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6-K 1 d788144d6k.htm FORM 6-K Form 6-K Table of Contents

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 March 2024

Commission File Number: 001-31811

Woori Financial Group Inc.

(Translation of registrant’s name into English)

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

(Address of principal executive office)

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

Form 20-F ☒ Form 40-F ☐

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Index

1.	Summary of 2023 Business Report

-	For the Audit Reports of Woori Financial Group for Fiscal Year 2023, please refer to the exhibits to the Form 6-K furnished to the U.S. Securities and Exchange Commission on March 6, 2024.

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Summary of 2023 Business Report

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I.	INTRODUCTION OF THE COMPANY		5

	1.	Overview of the Company	5

	2.	Capital Structure (Changes in Capital)	11

	3.	Total Number of Authorized Shares	12

II.	BUSINESS OVERVIEW		13

	1.	Results of Operations	13

	2.	Funding Sources and Uses of Funds	13

	3.	Other Information Necessary for Making Investment Decisions	14

III.	FINANCIAL INFORMATION		19

	1.	Condensed Financial Statements (Consolidated)	19

	2.	Condensed Financial Statements (Separate)	21

	3.	Dividend Information	23

IV.	INDEPENDENT AUDITOR’S OPINION		25

	1.	Independent Auditor’s Opinion	25

	2.	Compensation to the Independent Auditor	25

V.	CORPORATE GOVERNANCE		27

	1.	About the Board of Directors	27

	2.	Shareholder’s Meeting	29

VI.	SHAREHOLDER INFORMATION		32

	1.	Share Distribution	32

	2.	Stock Price and Stock Market Performance	33

VII.	DIRECTORS AND EMPLOYEE INFORMATION		35

	1.	Directors and Executives	35

	2.	Employee Status	36

	3.	Directors’ Compensation	36

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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.

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I.	Introduction of the Company

1.	Overview of the Company

History


January 11, 2019		Establishment of the Company pursuant to a comprehensive stock transfer, by which Woori Bank, Woori FIS, Woori Finance Research Institute, Woori Credit Information, Woori Fund Services and Woori Private Equity Asset Management became wholly-owned subsidiaries of the Company.

February 13, 2019		Listed on the Korea Exchange (KRX).

April 5, 2019		Entered into share purchase agreements to acquire Tongyang Asset Management Corp. and ABL Global Asset Management Co., Ltd.

June 21, 2019		Entered into a purchase agreement with Woori Bank to acquire the common shares of Woori Investment Bank Co., Ltd. (“Woori Investment Bank”) and integrate Woori Investment Bank as a first-tier subsidiary of the Company (Buyer: Woori Financial Group, Seller: Woori Bank)

July 3, 2019		Entered into a stock exchange agreement between the Company and Woori Card Co., Ltd (“Woori Card”) to integrate Woori Card as a first-tier subsidiary of the Company

July 25, 2019		Entered into a share purchase agreement to acquire Kukje Asset Trust, Ltd.

August 1, 2019		Integrated Woori Asset Management Corp. (formerly known as Tongyang Asset Management Co., Ltd.) as a first-tier subsidiary of the Company.

September 10, 2019		Integrated Woori Card and Woori Investment Bank as first-tier subsidiaries of the Company.

September 26, 2019		Disposed 4% of common shares of the Company held by Woori Bank to a Taiwanese company, Fubon Life Insurance Co., Ltd.

December 6, 2019		Integrated Woori Global Asset Management Corp. as a first-tier subsidiary of the Company

December 30, 2019		Integrated Woori Asset Trust Ltd. as a first-tier subsidiary of the Company

March 25, 2020		Held the first annual general meeting of shareholders of Woori Financial Group; reappointed the Chief Executive Officer

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October 26, 2020		Entered into a share purchase agreement to acquire Aju Capital Co., Ltd.

December 10, 2020		Integrated Woori Financial Capital Co., Ltd., (formerly known as Aju Capital Co., Ltd.) as a first-tier subsidiary of the Company Integrated Woori Savings Bank (formerly known as Aju Savings Bank) as a second-tier subsidiary of the Company

January 15, 2021		Joined the Carbon Disclosure Project (CDP), announced support for the Task force on Climate related Financial Disclosure (TCFD) and established the ESG management principles of Woori Financial Group

March 5, 2021		Established the Board ESG Management Committee

March 12, 2021		Integrated Woori Savings Bank as a first-tier subsidiary of the Company

April 9, 2021		After-hours trading of a 2% stake in Woori Financial Group held by the Korea Deposit Insurance Corporation

April 15, 2021		Purchased additional equity shares of Woori Financial Capital Co., Ltd., increasing the Company’s equity ownership by 12.9%

May 13, 2021		Participated in the capital increase of Woori Savings Bank (KRW 100 billion)

May 24, 2021		Purchased 3.6% of Woori Financial Capital Co., Ltd. in treasury shares

June 4, 2021		Entered into a stock exchange agreement to acquire the remaining shares of Woori Financial Capital Co., Ltd.

August 10, 2021		Integrated Woori Financial Capital Co., Ltd., as a wholly-owned subsidiary of the Company (Completion of stock exchange)

September 9, 2021		Announcement of contemplated sales of the remaining stake in Woori Financial Group held by the Korea Deposit Insurance Corporation

October 8, 2021		Joined the SBTi (Science Based Targets initiative) as part of the roadmap for achieving carbon neutrality

November 2, 2021		Obtained regulatory approval for using the IRB (Internal Rating Based) approach

November 9, 2021		Obtained ‘AA’ rating from MSCI ESG assessment (2 grades higher than the previous year), ‘A’ rating from KCGS(Korea Corporate Governance Service)(1 grade higher than the previous year)

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November 17, 2021		Included newly in Asia Pacific Index of DJSI (Dow Jones Sustainability Indices)

December 9, 2021		Achieved practically full privatization through the decrease of the KDIC’S stake in us from 15.1% to 5.8%, changing the largest shareholder from the KDIC to the Employee Stock Ownership Association of Woori Financial Group

December 26, 2021		Launched the Group integrated car finance platform “Woori WON Car”

January 7, 2022		Officially launched the NPL investment company Woori Financial F&I Inc.

January 13, 2022		Joined the global environment initiative Taskforce on Nature-related Financial Disclosures (TNFD)

February 4, 2022		Recognized as an ‘Industry Mover’ in a sustainability assessment by S&P Global for 2022

February 10, 2022		Disposal by the Korea Deposit Insurance Corporation of a 2.2% stake in Woori Financial Group (reducing the KDIC’s stake in Woori Financial Group from 5.8% to 3.6%)

May 11, 2022		Became the first company in the world to join the launch of the ‘Business for Land (B4L) Initiative’ for the protection of sustainable forests and the recovery of land degradation

May 18, 2022		Disposal by the Korea Deposit Insurance Corporation of a 2.3% stake in Woori Financial Group (reducing the KDIC’s stake in Woori Financial Group from 3.6% to 1.3%)

June 19, 2022		Held the inaugural meeting of Woori Financial Future Foundation

August 22, 2022		Joined the ‘Partnership for Biodiversity Accounting Financials(PBAF)’ as the first Asian company

November 7, 2022		Held the global conference ‘Sustainable Finance for a Better World’

December 14, 2022		Signatory of Statement from the Financial Sector at the Conference of the Parties to the ‘UN Convention on Biological Diversity(UN CBD)’

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December 29, 2022		Received ‘AA’ rating from MSCI ESG Research for 2 consecutive years

January 16, 2023		Completed the establishment of the ‘WON Synergy’ system to create effective synergy within group companies

January 26, 2023		Became the first financial company in Korea to join the ‘Finance Leadership Group on Plastics’ hosted by ‘UN Environment Programme Finance Initiative (UNEP FI)’

February 27, 2023		Entered into a stock purchase agreement to acquire Daol Investment (52% ownership)

March 23, 2023		Daol Investment, re-named Woori Venture Partners, incorporated as a subsidiary into Woori Financial Holdings

March 24, 2023		Jong-Yong Yim appointed as the 9th chairman of Woori Financial Group (4th annual general meeting of shareholders of Woori Financial Group)

April 21, 2023		Resolved to repurchase and cancel treasury shares, a first-time since the transition to a holding company

June 01, 2023		Entered into a comprehensive stock exchange agreement with Woori Investment Bank and Woori Venture Partners

August 08, 2023		Woori Investment Bank and Woori Venture Partners to each become a wholly-owned subsidiary of Woori Financial Group

August 24, 2023		Group Carbon Emission Reduction Target validated by SBTi (Science Based Targets initiative)

October 05, 2023		Entered into a memorandum of understanding with the Korea Deposit Insurance Corporation to purchase its remaining stake in Woori Financial Group (1.2%)

December 22, 2023		A capital increase of KRW 500 billion conducted by Woori Investment Bank (to enhance competitiveness)

December 26, 2023		Obtained an ‘AAA’ rating from MSCI ESG assessment

March 13, 2024		Resolved to acquire and cancel the remaining shares owned by the Korea Deposit Insurance Corporation

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b.	Affiliated Companies

(1)

Overview of Business Group

Name of business group: Woori Financial Group Inc.

(2)

Affiliated companies within the business group

As of December 31, 2023


Type		Name of Company
Listed company (3 companies)		Woori Financial Group
		PT Bank Woori Saudara Indonesia 1906 Tbk
		PT Woori Finance Indonesia Tbk
Unlisted company (34 companies)		Woori Bank
		Woori Card
		Woori Financial Capital
		Woori Investment Bank
		Woori Asset Trust
		Woori Savings Bank
		Woori Asset Management
		Woori Venture Partners
		Woori Financial F&I Inc.
		Woori Credit Information
		Woori Fund Services
		Woori Private Equity Asset Management
		Woori Global Asset Management
		Woori FIS
		Woori Finance Research Institute
		Korea BTL Infrastructure Fund
		Woori America Bank
		Woori Bank China Limited
		AO Woori Bank
		Banco Woori Bank do Brazil S.A.
		Woori Global Markets Asia Limited
		Woori Bank Vietnam Limited
		Wealth Development Bank
		Woori Finance Myanmar Co., Ltd.
		Woori Bank (Cambodia) PLC.
		Woori Bank Europe Gmbh
		Tutu Finance-WCI Myanmar Co., Ltd.
		Woori Venture Partners US, Inc.
		KTB-NHN China Private Equity Fund
		KTBN GI Private Equity Fund
		Arden Woori Apparel 1st Private Equity Fund
		Woori Dyno 1st Private Equity Fund
		Green ESG Growth No.1 Private Equity Fund
		Woori Corporate Turnaround No.1 Private Equity Fund

Note 1)

Includes first-tier and second-tier subsidiaries under the Financial Holding Company Act as of December 31, 2023

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LOGO

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2.	Capital Structure (Changes in Capital)

(units: Won, shares)


Date	Item	Type
Date	Item	Common Shares		Preferred Shares		Others
December 31, 2023	Number of issued shares		751,949,461		—		—
	Par Value		5,000		—		—
	Capital Stock		3,802,676,300,000		—		—
December 31, 2022	Number of issued shares		728,060,549		—		—
	Par Value		5,000		—		—
	Capital Stock		3,640,302,745,000		—		—
December 31, 2021	Number of issued shares		728,060,549		—		—
	Par Value		5,000		—		—
	Capital Stock		3,640,302,745,000		—		—
December 31, 2020	Number of issued shares		722,267,683		—		—
	Par Value		5,000		—		—
	Capital Stock		3,611,338,415,000		—		—
December 31, 2019	Number of issued shares		722,267,683		—		—
	Par Value		5,000		—		—
	Capital Stock		3,611,338,415,000		—		—


Note 1)		Our common shares of 680,164,306 were issued in January 2019 upon our establishment and the number of our common shares increased by 42,103,377 as a result of a comprehensive stock exchange that took place between Woori Financial Group and Woori Card in September 2019.
Note 2)		The number of our common shares increased by 5,792,866 on August 10, 2021 due to a comprehensive stock exchange to integrate Woori Financial Capital as a wholly-owned subsidiary.
Note 3)		The number of our common shares increased by 32,474,711 as a result of a comprehensive stock exchange that took place on August 8, 2023 to convert Woori Investment Bank and Woori Venture Partners as our wholly-owned subsidiaries.
Note 4)		On October 30, 2023, of the number of our common shares was reduced by 8,585,799 due to the cancellation of our treasury shares acquired through a trust agreement.

- Our paid-in capital does not match the par value of our total issued shares at year-end because our cancellation of treasury shares constitutes the cancellation of treasury shares acquired within the limits of profits available for dividends, which means that there would be no reduction in the paid-in capital of Woori Financial Group.

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As of December 31, 2023		(units: Won, shares)


Date	Category		Stock Decrease/Increase
Date	Category		Type		Quantity			Par Value		Issue price		Note
January 11, 2019		—		Common		680,164,306			5,000		26,415	Establishment (comprehensive stock transfer)
September 10, 2019		—		Common		42,103,377			5,000		12,350	Comprehensive stock exchange Stock increase ratio: 6.19018%
August 10, 2021		—		Common		5,792,866			5,000		11,100	Comprehensive stock exchange Stock increase ratio: 0.80204%
August 8, 2023		—		Common		32,474,711			5,000		11,520	Comprehensive stock exchange Stock increase ratio: 4.46044%
October 30, 2023		—		Common		(8,585,799	)		5,000		—	Cancellation of treasury shares


Note 1)		Due to Woori Financial Group’s establishment through a comprehensive stock transfer, the issue price was calculated by dividing the total equity from its financial statements at the time of establishment (KRW 17,966,458,911,689) by the total number of issued shares (680,164,306).
Note 2)		Our capital changed in September 2019 and August 2021 due to a comprehensive stock exchanges. The issue prices were based on the closing stock price on the comprehensive stock exchange date.
Note 3)		On October 30, 2023, we canceled our treasury shares (8,585,799 common shares) acquired through a trust agreement. This share cancellation falls under the provision of Article 343, Paragraph 1 of the Commercial Code, and as it involves the cancellation of treasury shares acquired within the limits of distributable profits, the paid-in capital remains unchanged despite the decrease in the number of the total issued shares (common shares).

3.	Total Number of Authorized Shares


As of December 31, 2023		(unit: shares)


Items	Type				Notes
Items	Common Shares		Total		Notes
Number of authorized shares		4,000,000,000		4,000,000,000		—
Number of issued shares		760,535,260		760,535,260		—
Number of decreased shares		8,585,799		8,585,799		Cancellation of Treasury Shares
Number of treasury shares		53,945		53,945		Note 1	)
Number of outstanding shares		751,895,516		751,895,516		—


Note 1)		Acquired from the issuance of fractional shares (2,322 new fractional shares were added in August 2021 due to the comprehensive stock exchange between Woori Financial Group and Woori Financial Capital. 51,621 shares from comprehensive stock exchange between Woori Financial Group-Woori Investment Bank and Woori Financial Group-Woori Venture Partners, etc.)

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II.	Business Overview

1.	Results of Operations

(unit: billions of Won)


Type	2023		2022		2021
Operating income		3,499		4,431		3,660
Non-operating income		18		55		89
Income from continuing operations before income tax		3,517		4,485		3,749
Income tax expense from continuing operations		891		1,161		942
Income from discontinued operations		—		—		—
Net income		2,627		3,324		2,807
Controlling Interest		2,506		3,142		2,588
Non-controlling Interest		121		182		219


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	2023						2022						2021
Classification	Funding Source	Average Balance		Interest Rate		Proportion		Average Balance		Interest Rate		Proportion		Average Balance		Interest Rate		Proportion

Source	Deposits		324,824,465		2.83		68.98		313,019,768		1.45		68.21		291,653,291		0.79		70.88
	Borrowings		28,052,983		4.02		5.96		27,296,742		1.99		5.95		21,628,379		0.98		5.26
	Debentures		42,458,653		3.55		9.02		45,945,392		2.26		10.01		40,901,547		1.78		9.94
	Others		42,829,998		—		9.09		42,537,152		—		9.27		29,470,312		—		7.15
	Total Liabilities		438,166,099		—		93.05		428,799,054		—		93.44		383,653,529		—		93.23

Total Equity			32,708,219		—		6.95		30,082,662		—		6.56		27,845,863		—		6.77

Total Liabilities & Equity			470,874,318		—		100.00		458,881,716		—		100.00		411,499,392		—		100.00


Note 1)		Average Balance : simple average of the starting balance for the fiscal year and the balance 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	2023							2022							2021
Type	Managed Item	Average Balance		Interest Rate		Proportion			Average Balance		Interest Rate		Proportion			Average Balance		Interest Rate		Proportion
	Cash & Due from Banks		16,692,268		3.26		3.54			16,097,533		1.52		3.51			13,809,362		0.34		3.36
	Marketable securities		75,522,522		3.61		16.04			68,661,882		1.50		14.96			58,416,310		1.67		14.20
	Loans		334,205,508		5.08		70.98			326,710,683		3.73		71.20			301,849,585		2.79		73.35
	Loans in local currency		287,312,990		4.84		61.02			280,414,033		3.53		61.12			262,010,967		2.59		63.67
	Loans in foreign Currency		31,215,114		6.64		6.63			30,916,107		4.54		6.74			25,104,084		3.58		6.10
	Guarantee payments		14,567		2.28		0.00			21,260		2.67		0.00			28,000		2.46		0.01
	Credit card receivables		11,215,186		6.85		2.38			10,026,037		7.24		2.18			9,196,190		7.42		2.23
	Foreign bills bought		4,447,651		5.33		0.95			5,333,246		2.58		1.16			5,510,344		0.85		1.34
	Bad debt expense in local currency (-)		2,609,403				(0.55	)		2,128,867		—		(0.46	)		1,878,781		—		(0.46	)
	Others		47,063,423				9.99			49,540,485		—		10.79			39,302,916		—		9.55

Total Assets			470,874,318		—		100.00			458,881,716		—		100.00			411,499,392		—		100.00


Note 1)		Average Balance : simple average of the starting balance for the fiscal year and the balance 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	2023	2022	2021
Equity capital (A)	34,756	31,404	28,980
Risk weighted assets (B)	219,792	205,307	192,503
BIS(Capital adequacy) ratio (A/B)	15.81	15.30	15.05


Note 1)		BIS (Bank for International Settlements) Capital Adequacy Ratios = Equity capital / Risk weighted assets * 100
Note 2)		Based on K-IFRS consolidated financial statements and Basel III standards (2021 figures partially based on IRB Approach)
Note 3)		2023 figures are estimates only and are subject to change

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Capital Adequacy Ratios for Significant Subsidiaries and Consolidated Companies


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


Name of Company	Type		2023		2022		2021

Woori Bank Note2)	BIS ratio Note1)	Equity capital (A)		28,237,929		26,119,135		25,473,034
		Equity capital (A)		28,237,929		26,119,135		25,473,034
		Risk weighted assets (B)		176,073,743		167,432,214		157,275,764
		Capital adequacy ratio (A/B)		16.04		15.60		16.20
Woori Card Note3)	Adjusted capital ratio			16.03		16.54		17.73
Woori Card Note3)	Tangible common equity ratio			10.97		11.28		11.84
Woori Financial Capital Note3)	Adjusted capital ratio			14.35		13.78		13.38
Woori Financial Capital Note3)	Tangible common equity ratio			11.48		10.66		11.70
Woori Investment Bank Note4)	BIS ratio Note1)	Equity capital (A)		1,127,425		674,082		576,693
		Equity capital (A)		1,127,425		674,082		576,693
		Risk weighted assets (B)		4,664,162		4,448,524		4,037,822
		Capital adequacy ratio (A/B)		24.17		15.15		14.28
Woori Asset Trust Note5)	Operating capital ratio			1,284.26		1,189.77		1,078.93
Woori Asset Management Note3)	Minimum operating capital ratio			650.26		681.18		721.87
Woori Venture Partners Note6)	Tangible common equity ratio			90.82		90.92		88.57
Woori Savings Bank Note7)	BIS Capital adequacy ratio Note1)			13.21		18.06		21.47
Woori Private Equity Asset Management Note3)	Minimum operating capital ratio			8,618.79		8,937.76		3,967.99


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. 2023 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 our K-IFRS separate financial statements
Note 4)		Figures for Woori Investment Bank are based on the applicable standards for business reports submitted to the Financial Supervisory Service and our K-IFRS consolidated financial statements
Note 5)		Figures for Woori Asset Trust are based on K-IFRS separate financial statements
Note 6)		Figures for Woori Venture Partners are based on K-IFRS consolidated financial statements
Note 7)		Figures for Woori Savings Bank are based on K-GAAP

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b.	Liquidity Ratios

Won Liquidity Ratios


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


Type	2023						2022						2021
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)		111,895		8,155		1,372.1		316,876		7,656		4,138.9		560,744		5,734		9,779.3
Woori Card Note 2)		9,119,265		2,454,480		371.54		8,282,745		1,832,484		452.0		7,455,390		1,419,809		525.1
Woori Financial Capital Note 2)		1,919,083		1,245,067		154.1		2,468,298		1,205,067		204.8		1,531,101		856,736		178.7
Woori Investment Bank Note 2)		4,032,290		1,926,080		209.4		3,128,499		1,802,149		173.6		2,728,159		2,031,260		134.3
Woori Asset Trust Note 2)		171,860		18,555		926.2		232,036		32,755		708.4		176,660		25,558		691.2
Woori Savings Bank Note 2), Note3)		434,495		231,003		188.09		534,678		384,493		139.1		292,913		228,445		128.2
Woori Venture Partners Note 2)		103,367		7,210		1,433.6		109,432		10,707		1,022.1		122,396		21,978		556.9
Woori Private Equity Asset Management Note 2)		27,506		2,396		1,147.8		23,226		1,897		1,224.4		8,068		1,539		540.0


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	2023						2022						2021
Type	FC Liquidity Assets		FC Liquidity Liabilities		FC Liquidity Ratio		FC Liquidity Assets		FC Liquidity Liabilities		FC Liquidity Ratio		FC Liquidity Assets		FC Liquidity Liabilities		FC Liquidity Ratio

Woori Investment Bank Note 1)		9,450		7,362		128.36		65,102		63,365		102.74		13,583		—		—


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

Liquidity Coverage Ratios

(unit: % )


Name of Company	Type	2023		2022		2021

Woori Bank	Liquidity coverage ratio Note 1)		101.26		102.40		89.95
	Foreign currency liquidity coverage ratio Note 2)		162.75		143.11		107.40
	Ratio of business purpose premises and equipment		10.20		11.04		11.46


Note 1)		LCR: Average of daily ratios during a quarter (same as the calculation method used for business disclosure)

2023 year-end regulatory ratio: 95.0%, 2022 year-end regulatory ratio: 92.5%, 2021 year-end regulatory ratio: 85.0%


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)

Regulatory ratio after 2022: 80.0%, 2021 year-end regulatory ratio: 70.0%


Note 3)		The applicable periods for LCR and Foreign currency LCR are: 4Q2023, 4Q2022 and 4Q2021

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c.	Profitability Ratios Note1), Note2)

(unit: %)


Type	2023						2022				2021

	ROA			ROE			ROA		ROE		ROA		ROE

Woori Financial Group
Including non-controlling interests		0.54			8.65			0.70		12.21		0.66		11.48
Excluding non-controlling interests		0.52			8.25			0.66		11.54		0.61		10.58
Woori Bank		0.56			9.68			0.66		11.71		0.60		9.92
Woori Card		1.02			6.64			1.14		7.28		1.10		6.36
Woori Financial Capital		0.83			6.39			1.51		12.53		1.69		15.74
Woori Investment Bank		(0.93	)		(6.95	)		1.74		14.47		1.59		12.89
Woori Asset Trust		9.73			12.68			20.86		29.74		18.64		27.05
Woori Savings Bank Note3)		(2.42	)		(18.47	)		0.41		3.05		1.06		7.95
Woori Asset Management		4.97			5.30			0.75		0.80		6.82		7.11
Woori Venture Partners		2.63			2.90			4.06		4.51		27.83		32.93
Woori Private Equity Asset Management		2.07			2.16			2.60		2.75		5.46		5.96


Note 1)		Based on the applicable standards for business reports submitted to the Financial Supervisory Service. The figures for Woori Financial Group and Woori Bank are on a consolidated basis while the figures for the other subsidiaries are on a non-consolidated basis
Note 2)		Total assets and total equity : simple average of the starting balance for the fiscal year and the ending balance of each quarter
Note 3)		Figures for Woori Savings Bank are based on K-GAAP

d.	Asset Quality

Group Asset Quality

(units: billions of Won, % )


Type	2023		2022		2021

Total loans		365,780		343,821		332,797
Substandard and below loans		1,357		1,082		990
Substandard and below ratio		0.37		0.31		0.30
Non-performing loans (“NPL”)		1,299		997		902
NPL ratio		0.36		0.29		0.27
Substandard and below coverage ratio (A/B)		220.1		217.6		192.2
Loan loss reserve (A)		2,986		2,354		1,903
Substandard and below loans (B)		1,357		1,082		990


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

(units: % )


Type	2023						2022						2021

	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		0.18		0.17		320.84		0.19		0.16		263.43		0.20		0.18		205.50
Woori Card		0.97		—		104.92		0.80		—		104.92		0.41		—		103.21
Woori Financial Capital		2.37		—		113.21		1.22		—		198.56		1.20		—		196.70
Woori Investment Bank		0.55		0.55		578.29		0.63		0.58		151.81		0.57		0.55		120.05
Woori Asset Trust		32.11		—		—		32.23		—		—		56.61		—		—
Woori Savings Bank Note 2)		3.53		—		101.66		3.22		—		97.54		2.32		—		117.37


Note 1)		Based on the applicable standards for business reports submitted to the Financial Supervisory Service
Note 2)		Based on K-GAAP

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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)				(unit: millions of Won)


Classification	2023			2022			2021
ASSETS
Cash and cash equivalents		30,556,618			34,219,148			20,613,073
Financial assets at fair value through profit or loss (“FVTPL”)		21,544,756			19,860,573			13,497,234
Financial assets at fair value through other comprehensive income		37,891,495			33,085,080			39,119,789
Securities at amortized cost		23,996,172			28,268,516			17,086,274
Loans and other financial assets at amortized cost		373,148,148			355,760,729			348,885,617
Investments in joint ventures and associates		1,795,370			1,305,636			1,335,167
Investment properties		472,768			387,707			389,495
Premises and equipment		3,176,759			3,142,930			3,174,720
Intangible assets and goodwill		996,842			849,114			785,386
Assets held for sale		20,345			13,772			26,327
Net defined benefit asset		240,260			319,280			21,346
Current tax assets		203,542			53,274			22,598
Deferred tax assets		93,366			109,299			31,131
Derivative assets (designated for hedging)		26,708			37,786			106,764
Other assets		3,841,787			3,061,552			2,088,950

Total assets		498,004,936			480,474,396			447,183,871

LIABILITIES
Financial liabilities at FVTPL		6,138,313			8,952,399			4,873,458
Deposits due to customers		357,784,297			342,105,209			317,899,871
Borrowings		30,986,746			28,429,603			24,755,459
Debentures		41,239,245			44,198,486			44,653,864
Provisions		806,031			545,865			576,134
Net defined benefit liability		6,939			35,202			47,986
Current tax liabilities		103,655			843,555			584,491
Deferred tax liabilities		470,311			31,799			186,946
Derivative liabilities (designated for hedging)		153,007			202,911			27,584
Other financial liabilities		26,115,005			22,811,868			24,171,030
Other liabilities		803,897			690,157			556,853

Total liabilities		464,607,446			448,847,054			418,333,676

EQUITY
Owners’ equity:		31,666,881			28,761,897			25,842,019
Capital stock		3,802,676			3,640,303			3,640,303
Hybrid securities		3,611,129			3,112,449			2,294,381
Capital surplus		935,563			682,385			682,385
Other equity		(1,668,957	)		(2,423,392	)		(2,167,614	)
Retained earnings		24,986,470			23,750,152			21,392,564
Non-controlling interests		1,730,609			2,865,445			3,008,176

Total equity		33,397,490			31,627,342			28,850,195

Total liabilities and equity		498,004,936			480,474,396			447,183,871

Number of Consolidated Subsidiaries (excluding holding company)		179			167			152

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Summary Consolidated Statement of Comprehensive Income


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


Classification	2023			2022			2021
Operating income		3,499,029			4,430,524			3,659,749
Net interest income		8,742,540			8,696,579			6,985,721
Net fees and commissions income		1,720,481			1,710,170			1,470,775
Dividend income		240,293			159,982			309,211
Net gain or loss on financial instruments at FVTPL		488,486			238,502			325,751
Net gain or loss on financial assets at FVTOCI		(37,641	)		(21,498	)		32,624
Net gain or loss arising on financial assets at amortized cost		203,942			74,204			107,317
Impairment losses due to credit loss		(1,894,916	)		(885,272	)		(536,838	)
General and administrative expenses		(4,443,433	)		(4,529,890	)		(4,147,411	)
Other net operating income (expenses)		(1,520,723	)		(1,012,253	)		(887,401	)
Non-operating income		18,424			54,850			89,492
Net income before income tax expense		3,517,453			4,485,374			3,749,241
Income tax expense		(890,559	)		(1,161,392	)		(941,870	)
Net income		2,626,894			3,323,982			2,807,371
Net income attributable to owners		2,506,296			3,141,680			2,587,936
Net income attributable to the non-controlling interests		120,598			182,302			219,435
Other comprehensive income (loss), net of tax		663,537			(239,819	)		170,181
Items that will not be reclassified to profit or loss		122,334			216,767			96,529
Items that may be reclassified to profit or loss		541,203			(456,586	)		73,652
Total comprehensive income		3,290,431			3,084,163			2,977,552
Comprehensive income attributable to the owners		3,164,464			2,909,053			2,745,764
Comprehensive income attributable to non-controlling interests		125,967			175,110			231,788
Net income per share:
Basic and diluted loss per share (in Korean Won)		3,230			4,191			3,481

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2.	Condensed Financial Statements (Separate)

Summary Statement of Financial Position


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


Classification	2023			2022			2021
ASSETS
Cash and cash equivalents		289,507			313,361			578,725
Financial assets at fair value through profit or loss		—			689			—
Financial assets at fair value through other comprehensive income		539,709			312,771			146,294
Loans and other financial assets at amortized cost		1,104,815			2,041,877			633,110
Investments in subsidiaries		23,670,476			22,394,915			22,144,915
Premises and equipment		6,609			11,052			7,790
Intangible assets		4,052			4,859			5,171
Net defined benefit asset		3,941			5,947			1,516
Current tax assets		158,951			14,350			856
Deferred tax assets		7,478			13,433			6,454
Other assets		484			322			151

Total assets		25,786,022			25,113,576			23,524,982

LIABILITIES
Financial liabilities at fair value through profit or loss		—			—			329
Debentures		1,587,659			1,447,762			1,367,429
Provisions		1,227			487			394
Current tax liabilities		32,125			721,795			468,305
Other financial liabilities		163,621			46,039			22,988
Other liabilities		392			591			548

Total liabilities		1,785,024			2,216,674			1,859,993

EQUITY
Capital stock		3,802,676			3,640,303			3,640,303
Hybrid securities		3,610,953			3,112,273			2,294,288
Capital surplus		11,120,236			10,909,281			10,909,281
Other equity		(7,871	)		(26,186	)		(3,874	)
Retained Earnings		5,475,004			5,261,231			4,824,991

Total equity		24,000,998			22,896,902			21,664,989

Total liabilities and equity		25,786,022			25,113,576			23,524,982

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Summary Statement of Comprehensive Income


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


Classification	2023			2022			2021
Operating income		1,424,670			1,185,627			590,550
Net interest income (expense)		27,495			(5,030	)		(22,245	)
Interest income		64,592			25,614			4,236
Interest expense		(37,097	)		(30,644	)		(26,481	)
Net fees and commissions loss		(20,097	)		(15,059	)		(12,585	)
Fees and commissions income		1,625			1,596			1,306
Fees and commissions expense		(21,722	)		(16,655	)		(13,891	)
Dividend income		1,482,956			1,272,393			692,605
Net gain (loss) on financial instruments at FVTPL		2,023			1,018			(7,576	)
Reversal (Provision) of impairment losses due to credit loss		(348	)		(244	)		76
General and administrative expenses		(67,359	)		(67,451	)		(59,725	)
Non-operating income (expense)		(1,043	)		(1,363	)		(305	)
Net income before income tax expense		1,423,627			1,184,264			590,245
Income tax income (expense)		881			(1,015	)		4,607
Net income		1,424,508			1,183,249			594,852
Other comprehensive income (loss), net of tax		18,916			(22,312	)		(2,330	)
Items that will not be reclassified to profit or loss		18,916			(22,312	)		(2,330	)
Net gain (loss) on valuation of equity securities at FVTOCI		19,789			(24,676	)		(2,408	)
Remeasurement of the net defined benefit liability		(873	)		2,364			78
Total comprehensive Income		1,443,424			1,160,937			592,522
Net Income per share:
Basic and diluted income per share (in Korean Won)		1,754			1,499			730

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3.	Dividend Information

As a financial holding company, we depend on receiving dividends from our subsidiaries to pay dividends, and our subsidiaries pay us dividends within the limits of their distributable profits after deducting the necessary internal reserves required to maintain the adequate regulatory capital imposed by the financial authorities by sector. Therefore, the levels of our dividend payouts take into holistic consideration the current and future asset growth of Woori Financial Group and its subsidiaries and surplus funds after maintaining the appropriate capital adequacy ratios, among other factors.

In 2023, we established and disclosed, through our IR activities, our “Shareholder Return Policy and Capital Management Plan based on the Total Shareholder Return (“TSR”) Ratio (considering both dividends and treasury share buyback/cancellation”. Accordingly, for the first time since our establishment, we paid interim dividends (KRW 180 per share for each of the second and third quarters), repurchased and canceled treasury shares worth KRW 100 billion, and achieved a TSR of approximately 33.8% through a resolution to pay a year-end dividend of KRW 640 per share.

Furthermore, to advance the dividend process (dividend decision g record date), we resolved to amend our articles of incorporation at the FY2022 shareholders’ meeting (held on March 24, 2023) and subsequently set the record date for the FY2023 annual dividend to come after the announcement of the dividend decision, effectively enhancing the predictability of dividends.

Considering the recent strengthening of capital regulations, enhanced loss-absorption capacity, and the competitive landscape, we have reviewed and made some modifications to the existing shareholder return policy, including changing the CET1 ratio criterion from 12% to 13%. The main points are as follows:

①

Maintain the current policy of “concurrently paying cash dividends and repurchasing and canceling treasury shares” and gradually increase the level of such activities.

②

Modify the shareholder return policy for each CET1 ratio range as follows:


Classification	Tier 1	Tier 2	Tier 3
CET1 Ratio	~ 11.5%	11.5% ~ 13.0%	13.0% ~
Total Shareholder Return (TSR)	below 30%	30% ~ 35% Level	35% or above
Total Shareholder Return (TSR)	below 30%	30% ~ 35% Level	(Target TSR 50%)


Note 1)		The TSR ratio is determined annually based on the macro environments (both domestic and international) and group net profit, etc.
Note 2)		The shareholder return policy may change depending on regulatory supervision, economic conditions and management objectives, among others.

③

Promote selective growth considering Return on Risk Weighted Asset (RoRWA) for a proactive risk-weighted asset management and additional capital ratio improvement through asset portfolio enhancement, such as increasing high-quality assets with low risk and high returns.

We will continue our efforts to review the criteria and scale of future shareholder return policies, aiming to enhance market predictability and shareholder value. If there are any changes to the shareholder return policy, such as the implementation of the “Enterprise Value-Up Program” in the future, we will actively communicate such updates with stakeholders through guidance and disclosure.

Table of Contents


Items		2023		2022		2021

Par value per share (Won)			5,000		5,000		5,000
Net profit (Millions of Won)			2,506,296		3,141,680		2,587,936
Earnings per share (Won)			3,230		4,191		3,481
Total cash dividends (Millions of Won)			747,302		822,705		654,384
Total stock dividends (Millions of Won)			—		—		—
Cash dividend payout ratio (%)			29.82		26.19		25.29
Cash dividend yield (%)	Common Shares		6.7		8.8		6.8
	Preferred Shares		—		—		—
Stock dividend yield (%)	Common Shares		—		—		—
	Preferred Shares		—		—		—
Cash dividend per share (Won)	Common Shares		1,000		1,130		900
	Preferred Shares		—		—		—
Stock dividend per share (Share)	Common Shares		—		—		—
	Preferred Shares		—		—		—


Note 1)		The dividends for FY2023 include interim dividends of KRW 130,748 million (KRW 180 cash dividend per share) for the second quarter, and KRW 135,341 million (KRW 180 cash dividend per share) for the third quarter
Note 2)		The dividends for FY2022 include the interim dividends of KRW 109,209 million (KRW 150 cash dividend per share)
Note 3)		The dividends for FY2021 include the interim dividends of KRW 108,340 million (KRW 150 cash dividend per share)
Note 4)		Of the total cash dividends for FY2023, the annual dividends of KRW 481,213 million represents the amount prior to its approval at the annual general meeting of shareholders for FY2023. If the amount is rejected or amended at the annual general meeting, the Company will disclose such changes, including details and reasons.
Note 5)		The above cash dividend yield is calculated as the percentage of dividend per share to the arithmetic average price formed in the stock market during the past week, starting from two trading days before the record date. The percentage is rounded to the first decimal place.

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IV.	Independent Auditor’s Opinion

1.	Independent Auditor’s Opinion


	2023	2022	2021
Auditor	KPMG Samjong Accounting Corp.	Samil PricewaterhouseCoopers	Samil PricewaterhouseCoopers
Auditor’s Opinion	Note 1)	Note 2)	Note 3)


Note 1)		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 2)		In its audit report, Samil PricewaterhouseCoopers has stated that the financial statements are presented fairly, in all material respects, in accordance with Korean IFRS.


Note 3)		In its audit report, Samil PricewaterhouseCoopers 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

2023

KPMG Samjong Accounting Corp.

1Q/1H/3Q Review

Closing audit (including internal

accounting management system)

KRW

964 million

9,380
hours

KRW

964 million

9,613
hours

2022

Samil

PricewaterhouseCoopers

1Q/1H/3Q Review

Closing audit (including internal

accounting management system)

KRW

1,068 million

9,380
hours

KRW

1,068 million

8,714
hours

2021

Samil

PricewaterhouseCoopers

1Q/1H/3Q Review

Closing audit (including internal

accounting management system)

KRW

1,172 million

10,450
hours

KRW

1,172 million

9,962
hours


Note 1)		Fee excludes VAT

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

b.	Other Audit Services

Not Applicable

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


Term	Auditor	Description	Fee
2023	KPMG Samjong Accounting Corp.	U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2023)	KRW 1,891 million
2022	Samil PricewaterhouseCoopers	U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2022)	KRW 2,240 million
2021	Samil PricewaterhouseCoopers	U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2021)	KRW 2,370 million


Note 1)		Fee excludes VAT

d.	Non-Audit Services


Term	Date of Execution of Agreement	Description of Service	Service Term	Fees

2023	March 31, 2023	Tax adjustment (including review relating to application of consolidated tax)	April 1, 2023 ~ May 31, 2024	KRW 64 million
2022	March 30, 2022	Tax adjustment (including review relating to application of consolidated tax)	April 1, 2022 ~ May 31, 2023	KRW 64 million
2021	March 29, 2021	Tax adjustment (including review relating to application of consolidated tax)	June 1, 2021 ~ May 31, 2022	KRW 61 million


Note 1)		Fee excludes VAT

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V.	Corporate Governance

1.	About the Board of Directors

Composition of the Board of Directors

As of December 31, 2023, our board of directors consists of seven directors in total, consisting of six independent directors and one standing director.

On March 24, 2023, at the annual general meeting of shareholders, three independent directors and one standing director were appointed.

- New independent directors (2): Su-Young Yun, Sung-Bae Ji / Reappointed independent director (1): Chan-Hyoung Chung / New standing director (1): Jong-Yong Yim

On March 24, 2023, three independent directors and one standing director completed their terms and resigned.

- Resignation of independent directors (3): Sung-Tae Ro, Sang-Yong Park, Dong-Woo Chang / Resignation of standing director (1): Tae-Seung Son

On July 3, 2023, Won-Duk Lee, a non-standing director, resigned due to personal reasons.

The board of directors operates a total of six standing committees: Audit Committee, Risk Management Committee, Compensation Committee, Committee for Recommending Executive Officer Candidates, Committee for Recommending Subsidiary Representative Director Candidates, ESG Management Committee.

On March 24, 2023, Chan-Hyoung Chung, an independent director, was appointed as the chair of the board of directors. Chan-Hyoung Chung, a former CEO of a finance company, has outstanding insight and experience in the financial and accounting sectors. He has demonstrated leadership and responsibility as an independent director of Woori Financial Group (from January 11, 2019 to present) and as the chair of the Audit Committee (from January 11, 2019 to March 24, 2023), which led to his appointment as the chair of our board of directors based on unanimous consent from all of the directors.

The chair of the board of directors does not concurrently hold the position of representative director.

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Committees under the Board of Directors

We currently have the following committees serving under the board of directors:

(a)

Audit Committee

(b)

Risk Management Committee

(c)

Compensation Committee

(d)

Committee for Recommending Executive Officer Candidates

(e)

Committee for Recommending Subsidiary Representative Director Candidates

(f)

ESG Management Committee

(As of December 31, 2023)


Name of Committee	Composition	Names of Members
Audit Committee	Four independent directors	(Chair) Su-Young Yun (independent director) Chan-Hyoung Chung (independent director) Yo-Hwan Shin (independent director) Sung-Bae Ji (independent director)

Risk Management Committee	Three independent directors	(Chair) In-Sub Yoon (independent director) Su-Young Yun (independent director) Soo-Young Song (independent director)

Compensation Committee	Four independent directors	(Chair) Yo-Hwan Shin (independent director) In-Sub Yoon (independent director) Chan-Hyoung Chung (independent director) Su-Young Yun (independent director)

Committee for Recommending Executive Officer Candidates	Six independent directors	(Chair) Sung-Bae Ji (independent director) In-Sub Yoon (independent director) Chan-Hyoung Chung (independent director) Su-Young Yun (independent director) Yo-Hwan Shin (independent director) Soo-Young Song (independent director)

Committee for Recommending Subsidiary Representative Director Candidates	Six independent directors One standing director	(Chair) Jong-Yong Yim (standing director) In-Sub Yoon (independent director) Chan-Hyoung Chung (independent director) Su-Young Yun (independent director) Yo-Hwan Shin (independent director) Sung-Bae Ji (independent director) Soo-Young Song (independent director)

ESG Management Committee	Six independent directors One standing director	(Chair) Soo-Young Song (independent director) In-Sub Yoon (independent director) Chan-Hyoung Chung (independent director) Su-Young Yun (independent director) Yo-Hwan Shin (independent director) Sung-Bae Ji (independent director) Jong-Yong Yim (standing director)

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2.	Shareholders’ Meetings

a.	Voting Rights Note 1)

(unit: shares, as of Dec. 31, 2023)


Items		Number of shares		Notes
Number of issued shares	Common Shares		751,949,461		—
Number of issued shares	Preferred Shares		—		—
Number of shares without voting rights	Common Shares		3,427,497		Note 2	)
Number of shares without voting rights	Preferred Shares		—		—
Number of shares for which voting rights are excluded pursuant to the articles of incorporation	Common Shares		—		—
	Preferred Shares		—		—
Number of shares for which voting rights are limited by law	Common Shares		10,482,022		Note 3	)
	Preferred Shares		—		—
Number of shares for which voting rights have been restored	Common Shares		—		—
	Preferred Shares		—		—
Number of shares for which voting rights may be exercised	Common Shares		738,039,942		—
Number of shares for which voting rights may be exercised	Preferred Shares		—		—


Note 1)		As of the annual general meeting of shareholders for FY2023 in March 2024
Note 2)		Treasury shares acquired from the issuance of fractional shares and shares in mutual ownership (pursuant to Article 369 of the Commercial Code)
Note 3)		A non-financial business operator is restricted from exercising voting rights in excess of 4% of the total number of outstanding voting shares of a financial holding company (pursuant to Article 8-2 of the Financial Holding Company Act)

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b.	Summary of the Minutes of Shareholders’ Meetings


	Agenda	Result
Annual General Meeting of Shareholders for FY2020 (March 26, 2021)	1. Approval of financial statements for the fiscal year 2020	Approved as submitted
	2. Approval of amendments to the Articles of Incorporation	Approved as submitted
	3. Approval of reduction of Capital Reserve	Approved as submitted
	4. Appointment of directors (1 standing director, 4 independent directors) - 4-1 Candidate for standing director : Won-Duk Lee - 4-2 Candidate for independent director : Sung-Tae Ro - 4-3 Candidate for independent director : Sang-Yong Park - 4-4 Candidate for independent director : Zhiping Tian - 4-5 Candidate for independent director : Dong-Woo Chang	Approved as submitted
	5. Appointment of independent director who will serve as an Audit Committee Member - Candidate for independent director who will serve as an Audit Committee Member : Chan-Hyoung Chung	Approved as submitted
	6. Appointment of Audit Committee Members who are independent directors - 6-1 Candidate for Audit Committee Member who is an independent director : Sung-Tae Ro - 6-2 Candidate for Audit Committee Member who is an independent director : Dong-Woo Chang	Approved as submitted
	7. Approval of the maximum limit on directors’ compensation	Approved as submitted
Extraordinary General Meeting of Shareholder in 2022 (January 27, 2022)	1. Appointment of directors (2 independent directors) - 1-1 Candidate for independent director : In-Sub Yoon - 1-2 Candidate for independent director : Yo-Hwan Shin	Approved as submitted
Annual General Meeting of Shareholders for FY2021 (March 25, 2022)	1. Approval of financial statements for the fiscal year 2021	Approved as submitted
	2. Approval of amendments to the Articles of Incorporation	Approved as submitted

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	3. Appointment of directors (4 independent directors, 1 non-standing director) - 3-1 Candidate for independent director : Soo-Young Song - 3-2 Candidate for independent director : Sung-Tae Ro	Approved as submitted
	- 3-3 Candidate for independent director : Sang-Yong Park - 3-4 Candidate for independent director : Dong-Woo Chang - 3-5 Candidate for non-standing director : Won-Duk Lee
	4. Appointment of independent director who will serve as an Audit Committee Member - Candidate for independent director who will serve as an Audit Committee Member : Chan-Hyoung Chung	Approved as submitted
	5. Appointment of Audit Committee Members who are independent directors - 5-1 Candidate for Audit Committee Member who is an independent director : Sung-Tae Ro - 5-2 Candidate for Audit Committee Member who is an independent director : Dong-Woo Chang	Approved as submitted
	6. Approval of the maximum limit on directors’ compensation	Approved as submitted
Annual General Meeting of Shareholders for FY2022 (March 24, 2023)	1. Approval of financial statements for the fiscal year 2022 (Jan. 1, 2022 – Dec.31, 2022)	Approved as submitted
	2. Approval of amendments to the Articles of Incorporation	Approved as submitted
	3. Election of directors (2 independent directors, 1 standing director) - 3-1 Candidate for independent director : Chan-Hyoung Chung - 3-2 Candidate for independent director : Su-Young Yun - 3-3 Candidate for standing director : Jong-Yong Yim	Approved as submitted
	4. Election of independent director who will serve as an Audit Committee Member - Candidate for independent director who will serve as an Audit Committee Member : Sung-Bae Ji	Approved as submitted
	5. Election of Audit Committee Members who are independent directors - 5-1 Candidate for Audit Committee Member who is an Independent director : Chan-Hyoung Chung - 5-2 Candidate for Audit Committee Member who is an Independent director : Su-Young Yun - 5-3 Candidate for Audit Committee Member who is an Independent director : Yo-Hwan Shin	Approved as submitted
	6. Approval of maximum limit on directors’ compensation	Approved as submitted

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VI.	Shareholder Information

1.	Share Distribution

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


As of December 31, 2023		(units: shares, %)


Name	Relation		Type		Shares Held								Notes
					Beginning balance				Ending balance
					Number		Share		Number		Share

Employee Stock Ownership Association of Woori Financial Group		The largest shareholder		Common		41,165,138		5.65		43,990,091		5.85		—
Employee Stock Ownership Association of Woori Bank		The related party of the largest shareholder		Common		28,136,218		3.87		25,040,007		3.33		—
Total				Common		69,301,356		9.52		69,030,098		9.18		—
				Others		—		—		—		—		—

Note 1)

Shares in beginning balance is as of December 31, 2022

b.	Changes in the largest shareholder


As of December 31, 2023		(units: shares, %)

Change of Date

Largest Shareholder

Number Held

Notes

April 9, 2021

Korea Deposit Insurance Corporation

110,159,443

15.25

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

August 10, 2021

Korea Deposit Insurance Corporation

110,159,443

15.13

Issuance of new common shares

(5,792,866 shares) Note 2)

December 9, 2021

Employee Stock Ownership Association of Woori Financial Group and others 1

71,346,178

9.80

Bought 1.00% of the KDIC’s remaining shares of Woori Financial Group (8.80% share already held) Note 3)

Note 1)

Refer to the prior disclosures on Form 6-K on April 13, 2021, Change in the Number of Shares Owned by the Largest Shareholder of Woori Financial Group

Note 2)

Comprehensive stock exchange between Woori Financial Group and Woori Financial Capital

Note 3)

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%


As of December 31, 2023		(units: shares, %)


	Name	Shares				Notes
	Name	No. of shares		Percentage of shareholding		Notes
Share ownership of more than 5%	National Pension Service		47,428,392		6.31	—
	Nobis1, Inc. (IMM PE)		40,560,000		5.39	—
Employee Stock Ownership Association			69,030,098		9.18	The largest shareholder Note 1)

Note 1)

Total shares of the employee stock ownership association of Woori Financial Group and Woori Bank

Note 2)

Blackrock Fund Advisors’ ownership exceeded the 5% threshold in their filing made on February 6, 2023, but they have been excluded from this table due to a decrease in ownership percentage resulting from an increase in the number of issued shares through our comprehensive stock swap in August 2023 (4.91% as of the end of 2023).

2.	Stock Price and Stock Market Performance

a.	Domestic Stock Market

(units: Won, shares)


Period		July 2023		August 2023		September 2023		October 2023		November 2023		December 2023
Common Shares	High		12,140		11,910		12,590		12,730		13,020		13,050
	Low		11,360		11,320		11,870		11,880		12,030		12,800
	Average		11,657		11,541		12,231		12,323		12,525		12,922
Monthly Trade Volume	High		9,251,858		7,958,807		4,631,152		3,138,026		3,483,732		21,327,324
	Low		1,257,253		983,882		1,013,134		992,609		717,389		719,284
	Monthly Total		52,450,175		50,077,077		37,554,074		37,368,743		33,250,556		47,190,723

Note 1)

Source: KRX KOSPI Market

Note 2)

Share prices are based on closing prices.

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b.	Foreign Stock Market (NYSE)

(units: US Dollars, Won, ADSs)


Period		July 2023		August 2023		September 2023		October 2023		November 2023		December 2023

ADS	High		28.30		27.27		28.57		28.28		30.31		30.63
	Low		26.23		25.04		26.58		26.21		27.05		29.19
	Average		27.49		26.07		27.52		27.39		29.04		29.98
Won Conversion	High		36,244		34,737		37,930		38,161		39,070		39,647
	Low		34,120		33,336		35,200		35,570		36,507		38,309
	Average		35,357		34,366		36,583		36,991		38,049		39,094
Monthly Trade Volume	High		174,364		100,862		49,475		71,564		60,254		52,667
	Low		18,350		16,952		24,010		19,787		15,079		14,900
	Monthly Total		1,067,103		1,097,243		708,596		867,528		676,055		588,147

Note 1)

Source: standard trading rate (daily and monthly average) (Seoul Money Brokerage, www.smbs.biz)

Note 2)

One ADS represents three common shares.

Note 3)

Share prices are based on closing prices.

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VII.	Directors and Employee Information

1.	Directors and Executives

As of December 31, 2023

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 2)

Independent Director

Registered

Chan-Hyoung Chung

10,532

January 11, 2019 ~

Note 2)

Independent Director

Registered

Su-Young Yun

—

March 24, 2023~

Note 3)

Independent Director

Registered

Yo-Hwan Shin

—

January 27, 2022 ~

Note 2)

Independent Director

Registered

Sung-Bae Ji

—

March 24, 2023~

Note 3)

Independent Director

Registered

Soo-Young Song

—

March 25, 2022 ~

Note 2)

Deputy President

Non-Registered

Sung-Wook Lee

16,000

February 25, 2022~

~February 10,2024 Note 4)

Deputy President

Non-Registered

Gwang-Ik Jang

—

April 3, 2023~

~April 2, 2025

Deputy President

Non-Registered

Il-Jin Ouk

3,000

December 8, 2023 ~

~ November 30, 2024

Deputy President

Non-Registered

Jang-Keun Park

—

December 8, 2023 ~

~ March 6, 2025

Deputy President

Non-Registered

Jung-Soo Lee

6,890

December 8, 2023 ~

~ March 6, 2025

Deputy President

Non-Registered

Chan-Ho Jeong

5,492

December 8, 2023 ~

~ November 30, 2025

Deputy President

Non-Registered

Yoon-Hong Song

—

December 8, 2023 ~

~ November 30, 2025

Deputy President

Non-Registered

Jae-Hwa Jeon

7,872

March 7, 2023~

~ March 6, 2025

Deputy President

Non-Registered

Kyu-Hwang Jeong

11,741

December 8, 2023 ~

~ November 30, 2025

Managing Director

Non-Registered

Hae-Kwang Lee

—

December 8, 2023 ~

~ December 22, 2024

Note 1)

The term of Standing Director (Jong-Yong Yim): Until the end of the annual general meeting of shareholders for FY2025.

Note 2)

The terms of Independent Directors (Chan-Hyoung Chung, In-Sub Yoon, Yo-Hwan Shin, Soo-Young Song): Until the end of the annual general meeting of shareholders for FY2023.

Note 3)

The terms of Independent Directors (Su-Young Yun, Sung-Bae Ji): Until the end of the annual general meeting of shareholders for FY2024.

Note 4)

Deputy President Sung-Wook Lee’s term has been extended to February 10, 2025 (change in term took place subsequent to December 31, 2023).

Note 5)

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

Note 6)

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

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2.	Employee Status


As of December 31, 2023		(units: persons, millions of Won)

Number of Employees

Average
Tenure

Total
Compensation

Average
Compensation
Per Person

Note

Regular

Contract

Total

(Short time
worker)

Total

(Short time
worker)

Total

—

115

2 years 11 months

(13 years 6 months

)

22,402

167

—

Note 1)

Average tenure: term in ( ) includes tenure at affiliated companies

Note 2)

Contract employees include non-registered executives

3.	Directors’ Compensation


As of December 31, 2023		(units: persons, millions of Won)


Items	Number of Persons		Total Compensation		Average Compensation Per Director		Note
Registered Directors (excludes independent directors and audit committee members)		1		1,998		1,326		—
Independent Directors (excludes audit committee members)		2		194		87		—
Audit Committee Members		4		261		65		—
Auditor		—		—		—		—

Note 1)

Number of Persons is as of December 31, 2023

Note 2)

Total Compensation is the amount paid from January to December 2023

Note 3)

Average compensation per director was calculated by dividing the total compensation by the average number of persons

Note 4)

Registered directors and audit committee members include uncompensated directors

Note 5)

Only the compensation amount paid by Woori Financial Group is included for the executives concurrently employed by Woori Bank

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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: March 14, 2024	By:	/s/ Sung-Wook Lee
	(Signature)

	Name: Sung-Wook Lee
	Title:Deputy President