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6-K 1 d836792d6k.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 May 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 2024 First Quarter Business Report

2.	Exhibit 99.1 Woori Financial Group Review Report for 2024 1Q (Consolidated)

3.	Exhibit 99.2 Woori Financial Group Review Report for 2024 1Q (Separate)

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Summary of 2024 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			20

3. Directors’ Compensation			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.

Table of Contents

Introduction of the Company

This section has been omitted for quarterly business reports, pursuant to revised Korean regulations. For information on this section, please refer to the Form 6-K furnished to the Securities and Exchange Commission on March 14, 2024 under the title “Summary of 2023 Business Report.”

II.

Business Overview

1.	Results of Operations

(unit: billions of Won)


Type	2024 1Q			2023		2022
Operating income		1,151			3,499		4,431
Non-operating income (expense)		(7	)		18		55
Income from continuing operations before income tax		1,144			3,517		4,485
Income tax expense from continuing operations (-)		305			891		1,161
Net income		839			2,627		3,324
Controlling Interest		824			2,506		3,142
Non-controlling Interest		15			121		182

Note 1)

Based on K-IFRS consolidated financial statements

2.	Funding Sources and Uses of Funds

a.	Sources of Funds


For the periods indicated other than as noted below															(units: millions of Won, %)

Classification	Funding Source	2024 1Q						2023						2022
Classification	Funding Source	Average Balance		Interest Rate		Proportion		Average Balance		Interest Rate		Proportion		Average Balance		Interest Rate		Proportion
Source	Deposits		342,591,648		2.93		70.27		324,824,465		2.83		68.98		313,019,768		1.45		68.21
	Borrowings		28,426,353		4.41		5.83		28,052,983		4.02		5.96		27,296,742		1.99		5.95
	Debentures		41,467,481		4.16		8.51		42,458,653		3.55		9.02		45,945,392		2.26		10.01
	Others		41,327,579		—		8.48		42,829,998		—		9.09		42,537,152		—		9.27
	Total Liabilities		453,813,061		—		93.09		438,166,099		—		93.05		428,799,054		—		93.44

	Total Equity		33,660,917		—		6.91		32,708,219		—		6.95		30,082,662		—		6.56

	Total Liabilities & Equity		487,473,978		—		100.00		470,874,318		—		100.00		458,881,716		—		100.00

Note 1)

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

Note 2)

Based on K-IFRS consolidated financial statements

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b.	Use of Funds


For the periods indicated other than as noted below																	(units: millions of Won, %)

Type	Managed Item	2024 1Q							2023							2022
Type	Managed Item	Average Balance		Interest Rate		Proportion			Average Balance		Interest Rate		Proportion			Average Balance		Interest Rate		Proportion
Use	Cash & Due from Banks		18,684,512		3.59		3.83			16,692,268		3.26		3.54			16,097,533		1.52		3.51
	Marketable securities		77,289,683		2.33		15.86			75,522,522		3.61		16.04			68,661,882		1.50		14.96
	Loans		349,287,695		5.10		71.65			334,205,508		5.08		70.98			326,710,683		3.73		71.20
	Loans in local currency		300,538,075		4.84		61.65			287,312,990		4.84		61.02			280,414,033		3.53		61.12
	Loans in foreign Currency		32,394,453		6.67		6.65			31,215,114		6.64		6.63			30,916,107		4.54		6.74
	Guarantee payments		6,920		3.89		0.00			14,567		2.28		0.00			21,260		2.67		0.00
	Credit card receivables		12,143,900		6.93		2.49			11,215,186		6.85		2.38			10,026,037		7.24		2.18
	Foreign bills bought		4,204,347		6.03		0.86			4,447,651		5.33		0.95			5,333,246		2.58		1.16
	Bad debt expense in local currency		3,053,126		—		(0.63	)		2,609,403		—		(0.55	)		2,128,867		—		(0.46	)
	Others		45,265,214		—		9.29			47,063,423		—		9.99			49,540,485		—		10.79

	Total Assets		487,473,978		—		100.00			470,874,318		—		100.00			458,881,716		—		100.00

Note 1)

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

Note 2)

Based on K-IFRS consolidated financial statements

3.	Other Information Necessary for Making Investment Decisions

a.	Capital Adequacy Ratios

Group BIS Capital Adequacy Ratios


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


Type	2024 1Q		2023		2022
Equity capital (A)		35,571		34,756		31,404
Risk weighted assets (B)		225,028		219,792		205,307
BIS(Capital adequacy) ratio (A/B)		15.81		15.81		15.30

Note 1)

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

Note 2)

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

Note 3)

2024 1Q figures are preliminary 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		2024 1Q		2023		2022
Woori Bank Note2)	BIS ratio Note1)	Equity capital (A)		28,960,609		28,237,929		26,119,135
		Risk weighted assets (B)		181,897,182		176,073,743		167,432,214
		Capital adequacy ratio (A/B)		15.92		16.04		15.60
Woori Card Note3)	Adjusted capital ratio			17.08		16.03		16.54
	Tangible common equity ratio			11.20		10.97		11.28
Woori Financial Capital Note3)	Adjusted capital ratio			13.99		14.35		13.78
	Tangible common equity ratio			11.19		11.48		10.66
Woori Investment Bank Note4)	BIS ratio Note1)	Equity capital (A)		1,140,335		1,127,425		674,082
		Risk weighted assets (B)		4,487,880		4,664,162		4,448,524
		Capital adequacy ratio (A/B)		25.41		24.17		15.15
Woori Asset Trust Note5)	Operating capital ratio			2,945.88		1,284.26		1,189.77
Woori Asset Management Note3)	Minimum operating capital ratio			709.44		650.26		681.18
Woori Venture Partners Note6)	Tangible common equity ratio			90.49		90.82		90.92
Woori Savings Bank Note7)	BIS Capital adequacy ratio Note1)			13.84		13.21		18.06
Woori Private Equity Asset Management Note3)	Minimum operating capital ratio			8,417.26		8,618.79		8,937.76

Note 1)

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

Note 2)

Figures for Woori Bank are based on K-IFRS consolidated financial statements and Basel III standards. 2024 1Q figures are preliminary and are subject to change

Note 3)

Figures for Woori Card, Woori Financial Capital, Woori Asset Management and Woori Private Equity Asset Management are based on the applicable standards for business reports submitted to the Financial Supervisory Service and 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 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	2024 1Q						2023						2022
Type	Won Liquidity Assets		Won Liquidity Liabilities		Won Liquidity Ratio		Won Liquidity Assets		Won Liquidity Liabilities		Won Liquidity Ratio		Won Liquidity Assets		Won Liquidity Liabilities		Won Liquidity Ratio
Woori Financial Group Note 1)		1,065,235		485,093		219.6		111,895		8,155		1,372.1		316,876		7,656		4,138.9
Woori Card Note 2)		9,300,999		2,944,094		315.92		9,119,265		2,454,480		371.54		8,282,745		1,832,484		452.0
Woori Financial Capital Note 2)		2,471,317		1,240,659		199.2		1,919,083		1,245,067		154.1		2,468,298		1,205,067		204.8
Woori Investment Bank Note 2)		4,524,482		1,683,275		268.8		4,032,290		1,926,080		209.4		3,128,499		1,802,149		173.6
Woori Asset Trust Note 2)		366,173		19,616		1,866.7		171,860		18,555		926.2		232,036		32,755		708.4
Woori Savings Bank Note 2), Note3)		517,871		341,193		151.78		434,495		231,003		188.09		534,678		384,493		139.1
Woori Venture Partners Note 2)		106,574		9,494		1,122.6		103,367		7,210		1,433.6		109,432		10,707		1,022.1
Woori Private Equity Asset Management Note 2)		35,038		2,609		1,342.9		27,506		2,396		1,147.8		23,226		1,897		1,224.4

Note 1)

Based on current assets and liabilities within one month of maturity

Note 2)

Based on current assets and liabilities within 90 days of maturity

Note 3)

Based on K-GAAP

Foreign Currency (FC) Liquidity Ratios


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

Type	2024 1Q						2023						2022
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)		2,465		2,303		107.03		9,450		7,362		128.36		65,102		63,365		102.74

Note 1)

Based on current assets and liabilities within three months of maturity

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Liquidity Coverage Ratios (LCR)

(unit: %)


Name of Company	Type	2024 1Q		2023		2022
Woori Bank	Liquidity coverage ratio Note 1)		100.80		101.26		102.40
	Foreign currency liquidity coverage ratio Note 2)		161.90		162.75		143.11
	Ratio of business purpose premises and equipment		10.26		10.20		11.04

Note 1)

The LCR is calculated as the average of daily ratios during the applicable period (same as the calculation method used for business disclosures). The applicable LCR requirements for banks were 95%, 95%, and 92.5% as of March 31, 2024, December 31,2023, and December 31, 2022, respectively

Note 2)

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

c.	Profitability Ratio Note1), Note2)


														(units: %)

Type	2024 1Q						2023						2022
Type	ROA			ROE			ROA			ROE			ROA		ROE
Woori Financial Group
Including non-controlling interests		0.67			10.50			0.54			8.65			0.70		12.21
Excluding non-controlling interests		0.66			10.32			0.52			8.25			0.66		11.54
Woori Bank		0.69			12.03			0.56			9.68			0.66		11.71
Woori Card		0.30			1.92			1.02			6.64			1.14		7.28
Woori Financial Capital		0.78			6.02			0.83			6.39			1.51		12.53
Woori Investment Bank		(0.83	)		(5.64	)		(0.93	)		(6.95	)		1.74		14.47
Woori Asset Trust		7.24			8.79			9.73			12.68			20.86		29.74
Woori Savings Bank Note3)		(2.45	)		(20.34	)		(2.42	)		(18.47	)		0.41		3.05
Woori Asset Management		1.44			1.59			4.97			5.30			0.75		0.80
Woori Venture Partners		2.07			2.28			2.63			2.90			4.06		4.51
Woori Private Equity Asset Management		1.97			2.07			2.07			2.16			2.60		2.75

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 and the figures for the other subsidiaries are on a non-consolidated basis.

Woori Card, Woori Financial Capital, Woori Investment Bank, Woori Savings Bank, Woori Venture Partners, Woori Private Equity Asset Management : net income for the past year / average balance of assets and equity capital for the past year

Woori Financial Group and other subsidiaries: on an annualized basis based on the applicable standards for business reports submitted to the Financial Supervisory Service

Note 2)

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

Note 3)

Figures for Woori Savings Bank are based on K-GAAP

Table of Contents

d.	Asset Quality

Group Asset Quality

(units: billions of Won, except percentages)


Type	2024 1Q		2023		2022
Total loans		370,976		365,780		343,821
Substandard and below loans		1,666		1,357		1,082
Substandard and below loans ratio		0.45		0.37		0.31
Non-Performing Loans (“NPL”)		1,532		1,299		997
NPL ratio		0.41		0.36		0.29
Substandard and below coverage ratio (A/B)		186.9		220.1		217.6
Loan loss reserve (A)		3,115		2,986		2,354
Substandard and below loans (B)		1,666		1,357		1,082

Note 1)

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

Asset Quality for Significant Subsidiaries and Consolidated Companies Note1)

(units: %)


Type	2024 1Q						2023						2022
Type	Substandard and below ratio		NPL ratio		Substandard and below coverage ratio		Substandard and below ratio		NPL ratio		Substandard and below coverage ratio		Substandard and below ratio		NPL ratio		Substandard and below coverage ratio
Woori Bank		0.21		0.19		279.48		0.18		0.17		320.84		0.19		0.16		263.43
Woori Card		1.15		—		104.78		0.97		—		104.92		0.8		—		104.92
Woori Financial Capital		2.57		—		107.51		2.37		—		113.21		1.22		—		198.56
Woori Investment Bank		0.98		0.87		358.87		0.55		0.55		578.29		0.63		0.58		151.81
Woori Asset Trust		64.43		—		—		32.11		—		—		32.23		—		—
Woori Savings Bank Note 2)		6.33		—		77.37		3.53		—		101.66		3.22		—		97.54

Note 1)

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

Note 2)

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	2024 1Q		2023		2022
ASSETS
Cash and cash equivalents		31,934,284		30,556,618		34,219,148
Financial assets at fair value through profit or loss (“FVTPL”)		23,192,488		21,544,756		19,860,573
Financial assets at fair value through other comprehensive income		35,987,201		37,891,495		33,085,080
Securities at amortized cost		23,129,662		23,996,172		28,268,516
Loans and other financial assets at amortized cost		379,448,788		373,148,148		355,760,729
Investments in joint ventures and associates		1,988,060		1,795,370		1,305,636
Investment properties		474,861		472,768		387,707
Premises and equipment		3,180,944		3,176,759		3,142,930
Intangible assets and goodwill		999,821		996,842		849,114
Assets held for sale		53,141		20,345		13,772
Net defined benefit asset		187,604		240,260		319,280
Current tax assets		117,553		203,542		53,274
Deferred tax assets		49,432		93,366		109,299
Derivative assets (designated for hedging)		62,837		26,708		37,786
Other assets		3,960,722		3,841,787		3,061,552

Total assets		504,767,398		498,004,936		480,474,396

LIABILITIES
Financial liabilities at FVTPL		7,448,229		6,138,313		8,952,399
Deposits due to customers		355,053,538		357,784,297		342,105,209
Borrowings		30,162,465		30,986,746		28,429,603
Debentures		41,695,718		41,239,245		44,198,486
Provisions		652,147		806,031		545,865
Net defined benefit liability		3,057		6,939		35,202
Current tax liabilities		76,780		103,655		843,555
Deferred tax liabilities		499,967		470,311		31,799
Derivative liabilities (designated for hedging)		185,554		153,007		202,911
Other financial liabilities		34,245,409		26,115,005		22,811,868
Other liabilities		820,191		803,897		690,157

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Classification	2024 1Q			2023			2022
Total liabilities		470,843,055			464,607,446			448,847,054

EQUITY
Owners’ equity:		32,223,787			31,666,881			28,761,897
Capital stock		3,802,676			3,802,676			3,640,303
Hybrid securities		4,010,141			3,611,129			3,112,449
Capital surplus		927,660			935,563			682,385
Other equity		(1,673,963	)		(1,668,957	)		(2,423,392	)
Retained earnings		25,157,273			24,986,470			23,750,152
Non-controlling interests		1,700,556			1,730,609			2,865,445

Total equity		33,924,343			33,397,490			31,627,342

Total liabilities and equity		504,767,398			498,004,936			480,474,396

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

Summary Consolidated Statement of Comprehensive Income


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

Classification	2024 1Q			2023 1Q			2023			2022
Operating income		1,150,689			1,252,000			3,499,029			4,430,524
Net interest income		2,198,203			2,218,821			8,742,540			8,696,579
Net fees and commissions income		502,931			418,094			1,720,481			1,710,170
Dividend income		66,782			49,080			240,293			159,982
Net gain or loss on financial instruments at FVTPL		515,607			238,498			488,486			238,502
Net gain or loss on financial assets at FVTOCI		20,476			331			(37,641	)		(21,498	)
Net gain or loss arising on financial assets at amortized cost		46,119			64,306			203,942			74,204
Impairment losses due to credit loss		(366,512	)		(261,573	)		(1,894,916	)		(885,272	)
General and administrative expenses		(1,031,667	)		(1,036,980	)		(4,443,433	)		(4,529,890	)
Other net operating expenses		(801,250	)		(438,577	)		(1,520,723	)		(1,012,253	)
Non-operating income (expense)		(6,732	)		18,321			18,424			54,850
Net income before income tax expense		1,143,957			1,270,321			3,517,453			4,485,374
Income tax expense		(305,046	)		(323,699	)		(890,559	)		(1,161,392	)
Net income		838,911			946,622			2,626,894			3,323,982
Net income attributable to owners		824,001			913,686			2,506,296			3,141,680

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Classification	2024 1Q			2023 1Q			2023		2022
Net income attributable to the non-controlling interests		14,910			32,936			120,598		182,302
Other comprehensive income (loss), net of tax		(3,812	)		370,711			663,537		(239,819	)
Items that will not be reclassified to profit or loss		(75,240	)		(9,744	)		122,334		216,767
Items that may be reclassified to profit or loss		71,428			380,455			541,203		(456,586	)

Total comprehensive income		835,099			1,317,333			3,290,431		3,084,163

Comprehensive income attributable to the owners		816,769			1,272,696			3,164,464		2,909,053
Comprehensive income attributable to non-controlling interests		18,330			44,637			125,967		175,110
Net income per share:
Basic and diluted loss per share (in Korean Won)		1,056			1,214			3,230		4,191

2.	Condensed Financial Statements (Separate)

Summary Statement of Financial Position


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


Classification	2024 1Q		2023		2022
ASSETS
Cash and cash equivalents		684,829		289,507		313,361
Financial assets at fair value through profit or loss		—		—		689
Financial assets at fair value through other comprehensive income		539,869		539,709		312,771
Loans and other financial assets at amortized cost		1,869,156		1,104,815		2,041,877
Investments in subsidiaries		23,911,852		23,670,476		22,394,915
Premises and equipment		5,462		6,609		11,052
Intangible assets		3,983		4,052		4,859
Net defined benefit asset		106		3,941		5,947
Current tax assets		170,111		158,951		14,350
Deferred tax assets		6,640		7,478		13,433
Other assets		568		484		322

Total assets		27,192,576		25,786,022		25,113,576

LIABILITIES
Debentures		1,587,843		1,587,659		1,447,762
Provisions		1,240		1,227		487

Table of Contents


Classification	2024 1Q			2023			2022
Current tax liabilities		35,334			32,125			721,795
Other financial liabilities		652,125			163,621			46,039
Other liabilities		1,961			392			591

Total liabilities		2,278,503			1,785,024			2,216,674

EQUITY
Capital stock		3,802,676			3,802,676			3,640,303
Hybrid securities		4,009,965			3,610,953			3,112,273
Capital surplus		11,120,236			11,120,236			10,909,281
Other equity		(8,438	)		(7,871	)		(26,186	)
Retained Earnings		5,989,634			5,475,004			5,261,231

Total equity		24,914,073			24,000,998			22,896,902

Total liabilities and equity		27,192,576			25,786,022			25,113,576

Summary Statement of Comprehensive Income


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


Classification	2024 1Q			2023 1Q			2023			2022
Operating income		1,168,850			1,457,173			1,424,670			1,185,627
Net interest expense		1,319			5,682			27,495			(5,030	)
Interest income		12,635			13,706			64,592			25,614
Interest expense		(11,316	)		(8,024	)		(37,097	)		(30,644	)
Net fees and commissions loss		(3,845	)		(3,337	)		(20,097	)		(15,059	)
Fees and commissions income		407			399			1,625			1,596
Fees and commissions expense		(4,252	)		(3,736	)		(21,722	)		(16,655	)
Dividend income		1,189,333			1,469,291			1,482,956			1,272,393
Net gain (loss) on financial instruments at FVTPL		—			2,023			2,023			1,018
Provisions for impairment losses due to credit loss		(460	)		(41	)		(348	)		(244	)
General and administrative expenses		(17,497	)		(16,445	)		(67,359	)		(67,451	)
Non-operating income (expense)		(18	)		(9	)		(1,043	)		(1,363	)
Net income before income tax expense		1,168,832			1,457,164			1,423,627			1,184,264
Income tax income (expense)		(1,043	)		(785	)		881			(1,015	)
Net income		1,167,789			1,456,379			1,424,508			1,183,249
Other comprehensive income (loss), net of tax		(567	)		7,678			18,916			(22,312	)
Items that will not be reclassified to profit or loss		(567	)		7,678			18,916			(22,312	)

Table of Contents


Classification	2024 1Q			2023 1Q			2023			2022
Net gain (loss) on valuation of equity securities at FVTOCI		119			9,024			19,789			(24,676	)
Remeasurement of the net defined benefit liability		(686	)		(1,346	)		(873	)		2,364

Total comprehensive income		1,167,222			1,464,057			1,443,424			1,160,937

Net income per share:
Basic and diluted income per share (in Korean Won)		1,510			1,959			1,754			1,499

3.	Dividend Information

Table of Contents

IV. Independent Auditor’s Opinion

1.	Independent Auditor’s Opinion


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

Note 1)

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

Note 2)

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

Note 3)

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

2.	Compensation to the Independent Auditor

a.	Audit Services

Term

Auditor

Description

Contractual

Actual

Fee

Time

Fee

Time

2024 1Q

KPMG Samjong Accounting Corp.

1Q/1H/3Q Review

Closing audit (including internal

accounting management system)

KRW 1,037 million

9,930 hours

KRW 210 million

1,334 hours

2023

KPMG Samjong Accounting Corp

1Q/1H/3Q Review

Closing audit (including internal

accounting management system)

KRW 964 million

9,380 hours

KRW 964 million

9,613 hours

2022

Samil

PricewaterhouseCoopers

1Q/1H/3Q Review

Closing audit (including internal

accounting management system)

KRW 1,068 million

9,380 hours

KRW 1,068 million

8,714 hours

Note 1)

Fee excludes VAT

Note 2)

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

b.	Other Audit Services

Not Applicable

Table of Contents

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


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

Note 1)

Fee excludes VAT

d.	Non-Audit Services


Term	Date of Execution of Agreement	Description of Service	Service Term	Fees
2024 1Q	March 31, 2024	Tax adjustment (including review relating to application of consolidated tax)	April 1, 2024 ~ June 2, 2025	KRW 68 million
2023	March 31, 2023	Tax adjustment (including review relating to application of consolidated tax)	April 1, 2023 ~ May 31, 2024	KRW 64 million
2022	March 30, 2022	Tax adjustment (including review relating to application of consolidated tax)	April 1, 2022 ~ May 31, 2023	KRW 64 million

Note 1)

Fee excludes VAT

Table of Contents

V. Corporate Governance

VI. Shareholder Information

1.	Share Distribution

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


As of March 31, 2024		(units: shares, %)


				Shares Held								Notes
Name	Relation	Type		Beginning balance Note 1)				Ending balance
				Number		Share		Number		Share
Employee Stock Ownership Association of Woori Financial Group	The largest shareholder		Common		43,990,091		5.85		43,786,634		5.90		—
Employee Stock Ownership Association of Woori Bank	Specially related party of the largest shareholder		Common		25,040,007		3.33		22,483,857		3.03		—
Total			Common		69,030,098		9.18		66,270,491		8.92		—
			Others		—		—		—		—		—

Note 1)

Beginning balance is as of December 31, 2023

b.	Changes in the largest shareholder


As of March 31, 2024		(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)

Table of Contents


December 9, 2021		Employee Stock Ownership Association of Woori Financial Group and others 1			71,346,178				9.80			Purchased 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 disclosure on Form 6-K on April 13, 2021, “Change in the Number of Shares Owned by the Largest Shareholder of Woori Financial Group” for further details.

Note 2)

Comprehensive stock exchange between Woori Financial Group and Woori Financial Capital

Note 3)

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

c.	Share Ownership of More Than 5%

2.	Stock Price and Stock Market Performance

Table of Contents

VII. Directors and Employee Information

1.	Directors and Executives

As of March 31, 2024

Position

Name

Common
Shares
Owned

Term

Commencement Date

Expiration of Term

Chief Executive Officer

Registered

Jong-Yong Yim

10,000

March 24, 2023

Note 1)

Outside Director

Registered

In-Sub Yoon

—

January 27, 2022

Note 2)

Outside Director

Registered

Chan-Hyoung Chung

10,532

January 11, 2019

Note 2)

Outside Director

Registered

Su-Young Yun

—

March 24, 2023

Note 2)

Outside Director

Registered

Yo-Hwan Shin

—

January 27, 2022

Note 2)

Outside Director

Registered

Sung-Bae Ji

—

March 24, 2023

Note 2)

Outside Director

Registered

Eun-Ju Lee

—

March 28, 2024

Note 1)

Outside Director

Registered

Sunyoung Park

—

March 26, 2024

Note 1)

Deputy President

Non-Registered

Sung-Wook Lee

16,000

February 25, 2022

February 10, 2025

Deputy President

Non-Registered

Gwang-Ik Jang

1,200

April 3, 2023

April 2 , 2025

Deputy President

Non-Registered

Il-Jin Ouk

4,000

December 8, 2023

November 30, 2024

Deputy President

Non-Registered

Jang-Keun Park

2,000

December 8, 2023

March 6, 2025

Deputy President

Non-Registered

Jeong-Soo Lee

6,890

December 8, 2023

March 6, 2025

Deputy President

Non-Registered

Chan-Ho Jeong

7,492

December 8, 2023

November 30, 2025

Deputy President

Non-Registered

Yoon-Hong Song

—

December 8, 2023

November 30, 2025

Deputy President

Non-Registered

Jae-Hwa Jeon

7,872

December 8, 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)

End of the annual general meeting of shareholders for FY2025

Note 2)

End of the annual general meeting of shareholders for FY2024

Note 3)

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

Note 4)

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

2.	Employee Status

Table of Contents

3.	Directors’ Compensation

Table of Contents

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 16, 2024	By:	/s/ Sung-Wook Lee
		(Signature)
		Name: Sung-Wook Lee
		Title: Deputy President

EX-99.1 2 d836792dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS

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

WOORI FINANCIAL GROUP INC.


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

Consolidated Interim Financial Statements

Consolidated Interim Statements of Financial Position		4

Consolidated Interim Statements of Comprehensive Income		5-6

Consolidated Interim Statements of Changes in Equity		7

Consolidated Interim Statements of Cash Flows		8-9

Notes to the Consolidated Interim Financial Statements		10-143

Independent Auditor’s Review Report

Based on a report originally issued in Korean

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

Reviewed Financial Statements

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

Management’s Responsibility

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

Auditor’s Review Responsibility

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

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

Conclusion

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

Other Matters

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

The consolidated statement of financial position of the Group as of December 31, 2023, and the related consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, which are not accompanying this report, were audited by us in accordance with Korean Standards on Auditing and our report thereon, dated March 6, 2024, expressed an unqualified opinion.

- 1 -

The accompanying consolidated statement of financial position of the Group as of December 31, 2023, presented for comparative purposes, is not different from that audited by us from which it was derived in all material respects.

/s/ KPMG Samjong Accounting Corp.

Seoul, Korea

May 14, 2024

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

- 2 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM FINANCIAL STATEMENTS

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

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

Jong Yong Yim

President and Chief Executive Officer

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

(Phone Number) 02-2125-2000

- 3 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

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


	March 31, 2024			December 31, 2023

	(Korean Won in millions)
ASSETS
Cash and cash equivalents (Notes 4 and 6)		31,934,284			30,556,618
Financial assets at fair value through profit or loss (“FVTPL”) (Notes 4, 7, 11, and 24)		23,192,488			21,544,756
Financial assets at fair value through other comprehensive income (“FVTOCI”) (Notes 4, 8, and 11)		35,987,201			37,891,495
Securities at amortized cost (Notes 4, 9, and 11)		23,129,662			23,996,172
Loans and other financial assets at amortized cost (Notes 4, 10, 11, and 39)		379,448,788			373,148,148
Investments in joint ventures and associates (Note 12)		1,988,060			1,795,370
Investment properties (Notes 13)		474,861			472,768
Premises and equipment (Notes 14)		3,180,944			3,176,759
Intangible assets (Note 15)		999,821			996,842
Assets held for sale (Note 16)		53,141			20,345
Net defined benefit asset (Note 22)		187,604			240,260
Current tax assets		117,553			203,542
Deferred tax assets		49,432			93,366
Derivative assets (Designated for hedging) (Notes 4,11 and 24)		62,837			26,708
Other assets (Notes 17, 39 and 40)		3,960,722			3,841,787

Total assets		504,767,398			498,004,936

LIABILITIES
Financial liabilities at fair value through profit or loss (“FVTPL”) (Notes 4, 11, 18 and 24)		7,448,229			6,138,313
Deposits due to customers (Notes 4,11,19 and 39)		355,053,538			357,784,297
Borrowings (Notes 4, 11 and 20)		30,162,465			30,986,746
Debentures (Notes 4, 11 and 20)		41,695,718			41,239,245
Provisions (Notes 21, 38 and 39)		652,147			806,031
Net defined benefit liability (Note 22)		3,057			6,939
Current tax liabilities		76,780			103,655
Deferred tax liabilities		499,967			470,311
Derivative liabilities (Designated for hedging) (Notes 4,11 and 24)		185,554			153,007
Other financial liabilities (Notes 4, 11, 23 and 39)		34,245,409			26,115,005
Other liabilities (Notes 23 and 40)		820,191			803,897

Total liabilities		470,843,055			464,607,446

EQUITY
Owners’ equity (Note 26)
Capital stock		3,802,676			3,802,676
Hybrid securities		4,010,141			3,611,129
Capital surplus		927,660			935,563
Other equity		(1,673,963	)		(1,668,957	)
Retained earnings		25,157,273			24,986,470

		32,223,787			31,666,881

Non-controlling interests		1,700,556			1,730,609

Total equity		33,924,343			33,397,490

Total liabilities and equity		504,767,398			498,004,936

The accompanying notes are part of this consolidated financial statements.

- 4 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME

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


	For the three-month periods ended March 31
	2024			2023

	(Korean Won in millions)
Interest income		5,469,501			4,929,138
Financial assets at FVTPL		57,653			43,975
Financial assets at FVTOCI		304,500			208,248
Financial assets at amortized cost		5,107,348			4,676,915
Interest expense		(3,271,298	)		(2,710,317	)

Net interest income (Notes 11, 28 and 39)		2,198,203			2,218,821
Fees and commissions income		689,674			619,262
Fees and commissions expense		(186,743	)		(201,168	)

Net fees and commissions income (Notes 11, 29 and 39)		502,931			418,094
Dividend income (Notes 11, 30 and 39)		66,782			49,080
Net gain on financial instruments at FVTPL (Notes 11 and 31)		515,607			238,498
Net gain on financial assets at FVTOCI (Notes 11 and 32)		20,476			331
Net gain arising on financial assets at amortized cost (Note 11)		46,119			64,306
Impairment losses due to credit loss (Notes 11, 33 and 39)		(366,512	)		(261,573	)
General and administrative expense (Notes 34 and 39)		(1,031,667	)		(1,036,980	)
Other net operating expense (Notes 11, 24, 34 and 39)		(801,250	)		(438,577	)

Operating income (Note 5)		1,150,689			1,252,000
Share of gain of joint ventures and associates (Note 12)		5,509			7,142
Other non-operating income and expense		(12,241	)		11,179

Non-operating income and expense (Note 35)		(6,732	)		18,321
Net income before income tax expense		1,143,957			1,270,321
Income tax expense (Note 36)		(305,046	)		(323,699	)
Net income		838,911			946,622

Net gain(loss) on valuation of equity securities at FVTOCI		(55,752	)		80,423
Net gain (loss) on credit risk fluctuation of financial liabilities designated to be measured at FVTPL		446			—
Changes in capital due to equity method		(1,433	)		3,700
Remeasurement gain(loss) related to defined benefit plan		(18,501	)		(93,867	)

Items that will not be reclassified to profit or loss:		(75,240	)		(9,744	)

Net gain(loss) on valuation of debt securities at FVTOCI		(19,193	)		237,055
Changes in capital due to equity method		(5,830	)		1,388
Net gain(loss) on foreign currency translation of foreign operations		127,258			175,550
Net gain(loss) on valuation of hedges of net investments in foreign operations		(36,488	)		(23,205	)
Net gain(loss) on valuation of cash flow hedge		5,681			(10,333	)

Items that may be reclassified to profit or loss:		71,428			380,455
Other comprehensive income (loss), net of tax		(3,812	)		370,711
Total comprehensive income		835,099			1,317,333

(Continued)

- 5 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME

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


	For the three-month periods ended March 31
	2024		2023

	(Korean Won in millions)
Net income attributable to:		838,911		946,622
Net income attributable to owners		824,001		913,686
Net income attributable to non-controlling interests		14,910		32,936

Total comprehensive income attributable to:		835,099		1,317,333
Comprehensive income attributable to owners		816,769		1,272,696
Comprehensive income attributable to non-controlling interests		18,330		44,637

Earnings per share (Note 37)
Basic and diluted earnings per share (Unit: In Korean Won)		1,056		1,214

The accompanying notes are part of these consolidated financial statements.

- 6 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

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


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

	(Korean Won in millions)
January 1, 2023		3,640,303		3,112,449		682,385			(2,423,392	)		23,750,152			28,761,897			2,865,445			31,627,342
Total comprehensive income
Net income		—		—		—			—			913,686			913,686			32,936			946,622
Net gain(loss) on valuation of financial instruments at FVTOCI		—		—		—			317,496			—			317,496			(18	)		317,478
Net gain(loss) due to disposal of equity securities at FVTOCI		—		—		—			(145	)		145			—			—			—
Changes in capital due to equity method		—		—		—			5,138			(50	)		5,088			—			5,088
Gain(loss) on foreign currency translation of foreign operations		—		—		—			163,819			—			163,819			11,731			175,550
Loss on valuation of hedges of net investments in foreign operations		—		—		—			(23,205	)		—			(23,205	)		—			(23,205	)
Loss on valuation of cash flow hedge		—		—		—			(10,333	)		—			(10,333	)		—			(10,333	)
Remeasurement loss related to defined benefit plan		—		—		—			(93,855	)		—			(93,855	)		(12	)		(93,867	)
Transactions with owners
Dividends to common stocks		—		—		—			—			(713,111	)		(713,111	)		(11,479	)		(724,590	)
Issuance of hybrid securities		—		299,227		—			—			—			299,227			—			299,227
Dividends to hybrid securities		—		—		—			—			(30,414	)		(30,414	)		(19,968	)		(50,382	)
Changes in subsidiaries’ capital		—		—		(1,868	)		60,491			(60,491	)		(1,868	)		(73,167	)		(75,035	)
Changes in non-controlling interests related to business combinations		—		—		—			71,240			—			71,240			138,478			209,718
Others		—		—		—			248			(248	)		—			—			—

March 31, 2023 (Unaudited)		3,640,303		3,411,676		680,517			(1,932,498	)		23,859,669			29,659,667			2,943,946			32,603,613

January 1, 2024		3,802,676		3,611,129		935,563			(1,668,957	)		24,986,470			31,666,881			1,730,609			33,397,490
Total comprehensive income
Net income		—		—		—			—			824,001			824,001			14,910			838,911
Net loss on valuation of financial instruments at FVTOCI		—		—		—			(74,906	)		—			(74,906	)		(39	)		(74,945	)
Net gain(loss) due to disposal of equity securities at FVTOCI		—		—		—			491			(491	)		—			—			—
Net gain (loss) on credit risk fluctuation of financial liabilities designated to be measured at FVTPL		—		—		—			446			—			446			—			446
Changes in capital due to equity method		—		—		—			(7,263	)		—			(7,263	)		—			(7,263	)
Gain(loss) on foreign currency translation of foreign operations		—		—		—			123,793			—			123,793			3,465			127,258
Loss on valuation of hedges of net investments in foreign operations		—		—		—			(36,488	)		—			(36,488	)		—			(36,488	)
Gain on valuation of cash flow hedge		—		—		—			5,681			—			5,681			—			5,681
Remeasurement loss related to defined benefit plan		—		—		—			(18,495	)		—			(18,495	)		(6	)		(18,501	)
Transactions with owners
Dividends to common stocks		—		—		—			—			(479,057	)		(479,057	)		(3,460	)		(482,517	)
Changes in treasury stocks		—		—		7			—			(136,689	)		(136,682	)		—			(136,682	)
Issuance of hybrid securities		—		399,012		—			—			—			399,012			—			399,012
Dividends to hybrid securities		—		—		—			—			(35,259	)		(35,259	)		(11,263	)		(46,522	)
Changes in subsidiaries’ capital		—		—		—			1,695			(1,695	)		—			—			—
Others		—		—		(7,910	)		40			(7	)		(7,877	)		(33,660	)		(41,537	)

March 31, 2024 (Unaudited)		3,802,676		4,010,141		927,660			(1,673,963	)		25,157,273			32,223,787			1,700,556			33,924,343

The accompanying notes are part of these consolidated financial statements.

- 7 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

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


	For the three-month periods ended March 31
	2024			2023

	(Korean Won in millions)
Cash flows from operating activities :
Net income		838,911			946,622
Adjustments to net income:
Income tax expense		305,046			323,699
Interest income		(5,469,501	)		(4,929,138	)
Interest expense		3,271,298			2,710,317
Dividend income		(66,782	)		(49,080	)

		(1,959,939	)		(1,944,202	)

Additions of expenses not involving cash outflows:
Loss on financial assets at FVTOCI		—			1,849
Impairment loss due to credit loss		366,512			261,573
Loss on other provisions		12,207			3,740
Retirement benefit		32,118			28,139
Depreciation and amortization		275,993			245,979
Net loss on foreign currency translation		449,838			160,543
Loss on derivatives (designated for hedge)		43,316			5,409
Loss on fair value hedge		8,948			28,206
Loss on valuation of investments in joint ventures and associates		9,340			2,878
Loss on disposal of investments in joint ventures and associates		9			—
Loss on disposal of Premises and equipment, intangible assets and other assets		843			439
Impairment loss on Premises and equipment, intangible assets and other assets		1,271			—

		1,200,395			738,755

Deductions of income not involving cash inflows:
Gain on financial instruments at FVTPL		132,871			400,618
Gain on financial assets at FVTOCI		20,476			2,180
Gain on other provisions		2,565			2,451
Gain on derivatives (designated for hedge)		46,788			69,880
Gain on fair value hedge		39,890			5,640
Gain on valuation of investments in joint ventures and associates		14,849			10,021
Gain on disposal of investments in joint ventures and associates		312			—
Gain on disposal of Premises and equipment, intangible assets and other assets		299			237
Reversal of impairment loss on Premises and equipment, intangible assets and other assets		20			137

		258,070			491,164

Changes in operating assets and liabilities:
Financial instruments at FVTPL		429,527			(617,889	)
Loans and other financial assets at amortized cost		(5,154,266	)		7,152,300
Other assets		(395,578	)		(192,465	)
Deposits due to customers		(4,291,223	)		(17,586,384	)
Provisions		(172,871	)		(22,717	)
Net defined benefit liability		(7,009	)		(2,524	)
Other financial liabilities		7,224,396			8,104,221
Other liabilities		10,113			43,110

		(2,356,911	)		(3,122,348	)

Interest income received		5,448,781			(36,967	)
Interest expense paid		(3,028,527	)		560,131
Dividends received		25,489			12,456
Income tax paid		(130,868	)		(114,802	)

		2,314,875			420,818

Net cash outflow from operating activities		(220,739	)		(3,451,519	)

(Continued)

- 8 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

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


	For the three-month periods ended March 31
	2024			2023

	(Korean Won in millions)
Cash flows from investing activities
Net cash out-flows from obtaining control		—			(209,643	)
Net cash out-flows from losing control		(844	)		—
Disposal of financial instruments at FVTPL		5,307,441			3,846,186
Acquisition of financial instruments at FVTPL		(5,750,853	)		(4,169,740	)
Disposal of financial assets at FVTOCI		6,899,627			5,211,812
Acquisition of financial assets at FVTOCI		(4,582,493	)		(5,146,596	)
Redemption of securities at amortized cost		1,202,353			2,774,733
Acquisition of securities at amortized cost		(259,142	)		(1,651,900	)
Cash outflows from changes in subsidiaries		(146,255	)		(80,561	)
Disposal of investments in joint ventures and associates		43,034			16,889
Acquisition of investments in joint ventures and associates		(122,280	)		(52,002	)
Acquisition of investment properties		—			(99,429	)
Disposal of Premises and equipment		3,922			417
Acquisition of Premises and equipment		(36,818	)		(22,291	)
Disposal of intangible assets		5,384			50
Acquisition of intangible assets		(40,732	)		(36,956	)
Disposal of assets held for sale		2,520			—
Net increase(decrease) of other assets		(50,550	)		11,245

Net cash inflow from investing activities		2,474,314			392,214

Cash flows from financing activities:
Net cash in(out)-flows from hedging activities		5,709			(453	)
Net increase (decrease) in borrowings		(1,518,153	)		1,917,741
Issuance of debentures		8,158,563			5,484,615
Redemption of debentures		(8,002,791	)		(7,748,750	)
Redemption of lease liabilities		(40,570	)		(47,793	)
Net increase of other liabilities		29			460
Acquisition of treasury stocks		(136,711	)		—
Disposal of treasury stocks		70			—
Issuance of hybrid securities		399,012			299,227
Dividends paid to hybrid securities		(46,522	)		(50,382	)
Dividends paid to non-controlling interest		(3,460	)		(11,479	)
Changes in non-controlling interests		(41,374	)		(180,514	)

Net increase(decrease) in non-controlling equity liabilities		(2,807	)		510

Net cash outflow from financing activities		(1,229,005	)		(336,818	)

Effects of exchange rate changes on cash and cash equivalents		353,096			164,051
Net increase(decrease) in cash and cash equivalents		1,377,666			(3,232,072	)
Cash and cash equivalents, beginning of the period		30,556,618			34,219,148

Cash and cash equivalents, end of the Period (Note 6)		31,934,284			30,987,076

The accompanying notes are part of these consolidated financial statements.

- 9 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

GENERAL

(1)	Summary of the Parent company

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

The details of stock transfer between the Parent company and subsidiaries as of Incorporation are as follows (Unit: Number of shares)


Stock transfer company	Total number of issued shares		Exchange ratio per share		Number of Parent company’s stocks
Woori Bank		676,000,000		1.0000000		676,000,000
Woori FIS Co., Ltd.		4,900,000		0.2999708		1,469,857
Woori Finance Research Institute Co., Ltd.		600,000		0.1888165		113,289
Woori Credit Information Co., Ltd.		1,008,000		1.1037292		1,112,559
Woori Fund Service Co., Ltd.		2,000,000		0.4709031		941,806
Woori Private Equity Asset Management Co., Ltd.		6,000,000		0.0877992		526,795

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

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

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

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

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

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

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

- 10 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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

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

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

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

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

Percentage of ownership
(%)

Location

Financial
statements date

Subsidiaries

Main business

March 31,
2024

December 31,
2023

Held by Woori Financial Group Inc.

Woori Bank

Bank

100.0

Korea

March 31

Woori Card Co., Ltd.

Finance

100.0

Korea

March 31

Woori Financial Capital Co., Ltd.

Finance

100.0

Korea

March 31

Woori Investment Bank Co., Ltd

Other credit finance business

100.0

Korea

March 31

Woori Asset Trust Co., Ltd (*1)

Real estate trust

96.7

95.3

Korea

March 31

Woori Savings Bank

Mutual saving bank

100.0

Korea

March 31

Woori Financial F&I Co., Ltd.

Finance

100.0

Korea

March 31

Woori Asset Management Corp. (*1)

Finance

100.0

73.0

Korea

March 31

Woori Venture Partners

Other financial services

100.0

Korea

March 31

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

Finance

—

100.0

Korea

—

Woori Private Equity Asset Management Co., Ltd.

Finance

100.0

Korea

March 31

Woori Credit Information Co., Ltd.

Credit information

100.0

Korea

March 31

Woori Fund Service Co., Ltd.

Financial support service
business

100.0

Korea

March 31

Woori FIS Co., Ltd.

System software
development & maintenance

100.0

Korea

March 31

Woori Finance Research Institute Co., Ltd.

Other service business

100.0

Korea

March 31

Held by Woori Bank

Woori America Bank

Finance

100.0

America

March 31

Woori Global Markets Asia Limited

Finance

100.0

Hong Kong

March 31

Woori Bank China Limited

Finance

100.0

China

March 31

AO Woori Bank (*7)

Finance

100.0

Russia

March 31

PT Bank Woori Saudara Indonesia 1906 Tbk

Finance

84.2

Indonesia

March 31

Banco Woori Bank do Brasil S.A.

Finance

100.0

Brazil

March 31

Korea BTL Infrastructure Fund

Finance

99.9

Korea

March 31

- 11 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

Percentage of ownership
(%)

Location

Financial
statements date

Subsidiaries

Main business

March 31,
2024

December 31,
2023

Woori Finance Myanmar Co., Ltd.

Finance

100.0

Myanmar

March 31

Wealth Development Bank

Finance

51.0

Philippines

March 31

Woori Bank Vietnam Limited

Finance

100.0

Vietnam

March 31

Woori Bank (Cambodia) PLC

Finance

100.0

Cambodia

March 31

Woori Bank Europe

Finance

100.0

Germany

March 31

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

Asset securitization

15.0

Korea

March 31

Jeonju Iwon Ltd. (*2)

Asset securitization

0.0

Korea

March 31

Wonju I one Inc. (*2)

Asset securitization

0.0

Korea

March 31

Heitz Third Co., Ltd. (*2)

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

—

0.0

Korea

—

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

—

0.0

Korea

—

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

—

0.0

Korea

—

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

—

0.0

Korea

—

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

—

0.0

Korea

—

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

—

Korea

March 31

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

Asset securitization

0.0

—

Korea

March 31

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

Asset securitization

0.0

—

Korea

March 31

- 12 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

Percentage of ownership
(%)

Location

Financial
statements date

Subsidiaries

Main business

March 31,
2024

December 31,
2023

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

Securities investment and
others

98.8

Korea

March 31

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

Securities investment and
others

97.3

England

March 31

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

Securities investment and
others

99.0

Korea

March 31

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

Securities investment and
others

99.4

Korea

March 31

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

Securities investment and
others

98.6

Korea

March 31

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

Securities investment and
others

97.0

Korea

March 31

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

Securities investment and
others

97.3

97.2

Korea

March 31

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

Securities investment and
others

97.4

Korea

March 31

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

Securities investment and
others

96.2

Korea

March 31

Principal Guaranteed Trust (*4)

Trust

0.0

Korea

March 31

Principal and Interest Guaranteed Trust (*4)

Trust

0.0

Korea

March 31

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

Asset securitization

54.6

Luxembourg

March 31

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

Asset securitization

100.0

Belgium

March 31

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

Woori Global Infrastructure Development Co., Ltd.

Other financial services

100.0

—

Korea

March 31

Namyangju Resource Circulation Facility Development Co., Ltd.

Other professional services

100.0

—

Korea

March 31

Held by Woori Card Co., Ltd.

TUTU Finance –WCI Myanmar Co., Ltd.

Finance

100.0

Myanmar

March 31

PT Woori Finance Indonesia Tbk.

Finance

84.5

Indonesia

March 31

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

Asset securitization

—

0.5

Korea

—

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

Asset securitization

0.5

Korea

March 31

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

Asset securitization

0.5

Korea

March 31

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

Asset securitization

0.5

Korea

March 31

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

Asset securitization

0.5

Korea

March 31

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

Asset securitization

0.5

Korea

March 31

Held by Woori Financial Capital Co., Ltd.

- 13 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

Percentage of ownership
(%)

Location

Financial
statements date

Subsidiaries

Main business

March 31,
2024

December 31,
2023

Specified Money Market Trust

Trust

100.0

Korea

March 31

Held by Woori Investment Bank Co., Ltd.

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

Held by Woori Asset Management Corp.

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

Securities investment
and others

85.2

84.7

Korea

March 31

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

Securities investment
and others

—

30.1

Korea

—

Woori Together TDF 2035 (*3)

Securities investment
and others

46.1

48.0

Korea

March 31

Woori Together TDF 2040 (*3)

Securities investment
and others

43.7

49.2

Korea

March 31

Woori Together TDF 2045 (*3)

Securities investment
and others

59.4

61.0

Korea

March 31

Woori Together TDF 2050 (*3)

Securities investment
and others

45.6

48.9

Korea

March 31

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

Securities investment
and others

—

67.3

Korea

—

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

Securities investment
and others

—

31.4

Korea

—

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

Securities investment
and others

—

87.4

Korea

—

Woori Global Multi Asset Income Private Placement Investment Trust_Class Cs (*3)

Securities investment
and others

—

37.7

Korea

—

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

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

- 14 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

Percentage of ownership
(%)

Location

Financial
statements date

Subsidiaries

Main business

March 31,
2024

December 31,
2023

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

—

Korea

March 31

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

Asset securitization

5.0

—

Korea

March 31

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

Securities investment
and others

99.0

Korea

March 31

WFBS 1st Corporate Recovery Private Equity Fund

Finance

92.7

—

Korea

March 31

Held by Woori Venture Partners Co.,Ltd.

Woori Venture Partners US

Other financial
services

100.0

America

March 31

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

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

Securities investment
and others

30.3

Korea

March 31

Woori New Growth Credit Fund 1 (*3)

Securities investment
and others

100.0

Korea

March 31

Woori PE Secondary Fund 1 (*3)

Securities investment
and others

100.0

Korea

March 31

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

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

Securities investment
and others

100.0

Korea

March 31

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

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

Securities investment
and others

90.0

Korea

March 31

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

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

Securities investment
and others

85.0

Korea

March 31

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

Securities investment
and others

94.3

Korea

March 31

- 15 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

Percentage of ownership
(%)

Location

Financial
statements date

Subsidiaries

Main business

March 31,
2024

December 31,
2023

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

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

Securities investment
and others

100.0

Korea

March 31

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

Securities investment
and others

80.0

Korea

March 31

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

Securities investment
and others

100.0

Korea

March 31

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

Securities investment
and others

100.0

Korea

March 31

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

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

Securities investment
and others

70.0

Korea

March 31

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

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

Securities investment
and others

100.0

Korea

March 31

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

Securities investment
and others

100.0

Korea

March 31

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

Securities investment
and others

100.0

Korea

March 31

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

Securities investment
and others

30.1

Korea

March 31

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

Securities investment
and others

100.0

Korea

March 31

Held by Woori bank (*6)

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

Securities investment
and others

92.6

Korea

March 31

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

Securities investment
and others

84.5

84.3

Korea

March 31

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

Securities investment
and others

80.0

Korea

March 31

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

Securities investment
and others

90.9

Korea

March 31

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

Securities investment
and others

87.0

Korea

March 31

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

Securities investment
and others

50.0

Korea

March 31

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

Securities investment
and others

98.8

Korea

March 31

- 16 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

Percentage of ownership
(%)

Location

Financial
statements date

Subsidiaries

Main business

March 31,
2024

December 31,
2023

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

Securities investment
and others

99.9

Korea

March 31

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

Securities investment
and others

30.5

30.8

Korea

March 31

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

Securities investment
and others

54.3

63.4

Korea

March 31

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

Securities investment
and others

50.0

Korea

March 31

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

Securities investment
and others

40.0

Korea

March 31

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

Securities investment
and others

90.9

—

Korea

March 31

Woori General Private Equity Investment Trust 1 (*3)

Securities investment
and others

50.0

—

Korea

March 31

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

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

Securities investment
and others

60.0

Korea

March 31

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

Securities investment
and others

100.0

Korea

March 31

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

Securities investment
and others

100.0

Korea

March 31

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

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

Securities investment
and others

63.2

Korea

March 31

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

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

Securities investment
and others

85.8

Korea

March 31

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

Securities investment
and others

46.4

Korea

March 31

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

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

Securities investment
and others

100.0

—

Korea

March 31

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

Woori FG Digital Investment Fund 1st (*3)

Securities investment
and others

100.0

Korea

March 31

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

Securities investment
and others

100.0

—

Korea

March 31

- 17 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

Percentage of ownership
(%)

Location

Financial
statements date

Subsidiaries

Main business

March 31,
2024

December 31,
2023

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

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

Securities investment
and others

100.0

Korea

March 31

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

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

Securities investment
and others

100.0

Korea

March 31

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

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

Securities investment
and others

36.4

Korea

March 31

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

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

Securities investment
and others

100.0

Korea

March 31

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

GK OK Chatan (*3)

Other financial
services

99.0

99.9

Japan

January 31 (*9)

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

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

Securities investment
and others

76.5

Korea

March 31

Held by Woori Private Placement Investment Trust No. 3

GK Woorido(*3)

Other financial
services

100.0

Japan

December 31 (*9)

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

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

Securities investment
and others

48.0

Korea

March 31

(*1)	The Company acquired additional shares of Woori Asset Trust Co., Ltd and Woori Asset Management Corp. during the three-month period ended March 31, 2024. Additionally, Woori Asset Management Corp. merged with Woori Global Management Co., Ltd. through a business combination.

(*2)

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

(*3)

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

(*4)

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

(*5)	Companies are excluded from the consolidation as of March 31, 2024.

- 18 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

(*6)

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

(*7)

The Russia – Ukraine conflict has been escalated in February 2022, and international sanctions were imposed on Russia. Due to the sanctions, the Group may experience situations such as a decrease in value of financial assets or operating assets owned by the Group regarding the conflict, an increase in receivable payment terms, limitation to transfer funds, decrease in the profit. As of March 31, 2024, the Group expects such conflict and sanctions would have financial impacts on the business of AO Woori Bank, one of the subsidiaries, in the future. However, the Group cannot reasonably predict the financial impacts.

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

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

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

As of March 31, 2024

Subsidiaries

Location

Main Business

Percentage of
ownership (%)

Mirae Asset Maps Clean Water Private Equity Investment Trust 7th (*1)

Korea

Securities Investment

59.7

Kiwoom Yonsei Private Equity Investment Trust (*1)

Korea

Securities Investment

88.9

IGIS Europe Private Placement Real Estate Fund No. 163-2 (*2)

Korea

Securities Investment

97.9

IGIS Global Private Placement Real Estate Fund No. 148-1 (*1)

Korea

Securities Investment

75.0

IGIS Global Private Placement Real Estate Fund No. 148-2 (*1)

Korea

Securities Investment

75.0

Mirae Asset Seoul Ring Expressway Private Special Asset Fund No. 1 (*1)

Korea

Securities Investment

66.7

Hangkang Sewage Treatment Plant Fund (*1)

Korea

Securities Investment

55.6

Korea Investment Pocheon Hwado Expressway Professional Investment Fund (*1)

Korea

Securities Investment

55.2

Midas Global Private Placement Real Estate Investment Trust No. 7-2 (*1)

Korea

Securities Investment

58.3

Together-Korea Government Private Pool Private Securities Investment Trust No.3 (*3)

Korea

Securities Investment

100.0

INMARK France Private Placement Investment Trust No. 18-1 (*1)

Korea

Securities Investment

93.8

Kiwoom Vibrato Private Placement Investment Trust 1-W(EUR) (*2)

Korea

Securities Investment

99.5

KOTAM Global Infra Private Fund 1-4 (*2)

Korea

Securities Investment

99.7

UBSHana Class 1 Special Asset Investment Trust 3 Class C 2 (*1)

Korea

Securities Investment

51.0

Consus GyeongJu Green Specialized Private Special Asset Investment Trust 1 (*1)

Korea

Securities Investment

50.0

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

Korea

Securities Investment

77.4

Consus Solar Energy Private Placement Investment Truns No.1(*1)

Korea

Securities Investment

50.0

IGIS ESG General Private Investment Trust No.1 (*1)

Korea

Securities Investment

60.0

Kiwoom Aurora Geneal Type Private Placement Investment Trust No. 2 (*1)

Korea

Securities Investment

60.0

NH-Amundi WSCP VIII Private Fund 2 (*1)

Korea

Securities Investment

65.2

AI Partners Global Infrastructure Specialized Privately Placed Feeder Fund Trust No. 2 (*2)

Korea

Securities Investment

100.0

Hangang new deal infra BTL fund 4 (HNBF4) (*1)

Korea

Securities Investment

60.0

IGIS Global Private Placement Real Estate Fund No. 316-1(*2)

Korea

Securities Investment

99.3

INMARK Spain Private Placement Real Estate Investment Trust No. 26-2 (*2)

Korea

Securities Investment

97.7

Woori Asset Global Partnership Fund No.5(*4)

Korea

Securities Investment

57.7

Kiwoom Harmony Private Placement Investment Trust No. 6 (*1)

Korea

Securities Investment

77.0

Project Chile PMGD Solar (*2)

Korea

Securities Investment

75.2

Rifa Qualified Investors Private Real Estate Investment Trust No.40 (*2)

Korea

Securities Investment

55.0

(*1)

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

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

(*3)

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

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

- 19 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

As of December 31, 2023

Subsidiaries

Location

Main Business

Percentage of
ownership (%)

Mirae Asset Maps Clean Water Private Equity Investment Trust 7th (*1)

Korea

Securities Investment

59.7

Kiwoom Yonsei Private Equity Investment Trust (*1)

Korea

Securities Investment

88.9

IGIS Europe Private Placement Real Estate Fund No. 163-2 (*2)

Korea

Securities Investment

97.9

IGIS Global Private Placement Real Estate Fund No. 148-1 (*1)

Korea

Securities Investment

75.0

IGIS Global Private Placement Real Estate Fund No. 148-2 (*1)

Korea

Securities Investment

75.0

Mirae Asset Seoul Ring Expressway Private Special Asset Fund No. 1 (*1)

Korea

Securities Investment

66.7

Hangkang Sewage Treatment Plant Fund (*1)

Korea

Securities Investment

55.6

Korea Investment Pocheon Hwado Expressway Professional Investment Fund (*1)

Korea

Securities Investment

55.1

Midas Global Private Placement Real Estate Investment Trust No. 7-2 (*1)

Korea

Securities Investment

58.3

Together-Korea Government Private Pool Private Securities Investment Trust No.3 (*3)

Korea

Securities Investment

100.0

INMARK France Private Placement Investment Trust No. 18-1 (*1)

Korea

Securities Investment

93.8

Kiwoom Vibrato Private Placement Investment Trust 1-W(EUR) (*2)

Korea

Securities Investment

99.5

KOTAM Global Infra Private Fund 1-4 (*2)

Korea

Securities Investment

99.7

UBSHana Class 1 Special Asset Investment Trust 3 Class C 2 (*1)

Korea

Securities Investment

51.0

Consus GyeongJu Green Specialized Private Special Asset Investment Trust 1 (*1)

Korea

Securities Investment

50.0

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

Korea

Securities Investment

77.3

Consus Solar Energy Private Placement Investment Truns No.1(*1)

Korea

Securities Investment

50.0

IGIS ESG General Private Investment Trust No.1(*1)

Korea

Securities Investment

60.0

Kiwoom Aurora Geneal Type Private Placement Investment Trust No. 2(*1)

Korea

Securities Investment

60.0

NH-Amundi WSCP VIII Private Fund 2 (*1)

Korea

Securities Investment

65.2

AI Partners Global Infrastructure Specialized Privately Placed Feeder Fund Trust No. 2 (*2)

Korea

Securities Investment

100.0

Hangang new deal infra BTL fund 4 (HNBF4) (*1)

Korea

Securities Investment

60.0

IGIS Global Private Placement Real Estate Fund No. 316-1(*2)

Korea

Securities Investment

99.3

INMARK Spain Private Placement Real Estate Investment Trust No. 26-2 (*2)

Korea

Securities Investment

97.7

Woori Asset Global Partnership Fund No.5(*4)

Korea

Securities Investment

57.7

Kiwoom Harmony Private Placement Investment Trust No. 6 (*1)

Korea

Securities Investment

76.9

Rifa Qualified Investors Private Real Estate Investment Trust No.40 (*2)

Korea

Securities Investment

55.0

(*1)

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

(*3)

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

- 20 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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


	As of March 31, 2024				For the three-month period ended March 31, 2024
Subsidiaries	Assets		Liabilities		Operating revenue		Net income(loss) attributable to owners			Comprehensive income(loss) attributable to owners
Woori Bank		464,600,505		438,267,065		11,719,621		789,472			771,705
Woori Card Co., Ltd.		17,193,935		14,523,616		555,586		29,005			35,212
Woori Financial Capital Co., Ltd.		12,553,972		10,927,998		422,821		32,964			33,093
Woori Investment Bank Co., Ltd.		6,550,609		5,433,184		114,755		12,631			15,689
Woori Asset Trust Co., Ltd.		541,045		74,909		25,502		7,959			7,936
Woori Savings Bank		1,808,534		1,627,771		36,634		1,305			1,305
Woori Financial F&I Co., Ltd.		1,034,503		828,683		16,402		1,383			1,383
Woori Asset Management Corp.		187,084		31,712		14,890		2,471			2,473
Woori Venture Partners Co., Ltd.		331,651		31,536		7,498		2,040			2,322
Woori Private Equity Asset Management Co., Ltd.		96,466		4,555		3,018		320			323
Woori Credit Information Co., Ltd.		42,655		5,941		10,410		536			536
Woori Fund Service Co., Ltd.		27,055		1,914		4,416		1,434			1,434
Woori FIS Co., Ltd.		55,592		7,984		50,334		(760	)		(651	)
Woori Finance Research Institute Co., Ltd.		6,435		2,761		2,122		(159	)		(166	)


	As of March 31, 2023				For the three-month period ended March 31, 2023
Subsidiaries	Assets		Liabilities		Operating revenue		Net income(loss) attributable to owners			Comprehensive income(loss) attributable to owners
Woori Bank		458,017,067		431,313,615		11,468,014		861,713			1,229,679
Woori Card Co., Ltd.		17,491,193		14,830,408		547,114		45,660			35,404
Woori Financial Capital Co., Ltd.		12,417,338		10,796,683		375,605		39,224			38,803
Woori Investment Bank Co., Ltd.		6,375,625		5,273,890		120,187		8,008			8,006
Woori Asset Trust Co., Ltd.		337,976		79,747		33,227		17,660			17,622
Woori Savings Bank		1,938,948		1,759,489		30,885		(7,269	)		(7,269	)
Woori Financial F&I Co., Ltd.		877,702		673,265		5,229		875			875
Woori Asset Management Corp.		161,868		32,780		12,249		2,475			2,494
Woori Venture Partners Co., Ltd.(*)		328,782		30,190		—		—			—
Woori Global Asset Management Co., Ltd.		37,512		13,526		3,639		(136	)		(136	)
Woori Private Equity Asset Management Co., Ltd.		96,006		4,418		2,456		384			363
Woori Credit Information Co., Ltd.		45,662		7,981		10,390		803			803
Woori Fund Service Co., Ltd.		27,526		2,758		4,156		887			887
Woori FIS Co., Ltd.		80,563		32,304		84,735		(5,624	)		(5,863	)
Woori Finance Research Institute Co., Ltd.		6,444		2,603		1,721		(12	)		(25	)

(*)	Additional investment occurred and added it as a consolidated subsidiary during the three-month period ended March 31, 2023.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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

Structured entity for asset securitization

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

Structured entity for the investments in securities

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

Money trust under the Financial Investment Services and Capital Markets Act

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

As of March 31, 2024 and December 31, 2023, the Group provides 2,558,890 million Won and 2,445,644 million Won of credit facilities, respectively, for the structured entities mentioned above. As of March 31, 2024 and December 31, 2023, the purchase commitment amounts to 2,860,496 million Won and 2,848,921 million Won, respectively.

(6)

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

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

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

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

- 22 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

Unconsolidated structured entities classified as ‘investment funds’ include investment trusts and private equity funds. An investment trust orders the investment and operation of funds to the trust manager in accordance with trust contract with profits distributed to the investors. Private equity funds finances money required to acquire equity securities to enable direction of management and/or improvement of ownership structure, with profit distributed to the investors. The Group recognizes pro rata amount of dividend income as an investor in the same way as ‘structured finance’, and may be exposed to losses due to reduction in investment value. Investments in MMF(Money Market Funds) as of March 31, 2024 and December 31, 2023 are 1,228,277 million Won and 1,451,874 million Won, respectively, and there is no additional commitments for MMF.

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

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


	(unit : Korean Won in millions))
	March 31, 2024
	Asset securitization		Structured Finance		Investment Fund		Real-estate trust
Total asset of the unconsolidated structured entities		16,248,253		96,664,985		187,765,364		1,636,395
Assets recognized in the consolidated financial statements related to the unconsolidated structured entities		8,918,197		5,227,219		7,130,342		104,341
Financial assets at FVTPL		201,786		120,803		6,187,720		10,862
Financial assets at FVTOCI		2,527,555		40,225		—		—
Financial assets at amortized cost		6,188,856		5,065,858		—		93,479
Investments in joint ventures and associates		—		—		941,517		—
Derivative assets		—		333		1,105		—
Liabilities recognized in the consolidated financial statements related to the unconsolidated structured entities		215		3,118		—		26,932
Derivative liabilities		—		1,114		—		—
Other liabilities (provisions)		215		2,004		—		26,932
The maximum exposure to risks		9,109,294		6,191,185		10,554,293		217,074
Investment assets		8,918,197		5,227,219		7,130,342		104,341
Purchase commitment		—		—		3,422,676		—
Credit offerings and others		191,097		963,966		1,275		112,733
Loss recognized on unconsolidated structured entities		—		7,075		73,067		4,722

	(unit : Korean Won in millions))
	December 31, 2023
	Asset securitization		Structured Finance		Investment Fund		Real-estate trust
Total asset of the unconsolidated structured entities		14,595,681		99,568,859		189,034,319		1,604,210
Assets recognized in the consolidated financial statements related to the unconsolidated structured entities		9,256,063		5,414,037		6,884,658		93,222
Financial assets at FVTPL		205,449		118,026		6,000,877		8,297
Financial assets at FVTOCI		2,802,592		43,696		—		—
Financial assets at amortized cost		6,248,022		5,252,191		66		84,925
Investments in joint ventures and associates		—		—		881,531		—
Derivative assets		—		124		2,184		—

- 23 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


Liabilities recognized in the consolidated financial statements related to the unconsolidated structured entities	248	3,251	2,006	28,838
Derivative liabilities	—	1,243	2,006	—
Other liabilities (provisions)	248	2,008	—	28,838
The maximum exposure to risks	9,333,448	6,444,559	11,069,599	206,651
Investment assets	9,256,063	5,414,037	6,884,658	93,222
Purchase commitment	—	—	4,181,631	—
Credit offerings and others	77,385	1,030,522	3,310	113,429
Loss recognized on unconsolidated structured entities	149	83,885	63,372	19,337

- 24 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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

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


	March 31, 2024		December 31, 2023
Woori Bank (*1)		1,546,447		1,546,447
Woori Asset Trust Co., Ltd. (*2)		15,333		12,517
Woori Asset Management Corp (*3)		—		35,638
PT Bank Woori Saudara Indonesia 1906 Tbk		104,336		103,176
Wealth Development Bank		22,117		21,142
PT Woori Finance Indonesia Tbk.		14,266		13,631

(*1)

Hybrid securities issued by Woori Bank

(*2)

The non-controlling interests increased by 2,507 million Won in accordance with paid-in capital increase and stock retirement during the three-month periods ended March 31, 2024.

(*3)

The non-controlling interests decreased by 36,169 million Won in accordance with merger with Woori Global Asset Management Co., Ltd. and acquisition of shares of Yuanta Securities Korea Co., Ltd. during the three-month periods ended March 31, 2024.

Net income attributable to non-controlling interests


	For the three-month periods ended March 31
	2024		2023
Woori Bank (*)		11,263		19,968
Woori Investment Bank Co., Ltd.		—		3,404
Woori Asset Trust Co., Ltd.		310		5,229
Woori Asset Management Corp		531		635
PT Bank Woori Saudara Indonesia 1906 Tbk		2,238		2,997
Wealth Development Bank		270		413
PT Woori Finance Indonesia Tbk.		290		280

(*)

Distribution of the hybrid securities issued by Woori Bank

Dividends to non-controlling interests


	For the three-month periods ended March 31
	2024		2023
Woori Bank (*)		11,263		19,968
Woori Investment Bank Co., Ltd.		—		8,302
Woori Asset Trust Co., Ltd		—		365
PT Bank Woori Saudara Indonesia 1906 Tbk		3,450		2,802
Others		10		—

(*)

Distribution of the hybrid securities issued by Woori Bank

- 25 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

2.	BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICIES

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

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

Amendments to Korean IFRS 1001 Presentation of Financial Statements – Classification of Liabilities as Current or Non-current, Non-current Liabilities with Covenants

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

Amendments to Korean IFRS 1007 Statement of Cash Flows, Korean IFRS 1107 Financial Instruments: Disclosures – Supplier finance arrangements

When applying supplier finance arrangements, an entity shall disclose information about its supplier finance arrangements that enables users of financial statements to assess the effects of those arrangements on the entity’s liabilities and cash flows and on the entity’s exposure to liquidity risk. The amendments should be applied for annual periods beginning on or after January 1, 2024, and earlier application is permitted. There is no impact on the consolidated interim financial statements in accordance with the transitional provision that does not require to disclose the relevant information during the interim reporting period within the fiscal year in which these amendments are first applied.

Amendments to Korean IFRS 1116 Leases – Lease Liability in a Sale and Leaseback

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

Amendments to Korean IFRS 1001 Presentation of Financial Statements – Disclosure of Cryptographic Assets

- 26 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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

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

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

When an entity estimates a spot exchange rate because exchangeability between two currencies is lacking, the entity shall disclose related information. The amendments should be applied for annual periods beginning on or after January 1, 2025, and earlier application is permitted. The Group is in review for the impact of these amendments on the consolidated interim financial statements.

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

Income tax expense

Income tax expense for the interim period is recognized based on management’s best estimate of the weighted average annual income tax rate expected for the full financial year. The estimated average annual tax rate is applied to the pre-tax income.

- 27 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

3.	MATERIAL ACCOUNTING ESTIMATES AND ASSUMPTIONS

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

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

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

- 28 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

4.	RISK MANAGEMENT

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

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

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

(1)	Credit risk

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

Credit risk management

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

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

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

- 29 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

Measurement of expected credit loss

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


Classification	Stage 1	Stage 2	Stage 3

Definition	No significant increase in credit risk after initial recognition (*)	Significant increase in credit risk after initial recognition	Credit- impaired

Loss allowance	12-month expected credit losses:	Lifetime expected credit losses:
Loss allowance	Expected credit losses that result from those default events on the financial instrument that are possible within 12 months after the reporting date	Expected credit losses that result from all possible default events over the life of the financial instrument

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

Loss allowance under credit impairment model is measured as the cumulative change in lifetime expected credit loss since initial recognition.

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

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


Corporate Exposures		Retail Exposures

Asset quality level ‘Precautionary’ or lower		Asset quality level ‘Precautionary’ or lower

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

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

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

Significant decrease in credit rating (*)		Deferment of interest

Deferment of repayment of principal and interest

Deferment of interest

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


	Credit rating	Significant increased indicator of the credit rating

Corporate	AAA ~ A+	More than or equal to 4 steps
	A- ~ BBB	More than or equal to 3 steps
	BBB- ~ BB+	More than or equal to 2 steps
	BB ~ BB-	More than or equal to 1 step

Retail	1 ~ 3	More than or equal to 3 steps
	4 ~ 5	More than or equal to 2 steps
	6 ~ 10	More than or equal to 1 step

- 30 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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

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

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

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

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

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

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

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

The Group apply future economic condition forecasting model, and the results are regularly reviewed.

Development of estimation models through regression analysis of each obligor (corporate, retail)/year-by-year default rate and macroeconomic indicator data by year


Major macroeconomic indicators		Correlation between credit risk and macroeconomic indicators
GDP growth rate		Negative(-) Correlation
Personal consumption expenditures increase/decrease rate		Negative(-) Correlation
Won-dollar exchange rate		Positive(+) Correlation

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

Forecast of macroeconomic variables

Probability weight

As of March 31, 2024, the probability weights applied to the scenarios of the forecasts of macroeconomic variables is as follows (Unit: %):


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

- 31 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

Economic forecast of each major macroeconomic variables by scenario (prospect period: 2024) As of March 31, 2024, the forecasts of major macroeconomic variables by scenario is as follows (Unit: Won, %):


	Base Scenario		Upside Scenario		Downside Scenario		Worst Scenario
GDP growth rate		2.10		2.29		1.76		(-)5.10
Personal consumption expenditures increase/decrease rate		1.90		2.27		1.23		(-)12.22
Won-dollar exchange rate		1,263		1,255		1,277		1,560

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


Scenario	Applied probability weight			Difference from book value assuming 100%
Base, Upside, Downside		80.00	%		(433,480	)
Worst		20.00	%		1,734,008

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

- 32 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

Maximum exposure

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

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


		March 31, 2023		December 31, 2023
Loans and other financial assets at amortized cost (*1)	Korean treasury and government agencies		2,492,237		2,297,088
	Banks		24,659,341		21,996,558
	Corporates		164,188,240		159,343,530
	Consumers		188,108,970		189,510,972

	Sub-total		379,448,788		373,148,148

Financial assets at FVTPL (*2)	Deposits		42,753		39,241
	Debt securities		6,266,983		6,307,238
	Loans		910,939		782,716
	Derivative assets		7,180,459		5,798,329
	Others		2,585		2,585

	Sub-total		14,403,719		12,930,109

Financial assets at FVTOCI	Debt securities and others		34,864,625		36,694,111
Securities at amortized cost	Debt securities		23,129,662		23,996,172
Derivative assets	Derivative assets (Designated for hedging)		62,837		26,708
Off-balance accounts	Payment guarantees (*3)		14,487,314		13,793,301
	Loan commitments		132,213,536		126,829,192

	Sub-total		146,700,850		140,622,493

	Total		598,610,481		587,417,741

(*1)

Cash and cash equivalents are not included.

(*2)

Puttable financial instruments are not included.

(*3)

As of March 31, 2024 and December 31, 2023, the financial guarantee amount of 3,992,397 million Won and 3,661,656 million Won are included, respectively.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

Credit risk exposure by geographical areas

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


	March 31, 2024
	Korea		China		USA		UK		Japan		Others (*)		Total
Loans and other financial assets at amortized cost		350,896,410		5,817,285		5,466,416		301,111		755,888		16,211,678		379,448,788
Securities at amortized cost		22,089,043		181,824		572,034		—		—		286,761		23,129,662
Financial assets at FVTPL		11,193,235		461		1,733,959		343,245		188,240		944,579		14,403,719
Financial assets at FVTOCI		30,244,280		551,780		2,817,559		53,372		33,107		1,164,527		34,864,625
Derivative assets (Designated for hedging)		55,454		—		6,268		—		1,115		—		62,837
Off-balance accounts		141,814,496		876,385		934,250		16,353		18,629		3,040,737		146,700,850

Total		556,292,918		7,427,735		11,530,486		714,081		996,979		21,648,282		598,610,481

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


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

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

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

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

Credit risk exposure by industries

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


	March 31, 2024
	Service		Manufacturing		Finance and insurance		Construction		Individuals		Others		Total
Loans and other financial assets at amortized cost		86,508,853		46,278,309		32,723,262		6,034,025		183,877,913		24,026,426		379,448,788
Securities at amortized cost		179,220		—		13,927,288		59,758		—		8,963,396		23,129,662
Financial assets at FVTPL		414,209		263,029		8,371,948		33,708		1,688		5,319,137		14,403,719
Financial assets at FVTOCI		442,736		333,996		23,060,197		420,945		—		10,606,751		34,864,625
Derivative assets (Designated for hedging)		—		—		62,837		—		—		—		62,837
Off-balance accounts		23,676,626		25,967,245		14,800,254		2,994,125		74,125,888		5,136,712		146,700,850

Total		111,221,644		72,842,579		92,945,786		9,542,561		258,005,489		54,052,422		598,610,481


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

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

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

Credit risk exposure

Financial assets

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


	March 31, 2024
	Stage 1				Stage 2
	Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Stage 3		Credit impairment model		Total		Loss allowance			Total, net
Loans and other financial assets at amortized cost		327,088,181		26,646,311		13,023,507		12,881,102		2,189,243		908,707		382,737,051		(3,288,263	)		379,448,788
Korean treasury and government agencies		2,494,137		10		—		—		—		—		2,494,147		(1,910	)		2,492,237
Banks		24,543,176		133,849		27,626		—		16,419		—		24,721,070		(61,729	)		24,659,341
Corporates		137,503,995		19,091,302		2,848,392		4,762,862		1,102,021		908,707		166,217,279		(2,029,039	)		164,188,240
General business		90,677,666		10,310,227		2,019,138		2,773,508		680,056		—		106,460,595		(1,218,765	)		105,241,830
Small- and medium-sized enterprise		36,985,089		8,153,602		675,817		1,400,577		291,551		—		47,506,636		(533,942	)		46,972,694
Project financing and others		9,841,240		627,473		153,437		588,777		130,414		908,707		12,250,048		(276,332	)		11,973,716
Consumers		162,546,873		7,421,150		10,147,489		8,118,240		1,070,803		—		189,304,555		(1,195,585	)		188,108,970
Securities at amortized cost		23,143,111		—		—		—		—		—		23,143,111		(13,449	)		23,129,662
Financial assets at FVTOCI (*3)		34,683,141		181,484		—		—		—		—		34,864,625		(26,095	)		34,864,625

Total		384,914,433		26,827,795		13,023,507		12,881,102		2,189,243		908,707		440,744,787		(3,327,807	)		437,443,075


	March 31, 2024
	Collateral value
	Stage 1		Stage 2		Stage 3		Credit impairment model		Total
Loans and other financial assets at amortized cost		227,438,960		20,784,344		825,261		908,508		249,957,073
Korean treasury and government agencies		43,261		—		—		—		43,261
Banks		2,194,379		—		—		—		2,194,379
Corporates		95,555,959		5,630,317		453,244		908,508		102,548,028
General business		54,830,433		3,917,339		200,911		—		58,948,683
Small- and medium-sized enterprise		33,998,569		1,491,543		142,187		—		35,632,299
Project financing and others		6,726,957		221,435		110,146		908,508		7,967,046
Consumers		129,645,361		15,154,027		372,017		—		145,171,405
Securities at amortized cost		—		—		—		—		—
Financial assets at FVTOCI (*3)		—		—		—		—		—

Total		227,438,960		20,784,344		825,261		908,508		249,957,073

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

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

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

- 36 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


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

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


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

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

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

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

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

- 37 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

Payment Guarantees and commitments

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


	March 31, 2024
	Stage 1				Stage 2
Financial assets	Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Stage 3		Total
Off-balance accounts:
Payment Guarantees		13,093,062		1,130,887		84,044		143,399		35,922		14,487,314
Loan Commitments		125,906,053		3,467,642		2,320,366		480,838		38,637		132,213,536

Total		138,999,115		4,598,529		2,404,410		624,237		74,559		146,700,850

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

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


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

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

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

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

Collateral and other credit enhancements

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

(2)	Market risk

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

Market risk management

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

Trading activities

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

- 38 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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

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

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


	Risk Group	March 31, 2024		December 31, 2023
Sensitivity-based risk	General interest rate risk		41,091		37,832
	Equity risk		19,539		9,376
	Commodity risk		7		12
	Foreign exchange risk		245,768		249,044
	Non-securitization credit spread risk		26,461		27,371
	Securitization (excluding CTP (Correlation Trading Portfolio)) credit spread risk		—		—
	CTP credit spread risk		—		—
Default risk	Non-Securitization bankruptcy risk		1,202		—
	Securitization (excluding CTP) default risk		—		—
	CTP default risk		—		—
Residual risk	Residual risk		974		692

Total			335,042		324,327

Non-trading activities

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

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

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


	March 31, 2024				December 31, 2023
	ΔEVE (*1)		ΔNII (*2)		ΔEVE (*1)		ΔNII (*2)
Woori Bank		464,292		720,198		683,660		743,489
Woori Card Co., Ltd.		84,320		75,694		80,720		76,846
Woori Financial Capital Co., Ltd.		56,943		19,978		48,523		17,585
Woori Investment Bank Co., Ltd.		5,653		18,236		4,464		15,303
Woori Asset Trust Co., Ltd.		2,615		11,955		1,210		7,018
Woori Asset Management Corp.		1,164		2,689		832		2,154
Woori Savings Bank		6,947		8,790		7,347		11,077

- 39 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


Woori Private Equity Asset Management Co., Ltd.	36	823	80	775
Woori Global Asset Management Co., Ltd.	—	—	536	269
Woori Financial F&I Co., Ltd.	85,187	9,706	63,852	3,961
Woori Venture Partners Co., Ltd.	545	2,693	340	2,782

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

(*2)	ΔNII: change in Net Interest Income

- 40 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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


	March 31, 2024
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Asset:
Loans and other financial assets at amortized cost		250,918,787		51,360,566		13,227,859		19,795,530		58,504,856		3,937,520		397,745,118
Financial assets at FVTPL		2,363,151		69,818		28,130		67,531		48,846		75		2,577,551
Financial assets at FVTOCI		5,302,701		2,475,261		2,327,983		2,465,916		23,269,102		924,984		36,765,947
Securities at amortized cost		1,481,397		3,348,310		1,417,913		890,835		15,286,119		2,087,474		24,512,048

Total		260,066,036		57,253,955		17,001,885		23,219,812		97,108,923		6,950,053		461,600,664

Liability:
Deposits due to customers		161,484,249		49,101,227		58,978,446		26,236,157		62,692,358		50,585		358,543,022
Borrowings		21,087,172		3,573,972		2,503,264		1,994,218		3,573,271		454,167		33,186,064
Debentures		7,789,788		4,385,825		5,678,608		3,897,794		19,719,142		3,076,262		44,547,419

Total		190,361,209		57,061,024		67,160,318		32,128,169		85,984,771		3,581,014		436,276,505


	December 31, 2023
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Asset:
Loans and other financial assets at amortized cost		245,179,685		55,105,699		17,928,072		12,101,395		55,840,540		3,594,287		389,749,678
Financial assets at FVTPL		2,155,339		178,206		37,672		22,719		52,341		90		2,446,367
Financial assets at FVTOCI		5,976,531		3,489,341		2,425,700		3,008,905		22,852,783		756,272		38,509,532
Securities at amortized cost		1,451,409		1,230,486		3,335,565		1,416,082		15,907,380		2,171,914		25,512,836

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

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

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

Currency risk

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

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

- 41 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


	March 31, 2024
	USD				JPY				CNY				EUR				Others		Total
	Foreign currency		Korean Won equivalent		Foreign currency		Korean Won equivalent		Foreign currency		Korean Won equivalent		Foreign currency		Korean Won equivalent		Korean Won equivalent		Korean Won equivalent
Asset Cash and cash equivalents		7,923		10,670,672		110,874		986,204		1,413		262,477		547		794,610		1,169,100		13,883,063
Loans and other financial assets at amortized cost		27,561		37,119,243		149,587		1,331,246		24,139		4,483,850		2,550		3,704,695		4,902,559		51,541,593
Financial assets at FVTPL		934		1,257,774		19,449		172,992		—		—		322		467,642		103,390		2,001,798
Financial assets at FVTOCI		3,468		4,670,355		—		—		2,843		528,083		6		8,681		749,032		5,956,151
Securities at amortized cost		718		966,895		—		—		979		181,875		65		93,829		183,786		1,426,385

Total		40,604		54,684,939		279,910		2,490,442		29,374		5,456,285		3,490		5,069,457		7,107,867		74,808,990

Liability Financial liabilities at FVTPL		368		495,612		36,915		328,348		—		—		296		430,701		61,815		1,316,476
Deposits due to customers		22,845		30,767,644		281,557		2,504,395		23,762		4,413,802		2,012		2,922,812		5,795,745		46,404,398
Borrowings		8,358		11,256,960		39,201		348,685		694		128,908		383		556,522		2,723,372		15,014,447
Debentures		5,507		7,417,496		—		—		—		—		195		283,002		—		7,700,498
Other financial liabilities		4,961		6,681,169		20,626		183,468		2,064		383,393		370		537,679		413,493		8,199,202

Total		42,039		56,618,881		378,299		3,364,896		26,520		4,926,103		3,256		4,730,716		8,994,425		78,635,021

Off-balanceaccounts		8,218		11,067,962		27,862		247,823		1,874		348,056		747		1,085,614		1,260,511		14,009,966


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

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

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

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

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

- 42 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

(3)	Liquidity risk

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

Liquidity risk management

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

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

Maturity analysis of non-derivative financial liabilities

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


	March 31, 2024
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Financial liabilities at FVTPL		142,816		—		—		119,289		—		—		262,105
Deposits due to customers		230,495,823		35,528,819		48,101,460		27,853,546		18,129,881		1,492,174		361,601,703
Borrowings		12,992,820		5,115,791		4,631,196		3,432,650		4,260,396		520,835		30,953,688
Debentures		5,676,735		5,667,175		6,547,558		3,897,794		19,719,142		3,076,262		44,584,666
Lease liabilities		51,109		67,036		40,163		33,829		165,224		26,039		383,400
Other financial liabilities		22,210,687		100,863		46,060		28,200		1,106,977		3,868,775		27,361,562

Total		271,569,990		46,479,684		59,366,437		35,365,308		43,381,620		8,984,085		465,147,124


	December 31, 2023
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Financial liabilities at FVTPL		39,524		89,287		—		—		10,256		56,221		195,288
Deposits due to customers		236,125,560		39,103,357		22,776,074		50,089,672		16,898,791		1,549,490		366,542,944
Borrowings		11,415,214		6,626,722		4,345,143		4,579,032		4,331,196		437,839		31,735,146
Debentures		5,510,096		5,328,382		5,383,741		6,035,590		18,439,577		3,223,255		43,920,641
Lease liabilities		74,228		42,106		58,241		33,679		151,127		25,172		384,553
Other financial liabilities		15,059,935		233,081		21,356		26,403		1,025,252		4,195,930		20,561,957

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

- 43 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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


	March 31, 2024
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Financial liabilities at FVTPL		142,816		—		—		119,289		—		—		262,105
Deposits due to customers		236,233,519		37,868,347		45,449,904		24,975,808		15,895,423		516,287		360,939,288
Borrowings		12,995,252		5,116,927		4,632,280		3,515,024		4,173,371		520,834		30,953,688
Debentures		5,676,735		5,667,175		6,547,558		3,897,794		19,719,142		3,076,262		44,584,666
Lease liabilities		52,353		68,399		41,541		34,139		176,910		26,453		399,795
Other financial liabilities		22,211,337		101,175		46,363		28,783		1,105,128		3,868,775		27,361,561

Total		277,312,012		48,822,023		56,717,646		32,570,837		41,069,974		8,008,611		464,501,103


	December 31, 2023
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Financial liabilities at FVTPL		39,524		89,287		—		—		10,256		56,221		195,288
Deposits due to customers		241,935,362		41,132,677		23,468,344		44,082,420		14,717,842		505,146		365,841,791
Borrowings		11,419,501		6,630,868		4,346,740		4,579,314		4,331,196		437,839		31,745,458
Debentures		5,512,545		5,330,733		5,386,014		6,037,688		18,443,853		3,223,255		43,934,088
Lease liabilities		74,228		43,350		59,604		35,057		162,874		25,834		400,947
Other financial liabilities		15,059,935		233,081		21,356		26,403		1,025,252		4,195,930		20,561,957

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

Maturity analysis of derivative financial liabilities

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

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


		Remaining maturity
		Within 3 months			4 to 6 months			7 to 9 months			10 to 12 months			1 to 5 years		Over 5 years			Total
March 31, 2023	Cash flow risk hedge		(1,296	)		(1,265	)		(1,097	)		(854	)		446		—			(4,066	)
	Fair value risk hedge		57,798			(5,378	)		54,063			(12,378	)		109,647		(17,716	)		186,036
	Trading purpose		7,016,286			—			—			—			—		—			7,016,286
December 31, 2023	Cash flow risk hedge		(1,223	)		(875	)		(590	)		(302	)		13,689		—			10,699
	Fair value risk hedge		29,176			34,370			157			35,272			30,241		—			129,216
	Trading purpose		5,943,024			—			—			—			—		—			5,943,024

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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

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


	March 31, 2024		December 31, 2023
Payment guarantees		14,487,314		13,793,301
Loan commitments		132,213,536		126,829,192
Other commitments		4,856,749		4,854,099

(4)	Operational risk

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

Operational risk management

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

Operational risk measurement

The Group applies the standard approach for the purpose of calculating operational risk required equity capital.

- The standard approach is to calculate operational risk required equity capital by multiplying the Business Indicator Component(BIC), which is calculated by multiplying Business Indicator(BI) that is a measure based on consolidated financial statements and adjustment coefficient, and the Internal Loss Multiplier(ILM), an adjusted multiplier based on the average past loss and operating index.

“Operational risk required equity capital” = Business Indicator Component (BIC) × Internal Loss Multiplier(ILM)

“Business Indicator Component(BIC)” = Business Index(BI) × Adjustment Coefficient

“Internal Loss Multiplier(ILM)” = ln (exp(1)-1 + (Loss Component(LC)/Business Indicator Component(BIC)^0.8)

- 45 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

5.	OPERATING SEGMENTS

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

(1)	Segment by type of organization

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


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

- 46 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

(2)	The composition of each organization’s sectors for the three-month periods ended March 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):


				For the three-month period ended March 31, 2024
	Banking(*1)			Credit card			Capital			Investment banking			Others (*2)			Sub-total			Other adjustments (*3)			Internal adjustments (*4)			Consolidated Adjustments (*5)			Total
Net interest income		1,625,102			166,110			65,818			32,192			26,342			1,915,564			29,579			255,605			(2,545	)		2,198,203
Non-interest income(expense)		506,112			32,996			22,832			14,140			1,280,280			1,856,360			7,491			(209,464	)		(1,303,722	)		350,665
Impairment losses due to credit loss		(178,478	)		(91,643	)		(23,286	)		(17,012	)		(10,618	)		(321,037	)		—			(46,170	)		695			(366,512	)
General and administrative expense		(875,892	)		(68,188	)		(21,977	)		(13,651	)		(102,923	)		(1,082,631	)		(248	)		—			51,212			(1,031,667	)

Net operating income(expense)		1,076,844			39,275			43,387			15,669			1,193,081			2,368,256			36,822			(29	)		(1,254,360	)		1,150,689

Share of gain of associates		654			—			(708	)		59			(1,041	)		(1,036	)		(9	)		—			6,554			5,509
Other non-operating expense		(9,891	)		(391	)		(35	)		(91	)		(472	)		(10,880	)		881			29			(2,271	)		(12,241	)

Non-operating income(expense)		(9,237	)		(391	)		(743	)		(32	)		(1,513	)		(11,916	)		872			29			4,283			(6,732	)

Net income(expense) before tax		1,067,607			38,884			42,644			15,637			1,191,568			2,356,340			37,694			—			(1,250,077	)		1,143,957
Tax expense		(275,618	)		(9,589	)		(9,680	)		(3,006	)		(7,251	)		(305,144	)		—			—			98			(305,046	)

Net income(loss)		791,989			29,295			32,964			12,631			1,184,317			2,051,196			37,694			—			(1,249,979	)		838,911

Total assets		464,600,505			17,193,935			12,553,972			6,550,609			31,323,597			532,222,618			3,191,181			—			(30,646,401	)		504,767,398

Investment in associate		1,010,874			—			34,243			4,543			24,122,568			25,172,228			25,428			—			(23,209,596	)		1,988,060
Other assets		463,589,631			17,193,935			12,519,729			6,546,066			7,201,029			507,050,390			3,165,753			—			(7,436,805	)		502,779,338

Total liabilities		438,267,065			14,523,616			10,927,998			5,433,184			4,896,269			474,048,132			197,977			—			(3,403,054	)		470,843,055

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

(*2)

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

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

(*4)

Internal reconciliation includes the adjustment of deposit insurance premiums of 120,868 million Won and fund contribution fees of 134,508 million Won from net interest income expenses to non-interest income expenses in order to present the profit and loss adjustment between reporting divisions in accordance with management accounting standards as profit and loss in accordance with accounting standards.

(*5)	Consolidation adjustments include the elimination of 51,852 million Won of internal transactions between Woori FIS Co., Ltd., the group’s IT service agency, and affiliates, and the removal of 1,189,333 million Won of dividends received by the holding company from its subsidiaries.

- 47 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


				For the three-month period ended March 31, 2023
	Banking(*1)			Credit card			Capital			Investment banking			Others (*2)			Sub-total			Other adjustments (*3)			Internal adjustments (*4)			Consolidated Adjustments (*5)			Total
Net interest income		1,892,461			169,777			86,514			25,524			25,816			2,200,092			(195,352	)		215,769			(1,688	)		2,218,821
Non-interest income(expense)		217,060			57,352			35,321			13,222			1,597,711			1,920,666			151,319			(152,787	)		(1,587,466	)		331,732
Impairment losses due to credit loss		(79,730	)		(102,586	)		(51,400	)		(15,206	)		(12,875	)		(261,797	)		63,523			(63,349	)		50			(261,573	)
General and administrative expense		(888,387	)		(65,596	)		(21,044	)		(13,138	)		(135,555	)		(1,123,720	)		(111	)		—			86,851			(1,036,980	)

Net operating income(expense)		1,141,404			58,947			49,391			10,402			1,475,097			2,735,241			19,379			(367	)		(1,502,253	)		1,252,000

Share of gain(loss) of joint ventures and associates		2,298			—			343			73			(52	)		2,662			(54	)		—			4,534			7,142
Other non-operating expense		11,969			138			(5	)		46			(159	)		11,989			440			367			(1,617	)		11,179

Non-operating income(expense)		14,267			138			338			119			(211	)		14,651			386			367			2,917			18,321

Net income(expense) before tax		1,155,671			59,085			49,729			10,521			1,474,886			2,749,892			19,765			—			(1,499,336	)		1,270,321
Tax expense		(290,540	)		(13,145	)		(10,505	)		(2,513	)		(8,463	)		(325,166	)		2			—			1,465			(323,699	)

Net income(loss)		865,131			45,940			39,224			8,008			1,466,423			2,424,726			19,767			—			(1,497,871	)		946,622

Total assets		441,112,879			15,987,931			12,037,681			5,800,284			29,940,329			504,879,104			2,282,243			—			(29,082,092	)		478,079,255

Investment to joint ventures and associates		908,637			—			38,427			3,941			22,956,697			23,907,702			29,611			—			(22,454,270	)		1,483,043
Other assets		440,204,242			15,987,931			11,999,254			5,796,343			6,983,632			480,971,402			2,252,632			—			(6,627,822	)		476,596,212

Total liabilities		415,507,697			13,570,227			10,497,048			5,137,602			4,717,684			449,430,258			124,620			—			(4,079,236	)		445,475,642

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

(*2)

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

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

(*4)	Internal adjustment includes adjustment of KRW 112,060 million in deposit insurance premiums and KRW 103,891 million in fund contribution fees from net interest income to non-interest income to present income adjustment between reporting sectors in accordance with management accounting standards.

(*5)	Consolidation adjustments include the elimination of KRW 85,787 million of internal transactions between Woori FIS Co., Ltd., the group’s IT service agency, and affiliates, and the removal of KRW 1,469,291 million of dividends received by the holding company from its subsidiaries.

- 48 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

(3)	Operating profit or loss from external customers for the three-month periods ended March 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
Details	2024		2023
Domestic		1,049,603		848,212
Foreign		101,086		403,788

Total		1,150,689		1,252,000

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


Details (*)	March 31, 2024		December 31, 2023
Domestic		6,004,662		5,804,919
Foreign		639,024		636,820

Total		6,643,686		6,441,739

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

(5)	Information about major customers

The Group does not have any single customer that generates 10% or more of the Group’s total revenue for the three-month periods ended March 31, 2024 and 2023.

- 49 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

6.	STATEMENTS OF CASH FLOWS

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


	March 31, 2024		December 31, 2023
Cash		1,696,020		1,464,606
Foreign currencies		683,199		715,495
Demand deposits		29,297,442		28,248,420
Fixed deposits		257,623		128,097

Total		31,934,284		30,556,618

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


	Counterparty	March 31, 2024		Reason of restriction
Due from banks in local currency:
Due from BOK	BOK		13,245,251	Reserve deposits under the BOK Act

Due from banks in foreign currencies:
Due from banks on demand	Bank of Japan and others		1,043,298	Reserve deposits etc.

Total			14,288,549


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

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

Total			14,377,937

- 50 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

7.	FINANCIAL ASSETS AT FVTPL

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


	March 31, 2024		December 31, 2023
Financial assets at fair value through profit or loss		23,192,488		21,544,756

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


	March 31, 2024		December 31, 2023
Deposits:
Gold banking asset		42,753		39,241
Securities:
Debt securities
Korean treasury and government agencies		4,475,941		4,310,612
Financial institutions		627,658		778,832
Corporates		570,039		433,488
Securities loaned		331,178		625,398
Others		262,167		158,908
Equity securities		402,546		421,989
Capital contributions		2,530,232		2,459,646
Beneficiary certificates		5,630,319		5,509,915
Others		182,378		181,691

Sub-total		15,012,458		14,880,479

Loans		910,939		782,716
Derivatives assets		7,180,459		5,798,329
Other financial assets		45,879		43,991

Total		23,192,488		21,544,756

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

- 51 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

8.	FINANCIAL ASSETS AT FVTOCI

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


	March 31, 2024		December 31, 2023
Debt securities:
Korean treasury and government agencies		6,402,095		5,728,241
Financial institutions		18,092,578		20,885,924
Corporates		3,999,603		3,994,432
Bond denominated in foreign currencies		5,854,561		5,493,295
Securities loaned		414,257		592,219

Sub-total		34,763,094		36,694,111

Equity securities		1,122,576		1,197,384
Loans		101,531		—

Total		35,987,201		37,891,495

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


Purpose of acquisition	March 31, 2024		December 31, 2023		Remarks
Investment for strategic business partnership purpose		951,010		1,039,203
Debt-equity swap		171,560		158,175
Others		6		6	Insurance for mutual aid association, etc.

Total		1,122,576		1,197,384

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

Loss allowance


	For the three-month period ended March 31, 2024
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(27,379	)		—		—		(27,379	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Reversal of loss allowance		259			—		—		259
Disposal		998			—		—		998
Others (*)		27			—		—		27

Ending balance		(26,095	)		—		—		(26,095	)

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


	For the three-month period ended March 31, 2023
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(11,805	)		—		—		(11,805	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Provision of loss allowance		(413	)		—		—		(413	)
Disposal		49			—		—		49
Others (*)		(101	)		—		—		(101	)

Ending balance		(12,270	)		—		—		(12,270	)

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

- 52 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

Gross carrying amount


	For the three-month period ended March 31, 2024
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		36,694,111			—		—		36,694,111
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Acquisition		4,874,159			—		—		4,874,159
Disposal / Recovery		(6,946,499	)		—		—		(6,946,499	)
Gain (loss) on valuation		(25,817	)		—		—		(25,817	)
Amortization based on effective interest method		34,175			—		—		34,175
Others (*)		234,496			—		—		234,496

Ending balance		34,864,625			—		—		34,864,625

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


	For the three-month period ended March 31, 2023
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		32,145,758			—		—		32,145,758
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Acquisition		5,146,596			—		—		5,146,596
Disposal / Recovery		(5,210,330	)		—		—		(5,210,330	)
Gain (loss) on valuation		321,670			—		—		321,670
Amortization based on effective interest method		39,526			—		—		39,526
Others (*)		258,235			—		—		258,235

Ending balance		32,701,455			—		—		32,701,455

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

(4)

During three-month periods ended March 31, 2024 and 2023, the Group sold its equity securities., designated as financial assets at FVTOCI in accordance with decision of disposal by the creditors, and the fair values at disposal dates were 1,382 million Won and 1,531 million Won respectively, and cumulative gains at disposal dates were 667 million Won and 197 million Won.

- 53 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

9.	SECURITIES AT AMORTIZED COST

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


	March 31, 2024			December 31, 2023
Korean treasury and government agencies		7,940,187			8,143,585
Financial institutions		6,630,968			6,660,465
Corporates		7,145,612			7,235,202
Bond denominated in foreign currencies		1,426,344			1,970,861
Allowance for credit losses		(13,449	)		(13,941	)

Total		23,129,662			23,996,172

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

Loss allowance


	For the three-month period ended March 31, 2024
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(13,941	)		—		—		(13,941	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Net provision of loss allowance		528			—		—		528
Others (*)		(36	)		—		—		(36	)

Ending balance		(13,449	)		—		—		(13,449	)

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


	For the three-month period ended March 31, 2023
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(8,385	)		—		—		(8,385	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Net provision of loss allowance		124			—		—		124
Others (*)		(14	)		—		—		(14	)

Ending balance		(8,275	)		—		—		(8,275	)

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

- 54 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

Gross carrying amount


	For the three-month period ended March 31, 2024
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		24,010,113			—		—		24,010,113
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Acquisition		259,142			—		—		259,142
Disposal / Recovery		(1,202,353	)		—		—		(1,202,353	)
Amortization based on effective interest method		23,051			—		—		23,051
Others (*)		53,158			—		—		53,158

Ending balance		23,143,111			—		—		23,143,111

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


	For the three-month period ended March 31, 2023
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		28,276,901			—		—		28,276,901
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Acquisition		1,651,900			—		—		1,651,900
Disposal / Recovery		(2,774,733	)		—		—		(2,774,733	)
Amortization based on effective interest method		55,903			—		—		55,903
Others (*)		82,829			—		—		82,829

Ending balance		27,292,800			—		—		27,292,800

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

- 55 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

10.	LOANS AND OTHER FINANCIAL ASSETS AT AMORTIZED COST

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


	March 31, 2024		December 31, 2023
Due from banks		2,150,620		1,950,573
Loans		362,422,232		358,577,179
Other financial assets		14,875,936		12,620,396

Total		379,448,788		373,148,148

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


	March 31, 2024			December 31, 2023
Due from banks in local currency:
Due from depository banks		135,074			108,344
Due from non-depository institutions		312			136
Due from the Korea Exchange		1,659			68
Others		201,078			135,390
Loss allowance		(54	)		(59	)

Sub-total		338,069			243,879

Due from banks in foreign currencies:
Due from banks on demand		232,792			221,292
Due from banks on time		270,749			366,117
Others		1,324,607			1,135,072
Loss allowance		(15,597	)		(15,787	)

Sub-total		1,812,551			1,706,694

Total		2,150,620			1,950,573

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


	Counterparty	March 31, 2024		Reason of restriction
Due from banks in local currency:
Due from KSFC	Korea Securities Finance Corp.		1,659	Reserve requirement for custormer deposits
Others	Korea Federation of Savings Bank and others		127,355	Domestic currency exchange and collateral related to promissory notes and others

	Sub-total		129,014

Due from banks in foreign currencies:
Due from banks on demand	National Bank of Cambodia and others		227,084	Reserve deposits and others
Due from banks on time	National Bank of Cambodia		269	Usage deposits for fund settlement system
Others	People’s Bank of China and others		1,166,734	Reserve deposits and others

	Sub-total		1,394,087

	Total		1,523,101

- 56 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


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

	Sub-total		130,042

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

	Sub-total		1,278,598

	Total		1,408,640

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

Allowance for credit losses


	For the three-month period ended March 31, 2024
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(15,846	)		—		—		(15,846	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Provision for allowance for credit loss		(191	)		—		—		(191	)
Others (*)		386			—		—		386

Ending balance		(15,651	)		—		—		(15,651	)

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


	For the three-month period ended March 31, 2023
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(12,317	)		—		—		(12,317	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Provision for allowance for credit loss		(1,261	)		—		—		(1,261	)
Others (*)		41			—		—		41

Ending balance		(13,537	)		—		—		(13,537	)

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

- 57 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

Gross carrying amount


	For the three-month period ended March 31, 2024
	Stage 1		Stage 2		Stage 3		Total
Beginning balance		1,966,419		—		—		1,966,419
Transfer to 12-month expected credit losses		—		—		—		—
Transfer to lifetime expected credit losses		—		—		—		—
Transfer to credit-impaired financial assets		—		—		—		—
Net decrease		174,051		—		—		174,051
Others (*)		25,801		—		—		25,801

Ending balance		2,166,271		—		—		2,166,271

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


	For the three-month period ended March 31, 2023
	Stage 1		Stage 2		Stage 3		Total
Beginning balance		3,006,989		—		—		3,006,989
Transfer to 12-month expected credit losses		—		—		—		—
Transfer to lifetime expected credit losses		—		—		—		—
Transfer to credit-impaired financial assets		—		—		—		—
Net increase(decrease)		824,898		—		—		824,898
Changes due to business combinations		113,000		—		—		113,000
Others (*)		30,050		—		—		30,050

Ending balance		3,974,937		—		—		3,974,937

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

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


	March 31, 2024			December 31, 2023
Loans in local currency		301,264,149			298,157,823
Loans in foreign currencies		30,583,859			28,585,389
Domestic banker’s usance		2,791,494			2,726,633
Credit card accounts		11,778,354			12,531,620
Bills bought in foreign currencies		4,192,738			4,215,956
Bills bought in local currency		349,789			496,148
Factoring receivables		7,644			8,712
Advances for customers on guarantees		11,155			9,996
Private placement bonds		629,595			688,437
Securitized loans		3,457,274			3,203,135
Call loans		4,023,381			2,719,546
Bonds purchased under resale agreements		1,589,733			3,356,392
Financial lease receivables		1,310,177			1,362,279
Installment financial bond		2,684,944			2,635,720
Others		121			119
Loan origination costs and fees		867,658			865,694
Discounted present value		(8,185	)		(11,360	)
Allowance for credit losses		(3,111,648	)		(2,975,060	)

Total		362,422,232			358,577,179

- 58 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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


	For the three-month period ended March 31, 2024
	Consumers									Corporates
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		(196,845	)		(134,002	)		(220,845	)		(947,688	)		(762,644	)		(363,703	)		(89	)
Transfer to 12-month expected credit losses		(20,899	)		20,190			709			(31,184	)		31,163			21			—
Transfer to lifetime expected credit losses		13,414			(15,887	)		2,473			17,149			(21,905	)		4,756			—
Transfer to credit-impaired financial assets		4,688			26,756			(31,444	)		12,436			43,654			(56,090	)		—
Net reversal(provision) of allowance for credit losses		649			(32,795	)		(85,999	)		(18,137	)		(15,103	)		(111,271	)		(198	)
Recovery		—			—			(18,930	)		—			—			(11,421	)		—
Charge-off		—			—			67,489			—			—			36,051			—
Disposal		—			200			10,143			17			1,654			37,508			88
Interest income from impaired loans		—			—			3,706			—			—			5,428			—
Others		(744	)		103			9,291			1,874			82			(1,026	)		—

Ending balance		(199,737	)		(135,435	)		(263,407	)		(965,533	)		(723,099	)		(459,747	)		(199	)


	For the three-month period ended March 31, 2024
	Credit card accounts									Total
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		(97,734	)		(118,112	)		(133,398	)		(1,242,267	)		(1,014,758	)		(717,946	)		(89	)
Transfer to 12-month expected credit losses		(20,818	)		20,744			74			(72,901	)		72,097			804			—
Transfer to lifetime expected credit losses		7,951			(8,677	)		726			38,514			(46,469	)		7,955			—
Transfer to credit-impaired financial assets		1,398			24,665			(26,063	)		18,522			95,075			(113,597	)		—
Net reversal(provision) of allowance for credit losses		11,303			(34,259	)		(74,350	)		(6,185	)		(82,157	)		(271,620	)		(198	)
Recovery		—			—			(7,040	)		—			—			(37,391	)		—
Charge-off		—			—			82,732			—			—			186,272			—
Disposal		—			—			6,367			17			1,854			54,018			88
Interest income from impaired loans		—			—			—			—			—			9,134			—
Others		—			—			—			1,130			185			8,265			—

Ending balance		(97,900	)		(115,639	)		(150,952	)		(1,263,170	)		(974,173	)		(874,106	)		(199	)

- 59 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


	For the three-month period ended March 31, 2023
	Consumers									Corporates
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		(147,876	)		(128,089	)		(241,942	)		(453,621	)		(818,234	)		(241,465	)		(27	)
Transfer to 12-month expected credit losses		(19,222	)		18,692			530			(23,792	)		22,869			923			—
Transfer to lifetime expected credit losses		10,096			(12,547	)		2,451			9,051			(17,468	)		8,417			—
Transfer to credit-impaired financial assets		4,764			30,872			(35,636	)		2,376			26,939			(29,315	)		—
Net reversal(provision) of allowance for credit losses		804			(35,511	)		(40,884	)		(49,915	)		(29,597	)		(24,524	)		(190	)
Recovery		—			—			(15,571	)		—			—			(23,918	)		73
Charge-off		—			—			52,951			—			—			52,880			—
Disposal		—			—			20,939			236			—			24,364			—
Interest income from impaired loans		—			—			4,847			—			—			3,892			—
Changes due to business combinations		(868	)		—			—			—			—			—			—
Others		(720	)		(89	)		603			1,812			(2,072	)		162			—

Ending balance		(153,022	)		(126,672	)		(251,712	)		(513,853	)		(817,563	)		(228,584	)		(144	)


	For the three-month period ended March 31, 2023
	Credit card receivables									Total
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		(71,139	)		(127,814	)		(103,946	)		(672,636	)		(1,074,137	)		(587,353	)		(27	)
Transfer to 12-month expected credit losses		(22,535	)		22,509			26			(65,549	)		64,070			1,479			—
Transfer to lifetime expected credit losses		6,269			(6,753	)		484			25,416			(36,768	)		11,352			—
Transfer to credit-impaired financial assets		1,447			28,022			(29,469	)		8,587			85,833			(94,420	)		—
Net reversal(provision) of allowance for credit losses		9,828			(26,278	)		(62,211	)		(39,283	)		(91,386	)		(127,619	)		(190	)
Recovery		—			—			(10,928	)		—			—			(50,417	)		73
Charge-off		—			—			73,598			—			—			179,429			—
Disposal		—			—			19,939			236			—			65,242			—
Interest income from impaired loans		—			—			—			—			—			8,739			—
Changes due to business combinations		—			—			—			(868	)		—			—			—
Others		(1,315	)		—			—			(223	)		(2,161	)		765			—

Ending balance		(77,445	)		(110,314	)		(112,507	)		(744,320	)		(1,054,549	)		(592,803	)		(144	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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


	For the three-month period ended March 31, 2024
	Consumers									Corporates
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		132,812,981			14,714,396			642,086			188,612,028			10,621,387			856,844			768,487
Transfer to 12-month expected credit losses		3,207,910			(3,202,688	)		(5,222	)		1,219,158			(1,219,084	)		(74	)		—
Transfer to lifetime expected credit losses		(4,374,213	)		4,401,063			(26,850	)		(1,373,553	)		1,392,914			(19,361	)		—
Transfer to credit-impaired financial assets		(77,277	)		(166,971	)		244,248			(207,727	)		(319,573	)		527,300			—
Charge-off		—			—			(67,489	)		—			—			(36,051	)		—
Disposal		—			(8,912	)		(72,520	)		(82	)		(7,560	)		(162,828	)		(40,077	)
Net increase(decrease)		557,570			(806,580	)		(21,614	)		5,952,431			(619,985	)		(115,410	)		180,297

Ending balance		132,126,971			14,930,308			692,639			194,202,255			9,848,099			1,050,420			908,707


	For the three-month period ended March 31, 2024
	Credit card accounts									Total
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		11,287,068			983,611			253,351			332,712,077			26,319,394			1,752,281			768,487
Transfer to 12-month expected credit losses		227,107			(227,000	)		(107	)		4,654,175			(4,648,772	)		(5,403	)		—
Transfer to lifetime expected credit losses		(437,044	)		438,077			(1,033	)		(6,184,810	)		6,232,054			(47,244	)		—
Transfer to credit-impaired financial assets		(27,983	)		(68,968	)		96,951			(312,987	)		(555,512	)		868,499			—
Charge-off		—			—			(82,732	)		—			—			(186,272	)		—
Disposal		—			—			(10,707	)		(82	)		(16,472	)		(246,055	)		(40,077	)
Net increase(decrease)		(560,617	)		(118,186	)		22,693			5,949,384			(1,544,751	)		(114,331	)		180,297

Ending balance		10,488,531			1,007,534			278,416			336,817,757			25,785,941			2,021,475			908,707

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


	For the three-month period ended March 31, 2023
	Consumers									Corporates
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		131,328,377			14,020,582			564,057			179,552,435			9,486,297			625,998			313,717
Transfer to 12-month expected credit losses		3,062,883			(3,058,361	)		(4,522	)		1,005,290			(997,018	)		(8,272	)		—
Transfer to lifetime expected credit losses		(3,648,516	)		3,664,599			(16,083	)		(1,298,250	)		1,315,676			(17,426	)		—
Transfer to credit-impaired financial assets		(79,211	)		(156,909	)		236,120			(88,777	)		(183,514	)		272,291			—
Charge-off		—			—			(52,951	)		—			—			(52,880	)		—
Disposal		—			—			(49,790	)		(18,051	)		(1	)		(129,175	)		(33,103	)
Net increase(decrease)		(1,967,424	)		(725,505	)		(25,912	)		(2,506,248	)		(507,958	)		(287,675	)		—
Changes due to business combinations		1,144			—			—			—			—			—			—

Ending balance		128,697,253			13,744,406			650,919			176,646,399			9,113,482			402,861			280,614


	For the three-month period ended March 31, 2023
	Credit card receivables									Total
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		9,115,460			1,066,380			179,410			319,996,272			24,573,259			1,369,465			313,717
Transfer to 12-month expected credit losses		286,477			(286,438	)		(39	)		4,354,650			(4,341,817	)		(12,833	)		—
Transfer to lifetime expected credit losses		(288,079	)		288,757			(678	)		(5,234,845	)		5,269,032			(34,187	)		—
Transfer to credit-impaired financial assets		(23,219	)		(78,645	)		101,864			(191,207	)		(419,068	)		610,275			—
Charge-off		—			—			(73,598	)		—			—			(179,429	)		—
Disposal		—			—			(42,232	)		(18,051	)		(1	)		(221,197	)		(33,103	)
Net increase(decrease)		72,290			(97,169	)		27,018			(4,401,382	)		(1,330,632	)		(286,569	)		—
Changes due to business combinations		—			—			—			1,144			—			—			—

Ending balance		9,162,929			892,885			191,745			314,506,581			23,750,773			1,245,525			280,614

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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


	March 31, 2024			December 31, 2023
Cash Management Account asset (CMA asset)		106,000			91,000
Receivables		11,331,445			9,061,936
Accrued income		2,068,992			1,972,330
Telex and telephone subscription rights and refundable deposits		835,585			793,510
Domestic exchange settlement debit		272,757			446,570
Other assets		422,121			411,330
Allowance for credit losses		(160,964	)		(156,280	)

Total		14,875,936			12,620,396

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


	For the three-month period ended March 31, 2024
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		(9,019	)		(17,062	)		(130,199	)		(156,280	)
Transfer to 12-month expected credit losses		(355	)		343			12			—
Transfer to lifetime expected credit losses		208			(255	)		47			—
Transfer to credit-impaired financial assets		108			1,808			(1,916	)		—
Reversal (provision) of loss allowance		453			(3,217	)		(314	)		(3,078	)
Charge-off		—			—			605			605
Disposal		—			—			592			592
Others		1,587			(2	)		(4,388	)		(2,803	)

Ending balance		(7,018	)		(18,385	)		(135,561	)		(160,964	)


	For the three-month period ended March 31, 2023
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		(4,178	)		(9,133	)		(125,869	)		(139,180	)
Transfer to 12-month expected credit losses		(271	)		259			12			—
Transfer to lifetime expected credit losses		158			(202	)		44			—
Transfer to credit-impaired financial assets		121			1,644			(1,844	)		(79	)
Reversal (provision) of loss allowance		(91	)		(2,543	)		(26	)		(2,660	)
Charge-off		—			—			313			313
Disposal		—			—			388			388
Changes due to business combinations		(1,611	)		—			—			(1,611	)
Others		(43	)		(1	)		(54	)		(98	)

Ending balance		(5,915	)		(9,976	)		(127,036	)		(142,927	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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


	For the three-month period ended March 31, 2024
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		12,510,625			111,898			154,153			12,776,676
Transfer to 12-month expected credit losses		12,937			(12,925	)		(12	)		—
Transfer to lifetime expected credit losses		(19,124	)		19,196			(72	)		—
Transfer to credit-impaired financial assets		(3,244	)		(9,197	)		12,441			—
Charge-off		—			—			(605	)		(605	)
Disposal		—			(3	)		(630	)		(633	)
Net increase (decrease)		2,249,270			9,699			2,493			2,261,462

Ending balance		14,750,464			118,668			167,768			15,036,900


	For the three-month period ended March 31, 2023
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		8,886,721			21,454			78,502			8,986,677
Transfer to 12-month expected credit losses		11,239			(11,226	)		(13	)		—
Transfer to lifetime expected credit losses		(13,781	)		13,825			(44	)		—
Transfer to credit-impaired financial assets		(884	)		(4,728	)		5,812			200
Charge-off		—			—			(313	)		(313	)
Disposal		—			—			(375	)		(375	)
Net increase (decrease)		4,682,662			93,868			169,176			4,945,706
Changes due to business combinations		13,240			—			—			13,240

Ending balance		13,579,197			113,193			252,745			13,945,135

- 64 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

11.	FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

(1)	The fair value hierarchy

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

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

•

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

•

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

•

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

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

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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


	March 31, 2024
	Level 1 (*)		Level 2 (*)		Level 3		Total
Financial assets:
Financial assets at FVTPL
Deposits		42,753		—		—		42,753
Debt securities		4,357,092		1,902,081		7,810		6,266,983
Equity securities		38,168		—		364,378		402,546
Capital contributions		—		—		2,530,232		2,530,232
Beneficiary certificates		169,330		3,605,899		1,855,090		5,630,319
Loans		—		858,658		52,281		910,939
Derivative assets		3,849		7,117,995		58,615		7,180,459
Other financial assets in foreign currency		—		—		44,296		44,296
Others		—		—		183,961		183,961

Sub-total		4,611,192		13,484,633		5,096,663		23,192,488

Financial assets at FVTOCI
Debt securities		13,482,585		21,280,509		—		34,763,094
Equity securities		595,926		—		526,650		1,122,576
Loans		—		—		101,531		101,531

Sub-total		14,078,511		21,280,509		628,181		35,987,201

Derivative assets (designated for hedging)		—		62,837		—		62,837

Total		18,689,703		34,827,979		5,724,844		59,242,526

Financial liabilities:
Financial liabilities at FVTPL
Deposits due to customers		42,886		—		—		42,886
Derivative liabilities		2,634		7,008,816		4,836		7,016,286
Securities sold		219,218		—		—		219,218

Sub-total		264,738		7,008,816		4,836		7,278,390

Financial liabilities designated to be measured at FVTPL
Deposits due to customers		—		169,839		—		169,839

Derivative liabilities (designated for hedging)		—		185,554		—		185,554

Total		264,738		7,364,209		4,836		7,633,783

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

- 66 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


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

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

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

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

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

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

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

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

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

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

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

- 67 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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

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

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


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

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


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

- 68 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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


			March 31, 2024
	Fair value measurement technique	Type	Significant unobservable inputs	Range	Impact of changes in significant unobservable inputs on fair value measurement
Loans	DCF model and others		Discount rate	2.15%~6.72%	Fair value increases as discount rate decreases.
Loans	LMSC(Hull-White)		Volatility	17.83%~26.16%	Fair value increases as volatility increases.
Derivative assets	Option valuation model and others	Equity related	Correlation coefficient	0.32~0.68	Variation of fair value increases as correlation coefficient increases.
Derivative liabilities	Option valuation model and others	Equity related	Correlation coefficient	0.32~0.68	Variation of fair value increases as correlation coefficient increases.
Equity securities, capital contributions, and Beneficiary certificates	Binomial Tree		Discount rate	3.58%	Fair value increases as discount rate decreases.
			Stock prices, Volatility of underlying asset	26.87%~76.22%	Variation of fair value increases as volatility of underlying asset and stock price increases.
	T-F model		Discount rate	6.98%	Fair value increases as discount rate decreases.
			Volatility of stock	34.60%	Variation of fair value increases as volatility increases.
	DCF model and others		Discount rate	5.12%~21.07%	Fair value increases as discount rate decreases.
			Terminal growth rate	0.00%~2.00%	Fair value increases as terminal growth rate increases.
			Liquidation value	-1.00%~1.00%	Fair value increases as liquidation value increases.
	LMSC(Hull-White)		Volatility	17.32%~17.67%	Fair value increases as volatility increases.
Others	Binomial Tree		Stock prices, Volatility of underlying asset	19.35%~68.48%	Variation of fair value increases as volatility of underlying asset and stock price increases.
	DCF model and others		Discount rate	11.03%	Fair value increases as discount rate decreases.
			Terminal growth rate	0.00%	Fair value increases as terminal growth rate increases.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


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

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

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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


	For the three-month period ended March 31, 2024
	Beginning balance		Net income (loss) (*1)			Other comprehensive income			Purchases/ issuances		Disposals / settlements			Transfer to or out of Level 3 (*2)			Ending balance
Financial assets:
Financial assets at FVTPL
Debt securities		4,230		3,580			—			—		—			—			7,810
Equity securities		353,279		(3,997	)		—			13,222		(73	)		1,947			364,378
Capital contributions		2,459,646		20,283			—			108,522		(58,219	)		—			2,530,232
Beneficiary certificates		1,705,965		14,392			—			92,946		47,808			(6,021	)		1,855,090
Loans		56,002		47			—			178,807		(182,575	)		—			52,281
Derivative assets		129,138		1,462			—			—		(71,985	)		—			58,615
Other foreign currency financial assets		42,408		1,888			—			—		—			—			44,296
Others		183,274		1,687			—			—		(1,000	)		—			183,961

Sub-total		4,933,942		39,342			—			393,497		(266,044	)		(4,074	)		5,096,663

Financial assets at FVTOCI
Equity securities		548,164		—			(21,588	)		74		—			—			526,650
Loans		—		—			(18	)		193,450		(91,901	)		—			101,531

Sub-total		548,164		—			(21,606	)		193,524		(91,901	)		—			628,181

Total		5,482,106		39,342			(21,606	)		587,021		(357,945	)		(4,074	)		5,724,844

Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities		1,994		3,383			—			—		(541	)		—			4,836

Total		1,994		3,383			—			—		(541	)		—			4,836

(*1)

For financial liabilities, positive numbers represent losses that increase balance and negative numbers represent gains that decrease balance. The gain amounting to 24,719 million Won for the year ended March 31, 2024, which is from financial assets and liabilities that the Group holds as at the end of the year.

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

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


	For the three-month period ended March 31, 2023
	Beginning balance		Business combination		Net income (loss) (*1)			Other comprehensive income			Purchases/ issuances		Disposals / settlements			Transfer to or out of Level 3 (*2)			Ending balance
Financial assets:
Financial assets at FVTPL
Debt securities		1,078		—		6			—			—		—			—			1,084
Equity securities		307,851		8,604		1,747			—			7,279		(73	)		—			325,408
Capital contributions		1,976,474		10,446		27,111			—			112,085		(103,292	)		—			2,022,824
Beneficiary certificates		1,458,776		—		30,505			—			34,795		10,022			—			1,534,098
Loans		104,505		—		519			—			309,485		(339,648	)		—			74,861
Derivative assets		93,970		—		(34,421	)		—			71		(3,250	)		—			56,370
Other foreign currency financial assets		41,679		—		1,200			—			—		—			—			42,879
Others		144,840		—		5,232			—			5,999		(996	)		—			155,075

Sub-total		4,129,173		19,050		31,899			—			469,714		(437,237	)		—			4,212,599

Financial assets at FVTOCI
Equity securities		557,065		—		—			(7,586	)		137		(2,087	)		(23	)		547,506
Loans		—		—		—			—			39,698		—			—			39,698
Sub-total		557,065		—		—			(7,586	)		39,835		(2,087	)		(23	)		587,204

Total		4,686,238		19,050		31,899			(7,586	)		509,549		(439,324	)		(23	)		4,799,803

Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities		9,449		—		7,721			—			71		(8,776	)		—			8,465

Total		9,449		—		7,721			—			71		(8,776	)		—			8,465

(*1)

For financial liabilities, positive numbers represent losses that increase balance and negative numbers represent gains that decrease balance. The gain amounting to 82,899 million Won for the three- month period ended March 31, 2023, which is from financial assets and liabilities that the Group holds as at the end of the year.

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

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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

The sensitivity analysis of the financial instruments has been performed by classifying with favorable and unfavorable changes based on how changes in unobservable assumptions would have effects on the fluctuations of financial instruments’ value. When the fair value of a financial instrument is affected by more than one unobservable assumption, the below table reflects the most favorable or the most unfavorable changes which resulted from varying the assumptions individually. The sensitivity analysis was performed for two types of level 3 financial instruments: (1) interest rate related derivatives, currency related derivatives, equity related derivatives, equity-linked securities beneficiary certificates and loans of which fair value changes are recognized as net income; (2) equity securities of which fair value changes are recognized as other comprehensive income.

Meanwhile, among the financial instruments that are classified as Level 3 amounting to 5,729,679 million Won and 5,484,098 million Won as of March 31, 2024 and December 31, 2023, respectively, equity instruments of 4,492,401 million Won and 4,704,747 million Won whose carrying amount are considered to represent the reasonable approximation of fair value are excluded from the sensitivity analysis.

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


	March 31, 2024
	Net income (loss)					Other comprehensive income (loss)
	Favorable		Unfavorable			Favorable		Unfavorable
Financial assets:
Financial assets at FVTPL
Derivative assets (*1)		52		(45	)		—		—
Loans (*2)		241		(238	)		—		—
Debt securities (*3)		636		(640	)		—		—
Equity securities (4) (5) (*6)		9,595		(7,901	)		—		—
Beneficiary certificates (*6)		722		(722	)		—		—
Others (*4)		3,857		(3,698	)		—		—
Financial assets at FVTOCI
Equity securities (5) (6) (*7)		—		—			23,717		(19,459	)

Total		15,103		(13,244	)		23,717		(19,459	)

Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities (*1)		33		(14	)		—		—

Total		33		(14	)		—		—

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

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

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

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

(*5)	Fair value changes of equity securities are calculated by increasing or decreasing terminal growth rate (-0.5%p~0.5%p) and discount rate (-1%p~1%p) or liquidation value (-1%p~1%p), which are major unobservable variables.

(*6)

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

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

- 73 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


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

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

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

Total		10		(7	)		—		—

(*1)

Fair value changes of equity related derivatives assets and liabilities and equity-linked securities are calculated by increasing or decreasing historical volatility of the stock price and correlation, which are major unobservable variables, by 10%, respectively. In the case of interest rate related derivative assets and liabilities, fair value changes are calculated by increasing or decreasing the volatility of interest rate, which are major unobservable variables, by 10%.

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

(*3)	Fair value changes of equity securities are calculated by increasing or decreasing terminal growth rate (-0.5%~0.5%) and discount rate (-1~1%) or liquidation value (-1~1%). The growth rate, discount rate, and liquidation value are major unobservable variables.

(*4)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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


	March 31, 2024
	Fair value								Carrying amount
	Level 1		Level 2		Level 3		Total		Carrying amount
Financial assets:
Securities at amortized cost		1,859,630		20,939,032		—		22,798,662		23,129,662
Loans and other financial assets at amortized cost		—		12,821,093		371,946,345		384,767,438		379,448,788
Financial liabilities:
Deposits due to customers		—		358,707,834		—		358,707,834		355,053,538
Borrowings		—		28,644,950		1,521,722		30,166,672		30,162,465
Debentures		—		41,477,602		—		41,477,602		41,695,718
Other financial liabilities (*)		—		32,144,582		1,254,463		33,399,045		33,887,430

(*)	Lease liabilities are excluded as of March 31, 2024.


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

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

The fair values of financial instruments are measured using quoted market price in active markets. In case there is no active market for financial instruments, the Group determines the fair value by using valuation methods. Valuation methods and input variables for financial assets and liabilities that are measured at amortized cost are given as follows:


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

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

Deposits due to customers, borrowings, debentures and other financial liabilities	The fair value is measured by discounting the projected cash flows of debt products by applying the market discount rate that is reflecting credit rating of the Group.	Risk-free market rate, credit spread and forward rate

- 75 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

(6)	Financial instruments by category

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


	March 31, 2024
Financial assets	Financial assets at FVTPL		Financial assets at FVTOCI		Financial assets at amortized cost		Derivatives assets (designated for hedging)		Total
Deposits		42,753		—		2,150,620		—		2,193,373
Securities		15,012,458		35,885,670		23,129,662		—		74,027,790
Loans		910,939		101,531		362,422,232		—		363,434,702
Derivative assets		7,180,459		—		—		62,837		7,243,296
Other financial assets		45,879		—		14,875,936		—		14,921,815

Total		23,192,488		35,987,201		402,578,450		62,837		461,820,976


	March 31, 2024
Financial liabilities	Financial liabilities at FVTPL		Financial liabilities designated to be measured at FVTPL		Financial liabilities at amortized cost		Derivatives liabilities (designated for hedging)		Total
Deposits due to customers		42,886		169,839		355,053,538		—		355,266,263
Borrowings		219,218		—		30,162,465		—		30,381,683
Debentures		—		—		41,695,718		—		41,695,718
Derivative liabilities		7,016,286		—		—		185,554		7,201,840
Other financial liabilities (*)		—		—		33,887,430		—		33,887,430

Total		7,278,390		169,839		460,799,151		185,554		468,432,934

(*)	Lease liabilities are excluded as of March 31, 2024.


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

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


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

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

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

- 76 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

(7)	Income or expense from financial instruments by category

Income or expense from financial assets and liabilities by each category during the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31, 2024
	Interest income (expense)			Fees and commissions income (expense)		Reversal (provision) of credit loss			Gain or loss on transactions and valuation			Dividends, etc.		Total
Financial instruments at FVTPL		57,653			611		—			516,052			54,365		628,681
Financial instruments designated to be measured at FVTPL (*)		(1,179	)		—		—			(445	)		—		(1,624	)
Financial assets at FVTOCI		304,500			402		259			20,476			12,417		338,054
Securities at amortized cost		174,404			—		528			—			—		174,932
Loans and other financial assets at amortized cost		4,932,944			135,630		(363,428	)		46,119			—		4,751,265
Financial liabilities at amortized cost		(3,266,923	)		37		—			—			—		(3,266,886	)
Net derivatives (designated for hedging)		—			—		—			34,414			—		34,414

Total		2,201,399			136,680		(362,641	)		616,616			66,782		2,658,836

(*)	The amounts recognized in profit or loss and other comprehensive income related to financial liabilities designated to be measured at FVTPL are 446 million Won during the three-month periods ended March 31, 2024.


	For the three-month period ended March 31, 2023
	Interest Income (expense)			Fees and Commissions Income (expense)			Reversal (provision) of credit loss			Gain or loss on transactions and valuation		Dividends, etc.		Total
Financial instruments at FVTPL		43,975			(9	)		—			238,498		37,765		320,229
Financial assets at FVTOCI		208,248			217			(413	)		331		11,315		219,698
Securities at amortized cost		205,206			—			124			—		—		205,330
Loans and other financial assets at amortized cost		4,471,709			144,288			(262,400	)		64,306		—		4,417,903
Financial liabilities at amortized cost		(2,707,657	)		365			—			—		—		(2,707,292	)
Net derivatives (designated for hedging)		—			—			—			41,905		—		41,905

Total		2,221,481			144,861			(262,689	)		345,040		49,080		2,497,773

- 77 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

12.	INVESTMENTS IN JOINT VENTURES AND ASSOCIATES

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


		Percentage of ownership (%)
Joint ventures and associates	Main business	March 31, 2024	December 31, 2023		Location	Financial statements as of
Woori Bank
W Service Networks Co., Ltd. (1) (4)	Freight & staffing services	4.9		4.9	Korea		2024-02-29
Korea Credit Bureau Co., Ltd. (*2)	Credit information	9.9		9.9	Korea		2024-03-31
Korea Finance Security Co., Ltd. (2) (4)	Security service	15.0		15.0	Korea		2024-02-29
Wongwang Co., Ltd. (*3)	Wholesale and real estate	29.0		29.0	Korea		—
Sejin Construction Co., Ltd. (*3)	Construction	29.6		29.6	Korea		—
ARES-TECH Co., Ltd. (*3)	Electronic component manufacturing	23.4		23.4	Korea		—
Beomgyo.,Ltd. (*3)	Telecommunication equipment retail sales	23.1		23.1	Korea		—
NK Eng Co., Ltd. (*3)	Manufacturing	23.1		23.1	Korea		—
K BANK Co., Ltd. (2) (4)	Finance	12.6		12.6	Korea		2024-02-29
Partner One Value Up I Private Equity Fund	Other financial services	23.3		23.3	Korea		2024-03-31
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership	Other financial services	20.0		20.0	Korea		2024-03-31
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund	Other financial services	25.0		25.0	Korea		2024-03-31
LOTTE CARD Co., Ltd. (*4)	Credit card and installment financing	20.0		20.0	Korea		2023-12-31
Union Technology Finance Investment Association	Other financial services	29.7		29.7	Korea		2024-03-31
Dicustody Co., Ltd.(*2)	Other information technology and computer operation related services	1.0		1.0	Korea		2024-03-31
Orient Shipyard Co., Ltd. (*4)	Manufacture of sections for ships	22.7		22.7	Korea		2024-03-31
Joongang Network Solution Co.,Ltd. (*4)	Other information technology and computer operation related services	25.3		25.3	Korea		2023-12-31
Win Mortgage Co.,LTd. (1) (4)	Other financial services	4.5		4.5	Korea		2023-12-31
Together-Korea Government Private Pool Private Securities Investment Trust No. 3	Other financial services	100.0		100.0	Korea		2024-03-31
BTS 2nd Private Equity Fund	Other financial services	20.0		20.0	Korea		2024-03-31
STASSETS FUND III	Other financial services	28.3		28.3	Korea		2024-03-31
SF CREDIT PARTNERS, LLC(*2)	Other financial services	10.0		10.0	Korea		2024-03-31
Woori Bank (*5)
Japanese Hotel Real Estate Private Equity Fund No.2	Other financial services	19.9		19.9	Korea		2024-03-31
Woori Seoul Beltway Private Special Asset Fund No.1	Trust and collective investment	25.0		25.0	Korea		2024-03-31

- 78 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


		Percentage of ownership (%)
Joint ventures and associates	Main business	March 31, 2024	December 31, 2023		Location	Financial statements as of
Woori General Private Securities Investment Trust(Bond) No.1 (*7)	Collective investment business	—		25.0	Korea		—
Woori Short-term Bond Securities Investment Trust(Bond) ClassC-F	Collective investment business	10.8		15.0	Korea		2024-03-31
Woori Safe Plus General Type Private Investment Trust S-8(Bond)	Collective investment business	8.8		9.1	Korea		2024-03-31
Woori General Private Securities Investment Trust(Bond) No.2	Collective investment business	27.3		27.3	Korea		2024-03-31
Woori Smart General Private Equity Investment Trust 1(bond)	Collective investment business	28.6		28.6	Korea		2024-03-31
Woori General Private Securities Investment Trust(Bond) No.3	Collective investment business	29.3		27.8	Korea		2024-03-31
Woori Asset Global Partnership Fund No. 5	Collective investment business	57.7		57.7	Korea		2024-03-31
Woori Short Term Government and Special Bank Bond Active ETF	Collective investment business	20.6		20.8	Korea		2024-03-31
Woori 25-09 Corporate Bond(AA- or higher) Active ETF	Collective investment business	28.9		29.3	Korea		2024-03-31
Woori General Private Securities Investment Trust No. 5 (bond) (*11)	Collective investment business	28.6		—	Korea		2024-03-31
Woori Big Satisfaction General Private Securities Investment Trust No. 3 (bond) (*11)	Collective investment business	9.1		—	Korea		2024-03-31
Woori General Private Securities Investment Trust No. 6 (bond) (*11)	Collective investment business	28.6		—	Korea		2024-03-31
Woori Big Satisfaction Corporation MMF No. 1 (Government Bond) (*11)	Collective investment business	3.4		—	Korea		2024-03-31
Woori Financial Capital Co., Ltd.
WOORI TAERIM 1st Fund	Other financial services	25.6		25.6	Korea		2024-03-31
Portone-Cape Fund No.1	Other financial services	20.0		20.0	Korea		2024-03-31
DeepDive WOORI 2022-1 Financial Investment Fund (*6)	Other financial services	11.9		11.9	Korea		2024-03-31
Darwin Green Packaging Private Equity Fund	Other financial services	20.4		20.4	Korea		2024-03-31
Koreawide partners 2nd Private Equity Fund	Other financial services	26.7		26.7	Korea		2024-03-31
Woori Investment Bank Co., Ltd.
Woori FirstValue Private Real Estate Fund No.2	Real estate business	12.0		12.0	Korea		2024-03-31
WooriG Real Infrastructure Blind General Type Private Placement Investment Trust (*7)	Investment trust and discretionary investment business	—		0.1	Korea		—
Woori Asset Management Co. Ltd.
Woori Together TDF 2025(*11)	Collective investment business	28.9		—	Korea		2024-03-31
Woori Together TDF 2030	Collective investment business	27.3		28.0	Korea		2024-03-31
Woori Together OCIO Target Return Feeder fund (Balance Bond) (*7)	Collective investment business	—		20.4	Korea		—

- 79 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


		Percentage of ownership (%)
Joint ventures and associates	Main business	March 31, 2024	December 31, 2023		Location	Financial statements as of
Woori Private Equity Asset Management Co., Ltd.
Australia Green Energy 1st PEF(*2)	Other financial services	4.0		4.0	Korea		2024-03-31
Aarden Woori Apparel 1st Private Equity Fund (*2)	Other financial services	0.5		0.5	Korea		2024-03-31
Woori Dyno 1st Private Equity Fund (*2)	Other financial services	19.6		19.6	Korea		2024-03-31

Woori Venture Partners Co., Ltd.
KTB-KORUS FUND(*8)	Asset Management	37.5		37.5	Korea		2024-03-31
KTB China Platform Fund(*10)	Asset Management	18.7		18.7	Korea		2024-03-31
KTBN Venture Fund No.7(*9)	Asset Management	20.1		20.1	Korea		2024-03-31
KTBN Venture Fund No.8(*9)	Asset Management	21.7		21.7	Korea		2024-03-31
KTBN Digital Contents Korea Fund No.9(*9)	Asset Management	30.0		30.0	Korea		2024-03-31
KTBN Media Contents Fund(*10)	Asset Management	15.0		15.0	Korea		2024-03-31
KTB China Synergy Fund(*10)	Asset Management	15.1		15.1	Korea		2024-03-31
NAVER-KTB Audio Contents Fund(*10)	Asset Management	1.0		1.0	Korea		2024-03-31
KTBN Venture Fund No.13(*10)	Asset Management	19.6		19.6	Korea		2024-03-31
KTBN Future Contents Fund(*10)	Asset Management	13.3		13.3	Korea		2024-03-31
KTBN Venture Fund No.16(*10)	Asset Management	10.3		10.3	Korea		2024-03-31
KTBN Venture Fund No.18(*10)	Asset Management	10.1		10.1	Korea		2024-03-31
KB-KTB Technology Venture Fund(*10)	Asset Management	18.2		18.2	Korea		2024-03-31
Woori 2022 Scaleup Venture Fund	Asset Management	20.0		20.0	Korea		2024-03-31
Woori 2022 Start-up Venture Fund	Asset Management	30.1		30.1	Korea		2024-03-31
KTB-NHN China Private Equity Fund(*8)	Asset Management	33.3		33.3	Korea		2024-03-31
KTBN GI Private Equity Fund(*10)	Asset Management	5.0		5.0	Korea		2024-03-31
Chirochem	Medical material Manufacturing	28.6		28.6	Korea		2024-03-31
Daishin Balance No.18 Special Purpose Acquisition Company (*11)	Other financial services	49.6		—	Korea		2024-03-31
Japanese Hotel Real Estate Private Equity Fund 1
Godo Kaisha Oceanos 1 (*4)	Other financial services	47.8		47.8	Japan		2024-01-31
Woori Japan Private Placement Real Estate Master Investment Trust No.2
Woori Zip 1(*4)	Other financial services	62.4		62.4	Japan		2023-12-31
Woori Zip 2 (*4)	Other financial services	62.7		62.8	Japan		2023-12-31
Woori bank and Woori card Co., Ltd. (*5)
Dongwoo C & C Co., Ltd. (*3)	Construction	24.5		24.5	Korea		—
SJCO Co., Ltd. (*3)	Aggregate transportation and wholesale	28.7		29.8	Korea		—

- 80 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


		Percentage of ownership (%)
Joint ventures and associates	Main business	March 31, 2024	December 31, 2023		Location	Financial statements as of
G2 Collection Co., Ltd. (*3)	Wholesale and retail sales	29.2		29.2	Korea		—
KG Fashion Co., Ltd.(*4)	Manufacturing	20.8		20.8	Korea		2024-02-29
Kyesan Engineering Co., Ltd. (*3)	Construction	23.3		23.3	Korea		—
Good Software Lap Co., Ltd. (*3)	Service	29.4		29.4	Korea		—
DAEA SNC Co., Ltd. (*3)	Wholesale and retail sales	25.5		25.5	Korea		—
PREXCO Co., Ltd. (*3)	Manufacturing	28.1		28.1	Korea		—
JiWon Plating Co., Ltd. (*3)	Plating	20.8		20.8	Korea		—
Youngdong Sea Food Co., Ltd. (*3)	Processed sea food manufacturing	24.5		24.5	Korea		—
KUM HWA Co., Ltd.	Telecommunication equipment retail sales	20.1		20.1	Korea		2024-03-31
Jinmyung Plus Co., Ltd.(*4)	Manufacturing	21.3		21.3	Korea		2023-12-31
Rea Company (*4)	Other financial services	26.1		24.5	Korea		2023-12-31
ARAM CMC Co.,Ltd. (*4)	Other financial services	20.1		20.0	Korea		2024-02-29
Woori bank and Woori Financial Capital Co., Ltd. (*5)
JC Assurance No.2 Private Equity Fund	Other financial services	23.4		23.5	Korea		2024-03-31
Dream Company Growth no.1 PEF	Other financial services	0.0		27.8	Korea		2024-03-31
HMS-Oriens 1st Fund	Other financial services	22.8		22.8			2024-03-31
Woori Senior Loan Private Placement Investment Trust No.1	Collective investment business	21.6		21.7	Korea		2024-03-31
Genesis Eco No.1 Private Equity Fund	Other financial services	29.0		29.0	Korea		2024-03-31
Paratus Woori Material Component Equipment joint venture company	Other financial services	29.9		29.9	Korea		2024-03-31
Midas No. 8 Private Equity Joint Venture Company	Other financial services	28.5		28.5	Korea		2024-03-31
Orchestra Private Equity Fund IV	Other financial services	28.2		28.2	Korea		2024-03-31
Synaptic Green No.1 PEF	Other financial services	21.1		21.1	Korea		2024-03-31
IGEN2023No. 1 Private Equity Fund	Other financial services	24.8		24.8	Korea		2024-03-31
PCC-Woori LP Secondary Fund	Other financial services	38.9		38.9	Korea		2024-03-31
Synaptic Future Growth Private Equity Fund 1	Other financial investment	23.8		23.8	Korea		2024-03-31
Woori Bank and Woori Asset Management Co. Ltd.(*5)
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)	Collective investment business	13.5		14.1	Korea		2024-03-31
Woorinara New Growth TOP 20 Securities Investment Trust No. 1 (Stocks) (*11)	Collective investment business	24.2		—	Korea		2024-03-31
Woori Investment Bank Co., Ltd. and Woori Asset Trust Co., Ltd. (*5)
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2 (*11)	Collective investment business	2.1		—			2024-03-31

- 81 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

Percentage of ownership (%)

Joint ventures and associates

Main business

March 31,

2024

December 31,
2023

Location

Financial
statements as of

Woori Bank and Woori Private Equity Asset Management Co., Ltd. (*5)

Woori-Q Corporate Restructuring Private Equity Fund(*12)

Other financial services

32.4

Korea

2024-03-31

Woori Bank, Woori Financial Capital Co., Ltd., Woori Investment Bank Co., Ltd. and Woori Private Equity Asset Management Co., Ltd. (*5)

Woori-Shinyoung Growth-Cap Private Equity Fund I

Other financial services

35.0

Korea

2024-03-31

NH Woori Newdeal Growth Alpha Private Equity Fund 1

Other financial services

32.7

Korea

2024-03-31

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

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

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

(*4)

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

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

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

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

(*8)	It has been liquidating as of March 31, 2024.

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

(*10)

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

(*11)

It was added to associates in current period.

(*12)

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

- 82 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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


	For the three-month period ended March 31, 2024
	Acquisition cost		January 1, 2024		Share of profits(losses) and others			Acquisition		Disposal/ Reclassification			Dividends			Change in capital			March 31, 2024
W Service Networks Co., Ltd.		108		216		(44	)		—		—			(5	)		—			167
Korea Credit Bureau Co., Ltd.		3,313		6,433		679			—		—			(90	)		—			7,022
Korea Finance Security Co., Ltd.		3,267		3,285		145			—		—			—			—			3,430
K BANK Co., Ltd.		236,232		260,052		(1,577	)		—		—			—			975			259,450
Partner One Value Up I Private Equity Fund		5,039		3,230		54			—		—			—			—			3,284
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		3,816		8,247		101			—		(540	)		—			—			7,808
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		4,436		4,437		—			—		—			—			—			4,437
LOTTE CARD Co.,Ltd.		346,810		587,392		444			—		—			(15,591	)		(9,983	)		562,262
Union Technology Finance Investment Association		13,449		12,270		(307	)		—		—			—			—			11,963
Dicustody Co., Ltd.		1		1		—			—		—			—			—			1
Orient Shipyard Co., Ltd.(*)		—		—		—			—		—			—			—			—
Joongang Network Solution Co.,Ltd.		—		88		83			—		—			—			(87	)		84
Win Mortgage Co.,LTd.		23		105		(16	)		—		—			(2	)		—			87
Together-Korea Government Private Pool Private Securities Investment Trust No.3		10,000		10,540		77			—		—			—			—			10,617
BTS 2nd Private Equity Fund		7,026		4,838		56			1,800		—			—			—			6,694
STASSETS FUND III		9,000		8,406		(76	)		—		—			—			—			8,330
SF CREDIT PARTNERS, LLC		13,059		12,845		344			—		—			—			553			13,742
Rea Company		—		—		—			—		—			—			—			—
ARAM CMC Co.,Ltd.		—		—		—			—		—			—			—			—
Japanese Hotel Real Estate Private Equity Fund No.2		3,174		2,688		4			—		—			(13	)		(68	)		2,611
Woori Seoul Beltway Private Special Asset Fund No.1		13,427		12,590		133			965		—			(129	)		—			13,559
Woori General Private Securities Investment Trust(Bond) No.1		50,000		51,686		586			—		(50,102	)		(2,170	)		—			—
Woori Short-term Bond Securities Investment Trust(Bond) ClassC-F		100,000		105,564		(755	)		—		—			(4,202	)		—			100,607
Woori Safe Plus General Type Private Investment Trust S-8(Bond)		10,000		10,330		102			—		—			(429	)		—			10,003
Woori General Private Securities Investment Trust(Bond) No.2		30,000		30,829		370			—		—			—			—			31,199
Woori Smart General Private Equity Investment Trust 1(bond)		40,000		41,135		527			—		—			—			—			41,662
Woori General Private Securities Investment Trust(Bond) No.3		28,988		51,205		341			—		(21,510	)		—			—			30,036
Woori Asset Global Partnership Fund No.5		22,500		22,071		248			—		—			—			—			22,319
WOORI TAERIM 1st Fund		1,100		988		—			—		—			—			—			988
Portone-Cape Fund No.1		340		445		(256	)		—		—			—			—			189
DeepDive WOORI 2021-1 Financial Investment Fund		126		1,236		(463	)		—		(96	)		(266	)		—			411
Darwin Green Packaging Private Equity Fund		4,000		3,957		(15	)		—		—			—			—			3,942
Koreawide partners 2nd Private Equity Fund		20,000		19,235		—			—		—			—			—			19,235
Woori FirstValue Private Real Estate Fund No.2		9,000		560		2			—		—			—			—			562
WooriG Real Infrastructure Blind General Type Private Placement Investment Trust		—		55		—			—		(55	)		—			—			—
Woori Together TDF 2025		3,000		—		97			—		3,245			—			—			3,342
Woori Together TDF 2030		3,000		3,324		128			—		—			—			—			3,452
Woori Together OCIO Target Return Feeder fund (Balance Bond)		—		10,376		298			—		(10,674	)		—			—			—

- 83 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


	For the three-month period ended March 31, 2024
	Acquisition cost		January 1, 2024		Share of profits(losses) and others			Acquisition		Disposal/ Reclassification			Dividends			Change in capital			March 31, 2024
Australia Green Energy 1st PEF		4,913		4,811		(9	)		—		—			—			—			4,802
Aarden Woori Apparel 1st Private Equity Fund		100		133		(38	)		—		—			—			—			95
Woori Dyno 1st Private Equity Fund		2,000		2,358		(6	)		—		—			—			—			2,352
KTB-KORUS FUND		3,626		3,359		—			—		—			—			—			3,359
KTB China Platform Fund		17,023		16,059		441			—		—			—			—			16,500
KTBN Venture Fund No.7		16,972		16,044		(1	)		—		—			(1,633	)		—			14,410
KTBN Venture Fund No.8		3,325		2,511		(193	)		—		—			(569	)		—			1,749
KTBN Digital Contents Korea Fund No.9		5,329		5,597		70			—		—			—			—			5,667
KTBN Media Contents Fund		330		283		1			—		—			—			—			284
KTB China Synergy Fund		21,629		20,405		(701	)		—		—			(3,296	)		—			16,408
NAVER-KTB Audio Contents Fund		284		288		—			—		—			—			—			288
KTBN Venture Fund No.13		13,279		14,158		(26	)		—		—			(1,801	)		—			12,331
KTBN Future Contents Fund		3,892		4,561		(14	)		—		—			—			—			4,547
KTBN Venture Fund No.16		17,546		18,561		(185	)		—		—			—			—			18,376
KTBN Venture Fund No.18		26,308		26,970		(89	)		—		—			—			—			26,881
KB-KTB Technology Venture Fund		7,755		7,600		(26	)		—		—			—			—			7,574
WOORI 2022 Scaleup Venture Fund		14,000		13,578		(113	)		—		—			—			—			13,465
WOORI 2022 Start-up Venture Fund		7,804		2,433		(44	)		5,240		—			—			—			7,629
KTB-NHN China Private Equity Fund		1,272		3		(1	)		—		—			—			—			2
KTBN GI Private Equity Fund		189		617		233			—		—			—			30			880
Chirochem		102		102		—			—		—			—			—			102
Daishin Balance No.18 Special Purpose Acquisition Company		700		—		(3	)		700		—			—			122			819
Godo Kaisha Oceanos 1		10,800		7,978		—			—		—			—			(26	)		7,952
Woori Zip 1		8,566		7,629		(3	)		—		(134	)		—			(197	)		7,295
Woori Zip 2		11,841		10,695		(6	)		—		(234	)		—			(274	)		10,181
KG Fashion Co., Ltd.(*)		—		—		—			—		—			—			—			—
KUM HWA Co., Ltd. (*)		—		—		—			—		—			—			—			—
Jinmyung Plus Co., Ltd.		—		14		2			—		—			—			—			16
JC Assurance No.2 Private Equity Fund		29,349		—		—			—		—			—			—			—
Dream Company Growth no.1 PEF		—		7,809		(300	)		—		(7,509	)		—			—			—
HMS-Oriens 1st Fund		12,000		14,030		210			—		—			—			—			14,240
Woori Senior Loan Private Placement Investment Trust No.1		61,741		75,590		347			—		(12,653	)		(916	)		—			62,368
Genesis Eco No.1 Private Equity Fund		12,000		10,942		174			—		—			—			—			11,116
Paratus Woori Material Component Equipment joint venture company		17,700		16,979		(65	)		—		—			—			—			16,914
Midas No. 8 Private Equity Joint Venture Company		18,537		18,465		(62	)		—		—			—			—			18,403
Orchestra Private Equity Fund IV		9,700		9,555		161			—		—			—			—			9,716
Synaptic Green No.1 PEF		8,000		7,611		—			—		—			—			—			7,611
IGEN2022No. 1 Private Equity Fund		7,422		7,983		260			—		—			(151	)		—			8,092
PCC-Woori LP Secondary Fund		10,435		10,530		(96	)		—		—			—			—			10,434
Synaptic Future Growth Private Equity Fund		7,359		7,069		504			64		—			—			—			7,637
Woori-Q Corporate Restructuring Private Equity Fund		17,441		20,283		(68	)		—		—			—			—			20,215
Woori-Shinyoung Growth-Cap Private Equity Fund I		17,018		33,481		(3,795	)		—		—			—			—			29,686
NH Woori Newdeal Growth Alpha Private Equity Fund 1		34,006		32,987		4,500			—		—			—			—			37,487
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)		3,200		2,543		(281	)		1,000		229			—			—			3,491

- 84 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


	For the three-month period ended March 31, 2024
	Acquisition cost		January 1, 2024		Share of profits(losses) and others		Acquisition		Disposal/ Reclassification		Dividends			Change in capital			March 31, 2024
Woori Short Term Government and Special Bank Bond Active ETF		12,008		12,286		118		—		—		—			—			12,404
Woori 25-09 Corporate Bond(AA- or higher) Active ETF		29,001		29,821		439		—		—		—			—			30,260

Woori General Private Securities Investment Trust No. 5 (bond)		60,000		—		564		60,000		—		—			—			60,564

Woori Big Satisfaction General Private Securities Investment Trust No. 3 (bond)		10,000		—		58		10,000		—		—			—			10,058

Woori General Private Securities Investment Trust No. 6 (bond)		40,000		—		153		40,000		—		—			—			40,153

Woori Big Satisfaction Corporation MMF No. 1 (Government Bond)		202,701		—		1,996		—		203,695		—			—			205,691

Woorinara New Growth TOP 20 Securities Investment Trust No. 1 (Stocks)		2,000		—		52		2,000		—		—			—			2,052

Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2		2,004		—		17		511		1,484		(3	)		—			2,009

		1,817,441		1,795,370		5,485		122,280		105,146		(31,266	)		(8,955	)		1,988,060

(*)

The amount for which no loss was recognized for associates due to discontinuation of the equity method was 7 million Won for Orient Shipyard Co.,Ltd., 9 million Won in KG FASHION CO., LTD., 101 million Won in Rea Company, 12 million Won in ARAM CMC Co.,Ltd. and the accumulated amount is 4 million Won for KUM HWA Co., Ltd., 35 million Won for Orient Shipyard Co.,Ltd., 129 million Won in KG FASHION CO., LTD., 101 million Won in Rea Company, 12 million Won in ARAM CMC Co.,Ltd.


	For the three-month period ended March 31, 2023
	Acquisition cost		January 1, 2023		Share of profits(losses) and others			Acquisition		Business combination		Disposal/ Reclassification			Dividends			Change in capital			March 31, 2023
W Service Networks Co., Ltd.		108		208		(29	)		—		—		—			—			—			179
Korea Credit Bureau Co., Ltd.		3,313		5,709		466			—		—		—			(90	)		—			6,085
Korea Finance Security Co., Ltd.		3,267		2,374		(89	)		—		—		—			—			1,011			3,296
Woori Growth Partnerships New Technology Private Equity Fund		12,942		10,889		(41	)		—		—		—			—			—			10,848
2016KIF-IMM Woori Bank Technology Venture Fund		7,594		9,474		539			—		—		—			—			—			10,013
K BANK Co., Ltd.		236,232		247,789		255			—		—		—			—			2,309			250,353
Woori Bank-Company K Korea Movie Asset Fund		—		239		22			—		—		—			—			—			261
Partner One Value Up I Private Equity Fund		5,039		4,278		(655	)		—		—		—			—			—			3,623
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		7,556		10,285		158			—		—		—			—			—			10,443
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		4,354		4,355		—			—		—		—			—			—			4,355
LOTTE CARD Co.,Ltd.		346,810		514,131		1,448			—		—		—			(13,199	)		(1,228	)		501,152
Force TEC Co., Ltd. (*)		—		—		—			—		—		—			—			—			—
Together-Korea Government Private Pool Private Securities Investment Trust No. 3		10,000		10,243		68			—		—		—			—			—			10,311
Union Technology Finance Investment Association		13,449		14,462		(176	)		—		—		(1,189	)		—			—			13,097

- 85 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


	For the three-month period ended March 31, 2023
	Acquisition cost		January 1, 2023		Share of profits(losses) and others			Acquisition		Business combination		Disposal/ Reclassification			Dividends			Change in capital		March 31, 2023
KUM HWA Co., Ltd. (*)		—		—		—			—		—		—			—			—		—
Dicustody Co., Ltd.		1		1		—			—		—		—			—			—		1
Jinmyung Plus Co., Ltd.		—		10		4			—		—		—			—			—		14
Orient Shipyard Co., Ltd.		—		—		—			—		—		—			—			—		—
BTS 2nd Private Equity Fund		4,156		2,881		(58	)		1,130		—		—			—			—		3,953
Central Network Solutions Co., Ltd.		—		—		—			—		—		—			—			—		—
STASSETS FUND III		1,500		1,230		(78	)		—		—		—			—			—		1,152
KG Fashion Co.,Ltd.		—		—		—			—		—		—			—			—		—
Win Mortgage Co.Ltd.		23		—		69			23		—		—			—			—		92
Woori-Q Corporate Restructuring Private Equity Fund		27,063		27,536		1,319			—		—		—			—			—		28,855
Aarden Woori Apparel 1st Private Equity Fund		100		97		36			—		—		—			—			—		133
Woori Dyno 1st Private Equity Fund		2,000		1,994		(3	)		—		—		—			—			—		1,991
Australia Green Energy 1st PEF		4,913		4,858		(12	)		—		—		—			—			—		4,846
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)		1,200		1,074		62			—		—		—			—			—		1,136
Woori Together TDF 2030		2,000		2,033		72			—		—		—			—			—		2,105
Woori Together TDF 2025		2,000		1,990		67			—		—		—			—			—		2,057
WOORI Star50 feeder fund(H)		200		126		14			—		—		—			—			—		140
Portone-Cape Fund No.1		340		464		70			—		—		—			—			—		534
WOORI TAERIM 1st Fund		1,100		988		—			—		—		—			—			—		988
KIWOOM WOORI Financial 1st Investment Fund		1,000		953		(5	)		—		—		—			—			—		948
DeepDive WOORI 2021-1 Financial Investment Fund		900		878		(5	)		—		—		—			—			—		873
PCC-Woori LP Secondary Fund		10,435		12,984		124			—		—		(4	)		—			—		13,104
DS Power Semicon Private Equity Fund		3,000		2,976		220			—		—		—			(218	)		—		2,978
Koreawide partners 2nd Private Equity Fund		20,000		20,000		(28	)		—		—		—			—			—		19,972
Darwin Green Packaging Private Equity Fund		4,000		3,945		(17	)		—		—		—			—			—		3,928
Japanese Hotel Real Estate Private Equity Fund 2		3,174		2,855		(2	)		—		—		—			(40	)		83		2,896
Woori Seoul Beltway Private Special Asset Fund No.1		10,640		9,874		96			849		—		—			(91	)		—		10,728
Woori Short-term Bond Securities Investment Trust(Bond) ClassC-F		110,000		112,025		3,337			—		—		—			(3,779	)		—		111,583
Woori Safe Plus General Type Private Investment Trust S-8(Bond)		10,000		10,182		188			—		—		—			(359	)		—		10,011
Woori FirstValue Private Real Estate Fund No.2		9,000		558		(1	)		—		—		—			—			—		557
WooriG Real Infrastructure Blind General Type Private Placement Investment Trust		100		102		(1	)		—		—		(5	)		—			—		96

- 86 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


	For the three-month period ended March 31, 2023
	Acquisition cost		January 1, 2023		Share of profits(losses) and others			Acquisition		Business combination		Disposal/ Reclassification			Dividends			Change in capital			March 31, 2023
JC Assurance No.2 Private Equity Fund		19,141		—		—			—		—		—			—			—			—
Dream Company Growth no.1 PEF		7,412		7,861		(12	)		—		—		—			—			—			7,849
HMS-Oriens 1st Fund		12,000		13,252		191			—		—		—			—			—			13,443
Woori G Senior Loan Private Placement Investment Trust No.1		78,843		81,861		920			—		—		(866	)		(920	)		—			80,995
Genesis Eco No.1 Private Equity Fund		12,000		11,216		(89	)		—		—		—			—			—			11,127
Paratus Woori Material Component Equipment joint venture company		30,000		17,250		(65	)		—		—		—			—			—			17,185
Midas No. 8 Private Equity Joint Venture		18,735		18,713		(58	)		—		—		—			—			—			18,655
CompanyOrchestra Private Equity Fund IV		9,878		9,698		(37	)		—		—		—			—			—			9,661
Synaptic Green No.1 PEF		8,000		7,793		(36	)		—		—		—			—			—			7,757
Woori-Shinyoung Growth-Cap Private Equity Fund I		43,089		43,274		(1,229	)		—		—		—			—			(77	)		41,968
IGEN2022No. 1 Private Equity Fund		8,000		8,010		(35	)		—		—		—			—			—			7,975
Woori General Private Securities Investment Trust(Bond)		50,000		—		201			50,000		—		—			—			—			50,201
KTB-KORUS FUND		3,626		—		—			—		3,626		—			—			—			3,626
KTB China Platform Fund		17,023		—		—			—		17,023		—			—			—			17,023
KTBN Venture Fund No.7		16,972		—		—			—		16,972		—			—			—			16,972
KTBN Venture Fund No.8		3,325		—		—			—		3,325		—			—			—			3,325
KTBN Digital Contents Korea Fund No.9		5,329		—		—			—		5,329		—			—			—			5,329
KTBN Media Contents Fund		330		—		—			—		330		—			—			—			330
KTB China Synergy Fund		21,629		—		—			—		21,629		—			—			—			21,629
NAVER-KTB Audio Contents Fund		284		—		—			—		284		—			—			—			284
KTBN Venture Fund No.13		13,279		—		—			—		13,279		—			—			—			13,279
KTBN Future Contents Fund		3,892		—		—			—		3,892		—			—			—			3,892
KTBN Venture Fund No.16		17,546		—		—			—		17,546		—			—			—			17,546
KTBN Venture Fund No.18		23,458		—		—			—		23,458		—			—			—			23,458
KB-KTB Technology Venture Fund		5,755		—		—			—		5,755		—			—			—			5,755
DAOL 2022 Scaleup Venture Fund		355		—		—			—		355		—			—			—			355
DAOL 2022 Start-up Venture Fund		2,564		—		—			—		2,564		—			—			—			2,564
KTB-NHN China Private Equity Fund		1,272		—		—			—		1,272		—			—			—			1,272
KTBN GI Private Equity Fund		189		—		—			—		189		—			—			—			189
Chirochem		102		—		—			—		102		—			—			—			102
Woori Zip 1		9,131		8,690		(60	)		—		—		(123	)		—			255			8,762
Woori Zip 2		12,681		12,180		(21	)		—		—		(247	)		—			356			12,268
Godo Kaisha Oceanos 1		10,800		8,788		28			—		—		—			(236	)		—			8,580

		1,346,149		1,305,636		7,132			52,002		136,930		(2,434	)		(18,932	)		2,709			1,483,043

(*)

POSTECH shares, which did not recognize a loss of 50 million Won due to the discontinuation of the equity method during the current period, were disposed of. As a result of discontinuation of the equity method, related companies’ losses amount not recognized is 2 million Won for KUM HWA Co., Ltd. and cumulated amount is 3,473 million Won for Orient Shipyard Co., Ltd. and 4 million Won for KUM HWA Co., Ltd.

- 87 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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


	March 31, 2024
	Assets		Liabilities		Operating revenue		Net income (loss)			Other comprehensive income(loss)			Total comprehensive income(loss)
W Service Networks Co., Ltd.		6,179		2,675		3,223		1			—			1
Korea Credit Bureau Co., Ltd.		127,442		59,088		41,506		6,629			—			6,629
Korea Finance Security Co., Ltd.		35,195		12,328		8,323		458			—			458
K BANK Co., Ltd.		23,971,875		22,081,085		167,991		24,504			(593	)		23,911
Partner One Value Up I Private Equity Fund		14,412		291		234		234			—			234
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		39,177		142		648		506			—			506
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		15,659		99		—		(94	)		—			(94	)
LOTTE CARD Co.,Ltd.(*1)		22,545,240		19,454,428		2,546,444		364,452			(69,803	)		294,649
Union Technology Finance Investment Association		40,278		—		5		5			—			5
Dicustody Co., Ltd.		92		—		—		—			—			—
Orient Shipyard Co., Ltd.(*)		7,078		23,626		—		(23	)		—			(23	)
Joongang Network Solution Co.,Ltd.		1,433		2,758		7,889		332			—			332
Win Mortgage Co.,LTd.		3,375		1,389		12,740		42			—			42
Together-Korea Government Private Pool Private Securities Investment Trust No.3		10,620		1		306		300			—			300
BTS 2nd Private Equity Fund		33,750		278		—		(395	)		—			(395	)
STASSETS FUND III		29,711		279		8		(267	)		—			(267	)
SF CREDIT PARTNERS, LLC		158,313		26,186		10,366		4,467			5,531			9,998
Rea Company		1,733		1,257		1,000		(1,107	)		—			(1,107	)
ARAM CMC Co.,Ltd.		758		635		296		4			—			4
Japanese Hotel Real Estate Private Equity Fund No.2		13,156		12		9		2			(342	)		(340	)
Woori Seoul Beltway Private Special Asset Fund No.1		54,237		2		549		534			—			534
Woori Short-term Bond Securities Investment Trust(Bond) ClassC-F		1,076,489		141,985		11,263		10,111			—			10,111
Woori Safe Plus General Type Private Investment Trust S-8(Bond)		114,111		7		1,158		1,126			—			1,126
Woori General Private Securities Investment Trust(Bond) No.2		224,957		110,560		2,369		1,357			—			1,357
Woori Smart General Private Equity Investment Trust 1(bond)		290,892		145,074		3,171		1,844			—			1,844
Woori General Private Securities Investment Trust(Bond) No.3		300,736		198,186		3,865		1,613			—			1,613
Woori Asset Global Partnership Fund No.5		39,230		545		961		430			—			430
WOORI TAERIM 1st Fund		4,045		183		—		—			—			—
Portone-Cape Fund No.1		1,070		125		—		(25	)		—			(25	)
DeepDive WOORI 2021-1 Financial Investment Fund		3,467		12		2,562		(3,686	)		—			(3,686	)
Darwin Green Packaging Private Equity Fund		19,317		—		—		(73	)		—			(73	)
Koreawide partners 2nd Private Equity Fund		75,033		2,901		—		—			—			—
Woori FirstValue Private Real Estate Fund No.2		67,037		62,357		15		14			—			14
Woori Together TDF 2025		11,575		7		363		363			—			363
Woori Together TDF 2030		12,673		17		490		489			—			489
Australia Green Energy 1st PEF		121,206		13		183		(237	)		—			(237	)
Aarden Woori Apparel 1st Private Equity Fund		20,332		95		—		(7,893	)		—			(7,893	)
Woori Dyno 1st Private Equity Fund		12,039		42		52		11			—			11
KTB-KORUS FUND		8,957		—		—		—			—			—
KTB China Platform Fund		88,257		1		2,910		2,360			—			2,360
KTBN Venture Fund No.7		71,734		—		3,663		(7	)		—			(7	)
KTBN Venture Fund No.8		8,282		239		30		(891	)		—			(891	)
KTBN Digital Contents Korea Fund No.9		20,503		1,613		249		232			—			232
KTBN Media Contents Fund		1,896		—		9		9			—			9

- 88 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


	March 31, 2024
	Assets		Liabilities		Operating revenue			Net income (loss)			Other comprehensive income(loss)		Total comprehensive income(loss)
KTB China Synergy Fund		118,109		9,157		213			(4,653	)		—		(4,653	)
NAVER-KTB Audio Contents Fund		29,411		647		—			(3	)		—		(3	)
KTBN Venture Fund No.13		63,054		167		229			(136	)		—		(136	)
KTBN Future Contents Fund		34,216		115		7			(109	)		—		(109	)
KTBN Venture Fund No.16		179,578		415		3,981			(1,812	)		—		(1,812	)
KTBN Venture Fund No.18		265,676		636		481			(871	)		—		(871	)
KB-KTB Technology Venture Fund		41,839		180		40			(142	)		—		(142	)
WOORI 2022 Scaleup Venture Fund		68,043		806		244			(562	)		—		(562	)
WOORI 2022 Start-up Venture Fund		25,490		155		9			(146	)		—		(146	)
KTB-NHN China Private Equity Fund		11		4		—			(2	)		—		(2	)
KTBN GI Private Equity Fund		17,631		41		—			4,635			609		5,244
Chirochem		732		375		1,054			—			—		—
Daishin Balance No.18 Special Purpose Acquisition Company		2,397		748		—			(6	)		246		240
Godo Kaisha Oceanos 1		61,672		45,038		652			1			—		1
Woori Zip 1		43,070		30,896		504			(29	)		—		(29	)
Woori Zip 2		60,705		43,857		749			14			—		14
KG Fashion Co., Ltd.		2,373		2,877		128			(51	)		—		(51	)
KUM HWA Co., Ltd.		4		167		—			—			—		—
Jinmyung Plus Co., Ltd.		494		422		177			5			—		5
JC Assurance No.2 Private Equity Fund		121,562		587		—			—			—		—
Dream Company Growth no.1 PEF		74		70		763			694			—		694
HMS-Oriens 1st Fund		62,422		4		—			921			—		921
Woori Senior Loan Private Placement Investment Trust No.1		288,098		18		3,848			3,630			—		3,630
Genesis Eco No.1 Private Equity Fund		38,662		310		—			(317	)		—		(317	)
Paratus Woori Material Component Equipment joint venture company		58,295		1,725		—			(218	)		—		(218	)
Midas No. 8 Private Equity Joint Venture Company		64,839		235		18			(217	)		—		(217	)
Orchestra Private Equity Fund IV		34,495		4		700			571			—		571
Synaptic Green No.1 PEF		36,151		3		1			(172	)		—		(172	)
IGEN2022No. 1 Private Equity Fund		32,579		10		1,055			1,045			—		1,045
PCC-Woori LP Secondary Fund		27,027		169		3			(171	)		—		(171	)
Synaptic Future Growth Private Equity Fund		32,205		63		—			(41	)		—		(41	)
Woori-Q Corporate Restructuring Private Equity Fund		63,554		908		42			(410	)		—		(410	)
Woori-Shinyoung Growth-Cap Private Equity Fund I		86,708		1,820		(10,541	)		(10,855	)		—		(10,855	)
NH Woori Newdeal Growth Alpha Private Equity Fund 1		116,192		1,588		—			(5	)		—		(5	)
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)		26,507		572		1,015			1,015			—		1,015
Woori Short Term Government and Special Bank Bond Active ETF		60,168		11		607			566			—		566
Woori 25-09 Corporate Bond(AA- or higher) Active ETF		126,276		21,722		1,761			1,539			—		1,539
Woori General Private Securities Investment Trust No. 5 (bond)		316,941		104,965		2,205			1,975			—		1,975
Woori Big Satisfaction General Private Securities Investment Trust No. 3 (bond)		145,064		34,425		725			640			—		640
Woori General Private Securities Investment Trust No. 6 (bond)		174,853		34,318		573			536			—		536
Woori Big Satisfaction Corporation MMF No. 1 (Government Bond)		6,274,489		150,107		57,726			57,464			—		57,464
Woorinara New Growth TOP 20 Securities Investment Trust No. 1 (Stocks)		8,534		—		237			237			—		237
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2		95,321		—		739			739			—		739

- 89 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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


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

- 90 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


	December 31, 2023
	Assets		Liabilities		Operating revenue			Net income (loss)			Other comprehensive income(loss)			Total comprehensive income(loss)
KTB China Platform Fund		85,909		13		2,411			(5,160	)		—			(5,160	)
KTBN Venture Fund No.7		79,871		—		6,420			508			—			508
KTBN Venture Fund No.8		11,758		207		2,359			(4,559	)		—			(4,559	)
KTBN Digital Contents Korea Fund No.9		20,257		1,599		3,030			(1,142	)		—			(1,142	)
KTBN Media Contents Fund		1,887		—		199			(35	)		—			(35	)
KTB China Synergy Fund		145,464		9,977		23,055			(8,686	)		—			(8,686	)
NAVER-KTB Audio Contents Fund		29,419		652		1,017			237			—			237
KTBN Venture Fund No.13		72,943		737		21,662			18,507			—			18,507
KTBN Future Contents Fund		34,696		486		7,394			4,776			—			4,776
KTBN Venture Fund No.16		182,850		1,875		40,201			11,133			—			11,133
KTBN Venture Fund No.18		268,437		2,526		31,543			8,036			—			8,036
KB-KTB Technology Venture Fund		42,046		246		2,055			(1,076	)		—			(1,076	)
WOORI 2022 Scaleup Venture Fund		68,626		826		504			(2,758	)		—			(2,758	)
WOORI 2022 Start-up Venture Fund		8,237		156		42			(576	)		—			(576	)
KTB-NHN China Private Equity Fund		16		7		946			(315	)		(319	)		(634	)
KTBN GI Private Equity Fund		12,391		45		—			7,146			712			7,858
Chirochem		732		375		4,215			148			—			148
Godo Kaisha Oceanos 1		62,021		45,334		2,765			192			—			192
Woori Zip 1		44,448		31,702		2,066			(198	)		—			(198	)
Woori Zip 2		62,642		45,012		3,023			(167	)		—			(167	)
KG Fashion Co., Ltd.		2,559		3,022		943			(569	)		—			(569	)
KUM HWA Co., Ltd.		4		167		—			—			—			—
Jinmyung Plus Co., Ltd.		519		454		146			(3	)		—			(3	)
JC Assurance No.2 Private Equity Fund		121,596		8		—			(628	)		—			(628	)
Dream Company Growth no.1 PEF		28,366		255		1,490			1,300			—			1,300
HMS-Oriens 1st Fund		61,498		1		3,957			3,408			—			3,408
Woori G Senior Loan Private Placement Investment Trust No.1		349,154		22		17,759			16,726			—			16,726
Genesis Eco No.1 Private Equity Fund		38,064		314		—			(947	)		—			(947	)
Paratus Woori Material Component Equipment joint venture company		58,298		1,510		—			(906	)		—			(906	)
Midas No. 8 Private Equity Joint Venture Company		65,063		242		1,956			1,002			—			1,002
Orchestra Private Equity Fund IV		34,041		122		1,680			1,172			—			1,172
Synaptic Green No.1 PEF		36,325		175		4			(867	)		—			(867	)
IGEN2022No. 1 Private Equity Fund		32,255		124		1,847			1,350			—			1,350
PCC-Woori LP Secondary Fund		27,773		668		908			(6,350	)		—			(6,350	)
Synaptic Future Growth Private Equity Fund 1		30,049		301		2			(951	)		—			(951	)
Woori-Q Corporate Restructuring Private Equity Fund		63,265		456		4,945			3,018			—			3,018
Woori-Shinyoung Growth-Cap Private Equity Fund I		97,265		1,522		(26,435	)		(27,768	)		—			(27,768	)
NH Woori Newdeal Growth Alpha Private Equity Fund 1		100,215		1,588		2			(3,605	)		—			(3,605	)
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)		16,630		5		1,383			1,383			—			1,383
Woori 25-09 Corporate Bond(AA- or higher) Active ETF		133,729		32,028		3,006			2,831			—			2,831
Woori Short Term Government and Special Bank Bond Active ETF		62,185		3,212		1,222			978			—			978

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

- 91 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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


	March 31, 2024
Associate (*)	Number of shares owned		Ownership (%)
CL Tech Co., Ltd.		10,191		28.6
Market & Farm Co., Ltd.		14,694		23.7

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


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

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

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


	March 31, 2024
	Total net asset			Ownership (%)		Ownership portion of net assets			Basis difference		Impairment		Intercompany transaction			Book value
W Service Networks Co., Ltd.		3,409			4.9		167			—		—		—			167
Korea Credit Bureau Co., Ltd.		68,354			9.9		6,776			246		—		—			7,022
Korea Finance Security Co., Ltd.		22,867			15.0		3,430			—		—		—			3,430
K BANK Co., Ltd. (*)		1,888,997			12.6		237,556			21,894		—		—			259,450
Partner One Value Up I Private Equity Fund		14,121			23.3		3,284			—		—		—			3,284
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		39,035			20.0		7,808			—		—		—			7,808
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		15,560			25.0		3,890			—		—		547			4,437
LOTTE CARD Co.,Ltd.(*)		2,811,317			20.0		562,262			—		—		—			562,262
Union Technology Finance Investment Association		40,278			29.7		11,963			—		—		—			11,963
Dicustody Co., Ltd.		92			1.0		1			—		—		—			1
Orient Shipyard Co., Ltd.(*)		(16,548	)		22.7		(3,761	)		—		—		3,761			—
Joongang Network Solution Co.,Ltd.		(1,325	)		25.3		(336	)		—		—		420			84
Win Mortgage Co.,LTd.		1,936			4.5		87			—		—		—			87
Together-Korea Government Private Pool Private Securities Investment Trust No.3		10,619			100.0		10,617			—		—		—			10,617
BTS 2nd Private Equity Fund		33,472			20.0		6,694			—		—		—			6,694
STASSETS FUND III		29,432			28.3		8,330			—		—		—			8,330
SF CREDIT PARTNERS, LLC		132,127			10.0		13,213			—		—		529			13,742
Rea Company		476			26.1		117			—		—		(117	)		—
ARAM CMC Co.,Ltd.		123			20.1		25			—		—		(25	)		—
Japanese Hotel Real Estate Private Equity Fund No.2		13,145			19.9		2,611			—		—		—			2,611
Woori Seoul Beltway Private Special Asset Fund No.1		54,235			25.0		13,559			—		—		—			13,559

- 92 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


	March 31, 2024
	Total net asset		Ownership (%)		Ownership portion of net assets		Basis difference		Impairment		Intercompany transaction		Book value
Woori Short-term Bond Securities Investment Trust(Bond) ClassC-F		934,504		10.8		100,607		—		—		—		100,607
Woori Safe Plus General Type Private Investment Trust S-8(Bond)		114,103		8.8		10,003		—		—		—		10,003
Woori General Private Securities Investment Trust(Bond) No.2		114,397		27.3		31,199		—		—		—		31,199
Woori Smart General Private Equity Investment Trust 1(bond)		145,817		28.6		41,662		—		—		—		41,662
Woori General Private Securities Investment Trust(Bond) No.3		102,550		29.3		30,036		—		—		—		30,036
Woori Asset Global Partnership Fund No.5		38,686		57.7		22,319		—		—		—		22,319
WOORI TAERIM 1st Fund		3,862		25.6		988		—		—		—		988
Portone-Cape Fund No.1		945		20.0		189		—		—		—		189
DeepDive WOORI 2021-1 Financial Investment Fund		3,455		11.9		411		—		—		—		411
Darwin Green Packaging Private Equity Fund		19,317		20.4		3,942		—		—		—		3,942
Koreawide partners 2nd Private Equity Fund		72,132		26.7		19,235		—		—		—		19,235
Woori FirstValue Private Real Estate Fund No.2		4,680		12.0		562		—		—		—		562
Woori Together TDF 2025		11,556		28.9		3,342		—		—		—		3,342
Woori Together TDF 2030		12,637		27.3		3,452		—		—		—		3,452
Australia Green Energy 1st PEF		121,193		4.0		4,802		—		—		—		4,802
Aarden Woori Apparel 1st Private Equity Fund		20,237		0.5		95		—		—		—		95
Woori Dyno 1st Private Equity Fund		11,997		19.6		2,352		—		—		—		2,352
KTB-KORUS FUND		8,957		37.5		3,359		—		—		—		3,359
KTB China Platform Fund		88,255		18.7		16,500		—		—		—		16,500
KTBN Venture Fund No.7		71,733		20.1		14,410		—		—		—		14,410
KTBN Venture Fund No.8		8,043		21.7		1,749		—		—		—		1,749
KTBN Digital Contents Korea Fund No.9		18,890		30.0		5,667		—		—		—		5,667
KTBN Media Contents Fund		1,896		15.0		284		—		—		—		284
KTB China Synergy Fund		108,951		15.1		16,408		—		—		—		16,408
NAVER-KTB Audio Contents Fund		28,765		1.0		288		—		—		—		288
KTBN Venture Fund No.13		62,887		19.6		12,331		—		—		—		12,331
KTBN Future Contents Fund		34,101		13.3		4,547		—		—		—		4,547
KTBN Venture Fund No.16		179,163		10.3		18,376		—		—		—		18,376
KTBN Venture Fund No.18		265,040		10.1		26,881		—		—		—		26,881
KB-KTB Technology Venture Fund		41,659		18.2		7,574		—		—		—		7,574
WOORI 2022 Scaleup Venture Fund		67,237		20.0		13,465		—		—		—		13,465
WOORI 2022 Start-up Venture Fund		25,334		30.1		7,629		—		—		—		7,629
KTB-NHN China Private Equity Fund		7		33.3		2		—		—		—		2
KTBN GI Private Equity Fund		17,590		5.0		880		—		—		—		880
Chirochem		358		28.6		102		—		—		—		102
Daishin Balance No.18 Special Purpose Acquisition Company		1,650		49.6		819		—		—		—		819
Godo Kaisha Oceanos 1		16,634		47.8		7,952		—		—		—		7,952

- 93 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


	March 31, 2024
	Total net asset			Ownership (%)		Ownership portion of net assets			Basis difference		Impairment			Intercompany transaction		Book value
Woori Zip 1		12,174			62.4		7,295			—		—			—		7,295
Woori Zip 2		16,847			62.7		10,181			—		—			—		10,181
KG Fashion Co., Ltd.		(504	)		20.8		(105	)		—		—			105		—
KUM HWA Co., Ltd.		(163	)		20.1		(33	)		—		—			33		—
Jinmyung Plus Co., Ltd.		72			21.3		16			—		—			—		16
JC Assurance No.2 Private Equity Fund		120,975			23.4		28,308			—		(28,308	)		—		—
Dream Company Growth no.1 PEF		5			0.0		—			—		—			—		—
HMS-Oriens 1st Fund		62,418			22.8		14,240			—		—			—		14,240
Woori Senior Loan Private Placement Investment Trust No.1		288,080			21.6		62,368			—		—			—		62,368
Genesis Eco No.1 Private Equity Fund		38,352			29.0		11,116			—		—			—		11,116
Paratus Woori Material Component Equipment joint venture company		56,570			29.9		16,914			—		—			—		16,914
Midas No. 8 Private Equity Joint Venture Company		64,605			28.5		18,403			—		—			—		18,403
Orchestra Private Equity Fund IV		34,491			28.2		9,716			—		—			—		9,716
Synaptic Green No.1 PEF		36,148			21.1		7,611			—		—			—		7,611
IGEN2022No. 1 Private Equity Fund		32,569			24.8		8,092			—		—			—		8,092
PCC-Woori LP Secondary Fund		26,858			38.9		10,434			—		—			—		10,434
Synaptic Future Growth Private Equity Fund		32,142			23.8		7,637			—		—			—		7,637
Woori-Q Corporate Restructuring Private Equity Fund		62,646			32.4		20,215			—		—			—		20,215
Woori-Shinyoung Growth-Cap Private Equity Fund I		84,888			35.0		29,686			—		—			—		29,686
NH Woori Newdeal Growth Alpha Private Equity Fund 1		114,604			32.7		37,487			—		—			—		37,487
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)		25,935			13.5		3,491			—		—			—		3,491
Woori Short Term Government and Special Bank Bond Active ETF		60,157			20.6		12,404			—		—			—		12,404
Woori 25-09 Corporate Bond(AA- or higher) Active ETF		104,554			28.9		30,260			—		—			—		30,260
Woori General Private Securities Investment Trust No. 5 (bond)		211,975			28.6		60,564			—		—			—		60,564
Woori Big Satisfaction General Private Securities Investment Trust No. 3 (bond)		110,640			9.1		10,058			—		—			—		10,058
Woori General Private Securities Investment Trust No. 6 (bond)		140,536			28.6		40,153			—		—			—		40,153
Woori Big Satisfaction Corporation MMF No. 1 (Government Bond)		6,124,382			3.4		205,691			—		—			—		205,691
Woorinara New Growth TOP 20 Securities Investment Trust No. 1 (Stocks)		8,534			24.2		2,052			—		—			—		2,052

- 94 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


	March 31, 2024
	Total net asset		Ownership (%)		Ownership portion of net assets		Basis difference		Impairment		Intercompany transaction		Book value
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2		95,321		2.1		2,009		—		—		—		2,009

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


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

- 95 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


	December 31, 2023
	Total net asset			Ownership (%)		Ownership portion of net assets			Basis difference		Impairment			Intercompany transaction		Book value
Woori General Private Securities Investment Trust(Bond) No.3		184,330			27.8		51,205			—		—			—		51,205
Woori Asset Global Partnership Fund No.5		38,256			57.7		22,071			—		—			—		22,071
WOORI TAERIM 1st Fund		3,862			25.6		988			—		—			—		988
Portone-Cape Fund No.1		2,224			20.0		445			—		—			—		445
DeepDive WOORI 2021-1 Financial Investment Fund		10,381			11.9		1,236			—		—			—		1,236
Darwin Green Packaging Private Equity Fund		19,390			20.4		3,957			—		—			—		3,957
Koreawide partners 2nd Private Equity Fund		72,133			26.7		19,235			—		—			—		19,235
Woori FirstValue Private Real Estate Fund No.2		4,667			12.0		560			—		—			—		560
WooriG Real Infrastructure Blind General Type Private Placement Investment Trust		114,817			0.1		55			—		—			—		55
Woori Together TDF 2030		11,894			28.0		3,324			—		—			—		3,324
Woori Together OCIO Target Return Feeder fund (Balance Bond)		50,837			20.4		10,376			—		—			—		10,376
Australia Green Energy 1st PEF		121,430			4.0		4,811			—		—			—		4,811
Aarden Woori Apparel 1st Private Equity Fund		28,129			0.5		133			—		—			—		133
Woori Dyno 1st Private Equity Fund		12,025			19.6		2,358			—		—			—		2,358
KTB-KORUS FUND		8,956			37.5		3,359			—		—			—		3,359
KTB China Platform Fund		85,895			18.7		16,059			—		—			—		16,059
KTBN Venture Fund No.7		79,871			20.1		16,044			—		—			—		16,044
KTBN Venture Fund No.8		11,551			21.7		2,511			—		—			—		2,511
KTBN Digital Contents Korea Fund No.9		18,658			30		5,597			—		—			—		5,597
KTBN Media Contents Fund		1,887			15		283			—		—			—		283
KTB China Synergy Fund		135,487			15.1		20,405			—		—			—		20,405
NAVER-KTB Audio Contents Fund		28,767			1		288			—		—			—		288
KTBN Venture Fund No.13		72,206			19.6		14,158			—		—			—		14,158
KTBN Future Contents Fund		34,210			13.3		4,561			—		—			—		4,561
KTBN Venture Fund No.16		180,975			10.3		18,561			—		—			—		18,561
KTBN Venture Fund No.18		265,911			10.1		26,970			—		—			—		26,970
KB-KTB Technology Venture Fund		41,800			18.2		7,600			—		—			—		7,600
WOORI 2022 Scaleup Venture Fund		67,800			20		13,578			—		—			—		13,578
WOORI 2022 Start-up Venture Fund		8,081			30.1		2,433			—		—			—		2,433
KTB-NHN China Private Equity Fund		9			33.3		3			—		—			—		3
KTBN GI Private Equity Fund		12,346			5		617			—		—			—		617
Chirochem		357			28.6		102			—		—			—		102
Godo Kaisha Oceanos 1		16,687			47.8		7,978			—		—			—		7,978
Woori Zip 1		12,746			62.4		7,629			—		—			—		7,629
Woori Zip 2		17,630			62.8		10,695			—		—			—		10,695
KG Fashion Co., Ltd.		(463	)		20.8		(96	)		—		—			96		—
KUM HWA Co., Ltd.		(163	)		20.1		(33	)		—		—			33		—
Jinmyung Plus Co., Ltd.		65			21.3		14			—		—			—		14
JC Assurance No.2 Private Equity Fund		121,588			23.5		28,610			—		(28,610	)		—		—
Dream Company Growth no.1 PEF		28,111			27.8		7,809			—		—			—		7,809
HMS-Oriens 1st Fund		61,497			22.8		14,030			—		—			—		14,030

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


	December 31, 2023
	Total net asset		Ownership (%)		Ownership portion of net assets		Basis difference		Impairment		Intercompany transaction		Book value
Woori G Senior Loan Private Placement Investment Trust No.1		349,132		21.7		75,590		—		—		—		75,590
Genesis Eco No.1 Private Equity Fund		37,750		29.0		10,942		—		—		—		10,942
Paratus Woori Material Component Equipment joint venture company		56,788		29.9		16,979		—		—		—		16,979
Midas No. 8 Private Equity Joint Venture Company		64,821		28.5		18,465		—		—		—		18,465
Orchestra Private Equity Fund IV		33,919		28.2		9,555		—		—		—		9,555
Synaptic Green No.1 PEF		36,150		21.1		7,611		—		—		—		7,611
IGEN2022No. 1 Private Equity Fund		32,131		24.8		7,983		—		—		—		7,983
PCC-Woori LP Secondary Fund		27,105		38.9		10,530		—		—		—		10,530
Synaptic Future Growth Private Equity Fund 1		29,748		23.8		7,069		—		—		—		7,069
Woori-Q Corporate Restructuring Private Equity Fund		62,809		32.4		20,283		—		—		—		20,283
Woori-Shinyoung Growth-Cap Private Equity Fund I		95,743		35.0		33,481		—		—		—		33,481
NH Woori Newdeal Growth Alpha Private Equity Fund 1		98,627		32.7		32,987		—		—		—		32,987
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)		16,625		14.1		2,543		—		—		—		2,543
Woori 25-09 Corporate Bond (AA- or higher) Active ETF		101,701		29.3		29,821		—		—		—		29,821
Woori Short Term Government and Special Bank Bond Active ETF		58,973		20.8		12,286		—		—		—		12,286

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

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

13.	INVESTMENT PROPERTIES

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


	March 31, 2024			December 31, 2023
Acquisition cost		516,470			510,990
Accumulated depreciation		(41,523	)		(38,136	)
Accumulated impairment losses		(86	)		(86	)

Net carrying value		474,861			472,768

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


	For the three-month period ended March 31
	2024			2023
Beginning balance		472,768			387,707
Acquisition		—			99,429
Depreciation		(3,779	)		(1,149	)
Transfer		9,124			(886	)
Foreign currencies translation adjustments		(3,252	)		4,118

Ending balance		474,861			489,219

14.	PREMISES AND EQUIPMENT

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


	March 31, 2024
	Land		Building		Equipment and vehicles		Leasehold improvement		Construction in progress		Structures		Total
Premises and equipment (owned)		1,698,764		699,479		266,207		61,164		37,107		—		2,762,721
Right-of-use asset		—		393,070		25,153		—		—		—		418,223
Carrying value		1,698,764		1,092,549		291,360		61,164		37,107		—		3,180,944


	December 31, 2023
	Land		Building		Equipment and vehicles		Leasehold improvement		Construction in progress		Structures		Total
Premises and equipment (owned)		1,709,712		719,738		265,064		61,369		37,194		—		2,793,077
Right-of-use asset		—		362,702		20,980		—		—		—		383,682
Carrying value		1,709,712		1,082,440		286,044		61,369		37,194		—		3,176,759

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


	March 31, 2024
	Land			Building			Equipment and vehicles			Leasehold improvement			Construction in progress		Structures			Total
Acquisition cost		1,699,424			1,085,164			1,246,887			490,519			37,107		20			4,559,121
Accumulated depreciation		—			(385,685	)		(980,680	)		(429,355	)		—		(20	)		(1,795,740	)
Accumulated impairment losses		(660	)		—			—			—			—		—			(660	)
Net carrying value		1,698,764			699,479			266,207			61,164			37,107		—			2,762,721


	December 31, 2023
	Land			Building			Equipment and vehicles			Leasehold improvement			Construction in progress		Structures			Total
Acquisition cost		1,710,372			1,098,682			1,229,740			486,763			37,194		20			4,562,771
Accumulated depreciation		—			(378,944	)		(964,676	)		(425,394	)		—		(20	)		(1,769,034	)
Accumulated impairment losses		(660	)		—			—			—			—		—			(660	)
Net carrying value		1,709,712			719,738			265,064			61,369			37,194		—			2,793,077

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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


	For the three-month period ended March 31, 2024
	Land			Building			Equipment and vehicles			Leasehold improvement			Construction in progress			Structures		Total
Beginning balance		1,709,712			719,738			265,064			61,369			37,194			—		2,793,077
Acquisitions		—			4,194			27,518			4,353			776			—		36,841
Disposals		(344	)		—			(3,064	)		(920	)		—			—		(4,328	)
Depreciation		—			(8,257	)		(24,655	)		(5,401	)		—			—		(38,313	)
Classification of assets held for sale		(9,530	)		(9,200	)		—			—			—			—		(18,730	)
Transfer		(1,431	)		(7,693	)		255			270			(525	)		—		(9,124	)
Foreign currencies translation adjustments		357			138			864			973			197			—		2,529
Others		—			559			225			520			(535	)		—		769

Ending balance		1,698,764			699,479			266,207			61,164			37,107			—		2,762,721


	For the three-month period ended March 31, 2023
	Land			Building			Equipment and vehicles			Leasehold improvement			Construction in progress			Structures		Total
Beginning balance		1,695,357			730,676			261,278			58,352			32,184			—		2,777,847
Acquisitions		96			1,530			14,833			4,199			1,638			—		22,296
Disposals		(80	)		(115	)		(327	)		(248	)		—			—		(770	)
Depreciation		—			(8,157	)		(25,853	)		(5,099	)		—			—		(39,109	)
Transfer		142			337			—			—			—			—		479
Foreign currencies translation adjustments		1,339			662			1,577			772			57			—		4,407
Business combination		9,537			9,548			318			—			—			—		19,403
Others		4,531			(4,123	)		(10,773	)		(98	)		(295	)		—		(10,758	)

Ending balance		1,710,922			730,358			241,053			57,878			33,584			—		2,773,795

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


	March 31, 2023
	Building			Equipment and vehicles			Total
Acquisition cost		792,653			41,138			833,791
Accumulated depreciation		(399,583	)		(15,985	)		(415,568	)

Net carrying value		393,070			25,153			418,223


	December 31, 2023
	Building			Equipment and vehicles			Total
Acquisition cost		735,396			40,389			775,785
Accumulated depreciation		(372,694	)		(19,409	)		(392,103	)

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

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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


	For the three-month period ended March 31, 2024
	Building			Equipment and vehicles			Total
Beginning balance		362,702			20,980			383,682
New contracts		73,181			7,297			80,478
Changes in contract		8,145			2			8,147
Termination		(2,018	)		(754	)		(2,772	)
Depreciation		(55,066	)		(3,312	)		(58,378	)
Business combination		—			—			—
Others		6,126			940			7,066

Ending balance		393,070			25,153			418,223


	For the three-month period ended March 31, 2023
	Building			Equipment and vehicles			Total
Beginning balance		349,494			15,589			365,083
New contracts		78,774			1,858			80,632
Changes in contract		(22,486	)		27			(22,459	)
Termination		(3,225	)		(123	)		(3,348	)
Depreciation		(49,582	)		(2,778	)		(52,360	)
Business combination		674			272			946
Others		6,672			124			6,796

Ending balance		360,321			14,969			375,290

15.	INTANGIBLE ASSETS

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


	March 31, 2024
	Goodwill		Industrial property rights			Development cost			Other intangible assets			Membership deposit			Construction in progress		Total
Acquisition cost		450,360		2,304			875,318			1,400,480			52,159			8,834		2,789,455
Accumulated amortization		—		(1,832	)		(631,563	)		(1,119,682	)		—			—		(1,753,077	)
Accumulated impairment losses		—		—			—			(33,552	)		(3,005	)		—		(36,557	)

Net carrying value		450,360		472			243,755			247,246			49,154			8,834		999,821


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

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

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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


	For the three-month period ended March 31, 2023
	Goodwill		Industrial property rights			Development cost			Other intangible assets			Membership deposit			Construction in progress			Total
Beginning balance		445,093		509			242,091			253,156			47,851			8,142			996,842
Acquisitions		—		12			19,161			18,735			2,044			3,878			43,830
Disposal		—		—			—			(4,674	)		(737	)		—			(5,411	)
Amortization (*)		—		(49	)		(17,497	)		(22,195	)		—			—			(39,741	)
Impairment losses		—		—			—			—			(96	)		—			(96	)
Transfer		—		1			—			616			—			(616	)		1
Foreign currencies translation adjustments		5,267		—			—			1,167			90			258			6,782
Others		—		(1	)		—			441			2			(2,828	)		(2,386	)

Ending balance		450,360		472			243,755			247,246			49,154			8,834			999,821

(*)	Amortization of other intangible assets amounting to 6,547 million Won is included in other operating expenses.


	For the three-month period ended March 31, 2023
	Goodwill		Industrial property rights			Development cost			Other intangible assets			Membership deposit			Construction in progress			Total
Beginning balance		397,527		643			212,627			192,373			42,917			3,027			849,114
Acquisitions		—		14			24,133			52,146			181			1,354			77,828
Disposal		—		—			—			—			(50	)		—			(50	)
Amortization (*)		—		(53	)		(23,953	)		(20,622	)		—			—			(44,628	)
Reversal of impairment losses		—		—			—			—			44			—			44
Business combination		41,527		—			—			18,882			2,572			—			62,981
Foreign currencies translation adjustments		12,380		—			2			2,471			105			102			15,060
Others		—		—			—			544			10			(607	)		(53	)

Ending balance		451,434		604			212,809			245,794			45,779			3,876			960,296

(*)	Amortization of other intangible assets amounting to 4,458 million Won is included in other operating expenses.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

16.	ASSETS HELD FOR SALE

Assets held for sale are as follows (Unit: Korean Won in millions):


Assets (*)	March 31, 2024		December 31, 2023
Premises and equipment		30,304		11,573
Others		22,837		8,772

Total		53,141		20,345

(*)	The Group classifies assets as held for sale that are highly likely to be sold within one year from March 31, 2024 and December 31, 2023.

The Group measured assets held for sale at the lower of their net fair value or carrying amount.

The Group has decided to sell some of the Premises and equipment through internal consultation during the current period and classified the property as non-current assets held for sale. The assets are expected to be sold within 12 months. On the other hand, other assets that are expected to be sold as of the end of the current period are classified as assets that are expected to be sold within one year due to the possibility of being sold as buildings and land acquired through auction.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

17.

OTHER ASSETS

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


	March 31, 2024		December 31, 2023
Lease assets		3,415,571		3,306,464
Prepaid expenses		404,188		345,202
Advance payments		64,000		95,025
Non-operational assets		40,347		34,625
Others		36,616		60,471

Total		3,960,722		3,841,787

18.	FINANCIAL LIABILITIES AT FVTPL

(1)	Financial liabilities at FVTPL are as follows (Unit: Korean Won in millions):


	March 31, 2024		December 31, 2023
Financial instruments at fair value through profit or loss		7,278,390		6,138,313

Financial liabilities designated to be measured at FVTPL		169,839		—

Total		7,448,229		6,138,313

(2)	Financial liabilities at fair value through profit or loss are as follows (Unit: Korean Won in millions):


	March 31, 2024		December 31, 2023
Deposits
Gold banking liabilities		42,886		39,524
Borrowings
Securities sold		219,218		155,765
Derivative liabilities		7,016,286		5,943,024

Total		7,278,390		6,138,313

(3)	Financial liabilities designated to be measured at FVTPL are as follows (Unit: Korean Won in millions):


	March 31, 2024		December 31, 2023
Deposits
Fixed deposits		169,839		—

These contracts are designated as financial liabilities at fair value through profit or loss because these contracts contain one or more embedded derivatives and are hybrid (combined) contracts in accordance with K-IFRS 1109 Financial Instrument.

(4)	Changes in fair value due to change in credit risk reflected in financial liabilities designated to be measured at FVTPL are as follows (Unit: Korean Won in millions):


	March 31, 2024		December 31, 2023
Financial liabilities designated to be measured at FVTPL as of March 31, 2024		169,839		—
Changes in fair value due to change in credit risk		446		—
Accumulated change in fair value due to change in credit risk		446		—

The adjustment to reflect Group’s credit risk is considered in measuring the fair value of Deposits. The Group’s credit risk is determined by adjusting credit spread observed in credit rating of Group.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

(5)	The difference between carrying amount and maturity amount of financial liabilities designated to be measured at FVTPL are as follows (Unit: Korean Won in millions):


	March 31, 2024			December 31, 2023
Carrying amount		169,839			—
Nominal amount at maturity		170,000			—
Defference		(161	)		—

19.	DEPOSITS DUE TO CUSTOMERS

Details of deposits due to customers by type are as follows (Unit: Korean Won in millions):


	March 31, 2024			December 31, 2023
Deposits in local currency:
Deposits on demand		8,967,846			8,803,962
Deposits at termination		284,484,807			282,846,971
Mutual installment		21,198			21,602
Deposits on notes payables		4,063,662			4,119,801
Deposits on CMA		103,253			95,237
Certificate of deposits		10,050,507			14,767,307
Other deposits		1,088,830			1,117,673

Sub-total		308,780,103			311,772,553

Deposits in foreign currencies:
Deposits in foreign currencies		46,407,991			46,196,650
Present value discount		(136,215	)		(184,906	)
Customers’ deposits for beneficiary		1,659			—

Total		355,053,538			357,784,297

20.	BORROWINGS AND DEBENTURES

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


	March 31, 2024
	Lenders	Interest rate (%)		Amount
Borrowings in local currency:
Borrowings from The BOK	The BOK		2.0		1,437,723
Borrowings from government funds	Small Enterprise and Market Service and others		0.0 ~ 3.5		2,069,764
Others	The Korea Development Bank and others		0.0 ~ 5.9		10,825,018

Sub-total					14,332,505
Borrowings in foreign currencies:
Borrowings in foreign currencies	The Export-Import Bank of Korea and others		0.0 ~ 10.6		13,422,485
Bills sold	Others		0.0 ~ 2.7		5,591
Call money	Bank and others		1.8 ~ 9.0		1,231,228
Bonds sold under repurchase agreements	Other financial institutions		1.0 ~ 10.7		1,192,429
Present value discount					(21,773	)

Total					30,162,465

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


	December 31, 2023
	Lenders	Interest rate (%)		Amount
Borrowings in local currency:
Borrowings from The BOK	The BOK		2.0		1,565,444
Borrowings from government funds	Small Enterprise and Market Service and others		0.0 ~ 3.4		1,996,579
Others	The Korea Development Bank and others		0.0 ~ 6.7		11,206,471

Sub-total					14,768,494
Borrowings in foreign currencies:
Borrowings in foreign currencies	The Export-Import Bank of Korea and others		0.0 ~ 10.0		14,006,644
Bills sold	Others		0.0 ~ 2.7		6,325
Call money	Bank and others		4.1 ~ 6.6		1,115,923
Bonds sold under repurchase agreements	Other financial institutions		1.0 ~ 11.7		1,119,991
Present value discount					(30,631	)

Total					30,986,746

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


	March 31, 2024					December 31, 2023
	Interest rate (%)		Amount			Interest rate (%)		Amount
Face value of bond (*):
Ordinary bonds		0.8 ~ 7.5		34,765,809			0.8 ~ 7.5		34,393,418
Subordinated bonds		1.9 ~ 5.1		5,316,201			1.9 ~ 5.1		5,241,848
Other bonds		1.6 ~ 17.0		1,690,004			1.6 ~ 17.0		1,667,895

Sub-total				41,772,014					41,303,161

Discounts on bonds				(76,296	)				(63,916	)

Total				41,695,718					41,239,245

(*)

Included debentures under fair value hedge amounting to 5,122,554 million won and 3,943,224 million won as of March 31, 2024 and December 31, 2023 respectively. Also, debentures under cash flow hedge amounting to 959,085 million won and 932,392 million won are included as of March 31, 2024 and December 31, 2023 respectively.

21.	PROVISIONS

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


	March 31, 2024		December 31, 2023
Asset retirement obligation		96,204		95,179
Provisions for guarantees (*1)		84,051		80,703
Provisions for unused loan commitments		137,633		135,335
Other provisions (*2)		334,259		494,814

Total		652,147		806,031

(*1)	Provisions for guarantees includes provision for financial guarantee of 50,109 million won and 50,125 million won as of March 31, 2024 and December 31, 2023, respectively.

(*2)	Other provisions consist of provision for litigation, loss compensation and others.

(2)	Changes in provisions for guarantees and unused loan commitments are as follows (Unit: Korean Won in millions):

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

Provisions for guarantees


	For the three-month period ended March 31, 2024
	Stage 1			Stage 2			Stage 3		Total
Beginning balance		70,678			2,800			7,225		80,703
Transfer to 12-month expected credit loss		81			(81	)		—		—
Transfer to expected credit loss for the entire period		(50	)		50			—		—
Transfer to credit-impaired financial assets		—			—			—		—
Provisions used		—			—			—		—
Net provision (reversal) of unused amount		3,041			(771	)		177		2,447
Others (*)		896			5			—		901

Ending balance		74,646			2,003			7,402		84,051

(*)	Recognized as a result of new financial guarantee contract valued at initial fair value.


	For the three-month period ended March 31, 2023
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		44,496			24,327			7,685			76,508
Transfer to 12-month expected credit loss		101			(101	)		—			—
Transfer to expected credit loss for the entire period		(13	)		13			—			—
Transfer to credit-impaired financial assets		(3	)		(6	)		9			—
Provisions used		—			—			—			—
Net provision (reversal) of unused amount		(984	)		(848	)		(567	)		(2,399	)
Others (*)		(2,485	)		(2	)		—			(2,487	)

Ending balance		41,112			23,383			7,127			71,622

(*)	Recognized as a result of new financial guarantee contract valued at initial fair value.

Provisions for unused loan commitment


	For the three-month period ended March 31, 2024
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		108,775			26,328			232			135,335
Transfer to 12-month expected credit loss		6,499			(6,469	)		(30	)		—
Transfer to expected credit loss for the entire period		(1,958	)		1,964			(6	)		—
Transfer to credit-impaired financial assets		(67	)		(156	)		223			—
Net provision (reversal) of unused amount		(1,718	)		3,475			(333	)		1,424
Others		534			133			207			874

Ending balance		112,065			25,275			293			137,633


	For the three-month period ended March 31, 2023
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		67,640			38,188			205			106,033
Transfer to 12-month expected credit loss		5,907			(5,881	)		(26	)		—
Transfer to expected credit loss for the entire period		(1,302	)		1,303			(1	)		—

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


Transfer to credit-impaired financial assets(52)			(157	)	209		—
Net provision (reversal) of unused amount	(5,566	)	6,997		(148	)	1,283
Others	240		(27	)	—		213

Ending balance	66,867		40,423		239		107,529

(3)	Changes in asset retirement obligation for the three-month periods ended March 31, 2024 and 2023, are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31
	2024			2023
Beginning balance		95,179			82,717
Provisions provided		3,181			1,661
Provisions used		(1,627	)		(1,027	)
Reversal of provisions unused		(223	)		—
Unwinding of discount		287			295
Increase (decrease) of restoration expense,etc.		(593	)		6,504

Ending balance		96,204			90,150

The amount of the asset retirement obligation is the present value of the best estimate of future expected expenditure to settle the obligation – arising from leased property as of March 31,2024, discounted by appropriate discount rate. The restoration cost is expected to occur by the end of each property’s lease period, and the Group has used average lease period of each category of leases terminated during the past years in order to rationally estimate the lease period. In addition, the Group used average amount of actual recovery cost for the past 3 years and the inflation rate for last year in order to estimate future recovery cost.

(4)	Changes in other provisions for the three-month periods ended March 31, 2024 and 2023, are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31
	2024			2023
Beginning balance		494,814			280,607
Provisions provided		12,207			3,743
Provisions used		(174,322	)		(23,885	)
Reversal of provisions unused		(2,342	)		(1,874	)
Foreign currencies translation adjustments		3,327			207
Others		575			2

Ending balance		334,259			258,800

(5)

Others

The Group recognized the estimated amount of compensation related to incomplete sales of Derivative Linked Fund (DLF) in 2019 and provisions for fines expected to be imposed by the Financial Services Commission as the best estimate of expenditure required to fulfill its current obligations at the end of the period.

The Group recognized provisions for estimated compensation amounts related to the prepayment arising from the delay in the redemption of funds before the prior fiscal year and the dispute settlement as the best estimate of the expenditure amounting to 236.4 billion won. In addition, The Group recognized provision amounting to 7.5 billion won for estimated compensation of expected customer loss related to equity-linked securities during the current period.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

22.	NET DEFINED BENEFIT LIABILITY(ASSET)

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

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


Volatility of asset		The defined benefit obligation was estimated with an interest rate calculated based on blue chip corporate bonds earnings. A deficit may occur if the rate of return of plan assets falls short of the interest rate.

Decrease in profitability of blue- chip bonds		A decrease in profitability of blue-chip bonds will be offset by some increase in the value of debt securities that the employee benefit plan owns but will bring an increase in the defined benefit obligation.

Risk of inflation		Defined benefit obligations are related to inflation rate; the higher the inflation rate is, the higher the level of liabilities. Therefore, deficit occurs in the system if an inflation rate increases.

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


	March 31, 2024			December 31, 2023
Present value of defined benefit obligation		1,568,178			1,574,087
Fair value of plan assets		(1,752,725	)		(1,807,408	)

Net defined benefit liabilities(assets) (*)		(184,547	)		(233,321	)

(*)

Net defined benefit assets of 184,547 million won as of March 31, 2024 are the subtracted amount of the net defined benefit liability of 3,057 million won from the net defined benefit assets of 240,260 million won. Net defined benefit assets of 233,321 million won as of December 31, 2023 are the subtracted amount of the net defined benefit liability of 6,939 million won from the net defined benefit assets of 240,260 million won.

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


		For the three-month period ended March 31
		2024			2023
Beginning balance			1,574,087			1,377,545
Current service cost			35,593			32,846
Interest cost			17,689			18,106
Remeasurements	Financial assumption		(16,983	)		52,747
	Demographic assumptions		(2	)		—
	Experience adjustments		38,057			66,544
Retirement benefit paid			(77,676	)		(76,762	)
Foreign currencies translation adjustments			44			27
Others			(2,631	)		(599	)

Ending balance			1,568,178			1,470,454

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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


	For the three-month period ended March 31
	2024			2023
Beginning balance		1,807,408			1,661,623
Interest income		21,164			22,813
Remeasurements		(4,066	)		(8,247	)
Retirement benefit paid		(70,666	)		(74,238	)
Others		(1,115	)		(376	)

Ending balance		1,752,725			1,601,575

(4)	The fair value of the plan assets by composition is as follows as of March 31, 2024 and December 31, 2023.


	March 31, 2024		December 31, 2023
Cash and due from banks and others		1,752,725		1,807,408

Meanwhile, among plan assets, realized returns on plan assets amount to 17,098 million won and 14,566 million won for the three-month periods ended March 31, 2024 and 2023, respectively.

(5)	Amounts related to the defined benefit plan that are recognized in the consolidated statements of comprehensive income are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31
	2024			2023
Current service cost		35,593			32,846
Net interest expense		(3,475	)		(4,707	)

Cost recognized in net income		32,118			28,139

Remeasurements (*)		25,139			127,538

Cost recognized in total comprehensive income		57,257			155,677

(*)	Amount before tax

Retirement benefits related to defined contribution plans recognized as expenses are 1,354 million won, and 1,262 million won for the three-month periods ended March 31, 2024 and 2023, respectively.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

23.	OTHER FINANCIAL LIABILITIES AND OTHER LIABILITIES

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


	March 31, 2024			December 31, 2023
Other financial liabilities:
Accounts payable		12,760,468			10,188,192
Accrued expenses		4,314,240			4,339,314
Borrowings from trust accounts		6,317,081			5,207,791
Agency business revenue		361,357			271,946
Foreign exchange payables		786,478			887,817
Domestic exchange settlement credits		4,818,896			1,386,697
Lease liabilities		357,978			334,456
Other miscellaneous financial liabilities		4,548,087			3,520,039
Present value discount		(19,176	)		(21,247	)

Sub-total		34,245,409			26,115,005

Other liabilities:
Unearned income		401,806			390,455
Other miscellaneous liabilities		418,385			413,442

Sub-total		820,191			803,897

Total		35,065,600			26,918,902

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

24.

DERIVATIVES

(1)

Derivative assets and derivative liabilities are as follows (Unit: Korean Won in millions):


			March 31, 2024
			Assets						Liabilities
	Nominal amount		For cash flow hedge		For fair value hedge		For trading		For cash flow hedge		For fair value hedge		For trading
Interest rate:
Futures		199,569		—		—		—		—		—		—
Forwards		3,940,000		—		—		139,109		—		—		94,167
Swaps		143,886,007		54		7,383		334,860		—		182,034		243,426
Purchase options		150,000		—		—		7,730		—		—		—
Written options		400,000		—		—		—		—		—		16,014
														—
Currency:
Futures		2,976		—		—		—		—		—		—
Forwards		101,597,117		—		—		2,781,699		—		—		651,185
Swaps		82,242,855		55,400		—		3,064,794		3,520		—		4,768,396
Purchase options		263,354		—		—		1,341		—		—		—
Written options		368,578		—		—		—		—		—		1,703
Equity:
Futures		776,700		—		—		—		—		—		—
Forwards		137		—		—		41		—		—		—
Swaps		298,321		—		—		55,747		—		—		4,836
Purchase options		13,244,443		—		—		795,138		—		—		—
Written options		14,634,347		—		—		—		—		—		1,236,559

Total		362,004,404		55,454		7,383		7,180,459		3,520		182,034		7,016,286


			December 31, 2023
			Assets						Liabilities
	Nominal amount		For cash flow hedge		For fair value hedge		For trading		For cash flow hedge		For fair value hedge		For trading
Interest rate:
Futures		317,018		—		—		—		—		—		—
Forwards		3,960,000		—		—		83,198		—		—		169,527
Swaps		138,734,758		—		698		367,333		512		135,263		213,885
Purchase options		150,000		—		—		6,556		—		—		—
Written options		400,000		—		—		—		—		—		15,359
Currency:
Futures		1,728		—		—		—		—		—		—
Forwards		97,713,561		—		—		1,935,832		—		—		885,870
Swaps		79,160,356		26,010		—		2,669,550		17,232		—		3,643,463
Purchase options		139,309		—		—		1,500		—		—		—
Written options		122,696		—		—		—		—		—		585
Equity:
Futures		480,311		—		—		—		—		—		—
Forwards		137		—		—		36		—		—		—
Swaps		461,112		—		—		126,028		—		—		1,994
Purchase options		16,444,709		—		—		608,296		—		—		—
Written options		16,887,247		—		—		—		—		—		1,012,341

Total		354,972,942		26,010		698		5,798,329		17,744		135,263		5,943,024

Derivatives held for trading are classified into financial assets at FVTPL (Note 7) and financial liabilities at FVTPL (Note 18), and derivatives designated for hedging are presented as a separate line item in the consolidated statements of financial position.

- 111 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

(2)	Overview of the Group’s hedge accounting

Fair value hedge

As of March 31, 2024, the Group has applied fair value hedge on fixed interest rate foreign currency denominated debentures amounting to 4,751,414 million won, and local currency debentures amounting to 371,140 million won. The purpose of the hedging is to avoid fair value volatility risk of fixed interest rate foreign and local currency denominated debentures derived from fluctuations of market interest rate, and as such the Group entered into interest rate swap agreements designated as hedging instruments.

Pursuant to the interest rate swap agreement, by swapping the calculated difference between the fixed interest rate and floating interest rate applied to the nominal value, the fair value fluctuation risk is hedged as the foreign currency denominated debentures fixed interest rate terms are converted to floating interest rate. Pursuant to the interest rate swap agreement, hedge ratio is determined by matching the nominal value of hedging instrument to the face value of the hedged item.

In this hedging relationship, only the market interest rate fluctuation, which is the most significant part of the fair value change of the hedged item, is designated as the hedged risk, and other risk factors including credit risk are not included in the hedged risk. Therefore, the ineffective portion of the hedge could arise from fluctuations in the timing of the cash flow of the hedged item, price margin set by counterparty of hedging instrument, and unilateral change in credit risk of any party of hedging instrument.

The interest rate swap agreements and the hedged items are subject to fluctuations in the underlying market rate of interest and the Group expects the fair value of the interest rate swap contract and the value of the hedged item to generally change in the opposite direction.

The fair value of the interest rate swap at the end of the reporting period is determined by discounting future cash flows estimated by using the yield curve at the end of the reporting period and the credit risk embedded in the contract and the average interest rate is determined based on the outstanding balance at the end of the reporting period. The variable interest rate applied to the interest rate swap is Compounding SOFR or CD 3M plus spread. In accordance with the terms of each interest rate swap contract designated as a hedging instrument, the Group receives interest at a fixed interest rate and pays interest at a variable interest rate.

Cash Flow Hedge

As of the March 31, 2024, the Group has applied cash flow hedge on local currency denominated debentures amounting to 179,955 million won and debentures on foreign currency amounting to 779,130 million won The Group’s hedging strategies are to ① Mitigate risks of cash flow fluctuation from variable interest rate debentures on local currency due to changes in market interest rate by entering into an interest rate swap contract and thereby designating it as hedging instrument; ② Mitigate the risks of cash flow fluctuation from principal and interest of variable interest rate debentures denominated in foreign currency due to changes in foreign exchange rates and interest rates by entering into a currency swap contract and thereby designating it as hedging instrument; ③ Mitigate the risks of cash flow fluctuation from principal and interest of fixed interest rate debentures denominated in foreign currency due to changes in foreign exchange rates and ④ Mitigate the risks of cash flow fluctuation in variable interest rate foreign currency borrowings resulting from changes in market interest rates and designate it as a hedging instrument through entering into currency swap contracts and interest rate swap contracts.

This means exchanging a predetermined nominal amount as set forth in the interest rate swap contract adjusted by the differences between the fixed and variable interest rates, which results in the conversion of interest rates of debentures in local currency from variable interest into fixed interest, eliminating the cash flow fluctuation risk.

- 112 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

In addition, this also means a payment of predetermined principal amount as set forth in the currency swap adjusted by fixed interest rate, an exchange of an amount calculated by applying variable interest rate to USD or applying fixed interest rate to SGD, and an exchange of the principal denominated in KRW and principal denominated in foreign currency at maturity eliminating cash flow fluctuation risk on principal and interest.

The hedge ratio is determined by matching the nominal amount of the hedging instrument to the face amount of the hedged item in accordance with interest rate swap and currency swap.

Only interest rate and foreign exchange rate fluctuation risk, which is the most significant factor in the cash flow fluctuation of the hedged item, is addressed in this hedging relationship, and other risk factors such as credit risk are not subject to hedging.

Thus, there could be hedge ineffectiveness arising from price margin set by the counterparty of hedging instruments and unilateral change in credit risk of any party in the transaction.

The interest rate swap, currency swap contract and the hedged item are all affected by the changes in market interest rate and foreign exchange rates which are basic factors of the derivative. The Group expects that the value of interest rate swap contract, currency swap contract and value of the hedged item will generally fluctuate in opposite direction.

Hedges of Net Investment in Foreign Operations

Foreign currency exposure arises from the Group’s net investments in Woori America Bank, Woori Bank(Cambodia) PLC and Hong Kong Woori Investment Bank, and overseas branches, which use USD as their functional currency. The risk arises from fluctuations in the spot exchange rate between USD and KRW. This may result in different net investment amounts.

The risk hedged in the net investment hedging is the volatility of KRW against USD, which may reduce the carrying amount of the Group’s net investments in Woori America Bank, Woori Bank(Cambodia) PLC and Hong Kong Woori Investment Bank.

A portion of the Group’s net investments in Woori America Bank, Woori Bank(Cambodia) PLC and Hong Kong Woori Investment Bank, and overseas branches are hedged in USD denominated foreign currency bonds(Carrying amount as of March 31, 2024: USD 863,959,317) and mitigate foreign exchange risk arising from the net assets of subsidiaries.

The bonds were designated as a hedging instrument for changes in the value of net investment resulting from fluctuations in the USD/KRW spot exchange rate.

To assess the effectiveness of the hedging instrument, the Group determines the economic relationship between the hedging instrument and the hedged item by comparing (offsetting) changes in the carrying amount of the liability due to changes in the spot exchange rate with changes. The Group’s policy is to hedge the net investment only within the principal range of the liability.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

(3)	The nominal amount of the hedging instrument is as follows (Unit: USD, AUD, EUR, and Korean Won in millions):


	March 31, 2024
	1 year or less		1 year to 5 years		More than 5 years		Total
Fair value hedge
Interest rate risk
Interest rate swap (USD)		1,025,000,000		2,650,000,000		—		3,675,000,000
Interest rate swap (KRW)		240,000		—		130,000		370,000
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)		—		140,000		—		140,000
Foreign currencies translation risk and interest rate risk
Currency swap (USD)		—		470,000,000		—		470,000,000
Foreign currencies translation risk
Currency swap (USD)		—		100,000,000		—		100,000,000
Currency swap (EUR)		—		194,780,000		—		194,780,000
Hedges of net investment in foreign operations
Exchange risk
Foreign currency bond (USD)		400,000,000		463,959,317		—		863,959,317

	December 31, 2023
	1 year or less		1 year to 5 years		More than 5 years		Total
Fair value hedge
Interest rate risk
Interest rate swap (USD)		1,000,000,000		1,975,000,000		—		2,975,000,000
Interest rate swap (KRW)		240,000		—		20,000		260,000
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)		—		140,000		—		140,000
Foreign currencies translation risk and interest rate risk
Currency swap (USD)		—		270,000,000		—		270,000,000
Foreign currencies translation risk
Currency swap (USD)		—		100,000,000		—		100,000,000
Currency swap (EUR)		—		194,780,000		—		194,780,000
Hedges of net investment in foreign operations
Exchange risk
Foreign currency bond (USD)		400,000,000		463,959,317		—		863,959,317

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

(4)	The average interest rate and average currency rate of the hedging instrument are as follows:


		March 31, 2024
		Average interest rate and average exchange rate
Fair value hedge
Interest rate risk
Interest rate swap (USD)		Fixed 3.82% receipt and (C.SOFR) + 1.37% paid
Interest rate swap (KRW)		Fixed 4.21% receipt and CD 3M paid
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)		KRW CMS 5Y+0.46% receipt, 3.65% paid
Foreign currencies translation risk and interest rate risk
Currency swap (USD)		USD 1M SOFR+1.12% receipt, KRW 4.37% paid, USD/KRW = 1,293.97
Foreign currencies translation risk
Currency swap (USD)		USD 1.75% receipt, KRW 1.63% paid, USD/KRW = 1,138.50
Currency swap (EUR)		EUR 1.98% receipt, KRW 3.40% paid, EUR/KRW = 1,344.08
Hedges of net investment
Exchanging rate risk
Foreign currency denominated debentures(USD/KRW)		1,328.23

		December 31, 2023
		Average interest rate and average exchange rate
Fair value hedge
Interest rate risk
Interest rate swap (USD)		Fixed 3.60% receipt and (C.SOFR) + 1.47% paid
Interest rate swap (KRW)		Fixed 4.13% receipt and CD 3M paid
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)		KRW CMS 5Y+0.46% receipt, 3.65% paid
Foreign currencies translation risk and interest rate risk
Currency swap (USD)		USD 1M SOFR+1.12% receipt, KRW 4.37% paid, USD/KRW = 1,293.97
Foreign currencies translation risk
Currency swap (USD)		USD 1.75% receipt, KRW 1.63% paid, USD/KRW = 1,138.50
Currency swap (EUR)		EUR 1.98% receipt, KRW 3.40% paid, EUR/KRW = 1,344.08
Hedges of net investment
Exchanging rate risk
Foreign currency denominated debentures(USD/KRW)		1,306.12

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

(5)	The amounts related to items designated as hedging instruments are as follows (Unit: USD, AUD, EUR, and Korean Won in millions):


	March 31, 2024
	Nominal amount of the hedging instrument		Carrying amount of the hedging instrument				Line item in the statement of financial position where the hedging instrument is located	Changing in fair value used for calculating hedge ineffectiveness
	Nominal amount of the hedging instrument		Assets		Liabilities
Fair value hedge
Interest rate risk
Interest rate Swap(USD)		3,675,000,000		7,383		182,034	Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)		(34,377	)
Interest rate Swap(KRW)		370,000
Cash flow hedge
Interest rate risk
Interest rate swap(KRW)		140,000		54		—	Derivative assets (designated for hedging)		446
Foreign currency translation risk and interest rate risk
Currency swap(USD)		470,000,000		26,094		3,520	Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)		29,825
Foreign currency translation risk
Currency swap(USD)		100,000,000		16,320		—	Derivative assets (designated for hedging)		4,933
Currency swap(EUR)		194,780,000		12,986		—	Derivative assets (designated for hedging)		4,077
Hedges of net investment in foreign operations
Exchange rate risk
Foreign currency bond(USD)		863,959,317		—		1,163,580	Foreign currency bond		(49,576	)

	December 31, 2023
	Nominal amounts of the hedging instrument		Carrying amount of the hedging instrument				Line item in the statement of financial position where the hedging instrument is located	Changing in fair value used for calculating hedge ineffectiveness
	Nominal amounts of the hedging instrument		Assets		Liabilities
Fair value hedge
Interest rate risk
Interest rate Swap(USD)		2,975,000,000		698		135,263	Derivative assets (designated for hedging)		55,651
Interest rate Swap(KRW)		260,000		698		135,263	Derivative assets (designated for hedging)		55,651
Cash flow hedge
Interest rate risk
Interest rate swap(KRW)		140,000		—		512	Derivative liabilities (designated for hedging)		(2,433	)
Foreign currency translation risk and interest rate risk
Currency swap(USD)		270,000,000		7,356		17,232	Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)		(913	)
Foreign currency translation risk
Currency swap(USD)		100,000,000		10,956		—	Derivative assets (designated for hedging)		(5,644	)
Currency swap(EUR)		194,780,000		7,698		—	Derivative assets (designated for hedging)		19,063
Hedges of net investment in foreign operations
Exchange rate risk
Foreign currency bond(USD)		863,959,317		—		1,113,989	Foreign currency bond		(19,088	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

(6)	Details of carrying amount to hedge and amount due to hedge accounting are as follows (Unit: Korean Won in millions):


	March 31, 2024
	Carrying amount of the hedged item				Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying amount of the hedged item				Line item in the statement of financial position in which the hedged item is included		Changing in fair value used for calculating hedge ineffectiveness			Cash flow hedge reserve (*2)
	Assets		Liabilities		Assets		Liabilities							Cash flow hedge reserve (*2)
Fair value hedge
Interest rate risk
Debentures(*1)		—		5,122,554		—		180,270		Debentures		30,943			—
Cash flow hedge
Interest rate risk
Debentures		—		179,955		—		—		Debentures		(447	)		40
Foreign currencies translation risk and interest rate risk
Debentures		—		362,091		—		—		Debentures		(29,825	)		9,836
Foreign currencies translation risk
Debentures		—		417,039		—		—		Debentures		(9,010	)		(24,719	)
Hedges of net investment in foreign operations Exchange rate risk
Foreign operations net asset		—		1,163,580		—		—		Foreign operations net asset		49,576			(71,238	)

(*1)	The accumulated profit on debentures on foreign currency amounted to 179,130 million won, and the accumulated loss on debentures on local currency amounted to 1,140 million won, as of March 31, 2024.

(*2)	After tax amount


	December 31, 2023
	Carrying amount of the hedged item				Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying amount of the hedged item				Line item in the statement of financial position in which the hedged item is included		Changing in fair value used for calculating hedge ineffectiveness			Cash flow hedge reserve (*2)
	Assets		Liabilities		Assets		Liabilities							Cash flow hedge reserve (*2)
Fair value hedge
Interest rate risk
Debentures(*1)		—		3,943,224		—		142,902		Debentures		(58,306	)		—
Cash flow hedge
Interest rate risk
Debentures		—		179,945		—		—		Debentures		2,433			25
Foreign currencies translation risk and interest rate risk
Debentures		—		346,388		—		—		Debentures		22,914			(8,819	)
Foreign currencies translation risk
Debentures		—		406,059		—		—		Debentures		(13,419	)		(11,416	)
Hedges of net investment in foreign operations Exchange rate risk
Foreign operations net asset		—		1,113,989		—		—		Foreign operations net asset		19,088			(34,750	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

(*1)	The accumulated profit on debentures on foreign currency amounted to 141,818 million won, and the accumulated loss on debentures on local currency amounted to 1,084 million won, as of December 31, 2023.

(*2)	After tax amount

(7)	Amounts recognized in profit or loss due to the ineffective portion of fair value hedges are as follows (Unit: Korean Won in millions):


		For the three-month period ended March 31, 2024
		Hedge ineffectiveness recognized in profit or loss			Line item in the profit or loss that includes hedge ineffectiveness
Fair value hedge	Interest rate risk		(3,434	)	Other net operating income(expense)

		For the three-month period ended March 31, 2023
		Hedge ineffectiveness recognized in profit or loss			Line item in the profit or loss that includes hedge ineffectiveness
Fair value hedge	Interest rate risk		(4,253	)	Other net operating income(expense)

(8)	Reclassification of profit or loss from other comprehensive income and equity related to cash flow hedges are as follows (Unit: Korean Won in millions):


		For the three-month period ended March 31, 2024
		Changes in the value of hedging instruments recognized in OCI			Hedge ineffectiveness recognized in profit or loss		Changes in the value of foreign basis spread recognized in OCI			Line item recognized in the profit or loss	Amounts reclassified from cash flow hedge reserve to profit or loss			Line item affected in profit or loss due to reclassification
Cash flow hedge	Interest rate risk		446			—		—		Other net operating income (expense)		—		Other net operating income (expense)
	Foreign currencies translation risk and interest rate risk		29,825			—		2,625		Other net operating income (expense)		(26,978	)	Other net operating income (expense)
	Foreign currencies translation risk		9,010			—		1,641		Other net operating income (expense)		(10,871	)	Other net operating income (expense)

		For the three-month period ended March 31, 2023
		Changes in the value of hedging instruments recognized in OCI			Hedge ineffectiveness recognized in profit or loss		Changes in the value of foreign basis spread recognized in OCI			Line item recognized in the profit or loss	Amounts reclassified from cash flow hedge reserve to profit or loss			Line item affected in profit or loss due to reclassification
Cash flow hedge	Interest rate risk		(1,711	)		—		—		Other net operating income (expense)		—		Other net operating income (expense)
	Foreign currencies translation risk and interest rate risk		21,002			—		(2,255	)	Other net operating income (expense)		(25,866	)	Other net operating income (expense)
	Foreign currencies translation risk		15,972			—		2,343		Other net operating income (expense)		(20,269	)	Other net operating income (expense)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

(9)	The amounts recognized in profit or loss and other comprehensive income related to the hedging of net investments in foreign operations are as follows (Unit: Korean Won in millions):


		March 31, 2024
		Other comprehensive income								Profit or loss
		Hedge gain or loss recognized in other comprehensive income			Income tax effect		Sub-total			Hedge ineffectiveness recognized in profit or loss		Line item recognizing ineffectiveness
Hedges of net investment in foreign operations	Foreign exchange risk		(49,576	)		13,088		(36,488	)		—		—

		March 31, 2023
		Other comprehensive income								Profit or loss
		Hedge gain or loss recognized in other comprehensive income			Income tax effect		Sub-total			Hedge ineffectiveness recognized in profit or loss		Line item recognizing ineffectiveness
Hedges of net investment in foreign operations	Foreign exchange risk		(31,530	)		8,324		(23,205	)		—		—

No amount was reclassified from reserve of hedges of net investment in foreign operations to profit or loss for the three-month periods ended March 31, 2024 and 2023.

25.	DEFERRED DAY 1 PROFITS OR LOSSES

Changes in deferred day 1 profits or losses are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31
	2024			2023
Beginning balance		7,848			17,964
Amounts recognized in losses		(5,879	)		(3,428	)

Ending balance		1,969			14,536

In case some variables to measure fair values of financial instruments are not observable in the market, valuation techniques are utilized to evaluate such financial instruments. Those financial instruments are recorded the transaction price as at the time of acquisition, even though there are difference noted between the transaction price and the fair value. The table above presents the difference yet to be realized as profit or losses as of March 31, 2024 and 2023.

26.

EQUITY

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


	March 31, 2024			December 31, 2023
Capital
Common stock capital		3,802,676			3,802,676
Hybrid securities		4,010,141			3,611,129
Capital surplus
Paid in capital in excess of par		854,499			854,499
Others		73,161			81,064

Sub-total		927,660			935,563

Capital adjustments
Treasury stocks		(39,309	)		(39,348	)
Other adjustments (*1)		(1,646,839	)		(1,648,535	)

Sub-total		(1,686,148	)		(1,687,883	)

Accumulated other comprehensive income

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


Gain (loss) on credit risk fluctuation of financial liabilities designated to be measured at FVTPL	446		-
Financial assets at FVTOCI	5,281		79,694
Changes in capital due to equity method	(3,794	)	3,471
Gain (loss) on foreign currency translation of foreign operations	139,373		15,579
Gain (loss) on hedges of net investment in foreign operations	(71,238	)	(34,750	)
Remeasurements of defined benefit plan	(42,758	)	(24,262	)
Gain (loss) on valuation of cash flow hedge	(15,125	)	(20,806	)

Sub-total	12,185		18,926

Retained earnings (2) (3)	25,157,273		24,986,470
Non-controlling interest (*4)	1,700,556		1,730,609

Total	33,924,343		33,397,490

(*1)	Included 178,060 million Won in capital transaction gains and losses recognized by Woori Bank and (formerly) Woori Financial Group in 2014 and 2,238,228 million Won due to the spin-off of Gyeongnam Bank and Gwangju Bank.

(*2)	The regulatory reserve for credit losses in retained earnings amounted to 2,392,542 million Won and 2,839,475 million Won as of March 31, 2024 and December 31, 2023, respectively in accordance with the relevant article.

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

(*4)

The hybrid securities issued by Woori Bank amounting to 1,546,447 million Won and 1,546,447 million Won as of March 31, 2024 and December 31, 2023, respectively, are recognized as non-controlling interests. 11,263 million Won and 19,968 million Won of dividends for the hybrid securities issued by Woori Bank are allocated to net profit and loss of the non-controlling interests for the three-month periods ended March 31, 2024 and 2023, respectively.

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


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

(3)	Hybrid securities

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


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

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


Securities in local currency	2022-07-28	—	4.99	300,000		300,000
Securities in local currency	2022-10-25	—	5.97	220,000		220,000
Securities in local currency	2023-02-10	—	4.65	300,000		300,000
Securities in local currency	2023-09-07	—	5.04	200,000		200,000
Securities in local currency	2024-02-07	—	4.49	400,000		—
Issuance cost				(9,859	)	(8,871	)

Total				4,010,141		3,611,129

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

(4)	Accumulated other comprehensive income

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


	For the three-month period ended March 31, 2024
	Beginning balance			Increase (decrease) (*)			Reclassification adjustments			Income tax effect			Ending balance
Net gain (loss) on valuation of financial assets at FVTOCI		79,694			(83,308	)		(21,538	)		30,433			5,281
Net gain (loss) on credit risk fluctuation of financial liabilities designated to be measured at FVTPL		—			606			—			(160	)		446
Changes in capital due to equity method		3,471			(9,948	)		—			2,683			(3,794	)
Gain (loss) on foreign currency translation of foreign operations		15,579			128,454			—			(4,660	)		139,373
Gain (loss) on hedges of net investment in foreign operations		(34,750	)		(49,576	)		—			13,088			(71,238	)
Remeasurement gain (loss) related to defined benefit plan		(24,262	)		(25,119	)		—			6,623			(42,758	)
Gain (loss) on valuation of cash flow hedge		(20,806	)		5,939			(239	)		(19	)		(15,125	)

Total		18,926			(32,952	)		(21,777	)		47,988			12,185

(*)	The increase(decrease) of financial asset valuation profit or loss at fair value through other comprehensive income are changes due to the period evaluation, and the reclassification adjustments amounting to 491 million Won are due to disposal of equity securities during the period.


	For the three-month period ended March 31, 2023
	Beginning balance			Increase (decrease) (*)			Reclassification adjustments			Income tax effect			Ending balance
Net gain (loss) on valuation of financial assets at FVTOCI		(645,731	)		431,221			(332	)		(113,539	)		(328,381	)
Changes in capital due to equity method		475			7,475			—			(2,337	)		5,613
Gain (loss) on foreign currency translation of foreign operations		(24,202	)		168,793			—			(4,974	)		139,617
Gain (loss) on hedges of net investment in foreign operations		(20,701	)		(31,530	)		—			8,324			(43,907	)
Remeasurement gain (loss) related to defined benefit plan		55,235			(127,579	)		—			33,725			(38,619	)
Gain (loss) on valuation of cash flow hedge		(4,282	)		(10,535	)		(256	)		459			(14,614	)

Total		(639,206	)		437,845			(588	)		(78,342	)		(280,291	)

(*)	The increase(decrease) of financial asset valuation profit or loss at fair value through other comprehensive income and changes in capital due to equity method are changes due to the period evaluation, and the

- 121 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

reclassification adjustments amounting to (145) million Won and 50 million Won are due to disposal of equity securities and changes in capital due to equity method, respectively during the period.

(5)	Regulatory Reserve for Credit Loss

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

1)	Balance of the regulatory reserve for credit loss

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


	March 31, 2024		December 31, 2023
Beginning balance		2,392,542		2,839,475
Planned provision of regulatory reserve (reversal) for credit loss		55,958		(446,933	)

Ending balance		2,448,500		2,392,542

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

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


	For the three-month periods ended March 31
	2024			2023
Net income before regulatory reserve		838,911			946,622
Provision of regulatory reserve (reversal) for credit loss		55,958			(55,213	)
Adjusted net income after the provision of regulatory reserve		782,953			1,001,835
Dividends to hybrid securities		(35,259	)		(30,414	)
Adjusted net income after regulatory reserve and dividends to hybrid securities		747,694			971,421
Adjusted EPS after regulatory reserve and the dividends to hybrid securities (Unit: Korean Won)		1,001			1,335

(6)	Changes in treasury stocks for the three-month periods ended March 31, 2024 are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31, 2024
	Beginning balance		Acquisition		Disposal etc.			Ending balance
Number of shares		3,427,497		9,359,729		(9,363,295	)		3,423,931
Carrying value		39,348		136,711		(136,750	)		39,309


	For the three-month period ended March 31, 2023
	Beginning balance		Acquisition		Disposal etc.		Ending balance
Number of shares		343,991		—		—		343,991
Carrying value		3,819		—		—		3,819

- 122 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

27.

DIVIDENDS

(1)

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

28.	NET INTEREST INCOME

(1)	Interest income recognized is as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2024		2023
Financial assets at FVTPL		57,653		43,975
Financial assets at FVTOCI		304,500		208,248
Financial assets at amortized cost:
Securities at amortized cost		174,404		205,206
Loans and other financial assets at amortized cost:
Interest on due from banks		166,700		131,147
Interest on loans		4,741,811		4,323,140
Interest of other receivables		24,433		17,422

Subtotal		4,932,944		4,471,709

Total		5,469,501		4,929,138

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


	For the three-month periods ended March 31
	2024		2023
Interest on deposits due to customers		2,371,219		1,998,250
Interest on borrowings		366,565		287,463
Interest on debentures		428,781		334,255
Other interest expense		101,824		87,981
Interest on lease liabilities		2,909		2,368

Total		3,271,298		2,710,317

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

29.	NET FEES AND COMMISSIONS INCOME

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


	For the three-month periods ended March 31
	2024		2023
Fees and commission received for brokerage		48,859		41,664
Fees and commission received related to credit		44,489		44,755
Fees and commission received for electronic finance		31,534		31,123
Fees and commission received on foreign exchange handling		14,129		13,603
Fees and commission received on foreign exchange		27,649		19,840
Fees and commission received for guarantee		23,768		19,365
Fees and commission received on credit card		150,709		149,191
Fees and commission received on securities business		14,826		14,894
Fees and commission from trust management		60,715		64,529
Fees and commission received on credit information		2,615		2,475
Fees and commission received related to lease		205,707		163,736
Other fees		64,674		54,087

Total		689,674		619,262

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


	For the three-month periods ended March 31
	2024		2023
Fees and commissions paid		75,763		78,993
Credit card commission		107,140		118,141
Securities business commission		320		344
Others		3,520		3,690

Total		186,743		201,168

30.	DIVIDEND INCOME

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


	For the three-month periods ended March 31
	2024		2023
Dividend income related to financial assets at FVTPL		54,365		37,765
Dividend income related to financial assets at FVTOCI		12,417		11,315

Total		66,782		49,080

(2)	Details of dividends related to financial assets at FVTOCI are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2024		2023
Dividend income recognized from assets held:
Equity securities		12,417		11,315

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

31.	NET GAIN OR LOSS ON FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS MANDATORILY MEASURED AT FAIR VALUE

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


	For the three-month periods ended March 31
	2024			2023
Gain on financial instruments at fair value through profit or loss		516,052			238,498

Loss on credit risk fluctuation of financial instuments designated to be measured at FVTPL		(445	)		—

(2)	Details of net gain or loss on financial instruments at fair value through profit or loss and financial instruments held for trading are as follows (Unit: Korean Won in millions):


			For the three-month periods ended March 31
			2024			2023
Financial assets at FVTPL	Securities	Gain on transactions and valuation		157,959			289,932
		Loss on transactions and valuation		(268,576	)		(68,583	)

		Sub-total		(110,617	)		221,349

	Loans	Gain on transactions and valuation		1,513			3,852
		Loss on transactions and valuation		(755	)		(1,700	)

		Sub-total		758			2,152

	Other financial assets	Gain on transactions and valuation		3,723			3,184
		Loss on transactions and valuation		(3,336	)		(5,214	)

		Sub-total		387			(2,030	)

		Sub-total		(109,472	)		221,471

Derivatives (Held for trading)	Interest rates derivatives	Gain on transactions and valuation		796,469			1,295,563
		Loss on transactions and valuation		(517,952	)		(1,450,186	)

		Sub-total		278,517			(154,623	)

	Currency derivatives	Gain on transactions and valuation		4,399,697			3,588,500
		Loss on transactions and valuation		(4,032,644	)		(3,408,720	)

		Sub-total		367,053			179,780

	Equity derivatives	Gain on transactions and valuation		958,469			1,088,009
		Loss on transactions and valuation		(978,520	)		(1,096,108	)

		Sub-total		(20,051	)		(8,099	)

	Other derivatives	Gain on transactions and valuation		5			—
		Loss on transactions and valuation		—			(31	)

		Sub-total		5			(31	)

		Sub-total		625,524			17,027

Net, total				516,052			238,498

(3)	Details of gains or losses on credit risk fluctuation of financial instruments designated to be measured at FVTPL are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2024			2023
Gain (Loss) on deposits

Gain (Loss) on fixed deposits		(445	)		—

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

32.	NET GAIN OR LOSS ON FINANCIAL ASSETS AT FVTOCI

Details of net gain or loss on financial assets at FVTOCI recognized are as follows (Unit: Korean Won in millions) :


	For the three-month periods ended March 31
	2024		2023
Gain (Loss) on redemption of securities		—		38
Gain (Loss) on transactions of securities		20,476		293

Total		20,476		331

33.	REVERSAL OF (PROVISION FOR) IMPAIRMENT LOSSES DUE TO CREDIT LOSS

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


	For the three-month periods ended March 31
	2024			2023
Reversal(provision) due to credit loss on financial assets measured at FVTOCI		259			(413	)
Reversal(provision) for impairment loss due to credit loss on securities at amortized cost		528			124
Reversal(provision) for impairment loss due to credit loss on loan and other financial assets at amortized cost		(363,428	)		(262,400	)
Reversal(provision) for guarantees		(2,447	)		2,399
Reversal(provision) for unused loan commitment		(1,424	)		(1,283	)

Total		(366,512	)		(261,573	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

34.	GENERAL AND ADMINISTRATIVE EXPENSES AND OTHER NET OPERATING INCOME (EXPENSES)

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


			For the three-month periods ended March 31
			2024			2023
Employee benefits	Short-term employee benefits	Salaries		434,391			418,624
		Employee fringe benefits		163,399			151,527
	Share based payment			8,756			(369	)
	Retirement benefit service costs			33,471			29,401
	Termination			(3,503	)		6,488

	Subtotal			636,514			605,671

Depreciation and amortization				129,884			131,639
Other general and administrative expenses	Rent			31,276			28,794
	Taxes and public dues			54,154			48,025
	Service charges			60,688			58,938
	Computer and IT related			29,000			30,696
	Telephone and communication			22,002			20,905
	Operating promotion			12,218			12,271
	Advertising			24,088			15,398
	Printing			1,282			1,281
	Traveling			3,007			3,058
	Supplies			2,253			1,946
	Insurance premium			3,697			3,693
	Maintenance			6,048			6,051
	Water, light, and heating			5,626			5,849
	Vehicle maintenance			3,440			3,241
	Others (*)			6,490			59,524

	Sub-total			265,269			299,670

	Total			1,031,667			1,036,980

(*)	In-house welfare fund contributions amounted to 40,047 million Won as of March 31, 2023.

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


	For the three-month periods ended March 31
	2024		2023
Gains on transactions of foreign exchange		68,254		430,075
Gains related to derivatives (designated for hedging)		46,788		69,880
Gains on fair value hedged items		39,890		5,640
Others		72,721		90,111

Total		227,653		595,706

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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


	For the three-month periods ended March 31
	2024		2023
Losses on transactions of foreign exchange		469,650		582,765
KDIC deposit insurance premium		120,868		112,060
Contribution to miscellaneous funds		134,508		103,891
Losses related to derivatives (Designated for hedging)		43,316		5,409
Losses on fair value hedged items		8,948		28,206
Others (*)		251,613		201,952

Total		1,028,903		1,034,283

(*)	Other expense includes 6,547 million Won and 4,458 million Won for intangible asset amortization cost and 135,782 million Won and 108,733 million Won for lease depreciation cost for the years ended March 31, 2024 and 2023, respectively.

(4)	Share-based payment

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

Performance condition share-based payment


Subject to		Shares granted for the year 2020
Type of payment		Cash-settled
Vesting period		January 1, 2020 ~ December 31, 2023
Date of payment		2024-01-01
Fair value (*1)		12,885 Won
Valuation method		Black-Scholes Model
Expected dividend rate		6.25%
Expected maturity date		0 year
Number of shares remaining	As of March 31, 2024	755,073 shares
Number of shares remaining	As of December 31, 2023	944,343 shares
Number of shares granted (*2)	As of March 31, 2024	755,073 shares
Number of shares granted (*2)	As of December 31, 2023	944,343 shares
Subject to		Shares granted for the year 2021
Type of payment		Cash-settled
Vesting period		January 1, 2021 ~ December 31, 2024
Date of payment		2025-01-01
Fair value (*1)		14,059 Won
Valuation method		Black-Scholes Model
Expected dividend rate		6.48%
Expected maturity date		0.75 year
Number of shares remaining	As of March 31, 2024	1,105,515 shares
Number of shares remaining	As of December 31, 2023	1,105,515 shares
Number of shares granted (*2)	As of March 31, 2024	1,105,515 shares
Number of shares granted (*2)	As of December 31, 2023	1,105,515 shares

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023


Subject to		Shares granted for the year 2022
Type of payment		Cash-settled
Vesting period		January 1, 2022 ~ December 31, 2025
Date of payment		2026-01-01
Fair value (*1)		13,177 Won
Valuation method		Black-Scholes Model
Expected dividend rate		6.48%
Expected maturity date		1.75 year
Number of shares remaining	As of March 31, 2024	968,119 shares
Number of shares remaining	As of December 31, 2023	968,119 shares
Number of shares granted (*2)	As of March 31, 2024	968,119 shares
Number of shares granted (*2)	As of December 31, 2023	968,119 shares
Subject to		Shares granted for the year 2023
Type of payment		Cash-settled
Vesting period		January 1, 2023 ~ December 31, 2026
Date of payment		2027-01-01
Fair value (*1)		12,351 Won
Valuation method		Black-Scholes Model
Expected dividend rate		6.48%
Expected maturity date		2.75 years
Number of shares remaining	As of March 31, 2024	924,077 shares
Number of shares remaining	As of December 31, 2023	924,077 shares
Number of shares granted (*2)	As of March 31, 2024	924,077 shares
Number of shares granted (*2)	As of December 31, 2023	924,077 shares
Subject to		Shares granted for the year 2024
Type of payment		Cash-settled
Vesting period		January 1, 2024 ~ December 31, 2027
Date of payment		2028-01-01
Fair value (*1)		11,577 Won
Valuation method		Black-Scholes Model
Expected dividend rate		6.48%
Expected maturity date		3.75 years
Number of shares remaining	As of March 31, 2024	354,439 shares
Number of shares remaining	As of December 31, 2023	—
Number of shares granted (*2)	As of March 31, 2024	354,439 shares
Number of shares granted (*2)	As of December 31, 2023	—

(*1)

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

(*2)

It is a system in which the amount of stock payable is determined at the beginning, and the payment rate is determined in accordance with the degree of achievement of the pre-set performance target. Performance is evaluated by long-term performance indicators such as relative shareholder return, net profit, return on equity (ROE), non-performing loan ratio, and job performance.

The Group accounts for performance condition share-based payments according to the cash-settled method and the fair value of the liabilities is reflected in the compensation costs by re-measuring every closing period. As of March 31, 2024 and December 31, 2023, the carrying amount of the liabilities related to the performance condition share-based payments recognized by the Group amounts to 43,816 million Won and 46,741 million Won, respectively, including the carrying amount of liabilities related to key management of 18,203 million Won and 19,924 million Won, respectively.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

35.	NON-OPERATING INCOME (EXPENSES)

(1)	Details of gains or losses on valuation of investments in joint ventures and associates are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2024			2023
Gains on valuation of investments in joint ventures and associates		14,849			10,021
Losses on valuation of investments in joint ventures and associates		(9,340	)		(2,878	)

Total		5,509			7,143

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


	For the three-month periods ended March 31
	2024			2023
Other non-operating incomes		11,746			21,573
Other non-operating expenses		(23,987	)		(10,394	)

Total		(12,241	)		11,179

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


	For the three-month periods ended March 31
	2024		2023
Rental fee income		4,381		4,432
Gains on disposal of investments in joint ventures and associates		312		—
Gains on disposal of Premises and equipment, intangible assets and other assets		299		237
Reversal of impairment losses of Premises and equipment, intangible assets and other assets		20		137
Others (*)		6,734		16,767

Total		11,746		21,573

(*)	‘Others’ for the three-month period ended March 31, 2023 include 577 million Won of other special gain related to other provisions.

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


	For the three-month periods ended March 31
	2024		2023
Depreciation on investment properties		3,779		1,149
Operating expenses on investment properties		611		478
Losses on disposal of investments in joint ventures and associates		9		—
Losses on disposal of Premises and equipment, intangible assets and other assets		843		439
Impairment losses of Premises and equipment, intangible assets and other assets		1,271		—
Donation		2,173		1,566
Others (*)		15,301		6,762

Total		23,987		10,394

(*)	Other special losses related to other provisions for the three-month periods ended March 31, 2024 and 2023 are 10,003 million Won and 199 million Won, respectively.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

36.	INCOME TAX EXPENSE

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


	For the three-month periods ended March 31
	2024			2023
Current tax expense:
Current tax expense with respect to the current period		190,104			144,061
Adjustments recognized in the current period in relation to the tax expense of prior periods		(7,092	)		(3,997	)
Income tax expense directly attributable to other equity		13,088			8,324

Sub-total		196,100			148,388

Deferred tax expense
Change in deferred tax assets (liabilities) due to temporary differences		73,589			268,574
Income tax expense (income) directly attributable to equity		34,900			(93,350	)

Others		457			87

Sub-total		108,946			175,311

Income tax expense		305,046			323,699

Income tax expense was recognized based on the best estimate of the weighted average annual effective tax rate expected for the interim period. The weighted average annual effective tax rate for the March 31, 2024, is 26.7% (The weighted average annual effective tax rate for the March 31, 2023, is 25.5%).

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

37.	EARNINGS PER SHARE (“EPS”)

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


	For the three-month periods ended March 31
	2024			2023
Net income attributable to shareholders		824,001			913,686
Dividends to hybrid securities		(35,259	)		(30,414	)
Net income attributable to common shareholders		788,742			883,272
Weighted average number of common shares outstanding (Unit: million shares)		747			728
Basic EPS (Unit: Korean Won)		1,056			1,214

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


	For the year ended March 31, 2024
	Number of shares			Accumulated number of shares outstanding during period
Common shares issued at the beginning of the period		751,949,461			68,427,400,951
Treasury stocks		(3,427,497	)		(311,902,227	)
Acquisition and retirement of treasury stock etc.		(9,359,729	)		(168,541,358	)
Disposal of treasury stock		5,335			352,512

Sub-total (①)					67,947,309,878

Weighted average number of common shares outstanding (②=(①/91))					746,673,735


	For the year ended March 31, 2023
	Number of shares			Accumulated number of shares outstanding during period
Common shares issued at the beginning of the period		728,060,549			65,525,449,410
Treasury stocks		(343,991	)		(30,959,190	)

Sub-total (①)					65,494,490,220

Weighted average number of common shares outstanding (②=(①/90))					727,716,558

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

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

38.	CONTINGENT LIABILITIES AND COMMITMENTS

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


	March 31, 2024		December 31, 2023
Confirmed guarantees
Guarantee for loans		60,790		58,205
Acceptances		415,592		467,964
Guarantees in acceptances of imported goods		84,798		74,916
Other confirmed guarantees		8,962,816		8,050,815

Sub-total		9,523,996		8,651,900

Unconfirmed guarantees
Local letters of credit		239,201		161,608
Letters of credit		2,734,785		2,873,350
Other unconfirmed guarantees		1,381,154		1,516,585

Sub-total		4,355,140		4,551,543

Commercial paper purchase commitments and others		608,178		589,858

Total (*)		14,487,314		13,793,301

(*)	Includes financial guarantees of 3,992,397 million won and 3,661,656 million won as of March 31, 2024 and December 31, 2023, respectively.

(2)	Details of loan commitments and others are as follows (Unit: Korean Won in millions):


	March 31, 2024		December 31, 2023
Loan commitments		132,213,536		126,829,192
Other commitments (*)		7,981,014		7,339,952

(*)	As of March 31, 2024 and December 31, 2023, the amount of unsecured bills (purchase bills sales) and discounts on electronic short-term bond sales (purchase) are 3,124,265 million won and 2,485,853 million won, respectively.

(3)	Litigation case

Litigation case that the key Group is a defendant in a lawsuit pending (excluding fraud lawsuits and those lawsuits that are filed only to extend the statute of limitation, etc.) are 654 cases (litigation value of 498,258 million Won) and 603 cases (litigation value of 513,863 million Won) as of March 31, 2024 and December 31, 2023 respectively, and provisions for litigations are 27,404 million Won and 28,581 million Won.

- 133 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

(4)	Other commitments

As of March 31, 2024, Woori FIS Co., Ltd, a subsidiary, has been provided with a payment guarantee limit of 6,457 million Won in relation to bid guarantees and contract/defect guarantees from the Korean Software Financial Cooperative, but there is no committed amount. In relation to the guarantee, the capital contributions to the Korean Software Financial Cooperative are provided as collateral. In addition, as of December 31, 2023, Seoul Guarantee Insurance Company is providing a payment guarantee of 374 million Won related to the return of subsidy to the daycare center at work.

As of March 31, 2024, Woori FIS Co., Ltd, a subsidiary agreed with Shinhan Bank for short-term borrowings of 20 billion Won for one year (2023.11.16.~2024.11.16.), and there is no outstanding balance of short-term borrowings as of March 31, 2024.

As of March 31, 2024, Woori Savings bank is provided with a guarantee of 1,635 million Won from Seoul Guarantee Insurance Company in relation to provisional attachment for recovery of loans, etc.

As of March 31, 2024, Woori Asset Trust, a subsidiary, has committed to fulfill responsibility for the completion of 36 projects, including a residential-commercial complex in U-dong, Haeundae-gu, Busan. Responsible completion type management land trust is a trust that bears the obligation of responsible completion when the construction company fails to fulfill the obligation of responsible completion, and the obligation to compensate losses to the lending financial institution if Woori Asset Trust fails to fulfill the obligation of responsible completion. As of March 31, 2024, the total amount of PF(Project Financing) loans from PF lending financial institutions invested in the responsible completion type management land trust business is 1,987,513 million Won. Although additional losses may occur in relation to these contracts for liability obligations, these effects were not reflected in the financial statements at the end of the current period because the possibility is not high and the amount of losses cannot be reliably estimated. Meanwhile, Woori Asset Trust Co., Ltd. has failed to fulfill the responsibility of the completion of 7 projects including the Okjeong Knowledge Industry Center in Yangju. The total amount of PF limit from PF lending financial institutions invested in projects is 315,000 million Won and the amount of PF loans is 197,068 million Won. Also, as of March 31, 2024, Woori Asset Trust may lend a trust account for a part of the total project cost in relation to 25 debt-type land trust contracts including Busan Haeundae Udong Beautique Terrace Hotel and responsible completion management land trust contracts in Gyeongseo-dong, Seo-gu, Incheon, and additional business sites in progress. The maximum loan amount (unused limit) is 112,734 million Won. Whether or not Woori Asset Trust lends a trust account in relation to the relevant businesses is not an unconditional payment obligation, and it is determined by considering overall matters such as the unique account and the fund balance plan of each trust business.

Pursuant to some contracts related to asset securitization, the Group utilizes various prerequisites as triggering events causing early redemption, limiting risks that investors bear due to change in asset quality. Breach of such triggering clause leads to an early redemption of the securitized bonds.

During the prior period, there was an investigation by Fair Trade Commission regarding Loan-To-Value ratio. The Group received the review report in January 2024, but cannot reasonably estimate its impact on consolidated interim financial statements.

- 134 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

39.	RELATED PARTY TRANSACTIONS

Related parties of the Group as of March 31, 2024 and December 31, 2023, and assets and liabilities recognized, guarantees and commitments, major transactions with related parties and compensation to key management for the three-month period ended March 31, 2024 and 2023 are as follows. Please refer to Note 12 for the details of joint ventures and associates.

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


	Related parties	Account title	March 31, 2024			December 31, 2023
Associates	W Service Networks Co., Ltd.	Loans		62			108
		Deposits due to customers		2,616			3,245
		Accrued expenses		7			7
		Other liabilities		52			100

	Korea Credit Bureau Co., Ltd.	Loans		—			1
		Deposits due to customers		756			771
		Accrued expenses		1			1

	Korea Finance Security Co., Ltd.	Loans		2,028			3,228
		Loss allowance		(45	)		(71	)
		Deposits due to customers		11,394			1,323
		Other liabilities		20			6

	LOTTE CARD Co. Ltd.	Loans		13,468			12,209
		Account receivables		23			31
		Loss allowance		(28	)		(269	)
		Other assets		51			2
		Deposits due to customers		75,658			62,587
		Other liabilities		289			289

	K BANK Co., Ltd.	Loans		36			54
		Account receivables		15			13
		Other assets		61			18
		Other liabilities		154,751			214,135

	Others (*1)	Loans		63,564			65,558
		Loss allowance		(269	)		(61	)
		Other assets		48,103			47,828
		Deposits due to customers		4,417			4,212
		Other liabilities		1,295			992

(*1)	Others include IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership and etc., as of March 31, 2024 and December 31, 2023.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

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


			For the three-month period ended March 31
	Related parties	Account title	2024			2023
Associates	W Service Network Co., Ltd.	Interest expenses		9			3
		Fees expenses		136			120
		Other expenses		280			477

	Korea Credit Bureau Co., Ltd.	Interest expenses		—			9
		Fees expenses		1,009			926
		Other expenses		25			38

	Korea Finance Security Co., Ltd.	Interest income		36			54
		Interest expenses		1			1
		Provision(Reversal) of allowance for credit loss		(13	)		(3	)
		Other expenses		7			9

	LOTTE CARD Co., Ltd.	Interest income		231			7
		Fees income		1,026			982
		Interest expenses		902			1,268
		Provision(Reversal) of allowance for credit loss		(241	)		143

	K BANK Co., Ltd.	Fees income		38			78
		Fees expenses		—			128

	Others (*)	Interest income		198			183
		Fees income		6,560			1,734
		Dividend income		366			—
		Other income		2,269			308
		Interest expenses		3,679			2
		Other expenses		623			—
		Provision(Reversal) of allowance for credit loss		208			2

(*)	Others include IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership and etc., as of March 31, 2024 and 2023.

- 136 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

(3)	Major loan transactions with related parties for the three-month periods ended March 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):


		For the three-month period ended March 31, 2024
	Related parties	Beginning balance		Loan		Collection		Others			Ending balance (*)
Associates	W Service Network Co., Ltd.		108		170		216		—			62
	Korea Credit Bureau Co., Ltd.		1		—		1		—			—
	Korea Finance Security Co., Ltd.		3,228		291		1,491		—			2,028
	LOTTE CARD Co., Ltd.		12,209		13,306		12,209		162			13,468
	K BANK Co., Ltd.		54		98		116		—			36
	One Mortgage		15		54		55		—			14
	ARAM CMC CO.LTD		41		—		—		—			41
	Godo Kaisha Oceanos 1		38,121		—		—		(1,297	)		36,824
	Woori Zip 1		11,317		—		—		(287	)		11,030
	Woori Zip 2		16,063		—		—		(408	)		15,655

(*)	Payments that occurred for business reasons among related parties are excluded and net increase or decrease was used for limited credit loan.


		For the three-month period ended March 31, 2023
	Related parties	Beginning balance		Loan		Collection		Others		Ending balance (*)
Associates	W Service Network Co., Ltd.		120		72		165		—		27
	Korea Credit Bureau Co., Ltd.		2		1		2		—		1
	Korea Finance Security Co., Ltd.		3,433		101		304		—		3,230
	LOTTE CARD Co., Ltd.		50,000		12,599		50,000		—		12,599
	K BANK Co., Ltd.		3		8		9		—		2
	One Mortgage		—		94		73		—		21
	Godo Kaisha Oceanos 1		39,814		—		—		1,180		40,994
	Woori Zip 1		11,819		—		—		350		12,169
	Woori Zip 2		16,776		—		—		497		17,273
	Central Network Solutions Co., Ltd.		251		—		—		—		251

(*)	Payments that occurred for business reasons among related parties are excluded and net increase or decrease was used for limited credit loan.

- 137 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

(4)	Details of changes in major deposits due to customers with related parties for the three-month periods ended March 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):


		For the three-month period ended March 31, 2024
	Related parties	Beginning balance		Increase		Decrease		Ending balance (*)
Associates	W Service Networks Co., Ltd		1,000		1,000		1,000		1,000
	One Mortgage		600		300		600		300

(*)	Details of payment between related parties, demand deposit due to customers and etc. are excluded.


		For the three-month period ended March 31, 2023
	Related parties	Beginning balance		Increase		Decrease		Ending balance (*)
Associates	W Service Networks Co., Ltd.		1,200		1,000		1,200		1,000
	Partner One Value Up I Private Equity Fund		100		—		100		—
	Korea Credit Bureau Co., Ltd.		3,000		—		3,000		—

(*)	Details of payment between related parties, demand deposit due to customers and etc. are excluded.

(5)	There are no major borrowing transactions with related parties for the three-month periods ended March 31, 2024 and 2023.

(6)	Guarantees provided to the related parties are as follows (Unit: Korean Won in millions):


Warrantee	March 31, 2024		December 31, 2023		Warranty
Korea Finance Security Co., Ltd.		1,832		632	Unused loan commitment
Korea Credit Bureau Co., Ltd.		35		34	Unused loan commitment
W Service Network Co., Ltd.		118		72	Unused loan commitment
K BANK Co., Ltd.		264		246	Unused loan commitment
LOTTE CARD Co. Ltd.		498,400		498,400	Unused loan commitment
One Mortgage		36		34	Unused loan commitment

As of March 31, 2024 and December 31, 2023, the recognized payment guarantee provisions are 308 million Won and 294 million Won, respectively, in relation to the guarantees provided to the related parties above.

- 138 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

(7)	Amount of commitments with the related parties


Warrantee	March 31, 2024		December 31, 2023		Warranty
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		4,664		4,664	Securities purchase commitment
Woori Seoul Beltway Private Special Asset Fund No.1		33,471		34,437	Securities purchase commitment
Woori-Q Corporate Restructuring Private Equity Fund		12,186		12,186	Securities purchase commitment
JC Assurance No.2 Private Equity Fund		1,351		1,351	Securities purchase commitment
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		243		243	Securities purchase commitment
BTS 2nd Private Equity Fund		2,974		4,774	Securities purchase commitment
STASSETS FUND III		6,000		6,000	Securities purchase commitment
Together Korea Government Private Securities Investment Trust No.3		990,000		990,000	Securities purchase commitment
NH Woori Newdeal Growth Alpha Private Equity Fund 1		36,941		36,941	Securities purchase commitment
Synaptic Future Growth Private Equity Fund 1		5,641		4,389	Securities purchase commitment
Woori Asset Global Partnership Fund No.5		127,500		127,500	Securities purchase commitment

(8)	Major investment and Recovery transactions

There are no major investment and recovery transactions with related parties for the three-month periods ended 2024 and 2023. Investment and recovery transactions of associates that are not treated as financial assets at fair value through profit or loss are described in Note 12.(2)

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


	For the three-month periods ended March 31
	2024		2023
Short-term employee salaries		5,581		5,337
Retirement benefit service costs		392		269
Share-based compensation		2,879		(62	)

Total		8,852		5,544

Key management includes executives and directors of Woori Financial Group and major subsidiaries, and also includes CEO of other subsidiaries. Outstanding assets from transactions with key management amount to 3,487 million won and 3,932 million won, as of March 31, 2024 and December 31, 2023 respectively and with respect to the assets, the Group has not recognized any allowance nor related impairment loss due to credit losses. Also, liabilities from transaction with key management amount to 62,817 million won and 34,054 million won, respectively, as of March 31, 2024 and December 31, 2023.

- 139 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

40.

LEASES

(1)

Lessor

Finance lease

①

The total investment in finance lease and the present value of the minimum lease payments to be recovered are as follows (Unit: Korean Won in millions):


	March 31, 2024
	Total investment in lease		Net investment in lease
Within one year		237,882		219,316
After one year but within two years		360,703		337,359
After two years but within three years		453,926		417,543
After three years but within four years		252,400		222,073
After four years but within five years		130,404		113,523
After five years		16		15

Total		1,435,331		1,309,829


	December 31, 2023
	Total investment in lease		Net investment in lease
Within one year		226,242		208,121
After one year but within two years		330,524		308,793
After two years but within three years		446,742		412,015
After three years but within four years		364,917		323,331
After four years but within five years		127,001		109,675
After five years		24		24

Total		1,495,450		1,361,959

②

The unrealized interest income of the finance lease is as follows. (Unit: Korean Won in millions)


	March 31, 2024		December 31, 2023
Total investment in lease		1,435,331		1,495,450
Net investment in lease		1,309,829		1,361,959
Present value of minimum lease payments		1,309,829		1,361,959
Present value of unguaranteed residual value		—		—

Unearned interest income		125,502		133,491

- 140 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

Operating lease

①

The details of prepaid lease assets and operating lease assets are as follows (Unit: Korean Won in millions):


	March 31, 2024			December 31, 2023
Prepaid lease assets		53			20,538
Operating lease assets
Acquisition cost		4,403,748			4,199,535
Accumulated depreciation		(988,230	)		(913,609	)
Net carrying value		3,415,518			3,285,926

Total		3,415,571			3,306,464

②

The details of changes in operating lease assets as of March 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):


	March 31, 2024			March 31, 2023
Beginning balance		3,285,926			2,590,457
Acquisition		308,412			164,458
Disposal		(51,310	)		(50,527	)
Depreciation		(135,782	)		(108,734	)
Others		8,272			(3,856	)

Ending balance		3,415,518			2,591,798

③

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


	March 31, 2024		December 31, 2023
Within one year		784,774		748,283
After one year but within two years		703,588		681,591
After two years but within three years		519,940		517,967
After three years but within four years		281,341		286,677
After four years but within five years		119,145		121,621

Total		2,408,788		2,356,139

④

There are no adjusted lease payments recognized as profit or loss for the three-month periods ended March 31, 2024 and 2023.

- 141 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

(2)

Lessee

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


	March 31, 2024		December 31, 2023
Lease payments
Within one year		187,983		206,798
After one year but within five years		155,709		146,755
After five years		26,039		25,356

Total		369,731		378,909

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


	For the three-month periods ended March 31
	2024		2023
Total cash outflows from lease		53,030		57,540

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


	For the three-month periods ended March 31
	2024		2023
Lease payments for short-term leases		88		2,769
Lease payments for which the underlying asset is of low value		321		351

Total		409		3,120

Variable lease payments that were not included in the measurement of lease liabilities for the years ended March 31, 2024 and 2023 were 12,051 million Won and 6,627 million Won.

- 142 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023

41.	EVENTS AFTER THE REPORTING PERIOD

(1)	On April 8, 2024, the Group acquired an additional 1.95% shares in Woori Asset Trust Co., Ltd., the subsidiary of the Group.

(2)	On April 26, 2024, the Group’s board of directors resolved to pay a quarterly dividend of 180 Won per share (total dividend of 133,657 million Won) with the record date set as March 31, 2024. Dividends were paid in May 2024.

(3)

On May 3, 2024, Woori Investment Bank Co., Ltd., a subsidiary of the Group, and Korea Foss Securities co., Ltd. signed a merger agreement. Once the merger process is completed through each company’s general shareholders’ meeting or resolution of board of directors and approval by the Financial Services Commission, the merged company will be incorporated as a subsidiary of the Group.

- 143 -

EX-99.2 3 d836792dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

WOORI FINANCIAL GROUP INC.

SEPARATE INTERIM FINANCIAL STATEMENTS

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

WOORI FINANCIAL GROUP INC.


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

Separate Interim Financial Statements

Separate Interim Statements of Financial Position		4

Separate Interim Statements of Comprehensive Income		5

Separate Interim Statements of Changes in Equity		6

Separate Interim Statements of Cash Flows		7

Notes to the Separate Interim Financial Statements		8-44

Independent Auditor’s Review Report

Based on a report originally issued in Korean

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

Reviewed Financial Statements

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

Management’s Responsibility

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

Auditor’s Review Responsibility

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

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

Conclusion

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

- 1 -

Other Matters

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

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

/s/ KPMG Samjong Accounting Corp.

Seoul, Korea

May 14, 2024

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

- 2 -

WOORI FINANCIAL GROUP INC.

SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF AND FOR THE THREE-MONTH PERIODS

ENDED MARCH 31, 2024 AND 2023

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

Jong Yong Yim

President and Chief Executive Officer

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

(Phone Number) 02-2125-2000

WOORI FINANCIAL GROUP INC.

SEPARATE INTERIM STATEMENTS OF FINANCIAL POSITION

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


	March 31, 2024			December 31, 2023

	(Korean Won in millions)
ASSETS
Cash and cash equivalents (Notes 5 and 31)		684,829			289,507
Financial assets at fair value through other comprehensive income (“FVTOCI”) (Notes 4, 7 and 9)		539,869			539,709
Loans and other financial assets at amortized cost (Notes 4, 8, 9 and 31)		1,869,156			1,104,815
Investments in subsidiaries (Notes 10 and 31)		23,911,852			23,670,476
Premises and equipment (Notes 11 and 31)		5,462			6,609
Intangible assets (Note 12)		3,983			4,052
Net defined benefit asset (Note 16)		106			3,941
Current tax assets (Note 28)		170,111			158,951
Deferred tax assets (Note 28)		6,640			7,478
Other assets (Note 13)		568			484

Total assets		27,192,576			25,786,022

LIABILITIES
Debentures (Notes 4, 9 and 14)		1,587,843			1,587,659
Provisions (Note 15)		1,240			1,227
Current tax liabilities (Note 28)		35,334			32,125
Other financial liabilities (Notes 4, 9, 17, 31 and 32)		652,125			163,621
Other liabilities (Note 17)		1,961			392

Total liabilities		2,278,503			1,785,024

EQUITY (Note 19)
Capital stock		3,802,676			3,802,676
Hybrid securities		4,009,965			3,610,953
Capital surplus		11,120,236			11,120,236
Other equity		(8,438	)		(7,871	)
Retained earnings		5,989,634			5,475,004

Total equity		24,914,073			24,000,998

Total liabilities and equity		27,192,576			25,786,022

The accompanying notes are part of these financial statements.

- 4 -

WOORI FINANCIAL GROUP INC.

SEPARATE INTERIM STATEMENTS OF COMPREHENSIVE INCOME

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


	For the three-month periods ended March 31
	2024			2023

	(Korean Won in millions)
Interest income		12,635			13,706
Interest expense		(11,316	)		(8,024	)

Net interest income (Notes 9, 21 and 31)		1,319			5,682
Fees and commissions income		407			399
Fees and commissions expense		(4,252	)		(3,736	)

Net fees and commissions loss (Notes 22 and 31)		(3,845	)		(3,337	)
Dividend income (Notes 23 and 31)		1,189,333			1,469,291
Net gain on financial instruments at FVTPL (Notes 9 and 24)		—			2,023
Provision of impairment losses due to credit loss (Notes 9, 25 and 31)		(460	)		(41	)
General and administrative expenses (Notes 26 and 31)		(17,497	)		(16,445	)

Operating income		1,168,850			1,457,173
Non-operating income(expense) (Note 27)		(18	)		(9	)
Net income before income tax expense		1,168,832			1,457,164
Income tax expense (Note 28)		(1,043	)		(785	)
Net income		1,167,789			1,456,379

Net gain on valuation of equity securities at FVTOCI (Note 19)		119			9,024
Remeasurement loss related to defined benefit plan (Notes 16 and 19)		(686	)		(1,346	)

Items that will not be reclassified to profit or loss:		(567	)		7,678

Other comprehensive loss, net of tax		(567	)		7,678
Total comprehensive income		1,167,222			1,464,057

Earnings per share (Notes 19 and 29)
Basic and diluted earnings per share (Unit: In Korean Won)		1,510			1,959

The accompanying notes are part of these financial statements.

- 5 -

WOORI FINANCIAL GROUP INC.

SEPARATE INTERIM STATEMENTS OF CHANGES IN EQUITY

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


	Capital stock		Capital surplus		Hybrid securities		Other equity			Retained earnings			Total equity

	(Korean Won in millions)
January 01, 2023		3,640,303		10,909,281		3,112,273		(26,186	)		5,261,231			22,896,902
Total comprehensive income
Net income		—		—		—		—			1,456,379			1,456,379
Net gain on valuation of equity securities at FVTOCI		—		—		—		9,024			—			9,024
Remeasurement loss related to defined benefit plan		—		—		—		(1,346	)		—			(1,346	)
Transactions with owners
Dividends to common stocks		—		—		—		—			(713,497	)		(713,497	)
Issuance of hybrid securities		—		—		299,228		—			—			299,228
Dividends to hybrid securities		—		—		—		—			(30,414	)		(30,414	)

March 31, 2023 (Unaudited)		3,640,303		10,909,281		3,411,501		(18,508	)		5,973,699			23,916,276

January 01, 2024		3,802,676		11,120,236		3,610,953		(7,871	)		5,475,004			24,000,998
Total comprehensive income
Net income		—		—		—		—			1,167,789			1,167,789
Net loss on valuation of equity securities at FVTOCI		—		—		—		119			—			119
Remeasurement loss related to defined benefit plan		—		—		—		(686	)		—			(686	)
Transactions with owners
Dividends to common stocks		—		—		—		—			(481,213	)		(481,213	)
Issuance of hybrid securities		—		—		399,012		—			—			399,012
Dividends to hybrid securities		—		—		—		—			(35,258	)		(35,258	)
Acquisition of treasury stocks		—		—		—		(136,688	)		—			(136,688	)
Retirement of treasury stocks		—		—		—		136,688			(136,688	)		—

March 31, 2024 (Unaudited)		3,802,676		11,120,236		4,009,965		(8,438	)		5,989,634			24,914,073

The accompanying notes are part of these financial statements.

- 6 -

WOORI FINANCIAL GROUP INC.

SEPARATE STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022


	For the three-month periods ended March 31
	2024			2023

Cash flows from operating activities:
Net income		1,167,789			1,456,379
Adjustments to net income:
Income tax expense		1,043			785
Interest income		(12,635	)		(13,706	)
Interest expense		11,316			8,024
Dividend income		(1,189,333	)		(1,469,291	)

		(1,189,609	)		(1,474,188	)

Adjustments for profit/loss items not involving cash flows:
Provision of impairment losses due to credit loss		460			41
Net loss(gain) on valuation of financial instruments at FVTPL		—			(2,023	)
Retirement benefit		1,228			907
Depreciation and amortization		1,675			1,785
Gain on disposal of premises and equipment, intangible assets and other assets		(1	)		—

		3,362			710

Changes in operating assets and liabilities:
Loans and other financial assets at amortized cost		(5,531	)		265
Other assets		(83	)		(196	)
Net defined benefit liability		1,675			740
Other financial liabilities		(2,268	)		(8,375	)
Other liabilities		1,568			2,087

		(4,639	)		(5,479	)

Interest income received		9,545			12,499
Interest expense paid		(11,118	)		(7,843	)
Dividends received		1,189,362			1,457,543
Income tax paid		(983	)		(543	)

Net cash provided by operating activities		1,163,709			1,439,078

Cash flows from investing activities:
Net decrease on other investment assets		(753,000	)		(170,000	)
Acquisition of investments in subsidiaries		(241,376	)		(389,254	)
Acquisition of premises and equipment		(21	)		(13	)
Acquisition of intangible assets		(303	)		(289	)

		(994,700	)		(559,556	)

Cash flows from financing activities:
Issuance of hybrid securities		399,012			299,228
Acquisition of treasury stocks		(136,688	)		—
Redemption of lease liabilities		(753	)		(797	)
Dividends paid to hybrid securities		(35,258	)		(30,414	)

		226,313			268,017

Net increase in cash and cash equivalents		395,322			1,147,539
Cash and cash equivalents, beginning of the period		289,507			313,361

Cash and cash equivalents, end of the period (Note 5)		684,829			1,460,900

The accompanying notes are part of these financial statements.

- 7 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

GENERAL

(1)	Summary of the parent company

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

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


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

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

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

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

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

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

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

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

- 8 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

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

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

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

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

2.	BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICIES

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

(1)

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

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

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

When applying supplier finance arrangements, an entity shall disclose information about its supplier finance arrangements that enables users of financial statements to assess the effects of those arrangements on the entity’s liabilities and cash flows and on the entity’s exposure to liquidity risk. There is no impact on the interim financial statements in accordance with the transitional provision that does not require to disclose the relevant information during the interim reporting period within the fiscal year in which these amendments are first applied.

- 9 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

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

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

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

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

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

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

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

•

Income tax expense

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

3.	MATERIAL ACCOUNTING ESTIMATES AND ASSUMPTIONS

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

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

- 10 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

4.	RISK MANAGEMENT

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

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

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

(1)	Credit risk

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

Credit risk management

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

Maximum exposure

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


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

	Total		1,869,156		1,104,815

- 11 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

Credit risk exposure by geographical areas

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


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

Credit risk exposure by industries

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

March 31, 2024

Finance and
insurance

Others

Total

Loans and other financial assets at amortized cost

1,867,498

1,658

1,869,156

December 31, 2023

Finance and
insurance

Others

Total

Loans and other financial assets at amortized cost

1,103,460

1,355

1,104,815

- 12 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

Credit risk exposure

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


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

Total		1,870,280		—		—		—		—		1,870,280		(1,124	)		1,869,156

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

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


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

Total		1,105,478		—		—		—		—		1,105,478		(663	)		1,104,815

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

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

- 13 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

(2)	Market risk

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


	March 31, 2024
	Within 3 months (*1)		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Asset:
Loans and other financial assets at amortized cost (*1)		1,357,405		744,125		451,278		—		—		—		2,552,808
Financial assets at FVTOCI (*2)		—		—		—		—		—		539,869		539,869

Sub-total		1,357,405		744,125		451,278		—		—		539,869		3,092,677

Liability:
Debentures		11,118		160,837		10,192		10,192		638,768		921,603		1,752,710

	December 31, 2023
	Within 3 months (*1)		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Asset:
Loans and other financial assets at amortized cost (*1)		762,823		587,227		—		41,580		—		—		1,391,630
Financial assets at FVTOCI (*2)		—		—		—		—		—		539,709		539,709

Sub-total		762,823		587,227		—		41,580		—		539,709		1,931,339

Liability:
Debentures		11,118		11,118		160,834		10,192		643,664		926,872		1,763,798

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

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

- 14 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

(3)	Liquidity risk

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

Liquidity risk management

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

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

Maturity analysis of non-derivative financial liabilities

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


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

Total		597,591		162,210		10,944		14,372		698,179		921,603		2,404,899

(*)	It does not include lease liabilities.


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

Total		23,608		147,921		161,575		11,211		656,321		926,872		1,927,508

(*)	It does not include lease liabilities.

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


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

Total		597,591		162,210		10,944		14,372		698,179		921,603		2,404,899


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

Total		23,608		147,921		161,575		11,211		656,321		926,872		1,927,508

- 15 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

Maturity analysis of derivative financial liabilities

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

5.	CASH AND CASH EQUIVALENTS

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


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

Total		684,829		289,507

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


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

6.	FINANCIAL ASSETS AT FVTPL

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

7.	FINANCIAL ASSETS AT FVTOCI

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


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

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


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

8.	LOANS AND OTHER FINANCIAL ASSETS AT AMORTIZED COST

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


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

Total		1,869,156		1,104,815

- 16 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

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


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

Total		1,825,888			1,073,346

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

Allowance for credit losses


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

Ending balance		(1,112	)		—		—		(1,112	)


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

Ending balance		(353	)		—		—		(353	)

Gross carrying amount


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

Ending balance		1,827,000		—		—		1,827,000


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

Ending balance		1,470,000		—		—		1,470,000

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


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

Total		43,268			31,469

- 17 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

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

Allowance for credit losses


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

Ending balance		(11	)		—		—		(11	)


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

Ending balance		(3	)		—		—		(3	)

Gross carrying amount


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

Ending balance		43,279		—		—		43,279


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

Ending balance		799,925		—		—		799,925

- 18 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

9.	FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

(1)	The fair value hierarchy

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

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

•

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

•

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

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

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

March 31, 2024

Level 1

Level 2

Level 3

Total

Financial assets:

Financial assets at FVTOCI

Hybrid securities

—

539,869

December 31, 2023

Level 1

Level 2

Level 3

Total

Financial assets:

Financial assets at FVTOCI

Hybrid securities

—

539,709

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

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

- 19 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)


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

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

Fair value measurement
technique

Type

Significant
unobservable
inputs

Range

Impact of changes in
significant unobservable
inputs on fair value
measurement

Hybrid securities

Hull and White, Monte Carlo Simulation

Hybrid securities related

Interest rate (YTM), Market rate

Interest rate 3.25% ~ 3.44%

Market rate

4.29% ~ 6.59%

Variation of fair value increases as variation of interest rate (YTM) increases.

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

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


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


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

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

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

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

- 20 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

March 31, 2024

Net income

Other comprehensive
income (loss)

Favorable

Unfavorable

Favorable

Unfavorable

Financial assets:

Financial assets at FVTOCI

Hybrid securities (*)

—

15,289

(14,772

)

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

December 31, 2023

Net income

Other comprehensive
income (loss)

Favorable

Unfavorable

Favorable

Unfavorable

Financial assets:

Financial assets at FVTOCI

Hybrid securities (*)

—

16,476

(15,888

)

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

- 21 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

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


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

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

(*2)	It does not include lease liabilities.


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

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

(*2)	It does not include lease liabilities.

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


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

(6)	Financial instruments by category

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

Financial assets


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

Total		—		539,869		1,869,156		2,409,025

- 22 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)


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

Total		—		539,709		1,104,815		1,644,524

Financial liabilities


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

Total		—		2,237,349		—		1,748,077

(*)	It does not include lease liabilities.

(7)	Income or expense from financial instruments by category

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


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

Total		1,366			(460	)		—		6,356		7,262

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


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

Total		5,750			(41	)		2,023		3,466		11,198

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

- 23 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

10.	INVESTMENTS IN SUBSIDIARIES

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


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


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

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

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

- 24 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

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


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

Total		23,670,476		274,376		33,000		23,911,852

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

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

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


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

Total		22,394,915		391,966		—		22,786,881

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

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

- 25 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

11.	PREMISES AND EQUIPMENT

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


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

Total		2,228		1,427		1,807		5,462


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

Total		2,970		1,586		2,053		6,609

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


	March 31, 2024
	Equipment and Vehicles			Leasehold improvements			Total
Acquisition cost		6,370			6,293			12,663
Accumulated depreciation		(5,503	)		(4,486	)		(9,989	)

Net carrying amount		867			1,807			2,674


	December 31, 2023
	Equipment and Vehicles			Leasehold improvements			Total
Acquisition cost		6,370			6,272			12,642
Accumulated depreciation		(5,292	)		(4,219	)		(9,511	)

Net carrying amount		1,078			2,053			3,131

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


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

Ending balance		867			1,807			2,674


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

Ending balance		1,650			2,825			4,475

- 26 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

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


	March 31, 2024
	Building			Equipment and Vehicles			Total
Acquisition cost		5,295			967			6,262
Accumulated depreciation		(3,067	)		(407	)		(3,474	)

Net carrying amount		2,228			560			2,788


	December 31, 2023
	Building			Equipment and Vehicles			Total
Acquisition cost		5,295			928			6,223
Accumulated depreciation		(2,325	)		(420	)		(2,745	)

Net carrying amount		2,970			508			3,478

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


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

Ending balance		2,228			560			2,788


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

Ending balance		5,440			505			5,945

12.	INTANGIBLE ASSETS

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


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

Net carrying amount		599			1,013			2,371		3,983


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

Net carrying amount		487			1,194			2,371		4,052

- 27 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

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


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

Ending balance		599			1,013			2,371		—		3,983


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

Ending balance		576			1,609			2,371		289		4,845

13.	OTHER ASSETS

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


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

14.	DEBENTURES

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


	March 31, 2024					December 31, 2023
	Interest rate (%)		Amount			Interest rate (%)		Amount
Face value of bonds:
General bonds		1.70~4.25		640,000			1.70~4.25		640,000
Subordinated bonds		2.13~2.55		950,000			2.13~2.55		950,000

Sub-total				1,590,000					1,590,000
Deducted item:
Discounts on bonds				(2,157	)				(2,341	)

Total				1,587,843					1,587,659

15.	PROVISIONS

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


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

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


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

Ending balance		1,240		1,253

- 28 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

16.	NET DEFINED BENEFIT ASSET

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

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


Volatility of asset		The defined benefit obligation was estimated with an interest rate calculated based on blue chip corporate bonds earnings. A deficit may occur if the rate of return of plan assets falls short of the interest rate.

Decrease in profitability of blue chip bonds		A decrease in profitability of blue chip bonds will be offset by some increase in the value of debt securities that the employee benefit plan owns but will bring an increase in the defined benefit obligation.

Risk of inflation		Defined benefit obligations are related to inflation rate; the higher the inflation rate is, the higher the level of liabilities. Therefore, deficit occurs in the system if an inflation rate increases.

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


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

Net defined benefit asset		106			3,941

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


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

Ending balance			14,576			14,955

- 29 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

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


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

Ending balance		14,682			17,426

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


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

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

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


	For the three-month periods ended March 31
	2024			2023
Current service cost		1,280			999
Net interest expense(income)		(52	)		(92	)

Cost recognized in net income		1,228			907

Remeasurements (*)		932			1,830

Cost recognized in total comprehensive income		2,160			2,737

(*)	The amount is before income tax effect.

17.	OTHER FINANCIAL LIABILITIES AND OTHER LIABILITIES

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


	March 31, 2024		December 31, 2023
Other financial liabilities:
Accounts payable		633,301		140,592
Accrued expenses		16,205		19,826
Lease liabilities		2,619		3,203

Sub-total		652,125		163,621

Other liabilities:
Other miscellaneous liabilities		1,961		392

Total		654,086		164,013

- 30 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

18.	DERIVATIVES

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

19.

EQUITY

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


	March 31, 2024			December 31, 2023
Capital		3,802,676			3,802,676
Hybrid securities		4,009,965			3,610,953
Capital surplus		11,120,236			11,120,236
Other equity Treasury stock		(628	)		(628	)
Accumulated other comprehensive income		(7,810	)		(7,243	)

Sub-total		(8,438	)		(7,871	)

Retained earnings (1) (2)		5,989,634			5,475,004

Total		24,914,073			24,000,998

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

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

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


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

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

(3)	Hybrid securities

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


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

- 31 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)


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

Total				4,009,965		3,610,953

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

(4)	Accumulated other comprehensive income

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


	For the three-month period ended March 31, 2024
	Beginning balance			Increase (decrease)			Income tax effect			Ending balance
Net gain (loss) on valuation of financial assets at FVTOCI		(7,575	)		161			(42	)		(7,456	)
Remeasurements of defined benefit plan		332			(932	)		246			(354	)

Total		(7,243	)		(771	)		204			(7,810	)


	For the three-month period ended March 31, 2023
	Beginning balance			Increase (decrease)			Income tax effect			Ending balance
Net gain (loss) on valuation of financial assets at FVTOCI		(27,364	)		12,311			(3,287	)		(18,340	)
Remeasurements of defined benefit plan		1,204			(1,829	)		483			(142	)

Total		(26,160	)		10,482			(2,804	)		(18,482	)

(5)	Regulatory Reserve for Credit Loss

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

Balance of the regulatory reserve for credit loss

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


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

Ending balance		194		137

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

- 32 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)


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

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


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

	For the three-month period ended March 31, 2023
	Beginning		Acquisition		Retirement			Ending
Number of shares		2,324		—		—			2,324
Carrying amount		26		—		—			26

20.

DIVIDENDS

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

21.	NET INTEREST INCOME

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


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

Total		12,635		13,706

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


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

Total		11,316		8,024

22.	NET FEES AND COMMISSIONS INCOME

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


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

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

- 33 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)


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

Total		4,252		3,736

23.	DIVIDEND INCOME

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


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

Total		1,189,333		1,469,291

24.	NET GAIN OR LOSS ON FINANCIAL INSTRUMENTS AT FVTPL

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


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

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


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

25.	PROVISION FOR IMPAIRMENT LOSSES DUE TO CREDIT LOSS

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


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

- 34 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

26.	GENERAL AND ADMINISTRATIVE EXPENSES

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


			For the three-month periods ended March 31
			2024		2023
Employee benefits	Short-term employee benefits	Salaries		7,565		7,243
		Employee fringe benefits		2,194		2,703
	Retirement benefit service costs			1,228		907
	Share based payments			1,237		(170	)

	Sub-total			12,224		10,683

Depreciation and amortization				1,675		1,785
Other general and administrative expenses	Rent			413		452
	Taxes and public dues			219		206
	Service charges			439		655
	Computer and IT related			1,627		1,598
	Telephone and communication			204		120
	Operating promotion			284		425
	Advertising			28		25
	Printing			25		15
	Traveling			60		73
	Supplies			28		34
	Insurance premium			51		50
	Reimbursement			171		263
	Vehicle maintenance			43		55
	Others			6		6

	Sub-total			3,598		3,977

	Total			17,497		16,445

- 35 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

(2)	Share-based payment

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

Performance condition share-based payment


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

- 36 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)


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

(*1)

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

(*2)

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

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

27.	NON-OPERATING INCOME (EXPENSES)

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


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

Total		(18	)		(9	)

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


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

Total		3		1

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


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

Total		21		10

- 37 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

28.	INCOME TAX EXPENSE (INCOME)

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


	For the three-month periods ended March 31
	2024		2023
Current tax expense
Current tax expense with respect to the current period		—		—

Deferred tax expense (income)
Change in deferred tax assets (liabilities) due to temporary differences		839		3,589
Tax expense (income) directly attributable to equity		204		(2,804	)

Sub-total		1,043		785

Income tax expense (income)		1,043		785

29.	EARNINGS PER SHARE (“EPS”)

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


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

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


	For the three-month period ended March 31, 2024
	Period	Number of shares	Dates	Accumulated number of shares outstanding during period
Common shares issued at the beginning of the period	2024-01-01~2024-03-31	751,949,461	91		68,427,400,951
Treasury stock	2024-01-01~2024-03-31	(53,945)	91		(4,908,995	)
Acquisition and Retirement of treasury stock	2024-01-01~2024-03-31	(9,357,960)			(168,443,280	)

	Sub-total (①)				68,254,048,676

Weighted average number of common shares outstanding (②=(①/91)					750,044,491


	For the three-month period ended March 31, 2023
	Period	Number of shares	Dates	Accumulated number of shares outstanding during period
Common shares issued at the beginning of the period	2023-01-01~2023-03-31	728,060,549	90		65,525,449,410
Treasury stock	2023-01-01~2023-03-31	(2,324)	90		(209,160	)

	Sub-total (①)				65,525,240,250

Weighted average number of common shares outstanding (②=(①/90)					728,058,225

- 38 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

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

30.	CONTINGENT LIABILITIES AND COMMITMENTS

(1)	Litigation case

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

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

March 31, 2024

December 31, 2023

Financial institutions

Line of credit

Loan balance

Line of credit

Loan balance

Loans

Standard Chartered Bank Korea Ltd.

100,000

—

100,000

—

- 39 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

31.	RELATED PARTY TRANSACTIONS

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

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


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

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

- 40 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

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


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

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

- 41 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

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


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

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

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

For the three-month period ended March 31, 2024

Related parties

Title of account

Beginning
balance

Increase

Decrease

Ending
balance

Subsidiary

Woori Bank

Due from banks (*)

1,354,000

1,507,000

874,000

1,987,000

(*)	Excludes due from banks without withdrawal limitations.

For the three-month period ended March 31, 2023

Related parties

Title of account

Beginning
balance

Increase

Decrease

Ending
balance

Subsidiary

Woori Bank

Deposit (*)

1,595,000

1,855,000

1,265,000

2,185,000

(*)	Excludes due from banks without withdrawal limitations.

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WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

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

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

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

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

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

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

Related parties

March 31, 2024

December 31, 2023

Warranty

Subsidiary

Woori Card Co., Ltd.

797

715

Unused loan commitment

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


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

Total		2,434		1,412

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

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WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND 2023 (UNAUDITED)

32.

LEASES

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


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

Total		2,683		3,292

(2)	Total cash outflows from lease are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2024		2023
Cash outflows from lease		782		848

(3)	Details of lease payments that are not included in the measurement of lease liabilities due to the fact that they are short-term leases or leases for which the underlying asset is of low value are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2024		2023
Lease payments for which the underlying short-term lease payments		—		13
asset is of low value		29		38

33.	EVENTS AFTER THE REPORTING PERIOD

(1)

On April 8, 2024, the Company acquired additional interest (1.95%) of Woori Asset Trust Co., Ltd.

(2)

On April 26, 2024, the Board of Directors has declared an quarterly dividend of 180 Won per share (133,657 million Won in total) and dividends were paid in May, 2024.

(3)

On May 3, 2024, Woori Investment Bank Co., Ltd. (dissolution company), the subsidiary of the Company, and Korea Foss Securities Co., Ltd. (surviving company) entered into a merger agreement. Upon completion of the merger process, subject to resolutions by each company’s shareholder meeting or board of directors and approval by the Financial Services Commission, the merged company is scheduled to be incorporated into our company as a subsidiary.

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