EX-99.1

EX-99.1 2 d881698dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF AND FOR THE THREE-MONTH AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2024 AND 2023

WOORI FINANCIAL GROUP INC.


	Page(s)
Independent Auditor’s Review Report		1-2

Consolidated Interim Financial Statements

Consolidated Interim Statements of Financial Position		4

Consolidated Interim Statements of Comprehensive Income		5-6

Consolidated Interim Statements of Changes in Equity		7

Consolidated Interim Statements of Cash Flows		8-9

Notes to the Consolidated Interim Financial Statements		10-150

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 consolidated interim financial statements of Woori Financial Group Inc. and its subsidiaries (collectively the “Group”), which comprise the consolidated interim statement of financial position as of September 30, 2024, the consolidated interim statements of comprehensive income for the three-month and nine-month periods ended September 30, 2024, the consolidated interim statement of changes in equity and cash flows for the nine-month periods ended September 30, 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 consolidated 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 consolidated 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 consolidated interim financial statements based on our review.

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 that the accompanying condensed consolidated 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 consolidated interim financial statements may differ from those generally accepted and applied in other countries.

The consolidated statement of financial position of the Group as of December 31, 2023, and the related consolidated 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 consolidated statement of financial position of the Group 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

November 14, 2024

This report is effective as of November 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 consolidated 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. AND SUBSIDIARIES

CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF AND FOR THE THREE-MONTH AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2024 AND 2023

The accompanying consolidated interim 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: (Address) 51, Sogong-ro, Jung-gu, Seoul

(Phone Number) 02-2125-2000

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

AS OF SEPTEMBER 30, 2024 (UNAUDITED) AND DECEMBER 31, 2023


	September 30, 2024			December 31, 2023

	(Korean Won in millions)
ASSETS
Cash and cash equivalents (Notes 4 and 6)		33,485,919			30,556,618
Financial assets at fair value through profit or loss (“FVTPL”) (Notes 4, 7, 11, and 24)		22,124,297			21,544,756
Financial assets at fair value through other comprehensive income (“FVTOCI”) (Notes 4, 8, and 11)		36,699,049			37,891,495
Securities at amortized cost (Notes 4, 9, and 11)		19,169,176			23,996,172
Loans and other financial assets at amortized cost (Notes 4, 10, 11, and 39)		420,559,585			373,148,148
Investments in joint ventures and associates (Note 12)		1,843,741			1,795,370
Investment properties (Note 13)		438,753			472,768
Premises and equipment (Note 14)		3,385,919			3,176,759
Intangible assets (Note 15)		1,067,763			996,842
Assets held for sale (Note 16)		48,022			20,345
Net defined benefit asset (Note 22)		104,419			240,260
Current tax assets		64,227			203,542
Deferred tax assets		69,078			93,366
Derivative assets (Designated for hedging) (Notes 4, 11 and 24)		69,673			26,708
Other assets (Notes 17, 39 and 40)		4,575,576			3,841,787

Total assets		543,705,197			498,004,936

LIABILITIES
Financial liabilities at fair value through profit or loss (“FVTPL”) (Notes 4, 11, 18 and 24)		5,562,845			6,138,313
Deposits due to customers (Notes 4, 11, 19 and 39)		383,063,074			357,784,297
Borrowings (Notes 4, 11 and 20)		31,496,518			30,986,746
Debentures (Notes 4, 11 and 20)		46,702,167			41,239,245
Provisions (Notes 21, 38 and 39)		621,504			806,031
Net defined benefit liability (Note 22)		7,175			6,939
Current tax liabilities		336,849			103,655
Deferred tax liabilities		672,961			470,311
Derivative liabilities (Designated for hedging) (Notes 4, 11 and 24)		91,960			153,007
Other financial liabilities (Notes 4, 11, 23, 39 and 40)		38,107,983			26,115,005
Other liabilities (Notes 23 and 39)		839,756			803,897

Total liabilities		507,502,792			464,607,446

EQUITY
Owners’ equity (Note 26)
Capital stock		3,802,676			3,802,676
Hybrid securities		3,910,294			3,611,129
Capital surplus		935,620			935,563
Other equity		(1,534,504	)		(1,668,957	)
Retained earnings		26,638,856			24,986,470

		33,752,942			31,666,881

Non-controlling interests		2,449,463			1,730,609

Total equity		36,202,405			33,397,490

Total liabilities and equity		543,705,197			498,004,936

The accompanying notes are part of this consolidated interim financial statements.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE-MONTH AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)


	Periods ended September 30, 2024						Periods ended September 30, 2023
	Three-month			Nine-month			Three-month			Nine-month

	(Korean Won in millions, except per share data)
Interest income		5,528,854			16,416,730			5,239,272			15,217,149
Financial assets at FVTPL		63,077			177,943			50,105			141,722
Financial assets at FVTOCI		321,039			947,675			269,284			706,080
Financial assets at amortized cost		5,144,738			15,291,112			4,919,883			14,369,347
Interest expense		(3,309,361	)		(9,802,138	)		(3,052,318	)		(8,617,202	)

Net interest income (Notes 11, 28 and 39)		2,219,493			6,614,592			2,186,954			6,599,947

Fees and commissions income		727,044			2,160,227			641,235			1,902,513
Fees and commissions expense		(198,408	)		(573,425	)		(205,852	)		(624,865	)

Net fees and commissions income (Notes 11, 29 and 39)		528,636			1,586,802			435,383			1,277,648

Dividend income (Notes 11, 30 and 39)		50,755			203,493			60,753			152,758
Net gain on financial instruments at FVTPL (Notes 11, 31 and 39)		(120,117	)		782,001			343,809			704,326
Net gain (loss) on financial assets at FVTOCI (Notes 11 and 32)		43,212			81,727			(1,470	)		(1,868	)
Net gain arising on financial assets at amortized cost (Note 11)		99,484			265,129			55,046			170,754
Impairment losses due to credit loss (Notes 11, 33 and 39)		(478,278	)		(1,253,770	)		(260,765	)		(1,078,580	)
General and administrative expense (Notes 34 and 39)		(1,057,118	)		(3,158,105	)		(997,571	)		(3,055,487	)
Other net operating expense (Notes 11, 24, 34 and 39)		(109,046	)		(1,540,839	)		(603,893	)		(1,403,814	)

Operating income		1,177,021			3,581,030			1,218,246			3,365,684

Share of gain of joint ventures and associates (Note 12)		15,945			55,576			28,741			99,724
Other non-operating income and expense		7,744			(45,037	)		(208	)		(70,096	)

Non-operating income (Note 35)		23,689			10,539			28,533			29,628

Net income before income tax expense		1,200,710			3,591,569			1,246,779			3,395,312

Income tax expense (Note 36)		(283,732	)		(874,171	)		(328,663	)		(863,384	)

Net income		916,978			2,717,398			918,116			2,531,928

Net gain (loss) on valuation of equity securities at FVTOCI		13,793			(72,141	)		85,920			216,712
Net gain on credit risk fluctuation of financial liabilities designated to be measured at FVTPL		324			1,161			—			—
Changes in capital due to equity method		(188	)		(1,750	)		5,584			8,541
Remeasurement gain (loss) related to defined benefit plan		(18,304	)		(67,796	)		30,641			(31,089	)

Items that will not be reclassified to profit or loss:		(4,375	)		(140,526	)		122,145			194,164

Net gain (loss) on valuation of debt securities at FVTOCI		132,597			178,366			(12,932	)		177,988
Changes in capital due to equity method		2,719			(2,236	)		(4,676	)		(5,343	)
Net gain (loss) on foreign currency translation of foreign operations		(110,626	)		108,528			27,198			187,188
Net gain (loss) on valuation of hedges of net investments in foreign operations		44,246			(19,203	)		(20,336	)		(49,265	)
Net gain (loss) on valuation of cash flow hedge		599			6,829			2,748			(8,125	)

Items that may be reclassified to profit or loss:		69,535			272,284			(7,998	)		302,443

Other comprehensive income, net of tax		65,160			131,758			114,147			496,607

Total comprehensive income		982,138			2,849,156			1,032,263			3,028,535

(Continued)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE-MONTH AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)


	Periods ended September 30, 2024				Periods ended September 30, 2023
	Three-month		Nine-month		Three-month		Nine-month

	(Korean Won in millions, except per share data)
Net income attributable to:		916,978		2,717,398		918,116		2,531,928
Net income attributable to owners		904,371		2,659,867		899,306		2,438,182
Net income attributable to non-controlling interests		12,607		57,531		18,810		93,746

Total comprehensive income attributable to:		982,138		2,849,156		1,032,263		3,028,535
Comprehensive income attributable to owners		965,674		2,785,167		1,015,334		2,923,229
Comprehensive income attributable to non-controlling interests		16,464		63,989		16,929		105,306

Earnings per share (Note 37)
Basic and diluted earnings per share (Unit: In Korean Won)		1,162		3,424		1,174		3,204

The accompanying notes are part of these consolidated interim financial statements.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)


	Capital Stock		Hybrid securities			Capital surplus			Other equity			Retained earnings			Owners’ equity in total			Non- controlling interests			Total equity

	(Korean Won in millions)
January 1, 2023		3,640,303		3,112,449			682,385			(2,423,392	)		23,750,152			28,761,897			2,865,445			31,627,342
Total comprehensive income
Net income		—		—			—			—			2,438,182			2,438,182			93,746			2,531,928
Net gain (loss) on valuation of financial instruments at FVTOCI		—		—			—			394,758			—			394,758			(58	)		394,700
Net gain (loss) due to disposal of equity securities at FVTOCI		—		—			—			68			(68	)		—			—			—
Changes in capital due to equity method		—		—			—			3,229			(50	)		3,179			19			3,198
Gain on foreign currency translation of foreign operations		—		—			—			175,571			—			175,571			11,617			187,188
Loss on valuation of hedges of net investments in foreign operations		—		—			—			(49,265	)		—			(49,265	)		—			(49,265	)
Loss on valuation of cash flow hedge		—		—			—			(8,125	)		—			(8,125	)		—			(8,125	)
Remeasurement loss related to defined benefit plan		—		—			—			(31,071	)		—			(31,071	)		(18	)		(31,089	)
Transactions with owners and others
Comprehensive stock exchange		162,373		—			249,018			—			—			411,391			(414,024	)		(2,633	)
Dividends to common stocks		—		—			—			—			(843,797	)		(843,797	)		(11,637	)		(855,434	)
Changes in treasury stocks		—		—			582			(145,492	)		—			(144,910	)		—			(144,910	)
Issuance of hybrid securities		—		498,680			—			—			—			498,680			—			498,680
Dividends to hybrid securities		—		—			—			—			(95,892	)		(95,892	)		(69,776	)		(165,668	)
Redemption of hybrid securities		—		—			—			(1,476	)		—			(1,476	)		(897,995	)		(899,471	)
Changes in subsidiaries’ capital		—		—			(1,869	)		60,491			(60,738	)		(2,116	)		(1,927	)		(4,043	)
Changes in non-controlling interests related to business combinations		—		—			—			—			—			—			138,479			138,479
Others		—		—			4,910			73,285			—			78,195			(77,685	)		510

September 30, 2023 (Unaudited)		3,802,676		3,611,129			935,026			(1,951,419	)		25,187,789			31,585,201			1,636,186			33,221,387

January 1, 2024		3,802,676		3,611,129			935,563			(1,668,957	)		24,986,470			31,666,881			1,730,609			33,397,490
Total comprehensive income
Net income		—		—			—			—			2,659,867			2,659,867			57,531			2,717,398
Net gain (loss) on valuation of financial instruments at FVTOCI		—		—			—			106,235			—			106,235			(10	)		106,225
Net gain (loss) due to disposal of equity securities at FVTOCI		—		—			—			4,843			(4,843	)		—			—			—
Net gain on credit risk fluctuation of financial liabilities designated to be measured at FVTPL		—		—			—			1,161			—			1,161			—			1,161
Changes in capital due to equity method		—		—			—			(3,986	)		—			(3,986	)		—			(3,986	)
Gain on foreign currency translation of foreign operations		—		—			—			102,051			—			102,051			6,477			108,528
Loss on valuation of hedges of net investments in foreign operations		—		—			—			(19,203	)		—			(19,203	)		—			(19,203	)
Gain on valuation of cash flow hedge		—		—			—			6,829			—			6,829			—			6,829
Remeasurement loss related to defined benefit plan		—		—			—			(67,787	)		—			(67,787	)		(9	)		(67,796	)
Transactions with owners and others
Dividends to common stocks		—		—			—			—			(745,218	)		(745,218	)		(3,820	)		(749,038	)
Net increase (decrease) of treasury stocks		—		—			821			3,832			(136,688	)		(132,035	)		—			(132,035	)
Issuance of hybrid securities		—		797,948			—			—			—			797,948			757,970			1,555,918
Dividends to hybrid securities		—		—			—			—			(119,025	)		(119,025	)		(49,556	)		(168,581	)
Redemption of hybrid securities		—		(498,783	)		—			(1,217	)		—			(500,000	)		—			(500,000	)
Changes in subsidiaries’ capital		—		—			12,256			1,695			(1,695	)		12,256			(12,488	)		(232	)
Changes in non-controlling interests related to business combinations		—		—			(1,148	)		—			—			(1,148	)		5,599			4,451
Others		—		—			(11,872	)		—			(12	)		(11,884	)		(42,840	)		(54,724	)

September 30, 2024 (Unaudited)		3,802,676		3,910,294			935,620			(1,534,504	)		26,638,856			33,752,942			2,449,463			36,202,405

The accompanying notes are part of these consolidated interim financial statements.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)


	For the nine-month periods ended September 30
	2024			2023

	(Korean Won in millions)
Cash flows from operating activities:
Net income		2,717,398			2,531,928
Adjustments to net income:
Income tax expense		874,171			863,384
Interest income		(16,416,730	)		(15,217,149	)
Interest expense		9,802,138			8,617,202
Dividend income		(203,493	)		(152,758	)

		(5,943,914	)		(5,889,321	)

Additions of expenses not involving cash outflows:
Loss on financial assets at FVTOCI		4,609			9,781
Impairment loss due to credit loss		1,253,770			1,078,580
Loss on other provisions		34,549			61,182
Retirement benefit		96,738			85,023
Depreciation and amortization		858,165			729,278
Net loss on foreign currency translation		331,448			750,573
Loss on derivatives (designated for hedge)		777			68,426
Loss on fair value hedge		95,686			24,162
Loss on valuation of investments in joint ventures and associates		12,891			6,949
Loss on disposal of investments in joint ventures and associates		432			339
Loss on disposal of premises and equipment, intangible assets and other assets		1,470			1,703
Impairment loss on premises and equipment, intangible assets and other assets		1,363			69

		2,691,898			2,816,065

Deductions of income not involving cash inflows:
Gain on financial instruments at FVTPL		576,610			318,970
Gain on financial assets at FVTOCI		86,336			7,913
Gain on other provisions		21,963			4,002
Gain on derivatives (designated for hedge)		112,323			81,036
Gain on fair value hedge		1,016			48,705
Gain on valuation of investments in joint ventures and associates		68,466			106,673
Gain on disposal of investments in joint ventures and associates		17,855			32,817
Gain on disposal of premises and equipment, intangible assets and other assets		3,401			3,513
Reversal of impairment loss on premises and equipment, intangible assets and other assets		62			264

		888,032			603,893

Changes in operating assets and liabilities:
Financial instruments at FVTPL		(18,667	)		(1,044,019	)
Loans and other financial assets at amortized cost		(48,036,782	)		(8,010,400	)
Other assets		(1,054,376	)		(670,284	)
Deposits due to customers		24,139,967			(8,464,502	)
Provisions		(189,224	)		(25,671	)
Net defined benefit liabilities		(48,770	)		(121,509	)
Other financial liabilities		10,696,733			8,030,916
Other liabilities		28,688			36,691

		(14,482,431	)		(10,268,778	)

Interest income received		16,699,317			14,717,780
Interest expense paid		(8,606,952	)		(6,869,114	)
Dividends received		186,547			129,585
Income tax paid		(285,752	)		(1,269,802	)

		7,993,160			6,708,449

Net cash outflow from operating activities		(7,911,921	)		(4,705,550	)

(Continued)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)


	For the nine-month periods ended September 30
	2024			2023

	(Korean Won in millions)
Cash flows from investing activities
Net cash outflows from acquisition of control		2,008			(209,643	)
Net cash outflows from losing of control		—			(1,182	)
Disposal of financial instruments at FVTPL		8,605,032			7,909,655
Acquisition of financial instruments at FVTPL		(8,788,187	)		(9,068,573	)
Disposal of financial assets at FVTOCI		21,599,383			15,269,311
Acquisition of financial assets at FVTOCI		(19,871,339	)		(17,749,746	)
Redemption of securities at amortized cost		5,993,180			6,839,671
Acquisition of securities at amortized cost		(1,087,193	)		(3,546,751	)
Net cash outflows from changes in subsidiaries		(486,903	)		(412,995	)
Disposal of investments in joint ventures and associates		1,027,811			76,252
Acquisition of investments in joint ventures and associates		(868,337	)		(257,386	)
Disposal of investment properties		61,378			—
Acquisition of investment properties		—			(91,272	)
Disposal of premises and equipment		10,193			13,249
Acquisition of premises and equipment		(174,088	)		(85,184	)
Disposal of intangible assets		4,216			1,485
Acquisition of intangible assets		(145,601	)		(146,253	)
Disposal of assets held for sale		3,300			6,876
Net increase in other assets		(131,536	)		9,301

Net cash inflow (outflow) from investing activities		5,753,317			(1,443,185	)

Cash flows from financing activities:
Net cash inflow (outflow) from hedging activities		12,485			10,113
Net increase (decrease) in borrowings		155,483			2,149,818
Issuance of debentures		29,840,165			22,420,802
Redemption of debentures		(24,857,865	)		(24,966,275	)
Redemption of lease liabilities		(175,226	)		(124,107	)
Net increase (decrease) of other liabilities		(17,082	)		393
Acquisition of treasury stocks		(136,711	)		(146,274	)
Disposal of treasury stocks		4,847			12,456
Dividends paid		(745,218	)		(843,797	)
Issuance of hybrid securities		1,555,918			498,680
Redemption of hybrid securities		(500,437	)		(900,000	)
Dividends paid to hybrid securities		(168,581	)		(165,668	)
Dividends paid to non-controlling interest		(3,820	)		(11,637	)
Changes in non-controlling interests		(41,375	)		(180,514	)
Net increase (decrease) in non-controlling equity liabilities		(84	)		5,086

Net cash inflow (outflow) from financing activities		4,922,499			(2,240,924	)

Effects of exchange rate changes on cash and cash equivalents		165,406			62,337
Net increase (decrease) in cash and cash equivalents		2,929,301			(8,327,322	)
Cash and cash equivalents, beginning of the period		30,556,618			34,219,148

Cash and cash equivalents, end of the period (Note 6)		33,485,919			25,891,826

The accompanying notes are part of these consolidated interim financial statements.

- 9 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)

1.	GENERAL

(1)	Summary of the Parent company

Woori Financial Group, Inc. (hereinafter referred to as the “Parent 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 (hereinafter referred to as the “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 Parent company is located at 51, Sogong-ro, Jung-gu, Seoul, Korea, and the capital stock is 3,802,676 million Won. The Parent 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 between the Parent 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		1.0000000		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 Parent 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 Parent 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 Parent company paid 598,391 million Won in cash and 42,103,377 new shares of the Parent company to acquire 100% interest of Woori Card Co., Ltd. from its subsidiary, Woori Bank, on September 10, 2019. On the same date, the Parent company also acquired 59.8% interest of Woori Investment Securities Co., Ltd. (formerly, Woori Investment Bank Co., Ltd.) from Woori Bank with 392,795 million Won in cash.

As of December 30, 2019, the Parent company acquired a 67.2% interest (excluding treasury stocks, 51% interest including treasury stocks) in Woori Asset Trust Co., Ltd. (formerly Kukje Asset Trust Co., Ltd.) and added it as a consolidated subsidiary at the end of 2019. As of March 31, 2023, it acquired an additional 28.1% interests (excluding treasury stock, 21.3% in the case of including treasury stock).

The Parent company acquired 76.8% (excluding treasury stocks, 74.0% interest including treasury stocks) interest in Woori Financial Capital Co., Ltd. (formerly Aju Capital Co., Ltd.) on December 10, 2020. In addition, as of April 15, 2021, the Parent company acquired 13.3% interests (excluding treasury stock, 12.9% when including treasury stock) in Woori Financial Capital Co., Ltd., and as of May 24, 2021, the Parent company additionally acquired treasury stock (3.6%) which Woori Financial Capital Co., Ltd. possessed.

The Parent company paid 113,238 million Won in cash to acquire 100% interest of Woori Savings Bank from its subsidiary, Woori Financial Capital Co., Ltd., on March 12, 2021.

As of August 10, 2021, the Parent company paid 5,792,866 new shares of the Parent company to the shareholders of Woori Financial Capital Co., Ltd. (excluding the Parent 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, the Parent company established Woori Financial F&I Co., Ltd., an investment company for non-performing loans and restructuring companies (100% interest, 200 billion Won in stock payments) and included it as a subsidiary.

- 10 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)

As of March 23, 2023, the Parent company acquired a 53.9% interest (excluding treasury stocks, 52.0% interest including treasury stocks) in Woori Venture Partners Co., Ltd. (formerly Daol Investment Co., Ltd.), and added it as a consolidated subsidiary. As of May 30, 2023, the Parent company additionally acquired treasury stock (3.5%) which Woori Venture Partners Co., Ltd. possessed.

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

The Parent company’s percentage of ownership in Woori Asset Management Corp. after the merger between Woori Asset Management Corp. (the surviving company) and Woori Global Asset Management Co., Ltd. (the merged company) is 77.5%. On March 29, 2024, the Parent company acquired the remaining shares (22.5%) of Woori Asset Management Corp., pursuant to which Woori Asset Management Corp. became a wholly-owned subsidiary of the parent company.

On March 25, 2024, the Parent 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. In addition, as of April 8, 2024, the Parent company additionally acquired minority interests (2.0%) of Woori Asset Trust Co., Ltd.

On August 1, 2024, the Group owned 97.1% interest in merged securities firm as a result of the merger between Korea Foss Securities Co., Ltd. (surviving company) and Woori Investment Bank Co., Ltd. (dissolution company). Additionally, there are interests (2.3%) to be acquired through a shareholder agreement by the end of 2024. The merged securities company also changed its name to Woori Investment Securities Co., Ltd.

(2)	Details of the Parent company and subsidiaries (hereinafter ‘Group’) as of September 30, 2024 and December 31, 2023 are as follows:

Percentage of ownership
(%)

Financial
statements date

Subsidiaries

Main business

September 30,
2024

December 31,
2023

Location

Held by Woori Financial Group Inc.

Woori Bank

Bank

100.0

Korea

September 30

Woori Card Co., Ltd.

Finance

100.0

Korea

September 30

Woori Financial Capital Co., Ltd.

Finance

100.0

Korea

September 30

Woori Investment Securities Co., Ltd. (*11)

Securities
brokerage

99.5

100.0

Korea

September 30

Woori Asset Trust Co., Ltd (*1)

Real estate trust

98.7

95.3

Korea

September 30

Woori Savings Bank

Mutual saving
bank

100.0

Korea

September 30

Woori Financial F&I Co., Ltd.

Finance

100.0

Korea

September 30

Woori Asset Management Corp. (*1)

Finance

100.0

73.0

Korea

September 30

Woori Venture Partners

Other financial
services

100.0

Korea

September 30

Woori Global Asset Management Co., Ltd. (*1)

Finance

—

100.0

Korea

—

Woori Private Equity Asset Management Co., Ltd.

Finance

100.0

Korea

September 30

Woori Credit Information Co., Ltd.

Credit
information

100.0

Korea

September 30

Woori Fund Service Co., Ltd.

Financial
support service
business

100.0

Korea

September 30

Woori FIS Co., Ltd.

System software
development &
maintenance

100.0

Korea

September 30

Woori Finance Research Institute Co., Ltd.

Other service
business

100.0

Korea

September 30

- 11 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)

Percentage of ownership
(%)

Financial
statements date

Subsidiaries

Main business

September 30,
2024

December 31,
2023

Location

Held by Woori Bank

Woori America Bank

Finance

100.0

America

September 30

Woori Global Markets Asia Limited

Finance

100.0

Hong Kong

September 30

Woori Bank China Limited

Finance

100.0

China

September 30

AO Woori Bank (*7)

Finance

100.0

Russia

September 30

PT Bank Woori Saudara Indonesia 1906 Tbk

Finance

90.8

84.2

Indonesia

September 30

Banco Woori Bank do Brasil S.A.

Finance

100.0

Brazil

September 30

Korea BTL Infrastructure Fund

Finance

99.9

Korea

September 30

Woori Finance Myanmar Co., Ltd.

Finance

100.0

Myanmar

September 30

Wealth Development Bank

Finance

51.0

Philippines

September 30

Woori Bank Vietnam Limited

Finance

100.0

Vietnam

September 30

Woori Bank (Cambodia) PLC

Finance

100.0

Cambodia

September 30

Woori Bank Europe

Finance

100.0

Germany

September 30

KAMCO Value Recreation First Securitization Specialty Co., Ltd. (*2)

Asset securitization

15.0

Korea

September 30

Jeonju Iwon Ltd. (*2)

Asset securitization

—

Korea

September 30

Wonju I one Inc. (*2)

Asset securitization

—

Korea

September 30

Heitz Third Co., Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori hansoop 1st Co., Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori International First Co., Ltd. (*2) (*5)

Asset securitization

—

Korea

—

Woori QS 1st Co., Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori Display 2nd Co., Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori Dream 2nd Co., Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori K 1st Co., Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori S 1st Co., Ltd. (*2) (*5)

Asset securitization

—

Korea

—

Woori Display 3rd Co., Ltd. (*2)

Asset securitization

—

Korea

September 30

TY 1st Co., Ltd. (*2) (*5)

Asset securitization

—

Korea

—

Quantum Jump the 2nd Co., Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori Gongdeok First Co., Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori HW 1st Co., Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori Dream 3rd Co., Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori SJS 1st Co., Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori Steel 1st Co., Ltd (*2) (*5)

Asset securitization

—

Korea

—

SPG the 1st Co., Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori-HWC 1st Co., Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori HC 3rd Co., Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori Park I 1st co., Ltd (*2)

Asset securitization

—

Korea

September 30

Woori DS 1st co., Ltd (*2) (*5)

Asset securitization

—

Korea

—

Woori HC 4th Co., Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori SKR 1st Co., Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori H chemical 1st Co.,Ltd (*2)

Asset securitization

—

Korea

September 30

HE the 1st Co.,Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori Hub The 1st Co., Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori K The 3rd Co., Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori KF 1st Co., Ltd. (*2)

Asset securitization

—

Korea

September 30

WooriI TS 1st Co., Ltd. (*2) (*5)

Asset securitization

—

Korea

—

Woori H Square 1st Co., Ltd. (*2) (*5)

Asset securitization

—

Korea

—

Woori L Yongsan 1st Co., Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori HC 5th Co., Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori Ladena 1st Co., Ltd. (*2) (*5)

Asset securitization

—

Korea

—

Woori HR 1st Co., Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori Lotte Dongtan 1st Co., Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori HC 6th Co., Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori HO 1st Co., Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori ESG 1st Co.,Ltd. (*2)

Asset securitization

—

Korea

September 30

- 12 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)

Percentage of ownership
(%)

Financial
statements date

Subsidiaries

Main business

September 30,
2024

December 31,
2023

Location

Woori Osiria 1st Co.,Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori Eco 2nd Co.,Ltd. (*2) (*5)

Asset securitization

—

Korea

—

Gangnam Landmark 2nd Co., Ltd (*2)

Asset securitization

—

Korea

September 30

Woori HP the 1st co.,Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori KF 2nd Co., Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori HD 1st co., Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori ST 1st co.,Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori High End 1st co., Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori HW 2nd co., Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori Mirae 1st co., Ltd. (*2)

Asset securitization

—

Korea

September 30

Woori HR 2nt Co., Ltd. (*2) (*10)

Asset securitization

—

Korea

September 30

Woori QS 2nt Co., Ltd. (*2) (*10)

Asset securitization

—

Korea

September 30

Woori Plasma 1st Co., Ltd. (*2) (*10)

Asset securitization

—

Korea

September 30

Woori EUGENE 1st Co.,Ltd (*2) (*10)

Asset securitization

—

Korea

September 30

WOORIWON 1ST, CO,. LIMITED. (*2) (*10)

Asset securitization

—

Korea

September 30

WOORI ENERBILITY 1ST, CO,. LIMITED. (*2) (*10)

Asset securitization

—

Korea

September 30

WOORI HL 1ST, CO,. LIMITED. (*2) (*10)

Asset securitization

—

Korea

September 30

Heungkuk Global Private Placement Investment Trust No. 1 (*3)

Securities investment
and others

98.8

Korea

September 30

AI Partners UK Water Supply Private Placement Investment Trust No.2 (*3)

Securities investment
and others

97.3

England

September 30

Multi Asset Global Real Estate Investment Trust No. 5-2 (*3)

Securities investment
and others

99.0

Korea

September 30

IGIS Australia Investment Trust No. 209-1 (*3)

Securities investment
and others

99.4

Korea

September 30

Woori Global Secondary Private Placement Investment Trust No. 1 (*3)

Securities investment
and others

98.7

98.6

Korea

September 30

JB Airline Private Placement Investment Trust No.8 (*3)

Securities investment
and others

97.0

Korea

September 30

Kiwoom Harmony Private Placement Investment Trust No. 2 (*3)

Securities investment
and others

97.3

97.2

Korea

September 30

Kiwoom Harmony Private Placement Investment Trust No. 1 (*3)

Securities investment
and others

97.4

Korea

September 30

Kiwoom Harmony Private Placement Investment Trust No. 4 (*3)

Securities investment
and others

96.2

Korea

September 30

Principal Guaranteed Trust (*4)

Trust

—

Korea

September 30

Principal and Interest Guaranteed Trust (*4)

Trust

—

Korea

September 30

Held by Multi Asset Global Real Estate Investment Trust No. 5-2 MAGI No.5 LuxCo S.a.r.l.

Asset securitization

54.6

Luxembourg

September 30

Held by MAGI No.5 LuxCo S.a.r.l. ADP 16 Brussels

Asset securitization

100.0

Belgium

September 30

Held by Woori ESG Infrastructure Development General Private Investment Trust No. 1:

Woori Global Infrastructure Development Co., Ltd. (*10)

Other financial
services

100.0

—

Korea

September 30

Namyangju Resource Circulation Facility Development Co., Ltd. (*10)

Other professional
services

100.0

—

Korea

September 30

- 13 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)

Percentage of ownership
(%)

Financial
statements date

Subsidiaries

Main business

September 30,
2024

December 31,
2023

Location

Held by Woori Card Co., Ltd.

TUTU Finance –WCI Myanmar Co., Ltd.

Finance

100.0

Myanmar

September 30

PT Woori Finance Indonesia Tbk.

Finance

84.5

Indonesia

September 30

Woori Card 2020-1 Asset Securitization Specialty Co., Ltd. (*2) (*5)

Asset securitization

—

0.5

Korea

—

Woori Card 2021-1 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

0.5

Korea

September 30

Woori Card 2022-1 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

0.5

Korea

September 30

Woori Card 2022-2 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

0.5

Korea

September 30

Woori Card 2023-1 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

0.5

Korea

September 30

Woori Card 2023-2 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

0.5

Korea

September 30

Held by Woori Financial Capital Co., Ltd.

Specified Money Market Trust

Trust

100.0

Korea

September 30

Held by Woori Investment Securities Co., Ltd.

Seari Second Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

September 30

Namjong ^1st Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

September 30

Bukgeum First Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

September 30

Bukgeum Second Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

September 30

WS1909 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

September 30

WS2003 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

September 30

WS2006 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

September 30

WH2103 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

September 30

WN2103 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

September 30

WH2106 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

September 30

Held by Woori Asset Management Corp.

Woori China Convertible Bond Hedging feeder Investment Trust H (debt-oriented hybrid) (*3)

Securities investment
and others

87.9

84.7

Korea

September 30

Woori China Convertible Bond Master Fund (*3) (*8) (*10)

Securities investment
and others

61.1

—

Korea

September 30

Woori Together TDF 2025 (*3) (*5)

Securities investment
and others

—

30.1

Korea

—

Woori Together TDF 2035 (*3)

Securities investment
and others

41.9

48.0

Korea

September 30

Woori Together TDF 2040 (*3)

Securities investment
and others

36.0

49.2

Korea

September 30

Woori Together TDF 2045 (*3)

Securities investment
and others

58.4

61.0

Korea

September 30

Woori Together TDF 2050 (*3)

Securities investment
and others

41.7

48.9

Korea

September 30

- 14 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)

Percentage of ownership
(%)

Financial
statements date

Subsidiaries

Main business

September 30,
2024

December 31,
2023

Location

Woori K-New Opening Target Return Securities Investment Trust (Equity) (*3) (*10)

Securities investment
and others

58.6

—

Korea

September 30

Woori Didim US Technology and Bio-Healthcare Feeder Investment Trust (*3) (*10)

Securities investment
and others

98.3

—

Korea

September 30

Woori Franklin Technology Master Fund (USD) (*3) (*5) (*8)

Securities investment
and others

—

67.3

Korea

—

Woori Franklin Technology Feeder Fund (H) (*3) (*5)

Securities investment
and others

—

31.4

Korea

—

Woori High Graded Bond Target Return Fund 1 (*3) (*5)

Securities investment
and others

—

87.4

Korea

—

Woori Global Multi Asset Income Private Placement Investment Trust Class Cs (*3) (*5)

Securities investment
and others

—

37.7

Korea

—

Held by Woori Financial F&I Co., Ltd.

WI2203 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

September 30

WM2203 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

September 30

WNI2206 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

September 30

WI2209 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

September 30

WN2212 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

September 30

WK2212 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

September 30

WH2306 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

September 30

WN2306 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

September 30

WNKN2309 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

September 30

WB2309 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

September 30

WI2311 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

September 30

WSB2312 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

September 30

WK2312 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

September 30

WBS2312 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

September 30

WK2403 Asset Securitization Specialty Co., Ltd. (*2) (*10)

Asset securitization

5.0

—

Korea

September 30

WH2403 Securitization Specialty Co., Ltd. (*2) (*10)

Asset securitization

5.0

—

Korea

September 30

WSB2406 Securitization Specialty Co., Ltd. (*2) (*10)

Asset securitization

5.0

—

Korea

September 30

WK2406 Securitization Specialty Co., Ltd. (*2) (*10)

Asset securitization

5.0

—

Korea

September 30

WI2406 Securitization Specialty Co., Ltd. (*2) (*10)

Asset securitization

5.0

—

Korea

September 30

WKN2406 Securitization Specialty Co., Ltd. (*2) (*10)

Asset securitization

5.0

—

Korea

September 30

WS2409 Asset Securitization Specialty Co., Ltd. (*2) (*10)

Asset securitization

5.0

—

Korea

September 30

WSB2409 Asset Securitization Specialty Co., Ltd. (*2) (*10)

Asset securitization

5.0

—

Korea

September 30

VOGO DL General Private Equity Investment Trust 1(*3)

Securities investment
and others

99.8

99.0

Korea

September 30

WFBS 1st Corporate Recovery Private Equity Fund (*10)

Finance

96.2

—

Korea

September 30

- 15 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)

Percentage of ownership
(%)

Financial
statements date

Subsidiaries

Main business

September 30,
2024

December 31,
2023

Location

Held by Woori Venture Partners Co., Ltd.

Woori Venture Partners US

Other financial
services

100.0

America

September 30

Held by Woori Bank, Woori Financial Capital Co., Ltd., and Woori Private Equity Asset Management Co., Ltd. (*6)

Green ESG Growth No.1 Private Equity Fund (*3)

Securities investment
and others

36.5

30.0

Korea

September 30

Woori New Growth Credit Fund 1 (*3)

Securities investment
and others

100.0

Korea

September 30

Woori PE Secondary Fund 1 (*3)

Securities investment
and others

100.0

Korea

September 30

Held by Woori Financial Capital Co., Ltd., Woori Private Equity Asset Management Co., Ltd. and Woori Investment Securities Co., Ltd. (*6)

Japanese Hotel Real Estate Private Equity Fund 1 (*3)

Securities investment
and others

100.0

Korea

September 30

Held by Woori Bank, Woori Financial Capital Co., Ltd., Woori Investment Securities Co., Ltd., Woori Savings Bank and Woori Private Equity Asset Management Co., Ltd. (*6)

Woori Innovative Growth Professional Investment Type Private Investment Trust No.1 (*3)

Securities investment
and others

90.0

Korea

September 30

Held by Woori Bank, Woori Financial Capital Co., Ltd., Woori Investment Securities Co., Ltd. and Woori Private Equity Asset Management Co., Ltd. (*6)

Woori Innovative Growth Professional Investment Type Private Investment Trust No.2 (*3)

Securities investment
and others

85.0

Korea

September 30

Woori Innovative Growth New Deal Private Investment Trust No.3 (*3)

Securities investment
and others

94.3

Korea

September 30

Held by Woori Bank, Woori Financial Capital Co., Ltd., and Woori Investment Securities Co., Ltd. (*6)

Woori GP Commitment Loan General Type Private Investment Trust No.1 (*3)

Securities investment
and others

100.0

Korea

September 30

Woori Equity Bridge Loan General Type Private Investment Trust No.1 (*3)

Securities investment
and others

80.0

Korea

September 30

Woori GP Commitment Loan General Type Private Investment Trust No.2 (*3)

Securities investment
and others

100.0

Korea

September 30

Woori GP Commitment Loan General Type Private Investment Trust No.3 (*3)

Securities investment
and others

100.0

Korea

September 30

Held by Woori Bank, Woori Financial Capital Co., Ltd., and Woori Asset Trust Co., Ltd. (*6)

Woori New Deal(Infrastructure) Policy Fund No.1(*3)

Securities investment
and others

70.0

Korea

September 30

- 16 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)

Percentage of ownership
(%)

Financial
statements date

Subsidiaries

Main business

September 30,
2024

December 31,
2023

Location

Held by Woori bank and Woori Investment Securities Co., Ltd. (*6)

Woori Global Development Infrastructure Synergy Company Private Placement Investment Trust No.1 (*3)

Securities investment
and others

100.0

Korea

September 30

Woori NorthAmerica Infra Private Placement Investment Trust No. 1 (*3)

Securities investment
and others

100.0

Korea

September 30

Woori Infrastructure New Deal Specialized Investment Private Equity Investment Trust No. 1 (*3)

Securities investment
and others

100.0

Korea

September 30

Woori General Type Private Real Estate Investment Trust No.2 (*3)

Securities investment
and others

30.1

Korea

September 30

Woori ESG Infrastructure Development General Type Private Investment Trust No.1 (*3)

Securities investment
and others

100.0

Korea

September 30

Held by Woori bank (*6)

Woori WooriBank Partners General Type Private Investment Trust No.1 (*3)

Securities investment
and others

92.6

Korea

September 30

Woori General Type Private Real Estate Investment Trust No.1 (*3)

Securities investment
and others

84.5

84.3

Korea

September 30

Woori Global Mid-market Secondary General Type Private Investment Trust No.1 (*3)

Securities investment
and others

80.0

Korea

September 30

Woori Woori Bank Partners Professional Type Private Investment Trust No. 2 (*3)

Securities investment
and others

90.9

Korea

September 30

Woori General Type Private Real Estate Investment Trust No.5 (*3)

Securities investment
and others

87.0

Korea

September 30

Woori Senior Loan General Type Private Investment Trust No.2 (*3)

Securities investment
and others

50.0

Korea

September 30

Woori Japan General Type Private Real Estate Feeder Investment Trust No.1-2 (*3)

Securities investment
and others

98.8

Korea

September 30

Woori Japan Blind General Type Private Real Estate Feeder Investment Trust No.1 (*3)

Securities investment
and others

99.9

Korea

September 30

Woori Clean Energy General Type Private Investment Trust No.2 (*3)

Securities investment
and others

30.8

Korea

September 30

Woori Together Institutional USD MMF No.1 C-F (*3)

Securities investment
and others

37.8

63.4

Korea

September 30

Woori ESG Infrastructure Development General Type Private Investment Trust No.2 (*3)

Securities investment
and others

50.0

Korea

September 30

Woori Dongbu Underground Expressway General type Private Special Asset Investment Trust (*3)

Securities investment
and others

40.0

Korea

September 30

Woori Partners General Private Investment Trust No. 3 (*3) (*10)

Securities investment
and others

90.9

—

Korea

September 30

- 17 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)

Percentage of ownership
(%)

Financial
statements date

Subsidiaries

Main business

September 30,
2024

December 31,
2023

Location

Woori Natixis Partnership Global Private Debt Fund No. 1-1 (USD) (*3) (*10)

Securities investment
and others

80.0

—

Korea

September 30

Woori General Private Equity Investment Trust 1 (*3) (*5) (*10)

Securities investment
and others

—

Korea

—

Held by Woori Bank and Woori Financial Capital Co., Ltd. (*6)

Woori Renewable New Deal Fund No.1 (*3)

Securities investment
and others

60.0

Korea

September 30

Woori Equity Investment General Type Private Investment Trust No.1 (*3)

Securities investment
and others

100.0

Korea

September 30

Woori Busan Logistics Infra Private Placement Special Asset Investment Trust (*3)

Securities investment
and others

100.0

Korea

September 30

Woori BIG SATISFACTION SHINJONG MMF 3RD (*3) (*10)

Securities investment
and others

99.7

—

Korea

September 30

Held by Woori Financial Capital Co., Ltd. (*6)

Woori Japan Private Placement Real Estate Feeder Investment Trust No.1-1 (*3)

Securities investment
and others

63.2

Korea

September 30

Held by Woori Bank and Woori Asset Trust Co., Ltd (*6)

Woori General Type Private Real Estate Investment Trust No.6 (*3)

Securities investment
and others

85.8

Korea

September 30

Woori Innovation Growth(Infrastructure) General Type Private Investment Trust No.2 (*3)

Securities investment
and others

46.4

Korea

September 30

Held by Woori bank, Woori Investment Securities Co., Ltd., and Woori Asset Trust Co., Ltd. (*6)

Woori Real Estate Financial Stabilization General Private Investment Trust No. 1 (*3) (*10)

Securities investment
and others

100.0

—

Korea

September 30

Held by Woori Bank, Woori Card Co., Woori Investment Securities Co., Ltd. and Woori Financial Capital Co., Ltd. (*6)

Woori FG Digital Investment Fund ^1st (*3)

Securities investment
and others

100.0

Korea

September 30

Woori Financial Dino Lab Investment Association No. 1 (*3) (*10)

Securities investment
and others

100.0

—

Korea

September 30

Held by Woori Japan Private Placement Real Estate Feeder Investment Trust No.1-1 and Woori Japan Investment Trust No. 1-2 (*6)

Woori Japan Private Placement Real Estate Master Investment Trust No.1 (*3) (*8)

Securities investment
and others

100.0

Korea

September 30

Held by Woori Financial Capital Co., Ltd. and Woori Investment Securities Co., Ltd. (*6)

Woori Japan Private Placement Real Estate Master Investment Trust No.2-1 (*3)

Securities investment
and others

100.0

Korea

September 30

- 18 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)

Percentage of ownership
(%)

Financial
statements date

Subsidiaries

Main business

September 30,
2024

December 31,
2023

Location

Held by Woori Bank and Woori Private Equity Asset Management Co., Ltd. (*6)

Woori Corporate Turnaround No.1 Private Equity Fund (*3)

Securities investment
and others

36.4

Korea

September 30

Held by Woori Japan Blind General Type Private Real Estate Feeder Investment Trust No.1 and Woori Japan General Type Private Real Estate Feeder Investment Trust No.2-1 (*6)

Woori Japan Private Placement Real Estate Master Investment Trust No.2 (*3) (*8)

Securities investment
and others

100.0

Korea

September 30

Held by Woori Japan Private Placement Real Estate Master Investment Trust No.1

GK OK Chatan (*3)

Other financial
services

99.9

Japan

July 31 (*9)

Held by Woori Japan Blind General Type Private Real Estate Feeder Investment Trust No.1 (*6)

Woori Private Placement Investment Trust No. 3 (*3) (*8)

Securities investment
and others

76.5

Korea

September 30

Held by Woori Private Placement Investment Trust No. 3

GK Woorido (*3)

Other financial
services

100.0

Japan

June 30 (*9)

Held by Woori Infrastructure New Deal General Type Private Investment Trust (*6)

Woori Seoul- Chuncheon Highway Private Placement Special Asset Investment Trust No.1 (*3) (*5)

Securities investment
and others

—

48.0

Korea

—

(*1)

The Company acquired additional shares of Woori Asset Management Corp. during the nine-month period ended September 30, 2024. Additionally, Woori Asset Management Corp. merged with Woori Global Management Co., Ltd. through a business combination. Additionally, The Company acquired additional shares of Woori Asset Trust Co., Ltd. during the nine-month period ended September 30, 2024.

(*2)

The entity is a structured entity for the purpose of asset securitization. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns.

(*3)

The entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns.

(*4)

The entity is a ‘money trust’ under the Financial Investment Services and Capital Markets Act. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns.

(*5)	Companies are excluded from the consolidation as of September 30, 2024.

(*6)

Determined that the Group controls the investees, considering the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns, by two or more subsidiaries’ investment or operation.

(*7)

The Russia – Ukraine conflict has been escalated in February 2022, and international sanctions were imposed on Russia. Due to the sanctions, the Group may experience situations such as a decrease in value of financial assets or operating assets owned by the Group regarding the conflict, an increase in receivable payment terms, limitation to transfer funds, decrease in the profit. As of September 30, 2024, the Group expects such conflict and sanctions would have financial impacts on the business of AO Woori Bank, one of the subsidiaries, in the future. However, the Group cannot reasonably predict the financial impacts.

(*8)	As a master-feeder fund, it is the percentage of the feeder fund’s ownership in the master fund.

- 19 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)

(*9)	As the financial statements for the end of the reporting period were not available, the most recent financial statements available from the date of settlement were used.

(*10)

Companies are included in the consolidation during the nine-month period ended September 30, 2024.

(*11)

The percentage includes 2.3% ownership, which is to be acquired by the end of 2024 through an agreement among shareholders.

(3)	The Group has not consolidated the following entities as of September 30, 2024 and December 31, 2023 despite having more than 50% ownership interest:


	As of September 30, 2024
Subsidiaries	Location	Main Business	Percentage of ownership (%)
Mirae Asset Maps Clean Water Private Equity Investment Trust ^7th (*1)	Korea	Securities Investment	59.7
Kiwoom Yonsei Private Equity Investment Trust (*1)	Korea	Securities Investment	88.9
IGIS Europe Private Placement Real Estate Fund No. 163-2 (*2)	Korea	Securities Investment	97.8
IGIS Global Private Placement Real Estate Fund No. 148-1 (*1)	Korea	Securities Investment	75.0
IGIS Global Private Placement Real Estate Fund No. 148-2 (*1)	Korea	Securities Investment	75.0
Mirae Asset Seoul Ring Expressway Private Special Asset Fund No. 1 (*1)	Korea	Securities Investment	66.7
Hangkang Sewage Treatment Plant Fund (*1)	Korea	Securities Investment	55.6
Korea Investment Pocheon Hwado Expressway Professional Investment Fund (*1)	Korea	Securities Investment	55.2
Midas Global Private Placement Real Estate Investment Trust No. 7-2 (*1)	Korea	Securities Investment	58.3
Together-Korea Government Private Pool Private Securities Investment Trust No.3 (*3)	Korea	Securities Investment	100.0
INMARK France Private Placement Investment Trust No. 18-1 (*1)	Korea	Securities Investment	93.8
Kiwoom Vibrato Private Placement Investment Trust 1-W(EUR) (*2)	Korea	Securities Investment	99.5
KOTAM Global Infra Private Fund 1-4 (*2)	Korea	Securities Investment	99.7
UBSHana Class 1 Special Asset Investment Trust 3 Class C 2 (*1)	Korea	Securities Investment	51.0
Consus GyeongJu Green Specialized Private Special Asset Investment Trust 1 (*1)	Korea	Securities Investment	50.0
Kiwoom Harmony Private Placement Investment Trust No. 3 (*1)	Korea	Securities Investment	77.4
Consus Solar Energy Private Placement Investment Truns No.1(*1)	Korea	Securities Investment	50.0
IGIS ESG General Private Investment Trust No.1 (*1)	Korea	Securities Investment	60.0
Kiwoom Aurora Geneal Type Private Placement Investment Trust No. 2 (*1)	Korea	Securities Investment	60.0
NH-Amundi WSCP VIII Private Fund 2 (*1)	Korea	Securities Investment	65.2
AI Partners Global Infrastructure Specialized Privately Placed Feeder Fund Trust No. 2 (*2)	Korea	Securities Investment	100.0
Hangang new deal infra BTL fund 4 (HNBF4) (*1)	Korea	Securities Investment	60.0
IGIS Global Private Placement Real Estate Fund No. 316-1 (*2)	Korea	Securities Investment	99.3
INMARK Spain Private Placement Real Estate Investment Trust No. 26-2 (*2)	Korea	Securities Investment	97.7
Woori Asset Global Partnership Fund No.5 (*4)	Korea	Securities Investment	57.7
Kiwoom Harmony Private Placement Investment Trust No. 6 (*1)	Korea	Securities Investment	76.9
Project Chile PMGD Solar (*2)	Korea	Securities Investment	75.2
Rifa Qualified Investors Private Real Estate Investment Trust No.40 (*2)	Korea	Securities Investment	55.0

(*1)

The Group does not have power over the discretionary fund because the fund manager has the sole authority to decide the relevant activities of the investee. The fund manager’s delegated power is exercised not only for the Group, but also for other investors as well. The Group does not have the power over the fund’s activities even though it holds more than 50% of ownership interest.

(*2)

The Group does not have power over the fund of funds because the Group cannot decide the relevant activities of the fund through the related contract. The Group does not have the power over the fund’s activities even though it holds more than 50% of ownership interest. The Group does not have the power over the fund’s activities even though the Group holds ownership interest.

(*3)

The Group does not have power over the stock market stabilization fund as the fund’s relevant activities are determined by the management committee, over which the Group does not have substantial control. The Group does not have the power over the fund’s activities even though it holds more than 50% of ownership interest.

(*4)	In this fund, one of the parties holds substantive removal rights and can remove the collective investment business operator without any cause. Consequently, the Group have no controls as it exercises decision-making rights as agent.

- 20 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)


	As of December 31, 2023
Subsidiaries	Location	Main Business	Percentage of ownership (%)
Mirae Asset Maps Clean Water Private Equity Investment Trust ^7th (*1)	Korea	Securities Investment	59.7
Kiwoom Yonsei Private Equity Investment Trust (*1)	Korea	Securities Investment	88.9
IGIS Europe Private Placement Real Estate Fund No. 163-2 (*2)	Korea	Securities Investment	97.9
IGIS Global Private Placement Real Estate Fund No. 148-1 (*1)	Korea	Securities Investment	75.0
IGIS Global Private Placement Real Estate Fund No. 148-2 (*1)	Korea	Securities Investment	75.0
Mirae Asset Seoul Ring Expressway Private Special Asset Fund No. 1 (*1)	Korea	Securities Investment	66.7
Hangkang Sewage Treatment Plant Fund (*1)	Korea	Securities Investment	55.6
Korea Investment Pocheon Hwado Expressway Professional Investment Fund (*1)	Korea	Securities Investment	55.1
Midas Global Private Placement Real Estate Investment Trust No. 7-2 (*1)	Korea	Securities Investment	58.3
Together-Korea Government Private Pool Private Securities Investment Trust No.3 (*3)	Korea	Securities Investment	100.0
INMARK France Private Placement Investment Trust No. 18-1 (*1)	Korea	Securities Investment	93.8
Kiwoom Vibrato Private Placement Investment Trust 1-W(EUR) (*2)	Korea	Securities Investment	99.5
KOTAM Global Infra Private Fund 1-4 (*2)	Korea	Securities Investment	99.7
UBSHana Class 1 Special Asset Investment Trust 3 Class C 2 (*1)	Korea	Securities Investment	51.0
Consus GyeongJu Green Specialized Private Special Asset Investment Trust 1 (*1)	Korea	Securities Investment	50.0
Kiwoom Harmony Private Placement Investment Trust No. 3 (*1)	Korea	Securities Investment	77.3
Consus Solar Energy Private Placement Investment Trust No.1 (*1)	Korea	Securities Investment	50.0
IGIS ESG General Private Investment Trust No.1 (*1)	Korea	Securities Investment	60.0
Kiwoom Aurora Geneal Type Private Placement Investment Trust No. 2 (*1)	Korea	Securities Investment	60.0
NH-Amundi WSCP VIII Private Fund 2 (*1)	Korea	Securities Investment	65.2
AI Partners Global Infrastructure Specialized Privately Placed Feeder Fund Trust No. 2 (*2)	Korea	Securities Investment	100.0
Hangang new deal infra BTL fund 4 (HNBF4) (*1)	Korea	Securities Investment	60.0
IGIS Global Private Placement Real Estate Fund No. 316-1 (*2)	Korea	Securities Investment	99.3
INMARK Spain Private Placement Real Estate Investment Trust No. 26-2 (*2)	Korea	Securities Investment	97.7
Woori Asset Global Partnership Fund No.5 (*4)	Korea	Securities Investment	57.7
Kiwoom Harmony Private Placement Investment Trust No. 6 (*1)	Korea	Securities Investment	76.9
Rifa Qualified Investors Private Real Estate Investment Trust No.40 (*2)	Korea	Securities Investment	55.0

(*1)

(*2)	The Group does not have power over the fund of funds because the Group cannot decide the relevant activities of the fund through the related contract. The Group does not have the power over the fund’s activities even though it holds more than 50% of ownership interest.

(*3)

(*4)	In this fund, one of the parties holds substantive removal rights and can remove the collective investment business operator without any cause. Consequently, the Group have no controls as it exercises decision-making rights as agent.

(4)	The summarized financial information of the major subsidiaries are as follows. The financial information of each subsidiary was prepared on the basis of consolidated financial statements. (Unit: Korean Won in millions):


	As of September 30, 2024				For the nine-month period ended September 30, 2024
Subsidiaries	Assets		Liabilities		Operating revenue		Net income (loss) attributable to owners			Comprehensive income (loss) attributable to owners
Woori Bank		501,761,489		472,838,104		27,675,438		2,524,362			2,636,038
Woori Card Co., Ltd.		16,965,431		14,190,960		1,609,474		140,204			146,897
Woori Financial Capital Co., Ltd.		12,930,618		11,226,847		1,313,999		115,656			115,398
Woori Investment Securities Co., Ltd.		7,813,525		6,659,247		320,855		9,481			15,236
Woori Asset Trust Co., Ltd.		520,847		45,316		97,204		17,411			17,332
Woori Savings Bank		1,921,628		1,687,354		100,889		(44,879	)		(44,879	)
Woori Financial F&I Co., Ltd.		1,380,165		1,044,057		61,721		11,840			11,840
Woori Asset Management Corp.		195,595		33,811		42,083		9,540			9,498

- 21 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)


	As of September 30, 2024				For the nine-month period ended September 30, 2024
Subsidiaries	Assets		Liabilities		Operating revenue		Net income (loss) attributable to owners			Comprehensive income (loss) attributable to owners
Woori Venture Partners Co., Ltd.		358,077		27,013		54,215		33,198			33,272
Woori Private Equity Asset Management Co., Ltd.		98,962		4,443		7,579		3,098			2,930
Woori Credit Information Co., Ltd.		44,640		6,977		32,482		1,655			1,486
Woori Fund Service Co., Ltd.		29,935		2,659		13,445		3,567			3,567
Woori FIS Co., Ltd.		63,182		19,101		132,759		(4,223	)		(4,177	)
Woori Finance Research Institute Co., Ltd.		5,833		2,181		6,376		(163	)		(188	)


	As of December 31, 2023				For the nine-month period ended September 30, 2023
Subsidiaries	Assets		Liabilities		Operating revenue		Net income (loss) attributable to owners			Comprehensive income (loss) attributable to owners
Woori Bank		458,017,067		431,313,615		30,066,989		2,289,774			2,788,704
Woori Card Co., Ltd.		17,491,193		14,830,408		1,607,739		117,402			110,853
Woori Financial Capital Co., Ltd.		12,417,338		10,796,683		1,127,998		109,084			108,524
Woori Investment Securities Co., Ltd.		6,375,625		5,273,890		317,842		18,432			20,151
Woori Asset Trust Co., Ltd.		337,976		79,747		101,103		52,960			52,837
Woori Savings Bank		1,938,948		1,759,489		94,122		(28,423	)		(28,423	)
Woori Financial F&I Co., Ltd.		877,702		673,265		18,030		1,225			1,225
Woori Asset Management Corp.		161,868		32,780		30,388		4,739			4,725
Woori Venture Partners Co., Ltd. (*)		328,782		30,190		9,951		4,186			6,048
Woori Global Asset Management Co., Ltd.		37,512		13,526		10,166		186			186
Woori Private Equity Asset Management Co., Ltd.		96,006		4,418		7,617		1,849			1,790
Woori Credit Information Co., Ltd.		45,662		7,981		32,779		3,641			3,423
Woori Fund Service Co., Ltd.		27,526		2,758		12,694		3,017			3,017
Woori FIS Co., Ltd.		80,563		32,304		241,214		(5,107	)		(6,475	)
Woori Finance Research Institute Co., Ltd.		6,444		2,603		5,176		(74	)		(129	)

(*)	Additional investment occurred and added it as a consolidated subsidiary during the nine-month period ended September 30, 2023.

- 22 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)

(5)	The financial support that the Group provides to consolidated structured entities is as follows:

•

Structured entity for asset securitization

The structured entity which is established for the purpose of securitization of project financing loans, corporate bonds, and other financial assets. The Group is involved with the structured entity through provision of credit facility over asset-backed commercial papers issued by the entity, originating loans directly to the structured entity, or purchasing 100% of the subordinated debts issued by the structured entity.

•

Structured entity for the investments in securities

The structured entity is established for the purpose of investments in securities. The Group acquires beneficiary certificates through its contribution of funding to the structured entity by the Group, and it is exposed to the risk that it may not be able to recover its fund depending on the result of investment performance of asset managers of the structured entity.

•

Money trust under the Financial Investment Services and Capital Markets Act

The Group provides with financial guarantee of principal and interest or solely principal to some of its trust products. Due to the financial guarantees, the Group may be obliged when the principal and interest or principal of the trust product sold is short of the guaranteed amount depending on the result of investment performance of the trust product.

As of September 30, 2024 and December 31, 2023, the Group provides 2,510,525 million Won and 2,445,644 million Won of credit facilities, respectively, for the structured entities mentioned above. As of September 30, 2024 and December 31, 2023, the purchase commitment amounts to 2,559,826 million Won and 2,848,921 million Won, respectively.

(6)

The Group has entered into various agreements with structured entities such as asset securitization, structured finance, investment fund, and trust contract. The characteristics of interests and the nature of risks related to unconsolidated structured entities over which the Group does not have control in accordance with K-IFRS 1110 are as follows:

The interests in unconsolidated structured entities that the Group hold are classified into asset securitization, structured finance, investment fund and real-estate trust, based on the nature and the purpose of each structured entity.

Unconsolidated structured entities classified as ‘asset securitization’ are entities that issue asset-backed securities, pay the principal and interest or distributes dividends on asset-backed securities through borrowings or profits from the management, operation and sale of securitized assets. The Group has been purchasing commitments of asset-backed securities or issuing asset-backed securities through credit grants, and recognizes related interest or fee revenue. There are entities that provide additional funding and conditional debt acquisition commitments before the Group’s financial support, but the Group is still exposed to losses arising from the purchase of financial assets issued by the structured entities when it fails to renew the securities.

Unconsolidated structured entities classified as ‘structured finance’ include real estate project financing investment vehicle, social overhead capital companies, and special purpose companies for ship (aircraft) financing. Each entity is incorporated as a separate company with a limited purpose in order to efficiently pursue business goals and the fund is raised by equity investment or loans from financial institutions and participating institutions. ‘Structured financing’ is a financing method for large-scale risky business, with investments made based on feasibility of the specific business or project, instead of credit of business owner or physical collaterals. The investors receive profits from the operation of the business. The Group recognizes interest revenue, profit or loss from assessment or transactions of financial instruments, or dividend income. With regard to uncertainties involving structured financing, there are entities that provide financial support such as additional fund, guarantees and prioritized credit grants prior to the Group’s intervention, but the Group is exposed to possible losses due to loss of principal from reduction in investment value or irrecoverable loans arising from failure to collect scheduled cash flows and cessation of projects.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)

Unconsolidated structured entities classified as ‘investment funds’ include investment trusts and private equity funds. An investment trust orders the investment and operation of funds to the trust manager in accordance with trust contract with profits distributed to the investors. Private equity funds finances money required to acquire equity securities to enable direction of management and/or improvement of ownership structure, with profit distributed to the investors. The Group recognizes pro rata amount of dividend income as an investor in the same way as ‘structured finance’, and may be exposed to losses due to reduction in investment value. Investments in MMF(Money Market Funds) as of September 30, 2024 and December 31, 2023 are 565,788 million Won and 1,451,874 million Won, respectively, and there is no additional commitments for MMF.

‘Real estate trust’ is to be entrusted the underlying property for the purpose of managing, disposing, operating or developing from the consignor who owns the property and distributes the proceeds achieved through the trust to the beneficiary. When the consignee does not fulfill his or her important obligations in the trust contract or it is, in fact, difficult to run the business, the Group may be exposed to the threat of compensating the loss.

The total assets of the unconsolidated structured entity held by the Group, the carrying amount of the items recognized in the consolidated financial statements, the maximum loss exposure, and the losses from the unconsolidated structured entity are as follows. The maximum loss exposure includes the amount of investment recognized in the consolidated financial statements and the amount that is likely to be confirmed in the future when satisfies certain conditions by contracts such as purchase commitments, credit offerings.

(unit : Korean Won in millions)


	September 30, 2024
	Asset securitization	Structured Finance	Investment Fund		Real-estate trust
Total asset of the unconsolidated structured entities	10,624,817	126,712,197		273,072,788		2,420,417
Assets recognized in the consolidated financial statements related to the unconsolidated structured entities	7,530,935	5,649,131		7,753,105		172,944
Financial assets at FVTPL	44,718	323,965		6,873,512		12,662
Financial assets at FVTOCI	1,959,211	46,993		—		0
Financial assets at amortized cost	5,527,006	5,276,291		—		160,282
Investments in joint ventures and associates	—	—		879,593		—
Derivative assets	—	1,882		—		—
Liabilities recognized in the consolidated financial statements related to the unconsolidated structured entities	315	2,403		301		14,774
Derivative liabilities	—	555		301		—
Other liabilities (provisions)	315	1,848		—		14,774
The maximum exposure to risks	7,619,989	6,579,989		11,784,522		350,266
Investment assets	7,530,935	5,649,131		7,753,105		172,944
Purchase commitment	—	—		4,023,076		—
Credit offerings and others	89,054	930,858		8,341		177,322
Loss recognized on unconsolidated structured entities	—	63,672		142,477		43,225

- 24 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)

(unit : Korean Won in millions)


	December 31, 2023
	Asset securitization		Structured Finance		Investment Fund		Real-estate trust
Total asset of the unconsolidated structured entities		14,595,681		99,568,859		189,034,319		1,604,210
Assets recognized in the consolidated financial statements related to the unconsolidated structured entities		9,256,063		5,414,037		6,884,658		93,222
Financial assets at FVTPL		205,449		118,026		6,000,877		8,297
Financial assets at FVTOCI		2,802,592		43,696		—		—
Financial assets at amortized cost		6,248,022		5,252,191		66		84,925
Investments in joint ventures and associates		—		—		881,531		—
Derivative assets		—		124		2,184		—
Liabilities recognized in the consolidated financial statements related to the unconsolidated structured entities		248		3,251		2,006		28,838
Derivative liabilities		—		1,243		2,006		—
Other liabilities (provisions)		248		2,008		—		28,838
The maximum exposure to risks		9,333,448		6,444,559		11,069,599		206,651
Investment assets		9,256,063		5,414,037		6,884,658		93,222
Purchase commitment		—		—		4,181,631		—
Credit offerings and others		77,385		1,030,522		3,310		113,429
Loss recognized on unconsolidated structured entities		149		83,885		63,372		19,337

(7)	As of September 30, 2024 and December 31, 2023, the share of non-controlling interests on the net income and equity of subsidiaries in which non-controlling interests are significant are as follows: (Unit: Korean Won in millions):

Accumulated non-controlling interests at the end of the reporting period


	September 30, 2024	December 31, 2023
Woori Bank (*1)	2,304,417	1,546,447
Woori Investment Securities Co., Ltd. (*2)	5,614	—
Woori Asset Trust Co., Ltd. (*3)	6,239	12,517
Woori Asset Management Corp (*4)	—	35,638
PT Bank Woori Saudara Indonesia 1906 Tbk	95,375	103,176
Wealth Development Bank	21,978	21,142
PT Woori Finance Indonesia Tbk.	15,003	13,631

(*1)	Hybrid securities issued by Woori Bank

(*2)	The non-controlling interests were recognized in accordance with merger with Korea Foss Securities Co., Ltd. during the nine-month period ended September 30, 2024.

(*3)	The non-controlling interests decreased in accordance with paid-in capital increase and stock retirement and additional acquisition of minority interests during the nine-month period ended September 30, 2024.

(*4)	The Group made the subsidiary a wholly-owned subsidiary through the merger with Woori Global Asset Management Co., Ltd. and acquisition of shares of Yuanta Securities Korea Co., Ltd. during the nine-month period ended September 30, 2024.

- 25 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)

Net income attributable to non-controlling interests


	For the nine-month periods ended September 30
	2024		2023
Woori Bank (*)		49,556		55,320
Woori Investment Securities Co., Ltd.		18		5,255
Woori Asset Trust Co., Ltd.		395		6,144
Woori Asset Management Corp		530		962
Woori Venture Partners Co., Ltd.		—		880
PT Bank Woori Saudara Indonesia 1906 Tbk		5,764		5,449
Wealth Development Bank		489		460
PT Woori Finance Indonesia Tbk.		750		447

(*)	Distribution of the hybrid securities issued by Woori Bank

Dividends to non-controlling interests


	For the nine-month periods ended September 30
	2024		2023
Woori Bank (*)		49,556		69,776
Woori Investment Securities Co., Ltd.		—		8,302
Woori Asset Trust Co., Ltd		—		365
PT Bank Woori Saudara Indonesia 1906 Tbk		3,450		2,802
PT Woori Finance Indonesia Tbk.		343		138
Korea BTL Infrastructure Fund		28		30

(*)	Distribution of the hybrid securities issued by Woori Bank

- 26 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)

2.	BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICIES

The Group maintains its accounting records in Korean Won and prepares statutory financial statements in the Korean language (Hangul) in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (K-IFRS). The accompanying consolidated interim financial statements have been condensed, restructured and translated into English from the Korean language financial statements. The Group’s condensed consolidated interim financial statements are condensed interim financial statements prepared in applying International Financial Reporting Standards as adopted by the Republic of Korea (“K-IFRS”) 1034 Interim Finance Reporting for some of periods in which the annual consolidated financial statements belong. It is necessary to use the Group’s annual consolidated financial statements for the year ended December 31, 2023 for understanding of the accompanying condensed consolidated interim financial statements.

(1)	From the accounting period beginning on January 1, 2024, the Group has newly applied the following standards and interpretations.

Amendments to Korean IFRS 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 consolidated interim financial statements.

Amendments to Korean IFRS 1007 Statement of Cash Flows, Korean 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. The amendments should be applied for annual periods beginning on or after January 1, 2024, and earlier application is permitted. There is no impact on the consolidated interim financial statements in accordance with the transitional provision that does not require to disclose the relevant information during the interim reporting period within the fiscal year in which these amendments are first applied.

Amendments to Korean IFRS 1116 Leases – 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 consolidated interim financial statements.

- 27 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023 (UNAUDITED)

Amendments to Korean 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 consolidated interim 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 Korean IFRS 1021 The Effects of Changes in Foreign Exchange Rates and 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 Group is in review for the impact of these amendments on the consolidated interim financial statements.

(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 management’s best estimate of the weighted average annual income tax rate expected for the full financial year. The estimated average annual tax rate is applied to the pre-tax income.

3.	MATERIAL ACCOUNTING ESTIMATES AND ASSUMPTIONS

Material accounting estimates and assumptions are continuously evaluated based on a number of factors, including historical experience and expectations of future events that are considered reasonably probable. Accounting estimates calculated based on these definitions may not match actual results.

In preparing interim financial statements, management must apply accounting policies and make judgments, estimates and assumptions that affect assets/liabilities and income/expenses. Therefore, actual results may differ from these estimates.

The significant judgments made by management in applying the accounting policies and key sources of estimation uncertainty for the preparation of interim financial statements are consistent with those made for the annual consolidated financial statements for the year ended December 31, 2023.

- 28 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

4.	RISK MANAGEMENT

The Group is exposed to various risks that may arise from its operating activities and the main types of risks are credit risk, market risk, liquidity risk and etc. The Risk Management Organization analyzes and assesses the level of complex risks in order to manage the risks and the risk management standards such as policies, regulations, management systems and decision-making have been established and operated for sound management of the Group.

The risk management organization is operated by Risk Management Committee, Chief Risk Officer (CRO), and Risk Management Department. The Board of Directors operates a Risk Management Committee comprised of outside directors for professional risk management. The Risk Management Committee plays a role as the top decision-making body in risk management by establishing basic policies for risk management that are in line with the Group’s management strategy and determining the risk level that the Group is willing to take.

The Chief Risk Officer (CRO) assists the Risk Management Committee and operates a Group Risk Management Council comprised of risk management managers of subsidiaries to periodically check and improve the risk burden of external environments and the Group. The risk management department is independent and is in charge of risk management of the Group. It also supports reporting and decision-making of key risk-related issues.

(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 Group’s credit risk exposure to a permissible degree and to optimize its rate of return considering such credit risk.

Credit risk management

To measure credit risk, the Group considers the possibility of failure in performing the obligation by the counterparties, credit exposure to the counterparty, the related default risk and the rate of default loss. The Group uses the credit rating model to assess the possibility of counterparty’s default risk; and when assessing the obligor’s credit rating, other than quantitative methods utilizing financial statements and others, and assessor’s judgement, the Group utilizes credit rating derived using statistical methods.

In order to manage credit risk limit, the Group establishes the appropriate credit line per obligor, company or industry by monitoring obligor’s credit line, total exposures and loan portfolios when approving the loan.

The Group mitigates credit risk resulting from the obligor’s credit condition by using financial and physical collateral, guarantees, netting agreements and purchase of credit derivatives that have low correlation with the obligor’s credit status. The Group has adopted the comprehensive method to mitigate its credit risk. Credit risk mitigation is reflected in qualifying financial collateral, trade receivables, guarantees, residential and commercial real estate and other collaterals. The Group regularly performs a revaluation of collateral reflecting such credit risk mitigation.

- 29 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

Measurement of expected credit loss

K-IFRS 1109 requires entities to measure loss allowance equal to 12-month expected credit losses or lifetime expected credit losses after classifying financial assets into one of the three stages, depending on the degree of increase in credit risk since their initial recognition.


Classification	Stage 1	Stage 2	Stage 3
Definition	No significant increase in credit risk after initial recognition (*)	Significant increase in credit risk after initial recognition	Credit-impaired
Loss allowance	12-month expected credit losses:	Lifetime expected credit losses:
Loss allowance	Expected credit losses that result from those default events on the financial instrument that are possible within 12 months after the reporting date	Expected credit losses that result from all possible default events over the life of the financial instrument

(*)	If the financial instrument has low credit risk at the end of the reporting period, the Group may assume that the credit risk has not increased significantly since initial recognition.

At the end of each reporting period the Group assesses whether credit risk has significantly been increased since the date of initial recognition. The Group assesses whether the credit risk has increased significantly since initial recognition by using credit rating, asset quality level, early warning system, days past due and others. For financial assets whose contractual cash flows have been modified, the Group assesses whether there is a significant increase in credit risk on the same basis.

The Group performs the below assessment to both corporate and retail exposures, and indicators of significant increase in credit risk are as follows:


Corporate Exposures		Retail Exposures
Asset quality level ‘Precautionary’ or lower		Asset quality level ‘Precautionary’ or lower

More than 30 days past due		More than 30 days past due

‘Warning’ level in early warning system		Significant decrease in credit rating(*)

Debtor experiencing financial difficulties (Capital impairment, Adverse opinion or Disclaimer of opinion by external auditors)		Deferment of repayment of principal and interest

Significant decrease in credit rating (*)		Deferment of interest

Deferment of repayment of principal and interest

Deferment of interest

(*)	The Group has applied the below indicators of significant decrease in credit rating since initial recognition as follows, and the estimation method is regularly being monitored.


	Credit rating	Significant increased indicator of the credit rating
Corporate	AAA ~ A+	More than or equal to 4 steps
	A- ~ BBB	More than or equal to 3 steps
	BBB- ~ BB+	More than or equal to 2 steps
	BB ~ BB-	More than or equal to 1 step
Retail	1 ~ 3	More than or equal to 3 steps
	4 ~ 5	More than or equal to 2 steps
	6 ~ 9	More than or equal to 1 step

The Group determined that there is no significant increase in credit risk after initial recognition for debt securities, etc. with a credit rating of A + or higher, which are deemed to have low credit risk at the end of the reporting period.

- 30 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

The Group concludes that credit is impaired when financial assets are under conditions stated below:

•

When principal and interest of loan is overdue for 90 days or longer due to significant deterioration in credit

•

For loans overdue for less than 90 days, when it is determined that not even a portion of the loan will be recovered unless claim actions such as disposal of collaterals are taken

•

When other objective indicators of impairment have been noted for the financial asset.

The Group has estimated the allowance for expected credit losses using an estimation model that additionally reflects the forward looking information based on the past experience loss rate data.

Loss allowance is calculated by applying PD (Probability of Default) and LGD (Loss Given Default) estimated for each financial asset in consideration of factors such as obligor type, credit rating and portfolio. The estimates are regularly being reviewed in order to reduce discrepancies with actual losses.

In measuring the expected credit losses, the Group is also using reasonable and supportable macroeconomic indicators such as GDP growth rate, Personal consumption expenditures increase/decrease rate and Won-dollar exchange rate in order to forecast future economic conditions.

The Group is conducting the following procedures to estimate and apply future economic forecast information.

•

Development of estimation models by analyzing the correlation between default rates of corporate and retail exposures per year and macroeconomic indicators


Major macroeconomic indicators		Correlation between credit risk and macroeconomic indicators
GDP growth rate		Negative(-) Correlation

Personal consumption expenditures increase/decrease rate		Negative(-) Correlation

Won-dollar exchange rate		Positive(+) Correlation

•

Calculation of estimated default rate incorporating forward looking by applying estimated macroeconomic indicators provided by verified institutions such as Bank of Korea and National Assembly Budget Office to the estimation model developed

•

Forecast of macroeconomic variables

Probability weight

As of September 30, 2024, the probability weights applied to the scenarios of the forecasts of macroeconomic variables is as follows (Unit: %):


	Base Scenario		Upside Scenario		Downside Scenario		Worst Scenario
Probability weight		44.36		9.41		26.23		20.00

- 31 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

Economic forecast of each major macroeconomic variables by scenario (prospect period: 2024)

As of September 30, 2024, the forecasts of major macroeconomic variables by scenario is as follows (Unit: Won, %):


	Base Scenario		Upside Scenario		Downside Scenario		Worst Scenario
GDP growth rate		2.1		2.29		1.76		(-) 5.10
Personal consumption expenditures increase/decrease rate		1.9		2.27		1.23		(-) 12.22
Won-dollar exchange rate		1,263.00		1,255.00		1,277.00		1,560.00

Considering internal and external uncertainties, The Group additionally applied the Worst scenario to the three macroeconomic variable scenarios: Base, Upside, and Downside. If the probability weight of the basic, upside, and downside scenarios excluding the worst scenario is assumed to be 100%, and if the probability weight of the worst scenario is assumed to be 100%, the impact on the expected credit loss allowance is as follows (Unit: Korean Won in millions):


Scenario	Applied probability weight			Difference from book value assuming 100%
Base, Upside, Downside		80.00	%		(449,180	)
Worst		20.00	%		1,796,810

•

The increase rate of the predicted default rate is used as a forward looking adjustment coefficient and reflected to the applicable estimate for the current year.

- 32 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

Maximum exposure

The Group’s maximum exposure to credit risk shows the uncertainties related to the maximum possible variation of financial assets’ net value as a result of changes in the specific risk factors, prior to the consideration of collaterals that are recorded at net carrying amount after allowances and other credit enhancements. However, the maximum exposure is the fair value amount (recorded on the books) for derivatives, maximum contractual obligation for payment guarantees and unused amount of commitments for loan commitment.

The maximum exposure to credit risk as of September 30, 2024 and December 31, 2023 is as follows (Unit: Korean Won in millions):


		September 30, 2024		December 31, 2023
Loans and other financial assets at amortized cost (*1)	Korean treasury and government agencies		1,609,936		2,297,088
	Banks		36,245,614		21,996,558
	Corporates		185,724,121		159,343,530
	Consumers		196,979,914		189,510,972

	Sub-total		420,559,585		373,148,148

Financial assets at FVTPL (*2)	Deposits		58,044		39,241
	Debt securities		7,025,523		6,307,238
	Loans		1,198,580		782,716
	Derivative assets		5,208,982		5,798,329
	Others		2,627		2,585

	Sub-total		13,493,756		12,930,109

Financial assets at FVTOCI	Debt securities and others		35,640,402		36,694,111
Securities at amortized cost	Debt securities		19,169,176		23,996,172
Derivative assets	Derivative assets (Designated for hedging)		69,673		26,708
Off-balance accounts	Payment guarantees (*3)		14,194,975		13,793,301
	Loan commitments		132,734,551		126,829,192

	Sub-total		146,929,526		140,622,493

	Total		635,862,118		587,417,741

(*1)	Cash and cash equivalents are not included.

(*2)	Puttable financial instruments are not included.

(*3)	As of September 30, 2024 and December 31, 2023, the financial guarantee amount of 4,033,234 million Won and 3,661,656 million Won are included, respectively.

- 33 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

Credit risk exposure by geographical areas

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


	September 30, 2024
	Korea		China		USA		UK		Japan		Others (*)		Total
Loans and other financial assets at amortized cost		389,898,937		6,490,774		6,044,962		507,760		839,476		16,777,676		420,559,585
Securities at amortized cost		18,111,467		184,876		643,615		—		—		229,218		19,169,176
Financial assets at FVTPL		10,808,093		7,643		1,303,561		292,885		189,420		892,154		13,493,756
Financial assets at FVTOCI		31,342,418		433,673		2,497,001		165,875		33,179		1,168,256		35,640,402
Derivative assets (Designated for hedging)		51,119		—		12,984		—		5,570		—		69,673
Off-balance accounts		141,173,589		1,114,517		1,431,325		98,573		13,077		3,098,445		146,929,526

Total		591,385,623		8,231,483		11,933,448		1,065,093		1,080,722		22,165,749		635,862,118

(*)	Others consist of financial assets in Indonesia, Hong Kong, Germany, Australia, and other countries.


	December 31, 2023
	Korea		China		USA		UK		Japan		Others (*)		Total
Loans and other financial assets at amortized cost		345,748,021		5,068,801		5,527,208		260,834		617,188		15,926,096		373,148,148
Securities at amortized cost		22,529,414		111,832		1,049,669		—		—		305,257		23,996,172
Financial assets at FVTPL		10,103,182		519		1,507,518		355,478		143,229		820,183		12,930,109
Financial assets at FVTOCI		32,422,652		724,786		2,367,997		7		32,194		1,146,475		36,694,111
Derivative assets (Designated for hedging)		26,010		—		—		—		698		—		26,708
Off-balance accounts		136,287,485		921,904		745,832		20,045		26,351		2,620,876		140,622,493

Total		547,116,764		6,827,842		11,198,224		636,364		819,660		20,818,887		587,417,741

(*)	Others consist of financial assets in Indonesia, Hong Kong, Germany, Australia, and other countries.

- 34 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

Credit risk exposure by industries

The following tables analyze credit risk exposure by industries, which are service, manufacturing, finance and insurance, construction, individuals and others in accordance with the Korea Standard Industrial Classification Code as of September 30, 2024 and December 31, 2023 (Unit: Korean Won in millions):


	September 30, 2024
	Service		Manufacturing		Finance and insurance		Construction		Individuals		Others		Total
Loans and other financial assets at amortized cost		94,336,444		53,231,652		47,814,780		6,550,547		192,974,755		25,651,407		420,559,585
Securities at amortized cost		169,298		—		10,975,077		59,829		—		7,964,972		19,169,176
Financial assets at FVTPL		313,101		130,604		7,101,879		59,214		—		5,888,958		13,493,756
Financial assets at FVTOCI		379,698		411,070		24,758,254		375,358		—		9,716,022		35,640,402
Derivative assets (Designated for hedging)		—		—		69,673		—		—		—		69,673
Off-balance accounts		23,741,553		25,383,868		14,600,571		3,305,607		73,260,328		6,637,599		146,929,526

Total		118,940,094		79,157,194		105,320,234		10,350,555		266,235,083		55,858,958		635,862,118


	December 31, 2023
	Service		Manufacturing		Finance and insurance		Construction		Individuals		Others		Total
Loans and other financial assets at amortized cost		84,704,246		44,591,685		30,388,823		5,583,281		185,083,452		22,796,661		373,148,148
Securities at amortized cost		189,193		—		14,151,799		69,720		—		9,585,460		23,996,172
Financial assets at FVTPL		330,193		233,528		7,184,371		81,731		2,600		5,097,686		12,930,109
Financial assets at FVTOCI		453,694		408,377		25,832,327		290,856		—		9,708,857		36,694,111
Derivative assets (Designated for hedging)		—		—		26,708		—		—		—		26,708
Off-balance accounts		22,561,220		22,897,412		13,804,163		2,826,738		73,042,394		5,490,566		140,622,493

Total		108,238,546		68,131,002		91,388,191		8,852,326		258,128,446		52,679,230		587,417,741

- 35 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

Credit risk exposure

Financial assets

The maximum exposure to credit risk by asset quality, except for financial assets at FVTPL and derivative asset (designated for hedging) as of September 30, 2024 and December 31, 2023 is as follows (Unit: Korean Won in millions):


	September 30, 2024
	Stage 1				Stage 2
	Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Stage 3		Credit impairment model		Total		Loss allowance			Total, net
Loans and other financial assets at amortized cost		365,262,389		27,995,284		13,117,037		13,606,544		2,850,510		1,236,469		424,068,233		(3,508,648	)		420,559,585
Korean treasury and government agencies		1,611,595		25		—		—		—		—		1,611,620		(1,684	)		1,609,936
Banks		36,079,723		138,910		29,716		—		29,383		—		36,277,732		(32,118	)		36,245,614
Corporates		155,670,434		20,244,481		3,287,220		5,978,529		1,506,983		1,236,469		187,924,116		(2,199,995	)		185,724,121
General business		103,487,320		11,276,129		2,614,856		3,823,011		797,936		—		121,999,252		(1,317,413	)		120,681,839
Small- and medium-sized enterprise		39,872,023		8,357,442		566,492		1,787,773		383,486		—		50,967,216		(583,583	)		50,383,633
Project financing and others		12,311,091		610,910		105,872		367,745		325,561		1,236,469		14,957,648		(298,999	)		14,658,649
Consumers		171,900,637		7,611,868		9,800,101		7,628,015		1,314,144		—		198,254,765		(1,274,851	)		196,979,914
Securities at amortized cost		19,180,354		—		—		—		—		—		19,180,354		(11,178	)		19,169,176
Financial assets at FVTOCI (*3)		35,494,626		145,776		—		—		—		—		35,640,402		(26,984	)		35,640,402

Total		419,937,369		28,141,060		13,117,037		13,606,544		2,850,510		1,236,469		478,888,989		(3,546,810	)		475,369,163


	September 30, 2024
	Collateral value
	Stage1		Stage2		Stage3		Credit impairment model		Total
Loans and other financial assets at amortized cost		243,296,499		22,010,287		1,104,428		1,233,286		267,644,500
Korean treasury and government agencies		43,744		—		—		—		43,744
Banks		112,293		—		—		—		112,293
Corporates		105,855,786		7,227,513		703,136		1,233,286		115,019,721
General business		60,376,340		5,470,149		258,120		—		66,104,609
Small- and medium-sized enterprise		37,535,470		1,556,951		246,318		—		39,338,739
Project financing and others		7,943,976		200,413		198,698		1,233,286		9,576,373
Consumers		137,284,676		14,782,774		401,292		—		152,468,742
Securities at amortized cost		—		—		—		—		—
Financial assets at FVTOCI (*3)		—		—		—		—		—

Total		243,296,499		22,010,287		1,104,428		1,233,286		267,644,500

(*1)	Credit grade of corporates are AAA ~ BBB, and consumers are grades 1 ~ 6.

(*2)	Credit grade of corporates are BBB- ~ C, and consumers are grades 7 ~ 10.

(*3)	Financial assets at FVTOCI has been disclosed as the amount before deducting loss allowance because loss allowance does not reduce the carrying amount.

- 36 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


	December 31, 2023
	Stage 1				Stage 2
	Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Stage 3		Credit impairment model		Total		Loss allowance			Total, net
Loans and other financial assets at amortized cost		321,115,435		26,073,686		12,728,437		13,702,855		1,906,434		768,487		376,295,334		(3,147,186	)		373,148,148
Korean treasury and government agencies		2,299,323		21		—		—		—		—		2,299,344		(2,256	)		2,297,088
Banks		21,880,151		122,383		21,771		—		15,295		—		22,039,600		(43,042	)		21,996,558
Corporates		132,702,723		18,890,349		2,630,918		5,411,611		882,459		768,487		161,286,547		(1,943,017	)		159,343,530
General business		87,551,345		10,147,028		1,773,713		3,150,829		548,169		—		103,171,084		(1,161,824	)		102,009,260
Small- and medium-sized enterprise		36,220,660		8,182,558		753,275		1,587,473		225,463		—		46,969,429		(508,736	)		46,460,693
Project financing and others		8,930,718		560,763		103,930		673,309		108,827		768,487		11,146,034		(272,457	)		10,873,577
Consumers		164,233,238		7,060,933		10,075,748		8,291,244		1,008,680		—		190,669,843		(1,158,871	)		189,510,972
Securities at amortized cost		24,010,113		—		—		—		—		—		24,010,113		(13,941	)		23,996,172
Financial assets at FVTOCI (*3)		36,481,028		213,083		—		—		—		—		36,694,111		(27,379	)		36,694,111

Total		381,606,576		26,286,769		12,728,437		13,702,855		1,906,434		768,487		436,999,558		(3,188,506	)		433,838,431


	December 31, 2023
	Collateral value
	Stage1		Stage2		Stage3		Credit impairment model		Total
Loans and other financial assets at amortized cost		224,611,919		21,235,346		767,731		768,275		247,383,271
Korean treasury and government agencies		39,199		—		—		—		39,199
Banks		2,136,530		—		—		—		2,136,530
Corporates		92,544,712		5,915,710		382,605		768,275		99,611,302
General business		52,951,331		4,058,593		169,855		—		57,179,779
Small- and medium-sized enterprise		33,580,230		1,590,947		112,117		—		35,283,294
Project financing and others		6,013,151		266,170		100,633		768,275		7,148,229
Consumers		129,891,478		15,319,636		385,126		—		145,596,240
Securities at amortized cost		—		—		—		—		—
Financial assets at FVTOCI (*3)		—		—		—		—		—

Total		224,611,919		21,235,346		767,731		768,275		247,383,271

(*1)	Credit grade of corporates are AAA ~ BBB, and consumers are grades 1 ~ 6.

(*2)	Credit grade of corporates are BBB- ~ C, and consumers are grades 7 ~ 10.

(*3)	Financial assets at FVTOCI has been disclosed as the amount before deducting loss allowance because loss allowance does not reduce the carrying amount.

- 37 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

Payment Guarantees and commitments

The credit quality of the payment guarantees and loan commitments as of September 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


	September 30, 2024
Financial assets	Stage 1				Stage 2				Stage3		Total
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)		Stage3		Total
Off-balance accounts:
Payment Guarantees		12,975,576		1,062,233		55,026		75,684		26,456		14,194,975
Loan Commitments		126,702,026		3,058,822		2,331,610		575,254		66,839		132,734,551

Total		139,677,602		4,121,055		2,386,636		650,938		93,295		146,929,526

(*1)	Credit grade of corporates are AAA ~ BBB, and consumers are grades 1 ~ 6.

(*2)	Credit grade of corporate are BBB- ~ C, and consumers are grades 7 ~ 10.


	December 31, 2023
Financial assets	Stage 1				Stage 2				Stage3		Total
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)		Stage3		Total
Off-balance accounts:
Payment Guarantees		12,515,536		1,150,185		73,192		40,890		13,498		13,793,301
Loan Commitments		120,623,982		3,512,099		2,166,380		496,824		29,907		126,829,192

Total		133,139,518		4,662,284		2,239,572		537,714		43,405		140,622,493

(*1)	Credit grade of corporates are AAA ~ BBB, and consumers are grades 1 ~ 6.

(*2)	Credit grade of corporate are BBB- ~ C, and consumers are grades 7 ~ 10.

Collateral and other credit enhancements

For the nine-month period ended September 30, 2024 and for the year ended December 31, 2023, there have been no significant changes in the value of collateral or other credit enhancements held by the Group and there have been no significant changes in collateral or other credit enhancements due to changes in the collateral policy of the Group.

(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.

Market risk management

Market risk management refers to the process of making and implementing decisions for the avoidance, acceptance or mitigation of risks by identifying the underlying source of the risks, measuring its level, and evaluating the appropriateness of the level of accepted market risks for both trading and non-trading activities.

Trading activities

The Group uses the standard method and the internally developed model (the Bank) in measuring market risk for trading positions, and allocates market risk capital through the Risk Management Committee. Risk management departments of the Group and its subsidiaries manage limits in detail including those on risk and loss with their management result regularly reported to the Risk Management Committee.

- 38 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

Subsidiaries such as Woori Bank manage market internal capital limits using the Basel III standard approach, and other subsidiaries manage market risks by applying the simple method.

The Basel III standard approach consists of a sensitivity method that measures linear and nonlinear losses that may occur due to unfavorable fluctuations in market risk factors, bankruptcy risks that may occur due to sudden bankruptcy, and residual risk-bearing equity capital for other losses.

Woori Bank, a major subsidiary subject to Basel III standard approach of market risk management, has the following equity capital required for market risk. (Unit : Korean Won in millions)


	Risk Group	September 30, 2024		December 31, 2023
Sensitivity-based risk	General interest rate risk		49,171		37,832
	Equity risk		6,325		9,376
	Commodity risk		—		12
	Foreign exchange risk		311,003		249,044
	Non-securitization credit spread risk		20,887		27,371
	Securitization (excluding CTP (Correlation Trading Portfolio)) credit spread risk		—		—
	CTP credit spread risk		—		—
Default risk	Non-Securitization bankruptcy risk		1,417		—
	Securitization (excluding CTP) default risk		—		—
	CTP default risk		—		—
Residual risk	Residual risk		1,261		692

Total			390,064		324,327

Non-trading activities

From the end of 2019 for the Bank and the beginning of 2021 for non-banking subsidiaries, the Bank and its subsidiaries manage and measure interest risk for non-trading activities through ΔNII (Change in Net Interest Income) and ΔEVE (Change in Economic Value of Equity) in accordance with IRRBB (Interest Rate Risk in the Banking Book).

ΔNII represents a change in net interest income that may occur over a certain period (e.g. one year) due to changes in interest rates, and ΔEVE indicates the economic value changes in equity capital that could be caused by changes in interest rates affecting the present value of asset, liabilities, and off-balance accounts.

- 39 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

ΔEVE and ΔNII calculated on interest risk in banking book (IRRBB) basis for assets and liabilities by subsidiary as of September 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


	September 30, 2024				December 31, 2023
	ΔEVE (*1)		ΔNII (*2)		ΔEVE (*1)		ΔNII (*2)
Woori Bank		1,185,680		261,198		683,660		743,489
Woori Card Co., Ltd.		82,315		75,811		80,720		76,846
Woori Financial Capital Co., Ltd.		57,386		8,572		48,523		17,585
Woori Investment Bank Co., Ltd.		16,084		20,925		4,464		15,303
Woori Asset Trust Co., Ltd.		1,837		13,455		1,210		7,018
Woori Asset Management Corp.		704		1,532		832		2,154
Woori Savings Bank		13,482		3,170		7,347		11,077
Woori Private Equity Asset Management Co., Ltd.		27		651		80		775
Woori Global Asset Management Co., Ltd.		—		—		536		269
Woori Financial F&I Co., Ltd.		105,270		5,244		63,852		3,961
Woori Venture Partners Co., Ltd.		742		4,140		340		2,782

(*1)	ΔEVE: change in Economic Value of Equity

(*2)	ΔNII: change in Net Interest Income

- 40 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

At the interest rate re-pricing date, cash flows (both principal and interest) of interest bearing assets and liabilities, which is the basis of non-trading position interest rate risk management are as follows (Unit: Korean Won in millions):


	September 30, 2024
	Within 3 months		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		255,492,744		52,072,991		23,135,374		25,091,437		78,880,938		4,279,256		438,952,740
Financial assets at FVTPL		1,891,237		50,852		46,051		9,806		41,729		50		2,039,725
Financial assets at FVTOCI		4,369,010		2,994,970		4,171,402		2,060,840		22,863,360		978,166		37,437,748
Securities at amortized cost		1,746,477		1,004,682		1,564,613		1,820,075		12,215,401		1,970,644		20,321,892

Total		263,499,468		56,123,495		28,917,440		28,982,158		114,001,428		7,228,116		498,752,105

Liability:
Deposits due to customers		194,359,168		59,599,490		35,065,785		32,124,161		65,941,581		32,637		387,122,822
Borrowings		20,862,492		3,728,615		2,272,261		1,677,954		3,153,784		513,747		32,208,853
Debentures		7,729,648		4,394,271		5,255,723		3,782,260		26,001,610		2,921,282		50,084,794

Total		222,951,308		67,722,376		42,593,769		37,584,375		95,096,975		3,467,666		469,416,469


	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
Asset:
Loans and other financial assets at amortized cost		245,179,685		55,105,699		17,928,072		12,101,395		55,840,540		3,594,287		389,749,678
Financial assets at FVTPL		2,155,339		178,206		37,672		22,719		52,341		90		2,446,367
Financial assets at FVTOCI		5,976,531		3,489,341		2,425,700		3,008,905		22,852,783		756,272		38,509,532
Securities at amortized cost		1,451,409		1,230,486		3,335,565		1,416,082		15,907,380		2,171,914		25,512,836

Total		254,762,964		60,003,732		23,727,009		16,549,101		94,653,044		6,522,563		456,218,413

Liability:
Deposits due to customers		169,127,109		52,395,270		32,948,424		47,030,448		60,621,757		34,406		362,157,414
Borrowings		20,147,327		5,157,330		1,933,137		2,575,993		4,112,788		437,839		34,364,414
Debentures		7,741,466		5,188,081		4,104,309		5,168,597		18,443,853		3,223,255		43,869,561

Total		197,015,902		62,740,681		38,985,870		54,775,038		83,178,398		3,695,500		440,391,389

- 41 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

Currency risk

Currency risk arises from the financial instruments denominated in foreign currencies other than the functional currency. Therefore, no currency risk arises from non-monetary items or financial instruments denominated in the functional currency.

Financial instruments in foreign currencies exposed to currency risk as of September 30, 2024 and December 31, 2023 are as follows (Unit: USD in millions, JPY in millions, CNY in millions, EUR in millions, and Korean Won in millions):


		September 30, 2024
		USD				JPY				CNY				EUR				Others		Total
		Foreign currency		Korean Won equivalent		Foreign currency		Korean Won equivalent		Foreign currency		Korean Won equivalent		Foreign currency		Korean Won equivalent		Korean Won equivalent		Korean Won equivalent
Asset	Cash and cash equivalents		9,759		12,878,059		114,373		1,057,393		1,292		243,840		223		328,718		1,274,018		15,782,028
	Loans and other financial assets at amortized cost		26,819		35,390,416		110,966		1,025,331		34,284		6,470,733		2,465		3,633,295		7,242,798		53,762,573
	Financial assets at FVTPL		930		1,227,451		5,026		46,469		18		3,318		191		282,249		33,380		1,592,867
	Financial assets at FVTOCI		3,430		4,526,064		—		—		2,278		430,026		33		47,982		830,743		5,834,815
	Securities at amortized cost		734		968,612		—		—		980		184,876		36		53,124		172,200		1,378,812

	Total		41,672		54,990,602		230,365		2,129,193		38,852		7,332,793		2,948		4,345,368		9,553,139		78,351,095

Liability	Financial liabilities at FVTPL		145		191,575		5,715		52,839		—		—		94		138,923		13,544		396,881
	Deposits due to customers		25,046		33,051,026		291,615		2,695,930		32,429		6,120,605		2,515		3,707,109		5,573,739		51,148,409
	Borrowings		9,687		12,783,337		38,099		352,231		421		79,418		544		801,737		2,589,604		16,606,327
	Debentures		4,187		5,525,686		—		—		—		—		195		287,117		287		5,813,090
	Other financial liabilities		5,921		7,813,895		16,892		156,168		2,709		511,365		106		156,836		431,267		9,069,531

	Total		44,986		59,365,519		352,321		3,257,168		35,559		6,711,388		3,454		5,091,722		8,608,441		83,034,238

Off-balance accounts			8,235		10,866,323		23,026		212,876		2,071		390,797		716		1,055,636		1,436,766		13,962,398


		December 31, 2023
		USD				JPY				CNY				EUR				Others		Total
		Foreign currency		Korean Won equivalent		Foreign currency		Korean Won equivalent		Foreign currency		Korean Won equivalent		Foreign currency		Korean Won equivalent		Korean Won equivalent		Korean Won equivalent
Asset	Cash and cash equivalents		8,540		11,011,576		108,421		989,519		1,377		248,965		641		914,960		1,145,464		14,310,484
	Loans and other financial assets at amortized cost		24,463		31,542,764		138,242		1,261,674		30,536		5,522,075		1,791		2,554,897		4,585,588		45,466,998
	Financial assets at FVTPL		884		1,140,110		49,640		453,047		—		—		280		399,828		72,351		2,065,336
	Financial assets at FVTOCI		3,136		4,044,155		—		—		3,882		701,938		6		8,549		738,710		5,493,352
	Securities at amortized cost		1,223		1,576,690		—		—		618		111,839		68		97,393		184,938		1,970,860

	Total		38,246		49,315,295		296,303		2,704,240		36,413		6,584,817		2,786		3,975,627		6,727,051		69,307,030

Liability	Financial liabilities at FVTPL		350		451,700		23,806		217,266		—		—		209		297,521		98,885		1,065,372
	Deposits due to customers		23,962		30,896,247		279,377		2,549,759		23,162		4,188,690		2,122		3,027,521		5,531,242		46,193,459
	Borrowings		9,339		12,041,139		70,741		645,621		1,658		299,748		225		321,529		2,632,379		15,940,416
	Debentures		4,811		6,202,675		—		—		—		—		195		277,871		—		6,480,546
	Other financial liabilities		3,448		4,446,194		26,977		246,206		7,752		1,401,956		99		141,404		387,310		6,623,070

	Total		41,910		54,037,955		400,901		3,658,852		32,572		5,890,394		2,850		4,065,846		8,649,816		76,302,863

Off-balance accounts			7,748		9,990,349		30,143		275,101		2,043		369,483		796		1,135,845		568,935		12,339,713

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(3)	Liquidity risk

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

Liquidity risk management

Liquidity risk management is to prevent potential cash shortages as a result of mismatching maturity of assets and liabilities or unexpected cash outflows. The consolidated financial liabilities that are relevant to liquidity risk are incorporated within the scope of risk management. Derivatives instruments are excluded from those financial liabilities as they reflect expected cash flows for a pre-determined period.

Assets and liabilities are grouped by account under Asset Liability Management (“ALM”) in accordance with the characteristics of the account. The Group manages liquidity risk by identifying the maturity gap and such gap ratio through various cash flows analysis (i.e. based on remaining maturity and contract period, etc.), while maintaining the gap ratio at or below the target limit.

Maturity analysis of non-derivative financial liabilities

Cash flows of principals and interests by remaining contractual maturities of non-derivative financial liabilities as of September 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


	September 30, 2024
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Financial liabilities at FVTPL		58,334		—		—		185,473		—		—		243,807
Deposits due to customers		264,027,284		45,858,895		24,472,659		33,980,259		20,496,474		1,456,877		390,292,448
Borrowings		14,603,165		4,279,686		4,928,116		4,270,481		3,816,498		563,747		32,461,693
Debentures		7,580,476		4,395,651		5,407,073		3,782,260		26,001,610		2,921,282		50,088,352
Lease liabilities		55,777		49,433		41,539		61,424		291,928		55,655		555,756
Other financial liabilities (*)		25,694,840		121,284		25,838		60,213		1,171,489		4,530,675		31,604,339

Total		312,019,876		54,704,949		34,875,225		42,340,110		51,777,999		9,528,236		505,246,395


	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
Financial liabilities at FVTPL		39,524		89,287		—		—		10,256		56,221		195,288
Deposits due to customers		236,125,560		39,103,357		22,776,074		50,089,672		16,898,791		1,549,490		366,542,944
Borrowings		11,415,214		6,626,722		4,345,143		4,579,032		4,331,196		437,839		31,735,146
Debentures		5,510,096		5,328,382		5,383,741		6,035,590		18,439,577		3,223,255		43,920,641
Lease liabilities		74,228		42,106		58,241		33,679		151,127		25,172		384,553
Other financial liabilities (*)		15,059,935		233,081		21,356		26,403		1,025,252		4,195,930		20,561,957

Total		268,224,557		51,422,935		32,584,555		60,764,376		40,856,199		9,487,907		463,340,529

(*) Lease liabilities are excluded.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

Cash flows of principals and interests by expected maturities of non-derivative financial liabilities as of September 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


	September 30, 2024
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Financial liabilities at FVTPL		58,334		—		—		185,473		—		—		243,807
Deposits due to customers		269,383,851		46,670,363		24,290,885		30,988,471		17,854,541		481,527		389,669,638
Borrowings		14,605,178		4,279,099		4,926,755		4,270,510		3,816,403		563,748		32,461,693
Debentures		7,580,476		4,395,651		5,407,073		3,782,260		26,001,610		2,921,282		50,088,352
Lease liabilities		57,154		49,743		42,928		62,969		301,094		55,655		569,543
Other financial liabilities (*)		25,694,840		121,284		25,838		60,213		1,171,489		4,530,675		31,604,339

Total		317,379,833		55,516,140		34,693,479		39,349,896		49,145,137		8,552,887		504,637,372


	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
Financial liabilities at FVTPL		39,524		89,287		—		—		10,256		56,221		195,288
Deposits due to customers		241,935,362		41,132,677		23,468,344		44,082,420		14,717,842		505,146		365,841,791
Borrowings		11,419,501		6,630,868		4,346,740		4,579,314		4,331,196		437,839		31,745,458
Debentures		5,512,545		5,330,733		5,386,014		6,037,688		18,443,853		3,223,255		43,934,088
Lease liabilities		74,228		43,350		59,604		35,057		162,874		25,834		400,947
Other financial liabilities (*)		15,059,935		233,081		21,356		26,403		1,025,252		4,195,930		20,561,957

Total		274,041,095		53,459,996		33,282,058		54,760,882		38,691,273		8,444,225		462,679,529

(*) Lease liabilities are excluded.

Maturity analysis of derivative financial liabilities

Derivatives held for trading purpose are not managed in accordance with their contractual maturity, since the Group holds such financial instruments with the purpose of disposing or redemption before their maturity. As such, those derivatives are incorporated as “within 3 months” in the table below. Derivatives designated for hedging purpose are estimated by offsetting cash inflows and cash outflows.

The cash flow by the maturity of derivative financial liabilities as of September 30, 2024 and December 31, 2023 is as follows (Unit: Korean Won in millions):


		Remaining maturity
		Within 3 months			4 to 6 months			7 to 9 months			10 to 12 months			1 to 5 years		Over 5 years		Total
September 30, 2024	Cash flow risk hedge		(1,122	)		(221	)		158			2,575			5,145		—		6,535
	Fair value risk hedge		41,396			(2,152	)		30,766			(10,570	)		23,404		—		82,844
	Trading purpose		4,855,836			—			—			—			—		—		4,855,836
December 31, 2023	Cash flow risk hedge		(1,223	)		(875	)		(590	)		(302	)		13,689		—		10,699
	Fair value risk hedge		29,176			34,370			157			35,272			30,241		—		129,216
	Trading purpose		5,943,024			—			—			—			—		—		5,943,024

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

Maturity analysis of off-balance accounts (Payment guarantees, commitments, and etc.)

A payment guarantee represents an irrevocable undertaking that the Group should meet a customer’s obligations to third parties if the customer fails to do so. The loan commitment represents the limit if the Group has promised a credit to the customer. Loan commitments include commercial standby facilities and credit lines, liquidity facilities to commercial paper conduits and utilized overdraft facilities. The maximum limit to be paid by the Group in accordance with guarantees and loan commitment only applies to principal amounts. There are contractual maturities for payment guarantees, such as financial guarantees for debentures issued or loans, unused loan commitments, and other credits, however, under the terms of the guarantees and unused loan commitments, funds should be paid upon demand from the counterparty. Details of off-balance accounts as of September 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


	September 30, 2024		December 31, 2023
Payment guarantees		14,194,975		13,793,301
Loan commitments		132,734,551		126,829,192
Other commitments		4,715,427		4,854,099

(4)	Operational risk

The Group defines the operational risk that could cause a negative effect on capital resulting from inadequate internal process, labor work and systematic problem or external factors.

Operational risk management

The Group has established and operated a group operational risk management system to cope with new Basel III global regulations, which is implemented since 2023, and the management of operational risks follows the procedures for risk recognition, evaluation, measurement, monitoring and reporting, risk control and mitigation.

Operational risk measurement

The Group measures operational risk capital using the Basel III standardized approach. This approach calculates the required operational risk capital by multiplying the Business Indicator Component (BIC), which represents the scale of operations, with the Internal Loss Multiplier (ILM), which reflects the magnitude of actual historical internal losses relative to the scale of operations.

Operational risk limits are set with the approval of the Risk Management Committee. The Group regularly calculates the operational risk capital and reports any limit breaches to the management and the Risk Management Committee.

Since a reduction in the size of internal loss events leads to a decrease in operational risk capital, it is important to prevent loss events in advance. Accordingly, the Group conducts operational risk management activities using tools such as Risk Control Self-Assessment (RCSA), Key Risk Indicators (KRI), and loss data. Additionally, to ensure continuity of operations in emergency situations such as disasters, the Bank has established a Business Continuity Plan (BCP) and conducts annual simulation drills.

- 45 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

5.	OPERATING SEGMENTS

In evaluating the results of the Group and allocating resources, the Group’s Chief Operation Decision Maker (“CODM”) utilizes the method of disclosing the financial information of the segments based on the organization of the Group. This financial information of the segments in this note is regularly reviewed by the CODM.

(1)	Segment by type of organization

The Group’s reporting segments consist of banking, credit card, capital, investment securities and other sectors, and the composition of such reporting segments was divided based on internal report data periodically reviewed by the management to evaluate the performance of the segment and make decisions on the resources to be distributed.


		Operational scope
Banking		Loans/deposits and relevant services for customers of Woori Bank
Credit card		Credit card, cash services, card loans and accompanying business of Woori Card Co., Ltd.
Capital		Installments, loans including lease financing, and accompanying business of Woori Financial Capital Co., Ltd.
Investment securities		Securities operation, sale of financial instruments, project financing and other related activities for investment securities of Woori Investment Securities Co., Ltd.
Others		Woori Financial Group Inc., Woori Asset Trust Co., Ltd., Woori Asset Management Corp., Ltd., Woori Financial F&I Co., Ltd., Woori Savings Bank., Woori Credit Information Co., Ltd., Woori Fund Services Co., Ltd., Woori Private Equity Asset Management Co., Ltd., Woori FIS Co., Ltd. and Woori Finance Research Institute, Woori Venture Partners Co., Ltd.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(2)	The composition of each organization’s sectors for the nine-month periods ended September 30, 2024 and 2023 are as follows (Unit: Korean Won in millions):


	For the nine-month period ended September 30, 2024
	Banking(*1)			Credit card			Capital			Investment securities			Others (*2)			Sub-total			Other adjustments (*3)			Internal adjustments (*4)			Consolidated Adjustments (*5)			Total
Net interest income		4,871,211			519,226			181,077			83,143			94,742			5,749,399			92,015			774,668			(1,490	)		6,614,592
Non-interest income (expense)		1,600,104			134,779			104,298			33,193			1,496,634			3,369,008			63,690			(503,136	)		(1,551,249	)		1,378,313
Impairment losses due to credit loss		(502,079	)		(255,757	)		(57,098	)		(64,822	)		(100,821	)		(980,577	)		—			(272,285	)		(908	)		(1,253,770	)
General and administrative expense		(2,643,303	)		(212,805	)		(74,409	)		(49,666	)		(312,942	)		(3,293,125	)		(860	)		—			135,880			(3,158,105	)

Net operating income (expense)		3,325,933			185,443			153,868			1,848			1,177,613			4,844,705			154,845			(753	)		(1,417,767	)		3,581,030

Share of gain of associates		34,943			—			(772	)		170			(835	)		33,506			(39	)		—			22,109			55,576
Other non-operating expense		(45,919	)		(2,214	)		(47	)		7,887			13,336			(26,957	)		5,427			753			(24,260	)		(45,037	)

Non-operating income (expense)		(10,976	)		(2,214	)		(819	)		8,057			12,501			6,549			5,388			753			(2,151	)		10,539

Net income (expense) before tax		3,314,957			183,229			153,049			9,905			1,190,114			4,851,254			160,233			—			(1,419,918	)		3,591,569
Tax expense		(784,315	)		(42,275	)		(37,392	)		(424	)		(15,578	)		(879,984	)		—			—			5,813			(874,171	)

Net income (loss)		2,530,642			140,954			115,657			9,481			1,174,536			3,971,270			160,233			—			(1,414,105	)		2,717,398

Total assets		501,761,489			16,965,431			12,930,618			7,813,525			31,212,814			570,683,877			3,424,543			—			(30,403,223	)		543,705,197

Investment in associate		1,045,385			—			32,927			3,482			24,438,469			25,520,263			7,484			—			(23,684,006	)		1,843,741
Other assets		500,716,104			16,965,431			12,897,691			7,810,043			6,774,345			545,163,614			3,417,059			—			(6,719,217	)		541,861,456

Total liabilities		472,838,104			14,190,960			11,226,847			6,659,247			5,021,417			509,936,575			84,398			—			(2,518,181	)		507,502,792

(*1)	The banking sector includes banks and their consolidated subsidiaries (such as overseas subsidiaries).

(*2)

Other segments includes gains and losses from Woori Financial Group Inc., Woori Asset Trust Co., Ltd., Woori Savings Bank, Woori Asset Management Corp., Woori Financial F&I Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund Service Co., Ltd., Woori Private Equity Asset Management Co., Ltd., Woori FIS Co., Ltd., Woori Finance Research Institute and Woori Venture Partners Co., Ltd.

(*3)	Other segments includes the funds subject to Group’s consolidation not included in the reporting segment.

(*4)

Internal reconciliation includes the adjustment of deposit insurance premiums of 379,000 million Won and fund contribution fees of 396,998 million Won from net interest income expenses to non-interest income expenses in order to present the profit and loss adjustment between reporting divisions in accordance with management accounting standards as profit and loss in accordance with accounting standards.

(*5)	Consolidation adjustments include the elimination of 132,641 million Won of internal transactions between Woori FIS Co., Ltd., the group’s IT service agency, and affiliates, and the removal of 1,202,110 million Won of dividends received by the holding company from its subsidiaries.

- 47 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


	For the nine-month period ended September 30, 2023
	Banking(*1)			Credit card			Capital			Investment securities			Others (*2)			Sub-total			Other adjustments (*3)			Internal adjustments (*4)			Consolidated Adjustments (*5)			Total
Net interest income		4,958,668			501,117			249,238			74,173			85,803			5,868,999			61,815			670,583			(1,450	)		6,599,947
Non-interest income (expense)		1,150,262			84,760			77,602			33,944			1,859,164			3,205,732			7,621			(502,732	)		(1,810,817	)		899,804
Impairment losses due to credit loss		(477,952	)		(223,253	)		(116,077	)		(45,950	)		(48,363	)		(911,595	)		—			(168,241	)		1,256			(1,078,580	)
General and administrative expense		(2,587,491	)		(206,593	)		(68,238	)		(38,099	)		(401,182	)		(3,301,603	)		(619	)		—			246,735			(3,055,487	)

Net operating income (expense)		3,043,487			156,031			142,525			24,068			1,495,422			4,861,533			68,817			(390	)		(1,564,276	)		3,365,684

Share of gain (loss) of joint ventures and associates		84,923			—			301			178			3,409			88,811			(178	)		—			11,091			99,724
Other non-operating expense		(64,956	)		(2,113	)		(19	)		(101	)		1,191			(65,998	)		2,263			390			(6,751	)		(70,096	)

Non-operating income (expense)		19,967			(2,113	)		282			77			4,600			22,813			2,085			390			4,340			29,628

Net income (expense) before tax		3,063,454			153,918			142,807			24,145			1,500,022			4,884,346			70,902			—			(1,559,936	)		3,395,312
Tax expense		(765,442	)		(35,820	)		(33,723	)		(5,712	)		(24,642	)		(865,339	)		—			—			1,955			(863,384	)

Net income (loss)		2,298,012			118,098			109,084			18,433			1,475,380			4,019,007			70,902			—			(1,557,981	)		2,531,928

Total assets		447,389,162			17,334,829			12,064,000			5,634,650			29,378,309			511,800,950			2,732,365			—			(28,616,315	)		485,917,000

Investment to joint ventures and associates		1,002,546			—			37,524			4,116			23,385,496			24,429,682			26,685			—			(22,699,626	)		1,756,741
Other assets		446,386,616			17,334,829			12,026,476			5,630,534			5,992,813			487,371,268			2,705,680			—			(5,916,689	)		484,160,259

Total liabilities		421,169,597			14,644,167			10,458,176			4,960,733			3,861,838			455,094,511			132,411			—			(2,531,309	)		452,695,613

(*1)	The banking sector includes banks and their consolidated subsidiaries (such as overseas subsidiaries).

(*2)

Other segments include Woori Financial Group Inc., Woori Asset Trust Co., Ltd., Woori Savings Bank, Woori Asset Management Corp., Woori Financial F&I Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund Service Inc., Woori Private Equity Asset Management Co., Ltd., Woori Global Asset Management Co., Ltd., Woori FIS Co., Ltd., Woori Finance Research Institute., and Woori Venture Partners Co., Ltd

(*3)	Other Adjustments are composed of group-consolidated funds that are not included in the reporting segment.

(*4)	Internal adjustment includes adjustment of 344,756 million Won in deposit insurance premiums and 326,668 million Won in fund contribution fees from net interest income to non-interest income to present income adjustment between reporting sectors in accordance with management accounting standards.

(*5)	Consolidation adjustments include the elimination of 244,340 million Won of internal transactions between Woori FIS Co., Ltd., the group’s IT service agency, and affiliates, and the removal of 1,476,550 million Won of dividends received by the holding company from its subsidiaries.

- 48 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(3)	Operating profit or loss from external customers for the nine-month periods ended September 30, 2024 and 2023 are as follows (Unit: Korean Won in millions):


	For the nine-month periods ended September 30
Details	2024	2023
Domestic	3,201,969	3,019,523
Foreign	379,061	346,161

Total	3,581,030	3,365,684

(4)	Major non-current assets as of September 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


Details (*)	September 30, 2024	December 31, 2023
Domestic	6,170,484	5,804,919
Foreign	565,693	636,820

Total	6,736,177	6,441,739

(*)	Major non-current assets included joint ventures and related business investments, investment properties, Premises and equipment, and intangible assets.

(5)	Information about major customers

The Group does not have any single customer that generates 10% or more of the Group’s total revenue for the nine-month periods ended September 30, 2024 and 2023.

- 49 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

6.	CASH AND CASH EQUIVALENTS

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


	September 30, 2024		December 31, 2023
Cash		1,954,751		1,464,606
Foreign currencies		693,690		715,495
Demand deposits		30,759,833		28,248,420
Time deposits		77,645		128,097

Total		33,485,919		30,556,618

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


	Counterparty	September 30, 2024	Reason of restriction
Due from banks in local currency:
Due from BOK	BOK	13,290,900	Reserve deposits under the BOK Act

Due from banks in foreign currencies:
Due from banks on demand	BOK and others	2,025,127	Reserve deposits, etc.

Total		15,316,027


	Counterparty	December 31, 2023	Reason of restriction
Due from banks in local currency:
Due from BOK	BOK	13,420,310	Reserve deposits under the BOK Act

Due from banks in foreign currencies:
Due from banks on demand	Bank of Japan and others	957,627	Reserve deposits etc

Total		14,377,937

- 50 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

7.	FINANCIAL ASSETS AT FVTPL

(1)	Details of financial assets at FVTPL as of September 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


	September 30, 2024		December 31, 2023
Financial assets at fair value through profit or loss		22,124,297		21,544,756

(2)	Financial assets at fair value through profit or loss as of September 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


	September 30, 2024		December 31, 2023
Deposits:
Gold banking asset		58,044		39,241
Securities:
Debt securities
Korean treasury and government agencies		5,151,131		4,310,612
Financial institutions		1,124,727		778,832
Corporates		320,508		433,488
Securities loaned		33,545		625,398
Others		395,612		158,908
Equity securities		454,908		421,989
Capital contributions		2,699,371		2,459,646
Beneficiary certificates		5,244,230		5,509,915
Others		189,633		181,691

Sub-total		15,613,665		14,880,479

Loans		1,198,580		782,716
Derivatives assets		5,208,982		5,798,329
Other financial assets		45,026		43,991

Total		22,124,297		21,544,756

The Group does not have financial assets at fair value through profit or loss designated as upon initial recognition as of September 30, 2024 and December 31, 2023.

- 51 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

8.	FINANCIAL ASSETS AT FVTOCI

(1)	Details of financial assets at FVTOCI as of September 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


	September 30, 2024		December 31, 2023
Debt securities:
Korean treasury and government agencies		6,297,837		5,728,241
Financial institutions		19,990,847		20,885,924
Corporates		3,476,500		3,994,432
Bond denominated in foreign currencies		5,834,756		5,493,295
Securities loaned		40,462		592,219

Sub-total		35,640,402		36,694,111

Equity securities		1,058,647		1,197,384

Total		36,699,049		37,891,495

(2)	Details of equity securities designated as financial assets at FVTOCI as of September 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


Purpose of acquisition	September 30, 2024		December 31, 2023		Remarks
Investment for strategic business partnership purpose		958,174		1,039,203
Debt-equity swap		100,467		158,175
Others		6		6		Insurance for mutual aid association, etc.

Total		1,058,647		1,197,384

(3)	Changes in the loss allowance and gross carrying amount of financial assets at FVTOCI are as follows (Unit: Korean Won in millions):

Loss allowance


	For the nine-month period ended September 30, 2024
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(27,379	)		—		—		(27,379	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Provision of loss allowance		(5,495	)		—		—		(5,495	)
Disposal		5,354			—		—		5,354
Others (*)		536			—		—		536

Ending balance		(26,984)			—		—		(26,984)

(*)	Others consist of foreign currencies translation, etc.


	For the nine-month period ended September 30, 2023
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(11,805	)		—		—		(11,805	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Provision of loss allowance		(13,786	)		—		—		(13,786	)
Disposal		835			—		—		835
Others (*)		(1,575	)		—		—		(1,575	)

Ending balance		(26,331)			—		—		(26,331)

(*)	Others consist of foreign currencies translation, etc.

- 52 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

Gross carrying amount


	For the nine-month period ended September 30, 2024
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		36,694,111			—		—		36,694,111
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Acquisition		20,072,267			—		—		20,072,267
Disposal / Recovery		(21,653,750	)		—		—		(21,653,750	)
Gain on valuation		236,710			—		—		236,710
Amortization based on effective interest method		99,349			—		—		99,349
Others (*)		191,715			—		—		191,715

Ending balance		35,640,402			—		—		35,640,402

(*)	Others consist of foreign currencies translation, etc.


	For the nine-month period ended September 30, 2023
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		32,145,758			—		—		32,145,758
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Acquisition		17,840,753			—		—		17,840,753
Disposal / Recovery		(15,230,580	)		—		—		(15,230,580	)
Gain on valuation		125,827			—		—		125,827
Amortization based on effective interest method		66,950			—		—		66,950
Others (*)		369,683			—		—		369,683

Ending balance		35,318,391			—		—		35,318,391

(*)	Others consist of foreign currencies translation, etc.

(4)

During nine-month periods ended September 30, 2024 and 2023, the Group sold its equity securities., designated as financial assets at FVTOCI in accordance with decision of disposal by the creditors, and the fair values at disposal dates were 61,868 million Won and 2,978 million Won respectively, and cumulative losses at disposal dates were 6,244 million Won and 93 million Won respectively.

- 53 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

9.	SECURITIES AT AMORTIZED COST

(1)	Details of securities at amortized cost as of September 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


	September 30, 2024			December 31, 2023
Korean treasury and government agencies		6,954,203			8,143,585
Financial institutions		4,431,690			6,660,465
Corporates		6,405,648			7,235,202
Bond denominated in foreign currencies		1,378,813			1,970,861
Others		10,000			—
Allowance for credit losses		(11,178	)		(13,941	)

Total		19,169,176			23,996,172

(2)	Changes in the loss allowance and gross carrying amount of securities at amortized cost are as follows (Unit: Korean Won in millions):

Loss allowance


	For the nine-month period ended September 30, 2024
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(13,941	)		—		—		(13,941	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Net Reversal of loss allowance		2,772			—		—		2,772
Others (*)		(9	)		—		—		(9	)

Ending balance		(11,178	)		—		—		(11,178	)

(*)	Others consist of foreign currencies translation, etc.


	For the nine-month period ended September 30, 2023
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(8,385	)		—		—		(8,385	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Net provision of loss allowance		(5,601	)		—		—		(5,601	)
Others (*)		(50	)		—		—		(50	)

Ending balance		(14,036	)		—		—		(14,036	)

(*)	Others consist of foreign currencies translation, etc.

- 54 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

Gross carrying amount


	For the nine-month period ended September 30, 2024
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		24,010,113			—		—		24,010,113
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Acquisition		1,087,193			—		—		1,087,193
Disposal / Recovery		(5,993,180	)		—		—		(5,993,180	)
Amortization based on effective interest method		55,810			—		—		55,810
Changes due to business combinations		10,000			—		—		10,000
Others (*)		10,418			—		—		10,418

Ending balance		19,180,354			—		—		19,180,354

(*)	Others consist of foreign currencies translation, etc.


	For the nine-month period ended September 30, 2023
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		28,276,901			—		—		28,276,901
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Acquisition		3,546,751			—		—		3,546,751
Disposal / Recovery		(6,839,671	)		—		—		(6,839,671	)
Amortization based on effective interest method		138,160			—		—		138,160
Others (*)		128,402			—		—		128,402

Ending balance		25,250,543			—		—		25,250,543

(*)	Others consist of foreign currencies translation, etc.

- 55 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

10.

LOANS AND OTHER FINANCIAL ASSETS AT AMORTIZED COST

(1)	Details of loans and other financial assets at amortized cost as of September 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


	September 30, 2024		December 31, 2023
Due from banks		3,214,841		1,950,573
Loans		400,074,751		358,577,179
Other financial assets		17,269,993		12,620,396

Total		420,559,585		373,148,148

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


	September 30, 2024			December 31, 2023
Due from banks in local currency:
Due from depository banks		377,453			108,344
Due from non-depository institutions		666			136
Due from the Korea Exchange		410,479			68
Others		225,339			135,390
Loss allowance		(238	)		(59	)

Sub-total		1,013,699			243,879

Due from banks in foreign currencies:
Due from banks on demand		228,470			221,292
Due from banks on time		203,750			366,117
Others		1,773,330			1,135,072
Loss allowance		(4,408	)		(15,787	)

Sub-total		2,201,142			1,706,694

Total		3,214,841			1,950,573

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


	Counterparty	September 30, 2024	Reason of restriction
Due from banks in local currency:
Others	Korea Federation of Savings Bank and others	74,412	Domestic currency exchange and collateral related to promissory notes and others
Securities trading	Korea Securities Finance Corporation	408,800	Customer deposit refund reserve

Sub-total		483,212

Due from banks in foreign currencies:
Due from banks on demand	National Bank of Cambodia and others	217,985	Reserve deposits and others
Due from banks on time	National Bank of Cambodia	320	Usage deposits for fund settlement system
Others	People’s Bank of China and others	703,037	Reserve deposits and others

Sub-total		921,342

Total		1,404,554

- 56 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


	Counterparty	December 31, 2023	Reason of restriction
Due from banks in local currency:
Due from KSFC	KB Securities Co., Ltd. and SI SECURITIES CORPORATION	68	Futures margin
Others	Korea Federation of Savings Bank and others	129,974	Domestic currency exchange and collateral related to promissory notes and others

Sub-total		130,042

Due from banks in foreign currencies:
Due from banks on demand	National Bank of Cambodia and others	216,147	Reserve deposits and others
Due from banks on time	National Bank of Cambodia	321	Usage deposits for fund settlement system
Others	People’s Bank of China and others	1,062,130	Reserve deposits and others

Sub-total		1,278,598

Total		1,408,640

(4)	Changes in the loss allowance and gross carrying amount of due from banks are as follows (Unit: Korean Won in millions):

Allowance for credit losses


	For the nine-month period ended September 30, 2024
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(15,846	)		—		—		(15,846	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Reversal for allowance for credit loss		11,558			—		—		11,558
Others (*)		(358	)		—		—		(358	)

Ending balance		(4,646	)		—		—		(4,646	)

(*)	Changes due to foreign currencies translation, etc.


	For the nine-month period ended September 30, 2023
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(12,317	)		—		—		(12,317	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Provision for allowance for credit loss		(6,541	)		—		—		(6,541	)
Others (*)		2,431			—		—		2,431

Ending balance		(16,427	)		—		—		(16,427	)

(*)	Changes due to foreign currencies translation, etc.

- 57 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

Gross carrying amount


	For the nine-month period ended September 30, 2024
	Stage 1		Stage 2		Stage 3		Total
Beginning balance		1,966,419		—		—		1,966,419
Transfer to 12-month expected credit losses		—		—		—		—
Transfer to lifetime expected credit losses		—		—		—		—
Transfer to credit-impaired financial assets		—		—		—		—
Net increase		1,058,235		—		—		1,058,235
Changes due to business combinations		165,476		—		—		165,476
Others (*)		29,357		—		—		29,357

Ending balance		3,219,487		—		—		3,219,487

(*)	Changes due to foreign currencies translation, etc.


	For the nine-month period ended September 30, 2023
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		3,006,989			—		—		3,006,989
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Net decrease		(488,320	)		—		—		(488,320	)
Changes due to business combinations		113,000			—		—		113,000
Others (*)		22,055			—		—		22,055

Ending balance		2,653,724			—		—		2,653,724

(*)	Changes due to foreign currencies translation, etc.

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


	September 30, 2024			December 31, 2023
Loans in local currency		322,795,818			298,157,823
Loans in foreign currencies		31,976,026			28,585,389
Domestic banker’s usance		3,189,141			2,726,633
Credit card accounts		12,489,146			12,531,620
Bills bought in foreign currencies		5,421,394			4,215,956
Bills bought in local currency		119,003			496,148
Factoring receivables		6,825			8,712
Advances for customers on guarantees		11,554			9,996
Private placement bonds		471,329			688,437
Securitized loans		3,736,469			3,203,135
Call loans		1,947,019			2,719,546
Bonds purchased under resale agreements		16,414,388			3,356,392
Financial lease receivables		1,185,506			1,362,279
Installment financial bond		2,669,566			2,635,720
Others		110			119
Loan origination costs and fees		948,446			865,694
Discounted present value		(7,077	)		(11,360	)
Allowance for credit losses		(3,299,912	)		(2,975,060	)

Total		400,074,751			358,577,179

- 58 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(6)	Changes in the loss allowance of loans are as follows (Unit: Korean Won in millions):


	For the nine-month period ended September 30, 2024
	Consumers									Corporates
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		(196,845	)		(134,002	)		(220,845	)		(947,688	)		(762,644	)		(363,703	)		(89	)
Transfer to 12-month expected credit losses		(31,490	)		28,033			3,457			(88,893	)		85,762			3,131			—
Transfer to lifetime expected credit losses		15,249			(17,854	)		2,605			46,071			(49,223	)		3,152			—
Transfer to credit-impaired financial assets		6,444			17,716			(24,160	)		102,827			140,282			(243,109	)		—
Net reversal (provision) of allowance for credit losses		(11,285	)		(22,356	)		(283,870	)		(126,292	)		(94,316	)		(404,361	)		(4,011	)
Recovery		—			—			(50,494	)		—			—			(23,451	)		—
Charge-off		—			—			174,339			—			—			187,985			477
Disposal		12			2,149			69,746			20			2,403			240,645			440
Interest income from impaired loans		—			—			10,942			—			—			20,209			—
Others		474			689			41,432			(2,463	)		2,158			7,700			—

Ending balance		(217,441	)		(125,625	)		(276,848	)		(1,016,418	)		(675,578	)		(571,802	)		(3,183	)


	For the nine-month period ended September 30, 2024
	Credit card accounts									Total
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		(97,734	)		(118,112	)		(133,398	)		(1,242,267	)		(1,014,758	)		(717,946	)		(89	)
Transfer to 12-month expected credit losses		(32,502	)		32,306			196			(152,885	)		146,101			6,784			—
Transfer to lifetime expected credit losses		8,718			(9,471	)		753			70,038			(76,548	)		6,510			—
Transfer to credit-impaired financial assets		1,803			4,272			(6,075	)		111,074			162,270			(273,344	)		—
Net reversal (provision) of allowance for credit losses		443			(21,046	)		(259,125	)		(137,134	)		(137,718	)		(947,356	)		(4,011	)
Recovery		—			—			(18,135	)		—			—			(92,080	)		—
Charge-off		—			—			151,927			—			—			514,251			477
Disposal		—			—			82,163			32			4,552			392,554			440
Interest income from impaired loans		—			—			—			—			—			31,151			—
Others		—			—			—			(1,989	)		2,847			49,132			—

Ending balance		(119,272	)		(112,051	)		(181,694	)		(1,353,131	)		(913,254	)		(1,030,344	)		(3,183	)

- 59 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023



	For the nine-month period ended September 30, 2023
	Consumers									Corporates
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		(147,876	)		(128,089	)		(241,942	)		(453,621	)		(818,234	)		(241,465	)		(27	)
Transfer to 12-month expected credit losses		(26,282	)		23,492			2,790			(191,110	)		190,361			749			—
Transfer to lifetime expected credit losses		10,971			(13,318	)		2,347			30,766			(33,433	)		2,667			—
Transfer to credit-impaired financial assets		3,288			16,405			(19,693	)		17,702			38,841			(56,543	)		—
Net reversal (provision) of allowance for credit losses		(36,005	)		(28,886	)		(223,700	)		(225,172	)		23,995			(289,824	)		(670	)
Recovery		—			—			(47,617	)		—			—			(33,690	)		—
Charge-off		—			—			187,612			—			—			168,802			—
Disposal		2,107			2,818			99,526			266			313			86,543			643
Interest income from impaired loans		—			—			11,757			—			—			13,303			—
Others		(1,782	)		68			14,394			(4,612	)		20,380			(23,074	)		—

Ending balance		(195,579	)		(127,510	)		(214,526	)		(825,781	)		(577,777	)		(372,532	)		(54	)


	For the nine-month period ended September 30, 2023
	Credit card receivables									Total
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		(71,139	)		(127,814	)		(103,946	)		(672,636	)		(1,074,137	)		(587,353	)		(27	)
Transfer to 12-month expected credit losses		(31,002	)		30,909			93			(248,394	)		244,762			3,632			—
Transfer to lifetime expected credit losses		6,957			(7,558	)		601			48,694			(54,309	)		5,615			—
Transfer to credit-impaired financial assets		1,051			4,224			(5,275	)		22,041			59,470			(81,511	)		—
Net reversal (provision) of allowance for credit losses		8,203			(13,731	)		(242,448	)		(252,974	)		(18,622	)		(755,972	)		(670	)
Recovery		—			—			(26,330	)		—			—			(107,637	)		—
Charge-off		—			—			200,199			—			—			556,613			—
Disposal		—			—			34,063			2,373			3,131			220,132			643
Interest income from impaired loans		—			—			—			—			—			25,060			—
Others		(64	)		—			—			(6,458	)		20,448			(8,680	)		—

Ending balance		(85,994	)		(113,970	)		(143,043	)		(1,107,354	)		(819,257	)		(730,101	)		(54	)

- 60 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(7)	Changes in the gross carrying amount of loans are as follows (Unit: Korean Won in millions):


	For the nine-month period ended September 30, 2024
	Consumers									Corporates
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		132,812,981			14,714,396			642,086			188,612,028			10,621,387			856,844			768,487
Transfer to 12-month expected credit losses		4,571,723			(4,555,194	)		(16,529	)		2,465,485			(2,460,626	)		(4,859	)		—
Transfer to lifetime expected credit losses		(6,013,796	)		6,041,370			(27,574	)		(5,226,576	)		5,235,805			(9,229	)		—
Transfer to credit-impaired financial assets		(245,649	)		(224,898	)		470,547			(783,933	)		(684,607	)		1,468,540			—
Charge-off		—			—			(174,339	)		—			—			(187,985	)		(477	)
Disposal		(128	)		(15,624	)		(219,139	)		(125	)		(10,065	)		(709,602	)		(258,583	)
Net increase (decrease)		10,871,824			(1,409,890	)		78,451			34,954,182			(1,799,633	)		11,844			727,042

Ending balance		141,996,955			14,550,160			753,503			220,021,061			10,902,261			1,425,553			1,236,469


	For the nine-month period ended September 30, 2024
	Credit card accounts									Total
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		11,287,068			983,611			253,351			332,712,077			26,319,394			1,752,281			768,487
Transfer to 12-month expected credit losses		350,965			(350,682	)		(283	)		7,388,173			(7,366,502	)		(21,671	)		—
Transfer to lifetime expected credit losses		(516,230	)		517,323			(1,093	)		(11,756,602	)		11,794,498			(37,896	)		—
Transfer to credit-impaired financial assets		(81,373	)		(36,455	)		117,828			(1,110,955	)		(945,960	)		2,056,915			—
Charge-off		—			—			(151,927	)		—			—			(514,251	)		(477	)
Disposal		—			—			(138,651	)		(253	)		(25,689	)		(1,067,392	)		(258,583	)
Net increase (decrease)		113,301			(83,556	)		225,504			45,939,307			(3,293,079	)		315,799			727,042

Ending balance		11,153,731			1,030,241			304,729			373,171,747			26,482,662			2,483,785			1,236,469

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


	For the nine-month period ended September 30, 2023
	Consumers									Corporates
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		131,328,377			14,020,582			564,057			179,552,435			9,486,297			625,998			313,717
Transfer to 12-month expected credit losses		3,872,249			(3,860,456	)		(11,793	)		2,234,826			(2,226,638	)		(8,188	)		—
Transfer to lifetime expected credit losses		(6,206,247	)		6,223,472			(17,225	)		(4,831,637	)		4,839,769			(8,132	)		—
Transfer to credit-impaired financial assets		(228,108	)		(192,959	)		421,067			(566,924	)		(344,314	)		911,238			—
Charge-off		—			—			(187,612	)		—			—			(168,802	)		—
Disposal		(22,866	)		(7,438	)		(176,668	)		(18,149	)		(720	)		(350,146	)		(86,956	)
Net increase (decrease)		1,184,560			(1,723,306	)		92,595			6,132,256			(1,338,865	)		36,729			308,494
Changes due to business combinations		1,144			—			—			—			—			—			—

Ending balance		129,929,109			14,459,895			684,421			182,502,807			10,415,529			1,038,697			535,255


	For the nine-month period ended September 30, 2023
	Credit card receivables									Total
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		9,115,460			1,066,380			179,410			319,996,272			24,573,259			1,369,465			313,717
Transfer to 12-month expected credit losses		354,756			(354,618	)		(138	)		6,461,831			(6,441,712	)		(20,119	)		—
Transfer to lifetime expected credit losses		(384,921	)		385,784			(863	)		(11,422,805	)		11,449,025			(26,220	)		—
Transfer to credit-impaired financial assets		(52,670	)		(34,152	)		86,822			(847,702	)		(571,425	)		1,419,127			—
Charge-off		—			—			(200,199	)		—			—			(556,613	)		—
Disposal		—			—			(64,446	)		(41,015	)		(8,158	)		(591,260	)		(86,956	)
Net increase (decrease)		1,683,515			(119,668	)		253,825			9,000,331			(3,181,839	)		383,149			308,494
Changes due to business combinations		—			—			—			1,144			—			—			—

Ending balance		10,716,140			943,726			254,411			323,148,056			25,819,150			1,977,529			535,255

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

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


	September 30, 2024			December 31, 2023
Cash Management Account asset (CMA asset)		115,000			91,000
Receivables		13,986,273			9,061,936
Accrued income		1,807,490			1,972,330
Telex and telephone subscription rights and refundable deposits		781,259			793,510
Domestic exchange settlement debit		344,515			446,570
Other assets		439,546			411,330
Allowance for credit losses		(204,090	)		(156,280	)

Total		17,269,993			12,620,396

(9)	Changes in the allowances for credit losses on other financial assets are as follows (Unit: Korean Won in millions):


	For the nine-month period ended September 30, 2024
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		(9,019	)		(17,062	)		(130,199	)		(156,280	)
Transfer to 12-month expected credit losses		(551	)		533			18			—
Transfer to lifetime expected credit losses		302			(367	)		65			—
Transfer to credit-impaired financial assets		2,708			5,804			(8,512	)		—
Provision of loss allowance		(528	)		(6,421	)		(30,644	)		(37,593	)
Charge-off		—			—			1,975			1,975
Disposal		—			—			2,248			2,248
Others		(7,386	)		—			(7,054	)		(14,440	)

Ending balance		(14,474	)		(17,513	)		(172,103	)		(204,090	)


	For the nine-month period ended September 30, 2023
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		(4,178	)		(9,133	)		(125,869	)		(139,180	)
Transfer to 12-month expected credit losses		(411	)		302			109			—
Transfer to lifetime expected credit losses		193			(222	)		29			—
Transfer to credit-impaired financial assets		73			406			(479	)		—
Provision of loss allowance		(3,023	)		(975	)		(4,633	)		(8,631	)
Charge-off		—			—			2,536			2,536
Disposal		—			—			1,938			1,938
Others		(1,598	)		(2	)		(271	)		(1,871	)

Ending balance		(8,944	)		(9,624	)		(126,640	)		(145,208	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(10)	Changes in the gross carrying amount of other financial assets are as follows (Unit: Korean Won in millions):


	For the nine-month period ended September 30, 2024
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		12,510,625			111,898			154,153			12,776,676
Transfer to 12-month expected credit losses		19,937			(19,916	)		(21	)		—
Transfer to lifetime expected credit losses		(32,871	)		32,957			(86	)		—
Transfer to credit-impaired financial assets		(13,881	)		(18,380	)		32,261			—
Charge-off		—			—			(1,975	)		(1,975	)
Disposal		—			(3	)		(2,665	)		(2,668	)
Net increase		4,686,744			(6,406	)		18,613			4,698,951
Changes due to business combinations		3,099			—			—			3,099

Ending balance		17,173,653			100,150			200,280			17,474,083


	For the nine-month period ended September 30, 2023
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		8,886,721			21,454			78,502			8,986,677
Transfer to 12-month expected credit losses		14,199			(14,088	)		(111	)		—
Transfer to lifetime expected credit losses		(27,181	)		27,210			(29	)		—
Transfer to credit-impaired financial assets		(2,341	)		(2,395	)		4,736			—
Charge-off		—			—			(2,536	)		(2,536	)
Disposal		—			—			(2,569	)		(2,569	)
Net increase		5,011,884			76,198			64,281			5,152,363
Changes due to business combinations		13,240			—			—			13,240

Ending balance		13,896,522			108,379			142,274			14,147,175

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

11.

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

(1)	The fair value hierarchy

The fair value hierarchy for financial instruments is determined by the amount of observable market data. The specific financial instruments characteristics and market condition such as the existence of the transactions among market participants 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 Group 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 Group’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 Group’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.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

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


	September 30, 2024
	Level 1 (*)		Level 2 (*)		Level 3		Total
Financial assets:
Financial assets at FVTPL
Deposits		58,044		—		—		58,044
Debt securities		4,622,803		2,401,283		1,437		7,025,523
Equity securities		42,236		—		412,672		454,908
Capital contributions		—		—		2,699,371		2,699,371
Beneficiary certificates		144,020		3,121,521		1,978,689		5,244,230
Loans		—		1,163,017		35,563		1,198,580
Derivative assets		15,914		5,190,958		2,110		5,208,982
Other financial assets in foreign currency		—		—		43,399		43,399
Others		—		—		191,260		191,260

Sub-total		4,883,017		11,876,779		5,364,501		22,124,297

Financial assets at FVTOCI
Debt securities		11,934,754		23,705,648		—		35,640,402
Equity securities		499,067		—		559,580		1,058,647

Sub-total		12,433,821		23,705,648		559,580		36,699,049

Derivative assets (designated for hedging)		—		69,673		—		69,673

Total		17,316,838		35,652,100		5,924,081		58,893,019

Financial liabilities:
Financial liabilities at FVTPL
Deposits due to customers		58,334		—		—		58,334
Derivative liabilities		12,610		4,825,667		17,559		4,855,836
Securities sold		134,714		50,758		—		185,472

Sub-total		205,658		4,876,425		17,559		5,099,642
Financial instruments designated to be measured at FVTPL
Deposits due to customers		—		463,203		—		463,203
Derivative liabilities (designated for hedging)		—		91,960		—		91,960

Total		205,658		5,431,588		17,559		5,654,805

(*)	There were no transfers between Level 1 and Level 2 of financial assets and liabilities measured at fair value. The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


	December 31, 2023
	Level 1 (*)		Level 2 (*)		Level 3		Total
Financial assets:
Financial assets at FVTPL
Deposits		39,241		—		—		39,241
Debt securities		4,414,956		1,888,052		4,230		6,307,238
Equity securities		68,691		19		353,279		421,989
Capital contributions		—		—		2,459,646		2,459,646
Beneficiary certificates		169,012		3,634,938		1,705,965		5,509,915
Loans		—		726,714		56,002		782,716
Derivative assets		113		5,669,078		129,138		5,798,329
Other financial assets in foreign currency		—		—		42,408		42,408
Others		—		—		183,274		183,274

Sub-total		4,692,013		11,918,801		4,933,942		21,544,756

Financial assets at FVTOCI
Debt securities		12,392,117		24,301,994		—		36,694,111
Equity securities		649,220		—		548,164		1,197,384

Sub-total		13,041,337		24,301,994		548,164		37,891,495

Derivative assets (designated for hedging)		—		26,708		—		26,708

Total		17,733,350		36,247,503		5,482,106		59,462,959

Financial liabilities:
Financial liabilities at FVTPL
Deposits due to customers		39,524		—		—		39,524
Derivative liabilities		8,303		5,932,727		1,994		5,943,024
Securities sold		155,765		—		—		155,765

Sub-total		203,592		5,932,727		1,994		6,138,313

Derivative liabilities (designated for hedging)		—		153,007		—		153,007

Total		203,592		6,085,734		1,994		6,291,320

(*)	Among financial assets and financial liabilities measured at fair value, there is no amount transferred between Level 2 and Level 1. The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

Financial assets and liabilities at FVTPL, financial liabilities at FVTPL designated as upon initial recognition, financial assets at FVTOCI, and derivative assets and liabilities 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 Group determines the fair value using valuation methods. Valuation methods and input variables for each type of financial instruments are as follows:

Valuation methods and input variables for each type of financial instrument classified into level 2 as of September 30, 2024 and December 31, 2023 are as follows:


	Valuation methods	Input variables
Debt securities	Fair value is measured by discounting the future cash flows of debt securities applying the risk-free market rate with credit spread and LSMC and Hull-White model.	Risk-free market rate, credit spread, discount rate originated from credit grade, volatility of stock and volatility of interest rate
Equity securities and beneficiary certificates	The beneficiary certificates are measured at net asset value method, DCF model(Discounted Cash Flow Model), Binomial Tree model and T-F model.	Values of underlying assets such as bond, discount rate, volatility of stock, terminal growth rate etc.
Derivatives	Fair value is measured by models such as option model.	Discount rate, volatility, exchange rate, stock prices, fair value originated from forward price etc.
Loans	The future cash flows of debt instruments are measured at a discount by applying the market interest rate applied to entities with similar creditworthiness to the debtor.	Risk-free market rate and credit spread
Deposits due to customers	Fair value is measured by Hull-White model.	Swaption Volume etc.

Valuation methods and input variables for each type of financial instrument classified into level 3 as of September 30, 2024 and December 31, 2023 are as follows:


	Valuation methods	Input variables
Loans	Fair value is measured by using the DCF model (Discounted Cash Flow Model) and LSMC(Hull-White).	Risk-free market rate, credit spread, discount rate, volatility of stock
Stocks, capital contributions and Beneficiary certificates	Among DCF (Discounted Cash Flow) Model, FCFE (Free Cash Flow to Equity) Model, Comparable Company Analysis, Dividend Discount Model, Risk-adjusted Rate of Return Method, Net Asset Value Method, LSMC, Binomial Tree Model, Hull-White and Precedent Transactions model, one or more methods are used given the characteristic of the subject of fair value measurement.	Risk-free market rate, market risk premium, corporate Beta, stock prices, volatility of underlying asset, discount rate originated from credit grade, volatility of interest rate, volatility of real estate value, terminal growth rate, PBR, PSR etc.
Derivatives	Fair value is measured by models such as option model.	Discount rate, volatility, exchange rate, stock price, etc.
Others	The fair value of the underlying asset, after calculating the fair value using the DCF model, etc., considering the price and volatility of the calculated underlying asset, is calculated using the binomial tree, which is commonly used valuation techniques in the market.	Stock price, volatility of underlying assets, etc.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

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


	September 30, 2024
	Fair value measurement technique	Type	Significant unobservable inputs	Range	Impact of changes in significant unobservable inputs on fair value measurement
Loans	DCF model and others		Discount rate	4.09%~5.90%	Fair value increases as discount rate decreases.
Derivatives	Option valuation model and others	Equity related	Correlation coefficient	0.30~0.66	Variation of fair value increases as correlation coefficient increases.
	Binomial Tree	Equity related	Stock prices, Volatility	25.61%	Variation of fair value increases as volatility and stock price increases.
Stocks, capital contributions, and Beneficiary certificates	Binomial Tree		Stock prices, Volatility of underlying asset	20.17%~24.90%	Variation of fair value increases as volatility of underlying asset and stock price increases.
	DCF model and others		Discount rate	5.00%~20.74%	Fair value increases as discount rate decreases.
			Terminal growth rate	0.00%~2.00%	Fair value increases as terminal growth rate increases.
			Liquidation value	-1.00%~1.00%	Fair value increases as liquidation value increases.
	LMSC(Hull-White)		Volatility	19.05%~28.16%	Variation of fair value increases as volatility increases.
			Discount rate	6.69%	Fair value increases as discount rate decreases.
Others	Binomial Tree		Stock prices, Volatility of underlying asset	18.70%~40.77%	Variation of fair value increases as volatility of underlying asset and stock price increases.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


	December 31, 2023
	Fair value measurement technique	Type	Significant unobservable inputs	Range	Impact of changes in significant unobservable inputs on fair value measurement
Loans	DCF model and others		Discount rate	4.05%~6.58%	Fair value increases as discount rate decreases.
	LSMC(Hull-White)		Volatility of stock	0.19%~0.24%	Fair value increases as volatility of stock increases.
			Volatility of interest rate	0.47%~0.91%	Fair value increases as volatility of interest rate increases.
			Discount rate	13.78%~21.92%	Fair value increases as discount rate decreases.
Derivative assets	Option valuation model and others	Equity related	Correlation coefficient	0.32~0.68	Variation of fair value increases as correlation coefficient increases.
Derivative liabilities	Option valuation model and others	Equity related	Correlation coefficient	0.32~0.68	Variation of fair value increases as correlation coefficient increases.
Stocks, capital contributions, and beneficiary certificates	Binomial Tree		Discount rate	3.58%	Fair value increases as discount rate decreases.
			Stock prices, Volatility of underlying asset, Volatility of stocks	27.34%~76.22%	Variation of fair value increases as volatility of underlying asset and stock price increases.
	Risk-adjusted discount rate method (Tsiveriotis-Fernandes)		Discount rate	6.98%	Fair value increases as discount rate decreases.
			Volatility of stock	34.6%	Variation of fair value increases as volatility of stock increases.
	DCF model and others		Discount rate	5.08%~19.90%	Fair value increases as discount rate decreases.
			Terminal growth rate	0.00%, 1.00%	Fair value increases as terminal growth rate increases.
			Liquidation value	-1.00%~1.00%	Fair value increases as liquidation value increases.
	LSMC(Hull-White)		Discount rate	5.06%~6.86%	Fair value increases as discount rate decreases.
Others	Binomial Tree		Stock prices, Volatility of underlying asset	15.48%~76.22%	Variation of fair value increases as volatility of underlying asset and stock price increases.
			Discount rate	10.42%	Fair value increases as discount rate decreases.
			Growth rate	0.00%	Fair value increases as terminal growth rate increases

Fair value of financial assets and liabilities classified into Level 3 is measured by the Group using its own valuation methods or using external specialists. Unobservable inputs used in the fair value measurements are produced by the internal system of the Group and the appropriateness of inputs is reviewed regularly.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(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 nine-month period ended September 30, 2024
	Beginning balance		Net income (loss) (*1)			Other comprehensive income		Purchases/ issuances		Disposals / Settlements, etc.			Transfer to or out of Level 3 (*2)		Ending balance
Financial assets:
Financial assets at FVTPL
Debt securities		4,230		(193	)		—		—		(2,600	)		—		1,437
Equity securities		353,279		(6,290	)		—		68,297		(4,561	)		1,947		412,672
Capital contributions		2,462,048		22,120			—		404,460		(189,257	)		—		2,699,371
Beneficiary certificates		1,705,966		22,849			—		303,799		(53,925	)		—		1,978,689
Loans		56,002		1,204			—		326,512		(348,155	)		—		35,563
Derivative assets		129,136		(4,437	)		—		628		(123,217	)		—		2,110
Other foreign currency financial assets		42,406		993			—		—		—			—		43,399
Others		183,274		11,738			—		10,565		(14,317	)		—		191,260

Sub-total		4,936,341		47,984			—		1,114,261		(736,032	)		1,947		5,364,501

Financial assets at FVTOCI
Equity securities		548,164		—			5,157		2,795		—			3,464		559,580
Loans		—		—			—		202,916		(202,916	)		—		—

Sub-total		548,164		—			5,157		205,711		(202,916	)		3,464		559,580

Total		5,484,505		47,984			5,157		1,319,972		(938,948	)		5,411		5,924,081

Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities		1,994		18,117			—		353		(2,905	)		—		17,559

Total		1,994		18,117			—		353		(2,905	)		—		17,559

(*1)

For financial liabilities, positive numbers represent losses that increase balance and negative numbers represent gains that decrease balance. The gain amounting to 102,837 million Won for the nine-month period ended September 30, 2024, which is from financial assets and liabilities that the Group holds as at the end of the year.

(*2)	The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


	For the nine-month period ended September 30, 2023
	Beginning balance		Business combination		Net income (loss) (*1)			Other comprehensive income			Purchases/ issuances		Disposals / settlements			Transfer to or out of Level 3 (*2)			Ending balance
Financial assets:
Financial assets at FVTPL
Debt securities		1,078		—		(55	)		—			4,000		—			—			5,023
Equity securities		307,851		8,368		(2,034	)		—			55,710		(31,757	)		(5,840	)		332,298
Capital contributions		1,976,474		11,607		62,253			—			452,484		(206,682	)		—			2,296,136
Beneficiary certificates		1,458,776		—		7,230			—			192,137		(107,597	)		—			1,550,546
Loans		104,505		—		1,097			—			423,994		(466,922	)		—			62,674
Derivative assets		93,970		—		9,963			—			2,225		(6,864	)		—			99,294
Other foreign currency financial assets		41,679		—		2,549			—			—		—			—			44,228
Others		144,840		—		8,707			—			22,395		(997	)		—			174,945

Sub-total		4,129,173		19,975		89,710			—			1,152,945		(820,819	)		(5,840	)		4,565,144

Financial assets at FVTOCI
Equity securities		557,065		—		—			(6,553	)		1,407		(3,503	)		(23	)		548,393
Loans		—		—		—			(6	)		103,792		(87,209	)		—			16,577
Sub-total		557,065		—		—			(6,559	)		105,199		(90,712	)		(23	)		564,970

Total		4,686,238		19,975		89,710			(6,559	)		1,258,144		(911,531	)		(5,863	)		5,130,114

Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities		9,449		—		1,636			—			—		(9,449	)		—			1,636

Total		9,449		—		1,636			—			—		(9,449	)		—			1,636

(*1)

For financial liabilities, positive numbers represent losses that increase balance and negative numbers represent gains that decrease balance. The gain amounting to 130,005 million Won for the nine-month period ended September 30, 2024, which is from financial assets and liabilities that the Group holds as at the end of the year.

(*2)	The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(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 of the financial instruments has been performed by classifying with favorable and unfavorable changes based on how changes in unobservable assumptions would have effects on the fluctuations of financial instruments’ value. 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 two types of level 3 financial instruments: (1) interest rate related derivatives, currency related derivatives, equity related derivatives, and loans of which fair value changes are recognized as net income; (2) equity securities of which fair value changes are recognized as other comprehensive income.

Meanwhile, among the financial instruments that are classified as Level 3 amounting to 5,941,640 million Won and 5,484,098 million Won as of September 30, 2024 and December 31, 2023, respectively, equity instruments of 4,711,896 million Won and 4,704,747 million Won whose carrying amount are considered to represent the reasonable approximation of fair value are excluded from the sensitivity analysis.

The sensitivity on fluctuation of input variables by financial instruments as of September 30, 2024 and December 31, 2023 is as follows (Unit: Korean Won in millions):


	September 30, 2024
	Net income (loss)					Other comprehensive income (loss)
	Favorable		Unfavorable			Favorable		Unfavorable
Financial assets:
Financial assets at FVTPL
Derivative assets (*1)		41		(41	)		—		—
Loans (*2)		59		(56	)		—		—
Equity securities (2) (3) (4) (5)		17,300		(12,792	)		—		—
Beneficiary certificates (*5)		722		(722	)		—		—
Others (3) (5)		4,045		(3,823	)		—		—
Financial assets at FVTOCI
Equity securities (4) (5) (*6)		—		—			49,040		(35,036	)

Total		22,167		(17,434	)		49,040		(35,036	)

Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities (*1)		1		(1	)		—		—

Total		1		(1	)		—		—

(*1)	Fair value changes of equity related derivatives assets and liabilities are calculated by increasing or decreasing correlation or volatility, which are major unobservable variables, by 10% each, respectively.

(*2)	Fair value changes are calculated by increasing or decreasing growth rate (0%p~1%p) and discount rate or liquidation value (-1%p~1%p), which are major unobservable variables.

(*3)	Fair value changes of equity securities are calculated by increasing or decreasing stock price (-10%~10%) and volatility (-10%p~10%p), which are major unobservable variables.

(*4)	Fair value changes of equity securities are calculated by increasing or decreasing growth rate (-1%p~1%p) and discount rate (-1%p~1%p) or liquidation value (-1%p~1%p), which are major unobservable variables.

(*5)

Even if the sensitivity analysis of the capital contributions and beneficiary certificates among equity securities is not possible in practice, fair value changes of beneficiary certificates and other securities whose major unobservable variables are composed of the real estate are calculated by increasing or decreasing price fluctuation rate of real estate and discount rate which are underlying assets and discount rate by 1%p.

(*6)	Fair value changes of equity securities are calculated by increasing or decreasing correlation between growth rate and discount rate, which are unobservable variables.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


	December 31, 2023
	Net income (loss)					Other comprehensive income (loss)
	Favorable		Unfavorable			Favorable		Unfavorable
Financial assets:
Financial assets at FVTPL
Derivative assets (*1)		88		(95	)		—		—
Loans (*2)		202		(199	)		—		—
Debt securities		21		(22	)		—		—
Equity securities (2) (3) (*4)		11,562		(8,953	)		—		—
Beneficiary certificates (*4)		722		(722	)		—		—
Others (*2)		4,098		(3,921	)		—		—
Financial assets at FVTOCI
Equity securities (3) (4)		—		—			28,020		(22,302	)

Total		16,693		(13,912	)		28,020		(22,302	)

Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities (*1)		10		(7	)		—		—

Total		10		(7	)		—		—

(*1)	Fair value changes of equity related derivatives assets and liabilities are calculated by increasing or decreasing correlation, which are major unobservable variables, by 10% each, respectively.

(*2)	Fair value changes are calculated by increasing or decreasing stock prices (-10%~10%) and volatility (-10%p~10%p). The stock prices and volatility are major unobservable variables.

(*3)	Fair value changes of equity securities are calculated by increasing or decreasing growth rate (-1%p~1%p) and discount rate (-1%p~1%p) or liquidation value (-1%p~1%p). The growth rate, discount rate, and liquidation value are major unobservable variables.

(*4)

Even if the sensitivity analysis of the capital contributions and beneficiary certificates is not possible in practice, fair value changes of beneficiary certificates and other securities whose major unobservable variables are composed of the real estate are calculated by increasing or decreasing price fluctuation rate of real estate which is underlying assets and discount rate by 1%p.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(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):


	September 30, 2024
	Fair value								Carrying amount
	Level 1		Level 2		Level 3		Total		Carrying amount
Financial assets:
Securities at amortized cost		2,178,483		16,883,055		—		19,061,538		19,169,176
Loans and other financial assets at amortized cost		—		15,178,845		408,925,754		424,104,599		420,559,585
Financial liabilities:
Deposits due to customers		—		383,593,124		—		383,593,124		383,063,074
Borrowings		—		30,389,286		955,327		31,344,613		31,496,518
Debentures		—		46,710,656		—		46,710,656		46,702,167
Other financial liabilities (*)		—		35,974,510		771,847		36,746,357		37,581,681

(*)	Lease liabilities are excluded as of September 30, 2024.


	December 31, 2023
	Fair value								Carrying amount
	Level 1		Level 2		Level 3		Total		Carrying amount
Financial assets:
Securities at amortized cost		2,361,627		21,303,099		—		23,664,726		23,996,172
Loans and other financial assets at amortized cost		—		9,905,518		364,211,207		374,116,725		373,148,148
Financial liabilities:
Deposits due to customers		—		360,186,521		—		360,186,521		357,784,297
Borrowings		—		31,065,237		87,342		31,152,579		30,986,746
Debentures		—		40,504,019		—		40,504,019		41,239,245
Other financial liabilities (*)		—		24,584,447		609,620		25,194,067		25,780,550

(*)	Lease liabilities are excluded as of December 31, 2023

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 Group determines the fair value by using valuation methods. Valuation methods and input variables for financial assets and liabilities that are measured at amortized cost are given as follows:


	Valuation methods	Input variables
Securities at amortized cost	The fair value is measured by discounting the projected cash flows of debt securities by applying risk-free market rate with credit spread.	Risk-free market rate and credit spread

Loans and other financial assets at amortized cost	The fair value is measured by discounting the projected cash flows of loan products by applying the market discount rate that has been applied to a proxy company that has similar credit rating to the debtor.	Risk-free market rate, credit spread and prepayment rate

Deposits due to customers, borrowings, debentures and other financial liabilities	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 Group or the market discount rate used for similar in products.	Risk-free market rate, credit spread

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(6)	Financial instruments by category

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


	September 30, 2024
Financial assets	Financial assets at FVTPL		Financial assets at FVTOCI		Financial assets at amortized cost		Derivatives assets (designated for hedging)		Total
Deposits		58,044		—		3,214,841		—		3,272,885
Securities		15,613,665		36,699,049		19,169,176		—		71,481,890
Loans		1,198,580		—		400,074,751		—		401,273,331
Derivative assets		5,208,982		—		—		69,673		5,278,655
Other financial assets		45,026		—		17,269,993		—		17,315,019

Total		22,124,297		36,699,049		439,728,761		69,673		498,621,780


	September 30, 2024
Financial liabilities	Financial liabilities at FVTPL		Financial liabilities designated to be measured at FVTPL		Financial assets at amortized cost		Derivatives liabilities (designated for hedging)		Total
Deposits due to customers		58,334		463,203		383,063,074		—		383,584,611
Borrowings		185,472		—		31,496,518		—		31,681,990
Debentures		—		—		46,702,167		—		46,702,167
Derivative liabilities		4,855,836		—		—		91,960		4,947,796
Other financial liabilities (*)		—		—		37,581,681		—		37,581,681

Total		5,099,642		463,203		498,843,440		91,960		504,498,245

(*)	Lease liabilities are excluded as of September 30, 2024.


	December 31, 2023
Financial assets	Financial assets at FVTPL		Financial assets at FVTOCI		Financial assets at amortized cost		Derivatives assets (designated for hedging)		Total
Deposits		39,241		—		1,950,573		—		1,989,814
Securities		14,880,479		37,891,495		23,996,172		—		76,768,146
Loans		782,716		—		358,577,179		—		359,359,895
Derivative assets		5,798,329		—		—		26,708		5,825,037
Other financial assets		43,991		—		12,620,396		—		12,664,387

Total		21,544,756		37,891,495		397,144,320		26,708		456,607,279


	December 31, 2023
Financial liabilities	Financial liabilities at FVTPL		Financial liabilities at amortized cost		Derivatives liabilities (designated for hedging)		Total
Deposits due to customers		39,524		357,784,297		—		357,823,821
Borrowings		155,765		30,986,746		—		31,142,511
Debentures		—		41,239,245		—		41,239,245
Derivative liabilities		5,943,024		—		153,007		6,096,031
Other financial liabilities (*)		—		25,780,550		—		25,780,550

Total		6,138,313		455,790,838		153,007		462,082,158

(*)	Lease liabilities are excluded as of December 31, 2023.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(7)	Income or expense from financial instruments by category

Income or expense from financial assets and liabilities by each category during the nine-month periods ended September 30, 2024 and 2023 are as follows (Unit: Korean Won in millions):


	For the nine-month period ended September 30, 2024
	Interest income (expense)			Fees and commissions income (expense)		Reversal (provision) of credit loss			Gain or loss on transactions and valuation			Dividends, etc.		Total
Financial instruments at FVTPL		177,943			2,099		—			796,780			186,475		1,163,297
Financial instruments designated to be measured at FVTPL (*)		—			—		—			(14,779	)		—		(14,779	)
Financial assets at FVTOCI		947,675			741		(5,495	)		81,727			17,018		1,041,666
Securities at amortized cost		503,758			—		2,772			—			—		506,530
Loans and other financial assets at amortized cost		14,787,354			420,839		(1,252,256	)		265,129			—		14,221,066
Financial liabilities at amortized cost		(9,788,172	)		54		—			—			—		(9,788,118	)
Net derivatives (designated for hedging)		—			—		—			16,875			—		16,875

Total		6,628,558			423,733		(1,254,979	)		1,145,732			203,493		7,146,537

(*)	The amounts recognized in profit or loss and other comprehensive income related to financial liabilities designated to be measured at FVTPL are 1,577 million Won during the nine-month periods ended September 30, 2024.


	For the nine-month period ended September 30, 2023
	Interest Income (expense)			Fees and Commissions Income (expense)		Provision of credit loss			Gain or loss on transactions and valuation			Dividends, etc.		Total
Financial instruments at FVTPL		141,722			51		—			704,326			136,846		982,945
Financial assets at FVTOCI		706,080			1,056		(13,786	)		(1,868	)		15,912		707,394
Securities at amortized cost		596,725			—		(5,601	)		—			—		591,124
Loans and other financial assets at amortized cost		13,772,622			458,935		(1,043,412	)		170,754			—		13,358,899
Financial liabilities at amortized cost		(8,608,545	)		986		—			—			—		(8,607,559	)
Net derivatives (designated for hedging)		—			—		—			37,153			—		37,153

Total		6,608,604			461,028		(1,062,799	)		910,365			152,758		7,069,956

- 77 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

12.

INVESTMENTS IN JOINT VENTURES AND ASSOCIATES

(1)	Investments in joint ventures and associates accounted for using the equity method of accounting are as follows:


		Percentage of ownership (%)
Joint ventures and associates	Main business	September 30, 2024		December 31, 2023		Location	Financial statements as of
Woori Bank
W Service Networks Co., Ltd. (1) (4)	Freight & staffing services		4.9		4.9	Korea	2024-08-31
Korea Credit Bureau Co., Ltd. (*2)	Credit information		9.9		9.9	Korea	2024-09-30
Korea Finance Security Co., Ltd. (2) (4)	Security service		15.0		15.0	Korea	2024-08-31
Wongwang Co., Ltd. (*3)	Wholesale and real estate		29.0		29.0	Korea	—
Sejin Construction Co., Ltd. (*3)	Construction		29.6		29.6	Korea	—
ARES-TECH Co., Ltd. (*3)	Electronic component manufacturing		23.4		23.4	Korea	—
Beomgyo.,Ltd. (*3)	Telecommunication equipment retail sales		23.1		23.1	Korea	—
NK Eng Co., Ltd. (*3)	Manufacturing		23.1		23.1	Korea	—
K BANK Co., Ltd. (2) (4)	Finance		12.0		12.6	Korea	2024-08-31
Partner One Value Up I Private Equity Fund	Other financial services		23.3		23.3	Korea	2024-09-30
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership	Other financial services		20.0		20.0	Korea	2024-09-30
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund	Other financial services		25.0		25.0	Korea	2024-09-30
LOTTE CARD Co., Ltd. (*4)	Credit card and installment financing		20.0		20.0	Korea	2024-06-30
Union Technology Finance Investment Association	Other financial services		29.7		29.7	Korea	2024-09-30
Dicustody Co., Ltd. (*2)	Other information technology and computer operation related services		1.0		1.0	Korea	2024-09-30
Orient Shipyard Co., Ltd. (3) (4)	Manufacture of sections for ships		22.7		22.7	Korea	2024-06-30
Joongang Network Solution Co.,Ltd. (3) (4)	Other information technology and computer operation related services		25.3		25.3	Korea	2024-06-30
Win Mortgage Co.,LTd. (1) (4)	Other financial services		4.5		4.5	Korea	2024-06-30
Together-Korea Government Private Pool Private Securities Investment Trust No. 3	Other financial services		100.0		100.0	Korea	2024-09-30
BTS 2nd Private Equity Fund	Other financial services		20.0		20.0	Korea	2024-09-30
STASSETS FUND III	Other financial services		28.3		28.3	Korea	2024-09-30
SF CREDIT PARTNERS, LLC (*2)	Other financial services		10.0		10.0	United States	2024-09-30
Dongwoo C & C Co., Ltd. (*3)	Construction		23.2		24.5	Korea	—
G2 Collection Co., Ltd. (*3)	Wholesale and retail sales		28.9		29.2	Korea	—

- 78 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


		Percentage of ownership (%)
Joint ventures and associates	Main business	September 30, 2024		December 31, 2023		Location	Financial statements as of
Woori Bank (*5)
Japanese Hotel Real Estate Private Equity Fund No.2	Other financial services		19.9		19.9	Korea	2024-09-30
Woori Seoul Beltway Private Special Asset Fund No.1	Trust and collective investment		25.0		25.0	Korea	2024-09-30
Woori General Private Securities Investment Trust(Bond) No.1 (*7)	Collective investment business		—		25.0	Korea	—
Woori Short-term Bond Securities Investment Trust(Bond) ClassC-F	Collective investment business		8.6		15.0	Korea	2024-09-30
Woori Safe Plus General Type Private Investment Trust S-8(Bond) (*7)	Collective investment business		—		9.1	Korea	—
Woori General Private Securities Investment Trust(Bond) No.2 (*7)	Collective investment business		—		27.3	Korea	—
Woori Smart General Private Equity Investment Trust 1(Bond)	Collective investment business		28.6		28.6	Korea	2024-09-30
Woori General Private Securities Investment Trust(Bond) No.3 (*7)	Collective investment business		—		27.8	Korea	—
Woori Asset Global Partnership Fund No. 5	Collective investment business		57.7		57.7	Korea	2024-09-30
Woori Short Term Government and Special Bank Bond Active ETF(*7)	Collective investment business		—		20.8	Korea	—
Woori 25-09 Corporate Bond(AA- or higher) Active ETF	Collective investment business		29.8		29.3	Korea	2024-09-30
Woori General Private Securities Investment Trust No. 5 (Bond) (*11)	Collective investment business		28.6		—	Korea	2024-09-30
Woori Big Satisfaction General Private Securities Investment Trust No. 3 (Bond) (*11)	Collective investment business		9.1		—	Korea	2024-09-30
Woori General Private Securities Investment Trust No. 6 (Bond) (*11)	Collective investment business		28.6		—	Korea	2024-09-30
Woori Big Satisfaction Corporation MMF No. 1 (Government Bond) (7) (11)	Collective investment business		—		—	Korea	—
Woori General Private Securities Investment Trust No. 7 (Bond) (*11)	Collective investment business		28.6		—	Korea	2024-09-30

Woori Financial Capital Co., Ltd.
WOORI TAERIM 1st Fund	Other financial services		25.6		25.6	Korea	2024-09-30
Portone-Cape Fund No.1	Other financial services		20.0		20.0	Korea	2024-09-30
DeepDive WOORI 2021-1 Financial Investment Fund (6) (7)	Other financial services		—		11.9	Korea	—
Darwin Green Packaging Private Equity Fund	Other financial services		20.4		20.4	Korea	2024-09-30
Koreawide partners 2nd Private Equity Fund	Other financial services		26.7		26.7	Korea	2024-09-30

- 79 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


		Percentage of ownership (%)
Joint ventures and associates	Main business	September 30, 2024		December 31, 2023		Location	Financial statements as of
Woori Investment Securities Co., Ltd. (*5)
Woori FirstValue Private Real Estate Fund No.2	Real estate business		12.0		12.0	Korea	2024-09-30
Woori Real Infrastructure Blind General Type Private Placement Investment Trust (*7)	Investment trust and discretionary investment business		—		0.1	Korea	—

Woori Asset Management Co. Ltd.
Woori Together TDF 2025 (*11)	Collective investment business		28.5		—	Korea	2024-09-30
Woori Together TDF 2030	Collective investment business		26.4		28.0	Korea	2024-09-30
Woori Together OCIO Target Return Feeder fund (Balance Bond) (*7)	Collective investment business		—		20.4	Korea	—

Woori Private Equity Asset Management Co., Ltd.
Australia Green Energy 1st PEF (*2)	Other financial services		4.0		4.0	Korea	2024-09-30
Aarden Woori Apparel 1st Private Equity Fund (*2)	Other financial services		0.5		0.5	Korea	2024-09-30
Woori Dyno 1st Private Equity Fund (*2)	Other financial services		19.6		19.6	Korea	2024-09-30

Woori Financial F&I Co., Ltd.
KCLAVIS NPL Investment Trust NO 1-2 (*11)	Collective investment business		35.9		—	Korea	2024-09-30

Woori Venture Partners Co., Ltd.
KTB-KORUS FUND (*8)	Asset Management		37.5		37.5	Korea	2024-09-30
KTB China Platform Fund (7) (10)	Asset Management		—		18.7	Korea	—
KTBN Venture Fund No.7 (7) (9)	Asset Management		—		20.1	Korea	—
KTBN Venture Fund No.8 (*9)	Asset Management		21.7		21.7	Korea	2024-09-30
KTBN Digital Contents Korea Fund No.9 (*9)	Asset Management		30.0		30.0	Korea	2024-09-30
KTBN Media Contents Fund (*10)	Asset Management		15.0		15.0	Korea	2024-09-30
KTB China Synergy Fund (*10)	Asset Management		15.1		15.1	Korea	2024-09-30
NAVER-KTB Audio Contents Fund (*10)	Asset Management		1.0		1.0	Korea	2024-09-30
KTBN Venture Fund No.13 (*10)	Asset Management		19.6		19.6	Korea	2024-09-30
KTBN Future Contents Fund (*10)	Asset Management		13.3		13.3	Korea	2024-09-30
KTBN Venture Fund No.16 (*10)	Asset Management		10.3		10.3	Korea	2024-09-30
KTBN Venture Fund No.18 (*10)	Asset Management		10.1		10.1	Korea	2024-09-30
KB-KTB Technology Venture Fund (*10)	Asset Management		18.2		18.2	Korea	2024-09-30
Woori 2022 Scaleup Venture Fund	Asset Management		20.0		20.0	Korea	2024-09-30
Woori 2022 Start-up Venture Fund	Asset Management		30.1		30.1	Korea	2024-09-30
KTB-NHN China Private Equity Fund (*7)	Asset Management		—		33.3	Korea	—
KTBN GI Private Equity Fund (*10)	Asset Management		5.0		5.0	Korea	2024-09-30
Chirochem (*4)	Medical material Manufacturing		28.6		28.6	Korea	2023-12-31

- 80 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


		Percentage of ownership (%)
Joint ventures and associates	Main business	September 30, 2024		December 31, 2023		Location	Financial statements as of
Daishin Balance No.18 Special Purpose Acquisition Company (7) (11)	Other financial services		—		—	Korea	—

Japanese Hotel Real Estate Private Equity Fund 1
Godo Kaisha Oceanos 1 (*4)	Other financial services		47.8		47.8	Japan	2024-07-31

Woori Japan Private Placement Real Estate Master Investment Trust No.2
Woori Zip 1 (4) (7)	Other financial services		—		62.4	Japan	—
Woori Zip 2 (4) (7)	Other financial services		—		62.8	Japan	—

Woori bank and Woori card Co., Ltd. (*5)
SJCO Co., Ltd. (*3)	Aggregate transportation and wholesale		29.8		29.8	Korea	—
KG Fashion Co., Ltd. (3) (4)	Manufacturing		20.8		20.8	Korea	2024-08-31
Kyesan Engineering Co., Ltd. (*3)	Construction		23.3		23.3	Korea	—
Good Software Lap Co., Ltd. (*3)	Service		29.4		29.4	Korea	—
DAEA SNC Co., Ltd. (*3)	Wholesale and retail sales		25.5		25.5	Korea	—
PREXCO Co., Ltd. (*3)	Manufacturing		28.1		28.1	Korea	—
JiWon Plating Co., Ltd. (*3)	Plating		20.8		20.8	Korea	—
Youngdong Sea Food Co., Ltd. (*3)	Processed sea food manufacturing		24.5		24.5	Korea	—
KUM HWA Co., Ltd. (*3)	Telecommunication equipment retail sales		20.1		20.1	Korea	2024-09-30
Jinmyung Plus Co., Ltd. (3) (4)	Manufacturing		21.3		21.3	Korea	2024-06-30
Rea Company (*3)	Manufacturing		26.1		24.5	Korea	—
ARAM CMC Co.,Ltd. (3) (4)	Manufacturing		20.1		20.0	Korea	2024-08-31

Woori bank and Woori Financial Capital Co., Ltd. (*5)
JC Assurance No.2 Private Equity Fund	Other financial services		23.4		23.5	Korea	2024-09-30
Dream Company Growth no.1 PEF (*7)	Other financial services		—		27.8	Korea	—
HMS-Oriens 1st Fund	Other financial services		22.8		22.8	Korea	2024-09-30
Woori Senior Loan Private Placement Investment Trust No.1	Collective investment business		21.7		21.7	Korea	2024-09-30
Genesis Eco No.1 Private Equity Fund	Other financial services		29.0		29.0	Korea	2024-09-30
Paratus Woori Material Component Equipment joint venture company	Other financial services		29.9		29.9	Korea	2024-09-30
Midas No. 8 Private Equity Joint Venture Company	Other financial services		28.5		28.5	Korea	2024-09-30
Orchestra Private Equity Fund IV	Other financial services		28.2		28.2	Korea	2024-09-30
Synaptic Green No.1 PEF	Other financial services		21.1		21.1	Korea	2024-09-30
IGEN2022No. 1 Private Equity Fund	Other financial services		24.8		24.8	Korea	2024-09-30

- 81 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


		Percentage of ownership (%)
Joint ventures and associates	Main business	September 30, 2024		December 31, 2023		Location	Financial statements as of
PCC-Woori LP Secondary Fund	Other financial services		38.9		38.9	Korea	2024-09-30
Synaptic Future Growth Private Equity Fund 1	Other financial investment		23.8		23.8	Korea	2024-09-30

Woori Bank and Woori Asset Management Co. Ltd. (*5)
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)	Collective investment business		6.2		14.1	Korea	2024-09-30
Woorinara New Growth TOP 20 Securities Investment Trust No. 1 (Stocks) (7) (11)	Collective investment business		—		—	Korea	—
Woorinara Short-Term Bond Securities Investment Trust (Bond) (7) (11)	Collective investment business		—		—	Korea	—

Woori Investment Securities Co., Ltd. and Woori Asset Management Co., Ltd. (*5)
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2 (*11)	Collective investment business		2.2		—	Korea	2024-09-30

Woori Bank and Woori Private Equity Asset Management Co., Ltd. (*5)
Woori-Q Corporate Restructuring Private Equity Fund(*12)	Other financial services		34.2		32.4	Korea	2024-09-30

Woori Financial Capital Co., Ltd., Woori Private Equity Asset Management Co., Ltd. (*5)
NH Woori New deal Co-Investment No.1 Private Equity Fund (*11)	Other financial services		19.5		—	Korea	2024-09-30

Woori Venture Partners Co., Ltd., Woori Asset Management Corp. (*5)
Woori BIG SATISFACTION SHINJONG MMF 3RD (*11)	Collective investment business		3.2		—	Korea	2024-09-30

Woori Bank, Woori Financial Capital Co., Ltd., Woori Investment Securities Co., Ltd. and Woori Private Equity Asset Management Co., Ltd. (*5)
Woori-Shinyoung Growth-Cap Private Equity Fund I	Other financial services		35.0		35.0	Korea	2024-09-30
NH Woori Newdeal Growth Alpha Private Equity Fund 1	Other financial services		33.0		32.7	Korea	2024-09-30

(*1)	Most of the significant business transactions of associates are with the Group as of September 30, 2024 and December 31, 2023.

(*2)	The Group can participate in decision-making body and exercise significant influence over financial policies and operational policies decision making of the associates.

(*3)	There is no investment balance as of September 30, 2024 and December 31, 2023.

(*4)

The equity method was applied using the most recent financial statements available from the settlement date because no financial statements were available at the end of the reporting period and the significant transactions or events that occurred between the end of the reporting period of the associate and the end of the reporting period of the subsidiary were duly reflected.

- 82 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(*5)	Two or more subsidiaries may invest or operate to exert significant influence on the decision-making process for activities related to the investee.

(*6)	The Group can participate as a co-operator to exert significant influence.

(*7)	It was excluded from associates in current period.

(*8)	It has been liquidating as of September 30, 2024.

(*9)	It was excluded from associates during the period.

(*10)

The Group classified it as an associate because it has significant influence as a general partner of the investment association.

(*11)

It was added to associates in current period.

(*12)

It was classified as an associate due to holding of voting rights according to the initial investment agreement ratio.

- 83 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(2)	Changes in the carrying value of investments in joint ventures and associates accounted for using the equity method of accounting are as follows (Unit: Korean Won in millions):


	For the nine-month period ended September 30, 2024
	Acquisition cost		January 1, 2024		Share of profits (losses) and others			Acquisition		Disposal/ Reclassification			Dividends			Change in capital			September 30, 2024
W Service Networks Co., Ltd.		108		217		(18	)		—		—			(5	)		—			194
Korea Credit Bureau Co., Ltd.		3,313		6,433		2,195			—		—			(90	)		—			8,538
Korea Finance Security Co., Ltd.		3,267		3,285		293			—		—			—			—			3,578
K BANK Co., Ltd.		224,656		260,049		10,122			—		(13,029	)		—			1,771			258,913
Partner One Value Up I Private Equity Fund		5,039		3,230		(608	)		—		—			—			—			2,622
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		—		8,246		1,239			—		(4,356	)		(844	)		—			4,285
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		4,482		4,436		—			46		—			—			—			4,482
LOTTE CARD Co.,Ltd.		346,810		587,392		11,130			—		—			(15,591	)		(10,917	)		572,014
Union Technology Finance Investment Association		13,449		12,271		(500	)		—		—			—			—			11,771
Dicustody Co., Ltd.		1		1		—			—		—			—			—			1
Orient Shipyard Co., Ltd. (*)		—		—		—			—		—			—			—			—
Joongang Network Solution Co.,Ltd.		—		88		100			—		—			—			(87	)		101
Win Mortgage Co.,LTd.		23		105		(5	)		—		—			(2	)		—			98
Together-Korea Government Private Pool Private Securities Investment Trust No.3		10,000		10,541		233			—		—			—			—			10,774
BTS 2nd Private Equity Fund		8,146		4,838		(41	)		2,920		—			—			—			7,717
STASSETS FUND III		10,500		8,406		(175	)		1,500		—			—			—			9,731
SF CREDIT PARTNERS, LLC		13,059		12,845		938			—		—			—			266			14,049
ARAM CMC Co.,Ltd. (*)		—		—		—			—		—			—			—			—
Japanese Hotel Real Estate Private Equity Fund No.2		3,174		2,688		131			—		—			(139	)		34			2,714
Woori Seoul Beltway Private Special Asset Fund No.1		15,029		12,590		414			2,590		—			(421	)		—			15,173
Woori General Private Securities Investment Trust(Bond) No.1		—		51,686		586			—		(50,102	)		(2,170	)		—			—
Woori Short-term Bond Securities Investment Trust(Bond) ClassC-F		150,000		105,564		1,864			50,000		—			(4,202	)		—			153,226
Woori Safe Plus General Type Private Investment Trust S-8(Bond)		—		10,330		102			—		(10,003	)		(429	)		—			—
Woori General Private Securities Investment Trust(Bond) No.2		—		30,829		370			—		(31,199	)		—			—			—
Woori Smart General Private Equity Investment Trust 1(Bond)		40,000		41,135		1,987			—		—			(1,795	)		—			41,327
Woori General Private Securities Investment Trust(Bond) No.3		—		51,205		625			—		(51,830	)		—			—			—
Woori Asset Global Partnership Fund No.5		52,500		22,071		(523	)		30,000		—			—			—			51,548
WOORI TAERIM 1st Fund		1,100		988		—			—		—			—			—			988
Portone-Cape Fund No.1		340		445		(273	)		—		—			—			—			172
DeepDive WOORI 2021-1 Financial Investment Fund		—		1,236		(543	)		—		(226	)		(467	)		—			—
Darwin Green Packaging Private Equity Fund		4,000		3,957		(47	)		—		—			—			—			3,910
Koreawide partners 2nd Private Equity Fund		20,000		19,235		—			—		—			—			—			19,235
Woori FirstValue Private Real Estate Fund No.2		9,000		560		5			—		—			—			—			565

- 84 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


	For the nine-month period ended September 30, 2024
	Acquisition cost		January 1, 2024		Share of profits (losses) and others			Acquisition		Disposal/ Reclassification			Dividends			Change in capital			September 30, 2024
Woori Real Infrastructure Blind General Type Private Placement Investment Trust		—		55		—			—		(55	)		—			—			—
Woori Together TDF 2025		3,000		—		210			—		3,245			—			—			3,455
Woori Together TDF 2030		3,000		3,324		245			—		—			—			—			3,569
Woori Together OCIO Target Return Feeder fund (Balance Bond)		—		10,376		—			—		(10,376	)		—			—			—
Australia Green Energy 1st PEF		4,913		4,811		(35	)		—		—			—			—			4,776
Aarden Woori Apparel 1st Private Equity Fund		100		133		(38	)		—		—			—			—			95
Woori Dyno 1st Private Equity Fund		2,000		2,358		2			—		—			—			—			2,360
KTB-KORUS FUND		759		3,359		242			—		—			—			—			3,601
KTB China Platform Fund		—		16,059		(2,164	)		—		—			(13,895	)		—			—
KTBN Venture Fund No.7		—		16,044		(2,641	)		—		—			(13,403	)		—			—
KTBN Venture Fund No.8		195		2,511		(139	)		—		—			(569	)		—			1,803
KTBN Digital Contents Korea Fund No.9		7,020		5,597		(24	)		—		—			—			—			5,573
KTBN Media Contents Fund		—		283		4			—		—			—			—			287
KTB China Synergy Fund		12,400		20,405		(493	)		—		—			(3,296	)		—			16,616
NAVER-KTB Audio Contents Fund		300		288		—			—		—			—			—			288
KTBN Venture Fund No.13		4,400		14,158		1,426			—		—			(3,801	)		—			11,783
KTBN Future Contents Fund		4,000		4,561		(43	)		—		—			—			—			4,518
KTBN Venture Fund No.16		12,200		18,561		(358	)		—		—			(4,200	)		—			14,003
KTBN Venture Fund No.18		27,075		26,970		33			—		—			(1,425	)		—			25,578
KB-KTB Technology Venture Fund		10,000		7,600		23			2,000		—			—			—			9,623
WOORI 2022 Scaleup Venture Fund		14,168		13,578		(371	)		—		—			—			—			13,207
WOORI 2022 Start-up Venture Fund		10,480		2,433		(129	)		7,860		—			—			—			10,164
KTB-NHN China Private Equity Fund		—		3		(1	)		—		—			(2	)		—			—
KTBN GI Private Equity Fund		—		617		142			—		—			(718	)		(36	)		5
Chirochem		250		102		2			—		—			—			—			104
Daishin Balance No.18 Special Purpose Acquisition Company		—		—		—			600		(600	)		—			—			—
Godo Kaisha Oceanos 1		10,800		7,978		27			—		—			(466	)		(55	)		7,484
Woori Zip 1		8,427		7,629		(57	)		—		(7,655	)		—			83			—
Woori Zip 2		11,611		10,695		(9	)		—		(10,814	)		—			128			—
KG Fashion Co., Ltd. (*)		—		—		—			—		—			—			—			—
KUM HWA Co., Ltd. (*)		—		—		—			—		—			—			—			—
Jinmyung Plus Co., Ltd.		—		14		(2	)		—		—			—			—			12
JC Assurance No.2 Private Equity Fund (*)		29,349		—		—			—		—			—			—			—
Dream Company Growth no.1 PEF		—		7,809		—			—		(7,552	)		(257	)		—			—
HMS-Oriens 1st Fund		12,000		14,030		636			—		—			—			—			14,666
Woori Senior Loan Private Placement Investment Trust No.1		28,456		75,590		1,469			—		(46,675	)		(1,879	)		—			28,505
Genesis Eco No.1 Private Equity Fund		12,000		10,942		127			—		—			—			—			11,069
Paratus Woori Material Component Equipment joint venture company		17,700		16,979		(199	)		—		—			—			—			16,780
Midas No. 8 Private Equity Joint Venture Company		18,419		18,465		340			—		—			(530	)		—			18,275
Orchestra Private Equity Fund IV		9,700		9,555		90			—		—			—			—			9,645
Synaptic Green No.1 PEF		8,000		7,611		(75	)		—		—			—			—			7,536
IGEN2022No. 1 Private Equity Fund		7,422		7,983		172			—		—			(151	)		—			8,004
PCC-Woori LP Secondary Fund		10,435		10,530		(194	)		—		—			—			—			10,336
Synaptic Future Growth Private Equity Fund		7,159		7,069		4,327			1,692		(1,657	)		(3,867	)		—			7,564
Woori-Q Corporate Restructuring Private Equity Fund		25,890		20,283		186			8,449		—			—			—			28,918

- 85 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


	For the nine-month period ended September 30, 2024
	Acquisition cost		January 1, 2024		Share of profits (losses) and others			Acquisition		Disposal/ Reclassification			Dividends			Change in capital			September 30, 2024
Woori-Shinyoung Growth-Cap Private Equity Fund I		17,018		33,481		(3,141	)		—		—			(196	)		—			30,144
NH Woori Newdeal Growth Alpha Private Equity Fund 1		42,914		32,987		17,329			14,662		(5,925	)		(11,310	)		—			47,743
Woori BIG2 Plus Securities Investment Trust (Balanced Bond)		3,200		2,543		(265	)		1,000		229			(70	)		—			3,437
Woori Short Term Government and Special Bank Bond Active ETF		—		12,286		118			—		(12,404	)		—			—			—
Woori 25-09 Corporate Bond(AA- or higher) Active ETF		29,001		29,821		1,148			—		—			—			—			30,969
Woori General Private Securities Investment Trust No. 5 (Bond)		60,000		—		2,385			60,000		—			—			—			62,385
Woori Big Satisfaction General Private Securities Investment Trust No. 3 (Bond)		10,000		—		369			10,000		—			—			—			10,369
Woori General Private Securities Investment Trust No. 6 (Bond)		40,000		—		1,602			40,000		—			—			—			41,602
Woori Big Satisfaction Corporation MMF No. 1 (Government Bond)		—		—		2,261			500,000		(502,261	)		—			—			—
Woorinara New Growth TOP 20 Securities Investment Trust No. 1 (Stocks)		—		—		31			1,000		(1,031	)		—			—			—
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2		3,427		—		155			1,935		1,443			(3	)		—			3,530
Woorinara Short-Term Bond Securities Investment Trust (Bond)		—		—		339			50,000		(50,339	)		—			—			—
Woori General Private Securities Investment Trust No. 7 (Bond)		40,000		—		669			40,000		—			—			—			40,669
Woori BIG SATISFACTION SHINJONG MMF 3RD		52,083		—		195			22,083		32,702			—			—			54,980
NH Woori New deal Co-Investment No.1 Private Equity Fund		5,000		—		(1	)		5,000		—			—			—			4,999
KCLAVIS NPL Investment Trust NO 1-2		15,000		—		(14	)		15,000		—			—			—			14,986

		1,589,267		1,795,368		55,512			868,337		(780,470	)		(86,193	)		(8,813	)		1,843,741

(*)

The amount for which no loss was recognized for associates due to discontinuation of the equity method was 11 million Won for Orient Shipyard Co.,Ltd., 22 million Won in KG FASHION CO., LTD., 19 million Won for ARAM CMC Co.,Ltd., 289 million Won in JC Assurance No.2 Private Equity Fund and the accumulated amount is 4 million Won for KUM HWA Co., Ltd., 39 million Won for Orient Shipyard Co.,Ltd., 142 million Won in KG FASHION CO., LTD., 19 million Won for ARAM CMC Co.,Ltd., 660 million Won in JC Assurance No.2 Private Equity Fund.


	For the nine-month period ended September 30, 2023
	Acquisition cost		January 1, 2023		Share of profits (losses) and others			Acquisition		Business combination		Disposal/ Reclassification			Dividends			Change in capital		September 30, 2023
W Service Networks Co., Ltd.		108		208		(8	)		—		—		—			(5	)		—		195
Korea Credit Bureau Co., Ltd.		3,313		5,709		2,056			—		—		—			(90	)		—		7,675
Korea Finance Security Co., Ltd.		3,267		2,374		(108	)		—		—		—			—			1,010		3,276
Woori Growth Partnerships New Technology Private Equity Fund		—		10,889		(51	)		—		—		(10,838	)		—			—		—
2016KIF-IMM Woori Bank Technology Venture Fund		—		9,474		539			—		—		(10,013	)		—			—		—
K BANK Co., Ltd.		236,232		247,789		3,632			—		—		—			—			5,608		257,029

- 86 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


	For the nine-month period ended September 30, 2023
	Acquisition cost		January 1, 2023		Share of profits (losses) and others			Acquisition		Business combination		Disposal/ Reclassification			Dividends			Change in capital			September 30, 2023
Woori Bank-Company K Korea Movie Asset Fund		—		239		52			—		—		—			—			—			291
Partner One Value Up I Private Equity Fund		5,039		4,278		(904	)		—		—		—			—			—			3,374
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		4,356		10,285		1,098			—		—		(3,200	)		—			—			8,183
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		4,392		4,355		—			38		—		—			—			—			4,393
LOTTE CARD Co.,Ltd.		346,810		514,131		80,011			—		—		—			(13,199	)		(4,071	)		576,872
Union Technology Finance Investment Association		13,449		14,462		(343	)		—		—		(1,188	)		—			—			12,931
Dicustody Co., Ltd.		1		1		—			—		—		—			—			—			1
Orient Shipyard Co., Ltd. (*)		—		—		—			—		—		—			—			—			—
Joongang Network Solution Co.,Ltd.		—		—		24			—		—		—			—			86			110
Win Mortgage Co.,LTd.		23		—		76			23		—		—			(2	)		—			97
Together-Korea Government Private Pool Private Securities Investment Trust No.3		10,000		10,243		219			—		—		—			—			—			10,462
BTS 2nd Private Equity Fund		5,226		2,881		(186	)		2,200		—		—			—			—			4,895
STASSETS FUND III		3,000		1,230		(245	)		1,500		—		—			—			—			2,485
SF CREDIT PARTNERS, LLC		6,540		—		—			6,540		—		—			—			—			6,540
Japanese Hotel Real Estate Private Equity Fund No.2		3,174		2,855		91			—		—		—			(116	)		(152	)		2,678
Woori Seoul Beltway Private Special Asset Fund No.1		11,677		9,874		325			1,915		—		—			(319	)		—			11,795
Woori General Private Securities Investment Trust(Bond) No.1		50,000		—		877			50,000		—		—			—			—			50,877
Woori Short-term Bond Securities Investment Trust(Bond) ClassC-F		110,000		112,025		5,774			—		—		—			(3,779	)		—			114,020
Woori Safe Plus General Type Private Investment Trust S-8(Bond)		10,000		10,182		348			—		—		—			(359	)		—			10,171
Woori General Private Securities Investment Trust(Bond) No.2		30,000		—		313			30,000		—		—			—			—			30,313
Woori Smart General Private Equity Investment Trust 1(bond)		40,000		—		431			40,000		—		—			—			—			40,431
Woori General Private Securities Investment Trust(Bond) No.2		50,000		—		17			50,000		—		—			—			—			50,017
Woori Asset Global Partnership Fund No.5		22,500		—		(6	)		22,500		—		—			—			—			22,494
WOORI TAERIM 1st Fund		1,100		988		—			—		—		—			—			—			988
Portone-Cape Fund No.1		340		464		(186	)		—		—		—			—			—			278

- 87 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


	For the nine-month period ended September 30, 2023
	Acquisition cost		January 1, 2023		Share of profits (losses) and others			Acquisition		Business combination		Disposal/ Reclassification			Dividends			Change in capital		September 30, 2023
KIWOOM WOORI Financial 1st Fund		545		953		(10	)		—		—		(455	)		—			—		488
DeepDive WOORI 2021-1 Financial Investment Fund		327		878		223			—		—		(574	)		(74	)		—		453
Darwin Green Packaging Private Equity Fund		4,000		3,945		108			—		—		—			(80	)		—		3,973
DS Power Semicon Private Equity Fund		3,000		2,976		213			—		—		—			(218	)		—		2,971
Koreawide partners 2nd Private Equity Fund		20,000		20,000		(208	)		—		—		—			—			—		19,792
Woori FirstValue Private Real Estate Fund No.2		9,000		558		—			—		—		—			—			—		558
Woori Real Infrastructure Blind General Type Private Placement Investment Trust		54		102		16			—		—		(48	)		(2	)		—		68
Woori Star50 feeder fund(H)		200		126		(11	)		—		—		—			—			—		115
Woori Together TDF 2025		2,000		1,990		77			—		—		—			—			—		2,067
Woori Together TDF 2030		2,000		2,033		99			—		—		—			—			—		2,132
Woori Together OCIO Target Return Feeder fund (Balance Bond)		1,000		—		(120	)		—		—		10,028			—			—		9,908
Woori Multi Return Private Securities Investment Trust 2(Balanced Bond)		12,000		—		17			—		—		12,311			—			—		12,328
Australia Green Energy 1st PEF		4,913		4,858		(36	)		—		—		—			—			—		4,822
Aarden Woori Apparel 1st Private Equity Fund		100		97		36			—		—		—			—			—		133
Woori Dyno 1st Private Equity Fund		2,000		1,994		4			—		—		—			—			—		1,998
KTB-KORUS FUND		3,626		—		31			—		3,626		—			—			—		3,657
KTB China Platform Fund		17,023		—		(152	)		—		17,023		—			—			—		16,871
KTBN Venture Fund No.7		16,972		—		(426	)		—		16,972		—			(703	)		—		15,843
KTBN Venture Fund No.8		3,325		—		27			—		3,325		—			—			—		3,352
KTBN Digital Contents Korea Fund No.9		5,329		—		34			—		5,329		—			—			—		5,363
KTBN Media Contents Fund		330		—		13			—		330		—			—			—		343
KTB China Synergy Fund		21,629		—		(50	)		—		21,629		—			—			—		21,579
NAVER-KTB Audio Contents Fund		284		—		(4	)		—		284		—			—			—		280
KTBN Venture Fund No.13		13,279		—		2,846			—		13,279		—			(2,528	)		—		13,597
KTBN Future Contents Fund		3,892		—		(15	)		—		3,892		—			—			—		3,877
KTBN Venture Fund No.16		17,546		—		1,157			—		17,546		—			—			—		18,703

- 88 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


	For the nine-month period ended September 30, 2023
	Acquisition cost		January 1, 2023		Share of profits (losses) and others			Acquisition		Business combination		Disposal/ Reclassification			Dividends			Change in capital			September 30, 2023
KTBN Venture Fund No.18		26,308		—		350			2,850		23,458		—			—			—			26,658
KB-KTB Technology Venture Fund		7,755		—		(90	)		2,000		5,755		—			—			—			7,665
DAOL 2022 Scaleup Venture Fund		7,216		—		(280	)		6,861		355		—			—			—			6,936
DAOL 2022 Start-up Venture Fund		2,564		—		(86	)		—		2,564		—			—			—			2,478
KTB-NHN China Private Equity Fund		1,272		—		(37	)		—		1,272		—			—			75			1,310
KTBN GI Private Equity Fund		189		—		281			—		189		—			—			59			529
Chirochem		102		—		—			—		102		—			—			—			102
Godo Kaisha Oceanos 1		10,800		8,788		46			—		—		—			(527	)		(129	)		8,178
Woori Zip 1		8,869		8,690		(123	)		—		—		(385	)		—			(473	)		7,709
Woori Zip 2		12,306		12,180		(100	)		—		—		(621	)		—			(660	)		10,799
KG Fashion Co., Ltd. (*)		—		—		—			—		—		—			—			—			—
KUM HWA Co., Ltd. (*)		—		—		—			—		—		—			—			—			—
Jinmyung Plus Co., Ltd.		—		10		2			—		—		—			—			—			12
JC Assurance No.2 Private Equity Fund		29,349		—		—			—		—		—			—			—			—
Dream Company Growth no.1 PEF		7,153		7,861		376			—		—		—			(414	)		—			7,823
HMS-Oriens 1st Fund		12,000		13,252		582			—		—		—			—			—			13,834
Woori Senior Loan Private Placement Investment Trust No.1		77,142		81,861		2,384			—		—		(2,619	)		(2,756	)		—			78,870
Genesis Eco No.1 Private Equity Fund		12,000		11,216		(183	)		—		—		—			—			—			11,033
Paratus Woori Material Component Equipment joint venture company		17,700		17,250		(205	)		—		—		—			—			—			17,045
Midas No. 8 Private Equity Joint Venture Company		18,537		18,713		349			—		—		—			(530	)		—			18,532
Orchestra Private Equity Fund IV		9,878		9,698		(107	)		—		—		—			—			—			9,591
Synaptic Green No.1 PEF		8,000		7,793		(146	)		—		—		—			—			—			7,647
IGEN2022No. 1 Private Equity Fund		7,822		8,010		396			—		—		—			(363	)		—			8,043
PCC-Woori LP Secondary Fund		10,435		12,984		(31	)		—		—		(4	)		—			—			12,949
Synaptic Future Growth Private Equity Fund		4,857		—		(90	)		4,857		—		—			—			—			4,767
Woori-Q Corporate Restructuring Private Equity Fund		17,441		27,536		1,119			96		—		(9,718	)		—			—			19,033
Woori-Shinyoung Growth-Cap Private Equity Fund I		17,018		43,274		(1,492	)		—		—		—			—			—			41,782

- 89 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


	For the nine-month period ended September 30, 2023
	Acquisition cost		January 1, 2023		Share of profits (losses) and others			Acquisition		Business combination		Disposal/ Reclassification			Dividends			Change in capital		September 30, 2023
NH Woori Newdeal Growth Alpha Private Equity Fund 1		34,006		—		(1,451	)		34,006		—		—			—			—		32,555
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)		2,700		1,074		88			2,000		—		(443	)		—			—		2,719

		1,486,629		1,305,636		99,267			257,386		136,930		(17,767	)		(26,064	)		1,353		1,756,741

(*)

The amount for which no loss was recognized for associates due to discontinuation of the equity method was 2 million Won for KUM HWA Co., Ltd., 15 million Won for Orient Shipyard Co.,Ltd., 102 million Won in KG FASHION CO., LTD. and the accumulated amount is 4 million Won for KUM HWA Co., Ltd., 15 million Won for Orient Shipyard Co.,Ltd., 102 million Won in KG FASHION CO., LTD.

(3)	Summary financial information relating to investments in joint ventures and associates accounted for using the equity method of accounting is as follows (Unit: Korean Won in millions):


	September 30, 2024
	Assets		Liabilities		Operating revenue			Net income (loss)			Other comprehensive income (loss)			Total comprehensive income (loss)
W Service Networks Co., Ltd.		6,119		2,181		12,363			530			—			530
Korea Credit Bureau Co., Ltd.		152,948		69,310		129,607			21,913			—			21,913
Korea Finance Security Co., Ltd.		36,103		12,253		31,225			1,440			—			1,440
K BANK Co., Ltd.		24,179,394		22,186,634		742,948			119,580			6,135			125,715
Partner One Value Up I Private Equity Fund		11,857		581		(2,312	)		(2,611	)		—			(2,611	)
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		21,506		86		6,892			6,191			—			6,191
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		15,643		95		1			(286	)		—			(286	)
LOTTE CARD Co.,Ltd. (*)		23,870,901		20,609,704		1,466,569			61,486			(4,672	)		56,814
Union Technology Finance Investment Association		40,272		641		14			(643	)		—			(643	)
Dicustody Co., Ltd.		92		—		—			—			—			—
Orient Shipyard Co., Ltd.		7,060		23,626		—			(42	)		—			(42	)
Joongang Network Solution Co.,Ltd.		1,438		2,694		3,264			69			—			69
Win Mortgage Co.,LTd.		3,799		1,632		7,323			230			—			230
Together-Korea Government Private Pool Private Securities Investment Trust No.3		10,777		1		153			150			—			150
BTS 2nd Private Equity Fund		38,804		216		2			(878	)		—			(878	)
STASSETS FUND III		34,566		184		28			(617	)		—			(617	)
SF CREDIT PARTNERS, LLC		160,637		25,437		25,281			10,432			2,657			13,089
ARAM CMC Co.,Ltd.		541		453		717			(31	)		—			(31	)
Japanese Hotel Real Estate Private Equity Fund No.2		13,676		13		85			74			—			74
Woori Seoul Beltway Private Special Asset Fund No.1		60,696		2		1,706			1,659			—			1,659
Woori Short-term Bond Securities Investment Trust ClassC-F		2,095,130		305,904		47,886			41,916			—			41,916
Woori Smart General Private Equity Investment Trust 1		302,291		157,647		10,415			6,952			—			6,952
Woori Asset Global Partnership Fund No.5		89,366		17		173			(907	)		—			(907	)
WOORI TAERIM 1st Fund		4,045		183		—			—			—			—
Portone-Cape Fund No.1		1,037		174		—			(78	)		—			(78	)
Darwin Green Packaging Private Equity Fund		19,159		—		—			(232	)		—			(232	)
Koreawide partners 2nd Private Equity Fund		75,003		2,871		—			—			—			—
Woori FirstValue Private Real Estate Fund No.2		67,067		62,357		47			44			—			44

- 90 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


	September 30, 2024
	Assets		Liabilities		Operating revenue			Net income (loss)			Other comprehensive income (loss)			Total comprehensive income (loss)
Woori Together TDF 2025		12,126		12		779			768			—			768
Woori Together TDF 2030		13,576		39		944			932			—			932
Australia Green Energy 1st PEF		120,545		13		373			(899	)		—			(899	)
Aarden Woori Apparel 1st Private Equity Fund		20,158		92		—			(8,063	)		—			(8,063	)
Woori Dyno 1st Private Equity Fund		12,079		41		115			(11	)		—			(11	)
KTB-KORUS FUND		9,602		—		611			645			—			645
KTBN Venture Fund No.8		8,295		—		45			(639	)		—			(639	)
KTBN Digital Contents Korea Fund No.9		20,219		1,644		296			(82	)		—			(82	)
KTBN Media Contents Fund		1,915		—		27			27			—			27
KTB China Synergy Fund		120,115		9,788		1,199			(3,277	)		—			(3,277	)
NAVER-KTB Audio Contents Fund		29,412		649		4			(4	)		—			(4	)
KTBN Venture Fund No.13		60,577		486		8,330			7,268			—			7,268
KTBN Future Contents Fund		34,224		341		19			(327	)		—			(327	)
KTBN Venture Fund No.16		137,744		1,210		8,538			(3,490	)		—			(3,490	)
KTBN Venture Fund No.18		254,099		1,909		3,644			329			—			329
KB-KTB Technology Venture Fund		53,439		515		648			124			—			124
WOORI 2022 Scaleup Venture Fund		65,961		11		579			(1,850	)		—			(1,850	)
WOORI 2022 Start-up Venture Fund		33,757		7		39			(431	)		—			(431	)
KTBN GI Private Equity Fund		104		9		3,444			2,814			(712	)		2,102
Chirochem		556		190		339			8			—			8
Godo Kaisha Oceanos 1		60,787		45,133		1,950			57			—			57
KG Fashion Co., Ltd.		2,294		2,861		457			(115	)		—			(115	)
KUM HWA Co., Ltd.		4		167		—			—			—			—
Jinmyung Plus Co., Ltd.		491		439		72			(21	)		—			(21	)
JC Assurance No.2 Private Equity Fund		121,544		972		—			(624	)		—			(624	)
HMS-Oriens 1st Fund		64,291		4		—			2,790			—			2,790
Woori Senior Loan Private Placement Investment Trust No.1		131,679		7		8,355			7,866			—			7,866
Genesis Eco No.1 Private Equity Fund		38,657		469		—			(482	)		—			(482	)
Paratus Woori Material Component Equipment joint venture company		58,285		2,160		—			(663	)		—			(663	)
Midas No. 8 Private Equity Joint Venture Company		64,388		234		1,905			1,193			—			1,193
Orchestra Private Equity Fund IV		34,241		—		700			322			—			322
Synaptic Green No.1 PEF		35,797		—		1			(523	)		—			(523	)
IGEN2022No. 1 Private Equity Fund		32,330		115		1,056			691			—			691
PCC-Woori LP Secondary Fund		27,057		450		42			(422	)		—			(422	)
Synaptic Future Growth Private Equity Fund		32,124		291		16,946			16,049			—			16,049
Woori-Q Corporate Restructuring Private Equity Fund		85,584		1,167		121			(664	)		—			(664	)
Woori-Shinyoung Growth-Cap Private Equity Fund I		86,473		270		2,679			(8,979	)		—			(8,979	)
NH Woori Newdeal Growth Alpha Private Equity Fund 1		141,203		—		38,518			36,794			—			36,794
Woori BIG2 Plus Securities Investment Trust		56,706		1,385		216			215			—			215
Woori 25-09 Corporate Bond Active ETF		116,532		12,518		4,526			3,988			—			3,988
Woori General Private Securities Investment Trust No. 5		376,001		157,654		11,557			8,347			—			8,347
Woori Big Satisfaction General Private Securities Investment Trust No. 3		161,189		47,130		4,952			4,059			—			4,059
Woori General Private Securities Investment Trust No. 6		387,746		242,138		8,861			5,608			—			5,608
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2		161,479		—		5,412			5,407			—			5,407
Woori General Private Securities Investment Trust No. 7 (Bond)		338,275		195,934		3,026			2,341			—			2,341
Woori Big Satisfaction Corporation MMF No. 3		1,729,889		14		37,807			36,677			—			36,677
NH Woori New deal Co-Investment No.1 Private Equity Fund		25,700		—		—			—			—			—
KCLAVIS NPL Investment Trust NO 1-2		41,795		34		(40	)		(40	)		—			(40	)

(*)	The amount is after reflecting the fair value adjustment that occurred when acquiring the shares and the adjustments that occurred by difference of accounting policies with the Group.

- 91 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


	December 31, 2023
	Assets		Liabilities		Operating revenue			Net income (loss)			Other comprehensive income (loss)			Total comprehensive income (loss)
W Service Networks Co., Ltd.		6,887		2,496		19,350			1,069			—			1,069
Korea Credit Bureau Co., Ltd.		131,164		68,756		163,707			8,012			—			8,012
Korea Finance Security Co., Ltd.		36,185		14,287		44,709			(464	)		6,730			6,266
K BANK Co., Ltd.		20,799,599		18,903,298		826,894			49,853			47,885			97,738
Partner One Value Up I Private Equity Fund		14,182		293		(4,107	)		(4,505	)		—			(4,505	)
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		41,533		305		6,501			5,823			—			5,823
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		15,754		100		2			(388	)		—			(388	)
LOTTE CARD Co., Ltd. (*)		22,329,308		19,191,007		1,937,383			363,673			(19,888	)		343,785
Union Technology Finance Investment Association		41,543		233		2,261			(838	)		—			(838	)
Dicustody Co., Ltd.		92		—		—			(3	)		—			(3	)
Orient Shipyard Co., Ltd.		10,708		27,225		—			(124	)		—			(124	)
Joongang Network Solution Co.,Ltd.		1,505		3,156		5,758			5			—			5
Win Mortgage Co.,LTd.		3,518		1,197		9,309			378			—			378
Together-Korea Government Private Pool Private Securities Investment Trust No. 3		10,543		1		227			222			—			222
BTS 2nd Private Equity Fund		25,030		837		4			(1,213	)		—			(1,213	)
STASSETS FUND III		30,014		312		95			(1,145	)		—			(1,145	)
SF CREDIT PARTNERS, LLC		149,157		25,996		7,618			(4,610	)		(2,819	)		(7,429	)
Rea Company		2,248		3,736		802			(694	)		—			(694	)
ARAM CMC Co.,Ltd.		669		485		1,005			(254	)		—			(254	)
Japanese Hotel Real Estate Private Equity Fund No.2		13,541		12		54			46			(602	)		(556	)
Woori Seoul Beltway Private Special Asset Fund No.1		50,362		2		1,858			1,805			—			1,805
Woori General Private Securities Investment Trust(Bond) No.1		414,760		208,014		12,617			6,746			—			6,746
Woori Short-term Bond Securities Investment Trust(Bond) ClassC-F		828,793		126,879		34,607			31,283			—			31,283
Woori Safe Plus General Type Private Investment Trust S-8(Bond)		113,413		6		4,774			4,542			—			4,542
Woori General Private Securities Investment Trust(Bond) No.2		224,205		111,165		5,767			3,040			—			3,040
Woori Smart General Private Equity Investment Trust 1(Bond)		289,553		145,580		7,373			3,973			—			3,973
Woori General Private Securities Investment Trust(Bond) No.3		532,139		347,809		9,304			4,342			—			4,342
Woori Asset Global Partnership Fund No.5		38,537		281		—			(744	)		—			(744	)
WOORI TAERIM 1st Fund		4,045		183		—			—			—			—
Portone-Cape Fund No.1		2,324		100		—			(103	)		—			(103	)
DeepDive WOORI 2021-1 Financial Investment Fund		10,400		19		9,607			9,467			—			9,467
Darwin Green Packaging Private Equity Fund		19,390		—		759			451			—			451
Koreawide partners 2nd Private Equity Fund		75,064		2,931		—			(2,831	)		—			(2,831	)
Woori FirstValue Private Real Estate Fund No.2		67,024		62,357		32			18			—			18
Woori Real Infrastructure Blind General Type Private Placement Investment Trust		114,909		92		6,053			4,892			—			4,892
Woori Together TDF 2030		11,944		61		2,528			1,017			—			1,017
Woori Together OCIO Target Return Feeder fund (Balance Bond)		50,831		1		2,446			2,444			—			2,444
Australia Green Energy 1st PEF		121,454		24		508			(1,189	)		—			(1,189	)
Aarden Woori Apparel 1st Private Equity Fund		28,219		90		1			(332	)		—			(332	)
Woori Dyno 1st Private Equity Fund		12,068		43		2,053			1,886			—			1,886
KTB-KORUS FUND		8,957		1		127			(712	)		—			(712	)
KTB China Platform Fund		85,909		13		2,411			(5,160	)		—			(5,160	)
KTBN Venture Fund No.7		79,871		—		6,420			508			—			508

- 92 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


	December 31, 2023
	Assets		Liabilities		Operating revenue			Net income (loss)			Other comprehensive income (loss)			Total comprehensive income (loss)
KTBN Venture Fund No.8		11,758		207		2,359			(4,559	)		—			(4,559	)
KTBN Digital Contents Korea Fund No.9		20,257		1,599		3,030			(1,142	)		—			(1,142	)
KTBN Media Contents Fund		1,887		—		199			(35	)		—			(35	)
KTB China Synergy Fund		145,464		9,977		23,055			(8,686	)		—			(8,686	)
NAVER-KTB Audio Contents Fund		29,419		652		1,017			237			—			237
KTBN Venture Fund No.13		72,943		737		21,662			18,507			—			18,507
KTBN Future Contents Fund		34,696		486		7,394			4,776			—			4,776
KTBN Venture Fund No.16		182,850		1,875		40,201			11,133			—			11,133
KTBN Venture Fund No.18		268,437		2,526		31,543			8,036			—			8,036
KB-KTB Technology Venture Fund		42,046		246		2,055			(1,076	)		—			(1,076	)
WOORI 2022 Scaleup Venture Fund		68,626		826		504			(2,758	)		—			(2,758	)
WOORI 2022 Start-up Venture Fund		8,237		156		42			(576	)		—			(576	)
KTB-NHN China Private Equity Fund		16		7		946			(315	)		(319	)		(634	)
KTBN GI Private Equity Fund		12,391		45		—			7,146			712			7,858
Chirochem		732		375		4,215			148			—			148
Godo Kaisha Oceanos 1		62,021		45,334		2,765			192			—			192
Woori Zip 1		44,448		31,702		2,066			(198	)		—			(198	)
Woori Zip 2		62,642		45,012		3,023			(167	)		—			(167	)
KG Fashion Co., Ltd.		2,559		3,022		943			(569	)		—			(569	)
KUM HWA Co., Ltd.		4		167		—			—			—			—
Jinmyung Plus Co., Ltd.		519		454		146			(3	)		—			(3	)
JC Assurance No.2 Private Equity Fund		121,596		8		—			(628	)		—			(628	)
Dream Company Growth no.1 PEF		28,366		255		1,490			1,300			—			1,300
HMS-Oriens 1st Fund		61,498		1		3,957			3,408			—			3,408
Woori Senior Loan Private Placement Investment Trust No.1		349,154		22		17,759			16,726			—			16,726
Genesis Eco No.1 Private Equity Fund		38,064		314		—			(947	)		—			(947	)
Paratus Woori Material Component Equipment joint venture company		58,298		1,510		—			(906	)		—			(906	)
Midas No. 8 Private Equity Joint Venture Company		65,063		242		1,956			1,002			—			1,002
Orchestra Private Equity Fund IV		34,041		122		1,680			1,172			—			1,172
Synaptic Green No.1 PEF		36,325		175		4			(867	)		—			(867	)
IGEN2022No. 1 Private Equity Fund		32,255		124		1,847			1,350			—			1,350
PCC-Woori LP Secondary Fund		27,773		668		908			(6,350	)		—			(6,350	)
Synaptic Future Growth Private Equity Fund 1		30,049		301		2			(951	)		—			(951	)
Woori-Q Corporate Restructuring Private Equity Fund		63,265		456		4,945			3,018			—			3,018
Woori-Shinyoung Growth-Cap Private Equity Fund I		97,265		1,522		(26,435	)		(27,768	)		—			(27,768	)
NH Woori Newdeal Growth Alpha Private Equity Fund 1		100,215		1,588		2			(3,605	)		—			(3,605	)
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)		16,630		5		1,383			1,383			—			1,383
Woori 25-09 Corporate Bond(AA- or higher) Active ETF		133,729		32,028		3,006			2,831			—			2,831
Woori Short Term Government and Special Bank Bond Active ETF		62,185		3,212		1,222			978			—			978

(*)	The amount is after reflecting the fair value adjustment that occurred when acquiring the shares and the adjustments that occurred by difference of accounting policies with the Group

(4)	The entities that the Group has not applied equity method of accounting although the Group’s ownership interest is more than 20% as of September 30, 2024 and December 31, 2023 are as follows:


	September 30, 2024
Associate (*)	Number of shares owned		Ownership (%)
CL Tech Co., Ltd.		10,191		28.6
Market & Farm Co., Ltd.		14,706		23.7
SAMJI TEXTILE CO.,LTD.		18,346		29.8
TH International Co.,Ltd.		6,802		21.5
WORK-LIFE BALANCE CO., LTD		209		21.3

(*)	Although the Group’s ownership interest of the entity is more than 20%, the Group does not have significant influence over the entity since it is going through work-out process under receivership, accordingly it is excluded from the investment in joint ventures and associates.

- 93 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


	December 31, 2023
Associate (*)	Number of shares owned		Ownership (%)
CL Tech Co., Ltd.		10,191		28.6

(*)	Although the Group’s ownership interest of the entity is more than 20%, the Group does not have significant influence over the entity since it is going through work-out process under receivership, accordingly it is excluded from the investment in joint ventures and associates.

(5)	As of September 30, 2024 and December 31, 2023, the reconciliations from the net assets of the associates to the book value of the shares of the investment in joint ventures and associates are as follows (Unit: Korean Won in millions except for ownership):


	September 30, 2024
	Total net asset			Ownership (%)		Ownership portion of net assets			Basis difference		Impairment		Intercompany transaction			Book value
W Service Networks Co., Ltd.		3,938			4.9		194			—		—		—			194
Korea Credit Bureau Co., Ltd.		83,638			9.9		8,291			247		—		—			8,538
Korea Finance Security Co., Ltd.		23,850			15.0		3,578			—		—		—			3,578
K BANK Co., Ltd. (*)		1,990,802			12.0		238,092			20,821		—		—			258,913
Partner One Value Up I Private Equity Fund		11,276			23.3		2,622			—		—		—			2,622
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		21,420			20.0		4,285			—		—		—			4,285
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		15,548			25.0		3,887			—		—		595			4,482
LOTTE CARD Co.,Ltd. (*)		2,860,074			20.0		572,014			—		—		—			572,014
Union Technology Finance Investment Association		39,630			29.7		11,771			—		—		—			11,771
Dicustody Co., Ltd.		92			1.0		1			—		—		—			1
Orient Shipyard Co., Ltd.		(16,566	)		22.7		(3,765	)		—		—		3,765			—
Joongang Network Solution Co.,Ltd.		(1,256	)		25.3		(318	)		—		—		419			101
Win Mortgage Co.,LTd.		2,167			4.5		98			—		—		—			98
Together-Korea Government Private Pool Private Securities Investment Trust No.3		10,776			100.0		10,774			—		—		—			10,774
BTS 2nd Private Equity Fund		38,588			20.0		7,717			—		—		—			7,717
STASSETS FUND III		34,382			28.3		9,731			—		—		—			9,731
SF CREDIT PARTNERS, LLC		135,200			10.0		13,519			—		—		530			14,049
ARAM CMC Co.,Ltd.		88			20.1		18			—		—		(18	)		—
Japanese Hotel Real Estate Private Equity Fund No.2		13,664			19.9		2,714			—		—		—			2,714
Woori Seoul Beltway Private Special Asset Fund No.1		60,694			25.0		15,173			—		—		—			15,173
Woori Short-term Bond Securities Investment Trust ClassC-F		1,789,225			8.6		153,226			—		—		—			153,226
Woori Smart General Private Equity Investment Trust 1		144,643			28.6		41,327			—		—		—			41,327
Woori Asset Global Partnership Fund No.5		89,349			57.7		51,548			—		—		—			51,548
WOORI TAERIM 1st Fund		3,862			25.6		988			—		—		—			988
Portone-Cape Fund No.1		862			20.0		172			—		—		—			172
Darwin Green Packaging Private Equity Fund		19,158			20.4		3,910			—		—		—			3,910
Koreawide partners 2nd Private Equity Fund		72,132			26.7		19,235			—		—		—			19,235
Woori FirstValue Private Real Estate Fund No.2		4,710			12.0		565			—		—		—			565
Woori Together TDF 2025		12,114			28.5		3,455			—		—		—			3,455
Woori Together TDF 2030		13,538			26.4		3,569			—		—		—			3,569
Australia Green Energy 1st PEF		120,531			4.0		4,776			—		—		—			4,776
Aarden Woori Apparel 1st Private Equity Fund		20,066			0.5		95			—		—		—			95
Woori Dyno 1st Private Equity Fund		12,038			19.6		2,360			—		—		—			2,360
KTB-KORUS FUND		9,602			37.5		3,601			—		—		—			3,601
KTBN Venture Fund No.8		8,295			21.7		1,803			—		—		—			1,803
KTBN Digital Contents Korea Fund No.9		18,575			30.0		5,573			—		—		—			5,573
KTBN Media Contents Fund		1,915			15.0		287			—		—		—			287

- 94 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


	September 30, 2024
	Total net asset			Ownership (%)		Ownership portion of net assets			Basis difference		Impairment			Intercompany transaction		Book value
KTB China Synergy Fund		110,328			15.1		16,616			—		—			—		16,616
NAVER-KTB Audio Contents Fund		28,763			1.0		288			—		—			—		288
KTBN Venture Fund No.13		60,091			19.6		11,783			—		—			—		11,783
KTBN Future Contents Fund		33,883			13.3		4,518			—		—			—		4,518
KTBN Venture Fund No.16		136,534			10.3		14,003			—		—			—		14,003
KTBN Venture Fund No.18		252,190			10.1		25,578			—		—			—		25,578
KB-KTB Technology Venture Fund		52,924			18.2		9,623			—		—			—		9,623
WOORI 2022 Scaleup Venture Fund		65,949			20.0		13,207			—		—			—		13,207
WOORI 2022 Start-up Venture Fund		33,750			30.1		10,164			—		—			—		10,164
KTBN GI Private Equity Fund		95			5.0		5			—		—			—		5
Chirochem		365			28.6		104			—		—			—		104
Godo Kaisha Oceanos 1		15,655			47.8		7,484			—		—			—		7,484
KG Fashion Co., Ltd.		(567	)		20.8		(118	)		—		—			118		—
KUM HWA Co., Ltd.		(163	)		20.1		(33	)		—		—			33		—
Jinmyung Plus Co., Ltd.		52			21.3		12			—		—			—		12
JC Assurance No.2 Private Equity Fund		120,572			23.4		28,251			—		(28,251	)		—		—
HMS-Oriens 1st Fund		64,287			22.8		14,666			—		—			—		14,666
Woori Senior Loan Private Placement Investment Trust No.1		131,672			21.7		28,505			—		—			—		28,505
Genesis Eco No.1 Private Equity Fund		38,187			29.0		11,069			—		—			—		11,069
Paratus Woori Material Component Equipment joint venture company		56,125			29.9		16,780			—		—			—		16,780
Midas No. 8 Private Equity Joint Venture Company		64,154			28.5		18,275			—		—			—		18,275
Orchestra Private Equity Fund IV		34,241			28.2		9,645			—		—			—		9,645
Synaptic Green No.1 PEF		35,797			21.1		7,536			—		—			—		7,536
IGEN2022No. 1 Private Equity Fund		32,216			24.8		8,004			—		—			—		8,004
PCC-Woori LP Secondary Fund		26,607			38.9		10,336			—		—			—		10,336
Synaptic Future Growth Private Equity Fund		31,833			23.8		7,564			—		—			—		7,564
Woori-Q Corporate Restructuring Private Equity Fund		84,417			34.2		28,834			—		—			84		28,918
Woori-Shinyoung Growth-Cap Private Equity Fund I		86,202			35.0		30,144			—		—			—		30,144
NH Woori Newdeal Growth Alpha Private Equity Fund 1		141,203			33.0		46,641			—		—			1,102		47,743
Woori BIG2 Plus Securities Investment Trust		55,321			6.2		3,437			—		—			—		3,437
Woori 25-09 Corporate Bond Active ETF		104,014			29.8		30,969			—		—			—		30,969
Woori General Private Securities Investment Trust No. 5		218,347			28.6		62,385			—		—			—		62,385
Woori Big Satisfaction General Private Securities Investment Trust No. 3		114,059			9.1		10,369			—		—			—		10,369
Woori General Private Securities Investment Trust No. 6		145,608			28.6		41,602			—		—			—		41,602
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2		161,479			2.2		3,530			—		—			—		3,530
Woori General Private Securities Investment Trust No. 7 (Bond)		142,341			28.6		40,669			—		—			—		40,669
Woori Big Satisfaction Corporation MMF No. 3		1,729,875			3.2		54,952			—		—			28		54,980
NH Woori New deal Co-Investment No.1 Private Equity Fund		25,700			19.5		4,999			—		—			—		4,999
KCLAVIS NPL Investment Trust NO 1-2		41,760			35.9		14,986			—		—			—		14,986

(*)	Total net asset and ownership portion of net assets amount is after the non-controlling etc.

- 95 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


	December 31, 2023
	Total net asset			Ownership (%)		Ownership portion of net assets			Basis difference		Impairment		Intercompany transaction			Book value
W Service Networks Co., Ltd.		4,391			4.9		216			—		—		—			216
Korea Credit Bureau Co., Ltd.		62,408			9.9		6,186			247		—		—			6,433
Korea Finance Security Co., Ltd.		21,898			15.0		3,285			—		—		—			3,285
K BANK Co., Ltd. (*)		1,893,785			12.6		238,158			21,894		—		—			260,052
Partner One Value Up I Private Equity Fund		13,889			23.3		3,230			—		—		—			3,230
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		41,228			20.0		8,247			—		—		—			8,247
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		15,654			25.0		3,914			—		—		523			4,437
LOTTE CARD Co., Ltd. (*)		2,936,964			20.0		587,392			—		—		—			587,392
Union Technology Finance Investment Association		41,310			29.7		12,270			—		—		—			12,270
Dicustody Co., Ltd.		92			1.0		1			—		—		—			1
Orient Shipyard Co., Ltd.		(16,517	)		22.7		(3,754	)		—		—		3,754			—
Joongang Network Solution Co.,Ltd.		(1,651	)		25.3		(419	)		—		—		507			88
Win Mortgage Co.,LTd.		2,321			4.5		105			—		—		—			105
Together-Korea Government Private Pool Private Securities Investment Trust No. 3		10,542			100.0		10,540			—		—		—			10,540
BTS 2nd Private Equity Fund		24,193			20.0		4,838			—		—		—			4,838
STASSETS FUND III		29,702			28.3		8,406			—		—		—			8,406
SF CREDIT PARTNERS, LLC		123,161			10.0		12,316			—		—		529			12,845
Rea Company		(1,488	)		24.5		(365	)		—		—		365			—
ARAM CMC Co.,Ltd.		184			20.0		37			—		—		(37	)		—
Japanese Hotel Real Estate Private Equity Fund No.2		13,529			19.9		2,688			—		—		—			2,688
Woori Seoul Beltway Private Special Asset Fund No.1		50,360			25.0		12,590			—		—		—			12,590
Woori General Private Securities Investment Trust(Bond) No.1		206,746			25.0		51,686			—		—		—			51,686
Woori Short-term Bond Securities Investment Trust(Bond) ClassC-F		701,914			15.0		105,564			—		—		—			105,564
Woori Safe Plus General Type Private Investment Trust S-8(Bond)		113,407			9.1		10,330			—		—		—			10,330
Woori General Private Securities Investment Trust(Bond) No.2		113,040			27.3		30,829			—		—		—			30,829
Woori Smart General Private Equity Investment Trust 1(Bond)		143,973			28.6		41,135			—		—		—			41,135
Woori General Private Securities Investment Trust(Bond) No.3		184,330			27.8		51,205			—		—		—			51,205
Woori Asset Global Partnership Fund No.5		38,256			57.7		22,071			—		—		—			22,071
WOORI TAERIM 1st Fund		3,862			25.6		988			—		—		—			988
Portone-Cape Fund No.1		2,224			20.0		445			—		—		—			445
DeepDive WOORI 2021-1 Financial Investment Fund		10,381			11.9		1,236			—		—		—			1,236
Darwin Green Packaging Private Equity Fund		19,390			20.4		3,957			—		—		—			3,957

- 96 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


	December 31, 2023
	Total net asset			Ownership (%)		Ownership portion of net assets			Basis difference		Impairment			Intercompany transaction		Book value
Koreawide partners 2nd Private Equity Fund		72,133			26.7		19,235			—		—			—		19,235
Woori FirstValue Private Real Estate Fund No.2		4,667			12.0		560			—		—			—		560
Woori Real Infrastructure Blind General Type Private Placement Investment Trust		114,817			0.1		55			—		—			—		55
Woori Together TDF 2030		11,894			28.0		3,324			—		—			—		3,324
Woori Together OCIO Target Return Feeder fund (Balance Bond)		50,837			20.4		10,376			—		—			—		10,376
Australia Green Energy 1st PEF		121,430			4.0		4,811			—		—			—		4,811
Aarden Woori Apparel 1st Private Equity Fund		28,129			0.5		133			—		—			—		133
Woori Dyno 1st Private Equity Fund		12,025			19.6		2,358			—		—			—		2,358
KTB-KORUS FUND		8,956			37.5		3,359			—		—			—		3,359
KTB China Platform Fund		85,895			18.7		16,059			—		—			—		16,059
KTBN Venture Fund No.7		79,871			20.1		16,044			—		—			—		16,044
KTBN Venture Fund No.8		11,551			21.7		2,511			—		—			—		2,511
KTBN Digital Contents Korea Fund No.9		18,658			30.0		5,597			—		—			—		5,597
KTBN Media Contents Fund		1,887			15.0		283			—		—			—		283
KTB China Synergy Fund		135,487			15.1		20,405			—		—			—		20,405
NAVER-KTB Audio Contents Fund		28,767			1.0		288			—		—			—		288
KTBN Venture Fund No.13		72,206			19.6		14,158			—		—			—		14,158
KTBN Future Contents Fund		34,210			13.3		4,561			—		—			—		4,561
KTBN Venture Fund No.16		180,975			10.3		18,561			—		—			—		18,561
KTBN Venture Fund No.18		265,911			10.1		26,970			—		—			—		26,970
KB-KTB Technology Venture Fund		41,800			18.2		7,600			—		—			—		7,600
WOORI 2022 Scaleup Venture Fund		67,800			20.0		13,578			—		—			—		13,578
WOORI 2022 Start-up Venture Fund		8,081			30.1		2,433			—		—			—		2,433
KTB-NHN China Private Equity Fund		9			33.3		3			—		—			—		3
KTBN GI Private Equity Fund		12,346			5.0		617			—		—			—		617
Chirochem		357			28.6		102			—		—			—		102
Godo Kaisha Oceanos 1		16,687			47.8		7,978			—		—			—		7,978
Woori Zip 1		12,746			62.4		7,629			—		—			—		7,629
Woori Zip 2		17,630			62.8		10,695			—		—			—		10,695
KG Fashion Co., Ltd.		(463	)		20.8		(96	)		—		—			96		—
KUM HWA Co., Ltd.		(163	)		20.1		(33	)		—		—			33		—
Jinmyung Plus Co., Ltd.		65			21.3		14			—		—			—		14
JC Assurance No.2 Private Equity Fund		121,588			23.5		28,610			—		(28,610	)		—		—
Dream Company Growth no.1 PEF		28,111			27.8		7,809			—		—			—		7,809
HMS-Oriens 1st Fund		61,497			22.8		14,030			—		—			—		14,030
Woori Senior Loan Private Placement Investment Trust No.1		349,132			21.7		75,590			—		—			—		75,590
Genesis Eco No.1 Private Equity Fund		37,750			29.0		10,942			—		—			—		10,942
Paratus Woori Material Component Equipment joint venture company		56,788			29.9		16,979			—		—			—		16,979

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


	December 31, 2023
	Total net asset		Ownership (%)		Ownership portion of net assets		Basis difference		Impairment		Intercompany transaction		Book value
Midas No. 8 Private Equity Joint Venture Company		64,821		28.5		18,465		—		—		—		18,465
Orchestra Private Equity Fund IV		33,919		28.2		9,555		—		—		—		9,555
Synaptic Green No.1 PEF		36,150		21.1		7,611		—		—		—		7,611
IGEN2022No. 1 Private Equity Fund		32,131		24.8		7,983		—		—		—		7,983
PCC-Woori LP Secondary Fund		27,105		38.9		10,530		—		—		—		10,530
Synaptic Future Growth Private Equity Fund 1		29,748		23.8		7,069		—		—		—		7,069
Woori-Q Corporate Restructuring Private Equity Fund		62,809		32.4		20,283		—		—		—		20,283
Woori-Shinyoung Growth-Cap Private Equity Fund I		95,743		35.0		33,481		—		—		—		33,481
NH Woori Newdeal Growth Alpha Private Equity Fund 1		98,627		32.7		32,987		—		—		—		32,987
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)		16,625		14.1		2,543		—		—		—		2,543
Woori 25-09 Corporate Bond (AA- or higher) Active ETF		101,701		29.3		29,821		—		—		—		29,821
Woori Short Term Government and Special Bank Bond Active ETF		58,973		20.8		12,286		—		—		—		12,286

(*)	The net asset equity amount is after the debt-for-equity swap, non-controlling etc.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

13.

INVESTMENT PROPERTIES

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


	September 30, 2024			December 31, 2023
Acquisition cost		481,504			510,990
Accumulated depreciation		(42,665	)		(38,136	)
Accumulated impairment losses		(86	)		(86	)

Net carrying value		438,753			472,768

(2)	Changes in investment properties are as follows (Unit: Korean Won in millions):


	For the nine-month periods ended September 30
	2024			2023
Beginning balance		472,768			387,707
Acquisition		—			91,272
Disposal		(61,378	)		—
Depreciation		(6,788	)		(3,994	)
Transfer		32,593			(1,930	)
Foreign currencies translation adjustments		1,558			(1,307	)

Ending balance		438,753			471,748

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

14.

PREMISES AND EQUIPMENT

(1)	Details of premises and equipment as of September 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


	September 30, 2024
	Land		Building		Properties for business use		Leasehold improvement		Construction in progress		Structures		Total
Premises and equipment (owned)		1,680,641		695,551		296,995		67,331		67,990		—		2,808,508
Right-of-use asset		—		554,517		22,894		—		—		—		577,411

Carrying value		1,680,641		1,250,068		319,889		67,331		67,990		—		3,385,919


	December 31, 2023
	Land		Building		Properties for business use		Leasehold improvement		Construction in progress		Structures		Total
Premises and equipment (owned)		1,709,712		719,738		265,064		61,369		37,194		—		2,793,077
Right-of-use asset		—		362,702		20,980		—		—		—		383,682

Carrying value		1,709,712		1,082,440		286,044		61,369		37,194		—		3,176,759

(2)	Details of premises and equipment (owned) as of September 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


	September 30, 2024
	Land			Building			Properties for business use			Leasehold improvement			Construction in progress		Structures			Total
Acquisition cost		1,681,301			1,098,406			1,308,861			494,145			67,990		20			4,650,723
Accumulated depreciation		—			(402,855	)		(1,011,866	)		(426,814	)		—		(20	)		(1,841,555	)
Accumulated impairment losses		(660	)		—			—			—			—		—			(660	)

Net carrying value		1,680,641			695,551			296,995			67,331			67,990		—			2,808,508


	December 31, 2023
	Land			Building			Properties for business use			Leasehold improvement			Construction in progress		Structures			Total
Acquisition cost		1,710,372			1,098,682			1,229,740			486,763			37,194		20			4,562,771
Accumulated depreciation		—			(378,944	)		(964,676	)		(425,394	)		—		(20	)		(1,769,034	)
Accumulated impairment losses		(660	)		—			—			—			—		—			(660	)

Net carrying value		1,709,712			719,738			265,064			61,369			37,194		—			2,793,077

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


	For the nine-month period ended September 30, 2024
	Land			Building			Properties for business use			Leasehold improvement			Construction in progress			Structures		Total
Beginning balance		1,709,712			719,738			265,064			61,369			37,194			—		2,793,077
Acquisitions		—			22,165			93,637			21,675			36,611			—		174,088
Disposals		(2,344	)		(5,061	)		(1,964	)		(1,010	)		(2	)		—		(10,381	)
Depreciation		—			(25,462	)		(74,243	)		(16,373	)		—			—		(116,078	)
Classified as held-for-sale		(7,560	)		(4,139	)		—			—			—			—		(11,699	)
Transfer		(20,011	)		(12,582	)		5,618			385			(6,003	)		—		(32,593	)
Foreign currencies translation adjustments		844			345			543			661			190			—		2,583
Changes due to business combinations		—			—			1,283			—			—			—		1,283
Others		—			547			7,057			624			—			—		8,228

Ending balance		1,680,641			695,551			296,995			67,331			67,990			—		2,808,508

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


	For the nine-month period ended September 30, 2023
	Land			Building			Properties for business use			Leasehold improvement			Construction in progress			Structures		Total
Beginning balance		1,695,357			730,676			261,278			58,352			32,184			—		2,777,847
Acquisitions		86			9,436			55,470			15,378			4,814			—		85,184
Disposals		(30	)		(358	)		(12,620	)		(849	)		(529	)		—		(14,386	)
Depreciation		—			(24,997	)		(72,909	)		(15,646	)		—			—		(113,552	)
Classified as held-for-sale		(963	)		(1,466	)		—			—			—			—		(2,429	)
Transfer		5,557			(3,627	)		—			—			—			—		1,930
Foreign currencies translation adjustments		1,426			681			1,304			1,067			118			—		4,596
Changes due to business combinations		9,530			9,530			318			—			—			—		19,378
Others		2			337			80			(95	)		(111	)		—		213

Ending balance		1,710,965			720,212			232,921			58,207			36,476			—		2,758,781

(4)	Details of right-of-use assets as of September 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


	September 30, 2024
	Building			Properties for business use			Total
Acquisition cost		1,014,605			39,317			1,053,922
Accumulated depreciation		(460,088	)		(16,423	)		(476,511	)

Net carrying value		554,517			22,894			577,411


	December 31, 2023
	Building			Properties for business use			Total
Acquisition cost		735,396			40,389			775,785
Accumulated depreciation		(372,694	)		(19,409	)		(392,103	)

Net carrying value		362,702			20,980			383,682

(5)	Details of changes in right-of-use assets for the nine-month periods ended September 30, 2024 and 2023 are as follows (Unit: Korean Won in millions):


	For the nine-month period ended September 30, 2024
	Building			Properties for business use			Total
Beginning balance		362,702			20,980			383,682
New contracts		310,225			11,762			321,987
Changes in contract		66,152			69			66,221
Termination		(9,485	)		(1,503	)		(10,988	)
Depreciation		(169,793	)		(9,921	)		(179,714	)
Changes due to business combinations		1,129			73			1,202
Others		(6,413	)		1,434			(4,979	)

Ending balance		554,517			22,894			577,411


	For the nine-month period ended September 30, 2023
	Building			Properties for business use			Total
Beginning balance		349,494			15,590			365,084
New contracts		152,476			15,030			167,506
Changes in contract		1,798			115			1,913
Termination		(14,164	)		(1,238	)		(15,402	)
Depreciation		(144,238	)		(8,902	)		(153,140	)
Changes due to business combinations		674			272			946
Others		15,054			(26	)		15,028

Ending balance		361,094			20,841			381,935

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

15.

INTANGIBLE ASSETS

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


	September 30, 2024
	Goodwill		Industrial property rights			Development cost			Other intangible assets			Membership deposit			Construction in progress		Total
Acquisition cost		468,413		2,399			920,954			1,491,134			55,706			15,613		2,954,219
Accumulated amortization		—		(1,926	)		(669,929	)		(1,177,935	)		—			—		(1,849,790	)
Accumulated impairment losses		—		—			—			(33,553	)		(3,113	)		—		(36,666	)

Net carrying value		468,413		473			251,025			279,646			52,593			15,613		1,067,763


	December 31, 2023
	Goodwill		Industrial property rights			Development cost			Other intangible assets			Membership deposit			Construction in progress		Total
Acquisition cost		445,093		2,292			859,678			1,388,397			50,857			8,142		2,754,459
Accumulated amortization		—		(1,783	)		(617,587	)		(1,101,688	)		—			—		(1,721,058	)
Accumulated impairment losses		—		—			—			(33,553	)		(3,006	)		—		(36,559	)

Net carrying value		445,093		509			242,091			253,156			47,851			8,142		996,842

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


	For the nine-month period ended September 30, 2024
	Goodwill		Industrial property rights			Development cost			Other intangible assets			Membership deposit			Construction in progress			Total
Beginning balance		445,093		509			242,091			253,156			47,851			8,142			996,842
Acquisitions		—		17			64,901			78,549			6,684			20,830			170,981
Disposal		—		—			(113	)		(1,692	)		(2,465	)		—			(4,270	)
Amortization (*)		—		(143	)		(55,855	)		(68,663	)		—			—			(124,661	)
Impairment losses		—		—			—			—			(235	)		—			(235	)
Transfer		—		90			—			10,777			(77	)		(10,790	)		—
Changes due to business combinations		15,139		—			—			6,117			756			—			22,012
Foreign currencies translation adjustments		8,181		—			1			1,245			96			260			9,783
Others		—		—			—			157			(17	)		(2,829	)		(2,689	)

Ending balance		468,413		473			251,025			279,646			52,593			15,613			1,067,763

(*)	Amortization of other intangible assets amounting to 20,562 million Won is included in other operating expenses.


	For the nine-month period ended September 30, 2023
	Goodwill		Industrial property rights			Development cost			Other intangible assets			Membership deposit			Construction in progress			Total
Beginning balance		397,527		643			212,627			192,373			42,917			3,027			849,114
Acquisitions		—		61			66,752			103,723			4,004			5,210			179,750
Disposal		—		—			—			—			(1,505	)		—			(1,505	)
Amortization (*)		—		(157	)		(59,490	)		(62,668	)		—			—			(122,315	)
Reversal of impairment losses		—		—			—			—			94			—			94
Transfer		—		—			61			650			(361	)		(350	)		—
Changes due to business combinations		41,527		—			—			18,882			2,565			—			62,974
Foreign currencies translation adjustments		14,373		—			(2	)		2,571			60			258			17,260
Others		—		—			—			896			39			(1,584	)		(649	)

Ending balance		453,427		547			219,948			256,427			47,813			6,561			984,723

(*)	Amortization of other intangible assets amounting to 16,151 million Won is included in other operating expenses.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

16.

ASSETS HELD FOR SALE

Assets held for sale are as follows (Unit: Korean Won in millions):


Assets (*)	September 30,2024		December 31, 2023
Premises and equipment		11,573		11,573
Others		36,449		8,772

Total		48,022		20,345

(*)	The Group classifies assets as held for sale that are highly likely to be sold within one year from September 30, 2024, and December 31, 2023.

The Group measured assets held for sale at the lower of fair value less costs to sell and carrying amount.

The Group has decided to sell some of the premises and equipment through internal consultation during the current period and classifies the premises as non-current assets held for sale. On the other hand, other assets that are expected to be sold as of the end of the current period are classified as assets that are expected to be sold within one year due to the possibility of being sold as buildings and land acquired through auction.

17.

OTHER ASSETS

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


	September 30, 2024		December 31, 2023
Lease assets		3,879,345		3,306,464
Prepaid expenses		399,221		345,202
Advance payments		208,202		95,025
Assets for non-business use		43,277		34,625
Others		45,531		60,471

Total		4,575,576		3,841,787

18.

FINANCIAL LIABILITIES AT FVTPL

(1)	Financial liabilities at FVTPL are as follows (Unit: Korean Won in millions):


	September 30, 2024		December 31, 2023
Financial instruments at fair value through profit or loss		5,099,642		6,138,313
Financial liabilities designated to be measured at FVTPL		463,203		—

Total		5,562,845		6,138,313

(2)	Financial liabilities at fair value through profit or loss are as follows (Unit: Korean Won in millions):


	September 30, 2024		December 31, 2023
Deposits due to customers
Gold banking liabilities		58,334		39,524
Borrowings
Securities sold		185,472		155,765
Derivative liabilities		4,855,836		5,943,024

Total		5,099,642		6,138,313

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(3)	Financial liabilities designated to be measured at FVTPL are as follows (Unit: Korean Won in millions):


	September 30, 2024		December 31, 2023
Deposits due to customers
Time deposits		463,203		—

These contracts are designated as financial liabilities at fair value through profit or loss because these contracts contain one or more embedded derivatives and are hybrid (combined) contracts in accordance with K-IFRS 1109 Financial Instrument

(4)	Changes in fair value due to change in credit risk reflected in financial liabilities designated to be measured at FVTPL are as follows (Unit: Korean Won in millions):


	For the nine-month period ended September 30, 2024		For the nine-month period ended September 30, 2023
Financial liabilities designated to be measured at FVTPL as of September 30, 2024		463,203		—
Changes in fair value due to change in credit risk		1,577		—
Accumulated change in fair value due to change in credit risk		1,577		—

The adjustment to reflect the Group’s credit risk is considered in measuring the fair value of deposits due to customers. The Group’s credit risk is determined by adjusting credit spread observed in credit rating of the Group.

(5)	The difference between carrying amount and nominal amount at maturity of financial liabilities designated to be measured at FVTPL are as follows (Unit: Korean Won in millions):


	September 30, 2024		December 31, 2023
Carrying amount		463,203		—
Nominal amount at maturity		450,000		—
Difference		13,203		—

19.

DEPOSITS DUE TO CUSTOMERS

Details of deposits due to customers by type are as follows (Unit: Korean Won in millions):


	September 30, 2024			December 31, 2023
Deposits in local currency:
Deposits on demand		9,715,795			8,803,962
Deposits at termination		303,134,909			282,846,971
Mutual installment		20,742			21,602
Deposits on notes payables		4,417,182			4,119,801
Deposits on Cash Management Account		113,637			95,237
Certificate of deposits		13,163,453			14,767,307
Other deposits		1,050,893			1,117,673

Sub-total		331,616,611			311,772,553

Deposits in foreign currencies:
Deposits in foreign currencies		51,151,692			46,196,650
Present value discount		(136,618	)		(184,906	)
Customers’ deposits for beneficiary		431,389			—

Total		383,063,074			357,784,297

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

20.

BORROWINGS AND DEBENTURES

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


	September 30, 2024
	Lenders	Interest rate (%)	Amount
Borrowings in local currency
Borrowings from the BOK	BOK	2.0		2,125,708
Borrowings from government funds	Small Enterprise And Market Service and others	0.0 ~ 3.5		2,224,569
Others	The Korea Development Bank and others	0.0 ~ 5.6		9,305,069

Sub-total				13,655,346

Borrowings in foreign currencies
Borrowings in foreign currencies	Export-Import Bank of Korea and others	0.0 ~ 10.6		13,920,666
Bills sold	Others	0.0 ~ 2.7		3,154
Call money	Bank and others	1.8 ~ 6.6		2,487,100
Bonds sold under repurchase agreements	Other financial institutions	1.0 ~ 10.7		1,437,461
Present value discount				(7,209	)

Total				31,496,518

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


	December 31, 2023
	Lenders	Interest rate (%)	Amount
Borrowings in local currency:
Borrowings from the BOK	The BOK	2.0		1,565,444
Borrowings from government funds	Small Enterprise and Market Service and others	0.0 ~ 3.4		1,996,579
Others	The Korea Development Bank and others	0.0 ~ 6.7		11,206,471

Sub-total				14,768,494

Borrowings in foreign currencies:
Borrowings in foreign currencies	The Export-Import Bank of Korea and others	0.0 ~ 10.0		14,006,644
Bills sold	Others	0.0 ~ 2.7		6,325
Call money	Bank and others	4.1 ~ 6.6		1,115,923
Bonds sold under repurchase agreements	Other financial institutions	1.0 ~ 11.7		1,119,991
Present value discount				(30,631	)

Total				30,986,746

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


	September 30, 2024					December 31, 2023
	Interest rate (%)		Amount			Interest rate (%)		Amount
Face value of bond (*):
Ordinary bonds		0.8 ~ 7.5		40,611,181			0.8 ~ 7.5		34,393,418
Subordinated bonds		1.9 ~ 5.1		4,388,583			1.9 ~ 5.1		5,241,848
Other bonds		3.5 ~ 17.0		1,831,335			1.6 ~ 17.0		1,667,895

Sub-total				46,831,099					41,303,161

Discounts on bonds				(128,932	)				(63,916	)

Total				46,702,167					41,239,245

(*)

Included debentures under fair value hedge amounting to 3,743,771 million Won and 3,943,224 million Won as of September 30, 2024 and December 31, 2023, respectively. Also, debentures under cash flow hedge amounting to 1,176,459 million Won and 932,392 million Won are included as of September 30, 2024 and December 31, 2023, respectively.

- 106 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

21.

PROVISIONS

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


	September 30, 2024		December 31, 2023
Asset retirement obligation		97,407		95,179
Provisions for guarantees (*1)		70,843		80,703
Provisions for unused loan commitments		140,815		135,335
Other provisions (*2)		312,439		494,814

Total		621,504		806,031

(*1)

Provisions for guarantees include provisions for financial guarantee of 48,123 million Won and 50,125 million Won as of September 30, 2024 and December 31, 2023, respectively.

(*2)

Other provisions consist of provision for litigation, loss compensation and others.

(2)	Changes in provisions for guarantees and unused loan commitments are as follows (Unit: Korean Won in millions):

Provisions for guarantees


	For the nine-month period ended September 30, 2024
	Stage 1			Stage 2			Stage 3		Total
Beginning balance		70,678			2,800			7,225		80,703
Transfer to 12-month expected credit loss		455			(455	)		—		—
Transfer to expected credit loss for the entire period		(332	)		332			—		—
Transfer to credit-impaired financial assets		(123	)		(6	)		129		—
Net provision (reversal)		(8,877	)		(603	)		3,574		(5,906	)
Others		(3,959	)		4			1		(3,954	)

Ending balance		57,842			2,072			10,929		70,843


	For the nine-month period ended September 30, 2023
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		44,496			24,327			7,685			76,508
Transfer to 12-month expected credit loss		23,229			(23,229	)		—			—
Transfer to expected credit loss for the entire period		(515	)		515			—			—
Transfer to credit-impaired financial assets		(24	)		(3	)		27			—
Net provision (reversal)		(4,286	)		(49	)		(213	)		(4,548	)
Others (*)		6,478			(4	)		—			6,474

Ending balance		69,378			1,557			7,499			78,434

(*)

Effect of initial recognition of new financial guarantee contract that is measured at fair value.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

Provisions for unused loan commitment


	For the nine-month period ended September 30, 2024
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		108,775			26,328			232			135,335
Transfer to 12-month expected credit loss		10,047			(10,024	)		(23	)		—
Transfer to expected credit loss for the entire period		(3,459	)		3,465			(6	)		—
Transfer to credit-impaired financial assets		(335	)		(519	)		854			—
Net provision (reversal)		(5,137	)		9,503			331			4,697
Others		444			132			207			783

Ending balance		110,335			28,885			1,595			140,815


	For the nine-month period ended September 30, 2023
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		67,640			38,188			205			106,033
Transfer to 12-month expected credit loss		19,593			(19,552	)		(41	)		—
Transfer to expected credit loss for the entire period		(4,259	)		4,283			(24	)		—
Transfer to credit-impaired financial assets		(192	)		(295	)		487			—
Net provision (reversal)		16,540			4,233			(444	)		20,329
Others		193			—			—			193

Ending balance		99,515			26,857			183			126,555

(3)	Changes in asset retirement obligation for the nine-month periods ended September 30, 2024 and 2023, are as follows (Unit: Korean Won in millions):


	For the nine-month periods ended September 30
	2024			2023
Beginning balance		95,179			82,717
Provisions provided		4,863			3,337
Provisions used		(4,676	)		(1,369	)
Reversal of provisions unused		(854	)		(281	)
Amortization		1,138			1,124
Increase in restoration costs and others		1,757			7,237

Ending balance		97,407			92,765

The amount of the asset retirement obligation is the present value of the best estimate of future expected expenditure to settle the obligation – arising from leased premises as of September 30, 2024, discounted by appropriate discount rate. The restoration cost is expected to occur by the end of each premise’s lease period, and the Group has used average lease period of each category of leases terminated during the past years in order to rationally estimate the lease period. In addition, the Group used average amount of actual recovery cost for the past 3 years and the inflation rate for last year in order to estimate future recovery cost.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(4)	Changes in other provisions for the nine-month periods ended September 30, 2024 and 2023, are as follows (Unit: Korean Won in millions):


	For the nine-month periods ended September 30
	2024			2023
Beginning balance		494,814			280,607
Provisions provided		22,751			61,176
Provisions used		(180,009	)		(27,130	)
Reversal of provisions unused		(21,110	)		(3,721	)
Foreign currencies translation adjustments		783			(1,220	)
Others		(4,790	)		27

Ending balance		312,439			309,739

(5)

Others

The Group recognized the estimated amount of compensation related to incomplete sales of Derivative Linked Fund (DLF) in 2019 and provisions for fines expected to be imposed by the Financial Services Commission as the best estimate of expenditure required to fulfil its current obligations at the end of the period.

The Group recognized provisions for estimated compensation amounts related to the prepayment arising from the delay in the redemption of funds in prior fiscal year and the dispute settlement as the best estimate of the expenditure amounting to 237.9 billion Won. In addition, the Group recognized provision amounting to 1.4 billion won for estimated compensation of expected customer loss related to equity-linked securities during the current period.

- 109 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

22.

NET DEFINED BENEFIT LIABILITY (ASSET)

The retirement benefit of the Group 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 account of projected earnings increases, using actuarial assumptions that give the best estimate of the future cash flows that will arise under the plan liabilities.

The Group 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 a discount 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 discount 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 liability (asset) are as follows (Unit: Korean Won in millions):


	September 30, 2024			December 31, 2023
Present value of defined benefit obligation		1,720,888			1,574,087
Fair value of plan assets		(1,818,132	)		(1,807,408	)

Net defined benefit obligation (asset) (*)		(97,244	)		(233,321	)

(*)

Net defined benefit asset amount of 97,244 million Won as of September 30, 2024 is net amount of defined benefit liability of 7,175 million Won and defined benefit asset of 104,419 million Won. Also, net defined benefit assets of 233,321 million Won as of December 31, 2023 are the subtracted amount of the net defined benefit liability of 6,939 million Won from the net defined benefit assets of 240,260 million Won.

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


	For the nine-month periods ended September 30
	2024			2023
Beginning balance		1,574,087			1,377,545
Current service cost		107,175			99,152
Interest cost		53,166			54,437
Remeasurements Financial assumption		68,821			(9,007	)
Demographic assumptions		(112	)		—
Experience adjustments		11,781			28,978
Retirement benefit paid		(88,007	)		(84,410	)
Foreign currencies translation adjustments		95			12
Others		(6,118	)		(1,208	)

Ending balance		1,720,888			1,465,499

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

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


	For the nine-month periods ended September 30
	2024			2023
Beginning balance		1,807,408			1,661,623
Interest income		63,604			68,566
Remeasurements		(13,121	)		(22,270	)
Employer’s contributions		50,286			124,662
Retirement benefit paid		(88,028	)		(87,564	)
Others		(2,017	)		(404	)

Ending balance		1,818,132			1,744,613

(4)	Fair value of plan assets as of September 30, 2024 and December 31, 2023 is as follows (Unit: Korean Won in millions):


	September 30, 2024		December 31, 2023
Cash and due from banks, etc.		1,818,132		1,807,408

Meanwhile, among plan assets, realized returns on plan assets amount to 50,483 million Won and 46,296 million Won for the nine-month periods ended September 30, 2024 and 2023, respectively.

(5)	The amounts recognized in net income and total comprehensive income in relation to defined benefit plans are as follows (Unit: Korean Won in millions):


	For the nine-month periods ended September 30
	2024			2023
Current service cost		107,175			99,152
Net interest income		(10,438	)		(14,129	)

Cost recognized in net income		96,737			85,023
Remeasurements (*)		93,611			42,241

Cost recognized in total comprehensive income		190,348			127,264

(*)

Amount before tax

Meanwhile, retirement benefits related to defined contribution plans recognized as expenses are 4,050 million Won and 3,958 million Won for the nine-month periods ended September 30, 2024 and 2023, respectively.

- 111 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

23.

OTHER FINANCIAL LIABILITIES AND OTHER LIABILITIES

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


	September 30, 2024			December 31, 2023
Other financial liabilities:
Accounts payable		15,349,673			10,188,192
Accrued expenses		5,020,286			4,339,314
Borrowings from trust accounts		5,813,231			5,207,791
Agency business revenue		1,061,490			271,946
Foreign exchange payables		809,397			887,817
Domestic exchange settlement credits		5,333,410			1,386,697
Lease liabilities		526,301			334,456
Other miscellaneous financial liabilities		4,209,307			3,520,039
Present value discount		(15,112	)		(21,247	)

Sub-total		38,107,983			26,115,005

Other liabilities:
Unearned income		410,132			390,455
Other miscellaneous liabilities		429,624			413,442

Sub-total		839,756			803,897

Total		38,947,739			26,918,902

- 112 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

24.

DERIVATIVES

(1)	Derivative assets and derivative liabilities are as follows (Unit: Korean Won in millions):


			September 30, 2024
			Assets						Liabilities
	Nominal amount		For cash flow hedge		For fair value hedge		For trading		For cash flow hedge		For fair value hedge		For trading
Interest rate:
Futures		304,000		—		—		—		—		—		—
Forwards		3,725,000		—		—		59,571		—		—		248,859
Swaps		137,654,373		—		18,554		295,939		315		81,492		139,251
Purchase options		50,000		—		—		93		—		—		—
Written options		290,000		—		—		—		—		—		7,423

Currency:
Futures		277		—		—		—		—		—		—
Forwards		106,022,750		—		—		1,896,738		—		—		1,081,503
Swaps		81,260,262		51,119		—		2,731,469		10,153		—		3,034,201
Purchase options		230,275		—		—		1,945		—		—		—
Written options		352,129		—		—		—		—		—		2,380

Equity:
Futures		138,112		—		—		—		—		—		—
Forwards		489		—		—		316		—		—		—
Swaps		116,428		—		—		—		—		—		17,100
Purchase options		3,330,892		—		—		222,911		—		—		—
Written options		3,449,906		—		—		—		—		—		325,119

Total		336,924,893		51,119		18,554		5,208,982		10,468		81,492		4,855,836


			December 31, 2023
			Assets						Liabilities
	Nominal amount		For cash flow hedge		For fair value hedge		For trading		For cash flow hedge		For fair value hedge		For trading
Interest rate:
Futures		317,018		—		—		—		—		—		—
Forwards		3,960,000		—		—		83,198		—		—		169,527
Swaps		138,734,758		—		698		367,333		512		135,263		213,885
Purchase options		150,000		—		—		6,556		—		—		—
Written options		400,000		—		—		—		—		—		15,359

Currency:
Futures		1,728		—		—		—		—		—		—
Forwards		97,713,561		—		—		1,935,832		—		—		885,870
Swaps		79,160,356		26,010		—		2,669,550		17,232		—		3,643,463
Purchase options		139,309		—		—		1,500		—		—		—
Written options		122,696		—		—		—		—		—		585

Equity:
Futures		480,311		—		—		—		—		—		—
Forwards		137		—		—		36		—		—		—
Swaps		461,112		—		—		126,028		—		—		1,994
Purchase options		16,444,709		—		—		608,296		—		—		—
Written options		16,887,247		—		—		—		—		—		1,012,341

Total		354,972,942		26,010		698		5,798,329		17,744		135,263		5,943,024

Derivatives held for trading are classified into financial assets at FVTPL (Note 7) and financial liabilities at FVTPL (Note 18), and derivatives designated for hedging are presented as a separate line item in the consolidated statements of financial position.

- 113 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(2)	Overview of the Group’s hedge accounting

Fair value hedge

As of September 30, 2024, the Group has applied fair value hedge on fixed interest rate foreign currency denominated debentures amounting to 3,459,230 million Won, and local currency debentures amounting to 284,541 million Won. The purpose of the hedging is to avoid fair value volatility risk of fixed interest rate foreign and local currency denominated debentures derived from fluctuations of market interest rate, and as such the Group entered into interest rate swap agreements designated as hedging instruments.

Pursuant to the interest rate swap agreement, by swapping the calculated difference between the fixed interest rate and floating interest rate applied to the nominal value, the fair value fluctuation risk is hedged as the foreign currency denominated debentures and local currency debentures fixed interest rate terms are converted to floating interest rate. Pursuant to the interest rate swap agreement, hedge ratio is determined by matching the nominal value of hedging instrument to the face value of the hedged item.

In this hedging relationship, only the market interest rate fluctuation, which is the most significant part of the fair value change of the hedged item, is designated as the hedged risk, and other risk factors including credit risk are not included in the hedged risk. Therefore, the ineffective portion of the hedge could arise from fluctuations in the timing of the cash flow of the hedged item, price margin set by counterparty of hedging instrument, and unilateral change in credit risk of any party of hedging instrument.

The interest rate swap agreements and the hedged items are subject to fluctuations in the underlying market rate of interest and the Group expects the fair value of the interest rate swap contract and the value of the hedged item to generally change in the opposite direction.

The fair value of the interest rate swap at the end of the reporting period is determined by discounting future cash flows estimated by using the yield curve at the end of the reporting period and the credit risk embedded in the contract and the average interest rate is determined based on the outstanding balance at the end of the reporting period. The variable interest rate applied to the interest rate swap is Compounding SOFR and CD 3M plus spread. In accordance with the terms of each interest rate swap contract designated as a hedging instrument, the Group receives interest at a fixed interest rate and pays interest at a variable interest rate.

- 114 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

Cash Flow Hedge

As of the September 30, 2024, the Group has applied cash flow hedge debentures on local currency amounting to 139,977 million Won, debentures on foreign currency amounting to 1,036,482 million Won. The Group’s hedging purpose is to avoid changes in cash flow related to interest and principal of Korean won-denominated floating rate bonds and foreign currency-issued bonds due to changes in interest rates and exchange rates. To achieve this purpose, the group enters into interest rate swap and currency swap contracts, designating them as hedging instruments.

By exchanging a predetermined nominal amount as set forth in the interest rate swap contract adjusted by the differences between the fixed and variable interest rates, the variable interest rate terms of the Korean won-denominated variable rate bond are converted to fixed interest rate terms, thereby eliminating the cash flow volatility risk. In addition, this also means a payment of predetermined principal amount as set forth in the currency swap adjusted by fixed interest rate, an exchange of an amount calculated by applying variable interest rate to USD or applying fixed interest rate to USD, and an exchange of the principal denominated in KRW and principal denominated in foreign currency at maturity eliminating cash flow fluctuation risk on principal and interest. The hedge ratio is determined by matching the nominal amount of the hedging instrument to the face amount of the hedged item in accordance with interest rate swap and currency swap.

Only interest rate and foreign exchange rate fluctuation risks, which are the most significant factor in the cash flow fluctuation of the hedged item, are addressed in this hedging relationship, and other risk factors such as credit risk are not subject to hedging. Accordingly, hedge ineffectiveness may arise from price margin set by the counterparty of hedging instruments and unilateral change in credit risk of any party in the transaction.

The interest rate swap, currency swap contract and the hedged item are all affected by the changes in market interest rate and foreign exchange rates which are basic factors. The Group expects that the value of interest rate swap contract, currency swap contract and value of the hedged item will generally fluctuate in opposite direction.

Hedges of Net Investment in Foreign Operations

Foreign currency exposure arises from the Group’s net investments in Woori America Bank, Woori Bank (Cambodia) PLC. Woori Global Markets Asia Limited, which use USD as their functional currency. The risk arises from fluctuations in the spot exchange rate between USD and KRW. This may result in different net investment amounts.

The risk hedged in the net investment hedging is the fluctuation risk of KRW against USD, which may reduce the carrying amount of the Group’s net investments in Woori America Bank, Woori Bank (Cambodia) PLC. and Woori Global Markets Asia Limited.

A portion of the Group’s net investments in Woori America Bank, Woori Bank (Cambodia) PLC. and Woori Global Markets Asia Limited are hedged in USD denominated foreign currency bonds (Carrying amount as of September 30, 2024: USD 863,959,317) and mitigate foreign exchange risk arising from the net assets of subsidiaries. The debenture has been designated as a hedging instrument for the value change of net investments, which arises from fluctuation in the spot exchange rate between USD and KRW.

To evaluate the effectiveness of the hedge, the Group determines the economic relationship between the hedging instrument and hedged item by comparing (offsetting) changes in the amount of foreign investments due to spot exchange rate fluctuation and in the carrying amount of the liabilities due to spot exchange rate fluctuation. The Group’s policy is to hedge the net investment amount only within the principal range of the liabilities.

- 115 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(3)	The nominal amounts of the hedging instrument are as follows (Unit: USD, EUR and Korean Won in millions):


	September 30, 2024
	1 year or less		1 year to 5 years		More than 5 years		Total
Fair value hedge
Interest rate risk
Interest rate swap (USD)		25,000,000		2,650,000,000		—		2,675,000,000
Interest rate swap (KRW)		140,000		—		140,000		280,000
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)		140,000		—		—		140,000
Foreign currencies translation risk and interest rate risk
Currency swap (USD)		—		470,000,000		—		470,000,000
Foreign currencies translation risk
Currency swap (USD)		—		100,000,000		—		100,000,000
Currency swap (EUR)		—		194,780,000		—		194,780,000
Hedges of net investment in foreign operations
Foreign exchange risk
Foreign currency denominated debentures (USD)		191,568,880		672,390,437		—		863,959,317


	December 31, 2023
	1 year or less		1 year to 5 years		More than 5 years		Total
Fair value hedge
Interest rate risk
Interest rate swap (USD)		1,000,000,000		1,975,000,000		—		2,975,000,000
Interest rate swap (KRW)		240,000		—		20,000		260,000
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)		—		140,000		—		140,000
Foreign currencies translation risk and interest rate risk
Currency swap (USD)		—		270,000,000		—		270,000,000
Foreign currencies translation risk
Currency swap (USD)		—		100,000,000		—		100,000,000
Currency swap (EUR)		—		194,780,000		—		194,780,000
Hedges of net investment in foreign operations
Exchange risk
Foreign currency denominated debentures (USD)		400,000,000		463,959,317		—		863,959,317

- 116 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(4)	The average interest rate and average currency rate of the hedging instrument as of September 30, 2024 and December 31, 2023 are as follows:


		September 30, 2024
		Average interest rate and average exchange rate
Fair value hedge
Interest rate risk
Interest rate swap (USD)		Fixed 3.47% receipt and (C.SOFR) + 1.06% paid
Interest rate swap (KRW)		Fixed 4.25% receipt and CD 3M+0.01% paid
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)		KRW CMS 5Y+0.46% receipt, KRW 3.65% paid
Foreign currencies translation risk and interest rate risk
Currency swap (USD)		USD 1M SOFR+1.12% receipt, KRW 4.37% paid, USD/KRW = 1,293.97
Foreign currencies translation risk
Currency swap (USD)		USD 1.75% receipt, KRW 1.63% paid, USD/KRW = 1,138.50
Currency swap (EUR)		EUR 1.98% receipt, KRW 3.40% paid, EUR/KRW = 1,344.08
Hedges of net investment
Foreign exchange risk
Foreign currency denominated debentures (USD/KRW)		1,319.60


		December 31, 2023
		Average interest rate and average exchange rate
Fair value hedge
Interest rate risk
Interest rate swap (USD)		Fixed 3.60% receipt and (C.SOFR) + 1.47% paid
Interest rate swap (KRW)		Fixed 4.13% receipt and CD 3M paid
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)		KRW CMS 5Y+0.46% receipt, KRW 3.65% paid
Foreign currencies translation risk and interest rate risk
Currency swap (USD)		USD 1M SOFR+1.12% receipt, KRW 4.37% paid, USD/KRW = 1,293.97
Foreign currencies translation risk
Currency swap (USD)		USD 1.75% receipt, KRW 1.63% paid, USD/KRW = 1,138.50
Currency swap (EUR)		EUR 1.98% receipt, KRW 3.40% paid, EUR/KRW = 1,344.08
Hedges of net investment
Exchanging rate risk
Foreign currency denominated debentures (USD/KRW)		1,306.12

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(5)	The amounts related to items designated as hedging instruments are as follows (Unit: USD, EUR and Korean Won in millions):


	September 30, 2024
	Nominal amounts of the hedging instrument		Carrying amount of the hedging instrument				Line item in the statement of financial position where the hedging instrument is located	Changing in fair value used for calculating hedge ineffectiveness
	Nominal amounts of the hedging instrument		Assets		Liabilities
Fair value hedge
Interest rate risk
Interest rate Swap	USD	2,675,000,000		18,554		81,492	Derivative assets (designated for hedging)		72,372
Interest rate Swap		280,000					Derivative liabilities (designated for hedging)
Cash flow hedge
Interest rate risk
Interest rate swap		140,000		—		315	Derivative assets (designated for hedging)		76
Foreign currency translation risk and interest rate risk
Currency swap	USD	470,000,000		16,417		10,153	Derivative assets (designated for hedging)		14,921
							Derivative liabilities (designated for hedging)
Foreign currency translation risk
Currency swap	USD	100,000,000		15,717		—	Derivative assets (designated for hedging)		4,709
Currency swap	EUR	194,780,000		18,985		—	Derivative assets (designated for hedging)		11,119
Hedges of net investment in foreign operations
Exchange rate risk
Foreign currency denominated debentures	USD	863,959,317		—		1,140,081	Foreign currency denominated debentures		(26,091	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


	December 31, 2023
	Nominal amounts of the hedging instrument		Carrying amount of the hedging instrument				Line item in the statement of financial position where the hedging instrument is located	Changing in fair value used for calculating hedge ineffectiveness
	Nominal amounts of the hedging instrument		Assets		Liabilities
Fair value hedge
Interest rate risk
Interest rate Swap	USD	2,975,000,000		698		135,263	Derivative assets (designated for hedging)		55,651
Interest rate Swap		260,000					Derivative liabilities (designated for hedging)
Cash flow hedge
Interest rate risk
Interest rate swap		140,000		—		512	Derivative liabilities (designated for hedging)		(2,433	)
Foreign currency translation risk and interest rate risk
Currency swap	USD	270,000,000		7,356		17,232	Derivative assets (designated for hedging)		(913	)
							Derivative liabilities (designated for hedging)
Foreign currency translation risk
Currency swap	USD	100,000,000		10,956		—	Derivative assets (designated for hedging)		(5,644	)
Currency swap	EUR	194,780,000		7,698		—	Derivative assets (designated for hedging)		19,063
Hedges of net investment in foreign operations
Exchange rate risk
Foreign currency denominated debentures	USD	863,959,317		—		1,113,989	Foreign currency denominated debentures		(19,088	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(6)	Details of carrying amount to hedge and amount due to hedge accounting are as follows (Unit: Korean Won in millions):


	September 30, 2024
	Carrying amount of the hedged item				Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying amount of the hedged item				Line item in the statement of financial position in which the hedged item is included	Changing in fair value used for calculating hedge ineffectiveness			Cash flow hedge reserve (*2)
	Assets		Liabilities		Assets		Liabilities						Cash flow hedge reserve (*2)
Fair value hedge
Interest rate risk
Debentures (*1)		—		3,743,771		—		59,443	Debentures		(72,465	)		—
Cash flow hedge
Interest rate risk
Debentures		—		139,977		—		—	Debentures		(76	)		(232	)
Foreign currencies translation risk and interest rate risk
Debentures		—		617,900		—		—	Debentures		(14,921	)		(6,873	)
Foreign currencies translation risk
Debentures		—		418,582		—		—	Debentures		(15,828	)		(8,093	)
Hedges of net investment in foreign operations
Exchange rate risk
Foreign operations net asset		—		1,140,081		—		—	Foreign operations net asset		26,091			(53,953	)

(*1)	The accumulated profit on debentures on foreign currency amounted to 54,902 million Won, and the accumulated loss on debentures on local currency amounted to 4,541 million Won, as of December 31, 2024.

(*2)	After tax amount

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


	December 31, 2023
	Carrying amount of the hedged item				Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying amount of the hedged item				Line item in the statement of financial position in which the hedged item is included	Changing in fair value used for calculating hedge ineffectiveness			Cash flow hedge reserve (*2)
	Assets		Liabilities		Assets		Liabilities						Cash flow hedge reserve (*2)
Fair value hedge
Interest rate risk
Debentures (*1)		—		3,943,224		—		142,902	Debentures		(58,306	)		—
Cash flow hedge
Interest rate risk
Debentures		—		179,945		—		—	Debentures		2,433			25
Foreign currencies translation risk and interest rate risk
Debentures		—		346,388		—		—	Debentures		22,914			(8,819	)
Foreign currencies translation risk
Debentures		—		406,059		—		—	Debentures		(13,419	)		(11,416	)
Hedges of net investment in foreign operations
Exchange rate risk
Foreign operations net asset		—		1,113,989		—		—	Foreign operations net asset		19,088			(34,750	)

(*1)	The accumulated profit on debentures on foreign currency amounted to 141,818 million Won, and the accumulated loss on debentures on local currency amounted to 1,084 million Won, as of December 31, 2023.

(*2)	After tax amount

(7)	Amounts recognized in profit or loss due to the ineffective portion of fair value hedges are as follows (Unit: Korean Won in millions):


		For the nine-month period ended September 30, 2024
		Hedge ineffectiveness recognized in profit or loss			Line item in the profit or loss that includes hedge ineffectiveness
Fair value hedge	Interest rate risk		(93	)	Other net operating income (expense)


		For the nine-month period ended September 30, 2023
		Hedge ineffectiveness recognized in profit or loss			Line item in the profit or loss that includes hedge ineffectiveness
Fair value hedge	Interest rate risk		(11,932	)	Other net operating income (expense)

- 121 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(8)	Reclassification of profit or loss from other comprehensive income and equity related to cash flow hedges is as follows (Unit: Korean Won in millions):


		For the nine-month period ended September 30, 2024
		Changes in the value of hedging instruments recognized in OCI		Hedge ineffectiveness recognized in profit or loss		Changes in the value of foreign basis spread recognized in OCI		Line item recognized in the profit or loss	Amounts reclassified from cash flow hedge reserve to profit or loss			Line item affected in profit or loss due to reclassification
Cash flow hedge	Interest rate risk		76		—		—	Other net operating income (expense)		—		Other net operating income (expense)
	Foreign currencies translation risk and interest rate risk		14,921		—		1,218	Other net operating income (expense)		(14,194	)	Other net operating income (expense)
	Foreign currencies translation risk		15,828		—		220	Other net operating income (expense)		(12,266	)	Other net operating income (expense)


		For the nine-month period ended September 30, 2023
		Changes in the value of hedging instruments recognized in OCI			Hedge ineffectiveness recognized in profit or loss		Changes in the value of foreign basis spread recognized in OCI			Line item recognized in the profit or loss	Amounts reclassified from cash flow hedge reserve to profit or loss			Line item affected in profit or loss due to reclassification
Cash flow hedge	Interest rate risk		(687	)		—		—		Other net operating income (expense)		—		Other net operating income (expense)
	Foreign currencies translation risk and interest rate risk		29,988			—		(4,672	)	Other net operating income (expense)		(32,913	)	Other net operating income (expense)
	Foreign currencies translation risk		13,564			—		(2,163	)	Other net operating income (expense)		(11,542	)	Other net operating income (expense)

- 122 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(9)	The amounts recognized in profit or loss and other comprehensive income related to the hedging of net investments in foreign operations are as follows. (Unit: Korean Won in millions):


		For the nine-month period ended September 30, 2024
		Other comprehensive income
		Gain or loss on hedges recognized in other comprehensive income			Income tax effect		Total
Hedges of net investment in foreign operation	Exchange rate risk		(26,091	)		6,888		(19,203	)

For the nine-month period ended September 30, 2024

Profit or loss

Hedge ineffectiveness
recognized in profit or loss

Account recognized for
hedge ineffectiveness

Hedges of net investment in foreign operation

Exchange rate risk

—


		For the nine-month period ended September 30, 2023
		Other comprehensive income
		Gain or loss on hedges recognized in other comprehensive income			Income tax effect		Total
Hedges of net investment in foreign operation	Exchange rate risk		(66,936	)		17,671		(49,265	)

For the nine-month period ended September 30, 2023

Profit or loss

Hedge ineffectiveness
recognized in profit or loss

Account recognized for
hedge ineffectiveness

Hedges of net investment in foreign operation

Exchange rate risk

—

No amount was reclassified from reserve of hedges of net investment in foreign operations to profit or loss.

25.

DEFERRED DAY 1 PROFITS OR LOSSES

Changes in deferred day 1 profits or losses are as follows (Unit: Korean Won in millions):


	For the nine-month periods ended September 30
	2024			2023
Beginning balance		7,848			17,964
Amounts recognized in losses		(7,444	)		(7,651	)

Ending balance		404			10,313

In case some variables to measure fair values of financial instruments are not observable in the market, valuation methods are utilized to evaluate such financial instruments. Those financial instruments are recorded the transaction price as at the time of acquisition, even though there are difference noted between the transaction price and the fair value. The table above presents the difference yet to be realized as profit or loss for the nine-month periods ended September 30, 2024 and 2023.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

26.

EQUITY

(1)	Details of equity as of September 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


	September 30, 2024			December 31, 2023
Capital
Common stock capital		3,802,676			3,802,676
Hybrid securities		3,910,294			3,611,129
Capital surplus
Capital in excess of par value		854,499			854,499
Others		81,121			81,064

Sub-total		935,620			935,563

Capital adjustments
Treasury stocks		(35,517	)		(39,348	)
Other adjustments (*1)		(1,648,057	)		(1,648,535	)

Sub-total		(1,683,574	)		(1,687,883	)

Accumulated other comprehensive income
Net gain on credit risk fluctuation of financial liabilities designated to be measured at FVTPL		1,161			—
Financial assets at FVTOCI		190,775			79,694
Changes in capital due to equity method		(515	)		3,471
Gain (loss) on foreign currency translation of foreign operations		117,630			15,579
Gain (loss) on hedges of net investment in foreign operations		(53,954	)		(34,750	)
Remeasurements of defined benefit plan		(92,051	)		(24,262	)
Loss on valuation of cash flow hedge		(13,976	)		(20,806	)

Sub-total		149,070			18,926

Retained earnings (2)(3)		26,638,856			24,986,470
Non-controlling interest (*4)		2,449,463			1,730,609

Total		36,202,405			33,397,490

(*1)	Included 178,060 million Won in capital transaction gains and losses recognized by Woori Bank and (formerly) Woori Financial Group in 2014 and 2,238,228 million Won due to the spin-off of Kyongnam Bank and Gwangju Bank.

(*2)	The regulatory reserve for credit losses in retained earnings amounted to 2,392,542 million Won and 2,839,475 million Won as of September 30, 2024 and December 31, 2023, respectively in accordance with the relevant article.

(*3)	The earned surplus reserve in retained earnings amounted to 442,650 million Won and 300,190 million Won as of September 30, 2024 and December 31, 2023 in accordance with the Article 53 of the Financial Holding Company Act.

(*4)

The hybrid securities issued by Woori Bank amounting to 2,304,417 million Won and 1,546,447 million Won as of September 30, 2024 and December 31, 2023, respectively, are recognized as non-controlling interests. 49,556 million Won and 69,776 million Won of dividends for the hybrid securities issued by Woori Bank are allocated to net profit and loss of the non-controlling interests for the nine-month periods ended September 30, 2024 and 2023.

(2)	The number of authorized shares and others of the Group is as follows:


	September 30, 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

(*)	The capital stock is not equal to the total face value of issued shares due to the retirement of earnings.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(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 (%)		September 30, 2024			December 31, 2023
Securities in local currency		2019-07-18		—		3.49		—			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
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			—
Securities in local currency		2024-06-19		—		4.27		400,000			—
Issuance cost								(9,706	)		(8,871	)

Total								3,910,294			3,611,129

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

- 125 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(4)	Accumulated other comprehensive income

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


	For the nine-month period ended September 30, 2024
	Beginning balance			Increase (decrease) (*)			Reclassification adjustments			Income tax effect			Ending balance
Net gain (loss) on valuation of financial assets at FVTOCI		79,694			166,691			(20,600	)		(35,010	)		190,775
Net gain on credit risk fluctuation of financial liabilities designated to be measured at FVTPL		—			1,577			—			(416	)		1,161
Changes in capital due to equity method		3,471			(5,499	)		—			1,513			(515	)
Gain (loss) on foreign currency translation of foreign operations		15,579			104,229			—			(2,178	)		117,630
Gain (loss) on hedges of net investment in foreign operations		(34,750	)		(26,092	)		—			6,888			(53,954	)
Remeasurement gain (loss) related to defined benefit plan		(24,262	)		(93,610	)		—			25,821			(92,051	)
Gain (loss) on valuation of derivatives designated as cash flow hedges		(20,806	)		6,624			(461	)		667			(13,976	)

Total		18,926			153,920			(21,061	)		(2,715	)		149,070

(*)

The increase and decrease of financial asset valuation profit or loss at fair value through other comprehensive income is a change due to the period evaluation, and the reclassification adjustments to retained earnings, amounting to 4,843 million Won are due to disposal of equity securities at FVTOCI, and are included.


	For the nine-month period ended September 30, 2023
	Beginning balance			Increase (decrease) (*)			Reclassification adjustments			Income tax effect			Ending balance
Net gain (loss) on valuation of financial assets at FVTOCI		(645,731	)		534,493			1,868			(141,536	)		(250,906	)
Changes in capital due to equity method		475			(1,194	)		—			4,423			3,704
Gain (loss) on foreign currency translation of foreign operations		(24,202	)		180,920			—			(5,349	)		151,369
Gain (loss) on hedges of net investment in foreign operations		(20,701	)		(66,936	)		—			17,671			(69,966	)
Remeasurement gain (loss) related to defined benefit plan		55,235			(42,284	)		—			11,213			24,164
Gain (loss) on valuation of derivatives designated as cash flow hedges		(4,282	)		(7,561	)		(710	)		147			(12,406	)

Total		(639,206	)		597,438			1,158			(113,431	)		(154,041	)

(*)

The increase and decrease of financial asset valuation profit or loss at fair value through other comprehensive income is a change due to the period evaluation, and the reclassification adjustments to retained earnings, amounting to 68 million Won and 50 million Won are due to disposal of equity securities at FVTOCI and equity method investments, and are included.

- 126 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(5)	Regulatory Reserve for Credit Loss

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

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):


	September 30, 2024		December 31, 2023
Beginning balance		2,392,542		2,839,475
Planned provision (reversal) of regulatory reserve for credit loss		323,253		(446,933	)

Ending balance		2,715,795		2,392,542

Provision of regulatory reserve for credit loss, adjusted 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):


	Period ended September 30, 2024						Period ended September 30, 2023
	Three-month			Nine-month			Three-month			Nine-month
Net income (loss) before regulatory reserve		916,978			2,717,398			918,116			2,531,928
Provision (reversal) of regulatory reserve for credit loss		173,009			323,253			(46,607	)		(314,729	)
Adjusted net income (loss) after the provision of regulatory reserve		743,969			2,394,145			964,723			2,846,657
Dividends to hybrid securities		(44,019	)		(119,026	)		(32,739	)		(95,892	)
Adjusted net income (loss) after regulatory reserve and dividends to hybrid securities		699,950			2,275,119			931,984			2,750,765
Adjusted EPS after regulatory reserve and the dividends to hybrid securities (Unit: Korean Won)		947			3,067			1,263			3,763

(6)	Details of changes in treasury stock are as follows (Unit: Korean Won in millions, number of shares):


	For the nine-month period ended September 30, 2024
	Beginning balance		Acquisition		Retirement, etc.			Ending balance
Number of shares		3,427,497		9,359,794		(9,705,027	)		3,082,264
Book value		39,348		136,712		(140,543	)		35,517


	For the nine-month period ended September 30, 2023
	Beginning balance		Acquisition		Disposal			Ending balance
Number of shares		343,991		13,551,483		(1,017,338	)		12,878,136
Book value		3,819		157,212		(11,720	)		149,311

- 127 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

27.

DIVIDENDS

(1)

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

(2)	At the Board of Directors meeting held on April 26, 2024, it was approved to pay a quarterly dividend of 180 Won per share (total dividends are 133,657 million Won) with a record date of March 31, 2024. The dividends were paid in May 2024.

(3)	At the Board of Directors meeting held on July 25, 2024, it was approved to pay a quarterly dividend of 180 Won per share (total dividends are 133,657 million Won) with a record date of June 30, 2024. The dividends were paid in August 2024.

- 128 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

28.

NET INTEREST INCOME

(1)

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


	Period ended September 30, 2024				Period ended September 30, 2023
	Three-month		Nine-month		Three-month		Nine-month
Financial assets at FVTPL		63,077		177,943		50,105		141,722
Financial assets at FVTOCI		321,039		947,675		269,284		706,080
Financial assets at amortized cost
Securities at amortized cost		160,286		503,758		191,463		596,725
Loans and other financial assets at amortized cost
Interest on due from banks		141,985		448,596		143,939		409,097
Interest on loans		4,813,695		14,259,833		4,563,382		13,304,855
Interest of other receivables		28,772		78,925		21,099		58,670

Subtotal		4,984,452		14,787,354		4,728,420		13,772,622

Total		5,528,854		16,416,730		5,239,272		15,217,149

(2)

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


	Period ended September 30, 2024				Period ended September 30, 2023
	Three-month		Nine-month		Three-month		Nine-month
Interest on deposits due to customers		2,433,537		7,153,640		2,239,065		6,323,585
Interest on borrowings		332,502		1,038,106		338,563		944,092
Interest on debentures		437,358		1,294,264		384,845		1,086,434
Other interest expense		101,790		303,277		87,307		255,546
Interest on lease liabilities		4,174		12,851		2,538		7,545

Total		3,309,361		9,802,138		3,052,318		8,617,202

- 129 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

29.

NET FEES AND COMMISSIONS INCOME

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


	Period ended September 30, 2024				Period ended September 30, 2023
	Three-month		Nine-month		Three-month		Nine-month
Fees and commission received for brokerage		41,051		125,425		28,623		105,663
Fees and commission received related to credit		46,413		136,156		46,882		141,540
Fees and commission received for electronic finance		32,159		95,583		31,573		93,702
Fees and commission received on foreign exchange handling		14,344		43,065		14,246		41,681
Fees and commission received on foreign exchange		32,570		88,715		26,736		73,335
Fees and commission received for guarantee		28,635		76,364		23,371		64,519
Fees and commission received on credit card		163,386		474,663		165,723		474,556
Fees and commission received on securities business		17,522		47,662		13,595		45,348
Fees and commission from trust management		66,722		193,049		67,865		201,330
Fees and commission received on credit information		2,646		7,820		2,705		8,111
Fees and commission received related to lease		230,245		654,326		176,300		508,056
Other fees		51,351		217,399		43,616		144,672

Total		727,044		2,160,227		641,235		1,902,513

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


	Period ended September 30, 2024				Period ended September 30, 2023
	Three-month		Nine-month		Three-month		Nine-month
Fees and commissions paid		83,279		239,445		77,632		243,146
Credit card commission		110,223		320,026		123,627		368,613
Brokerage commission		280		876		257		1,037
Others		4,626		13,078		4,336		12,069

Total		198,408		573,425		205,852		624,865

30.

DIVIDEND INCOME

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


	Period ended September 30, 2024				Period ended September 30, 2023
	Three-month		Nine-month		Three-month		Nine-month
Dividend income related to financial assets at FVTPL		48,753		186,475		58,547		136,846
Dividend income related to financial assets at FVTOCI		2,001		17,018		2,206		15,912

Total		50,754		203,493		60,753		152,758

(2)	Details of dividends related to financial assets at FVTOCI are as follows (Unit: Korean Won in millions):

Period ended September 30, 2024

Period ended September 30, 2023

Three-month

Nine-month

Three-month

Nine-month

Dividend income recognized from assets held

Equity securities

2,001

17,018

2,206

15,912

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

31.

NET GAIN OR LOSS ON FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS MANDATORILY MEASURED AT FAIR VALUE

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


	Period ended September 30, 2024						Period ended September 30, 2023
	Three-month			Nine-month			Three-month		Nine-month
Gain on financial instruments at FVTPL		(106,457	)		796,780			343,809		704,326
Loss on financial instruments designated to be measured at FVTPL		(13,660	)		(14,779	)		—		—

Total		(120,117	)		782,001			343,809		704,326

(2)	Details of net gain or loss on financial instruments at fair value through profit or loss and financial instruments held for trading are as follows (Unit: Korean Won in millions):


			Period ended September 30, 2024						Period ended September 30, 2023
			Three-month			Nine-month			Three-month			Nine-month
Financial assets at FVTPL	Securities	Gain on transactions and valuation		238,387			556,023			22,751			309,958
		Loss on transactions and valuation		19,535			(221,052	)		(149,377	)		(251,885	)

		Sub-total		257,922			334,971			(126,626	)		58,073

	Loans	Gain on transactions and valuation		1,324			15,078			844			5,406
		Loss on transactions and valuation		37			(550	)		(9	)		(1,751	)

		Sub-total		1,361			14,528			835			3,655

	Other financial assets	Gain on transactions and valuation		2,305			8,741			3,296			10,503
		Loss on transactions and valuation		(6,465	)		(14,556	)		(2,275	)		(9,673	)

		Sub-total		(4,160	)		(5,815	)		1,021			830

Sub-total				255,123			343,684			(124,770	)		62,558

Derivatives (Held for trading)	Interest rates derivatives	Gain on transactions and valuation		633,032			2,022,968			564,994			3,964,506
		Loss on transactions and valuation		(1,021,250	)		(2,166,947	)		(380,379	)		(3,604,169	)

		Sub-total		(388,218	)		(143,979	)		184,615			360,337

	Currency derivatives	Gain on transactions and valuation		(538,810	)		7,231,843			2,649,332			7,904,744
		Loss on transactions and valuation		565,560			(6,626,026	)		(2,356,958	)		(7,504,682	)

		Sub-total		26,750			605,817			292,374			400,062

	Equity derivatives	Gain on transactions and valuation		60,336			1,136,840			345,334			2,419,066
		Loss on transactions and valuation		(60,448	)		(1,145,587	)		(353,749	)		(2,537,677	)

		Sub-total		(112	)		(8,747	)		(8,415	)		(118,611	)

	Other derivatives	Gain on transactions and valuation		—			5			—			—
		Loss on transactions and valuation		—			—			5			(20	)

		Sub-total		—			5			5			(20	)

Sub-total				(361,580	)		453,096			468,579			641,768

Net, total				(106,457	)		796,780			343,809			704,326

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(3)	Details of loss on financial instruments designated to be measured at FVTPL are as follows (Unit: Korean Won in millions):


	Period ended September 30, 2024						Period ended September 30, 2023
	Three-month			Nine-month			Three-month		Nine-month
Net loss on deposits due to customers
Net loss on valuation of time deposits		(13,660	)		(14,779	)		—		—

32.

NET GAIN OR LOSS ON FINANCIAL ASSETS AT FVTOCI

Details of net gain or loss on financial assets at FVTOCI recognized are as follows (Unit: Korean Won in millions):


	Period ended September 30, 2024				Period ended September 30, 2023
	Three-month		Nine-month		Three-month			Nine-month
Gain (loss) on redemption of securities		—		—		—			105
Gain (loss) on transactions of securities		43,212		81,727		(1,470	)		(1,973	)

Total		43,212		81,727		(1,470	)		(1,868	)

33.

REVERSAL OF (PROVISION FOR) IMPAIRMENT LOSSES DUE TO CREDIT LOSS

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


	Period ended September 30, 2024						Period ended September 30, 2023
	Three-month			Nine-month			Three-month			Nine-month
Provision for impairment loss due to credit loss on financial assets at FVTOCI		(2,013	)		(5,495	)		(1,623	)		(13,786	)
Reversal of (provision for) impairment loss due to credit loss on securities at amortized cost		1,961			2,772			418			(5,601	)
Provision for impairment loss due to credit loss on loan and other financial assets at amortized cost		(472,808	)		(1,252,256	)		(263,218	)		(1,043,412	)
Reversal of provision on guarantee		442			5,906			3,014			4,548
Reversal of (provision for) unused loan commitment		(5,860	)		(4,697	)		644			(20,329	)

Total		(478,278	)		(1,253,770	)		(260,765	)		(1,078,580	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

34.

GENERAL AND ADMINISTRATIVE EXPENSES AND OTHER NET OPERATING INCOME (EXPENSES)

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


			Period ended September 30, 2024					Period ended September 30, 2023
			Three-month		Nine-month			Three-month		Nine-month
Employee benefits	Short-term employee benefits	Salaries		443,267		1,321,504			427,020		1,277,360
		Employee fringe benefits		140,025		459,770			134,573		442,330
	Share based payment			9,226		21,509			3,633		7,093
	Retirement benefit service costs			33,794		100,787			29,947		88,981
	Termination			206		(3,297	)		—		6,488

		Sub-total		626,518		1,900,273			595,173		1,822,252

Depreciation and amortization				133,564		399,888			116,291		372,857
Other general and administrative expenses	Rent			33,182		91,889			38,848		97,324
	Taxes and public dues			46,179		160,060			41,527		149,993
	Service charges			63,512		188,171			58,916		179,170
	Computer and IT related			38,781		100,643			36,837		103,313
	Telephone and communication			21,924		65,699			21,867		63,676
	Operating promotion			13,802		38,100			12,472		36,315
	Advertising			40,336		106,286			38,197		83,678
	Printing			1,258		3,693			1,267		3,799
	Traveling			3,594		9,917			3,257		9,477
	Supplies			2,098		6,161			2,077		5,864
	Insurance premium			3,471		10,371			3,361		10,417
	Maintenance			6,379		18,378			5,483		16,916
	Water, light, and heating			5,308		15,083			5,038		14,696
	Vehicle maintenance			3,591		10,675			3,703		10,580
	Others (*)			13,621		32,818			13,257		75,160

		Sub-total		297,036		857,944			286,107		860,378

	Total			1,057,118		3,158,105			997,571		3,055,487

(*)	It includes 40,048 million Won in in-house welfare fund contributions for the nine-month period ended September 30, 2023.

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


	Period ended September 30, 2024					Period ended September 30, 2023
	Three-month			Nine-month		Three-month		Nine-month
Gain on transactions of foreign exchange		482,246			645,566		188,166		823,430
Gain related to derivatives (Designated for hedging)		28,397			112,323		18,708		81,036
Gain (loss) on fair value hedged items		(41,004	)		1,016		20,634		48,705
Others		103,636			265,226		69,562		223,809

Total		573,275			1,024,131		297,070		1,176,980

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


	Period ended September 30, 2024					Period ended September 30, 2023
	Three-month			Nine-month		Three-month		Nine-month
Loss on transactions of foreign exchange		105,834			854,189		407,692		1,198,517
KDIC deposit insurance premium		131,815			379,000		117,673		344,756
Contribution to miscellaneous funds		135,998			396,998		112,274		326,668
Loss on derivatives (Designated for hedging)		(43,522	)		777		37,042		68,426
Loss on fair value hedged items		66,433			95,686		14,129		24,162
Others (*)		285,763			838,320		212,153		618,265

Total		682,321			2,564,970		900,963		2,580,794

(*)	Other expense includes 20,562 million Won and 16,151 million Won for intangible asset amortization cost and 430,925 million Won and 336,276 million Won for lease depreciation cost for the nine-month periods ended September 30, 2024 and 2023, respectively.

- 133 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(4)	Share-based payment

Details of performance condition share-based payment granted to executives as of September 30, 2024 and December 31, 2023 are as follows.

Performance condition share-based payment


Subject to		Shares granted for the year 2020 (*3)
Type of payment		Cash-settled
Vesting period		January 1, 2020 ~ December 31, 2023
Date of payment		2024-01-01
Fair value (*1)		—
Valuation method		—
Expected dividend rate		—
Expected maturity date		—
Number of shares remaining	As of September 30, 2024	—
	As of December 31, 2023	944,343 shares
Number of shares granted (*2)	As of September 30, 2024	—
	As of December 31, 2023	944,343 shares
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)		15,363 Won
Valuation method		Black-Scholes Model
Expected dividend rate		6.48%
Expected maturity date		0.25 years
Number of shares remaining	As of September 30, 2024	1,105,292 shares
	As of December 31, 2023	1,105,515 shares
Number of shares granted (*2)	As of September 30, 2024	1,105,292 shares
	As of December 31, 2023	1,105,515 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)		14,400 Won
Valuation method		Black-Scholes Model
Expected dividend rate		6.48%
Expected maturity date		1.25 years
Number of shares remaining	As of September 30, 2024	960,777 shares
	As of December 31, 2023	968,119 shares
Number of shares granted (*2)	As of September 30, 2024	960,777 shares
	As of December 31, 2023	968,119 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)		13,497 Won
Valuation method		Black-Scholes Model
Expected dividend rate		6.48%
Expected maturity date		2.25 years
Number of shares remaining	As of September 30, 2024	916,849 shares
	As of December 31, 2023	924,077 shares
Number of shares granted (*2)	As of September 30, 2024	916,849 shares
	As of December 31, 2023	924,077 shares

- 134 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023


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)		12,651 Won
Valuation method		Black-Scholes Model
Expected dividend rate		6.48%
Expected maturity date		3.25 years
Number of shares remaining	As of September 30, 2024	1,046,666 shares
	As of December 31, 2023	—
Number of shares granted (*2)	As of September 30, 2024	1,046,666 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 to measure the liability according to the Black Scholes 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. This is a system in which the number of shares to be granted is determined based on the evaluation results of long-term performance indicators over a total of four years, including the current year, and the final cash compensation is made by reflecting the stock price at the time of payment. Performance is evaluated as long-term performance indication including relative shareholder return, net income, return on equity (ROE), C/I ratio, non-performing loan ratio and job performance.

(*3)	Payment was completed in current period.

The Group 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 September 30, 2024 and December 31, 2023, the carrying amount of the liabilities related to the performance condition share-based payments recognized by the Group amounts to 56,432 million Won and 46,741 million Won, respectively, including the carrying amount of liabilities related to key management of 14,212 million Won and 19,924 million Won, respectively.

- 135 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

35.

NON-OPERATING INCOME (EXPENSES)

(1)	Details of gains or losses on valuation of investments in joint ventures and associates are as follows (Unit: Korean Won in millions):


	Period ended September 30, 2024						Period ended September 30, 2023
	Three-month			Nine-month			Three-month			Nine-month
Gain on valuation of investments in joint ventures and associates		16,586			68,467			32,081			106,673
Loss on valuation of investments in joint ventures and associates		(641	)		(12,891	)		(3,340	)		(6,949	)

Total		15,945			55,576			28,741			99,724

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


	Period ended September 30, 2024						Period ended September 30, 2023
	Three-month			Nine-month			Three-month			Nine-month
Other non-operating income		29,672			59,268			22,315			83,070
Other non-operating expenses		(21,928	)		(104,305	)		(22,523	)		(153,166	)

Total		7,744			(45,037	)		(208	)		(70,096	)

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


	Period ended September 30, 2024				Period ended September 30, 2023
	Three-month		Nine-month		Three-month		Nine-month
Rental fee income		6,362		15,808		6,718		17,272
Gain on disposal of investments in joint ventures and associates		17,184		17,855		9,832		32,817
Gain on disposal of premises and equipment, intangible assets and other assets		790		3,401		141		3,513
Reversal of impairment loss of premises and equipment, intangible assets and other assets		39		62		1		264
Others (*)		5,297		22,142		5,623		29,204

Total		29,672		59,268		22,315		83,070

(*)

Other special gains related to other provisions for the nine-month periods ended September 30, 2024 and 2023 are 2,517 million Won and 158 million Won, respectively.

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


	Period ended September 30, 2024					Period ended September 30, 2023
	Three-month			Nine-month		Three-month		Nine-month
Depreciation on investment properties		1,456			6,788		1,414		3,994
Operating expenses on investment properties		438			1,580		512		1,486
Losses on disposal of investments in joint ventures and associates		(6	)		432		339		339
Losses on disposal of premises and equipment, intangible assets and other assets		157			1,470		529		1,703
Impairment losses of premises and equipment, intangible assets and other assets		1			1,363		63		69
Donation		6,785			49,044		13,511		24,408
Others (*)		13,097			43,628		6,155		121,167

Total		21,928			104,305		22,523		153,166

(*)

Other special losses related to other provisions for the nine-month periods ended September 30, 2024 and 2023 are 24,069 million Won and 55,283 million Won, respectively.

- 136 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

36.

INCOME TAX EXPENSE

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


	For the nine-month periods ended September 30
	2024			2023
Current tax expense
Current tax expense with respect to the current period		684,356			568,308
Adjustments recognized in the current period in relation to the tax expense of prior periods		(35,922	)		18,009
Income tax expense directly attributable to other equity		6,889			(22,825	)

Sub-total		655,323			563,492

Deferred tax expense
Change in deferred tax assets (liabilities) due to temporary differences		226,939			439,151
Income tax expense (income) directly attributable to equity		(9,603	)		(140,336	)
Others		1,512			1,077

Sub-total		218,848			299,892

Income tax expense		874,171			863,384

Income tax expense was recognized based on the best estimate of the weighted average annual effective tax rate expected for the interim period. The weighted average annual effective tax rate for the September 30, 2024, is 24.3% (The weighted average annual effective tax rate for the September 30, 2023, is 25.4%).

The Group is conducting an impact analysis on corporate taxes in relation to the global minimum tax regime. It is anticipated that there will be no significant impact on the current corporate tax expense of the Group as of September 30, 2024.

- 137 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

37.

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):


	Period ended September 30, 2024						Period ended September 30, 2023
	Three-month			Nine-month			Three-month			Nine-month
Net income attributable to owners		904,371			2,659,867			899,306			2,438,182
Dividends to hybrid securities		(44,019	)		(119,026	)		(32,739	)		(95,892	)
Net income attributable to common shareholders		860,352			2,540,841			866,567			2,342,290
Weighted average number of common shares outstanding (Unit: million shares)		740			742			738			731
Basic EPS (Unit: Korean Won)		1,162			3,424			1,174			3,204

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


	For the nine-month period ended September 30, 2024
	Number of shares			Accumulated number of shares outstanding during period
Common shares issued at the beginning of the period		751,949,461			206,034,152,314
Treasury stocks		(3,427,497	)		(939,134,178	)
Acquisition of treasury stock		(9,359,794	)		(1,881,379,121	)
Disposal of treasury stock		347,067			57,485,038

Sub-total (①)					203,271,124,053

Weighted average number of common shares outstanding (②=①/274)					741,865,416


	For the nine-month period ended September 30, 2023
	Number of shares			Accumulated number of shares outstanding during period
Common shares issued at the beginning of the period		728,060,549			198,760,529,877
Treasury stocks		(343,991	)		(93,909,543	)
Acquisition of treasury stock		(13,499,862	)		(862,186,695	)
Acquisition of treasury stock (odd-lot stock at comprehensive share exchange)		(51,621	)		(1,755,114	)
Disposal of treasury stock		1,017,338			17,613,958
Issuance of new shares (comprehensive share exchange)		32,474,711			1,753,634,394

Sub-total (①)					199,573,926,877

Weighted average number of common shares outstanding (②=①/273)					731,040,025

Diluted EPS is equal to basic EPS because there is no dilution effect for the nine-month periods ended September 30, 2024 and 2023.

- 138 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

38.

CONTINGENT LIABILITIES AND COMMITMENTS

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


	September 30, 2024 (*)		December 31, 2023 (*)
Confirmed guarantees
Guarantee for loans		65,587		58,205
Acceptances		596,780		467,964
Guarantees in acceptances of imported goods		70,995		74,916
Other confirmed guarantees		9,002,902		8,050,815

Sub-total		9,736,264		8,651,900

Unconfirmed guarantees
Local letters of credit		217,450		161,608
Letters of credit		2,317,870		2,873,350
Other unconfirmed guarantees		1,291,118		1,516,585

Sub-total		3,826,438		4,551,543

Commercial paper purchase commitments and others		632,273		589,858

Total		14,194,975		13,793,301

(*)	Includes financial guarantees of 4,033,234 million Won and 3,661,656 million Won as of September 30, 2024 and December 31, 2023, respectively.

(2)	Details of loan commitments and others are as follows (Unit: Korean Won in millions):


	September 30, 2024		December 31, 2023
Loan commitments		132,734,551		126,829,192
Other commitments (*)		7,319,313		7,339,952

(*)	As of September 30, 2024 and December 31, 2023, the amount of unsecured bills (purchase bills sales) and discounts on electronic short-term bond sales (purchase) are 2,603,886 million Won and 2,485,853 million Won, respectively.

(3)	Litigation case

As of September 30, 2024 and December 31, 2023, the contents of the litigation case are as follows.

Litigation case that the Group is a defendant in a lawsuit pending (excluding fraud lawsuits and those lawsuits that are filed only to extend the statute of limitation, etc.) are 827 cases (litigation value of 795,109 million Won) and 603 cases (litigation value of 513,863 million Won) as of September 30, 2024 and December 31, 2023 respectively, and provisions for litigations are 31,771 million Won and 28,581 million Won.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(4)	Other commitments

As of September 30, 2024, Woori Asset Trust, a subsidiary, has committed to fulfill responsibility for the completion of 13 projects, including a Urban Residential Housing in Daechi-dong, Gangnam-gu, Seoul. Responsible completion type management land trust is a trust that bears the obligation of responsible completion when the construction company fails to fulfill the obligation of responsible completion, and the obligation to compensate losses to the lending financial institution if Woori Asset Trust fails to fulfill the obligation of responsible completion. As of September 30, 2024, the total amount of PF (Project Financing) loans from PF lending financial institutions invested in the responsible completion type management land trust business is 799,642 million Won. Meanwhile, Woori Asset Trust Co., Ltd. has failed to fulfill the responsibility of the completion of 4 projects including the Neighborhood Living Facilities in Pungdeokcheon-dong, Yongin-si. The total amount of PF limit from PF lending financial institutions invested in projects is 304,500 million Won and the amount of PF loans is 163,543 million Won. The PF limit may be subject to change during the project progress due to reasons such as limit deductions. As of September 30, 2024, Woori Asset Trust has 4 cases, such as the commercial facility in Gyeongan-dong, Gwangju, Gyeonggi, where our company’s guaranteed completion deadlines have passed. Although additional losses may occur in relation to these contracts for liability obligations, these effects were not reflected in the financial statements at the end of the current period because the possibility is not high and the amount of losses cannot be reliably estimated. As of September 30, 2024, the total PF limit of the PF loan financial institutions invested in the concerned project is 217,500 million Won and the PF loan amount is 81,943 million Won. The PF limit may be subject to change during the project progress due to reasons such as limit deductions.

Also, as of September 30, 2024, Woori Asset Trust, a subsidiary, may lend a trust account for a part of the total project cost in relation to 17 debt-type land trust contracts including small-scale reconstruction project of Baekjo Apartment in Galsan-dong, Incheon, and 14 responsibility completion management land trust projects, including Urban Residential Housing in Daechi-dong, Gangnam-gu, Seoul. The maximum loan amount (unused limit) is 177,321 million Won. Whether or not Woori Asset Trust lends a trust account in relation to the relevant businesses is not an unconditional payment obligation, and it is determined by considering overall matters such as the unique account and the fund balance plan of each trust business.

Pursuant to some contracts related to asset securitization, as of September 30, 2024, Woori Card, a subsidiary, utilizes various prerequisites as triggering events causing early redemption, limiting risks that investors bear due to change in asset quality. Breach of such triggering clause leads to an early redemption of the securitized bonds.

During the prior period, there was an investigation by Fair Trade Commission regarding Loan-To-Value ratio. Woori Bank, a subsidiary, received the review report in January 2024, but cannot reasonably estimate its impact on consolidated interim financial statements.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

39.

RELATED PARTY TRANSACTIONS

Related parties of the Group as of September 30, 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 nine-month periods ended September 30, 2024 and 2023 are as follows. Please see Note 12 for the details of joint ventures and associates.

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


Related parties		Account title	September 30, 2024			December 31, 2023
Associates	W Service Networks Co., Ltd.	Loans		34			108
		Deposits due to customers		2,944			3,245
		Accrued expenses		7			7
		Other liabilities		53			100
	Korea Credit Bureau Co., Ltd.	Loans		—			1
		Deposits due to customers		800			771
		Accrued expenses		2			1
	Korea Finance Security Co., Ltd.	Loans		2,832			3,228
		Loss allowance		(41	)		(71	)
		Deposits due to customers		1,644			1,323
		Other liabilities		7			6
	LOTTE CARD Co. Ltd.	Loans		25,470			12,209
		Account receivables		39			31
		Loss allowance		(299	)		(269	)
		Other assets		629			2
		Deposits due to customers		32,287			62,587
		Other liabilities		290			289
	K BANK Co., Ltd.	Loans		27			54
		Account receivables		30			13
		Other assets		—			18
		Other liabilities		146,907			214,135
	Others (*)	Loans		38,328			65,558
		Loss allowance		(276	)		(61	)
		Other assets		63,748			47,828
		Deposits due to customers		3,301			4,212
		Other liabilities		2,563			992

(*)	Others include Dongwoo C & C Co., Ltd. and etc., as of September 30, 2024 and 2023.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

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


			For the nine-month periods ended September 30
Related parties		Account title	2024			2023
Associates	W Service Network Co., Ltd.	Interest expenses		28			24
		Fees expenses		—			409
		Other expenses		509			1,227
	Korea Credit Bureau Co., Ltd.	Interest expenses		—			9
		Fees expenses		3,025			3,035
		Other expenses		113			108
	Korea Finance Security Co., Ltd.	Interest income		108			143
		Interest expenses		3			2
		Provision (Reversal) of allowance for credit loss		(30	)		20
		Other expenses		19			25
	LOTTE CARD Co., Ltd.	Interest income		749			7
		Fees income		3,064			3,157
		Other income		579			—
		Interest expenses		3,124			4,429
		Provision (Reversal) of allowance for credit loss		31			450
	K BANK Co., Ltd.	Fees income		171			138
		Fees expenses		—			304
	Others (*)	Interest income		630			506
		Fees income		50,530			3,937
		Dividend income		3,712			372
		Other income		2,387			1,057
		Interest expenses		16,460			18
		Other expenses		1,357			—
		Provision of allowance for credit loss		215			16

(*)	Others include IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership and etc., for the nine-month periods ended September 30, 2024 and 2023.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(3)	Major loan transactions with related parties for the nine-month periods ended September 30, 2024 and 2023 are as follows (Unit: Korean Won in millions):


		For the nine-month period ended September 30, 2024
Related parties		Beginning balance		Loan		Collection		Foreign currency exchange, etc.			Ending balance (*)
Associates	W Service Network Co., Ltd.		108		375		448		—			34
	Korea Credit Bureau Co., Ltd.		1		2		2		—			—
	Korea Finance Security Co., Ltd.		3,228		1,706		2,102		—			2,832
	LOTTE CARD Co., Ltd.		12,209		275,580		262,209		(110	)		25,470
	K BANK Co., Ltd.		54		246		272		—			27
	Win Mortgage Co., Ltd.		15		174		177		—			12
	ARAM CMC Co., Ltd.		41		—		—		—			41
	Godo Kaisha Oceanos 1		38,121		—		—		154			38,275
	Woori ZIP 1		11,317		—		11,227		(90	)		—
	Woori ZIP 2		16,063		—		15,936		(127	)		—

(*)	Payments that occurred for business reasons among related parties are excluded and net increase or decrease was used for limited credit loan.


		For the nine-month period ended September 30, 2023
Related parties		Beginning balance		Loan		Collection		Foreign currency exchange, etc.			Ending balance (*)
Associates	W Service Network Co., Ltd.		120		296		349		—			67
	Korea Credit Bureau Co., Ltd.		2		8		9		—			1
	Korea Finance Security Co., Ltd.		3,433		2,115		2,518		—			3,030
	LOTTE CARD Co., Ltd.		50,000		214,108		64,108		—			200,000
	K BANK Co., Ltd.		3		97		61		—			39
	Win Mortgage Co., Ltd.		—		188		168		—			20
	Godo Kaisha Oceanos 1		39,814		—		—		(2,129	)		37,685
	Woori ZIP 1		11,819		—		—		(632	)		11,187
	Woori ZIP 2		16,776		—		—		(897	)		15,879
	Joongang Network Solution Co.,Ltd.		251		—		—		—			251

(*)	Payments that occurred for business reasons among related parties are excluded and net increase or decrease was used for limited credit loan.

(4)	Details of changes in major deposits due to customers with related parties for the nine-month periods ended September 30, 2024 and 2023 are as follows (Unit: Korean Won in millions):


		For the nine-month period ended September 30, 2024
Related parties		Beginning balance		Increase		Decrease		Ending balance (*)
Associates	W Service Networks Co., Ltd		1,000		1,300		1,300		1,000
	Win Mortgage Co., Ltd.		600		1,929		800		1,729

(*)	Details of payment between related parties, demand deposit due to customers and etc. are excluded.


		For the nine-month period ended September 30, 2023
Related parties		Beginning balance		Increase		Decrease		Ending balance (*)
Associates	W Service Networks Co., Ltd		1,200		1,000		1,200		1,000
	Partner One Value Up I Private Equity Fund		100		—		100		—
	Korea Credit Bureau Co., Ltd.		3,000		—		3,000		—
	Win Mortgage Co., Ltd.		—		900		300		600

(*)	Details of payment between related parties, demand deposit due to customers and etc. are excluded.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(5)	Details of major borrowing transactions with related parties for the nine-month period ended September 30, 2023 are as follows (Unit: Korean Won in millions):

For the nine-month period ended September 30, 2023

Related parties

Beginning
balance

Borrowing

Repayment

Others

Ending
balance

Associates

LOTTE CARD Co., Ltd.

—

18,183

—

18,183

(6)	Guarantees provided to the related parties are as follows (Unit: Korean Won in millions):


Warrantee	September 30, 2024		December 31, 2023		Warranty
Korea Finance Security Co., Ltd.		1,028		632		Unused loan commitment
Korea Credit Bureau Co., Ltd.		35		34		Unused loan commitment
W Service Network Co., Ltd.		146		72		Unused loan commitment
K BANK Co., Ltd.		273		246		Unused loan commitment
LOTTE CARD Co. Ltd.		498,400		498,400		Unused loan commitment
		1,518		1,483		Confirmed Foreign Currency Payment Guarantee
Win Mortgage Co., Ltd.		38		34		Unused loan commitment

As of September 30, 2024 and December 31, 2023, the recognized provisions for unused loan commitment are 296 million Won and 294 million Won, respectively, in relation to the guarantees provided to the related parties above.

(7)	Amount of commitments with the related parties


Warrantee	September 30, 2024		December 31, 2023		Warranty
NH Woori Newdeal Growth Alpha Private Equity Fund 1		22,686		—		Securities purchase commitment
Together Korea Government Private Securities Investment Trust No.3		990,000		990,000		Securities purchase commitment
BTS 2nd Private Equity Fund		1,854		6,974		Securities purchase commitment
STASSETS FUND III		4,500		13,500		Securities purchase commitment
Synaptic Future Growth Private Equity Fund 1		4,013		—		Securities purchase commitment
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		4,664		4,664		Securities purchase commitment
Woori Seoul Beltway Private Special Asset Fund No.1		31,847		37,146		Securities purchase commitment
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2		458		39		Securities purchase commitment
Woori Private Investment Trust No.6		823		—		Securities purchase commitment
Woori Asset Global Partnership Fund No.5		97,500		—		Securities purchase commitment
Woori-Q Corporate Restructuring Private Equity Fund		3,737		12,555		Securities purchase commitment
JC Assurance No.2 Private Equity Fund		1,351		1,351		Securities purchase commitment
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		198		325		Securities purchase commitment
LOTTE CARD Co., Ltd.		350,000		—		Derivative commitment

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(8)	Major investment and Recovery transactions


	For the nine-month period ended September 30, 2024
Related parties	Investment and others (*)		Recovery and others (*)
Woori Big Satisfaction Corporation MMF No. 1		500,000		1,054,004


	For the nine-month period ended September 30, 2023
Related parties	Investment and others (*)		Recovery and others (*)
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust (Type 2)		38		—
Woori BIG SATISFACTION SHINJONG MMF 3RD		—		441,470

(*)	Investment and recovery transactions of associates that are not accounted for as financial instruments at fair value through profit or loss are described in Note 12.(2).

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


	For the nine-month periods ended September 30
	2024		2023
Short-term employee salaries		25,783		15,319
Retirement benefit service costs		871		640
Share-based compensation		7,700		2,896

Total		34,354		18,855

Key management includes executives and directors of Woori Financial Group and major subsidiaries, and also includes CEO of other subsidiaries. Outstanding assets from transactions with key management amount to 3,149 million Won and 3,932 million Won, as of September 30, 2024 and December 31, 2023, respectively and with respect to the assets, the Group has not recognized any allowance nor related impairment loss due to credit losses. Also, liabilities from transaction with key management amount to 75,564 million Won and 34,054 million Won, respectively, as of September 30, 2024 and December 31, 2023.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

40.

LEASES

(1)

Lessor

Finance lease

①

The total investment in finance lease and the present value of the minimum lease payments to be recovered are as follows (Unit: Korean Won in millions):


	September 30, 2024
	Total investment in lease		Net investment in lease
Within one year		282,146		261,907
After one year but within two years		379,352		355,427
After two years but within three years		378,118		344,663
After three years but within four years		155,736		138,063
After four years but within five years		94,055		81,267
After five years		—		—

Total		1,289,407		1,181,327


	December 31, 2023
	Total investment in lease		Net investment in lease
Within one year		226,242		208,121
After one year but within two years		330,524		308,793
After two years but within three years		446,742		412,015
After three years but within four years		364,917		323,331
After four years but within five years		127,001		109,675
After five years		24		24

Total		1,495,450		1,361,959

②

The unrealized interest income of the finance lease is as follows (Unit: Korean Won in millions):


	September 30, 2024		December 31, 2023
Total investment in lease		1,289,407		1,495,450
Net investment in lease		1,181,327		1,361,959
Present value of minimum lease payments		1,181,327		1,361,959

Unearned interest income		108,080		133,491

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

Operating lease

①

The details of prepaid lease assets and operating lease assets are as follows (Unit: Korean Won in millions):


	September 30, 2024			December 31, 2023
Prepaid lease assets		11,589			20,538
Operating lease assets
Acquisition cost		5,002,864			4,199,535
Accumulated depreciation		(1,135,108	)		(913,609	)
Net carrying value		3,867,756			3,285,926

Total		3,879,345			3,306,464

②

The details of changes in operating lease assets for the nine-month periods ended September 30, 2024 and 2023 are as follows (Unit: Korean Won in millions):


	For the nine-month periods ended September 30
	2024			2023
Beginning balance		3,285,926			2,590,457
Acquisition		1,179,242			790,218
Disposal		(185,027	)		(152,598	)
Depreciation		(430,925	)		(336,276	)
Others		18,540			6,842

Ending balance		3,867,756			2,898,643

③

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


	September 30, 2024		December 31, 2023
Within one year		857,562		748,283
After one year but within two years		753,983		681,591
After two years but within three years		532,165		517,967
After three years but within four years		232,034		286,677
After four years but within five years		645		121,621

Total		2,376,389		2,356,139

④

There are no adjusted lease payments recognized as profit or loss for the nine-month periods ended September 30, 2024 and 2023.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(2)

Lessee

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


	September 30, 2024		December 31, 2023
Lease payments
Within one year		206,630		206,798
After one year but within five years		288,760		146,755
After five years		55,655		25,356

Total		551,045		378,909

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


	For the nine-month periods ended September 30
	2024		2023
Total cash outflows from lease		178,285		149,358

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 nine-month periods ended September 30
	2024		2023
Lease payments for short-term leases		2,099		687
Lease payments for which the underlying asset is of low value		960		1,037

Total		3,059		1,724

Variable lease payments that were not included in the measurement of lease liabilities for the nine-month periods ended September 30, 2024 and 2023 were 16,437 million Won and 23,527 million Won.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

41.

BUSINESS COMBINATION

(1)	General Information

The Group resolved to merge with Korea Foss Securities Co., Ltd. on May 3, 2024, following a resolution by the Board of Directors. This decision is based on maximizing synergy effects through the merger, enhancing competitiveness, improving management efficiency, and achieving sustainable growth.

The Group merged with Korea Foss Securities Co., Ltd. as the surviving company and Woori Investment Bank Co., Ltd. as the dissolving company, with the merger date set as August 1, 2024.

(2)	Identifiable Net Assets

The amounts of acquired assets and assumed liabilities as of the merger date are as follows (Unit: Korean Won in millions):


	Amount
Assets
Cash and cash equivalents		2,008
Financial assets at fair value through profit or loss		53,669
Loans and other financial assets at amortized cost		168,576
Securities at amortized cost		10,000
Premises and equipment		2,485
Intangible assets (*1)		6,873
Current tax assets		103
Other assets		1,723

Sub-total		245,437

Liabilities
Deposits due to customers		193,648
Provisions		218
Other financial liabilities		2,515
Deferred tax liabilities (*2)		544
Other liabilities		967

Sub-total		197,892

Identifiable Net Assets Fair value		47,545

(*1)

For the trademark item among intangible assets, an impairment adjustment of 10 million KRW was made due to its lack of utility following the launch of Woori Investment & Securities. Additionally, the amount includes 2,613 million KRW recognized for customer relationships as a result of the business combination. This has been identified as a separate identifiable intangible asset and has been valued at fair value using the Multi-Period Excess Earnings Method (MEEM). The Multi-Period Excess Earnings Method (MEEM) estimates the future cash flows generated by each intangible asset and deducts the portion of the cash flow attributable to the contribution of other assets. This method then discounts the pure cash flow generated by the intangible asset to its present value.

(*2)	The deferred tax liabilities were recognized by applying the marginal tax rate (20.9%) to the differences between the fair value and the carrying amount of the identifiable assets and liabilities.

Merger Accounting

Legally, the merger is in the form of Korea Foss Securities Co., Ltd., the surviving company, absorbing Woori Investment Bank Co., Ltd, the merged company. However, for accounting purposes, it is treated as a reverse acquisition, where Woori Investment Bank Co., Ltd. is considered to have acquired Korea Foss Securities Co., Ltd.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(3)

Goodwill

The goodwill recognized as a result of the business combination is as follows (Unit: Korean Won in millions):


	Amount
Consideration Transferred		56,240
Identifiable Net Assets Fair value		47,545
Non-controlling interests(*)		6,444
Goodwill		15,139

(*)	The portion of non-controlling interests is calculated from the fair value of net assets.

The consideration transferred in a business combination includes a control premium paid to acquire Korea Foss Securities Co., Ltd., resulting in the recognition of goodwill. Additionally, the consideration paid for the business combination includes amounts related to expected synergies, increased revenues, and future market growth.

As part of the acquisition, the consolidated company also acquired relationships with Korea Foss Securities Co., Ltd.’s customers. These relationships meet the separability criterion and the recognition requirements for intangible assets, and thus were recognized separately from goodwill.

42.

EVENTS AFTER THE REPORTING PERIOD

On October 18, 2024, the Group’s board of directors resolved to pay a quarterly dividend of 180 Won per share (total dividend of 133,657 million Won) with the record date set as September 30, 2024. Dividends were paid in November 2024.

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