Exhibit 99.2

WOORI FINANCIAL GROUP INC.

SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF AND FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2024 AND 2023

WOORI FINANCIAL GROUP INC.

	Page(s)
Independent Auditor’s Review Report		1-2
Separate Interim Financial Statements
Separate Interim Statements of Financial Position		4
Separate Interim Statements of Comprehensive Income		5
Separate Interim Statements of Changes in Equity		6
Separate Interim Statements of Cash Flows		7
Notes to the Separate Interim Financial Statements		8-44

Independent Auditor’s Review Report

Based on a report originally issued in Korean

To the Board of Directors and Shareholders of Woori Financial Group Inc.

Reviewed Financial Statements

We have reviewed the accompanying condensed separate interim financial statements of Woori Financial Group Inc. (the “Company”), which comprise the separate interim statement of financial position as of March 31, 2024, the separate interim statement of comprehensive income, changes in equity and cash flows for the three-month periods ended March 31, 2024, and 2023 and notes, comprising of material accounting policy information and other explanatory information.

Management’s Responsibility

Management is responsible for the preparation and fair presentation of these condensed separate interim financial statements in accordance with Korean International Financial Reporting Standards (“K-IFRS”) No.1034 Interim Financial Reporting, and for such internal control as management determines is necessary to enable the preparation of the condensed separate interim financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Review Responsibility

Our responsibility is to issue a report on these condensed separate interim financial statements based on our reviews.

We conducted our reviews in accordance with the Review Standards for Quarterly and Semiannual Financial Statements established by the Securities and Futures Commission of the Republic of Korea. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Korean Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe the accompanying condensed separate interim financial statements referred to above do not present fairly, in all material respects, in accordance with K-IFRS No.1034 Interim Financial Reporting.

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Other Matters

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

The separate statement of financial position of the Company as of December 31, 2023, and the related separate statements of comprehensive income, changes in equity and cash flows for the year then ended, which are not accompanying this report, were audited by us in accordance with Korean Standards on Auditing and their report thereon, dated March 6, 2024, expressed an unqualified opinion. The accompanying separate statement of financial position of the Company as of December 31, 2023, presented for comparative purposes, is not different from that audited by us from which it was derived in all material respects.

/s/ KPMG Samjong Accounting Corp.

Seoul, Korea

May 14, 2024

This report is effective as of May 14, 2024, the review report date. Certain subsequent events or circumstances, which may occur between the review report date and the time of reading this report, could have a material impact on the accompanying condensed separate interim financial statements and notes thereto. Accordingly, the readers of the review report should understand that the above review report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

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WOORI FINANCIAL GROUP INC.

SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF AND FOR THE THREE-MONTH PERIODS

ENDED MARCH 31, 2024 AND 2023

The accompanying separate financial statements including all footnote disclosures were prepared by, and are the responsibility of, the management of Woori Financial Group Inc.

Jong Yong Yim

President and Chief Executive Officer

Main Office Address: (Road Name Address) 51, Sogong-ro, Jung-gu, Seoul

(Phone Number) 02-2125-2000

WOORI FINANCIAL GROUP INC.

SEPARATE INTERIM STATEMENTS OF FINANCIAL POSITION

AS OF MARCH 31, 2024 (UNAUDITED) AND DECEMBER 31, 2023

	March 31, 2024			December 31, 2023
	(Korean Won in millions)
ASSETS
Cash and cash equivalents (Notes 5 and 31)		684,829			289,507
Financial assets at fair value through other comprehensive income (“FVTOCI”) (Notes 4, 7 and 9)		539,869			539,709
Loans and other financial assets at amortized cost (Notes 4, 8, 9 and 31)		1,869,156			1,104,815
Investments in subsidiaries (Notes 10 and 31)		23,911,852			23,670,476
Premises and equipment (Notes 11 and 31)		5,462			6,609
Intangible assets (Note 12)		3,983			4,052
Net defined benefit asset (Note 16)		106			3,941
Current tax assets (Note 28)		170,111			158,951
Deferred tax assets (Note 28)		6,640			7,478
Other assets (Note 13)		568			484
Total assets		27,192,576			25,786,022
LIABILITIES
Debentures (Notes 4, 9 and 14)		1,587,843			1,587,659
Provisions (Note 15)		1,240			1,227
Current tax liabilities (Note 28)		35,334			32,125
Other financial liabilities (Notes 4, 9, 17, 31 and 32)		652,125			163,621
Other liabilities (Note 17)		1,961			392
Total liabilities		2,278,503			1,785,024
EQUITY (Note 19)
Capital stock		3,802,676			3,802,676
Hybrid securities		4,009,965			3,610,953
Capital surplus		11,120,236			11,120,236
Other equity		(8,438	)		(7,871	)
Retained earnings		5,989,634			5,475,004
Total equity		24,914,073			24,000,998
Total liabilities and equity		27,192,576			25,786,022

The accompanying notes are part of these financial statements.

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WOORI FINANCIAL GROUP INC.

SEPARATE INTERIM STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2024 AND 2023 (UNAUDITED)

	For the three-month periods ended March 31
	2024			2023
	(Korean Won in millions)
Interest income		12,635			13,706
Interest expense		(11,316	)		(8,024	)
Net interest income (Notes 9, 21 and 31)		1,319			5,682
Fees and commissions income		407			399
Fees and commissions expense		(4,252	)		(3,736	)
Net fees and commissions loss (Notes 22 and 31)		(3,845	)		(3,337	)
Dividend income (Notes 23 and 31)		1,189,333			1,469,291
Net gain on financial instruments at FVTPL (Notes 9 and 24)		—			2,023
Provision of impairment losses due to credit loss (Notes 9, 25 and 31)		(460	)		(41	)
General and administrative expenses (Notes 26 and 31)		(17,497	)		(16,445	)
Operating income		1,168,850			1,457,173
Non-operating income(expense) (Note 27)		(18	)		(9	)
Net income before income tax expense		1,168,832			1,457,164
Income tax expense (Note 28)		(1,043	)		(785	)
Net income		1,167,789			1,456,379
Net gain on valuation of equity securities at FVTOCI (Note 19)		119			9,024
Remeasurement loss related to defined benefit plan (Notes 16 and 19)		(686	)		(1,346	)
Items that will not be reclassified to profit or loss:		(567	)		7,678
Other comprehensive loss, net of tax		(567	)		7,678
Total comprehensive income		1,167,222			1,464,057
Earnings per share (Notes 19 and 29)
Basic and diluted earnings per share (Unit: In Korean Won)		1,510			1,959

The accompanying notes are part of these financial statements.

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WOORI FINANCIAL GROUP INC.

SEPARATE INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2024 AND 2023

	Capital stock		Capital surplus		Hybrid securities		Other equity			Retained earnings			Total equity
	(Korean Won in millions)
January 01, 2023		3,640,303		10,909,281		3,112,273		(26,186	)		5,261,231			22,896,902
Total comprehensive income
Net income		—		—		—		—			1,456,379			1,456,379
Net gain on valuation of equity securities at FVTOCI		—		—		—		9,024			—			9,024
Remeasurement loss related to defined benefit plan		—		—		—		(1,346	)		—			(1,346	)
Transactions with owners
Dividends to common stocks		—		—		—		—			(713,497	)		(713,497	)
Issuance of hybrid securities		—		—		299,228		—			—			299,228
Dividends to hybrid securities		—		—		—		—			(30,414	)		(30,414	)
March 31, 2023 (Unaudited)		3,640,303		10,909,281		3,411,501		(18,508	)		5,973,699			23,916,276
January 01, 2024		3,802,676		11,120,236		3,610,953		(7,871	)		5,475,004			24,000,998
Total comprehensive income
Net income		—		—		—		—			1,167,789			1,167,789
Net loss on valuation of equity securities at FVTOCI		—		—		—		119			—			119
Remeasurement loss related to defined benefit plan		—		—		—		(686	)		—			(686	)
Transactions with owners
Dividends to common stocks		—		—		—		—			(481,213	)		(481,213	)
Issuance of hybrid securities		—		—		399,012		—			—			399,012
Dividends to hybrid securities		—		—		—		—			(35,258	)		(35,258	)
Acquisition of treasury stocks		—		—		—		(136,688	)		—			(136,688	)
Retirement of treasury stocks		—		—		—		136,688			(136,688	)		—
March 31, 2024 (Unaudited)		3,802,676		11,120,236		4,009,965		(8,438	)		5,989,634			24,914,073

The accompanying notes are part of these financial statements.

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WOORI FINANCIAL GROUP INC.

SEPARATE STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

	For the three-month periods ended March 31
	2024			2023
Cash flows from operating activities:
Net income		1,167,789			1,456,379
Adjustments to net income:
Income tax expense		1,043			785
Interest income		(12,635	)		(13,706	)
Interest expense		11,316			8,024
Dividend income		(1,189,333	)		(1,469,291	)
		(1,189,609	)		(1,474,188	)
Adjustments for profit/loss items not involving cash flows:
Provision of impairment losses due to credit loss		460			41
Net loss(gain) on valuation of financial instruments at FVTPL		—			(2,023	)
Retirement benefit		1,228			907
Depreciation and amortization		1,675			1,785
Gain on disposal of premises and equipment, intangible assets and other assets		(1	)		—
		3,362			710
Changes in operating assets and liabilities:
Loans and other financial assets at amortized cost		(5,531	)		265
Other assets		(83	)		(196	)
Net defined benefit liability		1,675			740
Other financial liabilities		(2,268	)		(8,375	)
Other liabilities		1,568			2,087
		(4,639	)		(5,479	)
Interest income received		9,545			12,499
Interest expense paid		(11,118	)		(7,843	)
Dividends received		1,189,362			1,457,543
Income tax paid		(983	)		(543	)
Net cash provided by operating activities		1,163,709			1,439,078
Cash flows from investing activities:
Net decrease on other investment assets		(753,000	)		(170,000	)
Acquisition of investments in subsidiaries		(241,376	)		(389,254	)
Acquisition of premises and equipment		(21	)		(13	)
Acquisition of intangible assets		(303	)		(289	)
		(994,700	)		(559,556	)
Cash flows from financing activities:
Issuance of hybrid securities		399,012			299,228
Acquisition of treasury stocks		(136,688	)		—
Redemption of lease liabilities		(753	)		(797	)
Dividends paid to hybrid securities		(35,258	)		(30,414	)
		226,313			268,017
Net increase in cash and cash equivalents		395,322			1,147,539
Cash and cash equivalents, beginning of the period		289,507			313,361
Cash and cash equivalents, end of the period (Note 5)		684,829			1,460,900

The accompanying notes are part of these financial statements.

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WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

1. GENERAL

(1) Summary of the parent company

Woori Financial Group, Inc. (hereinafter referred to the “Company”) is primarily aimed at controlling subsidiaries that operate in the financial industry or those that are closely related to the financial industry through the ownership of shares and was established on January 11, 2019 under the Financial Holding Company Act through the comprehensive transfer with shareholders of Woori Bank, Woori FIS Co., Ltd., Woori Finance Research Institute Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund Services Co., Ltd. and Woori Private Equity Asset Management Co. Ltd. The headquarters of the Company is located at 51, Sogong-ro, Jung-gu, Seoul, Korea, and the capital is 3,802,676 million Won. The Company’s stocks were listed on the Korea Exchange on February 13, 2019, and its American Depository Shares (“ADS”) are also being traded as the underlying common stock on the New York Stock Exchange since the same date.

The details of stock transfer from the Company and subsidiaries as of incorporation are as follows (Unit: Number of shares):

Stock transfer company	Total number of issued shares		Exchange ratio per share		Number of Parent company’s stocks
Woori Bank		676,000,000		1		676,000,000
Woori FIS Co., Ltd.		4,900,000		0.2999708		1,469,857
Woori Finance Research Institute Co., Ltd.		600,000		0.1888165		113,289
Woori Credit Information Co., Ltd.		1,008,000		1.1037292		1,112,559
Woori Fund Service Co., Ltd.		2,000,000		0.4709031		941,806
Woori Private Equity Asset Management Co., Ltd.		6,000,000		0.0877992		526,795

As of August 1, 2019, the Company acquired a 73% interest in Tongyang Asset Management Co., Ltd. and changed the name to Woori Asset Management Corp. Also, as of August 1, 2019, the Company gained 100% control of ABL Global Asset Management Co., Ltd., added it as a consolidated subsidiary and changed the name to Woori Global Asset Management Co., Ltd. on December 6, 2019.

The Company paid 598,391 million Won in cash and 42,103,377 new shares of the Company to acquire 100% interest of Woori Card Co., Ltd. from its subsidiary Woori Bank on September 10, 2019. On the same date, the Company also acquired 59.8% interest of Woori Investment Bank Co., Ltd. from Woori Bank with 392,795 million Won in cash.

As of December 30, 2019, the Company acquired 67.2% interests (excluding treasury stock, 51.0% when including treasury stock) in Woori Asset Trust Co. (formerly Kukje Asset Trust Co.) In addition, as of March 31, 2023, the Company acquired an additional 28.1% interests in Woori Asset Trust Co. (excluding treasury stock, 21.3% when including treasury stock).

As of December 10, 2020, the Company acquired 76.8% interests (excluding treasury stock, 74.0% when including treasury stock) in Woori Financial Capital Co., Ltd. (formerly Aju Capital Co., Ltd.). In addition, as of April 15, 2021, the Company acquired an additional 13.3% interests in Woori Financial Capital Co., Ltd. (excluding treasury stock, 12.9% in the case of including treasury stock), and as of May 24, 2021, the Company additionally acquired treasury stock(3.6%) which Woori Financial Capital possessed.

As of March 12, 2021, the Company paid 113,238 million Won in cash to acquire 100% interests on Woori Savings Bank from Woori Financial Capital Co., Ltd., our subsidiary.

As of August 10, 2021, the Company paid 5,792,866 new shares of the Company to the shareholders of Woori Financial Capital Co., Ltd. (excluding the Company) through comprehensive stock exchange and acquired residual interest (9.5%) of Woori Financial Capital Co., Ltd., to make it a wholly owned subsidiary.

As of January 7, 2022, Woori Financial F&I Co., Ltd., an investment company for non-performing loans and restructuring companies, was established (100% stock, 200 billion Won in stock payments) and incorporated as a subsidiary.

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WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

As of March 23, 2023, the Company acquired 53.9% interests in Woori Venture Partners Co., Ltd. (formerly Daol Investment Co., Ltd.) (excluding treasury stock, 52.0% in the case of including treasury stock). In addition, as of May 30, 2023, the Company additionally acquired treasury stock held by Woori Venture Partners Co., Ltd. (3.5%).

As of August 8, 2023, the Company paid 22,541,465 new shares of the Company to the shareholders of Woori Investment Bank Co., Ltd. (excluding the Company) through comprehensive stock exchange and acquired residual interest (41.3%) of Woori Investment Bank Co., Ltd., to make it a wholly owned subsidiary. In addition, on the same day, the Company paid 9,933,246 new shares of the Company to the shareholders of Woori Venture Partners Co., Ltd. (excluding the Company) through comprehensive stock exchange and acquired residual interest (44.5%) of Woori Venture Partners Co., Ltd., to make it a wholly owned subsidiary.

As of January 29, 2024, the Company owned interest (77.55%) of Woori Asset Management Corp, as a result of merger with Woori Asset Management Corp (surviving company) and Woori Global Asset Management Co., Ltd. (dissolution company), which was liquidated. As of March 29, 2024, the Company acquired residual interest(22.5%) of Woori Asset Management Corp, to make it a wholly owned subsidiary.

On March 25, 2024, the Company participated in the capital increase amount and acquired the 1,062,045 shares (96.7% after acquiring shares, 79.4% including treasury shares) of Woori Asset Trust Co., Ltd.. Additionally, on March 29, 2024, Woori Asset Trust Co., Ltd. conducted a complete retirement of its 738,000 treasury shares.

2. BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICIES

The Company’s financial statements are condensed interim financial statements prepared in accordance with Korean IFRS 1034, Interim Financial Reporting for some of periods in which the annual separate financial statements belong. They are also separate financial statements prepared in accordance with Korean IFRS 1027 Separate Financial Statements. It is necessary to use the Company’s annual separate financial statements for the year ended December 31, 2023 for understanding of the accompanying condensed interim financial statements.

(1) Except for the impacts on the newly adopted standards and interpretations explained below, the accounting policies applied in preparing the accompanying condensed interim financial statements have been applied consistently with the annual financial statements as of and for the year ended December 31, 2023.

1) Amendments to K-IFRS No.1001 ‘Presentation of Financial Statements’ – Classification of Liabilities as Current or Non-current, Non-current Liabilities with Covenants

The amendments clarify that liabilities are classified as either current or non-current, depending on the substantive rights that exist at the end of the reporting period. Classification is unaffected by the likelihood that an entity will exercise right to defer settlement of the liability or the expectations of management. Also, the settlement of liability includes the transfer of the entity’s own equity instruments, however, it would be excluded if an option to settle them by the entity’s own equity instruments if compound financial instruments is met the definition of equity instruments and recognized separately from the liability. In addition, covenants that an entity is required to comply with after the end of the reporting period would not affect classification of a liability as current or non-current at the reporting date. When an entity classifies a liability that is subject to the covenants which an entity is required to comply with within twelve months of the reporting date as non-current at the end of the reporting period, the entity shall disclose information in the notes to understand the risk that non-current liabilities with covenants could become repayable within twelve months after the reporting period. The amendments do not have a significant impact on the financial statements.

2) Amendments to K-IFRS 1007 ‘Statement of Cash Flows’, K-IFRS 1107 ‘Financial Instruments’ : Disclosures- Supplier Finance Arrangements

When applying supplier finance arrangements, an entity shall disclose information about its supplier finance arrangements that enables users of financial statements to assess the effects of those arrangements on the entity’s liabilities and cash flows and on the entity’s exposure to liquidity risk. There is no impact on the interim financial statements in accordance with the transitional provision that

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WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

does not require to disclose the relevant information during the interim reporting period within the fiscal year in which these amendments are first applied.

3) Amendments to K-IFRS 1116 ‘Lease’ – Lease Liability in a Sale and Leaseback

When subsequently measuring lease liabilities arising from a sale and leaseback, a seller-lessee shall determine lease payments or revised lease payments in a way that the seller-lessee would not recognize any amount of the gain or loss that relates to the right of use retained by the seller-lessee. The amendments do not have a significant impact on the financial statements.

4) Amendments to K-IFRS 1001 ‘Presentation of Financial Statements’ – Disclosure of Cryptographic Assets

The amendments require an additional disclosure if an entity holds cryptographic assets, or holds cryptographic assets on behalf of the customer, or issues cryptographic assets. The amendments do not have a significant impact on the financial statements.

(2) The details of K-IFRSs that have been issued and published since January 1, 2024 but have not yet reached the effective date are as follows:

Amendments to K-IFRS 1021 ‘The Effects of Changes in Foreign Exchange Rates’ and K-IFRS 1101 ‘First-time Adoption of International Financial Reporting Standards’ – Lack of Exchangeability

When an entity estimates a spot exchange rate because exchangeability between two currencies is lacking, the entity shall disclose related information. The amendments should be applied for annual periods beginning on or after January 1, 2025, and earlier application is permitted. The amendments do not have a significant impact on the financial statements.

The above enacted or amended standards will not have a significant impact on the Company.

(3) Material accounting policies and method of computation used in the preparation of the condensed interim financial statements are consistent with those of the annual financial statements for the year ended December 31, 2023, except for the one described below.

• Income tax expense

Income tax expense for the interim period is recognized based on weighted average annual income tax rate expected for the expected gross annual profit. The estimated average annual tax rate is applied to the pre-tax income.

3. MATERIAL ACCOUNTING ESTIMATES AND ASSUMPTIONS

The management shall make judgements, estimates and assumptions that affect the application of accounting policies and assets, liabilities, revenues and expenses in preparing condensed interim financial statements. Therefore, the actual results may differ from these estimates.

The important judgements by the management on accounting policies and the main sources of estimation uncertainty for preparing condensed interim financial statements are identical to ones used in the Company’s annual separate financial statements for the year ended December 31, 2023.

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WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

4. RISK MANAGEMENT

The Company is exposed to various risks that may arise from its operating activities and credit risk, market risk and liquidity risk are the main types of risks. In order to manage such risks, the Risk Management Department analyzes, assesses, and establishes risk management standards, including policies, guidelines, management systems and decision-making to ensure sound management of the Company.

The Risk Management Committee, Chief Risk Officer (“CRO”) and the Risk Management Department are operated as risk management organizations. The board of directors operates the Risk Management Committee, composed of nonexecutive directors for professional risk management. The Risk Management Committee performs as the top decision-making body for risk management by establishing fundamental risk management policies that are consistent with the Company’s management strategy and by determining the Company’s acceptable level of risk.

CRO assists the Risk Management Committee and operates the Company Risk Management Council, which is composed of the risk management managers of the subsidiaries, to periodically check and improve the external environment and the Company’s risk burden. The Risk Management Department which is independently structured, controls the risk management matter of the Company and reports key risks and assists decision-making.

(1) Credit risk

Credit risk represents the possibility of financial losses incurred due to the refusal of the transaction or when the counterparty fails to fulfill its contractual obligations. The goal of credit risk management is to maintain the Company’s credit risk exposure to a permissible degree and to optimize its rate of return considering such credit risk.

1) Credit risk management

The Company measures expected loss on assets subject to credit risk management and uses it as a management indicator.

2) Maximum exposure

The maximum exposure to credit risk is as follows (Unit: Korean Won in millions):

		March 31, 2024		December 31, 2023
Loans and other financial assets at amortized cost	Banks		1,849,682		1,095,274
	Corporates		19,474		9,541
	Total		1,869,156		1,104,815

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WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

a) Credit risk exposure by geographical areas

The following tables analyze credit risk exposure by geographical areas (Unit: Korean Won in millions):

	March 31, 2024		December 31, 2023
	Korea		Korea
Loans and other financial assets at amortized cost		1,869,156		1,104,815

b) Credit risk exposure by industries

The following tables analyze credit risk exposure by industries, which are finance and insurance, and others in accordance with the Korea Standard Industrial Classification Code as of March 31, 2024 and December 31, 2023 (Unit: Korean Won in millions):

	March 31, 2024
	Finance and insurance		Others		Total
Loans and other financial assets at amortized cost		1,867,498		1,658		1,869,156

	December 31, 2023
	Finance and insurance		Others		Total
Loans and other financial assets at amortized cost		1,103,460		1,355		1,104,815

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WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

3) Credit risk exposure

The maximum exposure to credit risk by asset quality as of March 31, 2024 and December 31, 2023 is as follows (Unit: Korean Won in millions):

	March 31, 2024
	Stage 1				Stage 2				Stage 3		Total		Loss allowance			Total, net
Financial assets	Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Above appropriate credit rating (*1)		Less than a limited credit rating (*2)
Loans and other financial assets at amortized cost		1,870,280		—		—		—		—		1,870,280		(1,124	)		1,869,156
Banks		1,850,806		—		—		—		—		1,850,806		(1,124	)		1,849,682
Corporates		19,474		—		—		—		—		19,474		—			19,474
General business		19,474		—		—		—		—		19,474		—			19,474
Total		1,870,280		—		—		—		—		1,870,280		(1,124	)		1,869,156

(*1) Credit grade of corporates are AAA ~ BBB.

(*2) Credit grade of corporates are BBB- ~ C.

	December 31, 2023
	Stage 1				Stage 2				Stage 3		Total		Loss allowance			Total, net
Financial assets	Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Above appropriate credit rating (*1)		Less than a limited credit rating (*2)
Loans and other financial assets at amortized cost		1,105,478		—		—		—		—		1,105,478		(663	)		1,104,815
Banks		1,095,937		—		—		—		—		1,095,937		(663	)		1,095,274
Corporates		9,541		—		—		—		—		9,541		—			9,541
General business		9,541		—		—		—		—		9,541		—			9,541
Total		1,105,478		—		—		—		—		1,105,478		(663	)		1,104,815

(*1) Credit grade of corporates are AAA ~ BBB.

(*2) Credit grade of corporates are BBB- ~ C.

- 13 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

(2) Market risk

Market risk is the possible risk of loss arising from trading position and non-trading position as a result of the volatility of market factors such as interest rates, stock prices and foreign exchange rates, and the Company’s main market risk is interest rate risk.

The Company estimates and manages risks related to changes in interest rate due to the difference in the maturities of interest-bearing assets and liabilities and discrepancies in the terms of interest rates. Cash flows (both principal and interest), interest bearing assets and liabilities, presented by each re-pricing date, are as follows (Unit: Korean Won in millions):

	March 31, 2024
	Within 3 months (*1)		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Asset:
Loans and other financial assets at amortized cost (*1)		1,357,405		744,125		451,278		—		—		—		2,552,808
Financial assets at FVTOCI (*2)		—		—		—		—		—		539,869		539,869
Sub-total		1,357,405		744,125		451,278		—		—		539,869		3,092,677
Liability:
Debentures		11,118		160,837		10,192		10,192		638,768		921,603		1,752,710
	December 31, 2023
	Within 3 months (*1)		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Asset:
Loans and other financial assets at amortized cost (*1)		762,823		587,227		—		41,580		—		—		1,391,630
Financial assets at FVTOCI (*2)		—		—		—		—		—		539,709		539,709
Sub-total		762,823		587,227		—		41,580		—		539,709		1,931,339
Liability:
Debentures		11,118		11,118		160,834		10,192		643,664		926,872		1,763,798

(*1) The principal and interest cash flows of cash and cash equivalents are included in the cash flows within three months, with 686,051 million Won and 762,823 million Won as of March 31, 2024 and December 31, 2023, respectively.

(*2) Due to the uncertain timing of the sale, it is included in the section for over 5 years in accordance with the expiration of the remaining contract.

- 14 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

(3) Liquidity risk

Liquidity risk refers to the risk that the Company may encounter difficulties in meeting obligations from its financial liabilities.

1) Liquidity risk management

Liquidity risk management is to prevent damages from potential liquidity shortages with effective risk management that could arise from mismatching the maturity of assets and liabilities or unexpected cash outflows. The financial liabilities in the statement of financial position that are relevant to liquidity risk are incorporated within the scope of risk management.

The Company manages liquidity risk through various cash flows analysis (i.e. based on remaining maturity and contract period, etc.).

2) Maturity analysis of non-derivative financial liabilities

a) Cash flows of principals and interests by remaining contractual maturities of non-derivative financial liabilities are as follows (Unit: Korean Won in millions):

	March 31, 2024
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Debentures		11,118		160,837		10,192		10,192		638,768		921,603		1,752,710
Lease liabilities		752		752		752		137		290		—		2,683
Other financial liabilities(*)		585,721		621		—		4,043		59,121		—		649,506
Total		597,591		162,210		10,944		14,372		698,179		921,603		2,404,899

(*) It does not include lease liabilities.

	December 31, 2023
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Debentures		11,118		11,118		160,834		10,192		643,664		926,872		1,763,798
Lease liabilities		746		741		741		741		323		—		3,292
Other financial liabilities(*)		11,744		136,062		—		278		12,334		—		160,418
Total		23,608		147,921		161,575		11,211		656,321		926,872		1,927,508

(*) It does not include lease liabilities.

b) Cash flows of principals and interests by expected maturities of non-derivative financial liabilities are as follows (Unit: Korean Won in millions):

	March 31, 2024
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Debentures		11,118		160,837		10,192		10,192		638,768		921,603		1,752,710
Lease liabilities		752		752		752		137		290		—		2,683
Other financial liabilities		585,721		621		—		4,043		59,121		—		649,506
Total		597,591		162,210		10,944		14,372		698,179		921,603		2,404,899

	December 31, 2023
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Debentures		11,118		11,118		160,834		10,192		643,664		926,872		1,763,798
Lease liabilities		746		741		741		741		323		—		3,292
Other financial liabilities		11,744		136,062		—		278		12,334		—		160,418
Total		23,608		147,921		161,575		11,211		656,321		926,872		1,927,508

- 15 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

3) Maturity analysis of derivative financial liabilities

There are no derivative financial liabilities measured at fair value through profit or loss as of March 31, 2024 and December 31, 2023.

5. CASH AND CASH EQUIVALENTS

(1) Details of cash and cash equivalents are as follows (Unit: Korean Won in millions):

	March 31, 2024		December 31, 2023
Demand deposits		524,829		9,507
Fixed deposits		160,000		280,000
Total		684,829		289,507

(2) Significant transactions of investing activities and financing activities not involving cash inflows and outflows are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2024		2023
Changes in unpaid dividends on common stocks		481,213		713,497
Changes in other comprehensive income related to valuation of financial assets at FVTOCI		119		9,024
Changes in right-of-use assets due to new contract		144		82
Changes in lease liabilities due to new contract		144		82

6. FINANCIAL ASSETS AT FVTPL

There are no financial assets measured at fair value through profit or loss as of March 31, 2024 and December 31, 2023.

7. FINANCIAL ASSETS AT FVTOCI

(1) Details of financial assets at FVTOCI as of March 31, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):

	March 31, 2024		December 31, 2023
Hybrid securities		539,869		539,709

(2) Details of equity securities designated as financial assets at FVTOCI as of March 31, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):

Purpose of acquisition	March 31, 2024		December 31, 2023
Investment for political purpose		539,869		539,709

8. LOANS AND OTHER FINANCIAL ASSETS AT AMORTIZED COST

(1) Details of loans and other financial assets at amortized cost as of March 31, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):

	March 31, 2024		December 31, 2023
Due from banks		1,825,888		1,073,346
Other financial assets		43,268		31,469
Total		1,869,156		1,104,815

- 16 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

(2) Details of due from banks are as follows (Unit: Korean Won in millions):

	March 31, 2024			December 31, 2023
Due from banks in local currency:
Due from depository banks		1,827,000			1,074,000
Loss allowance		(1,112	)		(654	)
Total		1,825,888			1,073,346

(3) Changes in the allowance for credit losses and gross carrying amount of due from banks are as follows (Unit: Korean Won in millions):

1) Allowance for credit losses

	For the three-month period ended March 31, 2024
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(654	)		—		—		(654	)
Provision of allowance for credit loss		(458	)		—		—		(458	)
Ending balance		(1,112	)		—		—		(1,112	)

	For the three-month period ended March 31, 2023
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(313	)		—		—		(313	)
Provision of allowance for credit loss		(40	)		—		—		(40	)
Ending balance		(353	)		—		—		(353	)

2) Gross carrying amount

	For the three-month period ended March 31, 2024
	Stage 1		Stage 2		Stage 3		Total
Beginning balance		1,074,000		—		—		1,074,000
Net increase (decrease)		753,000		—		—		753,000
Ending balance		1,827,000		—		—		1,827,000

	For the three-month period ended March 31, 2023
	Stage 1		Stage 2		Stage 3		Total
Beginning balance		1,300,000		—		—		1,300,000
Net increase (decrease)		170,000		—		—		170,000
Ending balance		1,470,000		—		—		1,470,000

(4) Details of other financial assets are as follows (Unit: Korean Won in millions):

	March 31, 2024			December 31, 2023
Receivables		19,500			9,541
Accrued income		21,646			19,829
Lease deposits		2,133			2,108
Loss allowance		(11	)		(9	)
Total		43,268			31,469

- 17 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

(5) Changes in the allowances for credit losses and gross carrying amount of other financial assets are as follows (Unit: Korean Won in millions):

1) Allowance for credit losses

	For the three-month period ended March 31, 2024
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(9	)		—		—		(9	)
Provision of allowance for credit loss		(2	)		—		—		(2	)
Ending balance		(11	)		—		—		(11	)

	For the three-month period ended March 31, 2023
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(3	)		—		—		(3	)
Provision of allowance for credit loss		—			—		—		—
Ending balance		(3	)		—		—		(3	)

2) Gross carrying amount

	For the three-month period ended March 31, 2024
	Stage 1		Stage 2		Stage 3		Total
Beginning balance		31,478		—		—		31,478
Net increase (decrease)		11,801		—		—		11,801
Ending balance		43,279		—		—		43,279

	For the three-month period ended March 31, 2023
	Stage 1		Stage 2		Stage 3		Total
Beginning balance		742,193		—		—		742,193
Net increase (decrease)		57,732		—		—		57,732
Ending balance		799,925		—		—		799,925

- 18 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

9. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

(1) The fair value hierarchy

The fair value hierarchy is determined by the levels of judgment involved in estimating fair values of financial assets and liabilities. The specific financial instruments characteristics and market condition such as volume of transactions and transparency are reflected to the market observable inputs. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value of its financial assets and financial liabilities. Fair value is measured based on the perspective of a market participant. As such, even when market assumptions are not readily available, the Company’s own assumptions reflect those that market participants would use for measuring the assets or liabilities at the measurement date.

The fair value measurement is described in the one of the following three levels used to classify fair value measurements:

• Level 1—fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. The types of financial assets or liabilities generally included in Level 1 are publicly traded equity securities, derivatives, and debt securities issued by governmental bodies.

• Level 2— fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. prices) or indirectly (i.e. derived from prices). The types of financial assets or liabilities generally included in Level 2 are debt securities not traded in active markets and derivatives traded in OTC but not required significant judgment.

• Level 3— fair value measurements are those derived from valuation technique that include inputs for the assets or liabilities that are not based on observable market data (unobservable inputs). The types of financial assets or liabilities generally included in Level 3 are non-public securities and derivatives and debt securities of which valuation techniques require significant judgments and subjectivity.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to a fair value measurement in its entirety requires judgment and consideration of inherent factors of the asset or liability.

(2) Fair value hierarchy of financial assets and liabilities measured at fair value are as follows (Unit: Korean Won in millions):

	March 31, 2024
	Level 1		Level 2		Level 3		Total
Financial assets:
Financial assets at FVTOCI
Hybrid securities		—		—		539,869		539,869

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Financial assets:
Financial assets at FVTOCI
Hybrid securities		—		—		539,709		539,709

Financial assets measured at FVTPL and financial assets measured at FVTOCI are recognized at fair value. Fair value is the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.

Financial instruments are measured at fair value using a quoted market price in active markets. If there is no active market for a financial instrument, the Company determines the fair value using valuation methods. Valuation methods and input variables for each type of financial instruments are as follows:

- 19 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

	Valuation methods	Input variables
Hybrid securities	The fair value is measured using the Hull and White model and the Monte Carlo Simulations.	YTM Matrix, Additive spread by grade, Risk spread by entity, Effective Credit rating, Issuing information by item, Interest rate volatility estimate

Valuation methods of financial assets and liabilities measured at fair value and classified into Level 3 and significant but unobservable inputs are as follows:

	Fair value measurement technique	Type	Significant unobservable inputs	Range	Impact of changes in significant unobservable inputs on fair value measurement
Hybrid securities	Hull and White, Monte Carlo Simulation	Hybrid securities related	Interest rate (YTM), Market rate	Interest rate 3.25% ~ 3.44% Market rate 4.29% ~ 6.59%	Variation of fair value increases as variation of interest rate (YTM) increases.

The fair value of financial assets classified as level 3 uses external valuation figures.

(3) Changes in financial assets and liabilities measured at fair value classified into Level 3 are as follows. (Unit: Korean Won in millions):

	For the three-month period ended March 31, 2024
	Beginning balance		Net Income		Other comprehensive income		Purchases/ Issuances		Disposals/ Settlements		Transfer to or out of Level 3		Ending balance
Financial assets:
Financial assets at FVTPL
Derivative assets		—		—		—		—		—		—		—
Financial assets at FVTOCI
Hybrid securities		539,709		—		160		—		—		—		539,869

	For the three-month period ended March 31, 2023
	Beginning balance		Net Income		Other comprehensive income		Purchases/ Issuances		Disposals/ Settlements			Transfer to or out of Level 3		Ending balance
Financial assets:
Financial assets at FVTPL
Derivative assets		689		2,023		—		—		(2,712	)		—		—
Financial assets at FVTOCI
Hybrid securities		312,771		—		12,312		—		—			—		325,083

(4) Sensitivity analysis results on reasonable fluctuation of the significant unobservable input variables for the fair value of Level 3 financial instruments are as follows.

The sensitivity analysis on financial instruments shows how changes in unobservable inputs affect changes in fair value of the instruments through favorable and unfavorable changes. When the fair value of a financial instrument is affected by more than one unobservable assumption, the below table reflects the most favorable or the most unfavorable changes which resulted from varying the assumptions individually. The sensitivity analysis was performed for equity related derivatives of which fair value changes are recognized as net income and hybrid securities of which fair value changes are recognized as other comprehensive income among level 3 financial instruments.

The following table presents the sensitivity analysis to disclose the effect of reasonably possible volatility. (Unit: Korean Won in millions):

- 20 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

	March 31, 2024
	Net income				Other comprehensive income (loss)
	Favorable		Unfavorable		Favorable		Unfavorable
Financial assets:
Financial assets at FVTOCI
Hybrid securities (*)		—		—		15,289		(14,772	)

(*) Fair value changes of hybrid securities are calculated by increasing or decreasing discount rate, which is the major unobservable variable, by 1%, respectively.

	December 31, 2023
	Net income				Other comprehensive income (loss)
	Favorable		Unfavorable		Favorable		Unfavorable
Financial assets:
Financial assets at FVTOCI
Hybrid securities (*)		—		—		16,476		(15,888	)

(*) Fair value changes of hybrid securities are calculated by increasing or decreasing discount rate, which is the major unobservable variable, by 1%, respectively.

- 21 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

(5) Fair value and carrying amount of financial assets and liabilities that are recorded at amortized cost are as follows (Unit: Korean Won in millions):

	March 31, 2024
	Fair value								Carrying amount
	Level 1		Level 2		Level 3		Total
Financial assets:
Loans and other financial assets at amortized cost (*1)		—		—		1,869,156		1,869,156		1,869,156
Financial liabilities:
Debentures		—		1,520,450		—		1,520,450		1,587,843
Other financial liabilities (*1,2)		—		—		649,506		649,506		649,506

(*1) The carrying amount is disclosed at fair value considering the carrying amount as an approximation of fair value.

(*2) It does not include lease liabilities.

	December 31, 2023
	Fair value								Carrying amount
	Level 1		Level 2		Level 3		Total
Financial assets:
Loans and other financial assets at amortized cost (*1)		—		—		1,104,815		1,104,815		1,104,815
Financial liabilities:
Debentures		—		1,518,440		—		1,518,440		1,587,659
Other financial liabilities (*1,2)		—		—		160,418		160,418		160,418

(*1) The carrying amount is disclosed at fair value considering the carrying amount as an approximation of fair value.

(*2) It does not include lease liabilities.

The fair values of financial instruments are measured using quoted market price in active markets. In case there is no active market for financial instruments, the Company determines the fair value using valuation methods. For the disclosed items in which book value is considered to be the approximate value of fair value, valuation techniques and input variables are not disclosed. Valuation techniques and input variables for the fair value of financial liabilities that are recorded at amortized cost are as follows:

	Valuation methods	Input variables
Debentures	The fair value is measured by discounting the projected cash flows of debt products by applying the market discount rate that is reflecting credit rating of the Company.	Risk-free market rate, etc.

(6) Financial instruments by category

Carrying amounts of financial assets and liabilities by each category are as follows (Unit: Korean Won in millions):

1) Financial assets

	March 31, 2024
Financial assets	Financial assets at FVTPL		Financial assets at FVTOCI		Financial assets at amortized cost		Total
Due from banks		—		—		1,825,888		1,825,888
Hybrid securities		—		539,869		—		539,869
Other financial assets		—		—		43,268		43,268
Total		—		539,869		1,869,156		2,409,025

- 22 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

	December 31, 2023
Financial assets	Financial assets at FVTPL		Financial assets at FVTOCI		Financial assets at amortized cost		Total
Due from banks		—		—		1,073,346		1,073,346
Hybrid securities		—		539,709		—		539,709
Other financial assets		—		—		31,469		31,469
Total		—		539,709		1,104,815		1,644,524

2) Financial liabilities

	March 31, 2024				December 31, 2023
Financial liabilities	Financial liabilities at FVTPL		Financial liabilities at amortized cost		Financial liabilities at FVTPL		Financial liabilities at amortized cost
Debentures		—		1,587,843		—		1,587,659
Other financial liabilities (*)		—		649,506		—		160,418
Total		—		2,237,349		—		1,748,077

(*) It does not include lease liabilities.

(7) Income or expense from financial instruments by category

Income or expense from financial assets and liabilities by each category for the three-month periods ended March 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

	For the three-month period ended March 31, 2024
	Interest income (expense)			Provision of credit loss			Gain on transactions and valuation		Dividends		Total
Financial assets at FVTPL		—			—			—		—		—
Financial assets at FVTOCI		—			—			—		6,356		6,356
Loans and other financial assets at amortized cost (*)		12,635			(460	)		—		—		12,175
Financial liabilities at amortized cost		(11,269	)		—			—		—		(11,269	)
Total		1,366			(460	)		—		6,356		7,262

(*) 1,865 million Won interest income of cash and cash equivalents are included.

	For the three-month period ended March 31, 2023
	Interest income (expense)			Provision of credit loss			Gain on transactions and valuation		Others		Total
Financial assets at FVTPL		—			—			2,023		—		2,023
Financial assets at FVTOCI		—			—			—		3,466		3,466
Loans and other financial assets at amortized cost (*)		13,706			(41	)		—		—		13,665
Financial liabilities at amortized cost		(7,956	)		—			—		—		(7,956	)
Total		5,750			(41	)		2,023		3,466		11,198

(*) 6,374 million Won interest income of cash and cash equivalents are included.

- 23 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

10. INVESTMENTS IN SUBSIDIARIES

(1) Details of Investments in subsidiaries are as follows (Unit: Korean Won in millions and number of shares):

Subsidiaries (*1)	Location		Capital stock		Main business
Woori Bank		Korea		3,518,400	Bank
Woori Card Co., Ltd.		Korea		896,300	Finance
Woori Financial Capital Co., Ltd.		Korea		373,800	Finance
Woori Investment Bank Co., Ltd.		Korea		691,400	Other credit finance business
Woori Asset Trust Co., Ltd.		Korea		16,900	Real estate trust
Woori Savings Bank		Korea		124,000	Mutual saving bank
Woori F&I Co., Ltd.		Korea		20,000	Finance
Woori Asset Management Corp		Korea		24,000	Finance
Woori Venture Partners Co., Ltd.		Korea		50,000	Other financial services
Woori Private Equity Asset Management Co., Ltd.		Korea		80,000	Finance
Woori Credit Information Co., Ltd.		Korea		5,000	Credit information
Woori Fund Service Co., Ltd.		Korea		10,000	Financial support service business
Woori FIS Co., Ltd.		Korea		24,500	System software development & maintenance
Woori Finance Research Institute Co., Ltd.		Korea		3,000	Other service business
Woori Global Asset Management Co., Ltd.		Korea		—	Finance

	March 31, 2024					December 31, 2023
Subsidiaries (*1)	Number of shares		Percentage of ownership (%) (*2)		Financial statements date of use	Number of shares		Percentage of ownership (%) (*2)		Financial statements date of use
Woori Bank		716,000,000		100.0			716,000,000		100.0		December 31, 2023
Woori Card Co., Ltd.		179,266,200		100.0			179,266,200		100.0		December 31, 2023
Woori Financial Capital Co., Ltd.		74,757,594		100.0			74,757,594		100.0		December 31, 2023
Woori Investment Bank Co., Ltd.		1,382,850,405		100.0			1,382,850,405		100.0		December 31, 2023
Woori Asset Trust Co., Ltd.		3,272,645		96.7			2,210,600		95.3		December 31, 2023
Woori Savings Bank		24,802,623		100.0			24,802,623		100.0		December 31, 2023
Woori F&I Co., Ltd.		4,000,000		100.0			4,000,000		100.0		December 31, 2023
Woori Asset Management Corp		4,797,154		100.0			2,920,000		73.0		December 31, 2023
Woori Venture Partners Co., Ltd.		100,000,000		100.0			100,000,000		100.0		December 31, 2023
Woori Private Equity Asset Management Co., Ltd.		16,000,000		100.0			16,000,000		100.0		December 31, 2023
Woori Credit Information Co., Ltd.		1,008,000		100.0			1,008,000		100.0		December 31, 2023
Woori Fund Service Co., Ltd.		2,000,000		100.0			2,000,000		100.0		December 31, 2023
Woori FIS Co., Ltd.		4,900,000		100.0			4,900,000		100.0		December 31, 2023
Woori Finance Research Institute Co., Ltd.		600,000		100.0			600,000		100.0		December 31, 2023
Woori Global Asset Management Co., Ltd.		—		—			4,000,000		100.0		December 31, 2023

(*1) Only subsidiaries invested directly by the Company are included.

(*2) The percentage is based on the effective shareholding rate relative to the number of stocks outstanding.

- 24 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

(2) Changes in the carrying value of investments in subsidiaries are as follows (Unit: Korean Won in millions):

	For the three-month period ended March 31, 2024
	Beginning balance		Acquisition		Disposal		Ending balance
Woori Bank		18,921,151		—		—		18,921,151
Woori Card Co., Ltd.		1,118,367		—		—		1,118,367
Woori Financial Capital Co., Ltd.		1,003,206		—		—		1,003,206
Woori Investment Bank Co., Ltd.		1,207,351		—		—		1,207,351
Woori Asset Trust Co., Ltd.(*1)		403,642		200,000		—		603,642
Woori Savings Bank		213,238		—		—		213,238
Woori F&I Co., Ltd.		200,000		—		—		200,000
Woori Asset Management Corp(*2)		122,449		74,376		—		196,825
Woori Venture Partners Co., Ltd.		336,439		—		—		336,439
Woori Private Equity Asset Management Co., Ltd.		57,797		—		—		57,797
Woori Credit Information Co., Ltd.		16,466		—		—		16,466
Woori Fund Service Co., Ltd.		13,939		—		—		13,939
Woori FIS Co., Ltd.		21,754		—		—		21,754
Woori Finance Research Institute Co., Ltd.		1,677		—		—		1,677
Woori Global Asset Management Co., Ltd.(*3)		33,000		—		33,000		—
Total		23,670,476		274,376		33,000		23,911,852

(*1) During the current period, the capital increase amount of 200,000 was made.

(*2) On January 29, 2024, Woori Asset Management Corp merged with Woori Global Asset Management Co., Ltd. and the Company acquired residual interest (22.5%) of Woori Asset Management Corp, to make it wholly subordinated.

(*3) On January 29, 2024, it was merged into Woori Asset Management Corp and excluded from our subsidiaries.

	For the three-month period ended March 31, 2023
	Beginning balance		Acquisition		Disposal		Ending balance
Woori Bank		18,921,151		—		—		18,921,151
Woori Card Co., Ltd.		1,118,367		—		—		1,118,367
Woori Financial Capital Co., Ltd.		1,003,206		—		—		1,003,206
Woori Investment Bank Co., Ltd.		447,673		—		—		447,673
Woori Asset Trust Co., Ltd. (*1)		224,198		179,444		—		403,642
Woori Savings Bank		213,238		—		—		213,238
Woori F&I Co., Ltd.		200,000		—		—		200,000
Woori Asset Management Corp		122,449		—		—		122,449
Woori Venture Partners Co., Ltd (*2)		—		212,522		—		212,522
Woori Global Asset Management Co., Ltd.		33,000		—		—		33,000
Woori Private Equity Asset Management Co., Ltd.		57,797		—		—		57,797
Woori Credit Information Co., Ltd.		16,466		—		—		16,466
Woori Fund Service Co., Ltd.		13,939		—		—		13,939
Woori FIS Co., Ltd.		21,754		—		—		21,754
Woori Finance Research Institute Co., Ltd.		1,677		—		—		1,677
Total		22,394,915		391,966		—		22,786,881

(*1) Woori Asset Trust Co Ltd 28.1% (excluding treasury stocks) as of March 31, 2023. In the case of including treasury stocks, the share ratio was 21.3%), and an additional stake was acquired.

(*2) 53.9% stake in Daol Investment Co Ltd (excluding treasury stocks) on March 23, 2023. In the case of including treasury stocks, the share ratio was 52.0%) and the Company name was changed to Woori Venture Partners Co., Ltd.

- 25 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

11. PREMISES AND EQUIPMENT

(1) Details of premises and equipment as of March 31, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):

	March 31, 2024
	Building		Equipment and Vehicles		Leasehold improvements		Total
Premises and equipment (owned)		—		867		1,807		2,674
Right-of-use asset		2,228		560		—		2,788
Total		2,228		1,427		1,807		5,462

	December 31, 2023
	Building		Equipment and Vehicles		Leasehold improvements		Total
Premises and equipment (owned)		—		1,078		2,053		3,131
Right-of-use asset		2,970		508		—		3,478
Total		2,970		1,586		2,053		6,609

(2) Details of premises and equipment (owned) as of March 31, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):

	March 31, 2024
	Equipment and Vehicles			Leasehold improvements			Total
Acquisition cost		6,370			6,293			12,663
Accumulated depreciation		(5,503	)		(4,486	)		(9,989	)
Net carrying amount		867			1,807			2,674

	December 31, 2023
	Equipment and Vehicles			Leasehold improvements			Total
Acquisition cost		6,370			6,272			12,642
Accumulated depreciation		(5,292	)		(4,219	)		(9,511	)
Net carrying amount		1,078			2,053			3,131

(3) Details of changes in premises and equipment (owned) are as follows (Unit: Korean Won in millions):

	For the three-month period ended March 31, 2024
	Equipment and Vehicles			Leasehold improvements			Total
Beginning balance		1,078			2,053			3,131
Acquisitions		—			21			21
Depreciation		(211	)		(267	)		(478	)
Ending balance		867			1,807			2,674

	For the three-month period ended March 31, 2023
	Equipment and Vehicles			Leasehold improvements			Total
Beginning balance		1,944			3,125			5,069
Acquisitions		7			6			13
Depreciation		(301	)		(306	)		(607	)
Ending balance		1,650			2,825			4,475

- 26 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

(4) Details of right-of-use assets as of March 31, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):

	March 31, 2024
	Building			Equipment and Vehicles			Total
Acquisition cost		5,295			967			6,262
Accumulated depreciation		(3,067	)		(407	)		(3,474	)
Net carrying amount		2,228			560			2,788

	December 31, 2023
	Building			Equipment and Vehicles			Total
Acquisition cost		5,295			928			6,223
Accumulated depreciation		(2,325	)		(420	)		(2,745	)
Net carrying amount		2,970			508			3,478

(5) Details of changes in right-of-use assets for the three-month periods ended March 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

	For the three-month period ended March 31, 2024
	Building			Equipment and Vehicles			Total
Beginning balance		2,970			508			3,478
New contracts		—			144			144
Termination		—			(9	)		(9	)
Depreciation		(742	)		(83	)		(825	)
Ending balance		2,228			560			2,788

	For the three-month period ended March 31, 2023
	Building			Equipment and Vehicles			Total
Beginning balance		5,462			521			5,983
New contracts		755			82			837
Termination		—			—			—
Depreciation		(777	)		(98	)		(875	)
Ending balance		5,440			505			5,945

12. INTANGIBLE ASSETS

(1) Details of intangible assets are as follows (Unit: Korean Won in millions):

	March 31, 2024
	Software			Development cost			Membership deposit		Total
Acquisition cost		4,631			3,622			2,371		10,624
Accumulated amortization		(4,032	)		(2,609	)		—		(6,641	)
Net carrying amount		599			1,013			2,371		3,983

	December 31, 2023
	Software			Development cost			Membership deposit		Total
Acquisition cost		4,328			3,622			2,371		10,321
Accumulated amortization		(3,841	)		(2,428	)		—		(6,269	)
Net carrying amount		487			1,194			2,371		4,052

- 27 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

(2) Details of changes in intangible assets are as follows (Unit: Korean Won in millions):

	For the three-month period ended March 31, 2024
	Software			Development cost			Membership deposit		Construction in progress		Total
Beginning balance		487			1,194			2,371		—		4,052
Acquisitions		303			—			—		—		303
Amortization		(191	)		(181	)		—		—		(372	)
Ending balance		599			1,013			2,371		—		3,983

	For the three-month period ended March 31, 2023
	Software			Development cost			Membership deposit		Construction in progress		Total
Beginning balance		704			1,784			2,371		—		4,859
Acquisitions		—			—			—		289		289
Amortization		(128	)		(175	)		—		—		(303	)
Ending balance		576			1,609			2,371		289		4,845

13. OTHER ASSETS

Details of other assets are as follows (Unit: Korean Won in millions):

	March 31, 2024		December 31, 2023
Prepaid expenses		568		484

14. DEBENTURES

Details of debentures are as follows (Unit: Korean Won in millions):

	March 31, 2024					December 31, 2023
	Interest rate (%)		Amount			Interest rate (%)		Amount
Face value of bonds:
General bonds		1.70~4.25		640,000			1.70~4.25		640,000
Subordinated bonds		2.13~2.55		950,000			2.13~2.55		950,000
Sub-total				1,590,000					1,590,000
Deducted item:
Discounts on bonds				(2,157	)				(2,341	)
Total				1,587,843					1,587,659

15. PROVISIONS

(1) Details of provisions are as follows (Unit: Korean Won in millions):

	March 31, 2024		December 31, 2023
Asset retirement obligation		1,240		1,227

(2) Changes in asset retirement obligation are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2024		2023
Beginning balance		1,227		487
Increase		—		754
Amortization		13		12
Ending balance		1,240		1,253

- 28 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

16. NET DEFINED BENEFIT ASSET

The Company’s pension plan is based on the defined benefit retirement pension plan. Employees and directors with one or more years of service are entitled to receive a payment upon termination of their employment, based on their length of service and rate of salary at the time of termination. The assets of the plans are measured at their fair value at the end of reporting date. The plan liabilities are measured using the projected unit method, which takes into account of projected earnings’ increase, using actuarial assumptions that give the best estimate of the future cash flows that will arise under the plan liabilities.

The Company is exposed to various risks through defined benefit retirement pension plan, and the most significant risks are as follows:

Volatility of asset	The defined benefit obligation was estimated with an interest rate calculated based on blue chip corporate bonds earnings. A deficit may occur if the rate of return of plan assets falls short of the interest rate.
Decrease in profitability of blue chip bonds	A decrease in profitability of blue chip bonds will be offset by some increase in the value of debt securities that the employee benefit plan owns but will bring an increase in the defined benefit obligation.
Risk of inflation	Defined benefit obligations are related to inflation rate; the higher the inflation rate is, the higher the level of liabilities. Therefore, deficit occurs in the system if an inflation rate increases.

(1) Details of net defined benefit asset are as follows (Unit: Korean Won in millions):

	March 31, 2024			December 31, 2023
Present value of defined benefit obligation		(14,576	)		(13,280	)
Fair value of plan assets		14,682			17,221
Net defined benefit asset		106			3,941

(2) Changes in the carrying value of defined benefit obligation are as follows (Unit: Korean Won in millions):

		For the three-month periods ended March 31
		2024			2023
Beginning balance			13,280			18,660
Transfer-in / out			(3	)		(4,778	)
Current service cost			1,280			999
Interest cost			147			242
Remeasurements	Financial assumption		(113	)		546
	Demographic assumptions		(19	)		—
	Experience adjustment		1,012			1,141
Retirement benefit paid			(46	)		(1,322	)
Others			(962	)		(533	)
Ending balance			14,576			14,955

- 29 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

(3) Changes in the plan assets are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2024			2023
Beginning balance		17,221			24,607
Transfer-in / out		(2,376	)		(5,563	)
Interest income		199			334
Remeasurements		(52	)		(143	)
Retirement benefit paid		(310	)		(1,809	)
Ending balance		14,682			17,426

(4) The fair value of plan assets as of March 31, 2024 and December 31, 2023 is as follows (Unit: Korean Won in millions):

	March 31, 2024		December 31, 2023
Cash and due from banks etc.		14,682		17,221

Meanwhile, the actual revenue of plan assets for the three-month periods ended March 31, 2024 and 2023 is 147 million Won and 191 million Won, respectively.

(5) The amount recognized in profit or loss and total comprehensive income related to the defined benefit plan for the three-month periods ended March 31, 2024 and 2023 is as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2024			2023
Current service cost		1,280			999
Net interest expense(income)		(52	)		(92	)
Cost recognized in net income		1,228			907
Remeasurements (*)		932			1,830
Cost recognized in total comprehensive income		2,160			2,737

(*) The amount is before income tax effect.

17. OTHER FINANCIAL LIABILITIES AND OTHER LIABILITIES

Other financial liabilities and other liabilities are as follows (Unit: Korean Won in millions):

	March 31, 2024		December 31, 2023
Other financial liabilities:
Accounts payable		633,301		140,592
Accrued expenses		16,205		19,826
Lease liabilities		2,619		3,203
Sub-total		652,125		163,621
Other liabilities:
Other miscellaneous liabilities		1,961		392
Total		654,086		164,013

- 30 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

18. DERIVATIVES

There are no derivative assets(liabilities) as of March 31, 2024 and December 31, 2023.

19. EQUITY

(1) Details of equity as of March 31, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):

	March 31, 2024			December 31, 2023
Capital		3,802,676			3,802,676
Hybrid securities		4,009,965			3,610,953
Capital surplus		11,120,236			11,120,236
Other equity Treasury stock		(628	)		(628	)
Accumulated other comprehensive income		(7,810	)		(7,243	)
Sub-total		(8,438	)		(7,871	)
Retained earnings (*1) (*2)		5,989,634			5,475,004
Total		24,914,073			24,000,998

(*1) The regulatory reserve for credit loss in retained earnings amounted to 137 million Won and 3,697 million Won as of March 31, 2024 and December 31, 2023 in accordance with the relevant regulation.

(*2) The earned surplus reserve in retained earnings amounted to 442,650 million Won and 300,190 million Won as of March 31, 2024 and December 31, 2023 in accordance with the Article 53 of the Financial Holding Company Act.

(2) The number of authorized shares and others of the Company are as follows:

	March 31, 2024		December 31, 2023
Shares of common stock authorized		4,000,000,000 Shares		4,000,000,000 Shares
Par value		5,000 Won		5,000 Won
Shares of common stock issued*		742,591,501 Shares		751,949,461 Shares
Capital stock		3,802,676 million Won		3,802,676 million Won

(*) Due to retirement of earnings, total par value of the shares issued and paid-in capital are different.

(3) Hybrid securities

The bond-type hybrid securities classified as owner’s equity are as follows (Unit: Korean Won in millions):

	Issue date		Maturity		Interest rate (%)		March 31, 2024			December 31, 2023
Securities in local currency		2019-07-18		—		3.49		500,000			500,000
Securities in local currency		2019-10-11		—		3.32		500,000			500,000
Securities in local currency		2020-02-06		—		3.34		400,000			400,000
Securities in local currency		2020-06-12		—		3.23		300,000			300,000
Securities in local currency		2020-10-23		—		3.00		200,000			200,000
Securities in local currency		2021-04-08		—		3.15		200,000			200,000
Securities in local currency		2021-10-14		—		3.60		200,000			200,000
Securities in local currency		2022-02-17		—		4.10		300,000			300,000
Securities in local currency		2022-07-28		—		4.99		300,000			300,000

- 31 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

Securities in local currency	2022-10-25	—	5.97	220,000		220,000
Securities in local currency	2023-02-10	—	4.65	300,000		300,000
Securities in local currency	2023-09-07	—	5.04	200,000		200,000
Securities in local currency	2024-02-07	—	4.49	400,000		—
Issuance cost				(10,035	)	(9,047	)
Total				4,009,965		3,610,953

The hybrid securities mentioned above do not have maturity date but are redeemable after 5 years from the date of issuance.

(4) Accumulated other comprehensive income

Changes in the accumulated other comprehensive income are as follows (Unit: Korean Won in millions):

	For the three-month period ended March 31, 2024
	Beginning balance			Increase (decrease)			Income tax effect			Ending balance
Net gain (loss) on valuation of financial assets at FVTOCI		(7,575	)		161			(42	)		(7,456	)
Remeasurements of defined benefit plan		332			(932	)		246			(354	)
Total		(7,243	)		(771	)		204			(7,810	)
	For the three-month period ended March 31, 2023
	Beginning balance			Increase (decrease)			Income tax effect			Ending balance
Net gain (loss) on valuation of financial assets at FVTOCI		(27,364	)		12,311			(3,287	)		(18,340	)
Remeasurements of defined benefit plan		1,204			(1,829	)		483			(142	)
Total		(26,160	)		10,482			(2,804	)		(18,482	)

(5) Regulatory Reserve for Credit Loss

In accordance with Article 26 ~ 28 of the Financial holding company Supervision Regulations, the Company calculates and discloses the regulatory reserve for credit loss.

1) Balance of the regulatory reserve for credit loss

Balance of the planned regulatory reserve for credit loss is as follows (Unit: Korean Won in millions):

	March 31, 2024		December 31, 2023
Beginning balance		137		3,697
Planned provision (reversal) of regulatory reserve for credit loss		57		(3,560	)
Ending balance		194		137

2) Provision of regulatory reserve for credit loss, adjusted net income after the provision of regulatory reserve and others

Planned reserves provided, adjusted net income after the planned reserves provided and adjusted EPS after the planned reserves provided are as follows (Unit: Korean Won in millions, except for EPS amount):

- 32 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

	For the three-month periods ended March 31
	2024			2023
Net income before regulatory reserve		1,167,789			1,456,379
Provision of regulatory reserve for credit loss		57			289
Adjusted net income after the provision of regulatory reserve		1,167,732			1,456,090
Dividends to hybrid securities		(35,258	)		(30,414	)
Adjusted net income after regulatory reserve and dividends to hybrid securities		1,132,474			1,425,676
Adjusted EPS after regulatory reserve and dividends to hybrid securities (Unit: Korean Won)		1,510			1,958

(6) Changes in treasury stocks are as follows (Unit: Korean Won in millions):

	For the three-month period ended March 31, 2024
	Beginning		Acquisition		Retirement			Ending
Number of shares		53,945		9,357,960		(9,357,960	)		53,945
Carrying amount		628		136,688		(136,688	)		628
	For the three-month period ended March 31, 2023
	Beginning		Acquisition		Retirement			Ending
Number of shares		2,324		—		—			2,324
Carrying amount		26		—		—			26

20. DIVIDENDS

Dividends per share and the total dividends for the fiscal year ending December 31, 2023 were 640 Won and 481,213 million Won, respectively, approved at the regular general shareholder’s meeting held on March 22, 2024, with February 29, 2024 as the dividend record date, and were paid in April 2024.

21. NET INTEREST INCOME

(1) Details of interest income recognized are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2024		2023
Interest on due from banks		12,610		13,687
Other interest income		25		19
Total		12,635		13,706

(2) Details of interest expense recognized are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2024		2023
Interest on debentures		11,269		7,955
Other interest expense		13		12
Interest on lease liabilities		34		57
Total		11,316		8,024

22. NET FEES AND COMMISSIONS INCOME

(1) Details of fees and commissions income incurred are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2024		2023
Fees and commissions income		407		399

(2) Details of fees and commissions expense incurred are as follows (Unit: Korean Won in millions):

- 33 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

	For the three-month periods ended March 31
	2024		2023
Fees and commissions paid		1,366		1,267
Others		2,886		2,469
Total		4,252		3,736

23. DIVIDEND INCOME

Details of dividend income recognized are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2024		2023
Dividend income recognized from investments in subsidiaries		1,182,977		1,465,825
Dividend income recognized from FVTOCI		6,356		3,466
Total		1,189,333		1,469,291

24. NET GAIN OR LOSS ON FINANCIAL INSTRUMENTS AT FVTPL

(1) Details of gain or loss related to net gain or loss on financial instruments at FVTPL are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2024		2023
Gains and losses on financial instruments at FVTPL mandatorily measured at fair value		—		2,023

(2) Details of net gain or loss on financial instrument at FVTPL are as follows (Unit: Korean Won in millions):

			For the three-month periods ended March 31
			2024		2023
Derivatives (Held for trading)	Equity derivatives	Gain on transactions and valuation		—		2,023

25. PROVISION FOR IMPAIRMENT LOSSES DUE TO CREDIT LOSS

Details of provision for impairment losses due to credit loss recognized are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2024			2023
Provision for impairment losses due to credit loss on loans and other financial assets at amortized cost		(460	)		(41	)

- 34 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

26. GENERAL AND ADMINISTRATIVE EXPENSES

(1) Details of general and administrative expenses recognized are as follows (Unit: Korean Won in millions):

			For the three-month periods ended March 31
			2024		2023
Employee benefits	Short-term employee benefits	Salaries		7,565		7,243
		Employee fringe benefits		2,194		2,703
	Retirement benefit service costs			1,228		907
	Share based payments			1,237		(170	)
	Sub-total			12,224		10,683
Depreciation and amortization				1,675		1,785
Other general and administrative expenses	Rent			413		452
	Taxes and public dues			219		206
	Service charges			439		655
	Computer and IT related			1,627		1,598
	Telephone and communication			204		120
	Operating promotion			284		425
	Advertising			28		25
	Printing			25		15
	Traveling			60		73
	Supplies			28		34
	Insurance premium			51		50
	Reimbursement			171		263
	Vehicle maintenance			43		55
	Others			6		6
	Sub-total			3,598		3,977
	Total			17,497		16,445

- 35 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

(2) Share-based payment

Details of performance condition share-based payment granted to executives as of March 31, 2024 and 2023 are as follows.

1) Performance condition share-based payment

Subject to		Shares granted for the year 2021
Type of payment		Cash-settled
Vesting period		January 1, 2021 ~ December 31, 2024
Date of payment		2025-01-01
Fair value (*1)		14,095 Won
Valuation method		Black-Scholes Model
Expected dividend rate		6.48%
Expected maturity date		0.75 years
Number of shares remaining	As of March 31, 2024	239,798 shares
	As of December 31, 2023	239,798 shares
Number of shares granted (*2)	As of March 31, 2024	239,798 shares
	As of December 31, 2023	239,798 shares
Subject to		Shares granted for the year 2022
Type of payment		Cash-settled
Vesting period		January 1, 2022 ~ December 31, 2025
Date of payment		2026-01-01
Fair value (*1)		13,177 Won
Valuation method		Black-Scholes Model
Expected dividend rate		6.48%
Expected maturity date		1.75 years
Number of shares remaining	As of March 31, 2024	223,176 shares
	As of December 31, 2023	223,176 shares
Number of shares granted (*2)	As of March 31, 2024	223,176 shares
	As of December 31, 2023	223,176 shares
Subject to		Shares granted for the year 2023
Type of payment		Cash-settled
Vesting period		January 1, 2023 ~ December 31, 2026
Date of payment		2027-01-01
Fair value (*1)		12,351 Won
Valuation method		Black-Scholes Model
Expected dividend rate		6.48%
Expected maturity date		2.75 years
Number of shares remaining	As of March 31, 2024	160,929 shares
	As of December 31, 2023	160,929 shares
Number of shares granted (*2)	As of March 31, 2024	160,929 shares
	As of December 31, 2023	160,929 shares

- 36 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

Subject to		Shares granted for the year 2024
Type of payment		Cash-settled
Vesting period		January 1, 2024 ~ December 31, 2027
Date of payment		2028-01-01
Fair value (*1)		11,577 Won
Valuation method		Black-Scholes Model
Expected dividend rate		6.48%
Expected maturity date		3.75 years
Number of shares remaining	As of March 31, 2024	50,455 shares
	As of December 31, 2023	—
Number of shares granted (*2)	As of March 31, 2024	50,455 shares
	As of December 31, 2023	—

(*1) As the amount of payment varies according to the base price (the arithmetic average of the weighted average stock price of transactions in the past one week, the past one month, and the past two months) at the date of payment, the fair value is calculated and used to measure the liability according to the Black Shawls model based on the base price at the time of each settlement.

(*2) The number of payable stocks is granted at the initial contract date and the payment rate is determined based on the achievement of the pre-determined performance targets. Performance is evaluated as long-term performance indication including relative shareholder return, net income, return on equity (ROE), non-performing loan ratio and job performance.

2) The Company accounts for performance condition share-based payments according to the cash-settled method and the fair value of the liabilities is reflected in the compensation costs by re-measuring every closing period. As of March 31, 2024 and December 31, 2023 the book value of the liabilities related to the performance condition share-based payments recognized by the Company is 8,884 million Won and 9,598 million Won.

27. NON-OPERATING INCOME (EXPENSES)

(1) Details of non-operating income and expenses recognized are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2024			2023
Other non-operating income		3			1
Other non-operating expense		(21	)		(10	)
Total		(18	)		(9	)

(2) Details of other non-operating income recognized are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2024			2023
Lease change cancellation gain		1			—
Others		2			1
Total		3			1

(3) Details of other non-operating expenses recognized are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2024			2023
Donations		15			10
Others		6			—
Total		21			10

- 37 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

28. INCOME TAX EXPENSE (INCOME)

Details of income tax expense(income) are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2024		2023
Current tax expense
Current tax expense with respect to the current period		—		—
Deferred tax expense (income)
Change in deferred tax assets (liabilities) due to temporary differences		839		3,589
Tax expense (income) directly attributable to equity		204		(2,804	)
Sub-total		1,043		785
Income tax expense (income)		1,043		785

29. EARNINGS PER SHARE (“EPS”)

(1) Basic EPS is calculated by dividing net income attributable to common shareholders by weighted-average number of common shares outstanding (Unit: Korean Won in millions, except for EPS and number of shares):

	For the three-month periods ended March 31
	2024			2023
Net income		1,167,789			1,456,379
Dividends to hybrid securities		(35,258	)		(30,414	)
Net income attributable to common shareholders		1,132,531			1,425,965
Weighted average number of common shares outstanding (Unit: million shares)		750			728
Basic EPS (Unit: Korean Won)		1,510			1,959

(2) The weighted average number of common shares outstanding is as follows: (Unit: number of shares)

	For the three-month period ended March 31, 2024
	Period	Number of shares	Dates	Accumulated number of shares outstanding during period
Common shares issued at the beginning of the period	2024-01-01~2024-03-31	751,949,461	91		68,427,400,951
Treasury stock	2024-01-01~2024-03-31	(53,945)	91		(4,908,995	)
Acquisition and Retirement of treasury stock	2024-01-01~2024-03-31	(9,357,960)			(168,443,280	)
	Sub-total (①)				68,254,048,676
Weighted average number of common shares outstanding (②=(①/91)					750,044,491

	For the three-month period ended March 31, 2023
	Period	Number of shares	Dates	Accumulated number of shares outstanding during period
Common shares issued at the beginning of the period	2023-01-01~2023-03-31	728,060,549	90		65,525,449,410
Treasury stock	2023-01-01~2023-03-31	(2,324)	90		(209,160	)
	Sub-total (①)				65,525,240,250
Weighted average number of common shares outstanding (②=(①/90)					728,058,225

- 38 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

Diluted EPS is equal to basic EPS because there is no dilution effect for the three-month periods ended March 31, 2024 and 2023.

30. CONTINGENT LIABILITIES AND COMMITMENTS

(1) Litigation case

As of March 31, 2024 and December 31, 2023, the Company has no litigation case in progress.

(2) Details of loan commitments with financial institutions are as follows (Unit: Korean Won in millions):

		March 31, 2024				December 31, 2023
	Financial institutions	Line of credit		Loan balance		Line of credit		Loan balance
Loans	Standard Chartered Bank Korea Ltd.		100,000		—		100,000		—

- 39 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

31. RELATED PARTY TRANSACTIONS

Related parties of the Company as of March 31, 2024 and December 31, 2023, and assets and liabilities recognized, guarantees and commitments, major transactions with related parties and compensation to key management for the three-month periods ended March 31, 2024 and 2023 are as follows:

(1) Assets and liabilities from transactions with related parties are as follows (Unit: Korean Won in millions):

Related parties	Title of account	March 31, 2024			December 31, 2023
Subsidiaries
Woori Bank	Cash and cash equivalents		684,829			289,507
	Other financial assets		1,849,532			1,094,635
	Allowance for credit losses		(1,123	)		(663	)
	Other financial liabilities		146,073			131,397
Woori Card Co., Ltd.	Other financial assets		15,002			8,597
	Other financial liabilities		150			225
Woori Financial Capital Co., Ltd.	Other financial assets		919			816
	Other financial liabilities		214			4,430
Woori Investment Bank Co., Ltd.	Other financial assets		1			—
	Other financial liabilities		1,740			—
Woori Asset Trust Co., Ltd.	Other financial assets		1,999			—
Woori Savings Bank	Other financial liabilities		1,894			1,271
Woori Financial F&I Co., Ltd.	Other financial liabilities		2,684			1,650
Woori Asset Management Corp (*)	Other financial liabilities		46			46
Woori Venture Partners Co., Ltd.	Other financial assets		848			—
Woori Private Equity Asset Management Co. Ltd.	Other financial assets		322			76
Woori Credit Information Co., Ltd.	Other financial assets		778			744
Woori Fund Service Co., Ltd.	Other financial assets		703			436
Woori FIS Co., Ltd.	Other financial assets		1			—
	Other financial liabilities		1,548			1,540
Woori Finance Research Institute Co., Ltd.	Other financial assets		176			175
	Other financial liabilities		—			2,590
Associates of subsidiaries
W Service Networks Co., Ltd.	Other financial liabilities		34			48

(*) Other financial liabilities of Woori Global Asset Management Co., Ltd.are included due to merger during the current period.

- 40 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

(2) Gain or loss from transactions with related parties are as follows (Unit: Korean Won in millions):

		For the three-month periods ended March 31
Related party	Title of account	2024		2023
Subsidiaries
Woori Bank	Interest income		12,635		13,706
	Fees and commissions income		406		399
	Dividend income		1,131,996		1,372,572
	Interest expenses (*)		29		53
	Fees and commissions expense		3		2
	Provision of impairment loss due to credit loss		460		41
	General and administrative expenses (*)		1,136		1,193
Woori Card Co., Ltd.	Dividend income		26,199		42,156
Woori Financial Capital Co., Ltd.	Dividend income		27,774		38,888
	Interest expenses (*)		2		—
	General and administrative expenses (*)		25		—
Woori Investment Bank Co., Ltd.(*1)	Dividend income		—		11,803
Woori Asset Trust Co., Ltd	Dividend income		—		780
Woori Savings Bank	Dividend income		—		1,383
Woori Venture Partners Co., Ltd.	Dividend income		800		—
Woori Credit Information Co., Ltd.	Dividend income		1,504		535
Woori Fund Service Co., Ltd.	Dividend income		1,060		1,174
Woori FIS Co., Ltd.	General and administrative expenses		1,472		1,453
Woori Finance Research Institute Co., Ltd.	Fees and commissions expenses		2,100		1,700
Associates of subsidiaries
W Service Networks Co., Ltd.	General and administrative expenses		105		281

(*) The depreciation of right-of-use assets and interest expense of lease liabilities arising from lease transactions during the current term and prior term are included.

- 41 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

(3) The details of the right-of-use assets and lease liabilities due to lease transactions with related parties as of March 31, 2024 and December 31, 2023 are as follows (Unit: Korea Won in millions):

Related parties		Title of account	March 31, 2024		December 31, 2023
Subsidiary	Woori Bank	Right-of-use assets		2,227		2,970
		Lease liabilities (*)		2,021		2,658
	Woori Financial Capital Co., Ltd.	Right-of-use assets		201		226
		Lease liabilities (*)		214		238

(*) Cash outflows of lease liabilities redemption for the years ended March 31, 2024 and 2023 are 693 million Won and 690 million Won, respectively.

(4) The details of loan and borrowing transactions with related parties for the three-month periods ended March 31, 2024 and 2023 are as follows (Unit: Korea Won in millions):

			For the three-month period ended March 31, 2024
Related parties		Title of account	Beginning balance		Increase		Decrease		Ending balance
Subsidiary	Woori Bank	Due from banks (*)		1,354,000		1,507,000		874,000		1,987,000

(*) Excludes due from banks without withdrawal limitations.

			For the three-month period ended March 31, 2023
Related parties		Title of account	Beginning balance		Increase		Decrease		Ending balance
Subsidiary	Woori Bank	Deposit (*)		1,595,000		1,855,000		1,265,000		2,185,000

(*) Excludes due from banks without withdrawal limitations.

- 42 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

(5) The details of equity-related transactions with related parties are as follows (Unit: Korean Won in million)

		For the three-month period ended March 31, 2024
Related parties		Acquisition of interests
Subsidiary	Woori Asset Trust Co Ltd (*1)		200,000
Subsidiary	Woori Asset Management Corp (*2)		41,376

(*1) During the current period, the capital increase amount of 200,000 million Won was made.

(*2) The Company acquired interest (22.5%) of Woori Asset Management Corp to make it wholly owned subsidiary.

		For the three-month period ended March 31, 2023
Related parties		Acquisition of hybrid securities
Subsidiary	Woori Asset Trust Co., Ltd(*1)		179,444
Subsidiary	Woori Venture Partners Co., Ltd.(*2)		212,522

(*1) During the quarter, 28.1% interest in Woori Asset Trust Co., Ltd. (excluding treasury stocks, 21.3% when including treasury stocks) was acquired additionally.

(*2) During the quarter, we acquired 53.9% stake in Woori Venture Partners Co., Ltd. (excluding treasury stocks, 52.0% when including treasury stocks) and incorporated into a subsidiary.

(6) There are no guarantees provided to the related parties. The unused commitments and payment guarantees provided from the related parties are as follows (Unit: Korean Won in millions):

Related parties		March 31, 2024		December 31, 2023		Warranty
Subsidiary	Woori Card Co., Ltd.		797		715	Unused loan commitment

(7) Compensation for key management is as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2024		2023
Short-term employee salaries		1,167		1,435
Retirement benefit service costs		47		81
Share-based compensation		1,220		(104	)
Total		2,434		1,412

Key management includes registered executives and non-registered executives. The Company has not recognized any outstanding assets, allowance and related impairment loss due to credit losses from transaction with key management as of March 31, 2024 and December 31, 2023. Liabilities related to key management compensation are 8,792 million Won and 10,457 million Won as of March 31, 2024 and December 31, 2023, respectively.

- 43 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

32. LEASES

(1) The future lease payments under the lease contracts are as follows (Unit: Korean Won in millions):

	March 31, 2024		December 31, 2023
Lease payments:
Within one year		2,392		2,969
After one year but within five years		291		323
Total		2,683		3,292

(2) Total cash outflows from lease are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2024		2023
Cash outflows from lease		782		848

(3) Details of lease payments that are not included in the measurement of lease liabilities due to the fact that they are short-term leases or leases for which the underlying asset is of low value are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2024		2023
Lease payments for which the underlying short-term lease payments		—		13
asset is of low value		29		38

33. EVENTS AFTER THE REPORTING PERIOD

(1) On April 8, 2024, the Company acquired additional interest (1.95%) of Woori Asset Trust Co., Ltd.

(2) On April 26, 2024, the Board of Directors has declared an quarterly dividend of 180 Won per share (133,657 million Won in total) and dividends were paid in May, 2024.

(3) On May 3, 2024, Woori Investment Bank Co., Ltd. (dissolution company), the subsidiary of the Company, and Korea Foss Securities Co., Ltd. (surviving company) entered into a merger agreement. Upon completion of the merger process, subject to resolutions by each company’s shareholder meeting or board of directors and approval by the Financial Services Commission, the merged company is scheduled to be incorporated into our company as a subsidiary.

- 44 -