UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

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

THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2024

Commission File Number: 001-31811

 

 

Woori Financial Group Inc.

(Translation of registrant’s name into English)

 

 

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

(Address of principal executive office)

 

 

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

Form 20-F ☒   Form 40-F ☐

 

 

 

Index

 

1.		Summary of 2024 Third Quarter Business Report
2.		Exhibit 99.1 Woori Financial Group Review Report for 2024 3Q (Consolidated)
3.		Exhibit 99.2 Woori Financial Group Review Report for 2024 3Q (Separate)

 

2

Summary of 2024 Third Quarter Business Report

Table of Contents

 

I.		INTRODUCTION OF THE COMPANY					5
II.		BUSINESS OVERVIEW					5
		1.		Results of Operations			5
		2.		Funding Sources and Uses of Funds			5
		3.		Other Information Necessary for Making Investment Decisions			6
III.		FINANCIAL INFORMATION					11
		1.		Condensed Financial Statements (Consolidated)			11
		2.		Condensed Financial Statements (Separate)			13
		3.		Dividend Information			15
IV.		INDEPENDENT AUDITOR’S OPINION					16
		1.		Independent Auditor’s Opinion			16
		2.		Compensation to the Independent Auditor			16
V.		CORPORATE GOVERNANCE					18
VI.		SHAREHOLDER INFORMATION					18
		1.		Share Distribution			18
		2.		Stock Price and Stock Market Performance			19
VII.		DIRECTORS AND EMPLOYEE INFORMATION					20
		1.		Directors and Executives			20
		2.		Employee Status			21
		3.		Directors’ Compensation			21
		4.		Stock-based Compensation			21

 

3

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

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

 

4

I.	Introduction of the Company

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

 

II.	Business Overview

 

1.	Results of Operations

 

		(unit: billions of Won)
Type		2024 3Q				2023				2022
Operating income			3,581				3,499				4,431
Net non-operating income (expense)			11				18				55
Income before income tax			3,591				3,517				4,485
Income tax expense			874				891				1,161
Net income			2,717				2,627				3,324
Controlling Interest			2,660				2,506				3,142
Non-controlling Interest			57				121				182

Note 1) Based on K-IFRS consolidated financial statements

 

2.	Funding Sources and Uses of Funds

 

a.	Sources of Funds

 

For the periods indicated other than as noted below																												(units: millions of Won, %)
Classification		Funding Source		2024 3Q												2023												2022
				Average Balance				Interest Rate				Proportion				Average Balance				Interest Rate				Proportion				Average Balance				Interest Rate				Proportion
Source		Deposits			350,221,938				2.88				70.05				324,824,465				2.83				68.98				313,019,768				1.45				68.21
		Borrowings			28,160,435				4.19				5.63				28,052,983				4.02				5.96				27,296,742				1.99				5.95
		Debentures			42,934,890				4.03				8.59				42,458,653				3.55				9.02				45,945,392				2.26				10.01
		Others			44,002,505				—				8.80				42,829,998				—				9.09				42,537,152				—				9.27
		Total Liabilities			465,319,768				—				93.07				438,166,099				—				93.05				428,799,054				—				93.44
Total Equity					34,667,963				—				6.93				32,708,219				—				6.95				30,082,662				—				6.56
Total Liabilities & Equity					499,987,731				—				100.00				470,874,318				—				100.00				458,881,716				—				100.00

Note 1) Average Balance : the simple average of the balances at the start of the fiscal year and at the end of each quarter

Note 2) Based on K-IFRS consolidated financial statements

 

5

b.	Use of Funds

 

For the periods indicated other than as noted below																(units: millions of Won, %)
Type		Managed Item		2024 3Q												2023												2022
				Average Balance				Interest Rate				Proportion				Average Balance				Interest Rate				Proportion				Average Balance				Interest Rate				Proportion
Use		Cash & Due from Banks			18,360,557				3.27				3.67				16,692,268				3.26				3.54				16,097,533				1.52				3.51
		Marketable securities			76,339,846				3.67				15.27				75,522,522				3.61				16.04				68,661,882				1.50				14.96
		Loans			358,885,613				4.95				71.78				334,205,508				5.08				70.98				326,710,683				3.73				71.20
		Loans in local currency			308,292,103				4.67				61.66				287,312,990				4.84				61.02				280,414,033				3.53				61.12
		Loans in foreign currency			33,788,510				6.66				6.76				31,215,114				6.64				6.63				30,916,107				4.54				6.74
		Guarantee payments			12,675				1.77				0.00				14,567				2.28				0.00				21,260				2.67				0.00
		Credit card receivables			12,161,632				7.19				2.43				11,215,186				6.85				2.38				10,026,037				7.24				2.18
		Foreign bills bought			4,630,693				5.49				0.93				4,447,651				5.33				0.95				5,333,246				2.58				1.16
		Bad debt expense (Δ)			3,156,769				—				0.63				2,609,403				—				0.55				2,128,867				—				0.46
		Others			49,558,484				—				9.91				47,063,423				—				9.99				49,540,485				—				10.79
Total Assets					499,987,731				—				100.00				470,874,318				—				100.00				458,881,716				—				100.00

Note 1) Average Balance : the simple average of the balances at the start of the fiscal year and at the end of each quarter

Note 2) Based on K-IFRS consolidated financial statements

 

3.	Other Information Necessary for Making Investment Decisions

 

a.	Capital Adequacy Ratios

Group BIS Capital Adequacy Ratios

 

As of the end of the period indicated		(units: billions of Won, %)
Type		2024 3Q				2023				2022
Equity capital (A)			37,251				34,756				31,404
Risk weighted assets (B)			238,294				219,792				205,307
BIS(Capital adequacy) ratio (A/B)			15.63				15.81				15.30

Note 1) BIS (Bank for International Settlements) Capital Adequacy Ratios = Equity capital / Risk weighted assets * 100

Note 2) Based on K-IFRS consolidated financial statements and Basel III standards

Note 3) 2024 3Q figures are estimates only and are subject to change

 

6

Capital Adequacy Ratios for Significant Subsidiaries and Consolidated Companies

 

As of the end of the periods indicated										(units: millions of Won, %)
Name of Company		Type				2024 3Q				2023				2022
Woori Bank Note 2)		BIS ratio Note 1)		Equity capital (A)			31,837,291				28,237,929				26,119,135
				Risk weighted assets (B)			194,206,194				176,073,743				167,432,214
				Capital adequacy ratio (A/B)			16.39				16.04				15.60
Woori Card Note 3)		Adjusted capital ratio					17.33				16.03				16.54
		Tangible common equity ratio					11.78				10.97				11.28
Woori Financial Capital Note 3)		Adjusted capital ratio					13.98				14.35				13.78
		Tangible common equity ratio					11.49				11.48				10.66
Woori Investment Securities Note 4)		Net capital ratio					2,215.21				—				—
		Debt-to-asset ratio					117.51				—				—
Woori Asset Trust Note 5)		Net operating capital ratio					3,564.66				1,284.26				1,189.77
Woori Asset Management Note 3)		Minimum operating capital ratio					721.61				650.26				681.18
Woori Venture Partners Note 6)		Tangible common equity ratio					92.46				90.82				90.92
Woori Savings Bank Note 7)		BIS Capital adequacy ratio Note 1)					17.76				13.21				18.06
Woori Private Equity Asset Management Note 3)		Minimum operating capital ratio					8,542.36				8,618.79				8,937.76

Note 1) BIS (Bank for International Settlements) Capital Adequacy Ratio : Equity capital / Risk weighted assets * 100

Note 2) Figures for Woori Bank are based on the K-IFRS consolidated financial statements and Basel III standards. 2024 3Q figures are estimates only and are subject to change

Note 3) Figures for Woori Card, Woori Financial Capital, Woori Asset Management and Woori Private Equity Asset Management are based on the applicable standards for business reports submitted to the Financial Supervisory Service and their K-IFRS separate financial statements

Note 4) Woori Investment Securities was established in August 2024 through the merger of Korea Foss Securities and Woori Investment Bank, and its figures were calculated as follows:

 

•

Net capital ratio = (Net operating capital – gross risks) / required capital x 100 (based on business reports submitted to the Financial Supervisory Service)

 

•

Debt-to-asset ratio = Real assets / Real debt x 100 (based on K-IFRS consolidated financial statements)

Prior to the merger, in 2022 and 2023, Woori Investment Bank had a BIS capital adequacy ratio of 15.15% and 24.17% respectively, based on K-IFRS consolidated financial statements.

Note 5) Figures for Woori Asset Trust were calculated as follows:

 

•

Net operating capital ratio = (Net operating capital – subordinated borrowings and etc.) / Gross risks (market risk + credit risk + operational risk) (based on K-IFRS separate financial statements)

Note 6) Figures for Woori Venture Partners are based on K-IFRS consolidated financial statements

Note 7) Figures for Woori Savings Bank are based on K-GAAP

 

7

b.	Liquidity Ratios

Won Liquidity Ratios

 

As of the end of the periods indicated																														(units: millions of Won, %)
		2024 3Q												2023												2022
Type		Won Liquidity Assets				Won Liquidity Liabilities				Won Liquidity Ratio				Won Liquidity Assets				Won Liquidity Liabilities				Won Liquidity Ratio				Won Liquidity Assets				Won Liquidity Liabilities				Won Liquidity Ratio
Woori Financial Group Note 1)			818,440				4,849				16,878.5				111,895				8,155				1,372.1				316,876				7,656				4,138.9
Woori Card Note 2)			9,029,853				3,464,038				260.7				9,119,265				2,454,480				371.54				8,282,745				1,832,484				452.0
Woori Financial Capital Note 2)			1,995,988				1,570,877				127.1				1,919,083				1,245,067				154.1				2,468,298				1,205,067				204.8
Woori Investment Securities Note 2)			5,759,686				3,413,025				168.8				4,032,290				1,926,080				209.4				3,128,499				1,802,149				173.6
Woori Asset Trust Note 2)			312,112				6,918				4,511.4				171,860				18,555				926.2				232,036				32,755				708.4
Woori Savings Bank Note 2), Note 3)			487,040				363,950				133.82				434,495				231,003				188.09				534,678				384,493				139.1
Woori Venture Partners Note 2)			161,039				21,732				741.0				103,367				7,210				1,433.6				109,432				10,707				1,022.1
Woori Private Equity Asset Management Note 2)			25,482				1,221				2,087.0				27,506				2,396				1,147.8				23,226				1,897				1,224.4

Note 1) Based on current assets and liabilities within one month of maturity

Note 2) Based on current assets and liabilities within 90 days of maturity

Note 3) Based on K-GAAP

 

8

Foreign Currency (FC) Liquidity Ratios

 

As of the end of the periods indicated																														(units: millions of Won, %)
Type		2024 3Q												2023												2022
		FC Liquidity Assets				FC Liquidity Liabilities				FC Liquidity Ratio				FC Liquidity Assets				FC Liquidity Liabilities				FC Liquidity Ratio				FC Liquidity Assets				FC Liquidity Liabilities				FC Liquidity Ratio
Woori Investment Securities Note 1)			2,259				277				815.10				9,450				7,362				128.36				65,102				63,365				102.74

Note 1) Based on current assets and liabilities within three months of maturity

Liquidity Coverage Ratios (LCR)

 

												(unit: %)
Name of Company		Type		2024 3Q				2023				2022
Woori Bank		Liquidity coverage ratio Note 1)			102.63				101.26				102.40
		Foreign currency liquidity coverage ratio Note 2)			153.55				162.75				143.11
		Ratio of business purpose premises and equipment			9.46				10.20				11.04

Note 1) The LCR is calculated as the average of daily ratios during the applicable period (same as the calculation method used for business disclosures). The applicable LCR requirements for banks were 97.5%, 95.0%, and 92.5% as of September 30, 2024, December 31, 2023, and December 31, 2022, respectively.

Note 2) The foreign currency LCR is calculated based on averages of the amount of each category (same as the calculation method used for business disclosures). The applicable foreign currency LCR requirements for banks were 80% for all applicable periods.

 

c.	Profitability Ratio

 

Type		2024 3Q								2023								2022
		ROA				ROE				ROA				ROE				ROA				ROE
Woori Financial Group
Including non-controlling interests			0.71				11.05				0.54				8.65				0.70				12.21
Excluding non-controlling interests			0.69				10.82				0.52				8.25				0.66				11.54

Note 1) On an annualized basis based on the applicable standards for business reports submitted to the Financial Supervisory Service.

Note 2) Total assets and total equity : the simple average of the balances at the start of the fiscal year and at the end of each quarter

 

9

d.	Asset Quality

Group Asset Quality

 

		(units: billions of Won, %)
Type		2024 3Q				2023				2022
Total loans			397,346				365,780				343,821
Substandard and below loans			2,176				1,357				1,082
Substandard and below loans ratio			0.55				0.37				0.31
Non-performing loans			1,772				1,299				997
NPL ratio			0.45				0.36				0.29
Substandard and below coverage ratio (A/B)			152.4				220.1				217.6
Loan loss reserve (A)			3,317				2,986				2,354
Substandard and below loans (B)			2,176				1,357				1,082

Note 1) Based on the applicable standards for financial holding company business reports submitted to the Financial Supervisory Service

Asset Quality for Significant Subsidiaries and Consolidated Companies

 

																																		(units: %)
Type		2024 3Q												2023												2022
		Substandard and below ratio				NPL ratio				Substandard and below coverage ratio				Substandard and below ratio				NPL ratio				Substandard and below coverage ratio				Substandard and below ratio				NPL ratio				Substandard and below coverage ratio
Woori Bank			0.21				0.17				270.23				0.18				0.17				320.84				0.19				0.16				263.43
Woori Card			1.47				—				105.13				0.97				—				104.92				0.80				—				104.92
Woori Financial Capital			2.13				—				108.36				2.37				—				113.21				1.22				—				198.56
Woori Investment Securities			6.51				—				79.37				0.55				0.55				578.29				0.63				0.58				151.81
Woori Asset Trust			76.38				—				—				32.11				—				—				32.23				—				—
Woori Savings Bank			11.19				—				62.32				3.53				—				101.66				3.22				—				97.54

Note 1) Based on the applicable standards for business reports submitted to the Financial Supervisory Service

Note 2) The 2023 and 2022 figures for Woori Investment Securities represent the figures for Woori Investment Bank figures. Woori Investment Securities was established in August 2024 through the merger of Korea Foss Securities and Woori Investment Bank.

Note 3) Figures for Woori Savings Bank are based on K-GAAP

 

10

III.	Financial Information

 

1.	Condensed Financial Statements (Consolidated)

Summary Consolidated Statement of Financial Position

 

(The Company and its Consolidated Subsidiaries, as of the end of the periods indicated)							(unit: millions of Won)
Classification		2024 3Q				2023				2022
ASSETS
Cash and cash equivalents			33,485,919				30,556,618				34,219,148
Financial assets at fair value through profit or loss (“FVTPL”)			22,124,297				21,544,756				19,860,573
Financial assets at fair value through other comprehensive income			36,699,049				37,891,495				33,085,080
Securities at amortized cost			19,169,176				23,996,172				28,268,516
Loans and other financial assets at amortized cost			420,559,585				373,148,148				355,760,729
Investments in joint ventures and associates			1,843,741				1,795,370				1,305,636
Investment properties			438,753				472,768				387,707
Premises and equipment			3,385,919				3,176,759				3,142,930
Intangible assets and goodwill			1,067,763				996,842				849,114
Assets held for sale			48,022				20,345				13,772
Net defined benefit asset			104,419				240,260				319,280
Current tax assets			64,227				203,542				53,274
Deferred tax assets			69,078				93,366				109,299
Derivative assets (designated for hedging)			69,673				26,708				37,786
Other assets			4,575,576				3,841,787				3,061,552
Total assets			543,705,197				498,004,936				480,474,396
LIABILITIES
Financial liabilities at FVTPL			5,562,845				6,138,313				8,952,399
Deposits due to customers			383,063,074				357,784,297				342,105,209
Borrowings			31,496,518				30,986,746				28,429,603
Debentures			46,702,167				41,239,245				44,198,486
Provisions			621,504				806,031				545,865
Net defined benefit liability			7,175				6,939				35,202
Current tax liabilities			336,849				103,655				843,555
Deferred tax liabilities			672,961				470,311				31,799
Derivative liabilities (designated for hedging)			91,960				153,007				202,911
Other financial liabilities			38,107,983				26,115,005				22,811,868
Other liabilities			839,756				803,897				690,157
Total liabilities			507,502,792				464,607,446				448,847,054
EQUITY
Owners’ equity:			33,752,942				31,666,881				28,761,897
Capital stock			3,802,676				3,802,676				3,640,303
Hybrid securities			3,910,294				3,611,129				3,112,449
Capital surplus			935,620				935,563				682,385
Other equity			(1,534,504	)			(1,668,957	)			(2,423,392	)
Retained earnings			26,638,856				24,986,470				23,750,152
Non-controlling interests			2,449,463				1,730,609				2,865,445
Total equity			36,202,405				33,397,490				31,627,342
Total liabilities and equity			543,705,197				498,004,936				480,474,396
Number of Consolidated Subsidiaries (excluding holding company)			188				179				167

 

11

Summary Consolidated Statement of Comprehensive Income

 

(The Company and its Consolidated Subsidiaries, for the periods indicated)		(unit: millions of Won, except per share amounts)
Classification		2024 3Q				2023 3Q				2023				2022
Operating income			3,581,030				3,365,684				3,499,029				4,430,524
Net interest income			6,614,592				6,599,947				8,742,540				8,696,579
Net fees and commissions income			1,586,802				1,277,648				1,720,481				1,710,170
Dividend income			203,493				152,758				240,293				159,982
Net gain or loss on financial instruments at FVTPL			782,001				704,326				488,486				238,502
Net gain or loss on financial assets at FVTOCI			81,727				(1,868	)			(37,641	)			(21,498	)
Net gain or loss arising on financial assets at amortized cost			265,129				170,754				203,942				74,204
Impairment losses due to credit loss			(1,253,770	)			(1,078,580	)			(1,894,916	)			(885,272	)
General and administrative expenses			(3,158,105	)			(3,055,487	)			(4,443,433	)			(4,529,890	)
Other net operating expenses			(1,540,839	)			(1,403,814	)			(1,520,723	)			(1,012,253	)
Non-operating income			10,539				29,628				18,424				54,850
Net income before income tax expense			3,591,569				3,395,312				3,517,453				4,485,374
Income tax expense			(874,171	)			(863,384	)			(890,559	)			(1,161,392	)
Net income			2,717,398				2,531,928				2,626,894				3,323,982
Net income attributable to owners			2,659,867				2,438,182				2,506,296				3,141,680
Net income attributable to the non-controlling interests			57,531				93,746				120,598				182,302
Other comprehensive income (loss), net of tax			131,758				496,607				663,537				(239,819	)
Items that will not be reclassified to profit or loss			(140,526	)			194,164				122,334				216,767
Items that may be reclassified to profit or loss			272,284				302,443				541,203				(456,586	)
Total comprehensive income			2,849,156				3,028,535				3,290,431				3,084,163
Comprehensive income attributable to the owners			2,785,167				2,923,229				3,164,464				2,909,053
Comprehensive income attributable to non-controlling interests			63,989				105,306				125,967				175,110
Net income per share:
Basic and diluted loss per share (in Korean Won)			3,424				3,204				3,230				4,191

 

12

2.	Condensed Financial Statements (Separate)

Summary Statement of Financial Position

 

(The Company, as of the end of the period indicated)		(unit: millions of Won)
Classification		2024 3Q				2023				2022
ASSETS
Cash and cash equivalents			264,553				289,507				313,361
Financial assets at fair value through profit or loss			—				—				689
Financial assets at fair value through other comprehensive income			551,251				539,709				312,771
Loans and other financial assets at amortized cost			1,377,310				1,104,815				2,041,877
Investments in subsidiaries			24,200,367				23,670,476				22,394,915
Premises and equipment			3,438				6,609				11,052
Intangible assets			3,495				4,052				4,859
Net defined benefit asset			—				3,941				5,947
Current tax assets			33,122				158,951				14,350
Deferred tax assets			4,432				7,478				13,433
Other assets			155,982				484				322
Total assets			26,593,950				25,786,022				25,113,576
LIABILITIES
Debentures			1,737,746				1,587,659				1,447,762
Provisions			1,241				1,227				487
Net defined benefit liability			1,096				—				—
Current tax liabilities			285,509				32,125				721,795
Other financial liabilities			122,053				163,621				46,039
Other liabilities			859				392				591
Total liabilities			2,148,504				1,785,024				2,216,674
EQUITY
Capital stock			3,802,676				3,802,676				3,640,303
Hybrid securities			3,910,084				3,610,953				3,112,273
Capital surplus			11,120,236				11,120,236				10,909,281
Other equity			(1,805	)			(7,871	)			(26,186	)
Retained Earnings			5,614,255				5,475,004				5,261,231
Total equity			24,445,446				24,000,998				22,896,902
Total liabilities and equity			26,593,950				25,786,022				25,113,576

 

13

Summary Statement of Comprehensive Income

 

(The Company, for the period indicated)		(unit: millions of Won, except per share amounts)
Classification		2024 3Q				2023 3Q				2023				2022
Operating income:			1,144,086				1,436,887				1,424,670				1,185,627
Net interest expense			6,329				23,246				27,495				(5,030	)
Interest income			42,235				49,360				64,592				25,614
Interest expense			(35,906	)			(26,114	)			(37,097	)			(30,644	)
Net fees and commissions loss			(13,312	)			(13,466	)			(20,097	)			(15,059	)
Fees and commissions income			1,219				1,197				1,625				1,596
Fees and commissions expense			(14,531	)			(14,663	)			(21,722	)			(16,655	)
Dividend income			1,202,111				1,476,550				1,482,956				1,272,393
Net gain or loss on financial instruments at FVTPL			—				2,023				2,023				1,018
Reversal of (Provisions for) impairment losses due to credit loss			6				(703	)			(348	)			(244	)
General and administrative expenses			(51,048	)			(50,763	)			(67,359	)			(67,451	)
Non-operating income (expense)			(161	)			26				(1,043	)			(1,363	)
Net income before income tax expense			1,143,925				1,436,913				1,423,627				1,184,264
Income tax benefit (expense)			(435	)			271				881				(1,015	)
Net income			1,143,490				1,437,184				1,424,508				1,183,249
Other comprehensive income (loss), net of tax			7,283				8,299				18,916				(22,312	)
Items that will not be reclassified to profit or loss			7,283				8,299				18,916				(22,312	)
Net gain or loss on valuation of equity securities at FVTOCI			8,496				8,860				19,789				(24,676	)
Remeasurement of the net defined benefit liability			(1,213	)			(561	)			(873	)			2,364
Total comprehensive income			1,150,773				1,445,483				1,443,424				1,160,937
Net income per share:
Basic and diluted income per share (in Korean Won)			1,375				1,832				1,754				1,499

 

14

3.	Dividend Information

 

Items						2024 3Q				2023				2022
Par value per share (Won)							5,000				5,000				5,000
Net profit (Millions of Won)							2,659,867				2,506,296				3,141,680
Earnings per share (Won)							3,424				3,230				4,191
Total cash dividends (Millions of Won)							400,970				747,302				822,706
Total stock dividends (Millions of Won)							—				—				—
Cash dividend payout ratio (%)							15.07				29.82				26.19
Cash dividend yield (%)			Common Shares				3.4				6.7				8.8
			Preferred Shares				—				—				—
Stock dividend yield (%)			Common Shares				—				—				—
			Preferred Shares				—				—				—
Cash dividend per share (Won)			Common Shares				540				1,000				1,130
			Preferred Shares				—				—				—
Stock dividend per share (Share)			Common Shares				—				—				—
			Preferred Shares				—				—				—

Note 1) The dividends for 2024 3Q include first, second, and third quarter dividends of Won 133,657 million (Won 180 per share) each. The dividends for the third quarter of 2024 were decided through a board resolution on October 18, 2024.

Note 2) The dividends for FY2023 include second quarter dividends of Won 130,748 million (Won 180 per share) and third quarter dividends of Won 135,341 million (Won 180 per share)

Note 3) The dividends for FY2022 include an interim dividend of Won 109,209 million (Won 150 per share)

Note 4) The above cash dividend yield is calculated as the percentage of dividend per share to the arithmetic average price formed in the stock market during the past week, starting from two trading days before the record date. The percentage is rounded to the first decimal place.

 

15

IV.	Independent Auditor’s Opinion

 

1.	Independent Auditor’s Opinion

 

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

Note 1) In its review report attached to this report, KPMG Samjong Accounting Corp. has stated that nothing had come to their attention that caused them to believe that the accompanying consolidated and separate interim financial statements of Woori Financial Group are not presented fairly in all material respects, in accordance with Korean IFRS.

Note 2) In its audit report, KPMG Samjong Accounting Corp. has stated that the financial statements present fairly, in all material respects, the financial position of Woori Financial Group as of December 31, 2023, and its financial performance and its cash flows for the year then ended in accordance with Korean IFRS

Note 3) In its audit report, Samil PricewaterhouseCoopers has stated that the financial statements present fairly, in all material respects, the financial position of Woori Financial Group as of December 31, 2022, and its financial performance and its cash flows for the year then ended in accordance with Korean IFRS.

 

2.	Compensation to the Independent Auditor

 

a.	Audit Services

 

Term

Auditor

Description

Contract

Actual

Fee

Time

Fee

Time

2024 3Q

KPMG Samjong Accounting Corp.

1Q/1H/3Q Review Closing audit (including internal accounting management system)

KRW 1,037 million

9,930 hours

KRW 583 million

5,869 hours

2023

KPMG Samjong Accounting Corp.

1Q/1H/3Q Review Closing audit (including internal accounting management system)

KRW 964 million

9,380 hours

KRW 964 million

9,613 hours

2022

Samil PricewaterhouseCoopers

1Q/1H/3Q Review Closing audit (including internal accounting management system)

KRW 1,068 million

9,380 hours

KRW 1,068 million

8,714 hours

Note 1) Fee excludes VAT

Note 2) Time includes planning time up until the commencement of the applicable services

 

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b.	Other Audit Services

None.

 

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

 

Term		Auditor		Description		Fee
2024 3Q		KPMG Samjong Accounting Corp.		U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2024)		KRW 2,015 million
2023		KPMG Samjong Accounting Corp.		U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2023)		KRW 1,891 million
2022		Samil PricewaterhouseCoopers		U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2022)		KRW 2,240 million

Note 1) Fee excludes VAT

 

d.	Non-Audit Services

 

Term

Date of Execution of Agreement

Description of Service

Service Term

Fees

2023 3Q

March 31, 2024

Tax adjustment (including review relating to application of consolidated tax)

April 1, 2024 ~ June 2, 2025

KRW 68 million

2023

March 31, 2023

Tax adjustment (including review relating to application of consolidated tax)

April 1, 2023 ~ May 31, 2024

KRW 64 million

2022

March 30, 2022

Tax adjustment (including review relating to application of consolidated tax)

April 1, 2022 ~ May 31, 2023

KRW 64 million

Note 1) Fee excludes VAT

 

17

V.	Corporate Governance

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

 

VI.	Shareholder Information

 

1.	Share Distribution

 

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

 

As of September 30, 2024								(units: shares, %)
Name		Relation				Type		Shares Held																Notes
								Beginning balance								Ending balance
								Number				Share				Number				Share
Employee Stock Ownership Association of Woori Financial Group			The largest shareholder			Common			43,990,091				5.85				44,690,661				6.02				—
Employee Stock Ownership Association of Woori Bank			Specially related party of the largest shareholder			Common			25,040,007				3.33				20,182,543				2.72				—
Total						Common			69,030,098				9.18				64,873,204				8.74				—
						Others			—				—				—				—				—

 

b.	Changes in the largest shareholder

 

As of September 30, 2024

(units: shares, %)

Change of Date

Largest Shareholder

Number Held

Share

Notes

December 9, 2021

Employee Stock Ownership Association of Woori Financial Group and 1 other

71,346,178

9.80

Purchased 1.00% of the KDIC’s remaining shares of Woori Financial Group (8.80% shares already held) Note 1)

Note 1) Refer to the prior disclosure on Form 6-K on December 10, 2021, “Changes in the Largest Shareholder” for further details.

 

18

c.	Share Ownership of More Than 5%

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

 

2.	Stock Price and Stock Market Performance

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

 

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VII.	Directors and Employee Information

 

1.	Directors and Executives

 

As of September 30, 2024

Position

Name

Common Shares Owned

Term Commencement Date

Expiration of Term

Chief Executive Officer

Registered

Jong-Yong Yim

10,000

March 24, 2023

Note 1)

Outside Director

Registered

In-Sub Yoon

—

January 27, 2022

Note 2)

Outside Director

Registered

Chan-Hyoung Chung

10,532

January 11, 2019

Note 2)

Outside Director

Registered

Su-Young Yun

—

March 24, 2023

Note 2)

Outside Director

Registered

Yo-Hwan Shin

—

January 27, 2022

Note 2)

Outside Director

Registered

Sung-Bae Ji

—

March 24, 2023

Note 2)

Outside Director

Registered

Eun-Ju Lee

—

March 28, 2024

Note 1)

Outside Director

Registered

Sunyoung Park

—

March 26, 2024

Note 1)

Deputy President

Non-Registered

Sung-Wook Lee

16,000

February 25, 2022

February 10,2025

Deputy President

Non-Registered

Gwang-Ik Jang

1,200

April 3, 2023

April 2, 2025

Deputy President

Non-Registered

Il-Jin Ouk

4,000

December 8, 2023

November 30, 2024

Deputy President

Non-Registered

Jang-Keun Park

2,000

December 8, 2023

March 6, 2025

Deputy President

Non-Registered

Jung-Soo Lee

6,890

December 8, 2023

March 6, 2025

Deputy President

Non-Registered

Chan-Ho Jeong

7,492

December 8, 2023

November 30, 2025

Deputy President

Non-Registered

Yoon-Hong Song

—

December 8, 2023

November 30, 2025

Deputy President

Non-Registered

Kyu-Hwang Jeong

11,741

December 8, 2023

July 4, 2026

Managing Director

Non-Registered

Hae-Kwang Lee

—

December 8, 2023

December 22, 2024

Note 1) Until the end of the annual general meeting of shareholders for FY2025.

Note 2) Until the end of the annual general meeting of shareholders for FY2024.

Note 3) Term commencement date: date of inauguration for registered officers or directors / date of appointment for non-registered officers or directors

Note 4) Common shares owned are as of the date of submission of this report, and those owned by executives exclude the shares owned through the Employee Stock Ownership Association.

 

20