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 2023

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 2023 Third Quarter Business Report
2.		Exhibit 99.1 Woori Financial Group Review Report for 2023 3Q (Consolidated)
3.		Exhibit 99.2 Woori Financial Group Review Report for 2023 3Q (Separate)

 

2

Summary of 2023 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					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

 

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 revised Korean regulations. For information on this section, please refer to the Form 6-K furnished to the Securities and Exchange Commission on August 15, 2023 under the title “Summary of 2023 First Half Business Report.”

 

II.	Business Overview

 

1.	Results of Operations

 

		(unit: billions of Won)
Type		2023 3Q				2022				2021
Operating income			3,366				4,431				3,660
Non-operating income			30				55				89
Income from continuing operations before income tax			3,395				4,485				3,749
Income tax expense from continuing operations (-)			863				1,161				942
Income from discontinued operations			—				—				—
Net income			2,532				3,324				2,807
Controlling Interest			2,438				3,142				2,588
Non-controlling Interest			94				182				219

Note 1) Based on K-IFRS consolidated financial statements

 

2.	Funding Sources and Uses of Funds

 

a.	Sources of Funds

 

For the periods indicated other than as noted below																												(units: millions of Won, %)
Classification		Funding Source		2023 3Q												2022												2021
				Average Balance				Interest Rate				Proportion				Average Balance				Interest Rate				Proportion				Average Balance				Interest Rate				Proportion
Source		Deposits			320,064,834				2.79				68.45				313,019,768				1.45				68.21				291,653,291				0.79				70.88
		Borrowings			27,841,162				3.91				5.95				27,296,742				1.99				5.95				21,628,379				0.98				5.26
		Debentures			42,763,505				3.40				9.15				45,945,392				2.26				10.01				40,901,547				1.78				9.94
		Others			44,366,589				—				9.49				42,537,152				—				9.27				29,470,312				—				7.15
		Total Liabilities			435,036,090				—				93.04				428,799,054				—				93.44				383,653,529				—				93.23
Total Equity					32,535,901				—				6.96				30,082,662				—				6.56				27,845,863				—				6.77
Total Liabilities & Equity					467,571,991				—				100.00				458,881,716				—				100.00				411,499,392				—				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		2023 3Q												2022												2021
				Average Balance				Interest Rate				Proportion				Average Balance				Interest Rate				Proportion				Average Balance				Interest Rate				Proportion
Use		Cash & Due from Banks			16,397,738				3.34				3.51				16,097,533				1.52				3.51				13,809,362				0.34				3.36
		Marketable securities			74,762,274				2.85				15.99				68,661,882				1.50				14.96				58,416,310				1.67				14.20
		Loans			331,012,924				5.06				70.79				326,710,683				3.73				71.20				301,849,585				2.79				73.35
		Loans in local currency			284,411,020				4.82				60.83				280,414,033				3.53				61.12				262,010,967				2.59				63.67
		Loans in foreign Currency			31,190,886				6.51				6.67				30,916,107				4.54				6.74				25,104,084				3.58				6.10
		Guarantee payments			16,611				2.10				0.00				21,260				2.67				0.00				28,000				2.46				0.01
		Credit card receivables			10,888,831				6.89				2.33				10,026,037				7.24				2.18				9,196,190				7.42				2.23
		Foreign bills bought			4,505,576				5.20				0.96				5,333,246				2.58				1.16				5,510,344				0.85				1.34
		Bad debt expense in local currency (-)			2,515,149				—				0.54				2,128,867				—				0.46				1,878,781				—				0.46
		Others			47,914,204				—				10.25				49,540,485				—				10.79				39,302,916				—				9.55
Total Assets					467,571,991				—				100.00				458,881,716				—				100.00				411,499,392				—				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		2023 3Q				2022				2021
Equity capital (A)			34,336				31,404				28,980
Risk weighted assets (B)			218,474				205,307				192,503
BIS(Capital adequacy) ratio (A/B)			15.72				15.30				15.05

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

Note 2) Based on K-IFRS consolidated financial statements and Basel III standards

Note 3) 2023 3Q figures are estimates only and are subject to change

 

6

Capital Adequacy Ratios for Significant Subsidiaries and Consolidated Companies

 

As of the end of the periods indicated										(units: millions of Won, %)
Name of Company		Type				2023 3Q				2022				2021
Woori Bank Note 2)		BIS ratio Note 1)		Equity capital (A)			28,595,635				26,119,135				25,473,034
				Risk weighted assets (B)			176,255,304				167,432,214				157,275,764
				Capital adequacy ratio (A/B)			16.22				15.60				16.20
Woori Card Note 3)		Adjusted capital ratio					16.49				16.54				17.73
		Tangible common equity ratio					11.15				11.28				11.84
Woori Financial Capital Note 3)		Adjusted capital ratio					14.64				13.78				13.38
		Tangible common equity ratio					11.66				10.66				11.70
Woori Investment Bank Note 4)		BIS ratio Note 1)		Equity capital (A)			688,211				674,082				576,693
				Risk weighted assets (B)			4,391,833				4,448,524				4,037,822
				Capital adequacy ratio (A/B)			15.67				15.15				14.28
Woori Asset Trust Note 5)		Operating capital ratio					1,290.46				1,189.77				1,078.93
Woori Asset Management Note 3)		Minimum operating capital ratio					691.60				681.18				721.87
Woori Venture Partners Note 6)		Tangible common equity ratio					90.59				90.92				88.57
Woori Savings Bank Note 7)		BIS Capital adequacy ratio Note 1)					15.24				18.06				21.47
Woori Private Equity Asset Management Note 3)		Minimum operating capital ratio					8,632.58				8,937.76				3,967.99

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

Note 2) Figures for Woori Bank are based on the K-IFRS consolidated financial statements and Basel III standards. 2023 3Q figures are estimates only 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 our K-IFRS separate financial statements

Note 4) Figures for Woori Investment Bank are based on the applicable standards for business reports submitted to the Financial Supervisory Service and our K-IFRS consolidated financial statements

Note 5) Figures for Woori Asset Trust are based on K-IFRS separate financial statements

Note 6) Figures for Woori Venture Partners are based on K-IFRS consolidated financial statements

Note 7) Figures for Woori Savings Bank are based on K-GAAP

 

7

b.	Liquidity Ratios

Won Liquidity Ratios

 

As of the end of the periods indicated																														(units: millions of Won, %)
		2023 3Q												2022												2021
Type		Won Liquidity Assets				Won Liquidity Liabilities				Won Liquidity Ratio				Won Liquidity Assets				Won Liquidity Liabilities				Won Liquidity Ratio				Won Liquidity Assets				Won Liquidity Liabilities				Won Liquidity Ratio
Woori Financial Group Note 1)			866,514				2,860				30,297.7				316,876				7,656				4,138.9				560,744				5,734				9,779.3
Woori Card Note 2)			8,982,851				3,190,088				281.6				8,282,745				1,832,484				452.0				7,455,390				1,419,809				525.1
Woori Financial Capital Note 2)			1,882,427				1,551,763				121.3				2,468,298				1,205,067				204.8				1,531,101				856,736				178.7
Woori Investment Bank Note 2)			2,952,113				2,383,280				123.9				3,128,499				1,802,149				173.6				2,728,159				2,031,260				134.3
Woori Asset Trust Note 2)			197,995				20,746				954.39				232,036				32,755				708.4				176,660				25,558				691.2
Woori Savings Bank Note 2), Note3)			422,040				381,521				110.62				534,678				384,493				139.1				292,913				228,445				128.2
Woori Venture Partners Note 2)			102,416				8,284				1,236.3				109,432				10,707				1,022.1				122,396				21,978				556.9
Woori Private Equity Asset Management Note 2)			11,435				786				1,454.2				23,226				1,897				1,224.4				8,068				1,539				540.0

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

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

Note 3) Based on K-GAAP

Foreign Currency (FC) Liquidity Ratios

 

As of the end of the periods indicated																														(units: millions of Won, %)
Type		2023 3Q												2022												2021
		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)			2,535				793				319.44				65,102				63,365				102.74				13,583				—				—

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

Liquidity Coverage Ratios

 

												(unit: %)
Name of Company		Type		2023 3Q Note 1)				2022  Note 2)				2021  Note 3)
Woori Bank		Liquidity coverage ratio			101.29				102.40				89.95
		Foreign currency liquidity coverage ratio			147.02				143.11				107.40
		Ratio of business purpose premises and equipment			10.11				11.04				11.46

Note 1) The liquidity coverage ratio and the foreign currency liquidity coverage ratio requirements for banks are 95% and 80% respectively as of the end of 2023 3Q

 

8

Note 2) The liquidity coverage ratio and the foreign currency liquidity coverage ratio requirements for banks were 92.5% and 80% respectively as of the end of 2022

Note 3) The liquidity coverage ratio and the foreign currency liquidity coverage ratio requirements for banks were 85% and 70% respectively as of the end of 2021

Note 4) The methods of calculation are the same as for the applicable standards for business disclosures, and the applicable periods are 2023 3Q, 2022 4Q and 2021 4Q (The liquidity coverage ratio represents the average of the ratios for each business day in each applicable period, whereas the foreign currency liquidity coverage ratio represents the ratio of the average figures in each applicable period)

 

c.	Profitability Ratio Note1), Note2)

 

																						(units: %)
Type		2023 3Q								2022								2021
		ROA				ROE				ROA				ROE				ROA				ROE
Woori Financial Group
Including non-controlling interests			0.70				11.23				0.70				12.21				0.66				11.48
Excluding non-controlling interests			0.67				10.81				0.66				11.54				0.61				10.58
Woori Bank			0.69				11.91				0.66				11.71				0.60				9.92
Woori Card			0.64				4.16				1.14				7.28				1.10				6.36
Woori Financial Capital			1.00				7.92				1.51				12.53				1.69				15.74
Woori Investment Bank			1.02				7.68				1.74				14.47				1.59				12.89
Woori Asset Trust			21.36				27.82				20.86				29.74				18.64				27.05
Woori Savings Bank Note 3)			(1.65	)			(12.50	)			0.41				3.05				1.06				7.95
Woori Asset Management			5.19				5.51				0.75				0.80				6.82				7.11
Woori Venture Partners			5.76				6.34				4.06				4.51				27.83				32.93
Woori Private Equity Asset Management			1.89				1.97				2.60				2.75				5.46				5.96

Note 1) Based on the applicable standards* for business reports submitted to the Financial Supervisory Service. The figures for Woori Financial Group and Woori Bank are on a consolidated basis 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 over the last 12 months / average balance of equity capital over the last 12 months

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

Note 2) Total assets and total equity : the simple average of the balances at the start of the fiscal year and at the end of each quarter

Note 3) Figures for Woori Savings Bank are based on K-GAAP

 

9

d.	Asset Quality

Group Asset Quality

 

		(units: billions of Won, except percentages)
Type		2023 3Q				2022				2021
Total loans			357,473				343,821				332,797
Substandard and below loans			1,481				1,082				990
Substandard and below loans ratio			0.41	%			0.31	%			0.30	%
Non-Performing Loans			1,404				997				902
NPL Ratio			0.39	%			0.29	%			0.27	%
Substandard and below coverage ratio (A/B)			180.0	%			217.6	%			192.2	%
Loan Loss reserve (A)			2,665				2,354				1,903
Substandard and below loans (B)			1,481				1,082				990

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		2023 3Q												2022												2021
		Substandard and below ratio				NPL ratio				Substandard and below coverage ratio				Substandard and below ratio				NPL ratio				Substandard and below coverage ratio				Substandard and below ratio				NPL ratio				Substandard and below coverage ratio
Woori Bank			0.22				0.21				238.98				0.19				0.16				263.43				0.20				0.18				205.50
Woori Card			1.15				—				104.99				0.80				—				104.92				0.41				—				103.21
Woori Financial Capital			2.06				—				121.05				1.22				—				198.56				1.20				—				196.70
Woori Investment Bank			1.44				1.44				118.77				0.63				0.58				151.81				0.57				0.55				120.05
Woori Asset Trust			19.06				—				—				32.23				—				—				56.61				—				—
Woori Savings Bank Note 2)			2.86				—				119.45				3.22				—				97.54				2.32				—				117.37

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

Note 2) Based on K-GAAP

 

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)							(unit: millions of Won)
Classification		2023 3Q				2022				2021
ASSETS
Cash and cash equivalents			25,891,826				34,219,148				20,613,073
Financial assets at fair value through profit or loss (“FVTPL”)			22,523,887				19,860,573				13,497,234
Financial assets at fair value through other comprehensive income			36,547,898				33,085,080				39,119,789
Securities at amortized cost			25,236,507				28,268,516				17,086,274
Loans and other financial assets at amortized cost			365,462,488				355,760,729				348,885,617
Investments in joint ventures and associates			1,756,741				1,305,636				1,335,167
Investment properties			471,748				387,707				389,495
Premises and equipment			3,140,716				3,142,930				3,174,720
Intangible assets and goodwill			984,723				849,114				785,386
Assets held for sale			18,982				13,772				26,327
Net defined benefit asset			322,314				319,280				21,346
Current tax assets			50,605				53,274				22,598
Deferred tax assets			75,729				109,299				31,131
Derivative assets (designated for hedging)			64,736				37,786				106,764
Other assets			3,368,100				3,061,552				2,088,950
Total assets			485,917,000				480,474,396				447,183,871
LIABILITIES
Financial liabilities at FVTPL			8,741,490				8,952,399				4,873,458
Deposits due to customers			335,613,186				342,105,209				317,899,871
Borrowings			31,454,219				28,429,603				24,755,459
Debentures			42,035,290				44,198,486				44,653,864
Provisions			607,493				545,865				576,134
Net defined benefit liability			43,200				35,202				47,986
Current tax liabilities			139,843				843,555				584,491
Deferred tax liabilities			443,124				31,799				186,946
Derivative liabilities (designated for hedging)			235,789				202,911				27,584
Other financial liabilities			32,630,098				22,811,868				24,171,030
Other liabilities			751,881				690,157				556,853
Total liabilities			452,695,613				448,847,054				418,333,676
EQUITY
Owners’ equity:			31,585,201				28,761,897				25,842,019
Capital stock			3,802,676				3,640,303				3,640,303
Hybrid securities			3,611,129				3,112,449				2,294,381
Capital surplus			935,026				682,385				682,385
Other equity			(1,951,419	)			(2,423,392	)			(2,167,614	)
Retained earnings			25,187,789				23,750,152				21,392,564
Non-controlling interests			1,636,186				2,865,445				3,008,176
Total equity			33,221,387				31,627,342				28,850,195
Total liabilities and equity			485,917,000				480,474,396				447,183,871
Number of consolidated subsidiaries (excluding holding company)			175				167				152

 

11

Summary Consolidated Statement of Comprehensive Income

 

(The Company and its consolidated subsidiaries, for the periods indicated)		(unit: millions of Won, except per share amounts)
Classification		2023 3Q				2022 3Q				2022				2021
Operating income			3,365,684				3,702,665				4,430,524				3,659,749
Net interest income			6,599,947				6,347,648				8,696,579				6,985,721
Net fees and commissions income			1,277,648				1,270,904				1,710,170				1,470,775
Dividend income			152,758				123,235				159,982				309,211
Net gain or loss on financial instruments at FVTPL			704,326				669,978				238,502				325,751
Net gain or loss on financial assets at FVTOCI			(1,868	)			(8,846	)			(21,498	)			32,624
Net gain or loss arising on financial assets at amortized cost			170,754				74,349				74,204				107,317
Impairment losses due to credit loss			(1,078,580	)			(622,034	)			(885,272	)			(536,838	)
General and administrative expenses			(3,055,487	)			(2,936,825	)			(4,529,890	)			(4,147,411	)
Other net operating expenses			(1,403,814	)			(1,215,744	)			(1,012,253	)			(887,401	)
Non-operating income (expense)			29,628				53,454				54,850				89,492
Net income before income tax expense			3,395,312				3,756,119				4,485,374				3,749,241
Income tax expense			(863,384	)			(963,430	)			(1,161,392	)			(941,870	)
Net income			2,531,928				2,792,689				3,323,982				2,807,371
Net income attributable to owners			2,438,182				2,661,745				3,141,680				2,587,936
Net income attributable to the non-controlling interests			93,746				130,944				182,302				219,435
Other comprehensive income (loss), net of tax			496,607				(52,865	)			(239,819	)			170,181
Items that will not be reclassified to profit or loss			194,164				159,929				216,767				96,529
Items that may be reclassified to profit or loss			302,443				(212,794	)			(456,586	)			73,652
Total comprehensive income			3,028,535				2,739,824				3,084,163				2,977,552
Comprehensive income attributable to the owners			2,923,229				2,591,033				2,909,053				2,745,764
Comprehensive income attributable to non-controlling interests			105,306				148,791				175,110				231,788
Net income per share:
Basic and diluted loss per share (in Korean Won)			3,204				3,570				4,191				3,481

 

12

2.	Condensed Financial Statements (Separate)

Summary Statement of Financial Position

 

(The Company, as of the end of the periods indicated)		(unit: millions of Won)
Classification		2023 3Q				2022				2021
ASSETS
Cash and cash equivalents			348,847				313,361				578,725
Financial assets at fair value through profit or loss			—				689				—
Financial assets at fair value through other comprehensive income			524,860				312,771				146,294
Loans and other financial assets at amortized cost			1,714,437				2,041,877				633,110
Investments in subsidiaries			23,170,476				22,394,915				22,144,915
Premises and equipment			7,990				11,052				7,790
Intangible assets			4,419				4,859				5,171
Net defined benefit asset			2,102				5,947				1,516
Current tax assets			19,409				14,350				856
Deferred tax assets			10,677				13,433				6,454
Other assets			594				322				151
Total assets			25,803,811				25,113,576				23,524,982
LIABILITIES
Financial liabilities at fair value through profit or loss			—				—				329
Debentures			1,507,599				1,447,762				1,367,429
Provisions			1,280				487				394
Current tax liabilities			77,569				721,795				468,305
Other financial liabilities			42,732				46,039				22,988
Other liabilities			975				591				548
Total liabilities			1,630,155				2,216,674				1,859,993
EQUITY
Capital stock			3,802,676				3,640,303				3,640,303
Hybrid securities			3,610,953				3,112,273				2,294,288
Capital surplus			11,120,236				10,909,281				10,909,281
Other equity			(118,489	)			(26,186	)			(3,874	)
Retained Earnings			5,758,280				5,261,231				4,824,991
Total equity			24,173,656				22,896,902				21,664,989
Total liabilities and equity			25,803,811				25,113,576				23,524,982

 

13

Summary Statement of Comprehensive Income

 

(The Company, for the periods indicated)		(unit: millions of Won, except per share amounts)
Classification		2023 3Q				2022 3Q				2022				2021
Operating income			1,436,887				1,199,821				1,185,627				590,550
Net interest income (loss)			23,246				(8,966	)			(5,030	)			(22,245	)
Interest income			49,360				13,581				25,614				4,236
Interest expense			(26,114	)			(22,547	)			(30,644	)			(26,481	)
Net fees and commissions loss			(13,466	)			(9,502	)			(15,059	)			(12,585	)
Fees and commissions income			1,197				979				1,596				1,306
Fees and commissions expense			(14,663	)			(10,481	)			(16,655	)			(13,891	)
Dividend income			1,476,550				1,267,756				1,272,393				692,605
Net gain (loss) on financial instruments at FVTPL			2,023				—				1,018				(7,576	)
Reversal (Provision) of impairment losses due to credit loss			(703	)			(167	)			(244	)			76
General and administrative expenses			(50,763	)			(49,300	)			(67,451	)			(59,725	)
Non-operating income (expense)			26				(1,355	)			(1,363	)			(305	)
Net income before income tax expense			1,436,913				1,198,466				1,184,264				590,245
Income tax income (expense)			271				(1,706	)			(1,015	)			4,607
Net income			1,437,184				1,196,760				1,183,249				594,852
Other comprehensive income (loss), net of tax			8,299				(20,402	)			(22,312	)			(2,330	)
Items that will not be reclassified to profit or loss			8,299				(20,402	)			(22,312	)			(2,330	)
Net gain (loss) on valuation of equity securities at FVTOCI			8,860				(22,622	)			(24,676	)			(2,408	)
Remeasurement of the net defined benefit liability			(561	)			2,220				2,364				78
Total comprehensive income			1,445,483				1,176,358				1,160,937				592,522
Net income per share:
Basic and diluted income per share (in Korean Won)			1,832				1,556				1,499				730

 

14

3.	Dividend Information

 

Items						2023 3Q				2022				2021
Par value per share (Won)							5,000				5,000				5,000
Net profit (Millions of Won)							2,438,243				3,141,680				2,587,936
Earnings per share (Won)							3,204				4,191				3,481
Total cash dividends (Millions of Won)							266,089				822,706				654,384
Total stock dividends (Millions of Won)							—				—				—
Cash dividend payout ratio (%)							10.91				26.19				25.29
Cash dividend yield (%)			Common Shares				2.9				8.8				6.8
			Preferred Shares				—				—				—
Stock dividend yield (%)			Common Shares				—				—				—
			Preferred Shares				—				—				—
Cash dividend per share (Won)			Common Shares				360				1,130				900
			Preferred Shares				—				—				—
Stock dividend per share (Share)			Common Shares				—				—				—
			Preferred Shares				—				—				—

Note 1) The dividends for 2023 3Q include quarterly dividends for 2Q of Won 130,748mil (Won 180 per share, as resolved by the board of directors on July 21, 2023) and 3Q of Won 135,341mil (Won 180 per share, as resolved by the board of directors on October 26, 2023)

Note 2) The dividends for 2022 include an interim dividend of Won 109,209mil (Won 150 per share)

Note 3) The dividends for 2021 include an interim dividend of Won 108,340mil (Won 150 per share)

 

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IV.	Independent Auditor’s Opinion

 

1.	Independent Auditor’s Opinion

 

		2023 3Q		2022		2021
Auditor		KPMG Samjong Accounting Corp.		Samil PricewaterhouseCoopers			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, 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.

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, 2021, 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

2023 3Q

KPMG Samjong Accounting Corp.

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

KRW 964 million

9,380 hours

KRW 547 million

5,643 hours

2022

Samil PricewaterhouseCoopers

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

KRW 1,068 million

9,380 hours

KRW 1,068 million

8,714 hours

2021

Samil PricewaterhouseCoopers

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

KRW 1,172 million

10,450 hours

KRW 1,172 million

9,962 hours

Note 1) Fee excludes VAT

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

 

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b.	Other Audit Services

Not Applicable

 

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

 

Term		Auditor		Description		Fee
2023 3Q		KPMG Samjong Accounting Corp.		U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2023)		KRW 1,891 million
2022		Samil PricewaterhouseCoopers		U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2022)		KRW 2,240 million
2021		Samil PricewaterhouseCoopers		U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2021)		KRW 2,370 million

Note 1) Fee excludes VAT

 

d.	Non-Audit Services

 

Term

Date of Execution of Agreement

Description of Service

Service Term

Fees

2023 3Q

March 31, 2023

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

April 1, 2023 ~ May 31, 2024

KRW 64 million

2022

March 30, 2022

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

April 1, 2022 ~ May 31, 2023

KRW 64 million

2021

March 29, 2021

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

June 1, 2021 ~ May 31, 2022

KRW 61 million

Note 1) Fee excludes VAT

 

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V.	Corporate Governance

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 August 15, 2023 under the title “Summary of 2023 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, 2023								(units: shares, %)
Name		Relation				Type		Shares Held																Notes
								Beginning balance								Ending balance
								Number				Share				Number				Share
Employee Stock Ownership Association of Woori Financial Group			The largest shareholder			Common			41,165,138				5.65				43,438,314				5.71				—
Employee Stock Ownership Association of Woori Bank			Specially related party of the largest shareholder			Common			28,136,218				3.87				25,664,824				3.38				Note	)
Total						Common			69,301,356				9.52				69,103,138				9.09				—
						Others			—				—				—				—				—

Note ) The share ratio is rounded up to the second decimal place

 

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b.	Changes in the largest shareholder

 

As of September 30, 2023

(units: shares, %)

Change of Date

Largest Shareholder

Number Held

Share

Notes

April 9, 2021

Korea Deposit Insurance Corporation

110,159,443

15.25

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

August 10, 2021

Korea Deposit Insurance Corporation

110,159,443

15.13

Issuance of new common shares (5,792,866 shares) Note 2)

December 9, 2021

Employee Stock Ownership Association of Woori Financial Group and others 1

71,346,178

9.80

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

Note 1) Refer to the prior disclosures on Form 6-K on April 13, 2021, “Change in the Number of Shares Owned by the Largest Shareholder of Woori Financial Group” 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%

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 August 15, 2023 under the title “Summary of 2023 First Half Business Report.”

 

2.	Stock Price and Stock Market Performance

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 August 15, 2023 under the title “Summary of 2023 First Half Business Report.”

 

19