
		(Signature)
		Name: Sung-Wook Lee
		Title: Deputy President