6-K 1 d940019d6k.htm FORM 6-K Form 6-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

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

THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2025

Commission File Number: 001-31811

 

 

Woori Financial Group Inc.

(Translation of registrant’s name into English)

 

 

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

(Address of principal executive office)

 

 

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

Form 20-F ☒   Form 40-F ☐

 

 
 

Table of Contents

Table of Contents

Summary of 2025 First Quarter Business Report

Table of Contents

 

I.    INTRODUCTION OF THE COMPANY

      5  

II.  BUSINESS OVERVIEW

      5  

1.   Results of Operations

      5  

2.   Funding Sources and Uses of Funds

      5  

3.   Other Information Necessary for Making Investment Decisions

      6  

III.  FINANCIAL INFORMATION

     11  

1.   Condensed Financial Statements (Consolidated)

      11  

2.   Condensed Financial Statements (Separate)

      13  

3.   Dividend Information

      15  

IV.  INDEPENDENT AUDITOR’S OPINION

     16  

1.   Independent Auditor’s Opinion

      16  

2.   Compensation to the Independent Auditor

      16  

V.  CORPORATE GOVERNANCE

     18  

VI.  SHAREHOLDER INFORMATION

     18  

1.   Share Distribution

      18  

2.   Stock Price and Stock Market Performance

      19  

VII.   DIRECTORS AND EMPLOYEE INFORMATION

     20  

1.   Directors and Executives

      20  

2.   Employee Status

      21  

3.   Directors’ Compensation

      21  

VIII. INTERNAL CONTROLS

      21  

Table of Contents

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

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

 

4

Table of Contents
  I.

Introduction of the Company

This section has been omitted for quarterly business reports, pursuant to Korean regulations (revised in March 2022) that allow for such omissions. For information on this section, please refer to the Form 6-K furnished to the Securities and Exchange Commission on March 18, 2025 under the title “Summary of 2024 Business Report.”

 

  II.

Business Overview

 

1.

Results of Operations

(units: billions of Won)

 

Type

    2025 1Q      2024      2023  

Operating income

      869        4,255        3,499  

Non-operating income (expense)

      (5 )       (32 )       18  

Income before income tax

      865        4,223        3,517  

Income tax expense (-)

      210        1,051        891  

Net income

      655        3,171        2,627  

Controlling Interest

      617        3,086        2,506  

Non-controlling Interest

      38        85        121  

 

Note 1)

Based on K-IFRS consolidated financial statements

 

2.

Funding Sources and Uses of Funds

 

a.

Sources of Funds

 

For the periods indicated other than as noted below

 

            (units: millions of Won, %)  

Classification

    Funding
Source		    2025 1Q      2024      2023  
   Average
Balance		      Interest
Rate		      Proportion      Average
Balance		      Interest
Rate		      Proportion      Average
Balance		      Interest
Rate		      Proportion  

Source

    Deposits      357,995,782        2.65        68.98        351,584,810        2.88        69.89        324,824,465        2.83        68.98  
   Borrowings      27,376,303        3.63        5.27        28,000,803        4.09        5.57        28,052,983        4.02        5.96  
   Debentures      47,579,915        3.82        9.17        43,989,333        4.00        8.74        42,458,653        3.55        9.02  
   Others      50,353,073        —         9.70        44,591,752        —         8.86        42,829,998        —         9.09  
   Total Liabilities      483,305,073        —         93.12        468,166,698        —         93.06        438,166,099        —         93.05  
     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   Total Equity      35,709,136        —         6.88        34,913,425        —         6.94        32,708,219        —         6.95  
     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   Total Liabilities & Equity      519,014,209        —         100.00        503,080,123        —         100.00        470,874,318        —         100.00  
     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

Note 1)

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

Note 2)

Based on K-IFRS consolidated financial statements

 

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b.

Use of Funds

 

For the periods indicated other than as noted below

 

           (units: millions of Won, %)

Type

   

Managed Item

   2025 1Q     2024     2023  
  Average
Balance		     Interest
Rate		     Proportion     Average
Balance		     Interest
Rate		     Proportion     Average
Balance		     Interest
Rate		     Proportion  

Use

    Cash & Due from Banks     18,050,171       3.21       3.48       18,441,851       3.38       3.67       16,692,268       3.26       3.54  
   Marketable securities     79,387,517       4.07       15.30       76,997,821       3.53       15.31       75,522,522       3.61       16.04  
   Loans     366,916,440       4.69       70.69       360,802,414       4.93       71.72       334,205,508       5.08       70.98  
  

Loans in local currency

     314,248,802       4.39       60.55       309,771,603       4.65       61.58       287,312,990       4.84       61.02  
  

Loans in foreign currency

     36,402,846       6.06       7.01       34,224,957       6.58       6.80       31,215,114       6.64       6.63  
  

Guarantee payments

     9,679       0.89       0.00       11,571       1.96       0.00       14,567       2.28       —   
  

Credit card receivables

     12,266,157       7.97       2.36       12,224,048       7.33       2.43       11,215,186       6.85       2.38  
  

Foreign bills bought

     3,988,956       5.55       0.77       4,570,235       5.58       0.91       4,447,651       5.33       0.95  
   Bad debt expense in local currency     3,434,159       —        0.66       3,198,795       —       0.65       2,609,403       —        0.55  
   Others     58,094,240       —        11.19       50,036,832       —       9.95       47,063,423       —        9.99  
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  

Total Assets

     519,014,209       —        100.00       503,080,123       —       100.00       470,874,318       —        100.00  
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

Note 1)

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

Note 2)

Based on K-IFRS consolidated financial statements

 

3.

Other Information Necessary for Making Investment Decisions

 

a.

Capital Adequacy Ratios

Group BIS Capital Adequacy Ratios

 

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

 

Type

    2025 1Q      2024      2023  

Equity capital (A)

      36,725        36,928        34,756  

Risk weighted assets (B)

      233,512        235,100        219,792  

BIS(Capital adequacy) ratio (A/B)

      15.73        15.71        15.81  

 

Note 1)

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

Note 2)

2025 1Q figures are preliminary and are subject to change

Note 3)

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

 

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Capital Adequacy Ratios for Significant Subsidiaries and Consolidated Companies

 

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

 

Name of Company

   

Type

    2025 1Q      2024      2023  

Woori Bank Note 2)

    BIS capital adequacy ratio Note 1)    Equity capital (A)      309,353        304,302        282,379
      Risk weighted assets (B)      1,905,393        1,920,087        1,760,737
      Capital adequacy ratio (A/B)      16.24        15.85        16.04  

Woori Card Note 3)

    Adjusted capital ratio      18.35        17.70        16.03  
   Tangible common equity ratio      12.71        12.37        10.97  

Woori Financial Capital Note 3)

    Adjusted capital ratio      15.13        15.09        14.35  
   Tangible common equity ratio      12.20        11.83        11.48  

Woori Investment Securities Note 4)

    Net capital ratio      1,362.94        2,098.64        —   
   Debt-to-asset ratio      117.76        119.41        —   

Woori Asset Trust Note 5)

    Operating capital ratio      4,416.31        4,057.29        1,284.26  

Woori Asset Management Note 3)

    Minimum operating capital ratio      704.93        739.31        650.26  

Woori Venture Partners Note 6)

    Tangible common equity ratio      95.73        95.70        90.82  

Woori Savings Bank Note 7)

    BIS capital adequacy ratio Note 1)      17.01        16.37        13.21  

Woori Private Equity Asset Management Note 3)

    Minimum operating capital ratio      8,077.19        8,161.97        8,618.79  

 

Note 1)

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

Note 2)

Figures for Woori Bank are based on K-IFRS consolidated financial statements and Basel III standards. 2025 1Q figures are estimates only and are subject to change

Note 3)

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

Note 4)

Figures for Woori Investment Securities (established in August 2024) are calculated as follows:

   -

Net capital ratio: (net operating capital – total risk amount)/required maintenance capital x 100 // based on the applicable standards for business reports submitted to the Financial Supervisory Service

   -

Debt-to-asset ratio: (actual assets)/(actual liability) x 100 // based on K-IFRS separate financial statements

Note 5)

Woori Asset Trust’s operating capital ratio = (net operating capital – subordinated debt, etc.)/(total risk amount) x 100 // based on K-IFRS separate financial statements

Note 6)

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

Note 7)

Figures for Woori Savings Bank are based on K-GAAP

 

7

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b.

Liquidity Ratios

Won Liquidity Ratios

 

As of the end of the periods indicated

 

      (units: millions of Won, %)  
     2025 1Q      2024      2023  

Type

    Won
Liquidity
Assets		      Won
Liquidity
Liabilities		      Won
Liquidity
Ratio		      Won
Liquidity
Assets		      Won
Liquidity
Liabilities		      Won
Liquidity
Ratio		      Won
Liquidity
Assets		      Won
Liquidity
Liabilities		      Won
Liquidity
Ratio		  
                                                                

Woori Financial Group Note 1)

      2,004,121        549,647        364.6        353,835        10,905        3,244.7        111,895        8,155        1,372.1  

Woori Card Note 2)

      8,657,485        2,862,498        302.4        8,722,587        2,785,182        313.2        9,119,265        2,454,480        371.5  

Woori Financial Capital Note 2)

      1,911,070        1,213,578        157.5        1,850,758        1,317,695        140.5        1,919,083        1,245,067        154.1  

Woori Investment Securities Note 2)

      5,156,806        2,532,263        203.6        4,982,461        2,660,153        187.3        4,032,290        1,926,080        209.4  

Woori Asset Trust Note 2)

      230,728        7,943        2,904.9        258,758        9,311        2,779.2        171,860        18,555        926.2  

Woori Savings Bank Note 2), Note 3)

      325,799        260,411        125.1        344,437        216,143        159.4        434,495        231,003        188.1  

Woori Venture Partners Note 2)

      125,093        6,350        1,969.9        136,198        6,877        1,980.4        103,367        7,210        1,433.6  

Woori Private Equity Asset Management Note 2)

      21,200        3,100        683.9        16,011        2,912        549.8        27,506        2,396        1,147.8  

 

Note 1)

Based on current assets and liabilities within one month of maturity

Note 2)

Based on current assets and liabilities within 90 days of maturity

Note 3)

Based on K-GAAP

Foreign Currency (FC) Liquidity Ratios

 

As of the end of the periods indicated

 

      (units: millions of Won, %)  

Type

    2025 1Q      2024      2023  
   FC
Liquidity
Assets		      FC
Liquidity
Liabilities		      FC
Liquidity
Ratio		      FC
Liquidity
Assets		      FC
Liquidity
Liabilities		      FC
Liquidity
Ratio		      FC
Liquidity
Assets		      FC
Liquidity
Liabilities		      FC
Liquidity
Ratio		  

Woori Investment Securities Note 1)

      3,330        1,085        306.84        2,581        2,146        120.24        9,450        7,362        128.36  

 

Note 1)

Based on current assets and liabilities within three months of maturity

 

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Liquidity Coverage Ratios (LCR)

(units: %)

 

Name of
Company

   

Type

    2025 1Q      2024      2023  

Woori Bank

   

Liquidity coverage ratio Note 1)

      108.56        104.79        101.26  
  

Foreign currency liquidity coverage ratio Note 2)

      167.96        184.29        162.75  
  

Ratio of business purpose premises and equipment

      9.70        9.95        10.20  

 

Note 1)

LCR: Average of daily ratios during a quarter (same as the calculation method used for business disclosure)

   - 

The applicable LCR requirements were 100%, 97.5% and 95% as of March 31, 2025, December 31, 2024 and December 31, 2023, respectively

Note 2)

Foreign currency LCR: ratio calculated based on averages of the amount of each category (same as the calculation method used for business disclosure)

   - 

The applicable foreign currency LCR requirement was 80% for all periods after 2022.

Note 3)

The applicable periods for LCR and foreign currency LCR are: 1Q 2025, 4Q 2024, and 4Q 2023

 

c.

Profitability Ratios Note1), Note2)

 

           (units: %)  

Type

    2025 1Q      2024      2023  
   ROA      ROE      ROA      ROE      ROA      ROE  
                                           

Woori Financial Group

                  

Including non-controlling interests

      0.49        7.72        0.61        9.60        0.54      8.65

Excluding non-controlling interests

      0.47        7.27        0.60        9.34        0.52      8.25

 

Note 1)

Total assets and total equity : simple average of the starting balance for the fiscal year and the ending balance of each quarter

Note 2)

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

 

d.

Asset Quality

Group Asset Quality

(units: billions of Won, %)

 

Type

    2025 1Q      2024      2023  
                      

Total loans

      386,061        390,066        365,780  

Substandard and below loans

      2,647        2,211        1,357  

Substandard and below loans ratio

      0.69        0.57        0.37  

Non-Performing Loans (“NPL”)

      2,012        1,786        1,299  

NPL ratio

      0.52        0.46        0.36  

Substandard and below coverage ratio (A/B)

      132.7        153.0        220.1  

Loan loss reserve (A)

      3,513        3,382        2,986  

Substandard and below loans (B)

      2,647        2,211        1,357  

 

Note 1)

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

 

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Asset Quality for Significant Subsidiaries and Consolidated Companies Note1)

(units: %)

 

Type

    2025 1Q      2024      2023  
   Substandard
and below
ratio		      NPL ratio      Substandard
and below
coverage
ratio		      Substandard
and below
ratio		      NPL ratio      Substandard
and below
coverage
ratio		      Substandard
and below
ratio		      NPL ratio      Substandard
and below
coverage
ratio		  
                                                                

Woori Bank

      0.32        0.24        188.4        0.23        0.19        247.44        0.18        0.17        320.84  

Woori Card

      1.39        —         105.13        1.07        —         105.46        0.97        —         104.92  

Woori Financial Capital

      2.26        —         110.24        1.91        —         134.18        2.37        —         113.21  

Woori Investment Securities Note 3)

      10.14        —         64.58        7.29        —         84.37        0.55        —         578.29  

Woori Asset Trust

      78.83        —         —         77.68        —         —         32.11        —         —   

Woori Savings Bank Note 2)

      8.95        —         75.97        9.82        —         77.43        3.53        —         101.66  

 

Note 1)

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

Note 2)

Based on K-GAAP

Note 3)

Numbers for 2023 reflect those of Woori Investment Bank. Woori Investment Securities was established in August 2024, following the merger of Korea Foss Securities and Woori Investment Bank.

 

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  III.

Financial Information

 

1.

Condensed Financial Statements (Consolidated)

Summary Consolidated Statement of Financial Position

 

(The Company and its consolidated subsidiaries, as of the end of the periods indicated)

 

     (units: millions of Won)  

Classification

    2025 1Q     2024     2023  
                    

ASSETS

       

Cash and cash equivalents

      25,607,511       27,281,123       30,556,618  

Financial assets at fair value through profit or loss (“FVTPL”)

      23,861,998       25,202,672       21,544,756  

Financial assets at fair value through other comprehensive income

      43,011,641       43,797,745       37,891,495  

Securities at amortized cost

      19,064,424       19,203,177       23,996,172  

Loans and other financial assets at amortized cost

      409,496,153       398,471,816       373,148,148  

Investments in joint ventures and associates

      1,748,778       1,748,810       1,795,370  

Investment properties

      459,539       450,788       472,768  

Premises and equipment

      3,358,169       3,370,585       3,176,759  

Intangible assets and goodwill

      1,097,934       1,091,402       996,842  

Assets held for sale

      74,123       73,989       20,345  

Net defined benefit asset

      2,236       146,109       240,260  

Current tax assets

      57,146       61,613       203,542  

Deferred tax assets

      34,648       72,937       93,366  

Derivative assets (designated for hedging)

      182,420       175,191       26,708  

Other assets

      4,639,544       4,605,363       3,841,787  
  

 

 

    

 

 

    

 

 

  

Total assets

      532,696,264       525,753,320       498,004,936  
  

 

 

    

 

 

    

 

 

  

LIABILITIES

       

Financial liabilities at FVTPL

      8,504,791       9,896,597       6,138,313  

Deposits due to customers

      368,475,940       366,821,156       357,784,297  

Borrowings

      30,378,783       30,117,031       30,986,746  

Debentures

      46,952,728       48,207,103       41,239,245  

Provisions

      612,004       611,428       806,031  

Net defined benefit liability

      39,940       5,424       6,939  

Current tax liabilities

      260,508       127,126       103,655  

Deferred tax liabilities

      775,165       858,822       470,311  

Derivative liabilities (designated for hedging)

      85,618       102,815       153,007  

Other financial liabilities

      40,260,070       32,314,051       26,115,005  

Other liabilities

      827,715       796,498       803,897  
  

 

 

    

 

 

    

 

 

  

Total liabilities

      497,173,262       489,858,051       464,607,446  
  

 

 

    

 

 

    

 

 

  

EQUITY

       

Owners’ equity:

      33,727,777       34,096,836       31,666,881  

Capital stock

      3,802,676       3,802,676       3,802,676  

Hybrid securities

      3,411,343       3,810,435       3,611,129  

Capital surplus

      934,100       934,100       935,563  

Other equity

      (1,402,861 )      (1,400,885 )      (1,668,957 ) 

Retained earnings

      26,982,519       26,950,510       24,986,470  

Non-controlling interests

      1,795,225       1,798,433       1,730,609  
  

 

 

    

 

 

    

 

 

  

Total equity

      35,523,002       35,895,269       33,397,490  
  

 

 

    

 

 

    

 

 

  

Total liabilities and equity

      532,696,264       525,753,320       498,004,936  
  

 

 

    

 

 

    

 

 

  

Number of Consolidated Subsidiaries (excluding holding company)

      183       188       179  
  

 

 

    

 

 

    

 

 

  

 

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Summary Consolidated Statement of Comprehensive Income

 

(The Company and its consolidated subsidiaries, for the periods indicated)      (units: millions of Won, except per share amounts)  

Classification

    2025 1Q     2024 1Q     2024     2023  
                          

Operating income

      869,263       1,150,689       4,255,190       3,499,029  

Net interest income

      2,251,991       2,198,203       8,886,336       8,742,540  

Net fees and commissions income

      511,434       502,931       2,086,170       1,720,481  

Dividend income

      69,824       66,782       310,320       240,293  

Net gain or loss on financial instruments at FVTPL

      202,368       515,607       1,492,783       488,486  

Net gain or loss on financial assets at FVTOCI

      33,257       20,476       96,620       (37,641 ) 

Net gain or loss arising on financial assets at amortized cost

      19,805       46,119       286,885       203,942  

Impairment losses due to credit loss

      (435,501 )      (366,512 )      (1,716,295 )      (1,894,916 ) 

General and administrative expenses

      (1,306,172 )      (1,031,667 )      (4,468,973 )      (4,443,433 ) 

Other net operating expenses

      (477,743 )      (801,250 )      (2,718,656 )      (1,520,723 ) 

Non-operating income (expense)

      (4,668 )      (6,732 )      (32,343 )      18,424  

Net income before income tax expense

      864,595       1,143,957       4,222,847       3,517,453  

Income tax expense

      (210,039 )      (305,046 )      (1,051,378 )      (890,559 ) 

Net income

      654,556       838,911       3,171,469       2,626,894  

Net income attributable to owners

      616,691       824,001       3,085,995       2,506,296  

Net income attributable to the non-controlling interests

      37,865       14,910       85,474       120,598  

Other comprehensive income (loss), net of tax

      (32,223 )      (3,812 )      382,719       663,537  

Items that will not be reclassified to profit or loss

      (86,879 )      (75,240 )      (200,341 )      122,334  

Items that may be reclassified to profit or loss

      54,656       71,428       583,060       541,203  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total comprehensive income

      622,333       835,099       3,554,188       3,290,431  
  

 

 

    

 

 

    

 

 

    

 

 

  

Comprehensive income attributable to the owners

      588,070       816,769       3,454,620       3,164,464  

Comprehensive income attributable to non-controlling interests

      34,263       18,330       99,568       125,967  

Net income per share:

         

Basic and diluted income per share (in Korean Won)

      781       1,056       3,950       3,230  

 

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2.

Condensed Financial Statements (Separate)

Summary Statement of Financial Position

 

(The Company, as of the end of the periods indicated)    (units: millions of Won)

 

Classification

    2025 1Q     2024     2023  

ASSETS

       

Cash and cash equivalents

      2,109,858       1,185,912       289,507  

Financial assets at fair value through other comprehensive income

      557,168       553,518       539,709  

Loans and other financial assets at amortized cost

      751,521       204,431       1,104,815  

Investments in subsidiaries

      24,206,017       24,206,017       23,670,476  

Premises and equipment

      4,986       5,304       6,609  

Intangible assets

      3,406       3,308       4,052  

Net defined benefit asset

      —        1,378       3,941  

Current tax assets

      33,120       33,120       158,951  

Deferred tax assets

      2,414       4,379       7,478  

Other assets

      155,732       155,670       484  
  

 

 

    

 

 

    

 

 

  

Total assets

      27,824,222       26,353,037       25,786,022  
  

 

 

    

 

 

    

 

 

  

LIABILITIES

       

Debentures

      2,437,184       2,037,567       1,587,659

Provisions

      1,855       1,252       1,227

Net defined benefit liability

      823       —        —   

Current tax liabilities

      216,679       84,701       32,125

Other financial liabilities

      570,225       76,382       163,621

Other liabilities

      2,156       404       392
  

 

 

    

 

 

    

 

 

  

Total liabilities

      3,228,922       2,200,306       1,785,024
  

 

 

    

 

 

    

 

 

  

EQUITY

       

Capital stock

      3,802,676       3,802,676       3,802,676  

Hybrid securities

      3,411,133       3,810,225       3,610,953  

Capital surplus

      8,120,236       11,120,236       11,120,236  

Other equity

      (23,556 )      (1,189 )      (7,871 ) 

Retained Earnings

      9,284,811       5,420,783       5,475,004  
  

 

 

    

 

 

    

 

 

  

Total equity

      24,595,300       24,152,731       24,000,998  
  

 

 

    

 

 

    

 

 

  

Total liabilities and equity

      27,824,222       26,353,037       25,786,022  
  

 

 

    

 

 

    

 

 

  

 

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Summary Statement of Comprehensive Income

 

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

 

Classification

    2025 1Q     2024 1Q     2024     2023  

Operating income

      1,397,416       1,168,850       1,123,301       1,424,670  

Net interest expense

      (8,203 )      1,319       2,128       27,495  

Interest income

      8,610       12,635       51,778       64,592  

Interest expense

      (16,813 )      (11,316 )      (49,650 )      (37,097 ) 

Net fees and commissions loss

      (4,781 )      (3,845 )      (20,319 )      (20,097 ) 

Fees and commissions income

      459       407       1,625       1,625  

Fees and commissions expense

      (5,240 )      (4,252 )      (21,944 )      (21,722 ) 

Dividend income

      1,429,225       1,189,333       1,208,522       1,482,956  

Net gain (loss) on financial instruments at FVTPL

      —        —        —        2,023  

Provisions for impairment losses due to credit loss

      (404 )      (460 )      608       (348 ) 

General and administrative expenses

      (18,421 )      (17,497 )      (67,638 )      (67,359 ) 

Non-operating income (expense)

      (6 )      (18 )      (147 )      (1,043 ) 

Net income before income tax expense

      1,397,410       1,168,832       1,123,154       1,423,627  

Income tax income (expense)

      (1,345 )      (1,043 )      178       881  

Net income

      1,396,065       1,167,789       1,123,332       1,424,508  

Other comprehensive income (loss), net of tax

      1,726       (567 )      9,138       18,916  

Items that will not be reclassified to profit or loss

      1,726       (567 )      9,138       18,916  

Net gain (loss) on valuation of equity securities at FVTOCI

      2,686       119       10,164       19,789  

Remeasurement of the net defined benefit liability

      (960 )      (686 )      (1,026 )      (873 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total comprehensive income

      1,397,791       1,167,222       1,132,470       1,443,424  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income per share:

         

Basic and diluted income per share (in Korean Won)

      1,828       1,510       1,296       1,754  

 

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3.

Dividend Information

 

Items

    2025 1Q      2024      2023  
                           

Par value per share (Won)          

      5,000        5,000        5,000  

Net profit (Millions of Won)          

      616,691        3,085,995        2,506,296  

Earnings per share (Won)          

      781        3,950        3,230  

Total cash dividends (Millions of Won)          

      147,428        891,045        747,302  

Total stock dividends (Millions of Won)          

      —         —         —   

Cash dividend payout ratio (%)          

      23.91        28.87        29.82  

Cash dividend yield (%)

    Common Shares      1.2        6.9        6.7  
   Preferred Shares      —         —         —   

Stock dividend yield (%)

    Common Shares      —         —         —   
   Preferred Shares      —         —         —   

Cash dividend per share (Won)

    Common Shares      200        1,200        1,000  
   Preferred Shares      —         —         —   

Stock dividend per share (Share)

    Common Shares      —         —         —   
   Preferred Shares      —         —         —   

 

Note 1)

The dividends for the first quarter of 2025 KRW 147,428 million (KRW 200 per share). The dividends for the first quarter of 2025 were determined through a board resolution on April 25, 2025.

Note 2)

The dividends for FY2024 include quarterly dividends of KRW 133,657 million (KRW 180 per share) for the first quarter, KRW 133,657 million (KRW 180 per share) for the second quarter, and KRW 133,657 million (KRW 180 per share) for the third quarter

Note 3)

The dividends for FY2023 include interim dividends of KRW 130,748 million (KRW 180 per share) for the second quarter, and KRW 135,341 million (KRW 180 per share) for the third quarter

Note 4)

The cash dividend yield for the first quarter of 2025 is calculated as the percentage of cash dividend per share to the arithmetic average price formed in the stock market during the week starting from the trading day before the date the dividend amount is determined. The percentage is rounded to the first decimal place.

Note 5)

The cash dividend yields for FY2023 and FY2024 are calculated as the percentage of cash dividend per share to the arithmetic average price formed in the stock market during the week, starting from two trading days before the record date. The percentage is rounded to the first decimal place.

 

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IV. Independent Auditor’s Opinion

 

1.

Independent Auditor’s Opinion

 

    

2025 1Q

   

2024

   

2023

Auditor

    KPMG Samjong Accounting Corp.    KPMG Samjong Accounting Corp.    KPMG Samjong Accounting Corp.

Auditor’s Opinion

    Note 1)    Note 2)    Note 3)

 

Note 1)

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

Note 2)

In its audit report, KPMG Samjong Accounting Corp. has stated that the financial statements are presented fairly, in all material respects, in accordance with Korean IFRS.

Note 3)

In its audit report, KPMG Samjong Accounting Corp. has stated that the financial statements are presented fairly, in all material respects, in accordance with Korean IFRS.

 

2.

Compensation to the Independent Auditor

 

a.

Audit Services

 

Term

   

Auditor

  

Description

  

Contractual

   Actual
 

Fee

   Time   Fee   Time
2025 1Q    KPMG Samjong Accounting Corp.  

1Q/1H/3Q Review

Closing audit (including internal

accounting management system)

   KRW 1,065 million   10,009 hours   KRW 215 million   1,342 hours
2024    KPMG Samjong Accounting Corp.  

1Q/1H/3Q Review

Closing audit (including internal

accounting management system)

   KRW 1,037 million   9,930 hours   KRW 1,037 million   9,937 hours
2023    KPMG Samjong Accounting Corp.  

1Q/1H/3Q Review

Closing audit (including internal

accounting management system)

   KRW 964 million   9,380 hours   KRW 964 million   9,613 hours

 

Note 1)

Fee excludes VAT

Note 2)

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

 

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b.

Other Audit Services

Not Applicable

 

c.

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

 

Term

   

Auditor

   

Description

    Fee  

2025 1Q

   

KPMG Samjong

Accounting Corp.

    U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2025)      KRW 2,028 million  

2024

   

KPMG Samjong

Accounting Corp.

    U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2024)      KRW 2,015 million  

2023

   

KPMG Samjong

Accounting Corp.

    U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2023)      KRW 1,891 million  

 

Note 1)

Fee excludes VAT

 

d.

Non-Audit Services

 

Term

   

Date of

Execution of

Agreement

   

Description of Service

   

Service Term

    Fees

2025 1Q

    April 9, 2025    Tax adjustment (including review relating to application of consolidated tax)    April 9, 2025 ~ June 1, 2026    KRW 76 million

2024

    March 31, 2024    Tax adjustment (including review relating to application of consolidated tax)    April 1, 2024 ~ June 2, 2025    KRW 68 million

2023

    March 31, 2023    Tax adjustment (including review relating to application of consolidated tax)    April 1, 2023 ~ May 31, 2024    KRW 64 million

 

Note 1)

Fee excludes VAT

 

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V. Corporate Governance

This section has been omitted for quarterly business reports, pursuant to Korean regulations (revised in March 2022) that allow for such omissions. For information on this section, please refer to the Form 6-K furnished to the Securities and Exchange Commission on March 18, 2025 under the title “Summary of 2024 Business Report.”

VI. Shareholder Information

 

1.

Share Distribution

 

a.

Share Information of the Largest Shareholder and Specially Related Parties

 

As of March 31, 2025    (units: shares, %)

 

                 Shares Held      Notes  

Name

   

Relation

    Type      Beginning balance      Ending balance  
                 Number      Share      Number      Share  

Employee Stock Ownership Association of Woori Financial Group

    The largest shareholder      Common        44,474,301        5.99        43,132,460        5.81        —   

Employee Stock Ownership Association of Woori Bank

    Specially related party of the largest shareholder      Common        19,106,955        2.57        17,659,784        2.38        —   

Total

         Common        63,581,256        8.56        60,792,244        8.19        —   
        Others        —         —         —         —         —   

 

b.

Changes in the largest shareholder

 

As of March 31, 2025    (units: shares, %)

 

Change of Date

   

Largest Shareholder

    Number Held      Share     

Notes

December 9, 2021

    Employee Stock Ownership Association of Woori Financial Group and 1 other      71,346,178        9.80      Bought 1.00% of the KDIC’s remaining shares of Woori Financial Group (8.80% share already held) Note 1)

 

Note 1)

Refer to the prior disclosure on the Form 6-K on December 10, 2021, Changes in the Largest Shareholder

 

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c.

Share Ownership of More Than 5%

This section has been omitted for quarterly business reports, pursuant to Korean regulations (revised in March 2022) that allow for such omissions. For information on this section, please refer to the Form 6-K furnished to the Securities and Exchange Commission on March 18, 2025 under the title “Summary of 2024 Business Report.”

 

2.

Stock Price and Stock Market Performance

This section has been omitted for quarterly business reports, pursuant to Korean regulations (revised in March 2022) that allow for such omissions. For information on this section, please refer to the Form 6-K furnished to the Securities and Exchange Commission on March 18, 2025 under the title “Summary of 2024 Business Report.”

 

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VII. Directors and Employee Information

 

1.

Directors and Executives

As of March 31, 2025

 

Position

   

Name

    Common
Shares
Owned		     

Term

Commencement Date

   

Expiration of Term

Chief Executive Officer

    Registered    Jong-Yong Yim      10,000      March 24, 2023    Note 1)

Independent Director

    Registered    In-Sub Yoon      —       January 27, 2022    Note 1)

Independent Director

    Registered    Choon-Soo Kim      —       March 26, 2025    Note 2)

Independent Director

    Registered    Young-Hoon Kim      —       March 26, 2025    Note 2)

Independent Director

    Registered    Kang-Haeng Lee      7,000      March 26, 2025    Note 2)

Independent Director

    Registered    Yeong-Seop Rhee      —       March 26, 2025    Note 2)

Independent Director

    Registered    Eun-Ju Lee      —       March 28, 2024    Note 1)

Independent Director

    Registered    Sun-Young Park      —       March 26, 2024    Note 1)

Deputy President

    Non-Registered    Sung-Wook Lee      16,000      February 25, 2022    December 31, 2025

Deputy President

    Non-Registered    Il-Jin Ouk      4,000      December 8, 2023    November 30, 2025

Deputy President

    Non-Registered    Jang-Keun Park      2,000      December 8, 2023    March 6, 2027

Deputy President

    Non-Registered    Jung-Soo Lee      6,890      December 8, 2023    December 31, 2025

Deputy President

    Non-Registered    Chan-Ho Jeong      7,492      December 8, 2023    November 30, 2025

Deputy President

    Non-Registered    Kyu-Hwang Jeong      11,741      December 8, 2023    July 4, 2026

Deputy President

    Non-Registered    Hyeon Gi Jeon      948      December 16, 2024    December 31, 2026

Managing Director

    Non-Registered    Jung Sup Lee      —       December 16, 2024    December 31, 2026

Managing Director

    Non-Registered    Je Seong Park      5,250      December 16, 2024    December 31, 2026

 

Note 1)

The terms of Standing Director Jong-Yong Yim and Independent Directors In-Sub Yoon, Eun-Ju Lee, and Sunyoung Park : Until the end of the annual general meeting of shareholders for FY2025.

Note 2)

The terms of Independent Directors Choon-Soo Kim, Young-Hoon Kim, Kang-Haeng Lee, Yeong-Seop Rhee: Until the end of the annual general meeting of shareholders for FY2026.

Note 3)

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

Note 4)

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

 

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2.

Employee Status

This section has been omitted for quarterly business reports, pursuant to Korean regulations (revised in March 2022) that allow for such omissions. For information on this section, please refer to the Form 6-K furnished to the Securities and Exchange Commission on March 18, 2025 under the title “Summary of 2024 Business Report.”

 

3.

Directors’ Compensation

This section has been omitted for quarterly business reports, pursuant to Korean regulations (revised in March 2022) that allow for such omissions. For information on this section, please refer to the Form 6-K furnished to the Securities and Exchange Commission on March 18, 2025 under the title “Summary of 2024 Business Report.”

VIII. Internal Controls

This section has been omitted for quarterly business reports, pursuant to Korean regulations (revised in March 2022) that allow for such omissions. For information on this section, please refer to the Form 6-K furnished to the Securities and Exchange Commission on March 18, 2025 under the title “Summary of 2024 Business Report.”

 

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SIGNATURES

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

 

   

Woori Financial Group Inc.

    (Registrant)
Date: May 15, 2025     By:  

/s/ Sung-Wook Lee

      (Signature)
      Name: Sung-Wook Lee
      Title: Deputy President

 

22