UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

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

THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2025

Commission File Number: 001-31811

 

 

Woori Financial Group Inc.

(Translation of registrant’s name into English)

 

 

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

(Address of principal executive office)

 

 

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

Form 20-F ☒   Form 40-F ☐

 

Index

 

1.		Summary of 2025 Third Quarter Business Report
2.		Exhibit 99.1 Woori Financial Group Review Report for 2025 3Q (Consolidated)
3.		Exhibit 99.2 Woori Financial Group Review Report for 2025 3Q (Separate)

 

2

Summary of 2025 Third Quarter Business Report

Table of Contents

 

I.			INTRODUCTION OF THE COMPANY						5
II.			BUSINESS OVERVIEW						5
			1.			Results of Operations			5
			2.			Funding Sources and Uses of Funds			5
			3.			Other Information Necessary for Making Investment Decisions			6
III.			FINANCIAL INFORMATION						11
			1.			Condensed Financial Statements (Consolidated)			11
			2.			Condensed Financial Statements (Separate)			13
			3.			Dividend Information			15
IV.			INDEPENDENT AUDITOR’S OPINION						15
			1.			Independent Auditor’s Opinion			15
			2.			Compensation to the Independent Auditor			16
V.			CORPORATE GOVERNANCE						17
VI.			SHAREHOLDER INFORMATION						17
			1.			Share Distribution			17
			2.			Stock Price and Stock Market Performance			18
VII.			DIRECTORS AND EMPLOYEE INFORMATION						19
			1.			Directors and Executives			19
			2.			Employee Status			20
			3.			Directors’ Compensation			20
VIII.			INTERNAL CONTROLS						20

 

3

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

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

 

4

I.	Introduction of the Company

This section has been omitted for quarterly business reports, pursuant to Korean regulations (revised in March 2022) that allow for such omissions. For information on this section, please refer to the Form 6-K furnished to the Securities and Exchange Commission on August 14, 2025 under the title “Summary of 2025 First Half Business Report.”

 

II.	Business Overview

 

1.	Results of Operations

 

		(units: billions of Won)
Type		2025 3Q				2024				2023
Operating income			2,966				4,255				3,499
Non-operating income (expense)			614				(32	)			18
Income before income tax			3,580				4,223				3,517
Income tax expense (-)			694				1,051				891
Net income			2,886				3,171				2,627
Controlling Interest			2,796				3,086				2,506
Non-controlling Interest			90				85				121

Note 1) Based on K-IFRS consolidated financial statements

 

2.	Funding Sources and Uses of Funds

 

a.	Sources of Funds

 

For the periods indicated other than as noted below																												(units: millions of Won, %)
Classification		Funding Source		2025 3Q												2024												2023
				Average Balance				Interest Rate				Proportion				Average Balance				Interest Rate				Proportion				Average Balance				Interest Rate				Proportion
Source		Deposits			357,760,082				2.46				67.07				351,584,810				2.88				69.89				324,824,465				2.83				68.98
		Borrowings			26,251,249				3.42				4.92				28,000,803				4.09				5.57				28,052,983				4.02				5.96
		Debentures			49,127,331				3.64				9.21				43,989,333				4.00				8.74				42,458,653				3.55				9.02
		Others			64,174,894				—				12.04				44,591,752				—				8.86				42,829,998				—				9.09
		Total Liabilities			497,313,556				—				93.24				468,166,698				—				93.06				438,166,099				—				93.05
Total Equity					36,071,324				—				6.76				34,913,425				—				6.94				32,708,219				—				6.95
Total Liabilities & Equity					533,384,880				—				100.00				503,080,123				—				100.00				470,874,318				—				100.00

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

Note 2) Based on K-IFRS consolidated financial statements

 

5

b.	Use of Funds

 

For the periods indicated other than as noted below																(units: millions of Won, %)
Type		Managed Item		2025 3Q												2024												2023
				Average Balance				Interest Rate				Proportion				Average Balance				Interest Rate				Proportion				Average Balance				Interest Rate				Proportion
Use		Cash & Due from Banks			18,229,808				3.23				3.42				18,441,851				3.38				3.67				16,692,268				3.26				3.54
		Marketable securities			89,092,304				3.67				16.70				76,997,821				3.53				15.31				75,522,522				3.61				16.04
		Loans			367,588,643				4.50				68.92				360,802,414				4.93				71.72				334,205,508				5.08				70.98
		Loans in local currency			316,554,346				4.20				59.35				309,771,603				4.65				61.58				287,312,990				4.84				61.02
		Loans in foreign currency			35,253,587				5.96				6.61				34,224,957				6.58				6.80				31,215,114				6.64				6.63
		Guarantee payments			10,715				1.86				0.00				11,571				1.96				0.00				14,567				2.28				0.00
		Credit card receivables			12,344,637				7.88				2.31				12,224,048				7.33				2.43				11,215,186				6.85				2.38
		Foreign bills bought			3,425,358				4.99				0.65				4,570,235				5.58				0.91				4,447,651				5.33				0.95
		Bad debt expense in local currency			3,465,900				—				0.65				3,198,795				—				0.65				2,609,403				—				0.55
		Others			61,940,025				—				11.61				50,036,832				—				9.95				47,063,423				—				9.99
Total Assets					533,384,880				—				100.00				503,080,123				—				100.00				470,874,318				—				100.00

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

Note 2) Based on K-IFRS consolidated financial statements

 

3.	Other Information Necessary for Making Investment Decisions

 

a.	Capital Adequacy Ratios

Group BIS Capital Adequacy Ratios

 

As of the end of the period indicated		(units: billions of Won, %)
Type		2025 3Q				2024				2023
Equity capital (A)			37,959				36,928				34,756
Risk weighted assets (B)			236,135				235,100				219,792
BIS(Capital adequacy) ratio (A/B)			16.08				15.71				15.81

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

Note 2) 2025 3Q figures are preliminary and are subject to change

Note 3) Based on K-IFRS consolidated financial statements and Basel III standards

 

6

Capital Adequacy Ratios for Significant Subsidiaries and Consolidated Companies

 

As of the end of the periods indicated										(units: hundreds of millions of Won, %)
Name of Company		Type				2025  3Q				2024				2023
Woori Bank Note 2)		BIS capital adequacy ratio Note 1)		Equity capital (A)			322,216				304,302				282,379
				Risk weighted assets (B)			1,866,774				1,920,087				1,760,737
				Capital adequacy ratio (A/B)			17.26				15.85				16.04
Tongyang Life Insurance Note 3)		Available capital					39,416				38,753				41,898
		Required capital					22,828				24,918				21,668
		K-ICS ratio Note 4)					172.7				155.5				193.4
Woori Card Note 5)		Adjusted capital ratio					18.10				17.70				16.03
		Tangible common equity ratio					12.62				12.37				10.97
Woori Financial Capital Note 5)		Adjusted capital ratio					15.71				15.09				14.35
		Tangible common equity ratio					12.80				11.83				11.48
Woori Investment Securities Note 6)		Net capital ratio					772.90				2,098.64				—
		Debt-to-asset ratio					116.19				119.41				—
ABL Life Insurance Note 3)		Available capital					20,590				16,701				16,618
		Required capital					12,454				10,868				8,936
		K-ICS ratio Note 4)					165.33				153.68				185.96
Woori Asset Trust Note 7)		Operating capital ratio					4,835.32				4,057.29				1,284.26
Woori Savings Bank Note 8)		BIS capital adequacy ratio Note 1)					16.27				16.37				13.21
Woori Asset Management Note 5)		Minimum operating capital ratio					725.19				739.31				650.26
Woori Venture Partners Note 9)		Tangible common equity ratio					91.95				95.70				90.82
Woori Private Equity Asset Management Note 5)		Minimum operating capital ratio					8,201.76				8,161.97				8,618.79

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

Note 2) Figures for Woori Bank are based on K-IFRS consolidated financial statements and Basel III standards. 2025 3Q figures are estimates only and are subject to change

Note 3) Figures for Tongyang Life Insurance and ABL Life Insurance, our subsidiaries newly incorporated in July 2025, have been calculated based on the K-ICS approach since 2023. 2025 3Q figures are estimates only, and the final figures will be disclosed through Tongyang Life Insurance and ABL Life Insurance’s 3Q 2025 quarterly reports, respectively.

Note 4) K-ICS ratio : Available capital / Required capital * 100

Note 5) Figures for Woori Card, Woori Financial Capital, Woori Asset Management and Woori Private Equity Asset Management are based on the applicable standards for business reports submitted to the Financial Supervisory Service and their respective K-IFRS separate financial statements

Note 6) Figures for Woori Investment Securities (established in August 2024) are calculated as follows:

 

•

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

 

•

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

Note 7) Woori Asset Trust’s operating capital ratio = (net operating capital – subordinated debt, etc.)/(total risk amount) * 100 // based on K-IFRS separate financial statements

Note 8) Figures for Woori Savings Bank are based on K-GAAP

Note 9) Figures for Woori Venture Partners are based on K-IFRS consolidated financial statements

 

7

b.	Liquidity Ratios

Won Liquidity Ratios

 

As of the end of the periods indicated																														(units: millions of Won, %)
		2025 3Q												2024												2023
Type		Won Liquidity Assets				Won Liquidity Liabilities				Won Liquidity Ratio				Won Liquidity Assets				Won Liquidity Liabilities				Won Liquidity Ratio				Won Liquidity Assets				Won Liquidity Liabilities				Won Liquidity Ratio
Woori Financial Group Note 1)			363,234				11,536				3,148.7				353,835				10,905				3,244.7				111,895				8,155				1,372.1
Woori Card Note 2)			8,871,298				2,689,261				329.9				8,722,587				2,785,182				313.2				9,119,265				2,454,480				371.5
Woori Financial Capital Note 2)			1,559,418				914,906				170.4				1,850,758				1,317,695				140.5				1,919,083				1,245,067				154.1
Woori Investment Securities Note 2)			5,565,571				3,916,577				142.1				4,982,461				2,660,153				187.3				4,032,290				1,926,080				209.4
Woori Asset Trust Note 2)			161,825				6,953				2,327.6				258,758				9,311				2,779.2				171,860				18,555				926.2
Woori Savings Bank Note 2), Note 3)			651,027				567,960				114.6				344,437				216,143				159.4				434,495				231,003				188.1
Woori Venture Partners Note 2)			144,031				7,871				1,829.9				136,198				6,877				1,980.4				103,367				7,210				1,433.6
Woori Private Equity Asset Management Note 2)			22,883				2,074				1,103.4				16,011				2,912				549.8				27,506				2,396				1,147.8

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

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

Note 3) Based on K-GAAP

Insurance Liquidity Ratios

 

As of the end of the periods indicated																														(units: millions of Won, %)
Type		2025 3Q												2024												2023
		Liquidity Assets				Average Insurance Benefits Paid				Liquidity Ratio				Liquidity Assets				Average Insurance Benefits Paid				Liquidity Ratio				Liquidity Assets				Average Insurance Benefits Paid				Liquidity Ratio
Tongyang Life Insurance Note 1)			4,257,430				822,813				517.4				4,157,512				915,959				453.9				12,091,960				1,239,553				975.5
ABL Life Insurance Note 1)			2,680,300				436,096				614.6				2,816,208				466,405				603.8				6,770,032				535,163				1,265.0

Note 1) Based on the applicable standards for business reports submitted to the Financial Supervisory Service (within three months of maturity)

 

8

Foreign Currency (FC) Liquidity Ratios

 

As of the end of the periods indicated																														(units: millions of Won, %)
Type		2025 3Q												2024												2023
		FC Liquidity Assets				FC Liquidity Liabilities				FC Liquidity Ratio				FC Liquidity Assets				FC Liquidity Liabilities				FC Liquidity Ratio				FC Liquidity Assets				FC Liquidity Liabilities				FC Liquidity Ratio
Woori Investment Securities Note 1)			3,425				1,073				319.2				2,581				2,146				120.24				9,450				7,362				128.36

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

Liquidity Coverage Ratios (LCR)

 

												(units: %)
Name of Company		Type		2025 3Q				2024				2023
Woori Bank		Liquidity coverage ratio Note 1)			107.19				104.79				101.26
		Foreign currency liquidity coverage ratio Note 2)			138.96				184.29				162.75
		Ratio of business purpose premises and equipment			9.02				9.95				10.20

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

 

•

The applicable LCR requirements were 100%, 97.5% and 95% as of September 30, 2025, December 31, 2024 and December 31, 2023, respectively

Note 2) Foreign currency LCR: ratio calculated based on averages of the amount of each category (same as the calculation method used for business disclosure)

 

•

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

Note 3) The applicable periods for LCR and foreign currency LCR are: 3Q 2025, 4Q 2024, and 4Q 2023

 

c.	Profitability Ratios Note1), Note2)

 

																						(units: %)
Type		2025 3Q								2024								2023
		ROA				ROE				ROA				ROE				ROA				ROE
Woori Financial Group
Including non-controlling interests			0.71				11.21				0.61				9.60				0.54				8.65
Excluding non-controlling interests			0.68				10.86				0.60				9.34				0.52				8.25

Note 1) Total assets and total equity : simple average of the starting balance for the fiscal year and the ending balance of each quarter

Note 2) On an annualized basis, based on the applicable standards for business reports submitted to the Financial Supervisory Service.

 

9

d.	Asset Quality

Group Asset Quality

 

		(units: billions of Won, %)
Type		2025 3Q				2024				2023
Total loans			394,494				390,066				365,780
Substandard and below loans			2,750				2,211				1,357
Substandard and below loans ratio			0.70				0.57				0.37
Non-Performing Loans (“NPL”)			2,422				1,786				1,299
NPL ratio			0.61				0.46				0.36
Substandard and below coverage ratio (A/B)			130.0				153.0				220.1
Loan loss reserve (A)			3,576				3,382				2,986
Substandard and below loans (B)			2,750				2,211				1,357

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

Note 2) 2025 3Q figures are preliminary and are subject to change

Asset Quality for Significant Subsidiaries and Consolidated Companies

 

																																		(units: %)
Type		2025 3Q												2024												2023
		Substandard and below ratio				NPL ratio				Substandard and below coverage ratio				Substandard and below ratio				NPL ratio				Substandard and below coverage ratio				Substandard and below ratio				NPL ratio				Substandard and below coverage ratio
Woori Bank Note 1)			0.31				0.25				180.91				0.23				0.19				247.44				0.18				0.17				320.84
Woori Card Note 2)			1.45				—				103.84				1.07				—				105.46				0.97				—				104.92
Woori Financial Capital Note 2)			1.89				—				114.19				1.91				—				134.18				2.37				—				113.21
Woori Investment Securities Note 2), Note 3)			7.39				—				69.78				7.29				—				84.37				0.55				—				578.29
Woori Asset Trust Note 2)			85.43				—				—				77.68				—				—				32.11				—				—
Woori Savings Bank Note 2), Note 4)			7.08				—				73.26				9.82				—				77.43				3.53				—				101.66

Note 1) Based on K-IFRS separate financial statements

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

Note 3) Numbers for 2023 reflect those of Woori Investment Bank. Woori Investment Securities was established in August 2024, following the merger of Korea Foss Securities and Woori Investment Bank.

Note 4) Based on K-GAAP

 

										(units: %)
Type Note 1)		2025 3Q				2024				2023
		Risk-Weighted Non-Performing Asset Ratio				Risk-Weighted Non-Performing Asset Ratio				Risk-Weighted Non-Performing Asset Ratio
Tongyang Life Insurance			0.14				0.08				0.09
ABL Life Insurance			0.14				0.23				0.19

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

 

10

III.	Financial Information

 

1.	Condensed Financial Statements (Consolidated)

Summary Consolidated Statement of Financial Position

 

(The Company and its consolidated subsidiaries, as of the end of the periods indicated)							(units: millions of Won)
Classification		2025 3Q				2024				2023
ASSETS
Cash and cash equivalents			29,232,549				27,281,123				30,556,618
Financial assets at fair value through profit or loss (“FVTPL”)			32,610,872				25,202,672				21,544,756
Financial assets at fair value through other comprehensive income			74,302,374				43,797,745				37,891,495
Securities at amortized cost			18,676,341				19,203,177				23,996,172
Loans and other financial assets at amortized cost			418,157,321				398,471,816				373,148,148
Investments in joint ventures and associates			2,069,961				1,748,810				1,795,370
Insurance contracts			—				—				—
Reinsurance contracts			587,980				—				—
Investment properties			1,012,162				450,788				472,768
Premises and equipment			3,699,909				3,370,585				3,176,759
Intangible assets and goodwill			1,081,854				1,091,402				996,842
Assets held for sale			191,475				73,989				20,345
Net defined benefit asset			2,025				146,109				240,260
Current tax assets			158,502				61,613				203,542
Deferred tax assets			485,670				72,937				93,366
Derivative assets (designated for hedging)			244,414				175,191				26,708
Other assets			4,443,001				4,605,363				3,841,787
Total assets			586,956,410				525,753,320				498,004,936
LIABILITIES
Financial liabilities at FVTPL			5,124,693				9,896,597				6,138,313
Deposits due to customers			370,070,833				366,821,156				357,784,297
Borrowings			28,812,050				30,117,031				30,986,746
Debentures			52,182,652				48,207,103				41,239,245
Insurance contracts			47,512,619				—				—
Reinsurance contracts			133,799				—				—
Provisions			692,298				611,428				806,031
Net defined benefit liability			224,209				5,424				6,939
Current tax liabilities			654,957				127,126				103,655
Deferred tax liabilities			546,859				858,822				470,311
Derivative liabilities (designated for hedging)			397,188				102,815				153,007
Other financial liabilities			42,604,856				32,314,051				26,115,005
Other liabilities			847,889				796,498				803,897
Total liabilities			549,804,902				489,858,051				464,607,446
EQUITY
Owners’ equity:			35,355,603				34,096,836				31,666,881
Capital stock			3,802,676				3,802,676				3,802,676
Hybrid securities			3,510,947				3,810,435				3,611,129
Capital surplus			934,285				934,100				935,563
Other equity			(1,537,308	)			(1,400,885	)			(1,668,957	)
Retained earnings			28,645,003				26,950,510				24,986,470
Non-controlling interests			1,795,905				1,798,433				1,730,609
Total equity			37,151,508				35,895,269				33,397,490
Total liabilities and equity			586,956,410				525,753,320				498,004,936
Number of Consolidated Subsidiaries (excluding holding company)			207				188				179

 

11

Summary Consolidated Statement of Comprehensive Income

 

(The Company and its consolidated subsidiaries, for the periods indicated)		(units: millions of Won, except per share amounts)
Classification		2025 3Q				2024 3Q				2024				2023
Operating income			2,965,744				3,581,030				4,255,190				3,499,029
Net interest income			6,730,587				6,614,592				8,886,336				8,742,540
Net fees and commissions income			1,597,400				1,586,802				2,086,170				1,720,481
Dividend income			279,860				203,493				310,320				240,293
Net insurance income			55,730				—				—				—
Other insurance finance loss			(178,665	)			—				—				—
Net gain or loss on financial instruments at FVTPL			411,354				782,001				1,492,783				488,486
Net gain or loss on financial assets at FVTOCI			124,640				81,727				96,620				(37,641	)
Net gain or loss arising on financial assets at amortized cost			61,803				265,129				286,885				203,942
Impairment losses due to credit loss			(1,518,969	)			(1,253,770	)			(1,716,295	)			(1,894,916	)
General and administrative expenses			(3,689,177	)			(3,158,105	)			(4,468,973	)			(4,443,433	)
Other net operating expenses			(908,819	)			(1,540,839	)			(2,718,656	)			(1,520,723	)
Non-operating income (expense)			614,390				10,539				(32,343	)			18,424
Net income before income tax expense			3,580,134				3,591,569				4,222,847				3,517,453
Income tax expense			(694,331	)			(874,171	)			(1,051,378	)			(890,559	)
Net income			2,885,803				2,717,398				3,171,469				2,626,894
Net income attributable to owners			2,795,937				2,659,867				3,085,995				2,506,296
Net income attributable to the non-controlling interests			89,866				57,531				85,474				120,598
Other comprehensive income (loss), net of tax			(186,374	)			131,758				382,719				663,537
Items that will not be reclassified to profit or loss			(28,476	)			(140,526	)			(200,341	)			122,334
Items that may be reclassified to profit or loss			(157,898	)			272,284				583,060				541,203
Total comprehensive income			2,699,429				2,849,156				3,554,188				3,290,431
Comprehensive income attributable to the owners			2,605,514				2,785,167				3,454,620				3,164,464
Comprehensive income attributable to non-controlling interests			93,915				63,989				99,568				125,967
Net income per share:
Basic and diluted income per share (in Korean Won)			3,650				3,424				3,950				3,230

 

12

2.	Condensed Financial Statements (Separate)

Summary Statement of Financial Position

 

(The Company, as of the end of the periods indicated)		(units: millions of Won)
Classification		2025 3Q				2024				2023
ASSETS
Cash and cash equivalents			362,450				1,185,912				289,507
Financial assets at fair value through other comprehensive income			563,461				553,518				539,709
Loans and other financial assets at amortized cost			797,107				204,431				1,104,815
Investments in subsidiaries			25,609,573				24,206,017				23,670,476
Premises and equipment			2,868				5,304				6,609
Intangible assets			3,136				3,308				4,052
Net defined benefit assets			—				1,378				3,941
Current tax assets			26,295				33,120				158,951
Deferred tax assets			3,089				4,379				7,478
Other assets			159				155,670				484
Total assets			27,368,138				26,353,037				25,786,022
LIABILITIES
Debentures			2,667,134				2,037,567				1,587,659
Provisions			1,883				1,252				1,227
Net defined benefit liability			2,869				—				—
Current tax liabilities			618,559				84,701				32,125
Other financial liabilities			80,803				76,382				163,621
Other liabilities			6,244				404				392
Total liabilities			3,377,492				2,200,306				1,785,024
EQUITY
Capital stock			3,802,676				3,802,676				3,802,676
Hybrid securities			3,510,737				3,810,225				3,610,953
Capital surplus			8,120,236				11,120,236				11,120,236
Other equity			5,697				(1,189	)			(7,871	)
Retained Earnings			8,551,300				5,420,783				5,475,004
Total equity			23,990,646				24,152,731				24,000,998
Total liabilities and equity			27,368,138				26,353,037				25,786,022

 

13

Summary Statement of Comprehensive Income

 

(The Company, for the periods indicated)		(units: millions of Won, except per share amounts)
Classification		2025 3Q				2024 3Q				2024				2023
Operating income			1,330,829				1,144,086				1,123,301				1,424,670
Net interest income (expense)			(28,832	)			6,329				2,128				27,495
Interest income			24,939				42,235				51,778				64,592
Interest expense			(53,771	)			(35,906	)			(49,650	)			(37,097	)
Net fees and commissions loss			(19,126	)			(13,312	)			(20,319	)			(20,097	)
Fees and commissions income			1,293				1,219				1,625				1,625
Fees and commissions expense			(20,419	)			(14,531	)			(21,944	)			(21,722	)
Dividend income			1,441,940				1,202,111				1,208,522				1,482,956
Net gain (loss) on financial instruments at FVTPL			—				—				—				2,023
Reversal of (provisions for) impairment losses due to credit loss			(28	)			6				608				(348	)
General and administrative expenses			(63,125	)			(51,048	)			(67,638	)			(67,359	)
Non-operating income (expense)			(151,602	)			(161	)			(147	)			(1,043	)
Net income before income tax expense			1,179,227				1,143,925				1,123,154				1,423,627
Income tax benefit (expense)			918				(435	)			178				881
Net income			1,180,145				1,143,490				1,123,332				1,424,508
Other comprehensive income, net of tax			6,153				7,283				9,138				18,916
Items that will not be reclassified to profit or loss			6,153				7,283				9,138				18,916
Net gain on valuation of equity securities at FVTOCI			7,318				8,496				10,164				19,789
Remeasurement of the net defined benefit liability			(1,165	)			(1,213	)			(1,026	)			(873	)
Total comprehensive income			1,186,298				1,150,773				1,132,470				1,443,424
Net income per share:
Basic and diluted income per share (in Korean Won)			1,447				1,375				1,296				1,754

 

14

3.	Dividend Information

 

Items						2025 3Q				2024				2023
Par value per share (Won)							5,000				5,000				5,000
Net profit (Millions of Won)							2,795,937				3,085,995				2,506,296
Earnings per share (Won)							3,650				3,950				3,230
Total cash dividends (Millions of Won)							441,036				891,045				747,302
Total stock dividends (Millions of Won)							—				—				—
Cash dividend payout ratio (%)							15.77				28.87				29.82
Cash dividend yield (%)			Common Shares				2.3				6.9				6.7
			Preferred Shares				—				—				—
Stock dividend yield (%)			Common Shares				—				—				—
			Preferred Shares				—				—				—
Cash dividend per share (Won)			Common Shares				600				1,200				1,000
			Preferred Shares				—				—				—
Stock dividend per share (Share)			Common Shares				—				—				—
			Preferred Shares				—				—				—

Note 1) The dividends for the third quarter of 2025 include quarterly dividends of KRW 147,428 million (KRW 200 per share) for the first quarter, KRW 146,804 million (KRW 200 per share) for the second quarter and KRW 146,804 million (KRW 200 per share) for the third quarter. The dividends for the third quarter of 2025 were determined through a board resolution on October 24, 2025.

Note 2) The dividends for FY2024 include quarterly dividends of KRW 133,657 million (KRW 180 per share) for the first quarter, KRW 133,657 million (KRW 180 per share) for the second quarter, and KRW 133,657 million (KRW 180 per share) for the third quarter.

Note 3) The dividends for FY2023 include interim dividends of KRW 130,748 million (KRW 180 per share) for the second quarter, and KRW 135,341 million (KRW 180 per share) for the third quarter.

Note 4) The cash dividend yield for the third quarter of 2025 is calculated as the percentage of cash dividend per share to the arithmetic average of the final prices formed in the stock market during the week up to the trading day before the date the dividend amount is determined. The percentage is rounded to the first decimal place.

Note 5) The cash dividend yields for FY2023 and FY2024 are calculated as the percentage of cash dividend per share to the arithmetic average of the final prices formed in the stock market during the week up to the date that is two trading days before the record date. The percentage is rounded to the first decimal place.

 

IV.	Independent Auditor’s Opinion

 

1.	Independent Auditor’s Opinion

 

		2025 3Q		2024		2023
Auditor		KPMG Samjong Accounting Corp.		KPMG Samjong Accounting Corp.			KPMG Samjong Accounting Corp.
Auditor’s Opinion		Note 1)		Note 2)			Note 3)

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

Note 2) In its audit report, KPMG Samjong Accounting Corp. has stated that the financial statements are presented fairly, in all material respects, in accordance with Korean IFRS.

Note 3) In its audit report, KPMG Samjong Accounting Corp. has stated that the financial statements are presented fairly, in all material respects, in accordance with Korean IFRS.

 

15

2.	Compensation to the Independent Auditor

 

a.	Audit Services

 

Term

Auditor

Description

Contractual

Actual

Fee

Time

Fee

Time

2025 3Q

KPMG Samjong Accounting Corp.

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

KRW 1,835 million

17,029 hours

KRW 600 million

10,010 hours

2024

KPMG Samjong Accounting Corp.

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

KRW 1,037 million

9,930 hours

KRW 1,037 million

9,937 hours

2023

KPMG Samjong Accounting Corp.

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

KRW 964 million

9,380 hours

KRW 964 million

9,613 hours

Note 1) Fee excludes VAT

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

 

b.	Other Audit Services

Not Applicable

 

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

 

Term		Auditor		Description		Fee
2025 3Q		KPMG Samjong Accounting Corp.		U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2025)		KRW 2,028 million
2024		KPMG Samjong Accounting Corp.		U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2024)		KRW 2,015 million
2023		KPMG Samjong Accounting Corp.		U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2023)		KRW 1,891 million

Note 1) Fee excludes VAT

 

d.	Non-Audit Services

 

Term

Date of Execution of Agreement

Description of Service

Service Term

Fees

2025 3Q

April 9, 2025

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

April 9, 2025 ~ June 1, 2026

KRW 76 million

2024

March 31, 2024

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

April 1, 2024 ~ June 2, 2025

KRW 68 million

2023

March 31, 2023

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

April 1, 2023 ~ May 31, 2024

KRW 64 million

Note 1) Fee excludes VAT

 

16

V.	Corporate Governance

This section has been omitted for quarterly business reports, pursuant to Korean regulations (revised in March 2022) that allow for such omissions. For information on this section, please refer to the Form 6-K furnished to the Securities and Exchange Commission on August 14, 2025 under the title “Summary of 2025 First Half Business Report.”

 

VI.	Shareholder Information

 

1.	Share Distribution

 

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

 

As of September 30, 2025								(units: shares, %)
Name		Relation				Type		Shares Held																Notes
								Beginning balance								Ending balance
								Number				Share				Number				Share
Employee Stock Ownership Association of Woori Financial Group			The largest shareholder			Common			44,474,301				5.99				42,531,693				5.79				—
Employee Stock Ownership Association of Woori Bank			Specially related party of the largest shareholder			Common			19,106,955				2.57				15,306,268				2.09				—
Total						Common			63,581,256				8.56				57,837,961				7.88				—
						Others			—				—				—				—				—

 

b.	Changes in the largest shareholder

 

As of September 30, 2025

(units: shares, %)

Change of Date

Largest Shareholder

Number Held

Share

Notes

December 9, 2021

Employee Stock Ownership Association of Woori Financial Group and 1 other

71,346,178

9.80

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

Note 1) Refer to the prior disclosure on the Form 6-K on December 10, 2021, Changes in the Largest Shareholder

 

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c.	Share Ownership of More Than 5%

This section has been omitted for quarterly business reports, pursuant to Korean regulations (revised in March 2022) that allow for such omissions. For information on this section, please refer to the Form 6-K furnished to the Securities and Exchange Commission on August 14, 2025 under the title “Summary of 2025 First Half Business Report.”

 

2.	Stock Price and Stock Market Performance

This section has been omitted for quarterly business reports, pursuant to Korean regulations (revised in March 2022) that allow for such omissions. For information on this section, please refer to the Form 6-K furnished to the Securities and Exchange Commission on August 14, 2025 under the title “Summary of 2025 First Half Business Report.”

 

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VII.	Directors and Employee Information

 

1.	Directors and Executives

 

As of September 30, 2025

Position

Name

Common Shares Owned

Term Commencement Date

Expiration of Term

Chief Executive Officer

Registered

Jong-Yong Yim

10,000

March 24, 2023

Note 1)

Independent Director

Registered

In-Sub Yoon

—

January 27, 2022

Note 1)

Independent Director

Registered

Choon-Soo Kim

2,800

March 26, 2025

Note 2)

Independent Director

Registered

Young-Hoon Kim

—

March 26, 2025

Note 2)

Independent Director

Registered

Kang-Haeng Lee

7,000

March 26, 2025

Note 2)

Independent Director

Registered

Yeong-Seop Rhee

—

March 26, 2025

Note 2)

Independent Director

Registered

Eun-Ju Lee

—

March 28, 2024

Note 1)

Independent Director

Registered

Sun-Young Park

—

March 26, 2024

Note 1)

Deputy President

Non-Registered

Sung-Wook Lee

16,000

February 25, 2022

December 31, 2025

Deputy President

Non-Registered

Il-Jin Ouk

4,000

December 8, 2023

November 30, 2025

Deputy President

Non-Registered

Jang-Keun Park

2,850

December 8, 2023

March 6, 2027

Deputy President

Non-Registered

Jung-Soo Lee

6,890

December 8, 2023

December 31, 2025

Deputy President

Non-Registered

Chan-Ho Jeong

7,492

December 8, 2023

November 30, 2025

Deputy President

Non-Registered

Kyu-Hwang Jeong

11,741

December 8, 2023

July 4, 2026

Deputy President

Non-Registered

Hyeon Gi Jeon

4,789

December 16, 2024

December 31, 2026

Managing Director

Non-Registered

Jung Sup Lee

—

December 16, 2024

December 31, 2026

Managing Director

Non-Registered

Je Seong Park

5,250

December 16, 2024

December 31, 2026

Note 1) The terms of the standing director Jong-Yong Yim and the independent directors In-Sub Yoon, Eun-Ju Lee, and Sun-young Park : Until the end of the annual general meeting of shareholders for FY2025.

Note 2) The terms of the independent directors Choon-Soo Kim, Young-Hoon Kim, Kang-Haeng Lee, Yeong-Seop Rhee: Until the end of the annual general meeting of shareholders for FY2026.

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

Note 4) Excludes shares held through the Employee Stock Ownership Association, in accordance with the legal interpretation by the Financial Services Commission (FSC).

 

19