WF 6-K

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 March 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 ☐

Submission of Audit Reports of Woori Bank

On March 5, 2025, Woori Financial Group Inc. disclosed audit reports of Woori Bank, its wholly-owned subsidiary, for the fiscal year 2024 based on the International Financial Reporting Standards as adopted by the Republic of Korea.

The financial statements accompanying such reports have not been approved by the shareholders of Woori Bank and remain subject to change.

Please refer to the audit reports and Woori Bank’s consolidated and separate financial statements, which have been furnished as Exhibits 99.1 and 99.2 hereto, respectively.

SIGNATURES

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

	Woori Financial Group Inc.
	(Registrant)
Date: March 5, 2025	By: /s/ Sung-Wook Lee
	(Signature)
	Name:	Sung-Wook Lee
	Title:	Deputy President

EX-99.1

Exhibit 99.1

WOORI BANK AND ITS SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED

DECEMBER 31, 2024 and 2023

WOORI BANK

		Page(s)
INDEPENDENT AUDITORS’ REPORT		1-3
Consolidated Financial Statements		4
Consolidated Statements of Financial Position		5-6
Consolidated Statements of Comprehensive Income		7-8
Consolidated Statements of Changes in Equity		9
Consolidated Statements of Cash Flows		10-11
Notes to the Consolidated Financial Statements		12-159

INDEPENDENT AUDITORS’ REPORT

(Based on a report originally issued in Korean)

The Board of Directors and Shareholder of

Woori Bank

Opinion

We have audited the consolidated financial statements of Woori Bank and its subsidiaries (the “Group”), which comprise the consolidated statements of financial position as of December 31, 2024 and 2023, the consolidated statements of comprehensive income, changes in equity and cash flows for the years then ended, and notes, comprising of material accounting policy information and other explanatory information.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of December 31, 2024 and 2023, and its consolidated financial performance and its consolidated cash flows for the years ended in accordance with Korean International Financial Reporting Standards (K-IFRS).

Basis for Opinion

We conducted our audits in accordance with Korean Standards on Auditing (KSAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in the Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Other Matter

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

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with K-IFRS, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group’s financial reporting process.

• 1 -

Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with KSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with KSAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

•	Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to<br>fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is<br>higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
•	Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are<br>appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.
:---	:---
•	Evaluate the appropriateness of accounting policies used in the preparation of the consolidated financial<br>statements and the reasonableness of accounting estimates and related disclosures made by management.
:---	:---
•	Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on<br>the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are<br>required to draw attention in our auditors’ report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to<br>the date of our auditors’ report. However, future events or conditions may cause the Group to cease to continue as a going concern.
:---	:---
•	Evaluate the overall presentation, structure and content of the consolidated financial statements, including the<br>disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
:---	:---
•	Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business<br>activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
:---	:---

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

• 2 -

/s/ KPMG Samjong Accounting Corp.

Seoul, Korea

March 4, 2025

This report is effective as of March 4, 2025, the audit report date. Certain subsequent events or circumstances, which may occur between the audit report date and the time of reading this report, could have a material impact on the accompanying consolidated financial statements and notes thereto. Accordingly, the readers of the audit report should understand that the above audit report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

• 3 -

WOORI BANK AND ITS SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED

DECEMBER 31, 2024 AND 2023

The accompanying consolidated financial statements including all footnote disclosures were

prepared by and are the responsibility of the management of Woori Bank

Jin Wan Jung

President and Chief Executive Officer

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

(Phone Number) 02-2002-3000

• 4 -

WOORI BANK AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF DECEMBER 31, 2024 AND 2023

		December 31,<br>2024			December 31,<br>2023
		(Korean Won in millions)
ASSETS
Cash and cash equivalents (Notes 4 and 6)			26,030,754			29,286,730
Financial assets at fair value through profit or loss (“FVTPL”) (Notes 4, 7, 11, 12, 18,<br>26 and 45)			24,599,169			20,561,927
Financial assets at fair value through other comprehensive income (“FVTOCI”) (Notes 4,<br>8, 11, 12 and 18)			43,698,084			37,811,173
Securities at amortized cost (Notes 4, 9, 11, 12 and 18)			19,193,186			23,996,172
Loans and other financial assets at amortized cost (Notes 4, 10, 11, 12, 18 and 45)			366,547,841			340,740,764
Investments in associates (Note 13)			1,067,880			1,029,697
Investment properties (Note 14)			523,118			592,528
Properties and equipment (Notes 15)			3,001,875			2,728,961
Intangible assets (Note 16)			597,717			519,781
Assets held for sale (Note 17)			31,266			11,573
Current tax assets (Note 42)			47,653			152,898
Deferred tax assets (Note 42)			36,167			44,312
Derivative assets (Designated for hedging) (Notes 4, 11, 12, 26 and 45)			10,102			698
Net defined benefit assets (Note 24)			137,916			221,545
Other assets (Notes 18, 19 and 45)			366,213			318,307
Total assets			485,888,941			458,017,066
LIABILITIES
Financial liabilities at FVTPL (Notes 4, 11, 12, 20, 26 and 45)			9,783,164			6,023,306
Deposits due to customers (Notes 4, 11, 21 and 45)			364,032,938			353,851,379
Borrowings (Notes 4, 11, 12, 22 and 45)			26,379,689			25,254,732
Debentures (Notes 4, 11, 12 and 22)			25,534,324			21,277,033
Provisions (Notes 23, 44 and 45)			530,106			705,964
Net defined benefit liability (Note 24)			2,803			2,426
Current tax liabilities (Note 42)			94,655			58,085
Deferred tax liabilities (Note 42)			868,848			479,614
Derivative liabilities (Designated for hedging) (Notes 4, 11, 12, 26 and 45)			102,634			135,263
Other financial liabilities (Notes 4, 11, 12, 25 and 45)			29,307,603			23,230,152
Other liabilities (Notes 25 and 45)			307,289			295,660
Total liabilities			456,944,053			431,313,614

(Continued)

• 5 -

WOORI BANK AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF DECEMBER 31, 2024 AND 2023

(CONTINUED)

		December 31,<br>2024			December 31,<br>2023
		(Korean Won in millions)
EQUITY
Owners’ equity:			28,816,053			26,581,075
Share capital (Note 28)			3,581,392			3,581,392
Hybrid securities (Note 29)			1,645,947			1,546,447
Capital surplus (Note 28)			1,108,450			1,096,194
Other equity (Note 30)			(1,327,790	)		(1,568,050	)
Retained earnings (Notes 31 and 32)			23,808,054			21,925,092
(Regulatory reserve for credit loss)			(1,905,354	)		(2,307,974	)
(Regulatory reserve for credit loss to be reversed (provisioned for))			(254,735	)		402,620
(Planned reversal of (provisioned for) regulatory reserve for credit loss)			(254,735	)		402,620
Non-controlling interests			128,835			122,377
Total equity			28,944,888			26,703,452
Total liabilities and equity			485,888,941			458,017,066

The accompanying notes are part of these consolidated financial statements.

• 6 -

WOORI BANK AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

		For the years ended<br>December 31
		2024			2023
		(Korean Won in millions, except for per share data)
Interest income			19,550,673			18,385,867
Financial assets at FVTPL			153,055			116,203
Financial assets at FVTOCI			1,281,641			999,407
Financial assets at amortized cost			18,115,977			17,270,257
Interest expense			(11,984,432	)		(10,949,611	)
Net interest income (Notes 11, 34 and 45)			7,566,241			7,436,256
Fees and commissions income			1,215,592			1,103,298
Fees and commissions expense			(209,103	)		(223,121	)
Net fees and commissions income (Notes 11, 35 and 45)			1,006,489			880,177
Dividend income (Notes 11 and 36)			374,687			255,084
Net gain on financial instruments at FVTPL (Notes 11, 37 and 45)			1,453,921			482,005
Net gain (loss) on financial assets at FVTOCI (Notes 11 and 38)			96,647			(37,641	)
Net gain on financial assets at amortized cost (Note 11)			165,192			101,788
Net gain on disposals of loans and other financial assets at amortized cost			165,192			101,788
Provision for expected credit loss allowance (Notes 11, 39 and 45)			(821,250	)		(993,519	)
General and administrative expenses (Notes 40 and 45)			(3,746,916	)		(3,799,282	)
Other net operating income (expenses) (Notes 40 and 45)			(2,025,703	)		(1,007,910	)
Operating income			4,069,308			3,316,958
Gain on valuation of investments in associates			44,067			88,788
Net other non-operating expenses			(104,388	)		(76,312	)
Non-operating income (expenses) (Notes 13 and 41)			(60,321	)		12,476
Net income before income tax expense			4,008,987			3,329,434
Income tax expense (Note 42)			(962,051	)		(814,354	)
Net income
(Net income after the provision of regulatory reserve for credit loss for the years ended<br>December 31, 2024 and 2023 are 2,792,201 million Won and 2,917,700 million Won, respectively) (Note 32)			3,046,936			2,515,080

(Continued)

• 7 -

WOORI BANK AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (CONTINUED)

		For the years ended<br>December 31
		2024			2023
		(Korean Won in millions, except for per share data)
Net gain (loss) on valuation of equity securities at FVTOCI			(142,653	)		195,032
Net gain on changes in credit risk of financial liabilities designated to be measured at<br>FVTPL			1,348			—
Remeasurement loss related to defined benefit plan			(56,964	)		(65,720	)
Changes in capital due to equity method			(1,663	)		8,603
Items that will not be reclassified to profit or loss			(199,932	)		137,915
Net gain on valuation of debt securities at FVTOCI			172,152			532,334
Changes in capital due to equity method			(6,274	)		(2,611	)
Gain on foreign currency translation of foreign operations			503,398			48,711
Loss on evaluation of hedge of net investment in foreign operations			(114,827	)		(14,049	)
Items that may be reclassified to profit or loss			554,449			564,385
Other comprehensive income, net of tax (Note 30)			354,517			702,300
Total comprehensive income			3,401,453			3,217,380
Net income attributable to:			3,046,936			2,515,080
Net income attributable to owners			3,039,372			2,505,587
Net income attributable to non-controlling interests			7,564			9,493
Total comprehensive income attributable to:			3,401,453			3,217,380
Comprehensive income attributable to owners			3,381,799			3,203,098
Comprehensive income attributable to non-controlling interests			19,654			14,282
Earnings per share (Note 43)
Basic and diluted earnings per share (Unit : In Korean Won)			4,138			3,366

The accompanying notes are part of these consolidated financial statements.

• 8 -

WOORI BANK AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

		Capital<br>stock			Hybrid<br>securities			Capital<br>surplus			Other<br>equity			Retained<br>earnings			Owner’s<br>equity			Non-<br>controlling<br>interests			Total<br>equity
		(Korean Won in millions)
January 1, 2023			3,581,392			2,344,816			1,096,194			(2,324,321	)		20,948,168			25,646,249			110,937			25,757,186
Net income			—			—			—			—			2,505,587			2,505,587			9,493			2,515,080
Dividends on common stocks			—			—			—			—			(1,372,572	)		(1,372,572	)		(2,842	)		(1,375,414	)
Net gain on valuation of financial assets at FVTOCI			—			—			—			727,312			—			727,312			54			727,366
Net gain (loss) on disposal of financial assets at FVTOCI			—			—			—			(87	)		87			—			—			—
Changes in capital due to equity method			—			—			—			5,992			—			5,992			—			5,992
Equity method capital adjustment			—			—			—			50			(50	)		—			—			—
Gain on foreign currency translation of foreign operations			—			—			—			44,048			—			44,048			4,663			48,711
Loss on evaluation of hedges of net investment in foreign operations			—			—			—			(14,049	)		—			(14,049	)		—			(14,049	)
Remeasurement loss related to defined benefit plan			—			—			—			(65,792	)		—			(65,792	)		72			(65,720	)
Dividends on hybrid securities			—			—			—			—			(95,637	)		(95,637	)		—			(95,637	)
Issuance of hybrid securities			—			299,327			—			—			—			299,327			—			299,327
Redemption of hybrid securities			—			(1,097,696	)		—			(1,694	)		—			(1,099,390	)		—			(1,099,390	)
Appropriation of retained earnings			—			—			—			60,491			(60,491	)		—			—			—
December 31, 2023			3,581,392			1,546,447			1,096,194			(1,568,050	)		21,925,092			26,581,075			122,377			26,703,452
January 1, 2024			3,581,392			1,546,447			1,096,194			(1,568,050	)		21,925,092			26,581,075			122,377			26,703,452
Net income			—			—			—			—			3,039,372			3,039,372			7,564			3,046,936
Dividends on common stocks			—			—			—			—			(1,131,996	)		(1,131,996	)		(3,486	)		(1,135,482	)
Changes in subsidiaries’ capital			—			—			12,256			—			—			12,256			(9,709	)		2,547
Net gain on changes in credit risk of financial liabilities designated to be measured at<br>FVTPL			—			—			—			1,348			—			1,348			—			1,348
Net gain (loss) on valuation of financial assets at FVTOCI			—			—			—			29,640			—			29,640			(141	)		29,499
Net gain (loss) on disposal of financial assets at FVTOCI			—			—			—			(53,539	)		53,539			—			—			—
Changes in capital due to equity method			—			—			—			(7,937	)		—			(7,937	)		—			(7,937	)
Equity method capital adjustment			—			—			—			10			(10	)		—			—			—
Gain on foreign currency translation of foreign operations			—			—			—			491,204			—			491,204			12,194			503,398
Loss on evaluation of hedges of net investment in foreign operations			—			—			—			(114,827	)		—			(114,827	)		—			(114,827	)
Remeasurement gain (loss) related to defined benefit plan			—			—			—			(57,000	)		—			(57,000	)		36			(56,964	)
Business combination under the common control			—			—			—			(590	)		—			(590	)		—			(590	)
Dividends on hybrid securities			—			—			—			—			(76,249	)		(76,249	)		—			(76,249	)
Issuance of hybrid securities			—			757,970			—			—			—			757,970			—			757,970
Redemption of hybrid securities			—			(658,470	)		—			(49,743	)		—			(708,213	)		—			(708,213	)
Appropriation of retained earnings			—			—			—			1,694			(1,694	)		—			—			—
December 31, 2024			3,581,392			1,645,947			1,108,450			(1,327,790	)		23,808,054			28,816,053			128,835			28,944,888

The accompanying notes are part of these consolidated financial statements.

• 9 -

WOORI BANK AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

		For the years ended<br>December 31
		2024			2023
		(Korean Won in millions)
Cash flows from operating activities:
Net income			3,046,936			2,515,080
Adjustments:
Income tax expense			962,051			814,354
Interest income			(19,550,673	)		(18,385,867	)
Interest expense			11,984,432			10,949,611
Dividend income			(374,687	)		(255,084	)
			(6,978,877	)		(6,876,986	)
Additions of expenses not involving cash outflows:
Loss on financial assets at FVTOCI			4,584			46,335
Provision for expected credit loss allowance			821,250			993,519
Loss on valuation of investments in associates			6,292			13,016
Loss on disposal of investments in associates			36			441
Loss on derivatives (designated for hedging)			24,252			8,819
Loss on fair value hedge			64,571			72,601
Retirement benefits			109,147			88,694
Loss on other provisions			40,657			72,213
Depreciation and amortization			456,461			425,070
Loss on disposal of properties and equipment, intangible asset and other assets			1,661			1,694
Impairment loss on properties and equipment, intangible asset and other assets			217			22
Loss on foreign currency translation			989,283			342,930
Other losses			10,888			—
Other operating expenses			9,509			169,357
			2,538,808			2,234,711
Deductions of incomes not involving cash inflows:
Gain on financial instruments at FVTPL			1,251,052			553,797
Gain on financial assets at FVTOCI			101,231			8,694
Gain on valuation of investments in associates			50,359			101,804
Gain on disposal of investments in associates			11,053			32,766
Gain on derivatives (designated for hedging)			40,843			69,479
Gain on fair value hedge			25,469			8,986
Gain related to other provisions			3,567			14,498
Gain on disposal of properties and equipment, intangible assets and other assets			1,591			1,853
Reversal of impairment loss on properties and equipment, intangible asset and other assets			—			47
Gain on disposal of assets held for sale			—			3,027
			1,485,165			794,951
Changes in operating assets and liabilities:
Financial instruments at FVTPL			934,120			(2,035,979	)
Loans and other financial assets at amortized cost			(21,446,518	)		(15,140,110	)
Other assets			(23,583	)		(122,039	)
Deposits due to customers			4,556,235			14,424,924
Provisions			(213,651	)		(31,852	)
Net defined benefit liability			(103,569	)		(112,056	)
Other financial liabilities			4,783,889			1,523,574
Other liabilities			(6,281	)		55,886
			(11,519,358	)		(1,437,652	)
Cash received (paid) from operating activities:
Interest income received			19,762,749			18,037,691
Interest expense paid			(11,439,384	)		(9,800,116	)
Dividends received			374,719			255,176
Income tax paid			(362,782	)		(1,355,888	)
Net cash inflow (outflow) from operating activities			(6,062,354	)		2,777,065

• 10 -

WOORI BANK AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

(CONTINUED)

		For the years ended<br>December 31
		2024			2023
		(Korean Won in millions)
Cash flows from investing activities:
Disposal of financial instruments at FVTPL			13,100,856			10,598,578
Acquisition of financial instruments at FVTPL			(12,838,805	)		(12,980,735	)
Disposal of financial assets at FVTOCI			26,916,235			20,648,897
Acquisition of financial assets at FVTOCI			(31,708,549	)		(24,211,511	)
Redemption of securities at amortized cost			7,634,677			8,727,124
Acquisition of securities at amortized cost			(2,586,171	)		(4,244,256	)
Disposal of investments in associates			33,161			31,030
Acquisition of investments in associates			(52,912	)		(68,711	)
Disposal of properties and equipment			9,217			18,849
Acquisition of properties and equipment			(182,754	)		(129,723	)
Disposal of intangible assets			2,340			1,028
Acquisition of intangible assets			(145,126	)		(179,648	)
Disposal of assets held for sale			—			3,547
Net increase in other assets			18,141			8,277
Business combination under the common control			2,627			—
Net cash inflow (outflow) from investing activities			202,937			(1,777,254	)
Cash flows from financing activities:
Net decrease (increase) of derivatives (designated for hedging)			(25,442	)		1,394
Net increase (decrease) in borrowings			(981,449	)		2,034,234
Issuance of debentures			16,756,011			12,859,755
Redemption of debentures			(13,378,345	)		(16,412,140	)
Redemption of lease liabilities			(213,326	)		(172,682	)
Net increase (decrease) in other liabilities			(17,690	)		30
Dividends paid to common stocks			(1,131,996	)		(1,372,572	)
Issuance of hybrid securities			757,970			299,327
Redemption of hybrid securities			(726,055	)		(1,100,000	)
Dividends paid to hybrid securities			(76,249	)		(95,637	)
Dividends paid to non-controlling interest			(3,486	)		(2,842	)
Change in non-controlling interests			2,547			—
Net cash inflow (outflow) from financing activities			962,490			(3,961,133	)
Effects of exchange rate changes on cash and cash equivalents			1,640,951			(170,243	)
Net decrease in cash and cash equivalents			(3,255,976	)		(3,131,565	)
Cash and cash equivalents, the beginning of the year			29,286,730			32,418,295
Cash and cash equivalents, the end of the year (Note 6)			26,030,754			29,286,730

The accompanying notes are part of these consolidated financial statements.

• 11 -

WOORI BANK AND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

1.	GENERAL
(1)	Summary of the Parent company
:---	:---

Woori Bank (hereinafter referred to as the “Bank”), which is a parent company in accordance with K-IFRS No.1110 – Consolidated Financial Statements, was established in 1899 and is engaged in the commercial banking business under the Banking Act, trust business and foreign exchange business under the Financial Investment Services and Capital Market Act.

As of December 31, 2024, the Bank’s shares are wholly owned by Woori Financial Group Inc. (“Woori Financial Group”) which was established in accordance with the Financial Holding Companies Act on January 11, 2019. The Bank has 716 million shares and ordinary share capital amounting to 3,581,392 million Korean Won.

The headquarters of the Bank is located at 51, Sogong-ro, Jung-gu, Seoul, Korea. The Bank has 684 branches and offices in Korea, and 16 branches, 8 branch offices and 4 offices overseas as of December 31, 2024.

(2)	The consolidated financial statements for Woori Bank and its subsidiaries (the “Group”) include the<br>following subsidiaries:
				Percentage of ownership<br>(%)						Location		Financial<br>statements<br><br>as of<br><br>(2024)
---	---	---	---	:---:	---	---	---	---	---	:---:	---	:---:
Subsidiaries		Main business		December 31,<br>2024			December 31,<br>2023
Woori Bank:
Woori America Bank		Finance			100.0			100.0		U.S.A.		December 31
Woori Global Markets Asia Limited		Finance			100.0			100.0		Hong Kong		December 31
Woori Bank China Limited		Finance			100.0			100.0		China		December 31
AO Woori Bank (*4)		Finance			100.0			100.0		Russia		December 31
PT Bank Woori Saudara Indonesia 1906 Tbk		Finance			90.8			84.2		Indonesia		December 31
Banco Woori Bank do Brasil S.A.		Finance			100.0			100.0		Brazil		December 31
Korea BTL Infrastructure Fund		Finance			99.9			99.9		Korea		December 31
Woori Finance Myanmar Co., Ltd.		Finance			100.0			100.0		Myanmar		December 31
Wealth Development Bank		Finance			51.0			51.0		Philippines		December 31
Woori Bank Vietnam Limited		Finance			100.0			100.0		Vietnam		December 31
Woori Bank (Cambodia) PLC		Finance			100.0			100.0		Cambodia		December 31
Woori Bank Europe		Finance			100.0			100.0		Germany		December 31
KAMCO Value Recreation First Securitization Specialty Co., Ltd. (*1)		Asset securitization			15.0			15.0		Korea		December 31
Jeonju Iwon Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Wonju I one Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Heitz Third Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woorihansoop 1st Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori International First Co., Ltd. (*5)		Asset securitization			—			0.0		Korea		—
Woori QS 1st Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori Display 2nd Co., Ltd. (*5)		Asset securitization			—			0.0		Korea		—
Woori Dream 2nd Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori K 1st Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori S 1st Co., Ltd. (*5)		Asset securitization			—			0.0		Korea		—
Woori Display 3rd Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
TY 1st Co., Ltd. (*5)		Asset securitization			—			0.0		Korea		—
Quantum Jump the 2nd Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori Gongdeok First Co., Ltd. (*5)		Asset securitization			—			0.0		Korea		—
Woori HW 1st Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori Dream 3rd Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori SJS 1st Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori Steel 1st Co., Ltd. (*5)		Asset securitization			—			0.0		Korea		—
SPG the 1st Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31

• 12 -

				Percentage of ownership<br>(%)						Location		Financial<br>statements<br><br>as of<br><br>(2024)
Subsidiaries		Main business		December 31,<br>2024			December 31,<br>2023
Woori-HWC 1st Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori HC 3rd Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori Park I 1st Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori DS 1st Co., Ltd. (*5)		Asset securitization			—			0.0		Korea		—
Woori HC 4th Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori SKR 1st Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori H chemical 1st Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
HE the 1st Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori Hub The 1st Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori K The 3rd Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori KF 1st Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori TS 1st Co., Ltd. (*5)		Asset securitization			—			0.0		Korea		—
Woori H Square 1st Co., Ltd. (*5)		Asset securitization			—			0.0		Korea		—
Woori L Yongsan 1st Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori HC 5th Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori Ladena 1st Co., Ltd. (*5)		Asset securitization			—			0.0		Korea		—
Woori HR 1st Co., Ltd. (*5)		Asset securitization			—			0.0		Korea		—
Woori Lotte Dongtan 1st Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori HC 6th Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori HO 1st Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori ESG 1st Co.,Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori Osiria 1st Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori Eco 2nd Co., Ltd. (*5)		Asset securitization			—			0.0		Korea		—
Gangnam Landmark 2nd Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori HP the 1st Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori KF 2nd Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori HD 1st Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori ST 1st Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori High End 1st Co., Ltd. (*5)		Asset securitization			—			0.0		Korea		—
Woori HW 2nd Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori Mirae 1st Co., Ltd. (*1)		Asset securitization			0.0			0.0		Korea		December 31
Woori HR 2nd Co., Ltd. (*1)		Asset securitization			0.0			—		Korea		December 31
Woori QS 2nd Co., Ltd. (*1)		Asset securitization			0.0			—		Korea		December 31
Woori Plasma 1st Co., Ltd. (*1)		Asset securitization			0.0			—		Korea		December 31
Woori Eugene 1st Co., Ltd. (*1)		Asset securitization			0.0			—		Korea		December 31
WOORIWON 1ST, CO., LIMITED. (*1)		Asset securitization			0.0			—		Korea		December 31
WOORI ENERBILITY 1ST, CO., LIMITED. (*1)		Asset securitization			0.0			—		Korea		December 31
WOORI HL 1ST, CO., LIMITED. (*1)		Asset securitization			0.0			—		Korea		December 31
WOORI SEOUL STATION AREA 1ST, CO,.LTD. (*1)		Asset securitization			0.0			—		Korea		December 31
Heungkuk Global Private Placement Investment Trust No. 1 (*2)		Securities investment			98.8			98.8		Korea		December 31
AI Partners UK Water Supply Private Placement Investment Trust No. 2 (*2)		Securities investment			97.3			97.3		Korea		December 31
Mirae Asset Multi Overseas Real Estate General Private Investment Trust No. 5-2 (*2)		Securities investment			99.0			99.0		Korea		December 31
IGIS Australia Investment Trust No. 209-1 (*2)		Securities investment			99.4			99.4		Korea		December 31
Woori North America Energy Infrastructure Private Placement Investment Trust No.<br>1 (*2)		Securities investment			99.3			99.3		Korea		December 31
Woori Global Development Infrastructure Synergy Company Private Placement Investment<br>Trust (*2)		Securities investment			99.9			99.9		Korea		December 31
Woori Infrastructure New Deal Private Placement Investment<br>Trust No. 1 (*2)		Securities investment			99.5			99.5		Korea		December 31
Woori Global Secondary Private Placement Investment Trust No. 1 (*2)		Securities investment			98.8			98.6		Korea		December 31
Woori ESG Infrastructure Development Private Placement Investment<br>Trust No. 1 (*2)		Securities investment			95.2			95.2		Korea		December 31
Kiwoom Harmony Private Placement Investment Trust No. 2 (*2)		Securities investment			97.3			97.2		Korea		December 31

• 13 -

				Percentage of ownership<br>(%)						Location		Financial<br>statements<br><br>as of<br><br>(2024)
Subsidiaries		Main business		December 31,<br>2024			December 31,<br>2023
Kiwoom Harmony Private Placement Investment Trust No. 1 (*2)		Securities investment			97.4			97.4		Korea		December 31
JB Airline Private Placement Investment Trust No. 8 (*2)		Securities investment			97.0			97.0		Korea		December 31
Kiwoom Harmony Private Placement Investment Trust No. 4 (*2)		Securities investment			96.2			96.2		Korea		December 31
WOORI REFS GENERAL TYPE INVESTMENT TRUST No. 1 (*2)		Securities investment			93.5			—		Korea		December 31
Woori Fund Financing General Type Private Investment Trust (*2)		Securities investment			99.3			—		Korea		December 31
Principal Guaranteed Trust (*3)		Trust			0.0			0.0		Korea		December 31
Principal and Interest Guaranteed Trust (*3)		Trust			0.0			0.0		Korea		December 31
Mirae Asset Multi Overseas Real Estate General Private Investment<br>Trust No. 5-2:
MAGI No.5 LuxCo S.a.r.l.		Asset securitization			54.6			54.6		Luxembourg		December 31
MAGI No.5 LuxCo S.a.r.l:
ADP 16 Brussels		Asset securitization			100.0			100.0		Belgium		December 31
Woori ESG Infrastructure Development General Private Investment Trust No. 1:
Woori Global Infrastructure Development Co., Ltd.		Other Finance			100.0			—		Korea		December 31
Namyangju Resource Circulation Facility Development Co., Ltd.		Other professional service			100.0			—		Korea		December 31
(*1)	The entity is a structured entity for the purpose of asset securitization. Although the Group is not a majority<br>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.
:---	:---
(*2)	The entity is a structured entity for the purpose of investment in securities. Although the Group is not a<br>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)	It was determined that the consolidated entity controlled the monetary trust under the Capital Markets Act,<br>taking into account the power of less than half of the ownership stake in investment-related activities, exposure to variable returns, and the ability to use power to affect the variable returns of the consolidated entity.
:---	:---
(*4)	Following Russia’s further invasion of Ukraine in February 2022, various countries, including the United<br>States, have imposed additional sanctions on a number of Russian individuals and entities, and restricted or prohibited certain activities relating to Russia such as making new investments or the provision of certain services. These sanctions may<br>result in a decrease in the value of financial or operating assets held by banks in relation to the disputed country, an increase in the collection period, restrictions on capital transfers, and a decrease in profits. As a result, the Group expect<br>future financial impacts on the business of its subsidiary, AO Woori Bank of Russia, as of December 31, 2024, but it is difficult to assess the maximum potential exposure or the ultimate adverse impact with any degree of certainty.
:---	:---
(*5)	Excluded from the consolidation due to the end of the credit facilities for the year ended December 31,<br>2024.
:---	:---

• 14 -

(3)	The Group has not consolidated the following entities as of December 31, 2024 and 2023 despite having more<br>than 50% ownership interest:
	As of December 31, 2024
---	:---:	---	---	---	---	---
Special Purpose Companies	Location		Main<br><br>Business		Percentage of<br>ownership (%)
Mirae Asset Maps Clean Water Private Equity Investment Trust No. 7 (*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			97.8
IGIS Global Private Placement Real Estate Fund No. 148-1 (*1)	Korea		Securities Investment			69.0
IGIS Global Private Placement Real Estate Fund No. 148-2 (*1)	Korea		Securities Investment			69.0
Mirae Asset Seoul Ring Expressway Private Special Asset Fund No. 1 (*1)	Korea		Securities Investment			66.7
Hangang Blue Water Private Placement Special Asset Investment Trust (*1)	Korea		Securities Investment			55.6
Korea Investment Pocheon-Hwado Highway Private Special Asset Trust 2 (*1)	Korea		Securities Investment			55.2
Woori Innovative Growth General Private Equity Special Asset Investment<br>Trust No. 1 (*1)	Korea		Securities Investment			55.0
Midas Global Private Placement Real Estate Investment Trust No. 7-2 (*1)	Korea		Securities Investment			58.3
Samsung Together Korea IPPF Private Securities Investment Trust 3 [Equity-FoFs] (*3)	Korea		Securities Investment			100.0
Woori Innovative Growth General Private Equity Special Asset Investment<br>Trust No. 2 (*1)	Korea		Securities Investment			55.0
Woori Woori Bank Partners Private Placement Investment Trust No. 1 (*1)	Korea		Securities Investment			92.6
Woori Private Real Estate Investment Trust No. 1 (*1)	Korea		Securities Investment			84.9
INMARK France Private Placement Real Estate Investment Trust No. 18-1 (*1)	Korea		Securities investment			93.8
Kiwoom Vibrato Private Placement Investment Trust 1-W () (*2)	Korea		Securities investment			99.5
Woori Global Mid-market Secondaries Private Placement Investment Trust No. 1<br>(*1)	Korea		Securities investment			80.0
KOTAM Global Infrastructure Private Equity Investment Trust No. 1-4 (*2)	Korea		Securities investment			99.7
Hana UBS Class One Private Equity No. 3 C2 (*1)	Korea		Securities investment			51.0
Consus Gyeongju Green Private Equity Investment Trust No. 1 (*1)	Korea		Securities investment			50.0
Woori Woori Bank Partners Private Placement Investment Trust No. 2 (*1)	Korea		Securities investment			90.9
Woori Equity Bridge Loan Private Placement Investment Trust No. 1 (*1)	Korea		Securities investment			65.0
Woori Private Real Estate Investment Trust No. 5 (*1)	Korea		Securities investment			87.0
Kiwoom Harmony Private Placement Investment Trust No. 3 (*1)	Korea		Securities investment			76.7
Consus Solar Energy Private Placement Investment Trust No.1 (*1)	Korea		Securities investment			50.0
Woori Innovative Growth New Deal Private Placement Investment Trust No.3 (*1)	Korea		Securities investment			79.8
Woori Renewable New Deal Private Placement Investment Trust No. 1 (*1)	Korea		Securities investment			55.0
Woori Policy-type New Deal (Infra Investment) Private Placement Investment<br>Trust No.1 (*1)	Korea		Securities investment			66.7
Woori GP Commitment Loan Private Placement Investment Trust No. 2 (*1)	Korea		Securities investment			80.0
Kiwoom Aurora Private Placement Securities Investment<br>Trust No. 2 () (*1)	Korea		Securities investment			60.0
NH-Amundi WSCP VIII Private Placement Investment Trust No. 2 () (*1)	Korea		Securities investment			65.2
AI Partners Global Infrastructure Specialized Privately Placed Feeder Fund Trust No. 2 ()<br>(*2)	Korea		Securities investment			98.0
Woori Equity Investment General Type Private Investment Trust No.1 (*1)	Korea		Securities investment			93.8
Hangang New Deal Infrastructure BTL Private Equity Investment<br>Trust No. 4 (*1)	Korea		Securities investment			60.0
Woori Busan Logistics Infra Private Placement Special Asset<br>Investment Trust (*1)	Korea		Securities investment			66.7
Woori Financial Digital Investment Association No. 1 (*1)	Korea		Securities investment			88.0

• 15 -

	As of December 31, 2024
Special Purpose Companies	Location		Main<br><br>Business		Percentage of<br>ownership (%)
Woori GP Commitment Loan Private Placement Investment Trust No. 3 (*1)	Korea		Securities investment			85.0
IGIS Global Private Placement Real Estate Fund<br>No. 316-1 (*2)	Korea		Securities investment			99.3
INMARK Spain Private Placement Real Estate Investment Trust<br>No. 26-2 (*2)	Korea		Securities investment			97.7
Woori Japan General Type Private Real Estate Feeder Investment<br>Trust No.1-2 (*2)	Korea		Securities investment			98.8
Woori Japan Blind General Type Private Real Estate Feeder Investment<br>Trust No.1 (*2)	Korea		Securities investment			99.9
Woori Private Real Estate Investment Trust No. 6 (*1)	Korea		Securities investment			85.0
Woori New Growth Credit Fund 1 (*1)	Korea		Securities investment			70.9
Woori Asset Global Partnership Fund No. 5 (*1)	Korea		Securities investment			57.7
Woori PE Secondary Private Placement Investment Trust No. 1 (*1)	Korea		Securities investment			82.6
Kiwoom Harmony Private Placement Investment Trust No. 6 (*1)	Korea		Securities investment			76.9
Project Chile PMGD Solar (*2)	Korea		Securities investment			75.2
Woori Financial Dino Lab Investment Association No. 1 (*1)	Korea		Securities investment			70.0
Woori Bank Partners General Type Private Investment Trust No.3 (*1)	Korea		Securities investment			90.9
Woori Natixis Partnership Global Private Debt Fund No. 1-1 () (*1)	Korea		Securities investment			80.0
NH-Amundi BXD Private Placement Real Estate Investment Trust No. 2 () (*2)	Korea		Securities investment			77.8
Woori Private Real Estate Investment Trust No. 7 (*1)	Korea		Securities investment			87.0
Woori Junior Equity General Type Private Investment Trust (*1)	Korea		Securities investment			85.0
Hangang Green Environment Private Placement Special Asset Investment Trust (*1)	Korea		Securities investment			50.0

All values are in US Dollars.

(*1)	Since the investee is a discretionary funds, the Group does not have power over the investee because the fund<br>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<br>fund’s activities even though it holds more than 50% of ownership interest.
(*2)	The investment target for the fund was predefined, and the disposition of investment assets cannot be<br>determined by the Group, and as a fund of funds, the Group does not have ability to make decisions regarding investment assets in parent funds. The Group does not have the power over the fund’s activities even though it holds more than 50% of<br>ownership interest.
:---	:---
(*3)	Since the investee is a stock market stabilization fund, the Group does not have power over such fund as the<br>fund’s relevant activities are determined by the investment management committee, over which the Group does not have substantive rights. The Group does not have the power over the fund’s relevant activities even though the Group holds more<br>than 50% of ownership interest.
:---	:---
		As of December 31, 2023
---	---	:---:	---	---	---	---	---
Special Purpose Companies		Location		Main<br><br>Business		Percentage of<br>ownership (%)
Mirae Asset Maps Clean Water Private Equity Investment Trust No. 7 (*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			69.0
IGIS Global Private Placement Real Estate Fund No. 148-2 (*1)		Korea		Securities Investment			69.0
Mirae Asset Seoul Ring Expressway Private Special Asset Fund No. 1 (*1)		Korea		Securities Investment			66.7
Hangang Blue Water Private Placement Special Asset Investment Trust (*1)		Korea		Securities Investment			55.6
Korea Investment Pocheon-Hwado Highway Private Special Asset Trust 2 (*1)		Korea		Securities Investment			55.1
Woori Innovative Growth General Private Equity Special Asset Investment<br>Trust No. 1 (*1)		Korea		Securities Investment			55.0
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<br>Trust No. 3 (*3)		Korea		Securities Investment			100.0
Woori Innovative Growth General Private Equity Special Asset Investment<br>Trust No. 2 (*1)		Korea		Securities Investment			55.0
WooriG Woori Bank Partners Private Placement Investment Trust No. 1 (*1)		Korea		Securities Investment			92.6
WooriG Private Real Estate Investment Trust No. 1 (*1)		Korea		Securities Investment			84.3

• 16 -

	As of December 31, 2023
Special Purpose Companies	Location		Main<br><br>Business		Percentage of<br>ownership (%)
INMARK France Private Placement Real Estate Investment Trust<br>No. 18-1 (*1)	Korea		Securities investment			93.8
Kiwoom Vibrato Private Placement Investment Trust 1-W () (*2)	Korea		Securities investment			99.5
WooriG Global Mid-market Secondaries Private Placement Investment<br>Trust No. 1 (*1)	Korea		Securities investment			80.0
KOTAM Global Infrastructure Private Equity Investment<br>Trust No. 1-4 (*2)	Korea		Securities investment			99.7
Hana UBS Class One Private Equity No. 3 C2 (*1)	Korea		Securities investment			51.0
Consus Gyeongju Green Private Equity Investment Trust No. 1 (*1)	Korea		Securities investment			50.0
WooriG Woori Bank Partners Private Placement Investment Trust No. 2 (*1)	Korea		Securities investment			90.9
WooriG Equity Bridge Loan Private Placement Investment Trust No. 1 (*1)	Korea		Securities investment			65.0
WooriG Private Real Estate Investment Trust No. 5 (*1)	Korea		Securities investment			87.0
Kiwoom Harmony Private Placement Investment Trust No. 3 (*1)	Korea		Securities investment			76.7
Consus Solar Energy Private Placement Investment Trust No.1 (*1)	Korea		Securities investment			50.0
Woori Innovative Growth New Deal Private Placement Investment Trust No.3 (*1)	Korea		Securities investment			79.8
WooriG Renewable New Deal Private Placement Investment Trust No. 1 (*1)	Korea		Securities investment			55.0
WooriG Policy-type New Deal (Infra Investment) Private Placement Investment Trust No.1<br>(*1)	Korea		Securities investment			66.7
IGIS ESG Private Placement Investment Trust No.1 (*1)	Korea		Securities investment			60.0
WooriG GP Commitment Loan Private Placement Investment Trust No. 2 (*1)	Korea		Securities investment			80.0
Kiwoom Aurora Private Placement Securities Investment Trust<br>No. 2 () (*1)	Korea		Securities investment			60.0
NH-Amundi WSCP VIII Private Placement Investment Trust No. 2 () (*1)	Korea		Securities investment			65.2
AI Partners Global Infrastructure Specialized Privately Placed Feeder Fund Trust No. 2 ()<br>(*2)	Korea		Securities investment			98.0
WooriG Equity Investment General Type Private Investment Trust No. 1 (*1)	Korea		Securities investment			93.8
Hangang New Deal Infrastructure BTL Private Equity Investment Trust No. 4 (*1)	Korea		Securities investment			60.0
Woori Busan Logistics Infra Private Placement Special Asset Investment Trust (*1)	Korea		Securities investment			66.7
Woori Financial Digital Investment Association No. 1 (*1)	Korea		Securities investment			88.0
WooriG GP Commitment Loan Private Placement Investment Trust No. 3 (*1)	Korea		Securities investment			85.0
IGIS Global Private Placement Real Estate Fund No. 316-1 (*2)	Korea		Securities investment			99.3
INMARK Spain Private Placement Real Estate Investment Trust<br>No. 26-2 (*2)	Korea		Securities investment			97.7
WooriG Japan General Type Private Real Estate Feeder Investment Trust No. 1-2 (*2)	Korea		Securities investment			98.8
WooriG Japan Blind General Type Private Real Estate Feeder Investment<br>Trust No.1 (*2)	Korea		Securities investment			99.9
WooriG Private Real Estate Investment Trust No. 6 (*1)	Korea		Securities investment			85.0
Woori New Growth Credit Fund 1 (*1)	Korea		Securities investment			70.9
Woori Asset Global Partnership Fund No. 5 (*1)	Korea		Securities investment			57.7
Woori PE Secondary Private Placement Investment Trust No. 1 (*1)	Korea		Securities investment			82.6
Kiwoom Harmony Private Placement Investment Trust No. 6 (*1)	Korea		Securities investment			76.9
(*1)	Since the investee is a discretionary funds, the Group does not have power over the investee because the fund<br>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<br>fund’s activities even though it holds more than 50% of ownership interest.
:---	:---
(*2)	The investment target for the fund was predefined, and the disposition of investment assets cannot be<br>determined by the Group, and as a fund of funds, the Group does not have ability to make decisions regarding investment assets in parent funds. The Group does not have the power over the fund’s activities even though it holds more than 50% of<br>ownership interest.
:---	:---
(*3)	Since the investee is a stock market stabilization fund, the Group does not have power over such fund as the<br>fund’s relevant activities are determined by the investment management committee, over which the Group does not have substantive rights. The Group does not have the power over the fund’s relevant activities even though the Group holds more<br>than 50% of ownership interest.
:---	:---

• 17 -

(4)	The summarized financial information of the major subsidiaries is as follows. The financial information of each<br>subsidiary was prepared on the basis of consolidated financial statements. (Unit: Korean Won in millions):
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Assets			Liabilities			Operating<br>revenue			Net income<br>(loss)<br>attributable to<br>owners			Total<br>comprehensive<br>income (loss)<br>attributable to<br>owners
Woori America Bank			5,603,828			4,878,197			278,248			37,240			125,569
Woori Global Markets Asia Limited			764,409			528,256			60,999			22,453			49,694
Woori Bank China Limited			7,025,618			6,252,659			309,973			20,178			101,666
AO Woori Bank			507,190			411,981			56,523			30,459			20,742
PT Bank Woori Saudara Indonesia 1906 Tbk			5,423,733			4,168,715			386,889			56,768			156,791
Banco Woori Bank do Brasil S.A.			230,713			210,275			23,555			(1,412	)		(5,629	)
Korea BTL Infrastructure Fund			734,750			286			26,829			24,273			23,946
Woori Finance Myanmar Co., Ltd.			46,102			22,268			10,653			2,318			5,121
Wealth Development Bank			272,386			223,457			22,275			1,559			5,782
Woori Bank Vietnam Limited			3,932,302			2,939,490			371,959			61,565			132,345
Woori Bank (Cambodia) PLC			2,212,892			1,585,577			241,234			(14,786	)		53,564
Woori Bank Europe			860,239			743,581			41,167			(6,330	)		865
Money trust under the FISCM Act			1,201,313			1,175,208			51,546			2,935			2,935
Structured entity for securitization of financial assets			2,179,838			2,548,776			103,230			(5,533	)		2,585
Structured entity for the investments in securities			2,138,102			62,111			122,417			97,685			127,430
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Assets			Liabilities			Operating<br>revenue			Net income<br>(loss)<br>attributable to<br>owners			Total<br>comprehensive<br>income (loss)<br>attributable to<br>owners
Woori America Bank			4,380,793			3,780,732			213,835			32,412			43,019
Woori Global Markets Asia Limited			639,748			453,289			49,928			14,507			18,354
Woori Bank China Limited			5,812,416			5,141,122			262,453			33,872			32,226
AO Woori Bank			420,219			345,751			29,542			8,091			(3,140	)
PT Bank Woori Saudara Indonesia 1906 Tbk			4,665,074			3,804,207			348,081			60,277			87,745
Banco Woori Bank do Brasil S.A.			281,784			255,717			25,196			(3,233	)		3,205
Korea BTL Infrastructure Fund			735,206			286			29,905			26,446			25,938
Woori Finance Myanmar Co., Ltd.			37,844			19,132			9,091			2,379			2,629
Wealth Development Bank			294,157			251,010			25,164			(138	)		781
Woori Bank Vietnam Limited			3,533,036			2,926,359			300,630			59,692			54,322
Woori Bank (Cambodia) PLC			1,902,011			1,466,719			244,041			25,194			31,906
Woori Bank Europe			1,187,246			1,071,453			40,621			(5,149	)		1,290
Money trust under the FISCM Act			1,267,803			1,244,632			66,917			9,652			9,652
Structured entity for securitization of financial assets			2,461,932			2,836,902			90,353			(23,767	)		(20,577	)
Structured entity for the investments in securities			1,793,892			53,093			129,183			83,807			97,661

• 18 -

(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.

•	Monetary 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 December 31, 2024 and December 31, 2023, the Group provides 2,166,871 million Won and 2,445,644 million Won of credit facilities for the structured entities mentioned above. As of December 31, 2024 and December 31, 2023 the purchase commitment amount is 650,997 million Won and 1,049,936 million Won, respectively.

(6)	The Group has entered into various agreements with structured entities such as asset securitization, structured<br>finance, investment fund, and trust contract. The characteristics and the nature of risks related to unconsolidated structured entities over which the Group does not have control in accordance with K-IFRS No.1110 - Consolidated Financial Statements<br>are as follows:

The ownership interests on unconsolidated structured entities that the Group hold are classified into asset securitization vehicles, structured finance and investment fund, based on the nature and the purpose of the structured entities.

The unconsolidated structured entities classified as ‘asset securitization vehicles’ are entities that issue asset-backed securities, pay the principal and interest or distribute dividends on asset-backed securities through borrowings or profits from the management, operation and sale of securitized assets. The Group transfers related risks by the purchase commitments of asset-backed securities or issuance of asset-backed securities through credit facilities, and the Group recognize 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.

The unconsolidated structured entities classified as ‘structured financing’ include real estate project financing investment vehicle, social overhead capital companies, and special purpose vehicles for ship (aircraft) financing. Each entity is incorporated as a separate company with a limited purpose in order to efficiently pursue business goals. ‘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 valuation 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 facilities 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.

• 19 -

The 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 raise funding 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. As of December 31, 2024 and December 31, 2023, the investment value in MMF (Money Market Fund) amounted to 22,850 million Won and 1,450,252 million Won, respectively, and there are no additional MMF-related commitments.

Total assets of the unconsolidated structured entities held by the Group, the carrying value of the related items recorded, the maximum exposure to risks, and the loss recognized in conjunction with the unconsolidated structured entities as of December 31, 2024 and December 31, 2023 are as follows: The maximum exposure to risks includes the amounts that are recognized in the consolidated financial statements and will be confirmed when certain conditions are met in the future such as investments, purchase commitments, credit facilities and others. (Unit: Korean Won in millions):

		December 31, 2024
		Asset<br>securitization<br>vehicle			Structured<br>finance			Investment<br>funds
Total asset of the unconsolidated structured entities			7,286,074			74,946,966			255,076,205
Assets recognized in the consolidated financial statements related to the unconsolidated<br>structured entities			6,852,171			3,390,015			9,325,909
Financial assets at FVTPL			—			1,792			9,042,357
Financial assets at FVTOCI			1,813,481			44,477			—
Financial assets at amortized cost			5,038,690			3,341,655			79,879
Investments in associates			—			—			201,084
Derivative assets			—			2,091			2,589
Liabilities recognized in the consolidated financial statements related to the unconsolidated<br>structured entities			242			1,774			—
Derivative liability			—			421			—
Other liabilities (provisions)			242			1,353			—
The maximum exposure to risks (*)			6,929,431			4,083,019			14,655,904
Investments			6,852,171			3,390,015			9,325,909
Purchase agreement			—			—			5,329,995
Credit facilities			77,260			693,004			—
Loss recognized on unconsolidated structured entities			—			319			150,552

(*) This is the amount after deducting the expected credit loss allowance.

		December 31, 2023
		Asset<br>securitization<br>vehicle			Structured<br>finance			Investment<br>funds
Total asset of the unconsolidated structured entities			9,012,541			55,525,814			164,334,970
Assets recognized in the consolidated financial statements related to the unconsolidated<br>structured entities			8,868,621			2,637,529			7,732,375
Financial assets at FVTPL			—			2,111			7,576,233
Financial assets at FVTOCI			2,802,592			43,696			—
Financial assets at amortized cost			6,066,029			2,591,598			—
Investments in associates			—			—			153,958
Derivative assets			—			124			2,184
Liabilities recognized in the consolidated financial statements related to the unconsolidated<br>structured entities			99			3,207			2,006
Derivative liability			—			1,243			2,006
Other liabilities (provisions)			99			1,964			—
The maximum exposure to risks (*)			8,928,381			3,481,625			13,490,033
Investments			8,868,621			2,637,529			7,732,374
Purchase agreement			—			—			5,757,659
Credit facilities			59,760			844,096			—
Loss recognized on unconsolidated structured entities			—			299			63,614

(*) This is the amount after deducting the expected credit loss allowance.

• 20 -

(7)	The share of non-controlling interests on the net income and equity of subsidiaries of which non-controlling<br>interests that are significant to the Group’s consolidated financial statements as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
1)	Accumulated non-controlling interests at the end of the reporting period
:---	:---
		December 31, 2024				December 31, 2023
---	---	:---:	---	---	---	:---:	---	---
PT Bank Woori Saudara Indonesia 1906 Tbk			104,023				103,176
Wealth Development Bank			23,975				21,142
2)	Net income or loss attributable to non-controlling interests
:---	:---
		For the years ended<br>December<br>31
---	---	:---:	---	---	---	---	---	---
		2024				2023
PT Bank Woori Saudara Indonesia 1906 Tbk			6,764				9,521
Wealth Development Bank			764				(68	)
3)	Dividends to non-controlling interests
:---	:---
		For the years ended<br>December<br>31
---	---	:---:	---	---	---	---	---	---
		2024				2023
PT Bank Woori Saudara Indonesia 1906 Tbk			3,450				2,802

• 21 -

2.	BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICIES
(1)	Basis of presentation
:---	:---

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 restructured and translated into English from the Korean language financial statements.

Certain information attached to the Korean language financial statements, but not required for a fair presentation of the Group’s financial position, financial performance or cash flows, is not presented in the accompanying consolidated financial statements.

The consolidated financial statements of the Group have been prepared in accordance with K-IFRS. These are the standards, subsequent amendments and related interpretations issued by the International Accounting Standards Board (IASB) that have been adopted by the Republic of Korea.

The material accounting policies applied in the preparation of consolidated financial statements as of and for the year ended December 31, 2024 are stated below, and the accounting policies applied are identical to ones used in the preparation of previous year’s consolidated financial statements, except for the effects of adopting new standards or interpretations as explained below.

The consolidated financial statements are prepared at the end of each reporting period on the historical cost basis, except for certain non-current assets and financial assets that are either revalued or measured in fair value. Historical cost is generally measured at the fair value of consideration given to acquire assets.

Meanwhile, the consolidated financial statements of the Group was initially approved by the board of directors on February 7, 2025, and is planned for an approval in the annual shareholder’s meeting on March 25, 2025.

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

i)	Amendments to K-IFRS No.1001 ‘Presentation of Financial Statements’ – Classification<br>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 Group determined that there is no significant impact on the consolidated financial statements due to these amendments.

ii)	Amendments to K-IFRS No.1007 ‘Statement of Cash Flows’, K-IFRS No.1107 ‘Financial<br>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 Group determined that there is no significant impact on the consolidated financial statements due to these amendments.

• 22 -

iii)	Amendments to K-IFRS No.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 Group determined that there is no significant impact on the consolidated financial statements due to these amendments.

iv)	Amendments to K-IFRS No.1001 ‘Presentation of Financial Statements’ – Disclosure of<br>Cryptographic Assets

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 Group determined that there is no significant impact on the consolidated financial statements due to these amendments.

2. The details of K-IFRS that have been issued and published as of January 1, 2024 but have not yet reached the effective date, and which the Group has not applied at an earlier date are as follows :

i)	Amendments to K-IFRS No.1021 ‘The Effects of Changes in Foreign Exchange Rates’ and K-IFRS No.1101<br>‘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 determined that there is no significant impact on the consolidated financial statements due to these amendments.

ii)	Amendments to K-IFRS No.1109 ‘Financial Instruments’, K-IFRS No.1107 ‘Financial Instruments:<br>Disclosures’

When an entity K-IFRS No.1109 ‘Financial Instruments’ and K-IFRS No.1107 ‘Financial Instruments: Disclosures’ have been amended to respond to recent questions arising in practice, and to include new requirements. The amendments should be applied for annual periods beginning on or after January 1, 2026, and earlier application is permitted. The Group is in review for the impact of these amendments on the consolidated financial statements. These amendments

•	clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception<br>for some financial liabilities settled through an electronic cash transfer system;
•	clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal<br>and interest (SPPI) criterion;
:---	:---
•	add new disclosures of impact on the entity and the extent to which the entity is exposed for each type of<br>financial instruments if the timing or amount of contractual cash flow changes due to amendment of contract term; and
:---	:---
•	update the disclosures for equity instruments designated at fair value through other comprehensive income<br>(FVTOCI).
:---	:---
iii)	Amendments Annual Improvements to K-IFRS -Volume 11
:---	:---

Annual Improvements to K-IFRS - Volume 11 should be applied for annual periods beginning on or after January 1, 2026, and earlier application is permitted. The Group is in review for the impact of these amendments on the consolidated financial statements.

•	K-IFRS No.1101 ‘First-time Adoption of International Financial Reporting Standards’: Hedge<br>accounting by a first-time adopter

• 23 -

•	K-IFRS No.1107 ‘Financial Instruments: Disclosures’: Gain or loss on derecognition and<br>implementation guidance
•	K-IFRS No.1109 ‘Financial Instruments’: Derecognition of lease liabilities and definition of<br>transaction price
:---	:---
•	K-IFRS No.1110 ‘Consolidated Financial Statements’: Determination of a ‘de facto<br>agent’
:---	:---
•	K-IFRS No.1007 ‘Statement of Cash Flows’: Cost method
:---	:---
(2)	Basis of consolidated financial statement presentation
:---	:---

The consolidated financial statements incorporate the financial statements of the Bank and the entities (including structured entities) controlled by the Bank (and its subsidiaries, which is the “Group”). Control is achieved where the Group 1) has the power over the investee, 2) is exposed, 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. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

When the Group has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers all relevant facts and circumstances in assessing whether or not the Group’s voting rights in an investee are sufficient to give it power, including:

•	The relative size of the Group’s holding of voting rights and dispersion of holdings of the other vote<br>holders;
•	Potential voting rights held by the Group, other vote holders or other parties;
:---	:---
•	Rights arising from other contractual arrangements;
:---	:---
•	Any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to<br>direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings.
:---	:---

Income and expenses of subsidiaries acquired or disposed of during the year are included in the consolidated statement of comprehensive income from the date the Group gains control until the date when the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the owner of the Group and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owner of the Group and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

If a subsidiary uses accounting policies other than those of the Group for like transactions and events in similar circumstances, if necessary, adjustments shall be made to make the subsidiary’s accounting policies conform to those of the Group to prepare the consolidated financial statements.

All intra-group transactions and, related assets and liabilities, income and expenses are eliminated in full when preparing the consolidated financial statements.

Changes in the Group’s ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests is adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the owner of the parent company.

When the Group loses control of a subsidiary, a gain or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. When assets of the subsidiary are carried at revalued amounts or fair values and the related cumulative gain or loss has been recognized in other comprehensive income and accumulated in equity, the amounts previously recognized in other comprehensive income and accumulated in equity are accounted for as if the Group had directly disposed of the relevant assets (i.e. reclassified to profit or loss or transferred directly to retained earnings). The fair value of any investment retained in the former subsidiary at the date when control is lost is recognized as the fair value on initial recognition for subsequent accounting under K-IFRS 1109 Financial Instruments or, when applicable, the cost on initial recognition of an investment in an associate or a joint venture.

• 24 -

(3)	Business combinations

Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured as the sum of the acquisition-date fair values of the assets transferred by the Group in exchange for control of the acquiree, liabilities assumed by the Group for the former owners of the acquiree and the equity interests issued by the Group. Acquisition-related costs are generally recognized in profit or loss as incurred.

At the acquisition date, the acquiree’s identifiable assets, liabilities and contingent liabilities that meet the condition for recognition under K-IFRS No.1103 are recognized at their fair value, except that:

•	deferred tax assets or liabilities and assets or liabilities related to employee benefit arrangements are<br>recognized and measured in accordance with K-IFRS No.1012 Income Taxes and K-IFRS No.1019 Employee Benefits, respectively;
•	liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based<br>payment arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with K-IFRS No.1102 Share-based Payment at the acquisition date; and
:---	:---
•	non-current assets (or disposal groups) that are classified as held for sale in accordance with K-IFRS No.1105<br>Non-current Assets Held for Sale and Discontinued Operations are measured at the lower of their previous carrying amounts and fair value less costs to sell.
:---	:---

Any excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the Group’s previously held equity interest (if any) in the acquiree over the net of identifiable assets and liabilities assumed of the acquiree at the acquisition date is recognized as goodwill which is included in intangible assets.

If, after reassessment, the Group’s interest in the fair value of the acquiree’s identifiable net assets exceeds the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer’s previously held equity interest in the acquiree (if any), the excess is recognized immediately in profit or loss as a bargain purchase.

Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the entity’s net assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests’ proportionate share of the recognized amounts of the acquiree’s identifiable net assets. The choice of measurement basis is made on a transaction-by-transaction basis. Other types of non-controlling interests are measured at fair value.

When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the ‘measurement period’ (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date.

The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration other than the above is remeasured at subsequent reporting dates as appropriate, with the corresponding gain or loss being recognized in profit or loss.

• 25 -

When a business combination is achieved in stages, the Group’s previously held equity interest in the acquiree is remeasured at fair value at the acquisition date (i.e., the date when the Group obtains control) and the resulting gain or loss, if any, is recognized in profit or loss (or other comprehensive income, if applicable). Amounts arising from changes in value of interests in the acquiree prior to the acquisition date that have previously been recognized in other comprehensive income are recognized, identical to the treatment assuming interests are sold directly.

(4)	Investments in joint ventures and associates

An associate is an entity over which the Group has significant influence, and that is not a subsidiary or a joint venture. Significant influence is the power to participate in making decision on the financial and operating policy of the investee but is not control or joint control over those policies.

A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to net assets relating to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.

The net income of the current period and the assets and liabilities of the joint ventures and associates are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with K-IFRS No.1105 Non-current Assets Held for Sale and Discontinued Operations. Under the equity method, an investment in the joint ventures and associates is initially recognized in the consolidated statements of financial position at cost and adjusted thereafter to recognize the Group’s share of the net assets of the joint ventures and associates and any impairment. When the Group’s share of losses of the joint ventures and associates exceeds the Group’s interest in the associate, the Group discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint ventures and associates.

Any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the joint ventures and associates recognized at the date of acquisition is recognized as goodwill, which is included within the carrying amount of the investment. Any excess of the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition is recognized immediately in profit or loss.

Upon a loss of significant influence over the joint ventures and associates, the Group discontinues the use of the equity method and measures at fair value of any investment that the Group retains in the former joint ventures and associates from the date when the Group loses significant influence. The fair value of the investment is regarded as its fair value on initial recognition as a financial asset in accordance with K-IFRS No.1109 Financial Instruments; Recognition and Measurement. The Group recognized differences between the carrying amount and fair value in profit or loss and it is included in determination of the gain or loss on disposal of joint ventures and associates. The Group accounts for all amounts recognized in other comprehensive income in relation to that joint ventures and associates on the same basis as would be required if the joint ventures and associates had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognized in other comprehensive income by an associate would be reclassified to net income on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to net income as a reclassification adjustment.

When the Group’s ownership of interest in an associate or a joint venture decreases but the Group continues to maintain significant influence over an associate or a joint venture, the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognized in other comprehensive income relating to that decrease in ownership interest if the gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities. Meanwhile, if interest on associate or joint venture meets the definition of non-current asset held for sale, it is accounted for in accordance with K-IFRS No.1105.

The requirements of K-IFRS No.1028 - Investments in Associates and Joint Ventures to determine whether there has been a loss event are applied to identify whether it is necessary to recognize any impairment loss with respect to the Group’s investment in the joint ventures and associates. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with K-IFRS No.1036 - Impairment of Assets as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs to sell) with its carrying amount. Any impairment loss recognized is not allocated to any asset (including goodwill), which forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognized in accordance with K-IFRS No.1036 to the extent that the recoverable amount of the investment subsequently increases.

• 26 -

The Group continues to use the equity method when an investment in an associate becomes an investment in a joint venture or an investment in a joint venture becomes an investment in an associate. There is no remeasurement to fair value upon such changes in ownership interests.

When a subsidiary transacts with an associate or a joint venture of the Group, profits and losses resulting from the transactions with the associate or joint venture are recognized in the Group’s consolidated financial statements only to the extent of interests in the associate or joint venture that are not related to the Group.

• 27 -

(5)	Investment in Joint operation

A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.

When the Group operates as a joint operator, it recognizes in relation to its interest in a joint operation:

•	its assets, including its share of any assets held jointly;
•	its liabilities, including its share of any liabilities incurred jointly;
:---	:---
•	its revenue from the sale of its share of the output arising from the joint operation;
:---	:---
•	its share of the revenue from the sale of the output by the joint operation; and
:---	:---
•	its expenses, including its share of any expenses incurred jointly.
:---	:---

The Group accounts for the assets, liabilities, revenues and expenses relating to its interest in a joint operation in accordance with K-IFRSs applicable to the particular assets, liabilities, revenues and expenses.

When the Group enters into a transaction with a joint operation in which it is a joint operator, such as a sale or contribution of assets, it is conducting the transaction with the other parties to the joint operation and, as such, the Group recognizes gains and losses resulting from such a transaction only to the extent of the other parties’ interests in the joint operation.

When the Group enters into a transaction with a joint operation in which it is a joint operator, such as a purchase of assets, it does not recognize proportional share of profit or loss until the asset is sold to a third party.

(6)	Revenue recognition

K-IFRS No.1115 requires the recognition of revenues based on transaction price allocated to the performance obligation when or as the Group performs that obligation to the customer. Revenues other than those from contracts with customers, such as interest revenue and loan origination fee (cost), are measured through effective interest rate method.

1)	Revenues from contracts with customers

The Group recognizes revenue when the Group satisfies a performance obligation by transferring a promised good or service to a customer. When a performance obligation is satisfied, the Group shall recognize as a revenue the amount of the transaction price that is allocated to that performance obligation. The transaction price is the amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties.

The Group is recognizing revenue by major sources as shown below:

①	Fees and commission received for brokerage

The fees and commission received for brokerage are the amount of consideration or fee expected to be entitled to receive in return for providing goods or services to the other parties with the Group acting as an agency, such as in the case of sales of bancassurance and beneficiary certificates. The majority of these fees and commission received for brokerage are from the business activities relevant to Consumer banking segment.

②	Fees and commission received related to credit

The fees and commission received related to credit mainly include the lending fees received from the loan activity and the fees received in the L/C transactions. Except for the fees and commission accounted for in calculating the effective interest rate, it is generally recognized when the performance obligation has been performed. The majority of these fees and commission received related to credit are from the business activities relevant to Consumer banking and Corporate banking segment.

③	Fees and commission received for electronic finance

The fees and commission received for electronic finance include fees received in return for providing various kinds of electronic financial services through firm-banking and CMS. These fees are recognized as revenue immediately upon the completion of services. The majority of these fees and commission received for electronic finance are from the business activities relevant to Consumer banking and Corporate banking segment.

• 28 -

④	Fees and commission received on foreign exchange handling

The fees and commission received on foreign exchange handling consist of various fees incurred when transferring foreign currency. The point of processing the customer’s request is the time when performance obligation is satisfied, and revenue is immediately recognized when fees and commission are received after requests are processed. The business activities relevant to these fees and commission received on foreign exchange handling are substantially attributable to Corporate banking segment.

⑤	Fees and commission received on foreign exchange

The fees and commission received on foreign exchange consist of fees related to the issuance of various certificates, such as exchange, import and export performance certificates, purchase certificates, etc. The point of processing the customer’s request is the time when performance obligation is satisfied, and revenue is immediately recognized when fees and commission are received after requests are processed. The business activities relevant to these fees and commission received on foreign exchange are substantially attributable to Corporate banking segment.

⑥	Fees and commission received for guarantee

The fees and commission received for guarantee include the fees received for the various warranties. The activities related to the warranty consist mainly of performance obligations satisfied over time and fees and commission are recognized over the guarantee period. The business activities relevant to these fees and commission received for guarantee are substantially attributable to Corporate banking segment.

⑦	Fees and commission received on securities business

The fees and commission received on securities business consist mainly of fees and commission for the sale of beneficiary certificates, and these fees are recognized when the beneficiary certificates are sold to customers. The business activities relevant to these fees and commission received on securities business are substantially attributable to Consumer banking segment.

⑧	Fees and commission from trust management

The fees and commission from trust management consist of fees and commission received in return for the operation and management services for entrusted assets. These operation and management services are performance obligations satisfied over time, and revenue is recognized over the service period. Among the fees and commission from trust management, variable considerations such as profit commission that are affected by the value of entrusted assets and base return of the future periods are recognized as revenue when limitations to the estimates are lifted. The majority of these fees and commission received for brokerage are from the business activities relevant to Consumer banking segment.

⑨	Other fees

Other fees are usually fees related to remittances, but include fees related to various other services provided to customers by the Group. These fees are recognized when transactions occur at the customers’ request and services are provided, at the same time when commission are received. These other fees occur across all operating segments and no single operating segment represents majority of other fees.

2)	Revenues from sources other than contracts with customers
①	Interest income
:---	:---

Interest income on financial assets measured at FVTPL, FVTOCI and financial assets at amortized costs is measured using the effective interest method.

The effective interest method is a method of calculating the amortized cost of a debt instrument and of allocating the interest income over the expected life of the asset. The effective interest rate is the rate that exactly discounts estimated future cash flows to the instrument’s initial unamortized cost over the expected period, or shorter if appropriate. Future cash flows include commissions and cost of reward points(limited to the primary component of effective interest rate) and other premiums or discounts that are paid or received between the contractual parties when calculating the effective interest rate, but does not include expected credit losses. All contractual terms of a financial instrument are considered when estimating future cash flows.

• 29 -

For purchased or originated credit-impaired financial assets, interest revenue is recognized by applying the credit-adjusted effective interest rate to the amortized cost of the financial asset from initial recognition. Even if the financial asset is no longer impaired in the subsequent periods due to credit improvement, the basis of interest revenue calculation is not changed from amortized cost to unamortized cost of the financial assets.

②	Loan origination fees and costs

The commission fees earned on loans, which is part of the effective interest of loans, is accounted for as deferred origination fees. Incremental costs related to the origination of loans are accounted for as deferred origination costs and is being added or deducted to/from interest income on loans using effective interest rate method.

(7)	Accounting for foreign currencies

The Group’s consolidated financial statements are presented in Korean Won, which is the functional currency of the Group. At the end of each reporting period, monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at its prevailing exchange rates at the date. The effective portion of the changes in fair value of a derivative that qualifies as a cash flow hedge and the foreign exchange differences on monetary items that form part of net investment in foreign operations are recognized in equity.

Assets and liabilities of the foreign operations subject to the consolidation are translated into Korean Won at foreign exchange rates at the end of the reporting period. Except for situations in which it is required to use exchange rates at the date of transaction due to significant changes in exchange rates during the period, items that belong to profit or loss shall be measured by average exchange rate, with foreign exchange differences recognized as other comprehensive income and added to equity (allocated to non-controlling interests, if appropriate). When foreign operations are disposed, the controlling interest’s share of accumulated foreign exchange differences related to such foreign operations will be reclassified to profit or loss, while non-controlling interest’s corresponding share will not be reclassified.

Adjustments to fair value of identifiable assets and liabilities, and goodwill arising from the acquisition of foreign operations will be treated as assets and liabilities of the corresponding foreign operation and is translated using foreign exchange rates at the end of the period. The foreign exchange differences are recognized in equity.

(8)	Cash and cash equivalents

The Group is classifying cash on hand, demand deposits, interest-earning deposits with original maturities of up to three months on acquisition date, and highly liquid investments that are readily convertible to known amounts of cash and subject to an insignificant risk of changes in value as cash and cash equivalents.

(9)	Financial assets and financial liabilities
1)	Financial assets
:---	:---

A regular way purchase or sale of financial assets is recognized or derecognized on the trade date. A regular way purchase or sale is a purchase or sale of a financial asset under a contract whose term requires delivery of the asset within the time frame established generally by regulation or convention in the marketplace concerned.

On initial recognition, financial assets are classified into financial assets at FVTPL, financial assets at FVTOCI, and financial assets at amortized cost.

a)	Business model

The Group evaluates the way business is being managed, and the purpose of the business model for managing a financial asset best reflects the way information is provided to the management at its portfolio level. Such information considers the following:

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•	The accounting policies and purpose specified for the portfolio, the actual operation of such policies. This<br>includes strategy of the management focusing on the receipt of contractual interest revenue, maintaining a certain level of interest income, matching the duration of financial assets and the duration of corresponding liabilities to obtain the asset,<br>and outflow or realization of expected cash flows from disposal of assets
•	The way the performance of a financial asset held under the business model is evaluated, and the way such<br>evaluation is being reported to the management
:---	:---
•	The risk affecting the performance of the business model (and financial assets held under the business model),<br>and the way such risk is being managed
:---	:---
•	The compensation plan for the management (e.g. whether the management is being compensated based on the fair<br>value of assets or based on contractual cash flows received)
:---	:---
•	Frequency, amount, timing and reason for sale of financial assets in the past and forecast of future sale<br>activities
:---	:---
b)	Contractual cash flows
:---	:---

The principal is defined to be the fair value of a financial asset at initial recognition. Interest is not only composed of consideration for the time value of money, consideration for the credit risk related to remaining principal at a certain period of time, and consideration for other cost (e.g. liquidity risk and cost of operation) and fundamental risk associated with lending, but also profit.

When evaluating whether contractual cash flows are solely payments of principal and interests, the Group considers the contractual terms of the financial instrument. When a financial asset contains contractual conditions that modify the timing and amount of contractual cash flows, it is required to determine whether contractual cash flows that arise during the remaining life of the financial instrument due to such contractual condition are solely payments of principal and interest. The Group considers the following elements when evaluating the above:

•	Conditions that lead to modification of timing or amount of cash flows
•	Contractual terms that adjust contractual nominal interest, including floating rate features
:---	:---
•	Early payment features and maturity extension features
:---	:---
•	Contractual terms that limit the Group’s claim on cash flows arising from certain assets (e.g. non-recourse<br>feature)
:---	:---
•	Terms of holding multiple contractually linked financial tranche that concentrate credit risk. In such case,<br>credit risk comparison information of the instrument itself, the contractual cash flow characteristics of underlying financial instrument group and the underlying financial instrument group
:---	:---
①	Financial assets at FVTPL
:---	:---

The Group is classifying those financial assets that are not classified as either financial assets at amortized cost or financial assets at FVTOCI, and those designated to be measured at FVTPL, as financial assets at FVTPL. Financial assets at FVTPL are measured at fair value, and fair value gains or losses are recognized in profit or loss. Transaction costs related to acquisition at initial recognition is recognized as expense immediately upon its occurrence.

The Group may, at initial recognition, irrevocably designate a financial asset as measured at fair value through profit or loss if doing so eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases.

②	Financial assets at FVTOCI

When financial assets are held under a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and when contractual cash flows from such financial assets are solely payments of principal and interest, the financial assets are classified as financial assets at FVTOCI. Also, for investments in equity instruments that are not held for short-term trade, an irrevocable election is available at initial recognition to present subsequent changes in fair value as other comprehensive income.

• 31 -

At initial recognition, financial assets at FVTOCI is measured at its fair value plus any direct transaction cost and is subsequently measured in fair value. The changes in fair value except for profit or loss items such as impairment losses (reversals), interest revenue calculated by using effective interest method, and foreign exchange gain or loss, and related income tax effects are recognized as other comprehensive income until the asset’s disposal. Upon derecognition, the accumulated other comprehensive income is reclassified from equity to net income for FVTOCI (debt instrument) and reclassified within the equity for FVTOCI (equity instruments).

③	Financial assets at amortized cost

When financial assets are held under a business model whose objective is to hold financial assets in order to collect contractual cash flows, and when contractual cash flows from such financial assets are solely payments of principal and interest, the financial assets are classified as financial assets at amortized cost. At initial recognition, financial assets at amortized cost are recognized at fair value plus any direct transaction cost. Financial assets at amortized cost is presented at amortized cost using effective interest method, less any loss allowance.

2)	Financial liabilities

At initial recognition, financial liabilities are classified into either financial liabilities at FVTPL or financial liabilities at amortized cost.

Financial liabilities are usually classified as financial liabilities at FVTPL when they are acquired with a purpose to repurchase them within a short period of time, when they are part of a certain financial instrument portfolio that is actually and recently being managed with a purpose of short-term profit and joint management by the Group at initial recognition, and when they are derivatives that do not qualify as hedging instruments. Financial liabilities at FVTPL are measured at fair value plus direct transaction cost at initial recognition and are subsequently measured at fair value. Gain or loss arising from financial liabilities at FVTPL is recognized in profit or loss when occurred.

It is possible to designate a financial liability as financial liability at FVTPL if at initial recognition: (a) it is possible to remove or significantly reduce recognition or measurement mismatch that may otherwise have occurred if not for its designation as financial liability at FVTPL; (b) the financial asset forms part of the Group’s financial instrument group (a group composed of a combination of financial asset or liability) according to the Group’s documented risk management or investment strategy, is measured at fair value and is being evaluated for its performance, and such information is provided internally; and (c) the financial liability is part of a contract that contains one or more of embedded derivatives, and is a hybrid contract in which designation as financial liability at FVTPL is allowed under K-IFRS No.1109 Financial Instruments.

Financial liabilities designated as at FVTPL are initially recognized at fair value, with any direct transaction cost recognized in profit or loss and are subsequently measured at fair value. Any profit or loss from financial liabilities at FVTPL are recognized in profit or loss.

Financial liabilities not classified as financial liabilities at FVTPL are measured at amortized cost.

3)	Reclassification

Financial assets are not reclassified after initial recognition unless the Group modifies the business model used to manage financial assets. When the Group modifies the business model used to manage financial assets, all affected financial assets are reclassified on the first day of the first reporting period after the modification.

4)	Derecognition

Financial assets are derecognized when contractual rights to cash flows from the financial assets are expired, or when substantially all of risk and reward for holding financial assets is transferred to another entity as a result of a sale of financial assets. If the Group does not have and does not transfer substantially all of the risk and reward of holding financial assets with control of the transferred financial assets retained, the Group recognizes financial assets to the extent of its continuing involvement. If the Group holds substantially all the risk and reward of holding a financial asset, it continues to recognize that asset and proceeds are accounted for as collateralized borrowings.

• 32 -

When a financial asset is fully derecognized, the difference between the book value and the sum of proceeds and accumulated other comprehensive income is recognized as profit or loss in case of FVTOCI (debt instruments), and as retained earnings for FVTOCI (equity instruments).

In case when a financial asset is not fully derecognized, the Group allocates the book value into amounts retained in the books and removed from the books, based on the relative fair value of each portion at the date of sale, and based on the degree of continuing involvement. For the derecognized portion of the financial assets, the difference between its book value and the sum of proceeds and the portion of accumulated other comprehensive income attributable to that portion will be recognized in profit or loss in case of debt instruments and recognized in retained earnings in case of equity instruments. The accumulated other comprehensive income is distributed to the portion of book value retained in the books, and to the portion of book value removed from the books.

The Group derecognizes financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss.

When the Group exchanges with the existing lender one debt instrument into another one with substantially different terms, such exchange is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, the Group accounts for substantial modification of terms of an existing liability or part of it as an extinguishment of the original financial liability and the recognition of a new liability. It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective rate is at least 10 percent different from the discounted present value of the remaining cash flows of the original financial liability

5)	Fair value of financial instruments

Financial assets at FVTPL and financial assets at FVTOCI are measured and presented in the consolidated financial statements at their fair values, and all derivatives are also subject to fair value measurement.

Fair value is defined as the price that would be received to exchange an asset or paid to transfer a liability in a recent transaction between independent parties that are reasonable and willing. Fair value is the transaction price of identical financial assets or financial liabilities generated in an active market. An active market is a market where trade volume is sufficient and objective price information is available due to the fact that bid and ask price differences are small.

When trade volume of a financial instrument is low, when transaction prices within the market show large differences among them, or when it cannot be concluded that a financial instrument is being traded within an active market due to disclosures being extremely shallow, fair value is measured using valuation techniques based on alternative market information or using internal valuation techniques based on general and observable information obtained from objective sources. Market information includes maturity and characteristics, duration, similar yield curve, and variability measurement of financial instruments of similar nature. Fair value amount contains unique assumptions on each entity (the Group concluded that it is using assumptions applied in valuing financial instruments in the market, or risk-adjusted assumptions in case marketability does not exist).

The market approach and income approach, which are valuation techniques used to estimate the fair value of financial instruments, both require significant judgment. Market approach measures fair value using either a recent transaction price that includes the financial instrument, or observable information on comparable firm or assets. Income approach measures fair value through discounting future cash flows with a discount rate reflecting market expectations, and revenue, operating income, depreciation, capital expenditures, income tax, working capital and estimated residual value of financial investments are being considered when deriving future cash flows. Valuation techniques such as the above include estimates based on the financial instruments’ complexity and usefulness of observable information in the market.

The valuation techniques used in the evaluation of financial instruments are explained below.

• 33 -

a)	Financial assets at FVTPL and Financial assets at FVTOCI

The fair value of equity securities included in financial assets at FVTPL and financial assets at FVTOCI category is recognized in the statement of financial position at its available market price. Debt securities traded in the over-the-counter market are generally recognized at an amount computed by an independent appraiser. When the Group uses the fair value determined by independent appraisers, the Group usually obtains three values from three different appraisers for each financial instrument and selects the minimum amount without making additional adjustments. For equity securities without marketability, the Group uses the amount determined by the independent appraiser. The Group verifies the prices obtained from appraisers in various ways, including the evaluation of independent appraisers’ competency, indirect verification through comparison between appraisers’ price and other available market information, and reperformed by employees who have knowledge of valuation models and assumptions that appraisers used.

b)	Derivatives

The Group’s transactions involving derivatives such as futures and exchange traded options are measured at market value. For exchange traded derivatives classified as level 2 in the fair value hierarchy, the fair value is estimated using internal valuation techniques. If there are no publicly available market prices because they are traded over-the-counter, fair value is measured through internal valuation techniques. When using internal valuation techniques to derive fair value, the types of derivatives, base interest rate or characteristics of prices, or stock market indices are considered. When variables used in the internal valuation techniques are not observable information in the market, such variables may contain significant estimates.

c)	Adjustment of valuation amount

The Group is exposed to credit risk when a counterparty to a derivative contract does not perform its contractual obligation, and the exposure amount is equal to the amount of derivative asset recognized in the statement of financial position. When the Group earns income through valuation of derivatives, such income is recognized as derivative asset in the statement of financial position. Some of the derivatives are traded in the market, but most of the derivatives are measured at estimated fair value derived from internal valuation models that use observable information in the market. As such, in order to estimate the fair value there should be an adjustment made to incorporate counterparty’s credit risk, and credit risk adjustment is being considered when valuing derivative assets such as over-the counter derivatives. The amount of financial liabilities is also adjusted by the Group’s own credit risk when valuing them.

The amount of adjustment is derived from counterparty’s probability of default and loss given default. This adjustment considers contractual matters that are designed to reduce the Group’s exposure to each counterparty’s credit risk. When derivatives are under master netting arrangement, the exposure used in the computation of credit risk adjustment is a net amount after adding/deducting cash collateral received (or paid) from loss(or gain) position derivatives with the same counterparty.

6)	Expected credit losses on financial assets

The Group recognizes loss allowance on expected credit losses for the following assets:

•	Financial assets at amortized cost
•	Debt instruments measured at FVTOCI
:---	:---
•	Contract assets as defined by K-IFRS No.1115
:---	:---

Expected credit losses are weighted-average value of a range of possible results, considering the time value of money, and are measured by incorporating information on current conditions and forecasts of future economic conditions that are available without undue cost or effort.

The methods to measure expected credit losses are classified into following three categories in accordance with K-IFRS:

•	General approach: Financial assets that do not belong to below two models and unused loan commitments
•	Simplified approach: When financial assets are either trade receivables, contract assets or lease receivables
:---	:---

• 34 -

•	Credit impairment model: Purchased or originated credit-impaired financial assets

The measurement of loss allowance under general approach is differentiated depending on whether the credit risk has increased significantly after initial recognition. That is, loss allowance is measured based on 12-month expected credit loss when the credit risk has not increased significantly after initial recognition, while loss allowance is measured at lifetime expected credit loss when credit risk has increased significantly. Lifetime is the expected remaining life of the financial instrument up to the maturity date of the contract.

The measurement of loss allowance under simplified approach is always based on lifetime expected credit loss, and loss allowance under credit impairment model is measured as the cumulative change in lifetime expected credit loss since initial recognition.

a)	Measurement of expected credit losses on financial asset at amortized cost

The expected credit losses on financial assets at amortized cost is measured by the difference between the contractual cash flows during the period and the present value of expected cash flows. Expected cash inflows are computed for individually significant financial assets in order to calculate expected credit losses.

Financial assets that are not individually significant, they are included in a group of financial assets with similar credit risk characteristics and expected credit losses of the group are calculated collectively.

Expected credit losses are deducted through loss allowance account, and when the financial asset is determined to be uncollectible, the loss allowance is written off from the books along with the related financial asset. Changes in loss allowance due to subsequent recoveries of amounts previously written off are recognized in profit or loss.

b)	Measurement of expected credit losses on financial asset at FVTOCI

The measurement method of expected credit loss is identical to financial asset at amortized cost, but changes in the loss allowance is recognized in other comprehensive income. When financial assets at FVTOCI is disposed or repaid, the related loss allowance is reclassified from other comprehensive income to net income.

(10)	Offsetting financial instruments

Financial assets and liabilities are presented as a net amount in the statements of financial position when the Group has an enforceable legal right and an intention to settle on a net basis or to realize an asset and settle the liability simultaneously.

(11)	Investment properties

The Group classifies a property held to earn rentals and/or for capital appreciation as an investment property. Investment properties are measured initially at cost, including transaction costs, less subsequent depreciation and impairment.

Subsequent costs are included in the carrying amount of the asset or recognized as a separate asset if it is probable that future economic benefits associated with the assets will flow into the Group and the cost of an asset can be measured reliably, and the book value of a portion of an asset that are replaced by a subsequent expenditure is removed from the books. Routine maintenance and repairs are expensed as incurred.

While land is not depreciated, all other investment properties are depreciated based on the depreciation method and useful lives of Properties and equipment. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, and when it is deemed appropriate to change them, the effect of any change is accounted for as a change in accounting estimates.

An investment property is derecognized from the consolidated financial statements on disposal or when it is permanently withdrawn from use and no future economic benefits are expected even from its disposal. The gain or loss on derecognition of an investment property is calculated as the difference between the net disposal proceeds and the carrying amount of the property and is recognized in profit or loss in the period of derecognition.

• 35 -

(12) Properties and equipment

Properties and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. The cost of an item of Properties and equipment is expenditure directly attributable to their purchase or construction, which includes any cost directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. It also includes the initial estimate of costs of dismantling and removing the item and restoring the site on which it is located.

Subsequent costs are recognized in the carrying amount of an asset or as a separate asset (if appropriate) if it is probable that future economic benefit associated with the assets will flow into the Group and the cost of an asset can be measured reliably. Routine maintenance and repairs are expensed as incurred.

While land is not depreciated, for all other Properties and equipment, depreciation is charged to net income on a straight-line basis by applying the following estimated economic useful lives on the amount of cost or revalued amount less residual value.

		Useful life
Buildings used for business purpose			35 to 57 years
Structures in leased office			4 to 5 years
Properties for business purpose			4 to 5 years

The Group reassesses the depreciation method, the estimated useful lives and residual values of Properties and equipment at the end of each reporting period. If changes in the estimates are deemed appropriate, the changes are accounted for as a change in an accounting estimate. When there is an indicator of impairment and the carrying amount of a Properties and equipment item exceeds the estimated recoverable amount, the carrying amount of such asset is reduced to the recoverable amount.

(13) Intangible assets and goodwill

The Group is recognizing intangible assets measured at the manufacturing cost or acquisition cost plus additional incidental expenses less accumulated amortization and accumulated impairment losses. The Group’s intangible asset are amortized over the following economic lives using the straight-line method. The estimated useful life and amortization method are reviewed at the end of each reporting period. If changes in the estimates are deemed appropriate, the changes are accounted for as a change in an accounting estimate.

		Useful life
Industrial property rights			5 to 10 years
Development costs			5 years
Software and others			4 to 5 years or contract period

In addition, when an indicator that intangible assets are impaired is noted, and the carrying amount of the asset exceeds the estimated recoverable amount of the asset, the carrying amount of the asset is reduced to its recoverable amount.

Goodwill acquired in a business combination is included in intangible assets. Goodwill is not amortized, but is subject to an impairment test at the cash-generating unit level every year, and whenever there is an indicator that goodwill is impaired.

Goodwill is allocated to each of the Group’s cash-generating unit (or groups of cash-generating units) that is expected to benefit from the synergies of the combination. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit on a pro rata basis based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognized directly in profit or loss. An impairment loss recognized for goodwill is not reversed in subsequent periods.

• 36 -

(14) Impairment of non-monetary assets

Intangible assets with indefinite useful lives or intangible assets that are not yet available for use are tested for impairment annually, regardless of whether or not there is any indication of impairment. All other assets are tested for impairment by estimating the recoverable amount when there is an objective indication that the carrying amount may not be recoverable. Recoverable amount is the higher of value in use or net fair value, less costs to sell. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and such impairment loss is recognized immediately in profit or loss.

(15) Leases

The Group determines whether the agreement is a lease or includes a lease at the time of the agreement. In exchange for consideration in the contract, if the control over the use of the identified asset is transferred for a period of time, the contract is a lease or includes a lease. In determining whether a contract transfers control of the use of the identified asset, the Group uses the definition of a lease in K-IFRS No.1116.

1)	The Group as a lessee

The Group recognizes the right-of-use asset and the lease liability at the commencement date of the lease. The right-of-use asset is measured at cost, which comprises the amount of the initial measurement of the lease liability, lease payments made at or before the commencement date (less any lease incentives received), initial direct costs, and an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located.

The right-of-use asset is subsequently depreciated on a straight-line basis from the commencement of the lease to the end of the lease term. However, if the lease transfers ownership of the underlying asset to the lessee by the end of the lease term or if the cost of the right-of-use asset reflects that the lessee will exercise a purchase option, the lessee depreciates the right-of-use asset same as a fixed asset from the commencement date to the end of the useful life of the underlying asset. The right-of-use asset may be reduced by an impairment of the underlying asset or adjusted by remeasurement of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at that date. The lease payments are discounted using the interest rate implicit in the lease, if that cannot be readily determined, the Group uses its incremental borrowing rate. The Group generally uses the incremental borrowing rate.

The lease payments included in the measurement of the lease liability comprise the following:

•	Fixed payments (including in-substance fixed payments)
•	Variable lease payments that depend on an index (or a rate), initially measured using the index or rate as at the<br>commencement date
:---	:---
•	Amounts expected to be payable by the lessee under residual value guarantees
:---	:---
•	The exercise price of a purchase option if the lessee is reasonably certain to exercise that option, lease<br>payments of the extended period if the lessee is reasonably certain to exercise extension option, and payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease
:---	:---

The lease liability is subsequently increased by the interest expense recognized for the lease liability and decreased by reflecting the payment of the lease payments. The lease liability is remeasured if the future lease payments change depending on changes in the index(or a rate), changes in the expected amount to be paid under the residual value guarantee, and changes in the assessment of whether the purchase or extension option is reasonably certain to be exercised or not to exercise the terminate option.

When remeasuring a lease liability, the related right-of-use asset is adjusted and if the carrying amount of the right-of-use asset decreases to zero, the remeasurement amount is recognized in profit or loss.

In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).

• 37 -

Most extension options in offices and vehicles leases have not been included in the lease liability, because the Group could replace the assets without significant cost or business disruption.

The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee.

During the current financial year, the financial effect of revising lease terms to reflect the effect of exercising extension and termination options was an increase in recognized lease liabilities and right-of-use assets of 2,892 million Won.

In the statement of financial position, the Group classified the right-of-use assets that do not meet the definition of investment property as ‘Properties and equipment’ and the lease liabilities as ‘other financial liabilities.’

The Group has chosen a practical expedient that does not recognize the right-of-use asset and lease liabilities for short-term leases with a lease term less than 12 months and leases for which the underlying asset is of low value. The Group recognizes the lease payments associated with those leases as an expense on a straight-line basis over the lease term.

2)	The Group as a lessor

At the date of the agreement or the effective date of the modification containing the lease element, the Group allocates the consideration of the contract to each lease element on the basis of its relative stand-alone price.

As a lessor, the Group classifies its leases as either an operating lease or a finance lease at the commencement date.

The Group subsequently judges whether the lease transfers substantially all the risks and rewards incidental to ownership of an underlying asset. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset, otherwise a lease is classified as an operating lease.

If the agreement contains both lease and non-lease elements, the Group applies K-IFRS No.1115 to allocate the consideration of the contract.

The Group applies derecognition and impairment provisions of K-IFRS No.1109 to its net investment in the lease. The Group also carries out regular review of the unguaranteed residual value used to calculate total lease investment.

The Group recognizes lease payments from operating lease as income on a straight-line basis.

The accounting policy that the Group has applied as a lessor is not different from K-IFRS No.1116.

• 38 -

(16) Derivative instruments

Derivative instruments are classified as forwards, futures, options and swaps, depending on the types of transactions and are classified at the point of transaction as either trading or hedging based on its purpose.

Derivatives are initially recognized at fair value at the date of contract and are subsequently measured at fair value at the end of each reporting period. The resulting gain or loss is recognized in profit or loss immediately unless the derivative is designated and effective as a hedging instrument. If derivatives have been designated as hedging instruments and if it is effective, the point of recognition of gain or loss depends on the characteristics of hedging relationship.

1)	Embedded derivatives

Embedded derivatives are components of a hybrid financial instrument that includes a non-derivative host contract. It has an effect of modifying part of cash flows of the hybrid financial instrument similar to an independent derivative.

Embedded derivatives that are part of a hybrid contract of which the host contract is a financial asset within the scope of K-IFRS No.1109 is not separated. The classification is done by considering the hybrid contract as a whole, and subsequent measurement is either at amortized cost or fair value.

If embedded derivatives are part of a hybrid contract of which the host contract is not a financial asset within the scope of K-IFRS No.1109 (e.g. financial liability), then these are treated as separate derivatives if embedded derivatives meet the definition of a derivative, characteristics & risk of the embedded derivatives are not closely related to that of host contract, and if the host contract is not measured at FVTPL.

2)	Hedge accounting

The Group is designating certain derivatives as hedging instrument against fair value changes in relation to the interest rate risk, foreign currency translation and interest rate risk, and foreign currency translation risk.

The Group is documenting the relationship between hedging instruments and hedged items at the commencement of hedging in accordance with their purpose and strategy. Also, the Group documents at the commencement and subsequent dates whether the hedging instrument effectively counters the changes in fair value of hedged items. A hedging instrument is effective only when it meets all the following criteria:

•	When there is an economic relationship between the hedged items and hedging instruments.
•	When the effect of credit risk is not stronger than the change in value due to the economic relationship between<br>the hedged items and hedging instruments.
:---	:---
•	When the hedge ratio of hedging relationship is equal to the proportion of the number of items that the group<br>actually hedges and the number of hedging instruments that the Group actually uses to hedge the number of hedged items
:---	:---

When a hedging relationship no longer meets the hedging effectiveness requirements related to hedge ratio, but when the purpose of risk management on designated hedging relationship is still maintained, the hedge ratio of the hedging relationship is adjusted so that hedging relationship may meet the requirements again (Hedge ratio readjustment).

The Group has designated derivatives as hedging instrument except for the portion on foreign currency basis spread. The fair value change due to foreign currency basis spread is recognized in other comprehensive income and is accumulated in equity. If the hedged item is related to transactions, the accumulated other comprehensive income is reclassified to profit or loss when the hedged item affects the profit or loss. However, when non-monetary items are subsequently recognized due to hedged items, the accumulated equity is removed from the equity directly, and is included in the initial book value of the recognized non-monetary items. Such transfers does not affect other comprehensive income. But if part or all of accumulated equity is not expected to be recovered in the future periods, the amount not expected to be recovered is immediately reclassified to profit or loss. If the hedged item is time-related, then the foreign currency basis spread on the day the derivative is designated as a hedging instrument that is related to the hedged item is reclassified to profit or loss over the term of the hedge.

• 39 -

3)	Fair value hedge

Gain or loss arising from valid hedging instrument is recognized in profit or loss. However, when the hedging instrument mitigates risks on equity instruments designated as financial assets at FVTOCI, related gain or loss is recognized in other comprehensive income.

The book value of hedged items that are not measured in fair value is adjusted by the changes in fair value arising from the hedged risk, with resulting gain or loss reflected in profit or loss. In case of debt instruments measured at FVTOCI, book value is an amount that is already adjusted to fair value and thus gain or loss arising from the hedged risk is recognized in profit or loss instead of other comprehensive income without adjustments in book value. When the hedged item is equity instruments measured at FVTOCI, the gain or loss arising from hedged risk is retained at other comprehensive income in order to match the gain or loss with hedging instruments.

Hedge accounting ceases to apply only when hedging relationship (or part of it) does not meet the requirements of hedge accounting (even after hedging relationship readjustment, if applicable). This treatment holds in case of lapse, disposal, expiry and exercise of hedging instruments, and this cease of treatment applies prospectively. The fair value adjustments made to book value of hedged item due to hedged risk is amortized from the date of discontinuance of hedge accounting and is recognized in profit or loss.

(17) Assets (or disposal group) held for sale

The Group classifies a non-current asset (or disposal group) as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use. Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell.

(18) Provisions

Provisions are recognized if it has present or contractual obligations as a result of the past event, it is probable that an outflow of resources will be required to settle the obligation and the amount of the obligation is reliably estimated. Provisions are not recognized for the future operating losses.

The Group recognizes provision related to the payment guarantees, loan commitment and litigations. Under the terms of lease agreement, the cost incurred by the Group to recover the leased asset to its original state are recognized as provisions at the commencement of the lease or during a specific period in which the obligation is incurred as a result of the using the asset. The provisions are measured as the best estimate of the expenditure required to recover the asset, which is regularly reviewed and sated to the new situation.

Where there are a number of similar obligations, the probability that an outflow will be required in settlement is determined by considering the obligations as a whole. Although the likelihood of outflow for any one item may be small, if it is probable that some outflow of resources will be needed to settle the obligations as a whole, a provision is recognized.

(19) Capital and compound financial instruments

The Group classifies a financial instrument that it issues as a financial liability or an equity instrument in accordance with the substance of the contractual arrangement. A financial liability is a contractual obligation to deliver cash or another financial asset to another entity. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.

If the Group reacquires its own equity instruments, the consideration paid including the direct transaction costs (net of tax expense) are presented as a deduction from total equity until such instruments are retired or reissued. When these instruments are reissued, the consideration received (net of direct transaction costs) is included in the shareholder’s equity.

• 40 -

(20) Financial guarantee contracts

A financial guarantee contract is a contract where the issuer must pay a certain amount of money in order to compensate losses suffered by the creditor when debtor defaults on a debt instrument in accordance with original or modified contractual terms.

A financial guarantee is initially measured at fair value and is subsequently measured at the higher of the amounts below unless it is designated to be measured at FVTPL or when it arises from disposal of an asset.

•	Loss allowance in accordance with K-IFRS No.1109
•	Initial book value less accumulated profit measured in accordance with K-IFRS No.1115
:---	:---

(21) Employee benefits and pensions

The Group recognizes the undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by the employees. Also, the Group recognizes expenses and liabilities in the case of accumulating compensated absences when the employees render services that entitle their right to future compensated absences. Similarly, the Group recognizes expenses and liabilities for customary profit distribution or bonuses when the employees render services, even though the Group does not have legal obligation to do so because it can be construed as constructive obligation.

The Group is operating defined contribution plans and defined benefit plans. Contributions to defined contribution plans are recognized as an expense when employees have rendered services entitling them to receive the benefits. For defined benefit plans, the defined benefit liability is calculated through an actuarial assessment using the projected unit credit method every end of the reporting period, conducted by professional actuaries. Remeasurement, comprising actuarial gains and losses, the return on plan assets (excluding interest), and the effect of the changes to the asset ceiling (if applicable) is reflected immediately in the separate statement of financial position with a charge or credit recognized in other comprehensive income in the period in which they occur.

Remeasurement recognized in the consolidated statement of comprehensive income is not reclassified to profit or loss in the subsequent periods. Past service cost is recognized in profit or loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit costs are composed of service cost (including current service cost and past service cost, as well as gains and losses on curtailments and settlements), net interest expense (income) and remeasurement.

The Group presents the service cost and net interest expense (income) components in profit or loss, and the remeasurement component in other comprehensive income. Curtailment gains and losses are accounted for as past service costs.

The retirement benefit obligation recognized in the consolidated statement of financial position represents the actual deficit or surplus in the Group’s defined benefit plans. Any surplus resulting from this calculation is recognized as an asset limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans.

Liabilities for termination benefits are recognized at the earlier of either the date when the Group is no longer able to cancel its proposal for termination benefits or the date when the Group has recognized the cost of restructuring that accompanies the payment of termination benefits.

(22) Hedge accounting of net investment in a foreign operation

When applying hedge accounting of net investment in a foreign operation, the effective portion of changes in fair value of the hedging instrument is recognized in other comprehensive income and the ineffective portion of the hedge is recognized as current profit or loss in order to offset changes in the fair value of the hedged item caused by the hedging with changes in the fair value of the hedging instrument. The effective portion of hedge recognized in other comprehensive income will be reclassified from other comprehensive income to current profit or loss in accordance with K-IFRS No.1021 The Effects of Changes in Foreign Exchange Rates at the time of disposal of a foreign operation or disposal of a portion of its foreign operations in the future.

• 41 -

(23) Income taxes

Income tax expense is composed of current tax and deferred tax. That is, income tax expense is composed of taxes payable or refundable during the period and deferred taxes calculated by applying asset-liability method to taxable and deductible temporary differences arising from operating loss and tax credit carryforwards. Temporary differences are the differences between the carrying values of assets and liabilities for financial reporting purposes and their tax bases. Deferred income tax benefit or expense is recognized for the change in deferred tax assets or liabilities. Deferred tax assets and liabilities are measured as of the reporting date using the enacted or substantively enacted tax rates expected to apply in the period in which the liability is settled or asset realized. Deferred tax assets, including the carryforwards of unused tax losses, are recognized to the extent it is probable that the deferred tax assets will be realized.

Deferred income tax assets and liabilities are offset if, and only if, the Group has a legally enforceable right to offset current tax assets against current tax liabilities, and the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority or when the entity intends to settle current tax liabilities and assets on a net basis with different taxable entities.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred liabilities are not recognized if the temporary difference arises from the initial recognition of goodwill. Deferred tax assets or liabilities are not recognized if they arise from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

Current and deferred taxes are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity or when it arises from business combination.

The tax uncertainty arises from the compensation claim filed by the Group, and the refund litigation for the amount of tax levied by the tax authority due to differences in tax law analysis. In response, the Group paid taxes in accordance with K-IFRS No.2123 due to the tax authority’s claim but recognized as a corporate tax asset if it is highly probable of a refund in the future.

(24) Criteria of calculating earnings per share (“EPS”)

Basic EPS is a calculation of net income per each common stock. It is calculated by dividing net income attributable to ordinary shareholders by the weighted-average number of common shares outstanding. Diluted EPS is calculated by adjusting the earnings and number of shares for the effects of all dilutive potential common shares.

• 42 -

3.	SIGNIFICANT ACCOUNTING ESTIMATES AND ASSUMPTIONS

The significant accounting estimates and assumptions are continuously being evaluated based on numerous factors including historical experiences and expectations of future events that are reasonably considered probable. Actual results can differ from those estimates based on such definitions. The accounting estimates and assumptions that contain significant risk of materially changing current book values of assets and liabilities in the next accounting periods are as follows:

(1) Income taxes

The Group has recognized current and deferred taxes based on best estimates of expected future income tax effect arising from the Group’s operations until the end of the current reporting period. However, actual tax payment may not be identical to the related assets and/or liabilities already recognized, and these differences may affect current taxes and deferred tax assets/liabilities at the time when income tax effects are finalized. Deferred tax assets relating to tax losses carried forward and deductible temporary differences are recognized only to the extent that it is probable that future taxable profit will be available against which the tax losses carried forward and the deductible temporary differences can be utilized. In this case the Group’s evaluation considers various factors such as estimated future taxable profit based on forecasted operating results, which are based on historical financial performance. The Group is reviewing the book value of deferred tax assets every end of the reporting period and in the event that the possibility of earning future taxable income changes, the deferred tax assets are adjusted up to taxable income sufficient to use deductible temporary differences.

(2) Valuation of financial instruments

Financial assets at FVTPL and FVTOCI are recognized in the consolidated financial statements at fair value. All derivatives are measured at fair value. Valuation techniques are required in order to determine fair values of financial instruments where observable market prices do not exist. Financial instruments that are not actively traded and have low price transparency will have less objective fair value and require broad judgment in liquidity, concentration, uncertainty in market factors and assumption in price determination and other risks.

As described in Note 2. Basis of Preparation and material Accounting Policies (9) 5), ‘Fair value of financial assets and liabilities’, when valuation techniques are used to determine the fair value of a financial instrument, various general and internally developed techniques are used, and various types of assumptions and variables are incorporated during the process.

(3) Impairment of financial instruments

The accuracy of the provision for credit losses is determined by the estimation of the expected cash flows for each borrower for estimating the individually assessed loan-loss allowance, and the assumptions and variables in the model used for estimating the collectively assessed loan-loss allowance, payment guarantee and unused commitment.

The Group has estimated the allowance for credit losses based on reasonable and supportable information that was available without undue cost or effort the end of the current reporting period about past events, current conditions and forecasts of future economic conditions.

The Group uses forward-looking information to estimate expected credit losses in accordance with K-IFRS No.1109 ‘Financial Instruments’. Considering the potential for increased insolvency due to rising domestic and international economic uncertainties, the Group estimates the probability of default (PD) and loss given default (LGD) using forward-looking information on key variables such as GDP growth rate, producer price index, apartment sales price index (KB, Seoul), and unemployment rate (original series), and accordingly recognizes additional expected credit loss provisions.

Unlike the forward-looking information applied at the end of the previous period, the Group used a modeling technique based on GDP growth rate to estimate expected credit losses at the end of the current period.

• 43 -

The Group will continuously monitor the impact of domestic and international political and economic uncertainties on the economy and continue to evaluate the appropriateness of related forward-looking information.

The measurement of expected credit loss is described in 4. Risk management (1) 3) Measurement of expected credit loss.

(4) Defined benefit plan

The Group operates a defined benefit pension plan. Defined benefit obligation is calculated at every end of the reporting period by performing actuarial valuation, and estimation of assumptions such as discount rate, expected wage growth rate and mortality rate is required to perform such actuarial valuation. The defined benefit plan, due to its long-term nature, contains significant uncertainties in its estimates.

4.	RISK MANAGEMENT

The Group’s operating activity is exposed to various financial risks. The Group is required to analyze and assess the level of complex risks and determine the permissible level of risks and manage such risks. The Group’s risk management procedures have been established to improve the quality of assets for holding or investment purposes by making decisions as how to avoid or mitigate risks through the identification of the source of the potential risks and their impact.

The Group has established an approach to manage the acceptable level of risks and reduce the excessive risks in financial instruments in order to maximize the profit given risks present, for which the group has implemented risk management processes of identification, measurement, assessment, control, monitoring and reporting of risk.

The risk is managed in accordance with the Group’s risk management policy. The Board Risk Management Committee, at the top decision-making level, makes decisions on the risk strategies such as the allocation of internal capital and the establishment of acceptable level of risk.

(1)	Credit risk

Credit risk represents the potential financial losses that may incur in the future when the counterparty refuses to fulfill or lose the ability 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.

i)	Credit risk management
a.	Credit facilities limit management
:---	:---

The Group calculates and manages the appropriate borrowing limits by aggregation, business and industry through management of aggregation, total exposure and portfolio.

b.	Credit risk monitoring organization and role
①	Large Corporate/Global Investment Banking Credit Analysis & Approval Dept.
:---	:---
•	Examination, approval, and maintenance of loans to large enterprises (including small and medium enterprises<br>affiliated with major debt group)
:---	:---
•	Examination, approval, and maintenance of loans to government agencies, public institutions (50% or more of<br>government investments and contributions) and other corporations
:---	:---
•	Examination, approval, and maintenance of relevant real estate PF (Project Financing) (large or non-confirmed<br>construction enterprises)
:---	:---
•	Operation controls over the ‘Credit Management for Affiliate Enterprise Groups’ as specified by the<br>Regulation on Supervision of Bank Business, etc.
:---	:---
•	Examination, approval and maintenance of loans related to IB Group Investment Banking
:---	:---

• 44 -

•	Examination, approval and maintenance of overseas branches or subsidiaries of local companies, foreign companies
•	Support for related tasks such as credit screening and maintenance of overseas review centers
:---	:---
•	Establishing and managing total exposure limits for affiliated companies
:---	:---
•	Management of approved loans (delinquency, asset quality, portfolios, etc.)
:---	:---
•	Credit limit management designated by the Banking Act for the affiliated companies
:---	:---
②	SME Credit Analysis & Approval Dept.
:---	:---
•	Examination, approval, and maintenance of loans to small and medium-sized enterprises (excluding SMEs affiliated<br>with major debt group) (including credit-related securities, credit derivatives, and credit-related deposits)
:---	:---
•	Examination, approval, and maintenance of loans to public institutions (less than 50% of government investments<br>and contributions) and other corporations
:---	:---
•	Consultation on loan examination, and agreement on the approval (including follow-up) of overseas branches and<br>local corporations of the enterprises
:---	:---
•	Examination, approval, and maintenance of relevant real estate PF (Small- and medium- construction enterprises or<br>non-confirmed)
:---	:---
•	Examination, approval, and maintenance, etc. of business loans related to National Housing and Urban Fund
:---	:---
•	Develop and maintain examination techniques
:---	:---
•	Management of approved loans (delinquency, asset quality, portfolios, etc.)
:---	:---
•	Establishing and managing total exposure limits for affiliated companies
:---	:---
•	Credit research and credit rating for affiliated companies
:---	:---
•	Credit limit management (including reduction plans) designated by the Banking Act for the affiliated companies
:---	:---
•	Derivative-related risk examination and management for affiliated customers
:---	:---
③	Retail Credit Analysis & Approval Dept.
:---	:---
•	Examination, approval, and maintenance of personal and individual business loans
:---	:---
•	Examination and approval of collective loans (including cases where construction enterprise is subject to<br>workout)
:---	:---
④	Corporate Restructuring Dept.
:---	:---
•	General management of enterprises subject to workout, etc.
:---	:---
•	General management of enterprises subject to pre-workout, etc. with the management on the borrower in the course<br>of corporate rehabilitation procedures
:---	:---
•	Workout activities such as the establishment and implementation of corporate workout plans performed for relevant<br>enterprise
:---	:---
•	Pre-workout activities such as the establishment and implementation of corporate management diagnosis and<br>management plans performed for relevant enterprise
:---	:---
•	Credit examination, approval, setting total exposure limit and follow-up management for relevant enterprise
:---	:---
•	Examination and execution of loans for sound post-management of rehabilitation loans such as examination,<br>approval, and follow-up management of overseas branches and local corporations of the relevant enterprise
:---	:---
c.	Credit screening and post monitoring or post management
:---	:---
①	Objective
:---	:---
•	To maintain appropriate credit ratings and improve asset quality
:---	:---

• 45 -

②	Main activities
•	Review the adequacy of credit and credit ratings, and maintain the consistency in application of ratings
:---	:---
•	Review the appropriateness of asset classification by quality and the provision for credit losses
:---	:---
•	Overall analysis of loan portfolio quality
:---	:---
•	Inspection of compliance with loan policies and relevant regulations, and recommendation for modification of<br>policies
:---	:---
•	Review the appropriateness of loan approval and compliance with loan commitments.
:---	:---
•	Post-inspection of the branches’ discretionary decisions for loans
:---	:---
•	Assessing the accuracy of the identification of bad loans and the timeliness of action by the person in charge of<br>the loans
:---	:---
ii)	Current status by measurement method
:---	:---
a.	Method of calculating risk-weighted assets
:---	:---
①	The Group calculates the risk-weighted assets of the credit risk by obtaining approval of the internal<br>rating-based approach.
:---	:---
②	The internal rating-based approach meets the qualitative and quantitative requirements set by the Financial<br>Supervisory Service, including the use of advanced techniques in risk measurement, as well as the establishment of an internal control and risk management system. It enables more accurate measurement and management of credit risk than the standard<br>method.
:---	:---
•	The internal rating-based approach
:---	:---

Risk-weighted assets are calculated by applying self-estimated risk measurement factors such as probability of default (PD), loss given default (LGD), exposure at default (EAD), and effective maturity (M) according to the internal rating of the Group.

b.	Overview and utilization scope of credit rating evaluation model

<Overview of corporate credit rating model>

①	Definition of corporate credit rating model

The corporate credit rating is the assessment of the possibility of default by the counterparty. It includes both scoring assessments that are evaluated according to quantitative methods using financial statements, etc., representative assessments that are evaluated according to quantitative methods using loans, deposit transactions, etc. of the representative’s the Bank itself and other financial institutions, and judgment evaluations that are evaluated by the evaluator’s subjective judgment. This represents that the degree of credit risk assessed is presented in a systematic manner.

②	Operation of corporate credit rating model
•	General corporate evaluation model: Classified to external audit based on K-IFRS, external audit based on GAAP,<br>non-external audit 1, non-external audit 2 and personal business based on their total assets, sales volume, accounting standards, whether subject to external audit or not, loan size and types of business; such as individuals or corporations.
:---	:---
•	Evaluation model of local governments
:---	:---
•	Evaluation model of public institutions
:---	:---
•	Evaluation model of financial institutions: Banks, insurance companies, financial investment, and other financing
:---	:---
•	Evaluation model of overseas companies
:---	:---
•	Evaluation model of non-profit organization: Private schools, medical institutions, religious organizations, and<br>other organizations
:---	:---

• 46 -

•	Specialized lending evaluation model: PF (*1), OF(Object Financing) (*2), CF(Commodities Financing) (*3), real<br>estate financing for sale , Real estate financing for rent , fund financing, acquisition financing , asset securitization.

(*1) Project Finance (PF)

Credit provided for large-scale facility projects that involve significant costs, such as power plants and transportation facilities, secured by the project itself and repaid from the cash flow generated by the project.

(*2) Object Finance (OF)

Credit provided for the purchase of tangible assets such as ships and aircraft, secured by the asset itself and repaid from the cash flow generated by the asset.

(*3) Commodities Finance (CF)

Credit secured by reserves, inventories, or receivables related to commodities traded on recognized exchanges, with the proceeds from the sale of these assets used as the source of repayment.

③	Corporate credit rating system

The corporate credit rating system is divided into 14 grades (13 normal, 1 default) system, and each credit rating is presented in English (AAA~D).

<Overview of retail credit rating model>

①	Definition of retail credit scoring model

This is a model that determines credit rating of retail loan customers by calculating credit score statistically using the customer information and operates two types of scoring system which are Application Scoring System and Behavior Scoring System according to applicable borrowers’ loan types.

•	Application Scoring System(ASS) : The model determines credit rating by statistically calculating credit score<br>for new retail loan applications using personal information, transaction information and credit information.
•	Behavior Scoring System(BSS) : The model determines credit rating by statistically calculating credit score for<br>existing retail loans using transaction information and credit information.
:---	:---
②	Operation of retail credit scoring model
:---	:---
•	SOHO loan credit scoring model : ASS / BSS scoring model
:---	:---
•	Household loan credit scoring model : ASS / BSS scoring model
:---	:---
③	Retail credit scoring model evaluation system : Presented in number from grade 1 to 10.
:---	:---

<Utilization score of credit rating evaluation model>

①	Utilizes as a key component in calculating BIS credit risk-weighted assets
②	Supports prompt loan decision-making by applying for interest rate (pricing), and discretionary<br>decision-making, etc.
:---	:---
③	Utilizes to measure overall risk such as asset quality and provisions for the credit losses
:---	:---
④	Utilizes as an indicator of Risk Adjusted Performance Measurement and relevant performance measurement.
:---	:---
c.	Control structure for credit evaluation system (including content related to grade change)
:---	:---

• 47 -

①	Securing the independence of granting credit rating

The credit rating is granted through the evaluation department (large enterprise, small and medium-sized enterprise, personal, etc.) that is independent from the sales department, but the head of the branch has authority to grant credit ratings to small-scale loans according to the size of the loans. The Group clearly defines and operates procedures such as override, check list, authority and procedures, and review when granting credit ratings. For credit ratings granted by a sales branch and the evaluation department, periodic and regular loan reviews are performed by the credit supervision department to assess the consistency and timeliness of credit ratings.

②	Securing independence of credit risk control operations

The Credit Risk Management Dept. within the Risk Management Group that is independent of the sales department is responsible for the design, monitoring/supervision of operation and performance, on-going review and modification. The Credit Risk Management Dept. conducts self-validation and monitoring of credit ratings, development and implementation of credit rating models.

③	Validation of credit evaluation systems by an independent third party

To secure the adequacy of credit evaluation system, the Risk Model Validation Dept. within the Risk Management Group that is independent from the credit evaluation system department conducts validation of credit evaluation system. The Risk Model Validation Dept. conducts periodic validation to assess the design adequacy of credit evaluation system, to determine whether BIS satisfies with minimum requirements and to validate the utilization and calculation methods of risk measurement components (PD, LGD, EAD, etc.).

A third-party review is conducted in Head Office Audit Dept. for the development/ implementation of Credit Risk Management Dept.‘s credit risk model, estimation of risk measurement factors, and the third party’s validation activities of the Risk Model Validation Dept.

④	Strengthen the role of the Board of Directors and management

Major decision-making related to the credit evaluation system and risk measurement factors are carried out in the approval process of the Executive Risk Management Committee and the Board Risk Management Committee (Board of Directors). Issues related to validation and monitoring of credit evaluation systems and risk measurement elements are regularly reported to the Executive Risk Management Committee and the Board Risk Management Committee (Board of Directors).

d.	Scope of application of internal rating method
BIS Ratio calculation method				Exposure category		Date of approval
:---:	---	---	---	:---:	---	:---:
Standard method		Permanent standard method		Government, public institutions, and banks		October 30, 2008
		Standard method		Subsidiaries, overseas branches, and other assets		October 30, 2008
Internal rating-based model				Large/small, medium-sized enterprise exposure (external audit IFRS, external audit GAAP,<br>non-external audit1, non-external audit2, personal business model), retail exposure, and asset-backed exposure (Credit rating-based approach)		October 30, 2008<br><br>February 13,<br>2015
Stepwise application				Special financing, financial institutions, non-profit organizations, and public<br>institutions		October 30, 2008

• 48 -

iii)	Measurement of expected credit loss

K-IFRS No.1109 Financial Instruments 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
		Expected credit losses that result from those default events on the<br>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<br>the credit risk has not increased significantly since initial recognition.
:---	:---

At the end of each reporting period, the Group assesses whether the credit risk has increased significantly since initial recognition by using credit rating, asset quality, early warning system, days past due and other. 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 above 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 indicators of significant decrease in credit rating since the initial recognition as<br>follows, and the estimation method is regularly being monitored.
:---	:---
Classification		Credit rating		Indicators of significant decrease in credit rating
:---:	---	:---:	---	:---:
Corporate		AAA ~ A+		More than 4 steps
		A- ~ BBB		More than 3 steps
		BBB- ~ BB+		More than 2 steps
		BB ~ BB-		More than 1 step
Retail		1 ~ 3		More than 3 steps
		4 ~ 5		More than 2 steps
		6 ~ 9		More than 1 step

The Group determined that there was no significant increase in credit risk after the 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 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<br>recovered unless claim actions such as disposal of collaterals are taken
:---	:---

• 49 -

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

In addition, the Group reflects the future economic forecast adjustment coefficient in the probability of default and loss given default and recognizes additional provisions for expected credit losses by adjusting the future economic forecast adjustment coefficient in consideration of the potential for insolvency due to increase in domestic and international economic uncertainty.

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

Probability of default (PD) and loss given default (LGD) for each category of financial asset are being calculated by considering factors such as debtor 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 using reasonably supportable macroeconomic indicators such as Gross Domestic Product (real, original) growth rate, average manufacturing utilization rate, apartment sales price index (KB, Seoul), unemployment rate (original series), etc., in order to forecast forward looking information conditions.

The Group applies the following forward-looking model and reviews the results regularly.

•	Development of estimation models through regression analysis of borrower(corporate/retail)/probability of default<br>by point in time and collateral (credit, collateral)/ default recovery rate by point in time (1-loss given default) and macroeconomic indicator data by year
Major macroeconomic variables		Correlation between credit risk and macroeconomic<br>indicators
:---:	---	:---:
Gross Domestic Product (real, original series) growth rate		Negative (-) Correlation
Average manufacturing utilization rate		Negative (-) Correlation
Unemployment rate (original series)		Positive (+) Correlation
Apartment sales price index (KB, Seoul)		Negative (-) Correlation
KOSPI		Negative (-) Correlation
Gross Domestic Income (GDI)		Negative (-) Correlation
Retail sales index		Negative (-) Correlation
Housing transaction price index (KB, Nationwide)		Negative (-) Correlation
KOSDAQ		Negative (-) Correlation
•	Calculation of estimated probability of default and estimated default recovery rate by incorporating future<br>economic outlook using utilizing economic variable forecasts derived from various methods: 1) Economic variable forecasts provided by institutions verified to be reliable such as the Bank of Korea (BOK), Korea Development Institute (KDI), and Korea<br>Institute of Finance (KIF); 2) Forecasts derived from external institutions and regression analysis results; 3) Economic variable forecasts derived through time series trends, etc., to the estimation model developed as a result of modeling.
:---	:---
•	Forecast of macroeconomic variables
:---	:---
a)	Probability weight
:---	:---

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

		Normal<br>Scenario			Good<br>Scenario			Bad<br>Scenario			Worst<br>Scenario
Probability weight			47.44			4.60			27.96			20.00
b)	Economic forecast of each major macroeconomic variables by scenario (prospect period: 2025)
:---	:---

• 50 -

As of December 31, 2024, the forecasts of major macroeconomic variables by scenario are as follows (Unit: Billion won, %):

Major macroeconomic variables (*1)(*2)		Normal<br>Scenario			Good<br>Scenario			Bad<br>Scenario				Worst<br>Scenario
Gross Domestic Product (real, original series) growth rate			1.97			5.74			(0.18	)			(5.11	)
Average manufacturing utilization rate			71.50			78.12			67.74				57.38
Unemployment rate (original series)			2.83			1.90			3.36				6.30
Apartment sales price index (KB, Seoul)			93.48			106.74			85.95				78.42
KOSPI			2,575.69			3,110.75			2,036.57				1,817.42
Gross Domestic Income (GDI)			2,307,889.89			2,393,479.82			2,259,290.15				2,084,178.80
Retail sales index			110.99			117.19			107.47				96.02
Housing transaction price index (KB, Nationwide)			148.78			172.67			135.22				121.66
KOSDAQ			824.83			995.37			616.12				543.09
(*1)	Considering the default forecast period, the Group reflected the future economic outlook.
:---	:---
(*2)	The macroeconomic variables outlook figures are estimated by the Group for the purpose of calculating expected<br>credit losses based on verified information from research institutes and historical data available at the time of estimation. Therefore, it could be different from other institutions’ estimates.
:---	:---
•	When reflecting the predicted probability of default and default recovery rates, the increase rate is used as a<br>future economic forecast adjustment coefficient and reflected in the estimate applied for the current year.
:---	:---

The Group has additionally applied a Worst scenario to the three macroeconomic variable scenarios (Normal, Good, and Bad) considering internal and external uncertainties. Assuming all other conditions remain the same and assigning a probability weight of 100% to each scenario, the results of the Group’s sensitivity analysis of expected credit loss allowance are as follows (Unit: Korean Won in millions):

Scenarios		Probability weight			Assuming 100%			Difference from<br>book value
Good			4.60	%		1,334,317			(753,242	)
Normal			47.44	%		1,485,847			(601,712	)
Bad			27.96	%		1,866,074			(221,484	)
Worst			20.00	%		4,205,947			2,118,388

• 51 -

iv)	Maximum exposure to credit risk

The Group’s maximum exposure to credit risk refers to net book value of financial assets net of expected credit loss allowances, which shows the uncertainties of maximum changes of net value of financial assets attributable to a particular risk without considering collateral and other credit enhancements obtained. However, the maximum exposure is the fair value amount (recorded on the books) for derivatives, maximum contractual obligation for payment guarantees loan commitment Additionally, loan commitments are the unused commitment amounts that represent the maximum exposure to credit risk for each loan.

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

				December 31,<br>2024			December 31,<br>2023
Loans and other financial assets at amortized cost		Korean treasury and government agencies			194,896			2,269,614
		Banks			23,060,847			20,630,733
		Corporates			164,118,475			144,719,788
		Retail			179,173,623			173,120,629
		Sub-total			366,547,841			340,740,764
Financial assets at FVTPL (*1)		Due from banks			73,951			39,241
		Debt securities			4,651,188			5,039,784
		Derivative assets			10,095,101			5,798,327
		Sub-total			14,820,240			10,877,352
Financial assets at FVTOCI		Debt securities and others			42,912,557			36,694,110
Securities at amortized cost		Debt securities			19,193,186			23,996,172
Derivative assets (Designated for hedging)					10,102			698
Off-balance accounts		Guarantees (*2)			16,610,473			13,628,841
		Loan commitments			90,311,327			84,159,332
		Sub-total			106,921,800			97,788,173
		Total			550,405,726			510,097,269

(*1) Puttable financial instruments are not included.

(*2) As of December 31, 2024 and 2023, the financial guarantee amount of 4,156,000 million Won and 3,497,197 million Won are included, respectively.

• 52 -

a)	Credit risk exposure by geographical areas

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

		December 31, 2024
		Korea			China			U.S.A			U.K			Japan			Others (*)			Total
Loans and other financial assets at amortized cost			335,312,680			5,784,236			7,076,667			584,060			850,835			16,939,363			366,547,841
Securities at amortized cost			18,042,879			197,188			712,761			—			—			240,358			19,193,186
Financial assets at FVTPL			10,387,361			88			1,824,414			553,842			430,341			1,624,194			14,820,240
Financial assets at FVTOCI			37,736,203			589,277			3,157,655			190,801			22,112			1,216,509			42,912,557
Derivative assets (Designated for hedging)			—			—			3,216			—			6,886			—			10,102
Off-balance accounts			100,568,462			1,213,479			1,689,796			87,755			20,758			3,341,550			106,921,800
Guarantees			13,792,824			497,302			763,582			87,755			20,758			1,448,252			16,610,473
Loan commitments			86,775,638			716,177			926,214			—			—			1,893,298			90,311,327
Total			502,047,585			7,784,268			14,464,509			1,416,458			1,330,932			23,361,974			550,405,726

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

		December 31, 2023
		Korea			China			U.S.A			U.K			Japan			Others (*)			Total
Loans and other financial assets at amortized cost			313,519,402			5,068,762			5,527,148			260,834			608,258			15,756,360			340,740,764
Securities at amortized cost			22,529,414			111,832			1,049,669			—			—			305,257			23,996,172
Financial assets at FVTPL			8,117,966			519			1,440,175			355,478			143,229			819,985			10,877,352
Financial assets at FVTOCI			32,422,652			724,786			2,367,997			7			32,194			1,146,474			36,694,110
Derivative assets (Designated for hedging)			—			—			—			—			698			—			698
Off-balance accounts			93,453,166			921,904			745,832			20,045			26,351			2,620,875			97,788,173
Guarantees			11,756,361			428,666			182,740			20,045			26,351			1,214,678			13,628,841
Loan commitments			81,696,805			493,238			563,092			—			—			1,406,197			84,159,332
Total			470,042,600			6,827,803			11,130,821			636,364			810,730			20,648,951			510,097,269

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

• 53 -

b)	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 December 31, 2024 and 2023 (Unit: Korean Won in millions):

		December 31, 2024
		Service			Manufacturing			Finance and<br>insurance			Construction			Individuals			Others			Total
Loans and other financial assets at amortized cost			86,264,992			46,100,201			30,436,530			4,751,261			176,668,876			22,325,981			366,547,841
Securities at amortized cost			169,352			—			10,238,266			59,866			—			8,725,702			19,193,186
Financial assets at FVTPL			129,606			563,351			9,625,142			11,452			693			4,489,996			14,820,240
Financial assets at FVTOCI			331,590			474,837			29,935,897			194,940			—			11,975,293			42,912,557
Derivative assets (Designated for hedging)			—			—			10,102			—			—			—			10,102
Off-balance accounts			20,286,212			27,691,963			14,908,569			2,749,923			33,498,969			7,786,164			106,921,800
Guarantees			4,485,092			7,770,339			1,631,135			858,098			7,159			1,858,650			16,610,473
Loan commitments			15,801,120			19,921,624			13,277,434			1,891,825			33,491,810			5,927,514			90,311,327
Total			107,181,752			74,830,352			95,154,506			7,767,442			210,168,538			55,303,136			550,405,726
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Service			Manufacturing			Finance and<br>insurance			Construction			Individuals			Others			Total
Loans and other financial assets at amortized cost			78,336,718			42,610,153			26,776,372			3,894,430			170,434,257			18,688,834			340,740,764
Securities at amortized cost			189,193			—			14,151,799			69,720			—			9,585,460			23,996,172
Financial assets at FVTPL			124,622			174,464			6,013,642			21,687			2,600			4,540,337			10,877,352
Financial assets at FVTOCI			453,694			408,377			25,832,327			290,856			—			9,708,856			36,694,110
Derivative assets (Designated for hedging)			—			—			698			—			—			—			698
Off-balance accounts			20,480,798			22,137,750			14,342,704			2,475,491			33,375,382			4,976,048			97,788,173
Guarantees			5,817,599			4,318,602			2,145,967			541,769			5,768			799,136			13,628,841
Loan commitments			14,663,199			17,819,148			12,196,737			1,933,722			33,369,614			4,176,912			84,159,332
Total			99,585,025			65,330,744			87,117,542			6,752,184			203,812,239			47,499,535			510,097,269

• 54 -

v)	Credit risk exposure
a)	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 December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

	December 31, 2024
	Stage 1				Stage 2				Stage 3		Total		Expected<br>credit loss<br>allowance			Total, net
	Above<br>appropriate<br>credit rating<br>(*1)		Lower than a<br>limited credit<br>rating<br>(*2)		Above<br>appropriate<br>credit rating<br>(*1)		Lower than a<br>limited credit<br>rating<br>(*2)
Loans and other financial assets at amortized cost		319,216,302		22,126,049		12,779,833		12,871,140		1,891,996		368,885,320		(2,337,479	)		366,547,841
Korean treasury and government agencies		195,521		—		—		—		—		195,521		(625	)		194,896
Banks		22,842,408		115,722		88,306		—		36,140		23,082,576		(21,729	)		23,060,847
Corporates		139,696,518		16,962,447		2,745,985		5,666,456		715,654		165,787,060		(1,668,585	)		164,118,475
General business		97,835,687		10,772,864		2,359,928		4,012,005		548,821		115,529,305		(1,255,045	)		114,274,260
Small- and medium-sized enterprise		30,520,022		5,841,706		376,099		1,560,415		163,776		38,462,018		(343,071	)		38,118,947
Project financing and others		11,340,809		347,877		9,958		94,036		3,057		11,795,737		(70,469	)		11,725,268
Retails		156,481,855		5,047,880		9,945,542		7,204,684		1,140,202		179,820,163		(646,540	)		179,173,623
Securities at amortized cost		19,203,940		—		—		—		—		19,203,940		(10,754	)		19,193,186
Financial assets at FVTOCI (*3)		42,756,363		156,194		—		—		—		42,912,557		(29,082	)		42,912,557
Total		381,176,605		22,282,243		12,779,833		12,871,140		1,891,996		431,001,817		(2,377,315	)		428,653,584
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---
		Collateral value
		Stage 1			Stage 2			Stage 3			Total
Loans and other financial assets at amortized cost			237,605,385			22,440,301			828,926			260,874,612
Korean treasury and government agencies			55,775			—			—			55,775
Banks			2,474,302			—			—			2,474,302
Corporates			98,950,301			7,227,619			442,546			106,620,466
General business			59,099,372			5,578,709			328,666			65,006,747
Small- and medium-sized enterprise			32,222,974			1,588,272			113,880			33,925,126
Project financing and others			7,627,955			60,638			—			7,688,593
Retails			136,125,007			15,212,682			386,380			151,724,069
Securities at amortized cost			—			—			—			—
Financial assets at FVTOCI (*3)			—			—			—			—
Total			237,605,385			22,440,301			828,926			260,874,612
(*1)	Credit grade of corporates are AAA ~ BBB, and retails are grades 1 ~ 6.
:---	:---
(*2)	Credit grade of corporates are BBB- ~ C, and retails are grades 7 ~ 10.
:---	:---
(*3)	Financial assets at FVTOCI are disclosed as the amount before deducting credit loss allowances as it does not<br>reduce the carrying amount.
:---	:---

• 55 -

	December 31, 2023
	Stage 1				Stage 2				Stage 3		Total		Expected<br>credit loss<br>allowance			Total, net
	Above<br>appropriate<br>credit rating<br>(*1)		Lower than a<br>limited credit<br>rating<br>(*2)		Above<br>appropriate<br>credit rating<br>(*1)		Lower than a<br>limited credit<br>rating<br>(*2)
Loans and other financial assets at amortized cost		296,033,576		21,955,372		12,050,634		11,626,681		1,217,842		342,884,105		(2,143,341	)		340,740,764
Korean treasury and government agencies		2,271,866		—		—		—		—		2,271,866		(2,252	)		2,269,614
Banks		20,513,289		122,383		21,770		—		15,295		20,672,737		(42,004	)		20,630,733
Corporates		122,509,007		16,455,436		2,334,156		4,305,144		643,838		146,247,581		(1,527,793	)		144,719,788
General business		83,348,441		9,863,108		1,739,452		2,982,436		489,033		98,422,470		(1,090,112	)		97,332,358
Small- and medium-sized enterprise		30,845,647		6,444,048		575,487		1,235,856		154,805		39,255,843		(365,748	)		38,890,095
Project financing and others		8,314,919		148,280		19,217		86,852		—		8,569,268		(71,933	)		8,497,335
Retails		150,739,414		5,377,553		9,694,708		7,321,537		558,709		173,691,921		(571,292	)		173,120,629
Securities at amortized cost		24,010,113		—		—		—		—		24,010,113		(13,941	)		23,996,172
Financial assets at FVTOCI (*3)		36,481,027		213,083		—		—		—		36,694,110		(27,379	)		36,694,110
Total		356,524,716		22,168,455		12,050,634		11,626,681		1,217,842		403,588,328		(2,184,661	)		401,431,046
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---
		Collateral value
		Stage 1			Stage 2			Stage 3			Total
Loans and other financial assets at amortized cost			220,651,829			20,719,969			606,984			241,978,782
Korean treasury and government agencies			39,199			—			—			39,199
Banks			2,136,530			—			—			2,136,530
Corporates			89,560,890			5,469,252			247,006			95,277,148
General business			52,943,946			4,053,318			169,218			57,166,482
Small- and medium-sized enterprise			31,327,521			1,415,934			77,788			32,821,243
Project financing and others			5,289,423			—			—			5,289,423
Retails			128,915,210			15,250,717			359,978			144,525,905
Securities at amortized cost			—			—			—			—
Financial assets at FVTOCI (*3)			—			—			—			—
Total			220,651,829			20,719,969			606,984			241,978,782
(*1)	Credit grade of corporates are AAA ~ BBB, and retails are grades 1 ~ 6.
:---	:---
(*2)	Credit grade of corporates are BBB- ~ C, and retails are grades 7 ~ 10.
:---	:---
(*3)	Financial assets at FVTOCI are disclosed as the amount before deducting credit loss allowances as it does not<br>reduce the carrying amount.
:---	:---

• 56 -

b)	Guarantees and loan commitments

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

		December 31, 2024
Financial assets		Stage 1						Stage 2						Stage 3			Total
		Above<br>appropriate<br>credit rating<br>(*1)			Lower than<br>a limited<br>credit rating<br>(*2)			Above<br>appropriate<br>credit rating<br>(*1)			Lower than a<br>limited credit<br>rating<br>(*2)
Off-balance accounts
Guarantees			15,678,584			808,182			41,866			59,688			22,153			16,610,473
Loan commitments			85,592,644			2,416,771			2,080,517			221,395			—			90,311,327
Total			101,271,228			3,224,953			2,122,383			281,083			22,153			106,921,800
(*1)	Credit grade of corporates are AAA ~ BBB, and retails are grades 1 ~ 6.
:---	:---
(*2)	Credit grade of corporate are BBB- ~ C, and retails are grades 7 ~ 10.
:---	:---
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Financial assets		Stage 1						Stage 2						Stage 3			Total
		Above<br>appropriate<br>credit rating<br>(*1)			Lower than<br>a limited<br>credit rating<br>(*2)			Above<br>appropriate<br>credit rating<br>(*1)			Lower<br>than a<br>limited<br>credit<br>rating<br>(*2)
Off-balance accounts
Guarantees			12,351,077			1,150,185			73,192			40,890			13,497			13,628,841
Loan commitments			79,417,178			2,613,884			1,938,972			189,268			30			84,159,332
Total			91,768,255			3,764,069			2,012,164			230,158			13,527			97,788,173
(*1)	Credit grade of corporates are AAA ~ BBB, and retails are grades 1 ~ 6.
:---	:---
(*2)	Credit grade of corporate are BBB- ~ C, and retails are grades 7 ~ 10.
:---	:---
vi)	Collateral and other credit enhancements
:---	:---

For the year ended December 31, 2024, there have been no significant decreases in the value of collateral or other credit enhancements held by the Group or significant changes in collateral or other credit enhancements due to changes in the collateral policy of the Group.

vii)	Among the financial assets that have measured expected credit loss allowances in terms of lifetime expected<br>credit losses, amortized costs before changes in contractual cash flows for the year ended December 31, 2024 is 52,420 million Won, with net losses recognized along with the changes 1,500 million Won and for the year end<br>December 31, 2023 is 120,681 million Won, with net losses recognized along with the changes 1,283 million Won, respectively.
viii)	The Group determines which loan is subject to write-off in accordance with internal guidelines and writes off<br>loan receivables when it is determined that the loans are practically irrecoverable. For example, loans are practically irrecoverable when application is made for rehabilitation under the Debtor Rehabilitation and Bankruptcy Act. and loans are<br>confirmed as irrecoverable by the court’s decision to waive debtor’s obligation, or when it is not possible to recover the loan amount through legal means such as selling debtor’s assets via auctions or through any other means<br>available. Notwithstanding the write-off, the Group may still exercise its right of collection after the asset has been written off in accordance with its collection policies.
:---	:---

As the Group manages receivables that have not lost the right of claim to the debtor for the grounds of incomplete statute limitation and uncollected receivables under the related laws as receivable charge-offs, the balance as of December 31, 2024 and 2023 is 7,662,692 million Won and 8,642,906 million Won, respectively. In addition, the contractual uncollected amount of financial assets written off during the year ended December 31, 2024, but still in the process of recovery is 408,610 million Won.

• 57 -

(2)	Market risk

Market risk is the possible risk of loss arising from trading activities and non-trading activities in the volatility of market factors such as interest rates, stock prices and foreign exchange rates. Market risk arises from changes in the interest rates and foreign exchange rates for financial instruments that are not yet settled, and all contracts are exposed to a certain level of volatility according to changes in the interest rates, credit spreads, foreign exchange rates and the price of equity securities.

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 in the trading and non-trading activities and measuring its level and evaluating the appropriateness of the level of accepted market risks.

i)	Market risk management for trading activities

The Group has introduced and applied the Basel III standard method according to Detailed Enforcement Regulations for Supervision of Banking Business <Appendix 3-2> as a measurement method of market risk since 2023. On a consolidated basis, the market risk capital requirements used for calculating the BIS ratio are determined by aggregating the capital required for sensitivity-based methods, default risk, and residual risk, and are managed within the established internal capital limit.

The sensitivity-based method measures linear and nonlinear losses that may occur due to unfavorable fluctuations such as interest rates, credit spreads, stock prices, exchange rates, and general commodity prices, and measures losses that may occur due to sudden bankruptcy not considered in the sensitivity method. Other losses not considered in the sensitivity method and default risk are measured in the residual risk required equity capital.

The foreign exchange positions intentionally opened to mitigate the impact of exchange rate fluctuations on the capital ratio, specifically for overseas business investments in key operating currencies such as IDR, VND, and CNY, are excluded from the calculation of market risk capital requirements with the approval of structural foreign exchange positions from the financial regulatory authorities. However, they are managed within market internal capital, among others.

In addition, in the event of extreme situations such as the IMF crisis and the global financial crisis, stress tests are conducted every month to measure the size of losses to prepare for crises.

Market risk limits, including internal capital, loss, and VaR limits, are allocated annually by the Board Risk Management Committee and Executive Risk Management Committee based on business groups, departments, teams and risk factors, while the position management department sets limits for business units excluding the derivatives book. Compliance with limits is independently monitored by both the operation department and the Risk Management Dept. And the details of the limit monitoring are regularly reported to the Executive Risk Management Committee and the Board Risk Management Committee.

a)	Trading activities

The market risk required equity capital at the end of the reporting period by risk group is as follows (Unit: Korean Won in millions):

		Risk group		December 31, 2024			December 31, 2023
Sensitivity-based risk		General interest rate risk			29,029			37,832
		Equity risk			3,006			9,376
		General commodity risk			51			12
		Foreign exchange risk (*)			114,174			249,044
		Non-securitization credit spread risk			18,258			27,371
		Securitization (excluding correlation trading portfolio, CTP) credit spread risk			—			—
		CTP credit spread risk			—			—
Default risk		Non-Securitization bankruptcy risk			8,604			—
		Securitization (excluding CTP) default risk			—			—
		CTP default risk			—			—
Residual risk		Residual risk			1,182			692
Total					174,304			324,327

(*) The structural foreign exchange positions approved by the Financial Supervisory Service Governor are excluded from the calculation of the foreign exchange capital requirements.

• 58 -

ii)	Market risk management for non-trading activities

For non-trading sectors of the Group, NII (Net Interest Income) and NPV (Net Present Value) simulations are operated through ALM (Asset Liability Management) system, and then, interest rate risks are managed and measured by various analysis methods such as calculating ΔNII(change in Net Interest Income) and ΔEVE(change in Economic Value of Equity).

NII is primarily an indicator of changes in profit from short-term changes in interest rates and is measured by deducting the interest expenses on the liability from the interest income from the asset. NPV is primarily an indicator of the risk of an economic value perspective resulting from fluctuations in interest rates and is measured by subtracting the present value of the liability from the present value of the asset. ΔNII indicates a change in net interest income over a specified future period (e.g., 1 year) due to fluctuations in interest rates, and ΔEVE indicates the economic value changes in equity capital resulting from changes in interest rates affecting the present value of asset, liabilities, and off-balance-sheet items.

Applying six scenarios of interest rate risk shocks (parallel increase and decrease, steepener, flattener and short-term interest rate increase and decrease), the interest rate risks of IRRBB (Interest Rate Risk in the Banking Book) are calculated. Based on the above six scenarios, the change in economic value of equity (ΔEVE) is measured, the maximum of which is the final ΔEVE. Also, applying two scenarios(parallel increase and decrease), Based on the two scenarios (parallel increase and decrease) likewise, the maximum is calculated as the final ΔNII.

For assets and liabilities as of December 31, 2024 and 2023 that include the Bank and consolidated trusts and subsidiaries of the Bank, details of ΔEVE and ΔNII calculated based on interest rate risk in banking book (IRRBB) are as follows (Unit: Korean Won in millions):

December 31, 2024		December 31, 2023
ΔEVE(*1)	ΔNII(*2)	ΔEVE(*1)	ΔNII(*2)
952,830	668,290	683,660	743,489
(*1)	ΔEVE: change in Economic Value of Equity
:---	:---
(*2)	ΔNII: change in Net Interest Income
:---	:---

• 59 -

The Group measures and manages the risks resulting from interest rate fluctuations caused by mismatches in interest rates and maturities of assets and liabilities. 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):

		December 31, 2024
		Within 3<br>months			4 to 6<br>months			7 to 9<br>months			10 to 12<br>months			1 to 5<br>years			Over 5<br>years			Total
Asset:
Loans and other financial assets at amortized cost			228,548,911			50,494,417			23,092,039			15,052,939			64,031,345			4,200,527			385,420,178
Financial assets at FVTPL			22,850			—			—			—			—			—			22,850
Financial assets at FVTOCI			7,276,054			4,996,536			2,350,588			2,570,750			26,449,061			1,421,185			45,064,174
Securities at amortized cost			1,318,853			1,641,266			1,856,726			629,079			12,972,012			1,862,090			20,280,026
Total			237,166,668			57,132,219			27,299,353			18,252,768			103,452,418			7,483,802			450,787,228
Liability:
Deposits due to customers			166,067,906			54,851,422			43,879,398			40,969,896			62,233,212			34,575			368,036,409
Borrowings			17,300,859			3,577,136			1,144,449			1,343,675			2,961,263			513,870			26,841,252
Debentures			2,627,676			3,528,439			2,602,985			1,633,304			14,766,804			2,611,435			27,770,643
Total			185,996,441			61,956,997			47,626,832			43,946,875			79,961,279			3,159,880			422,648,304
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Within 3<br>months			4 to 6<br>months			7 to 9<br>months			10 to 12<br>months			1 to 5<br>years			Over 5<br>years			Total
Asset:
Loans and other financial assets at amortized cost			231,931,189			51,219,278			15,180,818			10,039,801			41,683,691			2,846,339			352,901,116
Financial assets at FVTPL			1,384,444			—			—			—			—			—			1,384,444
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			240,743,573			55,939,105			20,942,083			14,464,788			80,443,854			5,774,525			418,307,928
Liability:
Deposits due to customers			167,780,980			52,405,606			32,440,904			45,399,091			59,988,159			34,406			358,049,146
Borrowings			18,995,694			3,650,406			1,086,213			1,394,729			2,989,361			437,839			28,554,242
Debentures			6,011,955			3,550,214			1,214,427			2,854,877			6,761,968			2,296,383			22,689,824
Total			192,788,629			59,606,226			34,741,544			49,648,697			69,739,488			2,768,628			409,293,212

• 60 -

iii)	Currency risk

The Group manages currency risk based on a comprehensive position that includes both domestic and international spot and futures foreign exchange positions. The Risk Management Committee sets market internal capital limits for each group to manage market risks, including currency risk. The trading desks and dealers manage the comprehensive position by operating spot foreign exchange and currency derivatives within the set market risk and foreign exchange position limits.

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

		December 31, 2024
								CNY							Others		Total
		Foreigncurrency	Korean Won<br>equivalent		Foreigncurrency	Korean<br>Won<br>equivalent		Foreign<br>currency		Korean<br>Won<br>equivalent		Foreigncurrency	Korean<br>Won<br>equivalent		Korean<br>Won<br>equivalent		Korean Won<br>equivalent
Asset	Cash and cash equivalents	8,257		12,138,001	78,491		735,049		1,330		267,679	223		341,262		1,123,418		14,605,409
	Loans and other financial assets at amortized cost	21,620		31,780,528	104,070		974,600		26,856		5,405,371	2,212		3,380,628		7,580,785		49,121,912
	Financial assets at FVTPL	871		1,279,639	6,655		62,327		—		—	145		222,355		20,086		1,584,407
	Financial assets at FVTOCI	3,588		5,274,144	—		—		2,910		585,622	37		55,853		847,518		6,763,137
	Securities at amortized cost	767		1,127,313	—		—		980		197,188	36		55,074		175,895		1,555,470
	Total	35,103		51,599,625	189,216		1,771,976		32,076		6,455,860	2,653		4,055,172		9,747,702		73,630,335
Liability	Financial liabilities at FVTPL	112		164,400	2		15		—		—	1		1,766		751		166,932
	Deposits due to customers	23,607		34,702,743	250,528		2,346,146		27,301		5,494,893	2,024		3,094,378		5,348,054		50,986,214
	Borrowings	8,302		12,203,906	49,495		463,513		110		22,235	545		832,661		2,833,639		16,355,954
	Debentures	3,379		4,967,433	—		—		—		—	—		—		—		4,967,433
	Other financial liabilities	2,122		3,119,796	20,524		192,200		4,120		829,197	244		373,176		491,995		5,006,364
	Total	37,522		55,158,278	320,549		3,001,874		31,531		6,346,325	2,814		4,301,981		8,674,439		77,482,897
Off-balance accounts		7,939		11,670,439	23,905		223,864		1,702		342,576	647		988,344		1,506,643		14,731,866
		December 31, 2023
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
								CNY							Others		Total
		Foreigncurrency	Korean Won<br>equivalent		Foreigncurrency	Korean<br>Won<br>equivalent		Foreign<br>currency		Korean<br>Won<br>equivalent		Foreigncurrency	Korean<br>Won<br>equivalent		Korean<br>Won<br>equivalent		Korean Won<br>equivalent
Asset	Cash and cash equivalents	8,538		11,008,831	107,487		980,995		1,376		248,903	641		914,935		1,144,924		14,298,588
	Loans and other financial assets at amortized cost	24,461		31,540,624	134,948		1,231,612		30,536		5,522,075	1,791		2,554,780		4,590,795		45,439,886
	Financial assets at FVTPL	889		1,146,904	17,004		155,186		—		—	278		396,290		72,351		1,770,731
	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	38,247		49,317,204	259,439		2,367,793		36,412		6,584,755	2,784		3,971,947		6,731,718		68,973,417
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		30,896,252	279,393		2,549,912		23,162		4,188,690	2,122		3,027,521		5,531,315		46,193,690
	Borrowings	9,339		12,041,139	22,598		206,247		1,658		299,748	225		321,529		2,639,360		15,508,023
	Debentures	4,041		5,209,837	—		—		—		—	—		—		—		5,209,837
	Other financial liabilities	3,442		4,438,668	22,087		201,578		7,752		1,401,956	99		141,384		385,361		6,568,947
	Total	41,134		53,037,596	347,884		3,175,003		32,572		5,890,394	2,655		3,787,955		8,654,921		74,545,869
Off-balance accounts		6,977		8,996,028	30,143		275,101		2,043		369,483	601		857,974		568,935		11,067,521

• 61 -

(3)	Liquidity risk

Liquidity risk management prevents financial institutions from incurring losses due to lack of funds by effectively managing liquidity shortages that can occur due to inconsistent maturity of assets and liabilities or an unexpected outflow of funds. The entire assets and liabilities within the financial statements and off-balance sheet account that can generate cash-flow are subject to the liquidity risk management.

i)	Liquidity risk management
a)	Basel III regulatory response
:---	:---

Through the standard ALM system, liquidity risks are managed by dividing them into short-term (liquidity coverage ratio, within 30 days) and mid- to long-term (net stabilization fund procurement ratio, over one year). Daily Liquidity Coverage Ratio (LCR) and quarterly Net Stable Funding Ratio (NSFR) are calculated and monitored, and relevant information is provided in accordance with the disclosure standards of the Basel Committee on Banking Supervision (BCBS).

b)	Analysis of financing and operation status by maturity

As assets and liabilities are grouped into ALM account (COA; Chart of account) according to their account characteristics, and the gap ratio is identified through cash flow reports by various time and segment (e.g., by remaining period, contract period, etc.), the Group manages the liquidity risk by keeping the target ratio (limited) set this year. In addition, the Group established and manages the target ratio of concentration of funding for specific funding sources that are highly likely to withdraw. The Group also provides a function through daily ALM system to search relevant maturity report by business group so that related departments (e.g., the Financial Planning Department, the Treasury Department, each business group, etc.) can identify liquidity risk management indicators and status.

c)	Establishment and implementation of Contingency Plan

Various inspection items related to liquidity risk are monitored on a daily or weekly basis by establishing and regularly inspecting the preceding Contingency Plan in order to effectively cope with the risk of capital outflow and procurement due to rapid and unexpected changes in market conditions. In addition, the Group has strengthened monitoring related to foreign currency liquidity by operating a foreign currency liquidity plan separately from January 2012.

•	Inspection items related to liquidity risk on the Contingency Plan checklist
∎	The amount of Won and foreign currency and insufficiency of funds
:---	:---
∎	Liquidity coverage ratio (monthly average balance, daily balance)
:---	:---
∎	The amounts of deposits and withdrawals (saving deposit in Korean Won, depository)
:---	:---
∎	Overdraft limit exhaustion rate
:---	:---
∎	Percentage of reduction in the balance of deferred deposits
:---	:---
∎	Percentage of concentration of funding by subject and period
:---	:---
∎	Won and foreign currency funding spread
:---	:---

• 62 -

ii)	Maturity analysis of non-derivative financial liabilities
a)	Cash flows of principals and interests by remaining contractual maturities of non-derivative financial<br>liabilities as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Within 3<br>months			4 to 6<br>months			7 to 9<br>months			10 to 12<br>months			1 to 5<br>years			Over 5<br>years			Total
Financial liabilities at FVTPL			74,205			—			—			—			—			—			74,205
Deposits due to customers			236,298,950			41,158,837			32,874,946			42,446,187			16,599,482			1,441,449			370,819,851
Borrowings			9,737,351			5,577,169			4,338,707			3,477,117			3,391,285			563,870			27,085,499
Debentures			2,073,670			3,683,287			2,606,561			2,036,919			14,770,810			2,611,573			27,782,820
Lease liabilities			53,205			42,188			38,538			34,265			262,872			50,352			481,420
Other financial liabilities			17,495,078			73,587			402			756			129,235			4,287,098			21,986,156
Total			265,732,459			50,535,068			39,859,154			47,995,244			35,153,684			8,954,342			448,229,951
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Within 3<br>months			4 to 6<br>months			7 to 9<br>months			10 to 12<br>months			1 to 5<br>years			Over 5<br>years			Total
Financial liabilities at FVTPL			39,524			—			—			—			—			—			39,524
Deposits due to customers			236,085,326			39,021,172			22,074,011			47,439,484			16,265,194			1,549,490			362,434,677
Borrowings			10,367,869			5,123,944			3,399,817			3,398,051			3,207,769			437,839			25,935,289
Debentures			3,783,034			3,692,866			2,496,132			3,723,968			6,761,968			2,296,383			22,754,351
Lease liabilities			69,274			37,159			53,277			30,493			133,291			25,084			348,578
Other financial liabilities			13,223,991			62,788			505			790			106,227			4,193,709			17,588,010
Total			263,569,018			47,937,929			28,023,742			54,592,786			26,474,449			8,502,505			429,100,429
b)	Cash flows of principals and interests by expected maturities of non-derivative financial liabilities as of<br>December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Within 3<br>months			4 to 6<br>months			7 to 9<br>months			10 to 12<br>months			1 to 5<br>years			Over 5<br>years			Total
Financial liabilities at FVTPL			74,205			—			—			—			—			—			74,205
Deposits due to customers			242,015,533			43,010,503			32,635,026			37,588,260			14,465,794			491,714			370,206,830
Borrowings			9,739,766			5,578,296			4,339,783			3,479,184			3,384,599			563,870			27,085,498
Debentures			2,073,670			3,683,287			2,606,561			2,036,919			14,770,810			2,611,573			27,782,820
Lease liabilities			53,208			43,333			39,738			35,465			267,183			50,352			489,279
Other financial liabilities			17,495,762			73,915			722			1,371			127,287			4,287,098			21,986,155
Total			271,452,144			52,389,334			39,621,830			43,141,199			33,015,673			8,004,607			447,624,787
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Within 3<br>months			4 to 6<br>months			7 to 9<br>months			10 to 12<br>months			1 to 5<br>years			Over 5<br>years			Total
Financial liabilities at FVTPL			39,524			—			—			—			—			—			39,524
Deposits due to customers			241,895,128			41,050,492			22,766,281			41,432,233			14,084,245			505,146			361,733,525
Borrowings			10,367,869			5,123,944			3,399,817			3,398,051			3,207,769			437,839			25,935,289
Debentures			3,783,034			3,692,866			2,496,132			3,723,968			6,761,968			2,296,383			22,754,351
Lease liabilities			69,274			38,403			54,639			31,871			145,039			25,746			364,972
Other financial liabilities			13,223,991			62,788			505			790			106,227			4,193,709			17,588,010
Total			269,378,820			49,968,493			28,717,374			48,586,913			24,305,248			7,458,823			428,415,671

• 63 -

iii)	Maturity analysis of derivative financial liabilities

Derivatives held for trading 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 classified as “within 3 months” in the table below. Derivatives designated for hedging are estimated by offsetting cash inflows and cash outflows.

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

				Within 3<br>months			4 to 6<br>months			7 to 9<br>months			10 to 12<br>months			1 to 5<br>years			Over 5<br>years			Total
December 31, 2024		Fair value hedge			(6,816	)		46,231			(11,740	)		44,950			35,764			(5,834	)		102,555
		Trading			9,161,143			—			—			—			—			—			9,161,143
December 31, 2023		Fair value hedge			29,176			34,370			157			35,272			39,861			—			138,836
		Trading			5,983,782			—			—			—			—			—			5,983,782
iv)	Maturity analysis of off-balance accounts (guarantees, loan commitments and others)
:---	:---

A financial 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. Commitments to lend 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. In the case of payment guarantees, which correspond to financial guarantees such as debenture issuance and loan collateral, as well as loan commitments and other credit offerings provided by the Group, there is a contract maturity date; however, payment must be executed immediately if the counterparty requests payment. Details of off-balance accounts as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

		December 31, 2024			December 31, 2023
Guarantees			16,610,473			13,628,841
Loan commitments			90,311,327			84,159,332
Other commitments			6,039,793			5,892,297

• 64 -

(4)	Operational risk
i)	Definition
:---	:---

The Bank defines the operational risk as the risk of potential losses arising from inadequate or incorrect internal procedures, human resource and system, and/or external factors.

ii)	Operational risk measurement and management

The Bank measures operational risk capital using the Basel III standardized approach. This approach calculates the required operational risk capital by multiplying the Business Indicator Component (BIC), which represents the scale of operations, with the Internal Loss Multiplier (ILM), which reflects the magnitude of actual historical internal losses relative to the scale of operations.

Operational risk limits are set with the approval of the Board Risk Management Committee. The Bank regularly calculates the operational risk capital and reports any limit breaches to the management and the Board Risk Management Committee.

Since a reduction in the size of internal loss events leads to a decrease in operational risk capital, it is important to prevent loss events in advance. Accordingly, the Bank conducts operational risk management activities using tools such as Risk Control Self-Assessment (RCSA), Key Risk Indicators (KRI), and loss data. Additionally, to ensure continuity of operations in emergency situations such as disasters, the Group has established a Business Continuity Plan (BCP) and conducts annual simulation drills.

(5)	Capital management

The Group complies with the standard of capital adequacy provided by financial regulatory authorities. The capital adequacy standard is based on Basel III published by Basel Committee on Banking Supervision in Bank for International Settlement which has been implemented in Korea in December 2013. The capital adequacy ratio is calculated by dividing own capital by asset (weighted with a risk premium – risk weighted assets) based on the consolidated financial statements of the Group.

According to the regulations above, the Group is required to meet the following new minimum requirements: Common Equity Tier 1 capital ratio of 9.0% and 8.0%, a Tier 1 capital ratio of 10.5% and 9.5% and a minimum total capital ratio of 12.5% and 11.5% as of December 31, 2024 and 2023, respectively.

Details of the Group’s capital adequacy ratio as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

		December 31, 2024 (*)			December 31, 2023
Risk-weighted assets for credit risk			171,533,503			155,484,214
Risk-weighted assets for market risk			2,178,805			4,054,084
Risk-weighted assets for operational risk			18,296,422			16,535,445
Total risk-weighted assets			192,008,730			176,073,743
Common Equity Tier 1 capital			25,060,125			23,183,323
Other Tier 1 capital			1,652,581			1,554,186
Tier 2 capital			3,717,491			3,500,420
Total risk-adjusted capital			30,430,197			28,237,929
Common Equity Tier 1 ratio			13.05	%		13.17	%
Tier 1 capital ratio			13.91	%		14.05	%
Total capital ratio			15.85	%		16.04	%
(*)	Tier 1 capital ratio as of December 31, 2024 is estimation.
:---	:---

• 65 -

5.	OPERATING SEGMENTS

In evaluating the results of the Group and allocating resources, the Group’s Chief Operation Decision Maker (the “CODM”) utilizes the information per type of customers. This financial information of the segments is regularly reviewed by the CODM.

(1)	Segment by types of customers

The Group’s reporting segments comprise the following customers: consumer banking, corporate banking, investment banking, capital market, and headquarters and others. The reportable segments are classified based on the target customers for whom the service is being provided.

•	Consumer banking: Loans/deposits and financial services for retail and individual consumers, etc.
•	Corporate banking: Loans/deposits and export/import, Financial services for corporations, etc.
:---	:---
•	Investment banking: Domestic/foreign investment, Structured finance, M&A, Equity & fund investment<br>related business, Venture advisory related tasks, Real estate SOC development practices, etc.
:---	:---
•	Capital market: Investment in securities and derivatives, etc.
:---	:---
•	Headquarters and others: Segments that do not belong to operating segments above.
:---	:---

The details of operating income by each segment for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

	For the year ended December 31, 2024
	Consumer<br>banking			Corporate<br>banking			Investment<br>banking			Capital market			Headquarters<br>and others			Sub-total			Adjustments (*)			Continuing<br>operations
Net interest income (expense)		2,347,537			3,236,304			(268,845	)		(61,738	)		1,292,907			6,546,165			1,020,076			7,566,241
Interest income		6,072,087			8,459,406			462,395			118,247			3,844,336			18,956,471			594,202			19,550,673
Interest expense		(3,225,417	)		(6,906,235	)		(58	)		11,696			(2,290,292	)		(12,410,306	)		425,874			(11,984,432	)
Inter-segment		(499,133	)		1,683,133			(731,182	)		(191,681	)		(261,137	)		—			—			—
Net non-interest income (expense)		435,555			611,386			584,626			206,750			107,580			1,945,897			(874,664	)		1,071,233
Non-interest income		413,213			657,790			798,762			19,470,420			1,014,657			22,354,842			(19,048,803	)		3,306,039
Non-interest expense		(67,906	)		(130,075	)		(214,136	)		(19,263,670	)		(733,158	)		(20,408,945	)		18,174,139			(2,234,806	)
Inter-segment		90,248			83,671			—			—			(173,919	)		—			—			—
Other expense		(1,967,867	)		(1,580,876	)		(24,618	)		(54,003	)		(750,351	)		(4,377,715	)		(190,451	)		(4,568,166	)
Administrative expense		(1,893,526	)		(1,097,939	)		(32,348	)		(33,495	)		(655,696	)		(3,713,004	)		(33,912	)		(3,746,916	)
Reversal of (provision for) expected credit loss allowance		(74,341	)		(482,937	)		7,730			(20,508	)		(94,655	)		(664,711	)		(156,539	)		(821,250	)
Operating income (expense)		815,225			2,266,814			291,163			91,009			650,136			4,114,347			(45,039	)		4,069,308
Non-operating income (expense)		(63,998	)		(6,900	)		49,216			—			(6,780	)		(28,462	)		(31,859	)		(60,321	)
Equity method income		—			—			26,935			307			16,825			44,067			—			44,067
Other non-operating income (expense)		(63,998	)		(6,900	)		22,281			(307	)		(23,605	)		(72,529	)		(31,859	)		(104,388	)
Net income (expense) before income tax expense		751,227			2,259,914			340,379			91,009			643,356			4,085,885			(76,898	)		4,008,987
Income tax expense		(198,324	)		(583,029	)		(89,860	)		(24,026	)		(31,921	)		(927,160	)		(34,891	)		(962,051	)
Net income (loss)		552,903			1,676,885			250,519			66,983			611,435			3,158,725			(111,789	)		3,046,936
(*)	Adjustments were made for the presentation of profit or loss in accordance with K-IFRS from the reporting<br>segments in accordance with the Managerial Accounting Standards.
:---	:---

• 66 -

	For the year ended December 31, 2023
	Consumer<br>banking			Corporate<br>banking			Investment<br>banking			Capital<br>market			Headquarters<br>and others			Sub-total			Adjustments<br>(*)			Continuing<br>operations
Net interest income (expense)		2,910,670			3,536,366			(271,147	)		(47,332	)		410,823			6,539,380			896,876			7,436,256
Interest income		5,915,515			8,117,854			322,965			71,470			3,431,665			17,859,469			526,398			18,385,867
Interest expense		(2,977,982	)		(6,288,716	)		(101	)		—			(2,053,290	)		(11,320,089	)		370,478			(10,949,611	)
Inter-segment		(26,863	)		1,707,228			(594,011	)		(118,802	)		(967,552	)		—			—			—
Net non-interest income (expense)		431,388			410,272			439,925			40,981			250,165			1,572,731			(899,228	)		673,503
Non-interest income		406,362			610,368			559,804			15,898,187			1,884,585			19,359,306			(17,454,772	)		1,904,534
Non-interest expense		(62,751	)		(279,579	)		(119,879	)		(15,857,206	)		(1,467,160	)		(17,786,575	)		16,555,544			(1,231,031	)
Inter-segment		87,777			79,483			—			—			(167,260	)		—						—
Other expense		(1,960,531	)		(1,801,606	)		(29,120	)		(27,055	)		(853,187	)		(4,671,499	)		(121,302	)		(4,792,801	)
Administrative expense		(1,828,368	)		(1,115,797	)		(34,894	)		(27,018	)		(760,635	)		(3,766,712	)		(32,570	)		(3,799,282	)
Reversal of (provision for) expected credit loss allowance		(132,163	)		(685,809	)		5,774			(37	)		(92,552	)		(904,787	)		(88,732	)		(993,519	)
Operating income (expense)		1,381,527			2,145,032			139,658			(33,406	)		(192,199	)		3,440,612			(123,654	)		3,316,958
Non-operating income (expense)		(13,561	)		(206	)		69,623			—			(74,573	)		(18,717	)		31,193			12,476
Gain on valuation of investments in associates		—			—			82,339			297			6,152			88,788			—			88,788
Other non-operating income (expense)		(13,561	)		(206	)		(12,716	)		(297	)		(80,725	)		(107,505	)		31,193			(76,312	)
Net income (loss) before income tax expense		1,367,966			2,144,826			209,281			(33,406	)		(266,772	)		3,421,895			(92,461	)		3,329,434
Income tax expense		(361,143	)		(563,269	)		(55,250	)		8,819			182,083			(788,760	)		(25,594	)		(814,354	)
Net income (loss)		1,006,823			1,581,557			154,031			(24,587	)		(84,689	)		2,633,135			(118,055	)		2,515,080
(*)	Adjustments were made for the presentation of profit or loss in accordance with K-IFRS from the reporting<br>segments in accordance with the Managerial Accounting Standards.
:---	:---
(2)	Information about products and services
:---	:---

The products of the Group are classified as interest-bearing products such as loans, deposits and debt securities and non-interest bearing products such as loan commitment, credit commitment, equity securities, and credit card service. This classification of products has been reflected in the segment information presenting interest income and non-interest income.

(3)	Information about geographic area

Among the Group’s revenue (interest income and non-interest income) from services, revenue from the domestic customers for the years ended December 31, 2024 and 2023 amounted to 19,562,153 million Won and 17,406,079 million Won, respectively, and revenue from the foreign customers amounted to 3,294,559 million Won and 2,884,322 million Won, respectively. Among the Group’s non-current assets (investments in associates, investment properties, properties and equipment and intangible assets), non-current assets attributed to domestic customers as of December 31, 2024 and 2023 are 4,773,618 million Won and 4,484,448 million Won, respectively, and non-current assets attributed to foreign customers are 416,972 million Won and 386,519 million Won, respectively.

(4)	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 years ended December 31, 2024 and 2023, respectively.

• 67 -

6.	CASH AND CASH EQUIVALENTS
(1)	Details of cash and cash equivalents as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in<br>millions):
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Cash			1,661,098			1,464,119
Foreign currencies			811,732			714,952
Demand deposits			23,494,419			26,989,563
Time deposits			63,505			118,096
Total			26,030,754			29,286,730
(2)	Details of restricted due from banks as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in<br>millions):
:---	:---
		Counterparty		December 31, 2024			Reason of restriction
---	---	:---:	---	:---:	---	---	:---:
Due from banks in local currency:
Due from Bank of Korea (BOK)		BOK			9,712,194		Reserve deposits under the BOK Act
Due from banks in foreign currencies:
Due from banks on demand		BOK and others			2,954,868		Reserve deposits and others
Total					12,667,062
		Counterparty		December 31, 2023			Reason of restriction
Due from banks in local currency:
Due from Bank of Korea (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 and others
Total					14,377,937

• 68 -

(3)	Among the investing and financing activities, significant transactions not involving cash inflows and outflows<br>for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
		For the year<br>ended December 31,<br>2024				For the year<br>ended December 31,<br>2023
---	---	:---:	---	---	---	:---:	---	---
Changes in other comprehensive income (loss) due to valuation of financial assets at<br>FVTOCI			(23,899	)			727,225
Changes in financial assets at FVTOCI due to debt-equity swap			13,536				206
Changes in other comprehensive income (loss) of investments accounted for using the equity<br>method			(7,937	)			5,992
Changes in other comprehensive loss related to hedge of net investment of foreign<br>operation			(114,827	)			(14,049	)
Changes in other comprehensive income of foreign operations translation			491,204				44,048
Reclassification investment properties to properties and equipment			65,280				6,463
Reclassification properties and equipment to assets held for sale			19,692				2,504
Increase in the right-of-use assets and lease liabilities			327,319				175,932
Changes in accounts payable related to acquisition of intangible assets			24,134				10,146
Reclassification investments in associates to financial assets at FVTPL			—				49,341
(4)	Adjustments of liabilities from financing activities for the years ended December 31, 2024 and 2023 are as<br>follows (Unit: Korean Won in millions):
:---	:---
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		January 1,<br>2024			Cash flow			Not involving cash inflows and<br>outflows									December<br>31, 2024
								Foreign<br>Exchange			Changed in<br>value of<br>hedged<br>items			Others
Borrowings			25,254,732			(981,449	)		2,106,383			—			23			26,379,689
Debentures			21,277,033			3,377,666			683,588			17,417			178,620			25,534,324
Lease liabilities			299,621			(213,326	)		13,510			—			350,877			450,682
Rental deposit			57,104			(17,690	)		—			—			—			39,414
Total			46,888,490			2,165,201			2,803,481			17,417			529,520			52,404,109
		For the year ended December 31, 2023
		January 1,<br>2023			Cash flow			Not involving cash inflows and<br>outflows									December<br>31, 2023
								Foreign<br>Exchange			Changed in<br>value of<br>hedged<br>items			Others
Borrowings			23,028,206			2,034,234			192,249			—			43			25,254,732
Debentures			24,639,433			(3,552,385	)		78,287			63,615			48,083			21,277,033
Lease liabilities			271,868			(172,682	)		1,180			—			199,255			299,621
Rental deposit			57,074			30			—			—			—			57,104
Total			47,996,581			(1,690,803	)		271,716			63,615			247,381			46,888,490

• 69 -

7.	FINANCIAL ASSETS AT FVTPL

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

		December 31, 2024			December 31, 2023
Due from banks:
Gold banking assets			73,951			39,241
Securities:
Debt securities
Korean treasury and government agencies			4,094,554			3,654,404
Financial institutions			159,968			560,092
Corporates			241,119			108,324
Securities loaned			12,361			625,398
Others			143,186			91,566
Equity securities			313,795			294,170
Capital contributions			2,258,811			1,858,728
Beneficiary certificates			6,969,099			7,308,581
Others			188,878			180,690
Sub-total			14,381,771			14,681,953
Derivatives assets			10,095,101			5,798,327
Other assets			48,346			42,406
Total			24,599,169			20,561,927

Financial assets designated to be measured at FVTPL upon initial recognition is nil as of December 31, 2024 and 2023.

8.	FINANCIAL ASSETS AT FVTOCI
(1)	Details of financial assets at FVTOCI as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in<br>millions):
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Debt securities:
Korean treasury and government agencies			7,776,569			5,654,395
Financial institutions			25,266,163			20,885,924
Corporates			3,032,609			3,994,432
Bonds denominated in foreign currencies			6,598,937			5,010,558
Securities loaned			—			592,218
Mortgage-backed debt securities			238,279			556,583
Sub-total			42,912,557			36,694,110
Equity securities			785,527			1,117,063
Total			43,698,084			37,811,173

• 70 -

(2)	Details of equity securities designated as financial assets at FVTOCI as of December 31, 2024 and 2023 are<br>as follows (Unit: Korean Won in millions):
Purpose of acquisition		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Investment for strategic business partnership purpose			683,894			960,080
Debt-equity swap			101,627			156,977
Others			6			6
Total			785,527			1,117,063
(3)	Changes in the expected credit loss allowance and gross carrying amount of financial assets at FVTOCI for the<br>years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
i)	Credit loss allowances
:---	:---
		For the year ended December 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			—				—			—			—
Net provision for expected credit loss allowance			(8,866	)			—			—			(8,866	)
Disposal			6,788				—			—			6,788
Others (*)			375				—			—			375
Ending balance			(29,082	)			—			—			(29,082	)
(*)	Others consist of foreign currencies translation, etc.
:---	:---
		For the year ended December 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			—				—			—			—
Net provision for expected credit loss allowance			(16,542	)			—			—			(16,542	)
Disposal			1,519				—			—			1,519
Others (*)			(551	)			—			—			(551	)
Ending balance			(27,379	)			—			—			(27,379	)
(*)	Others consist of foreign currencies translation, etc.
:---	:---

• 71 -

ii)	Gross carrying amount
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---
		Stage 1				Stage 2			Stage 3			Total
Beginning balance			36,694,110				—			—			36,694,110
Transfer to 12-month expected credit losses			—				—			—			—
Transfer to lifetime expected credit losses			—				—			—			—
Transfer to credit-impaired financial assets			—				—			—			—
Acquisition			31,911,154				—			—			31,911,154
Disposal/Redemption			(26,868,484	)			—			—			(26,868,484	)
Gain on fair value valuation			224,896				—			—			224,896
Amortization on the effective interest method			134,553				—			—			134,553
Others (*)			816,328				—			—			816,328
Ending balance			42,912,557				—			—			42,912,557
(*)	Others consist of foreign currencies translation, etc.
:---	:---
		For the year ended December 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			24,350,759				—			—			24,350,759
Disposal/Redemption			(20,823,293	)			—			—			(20,823,293	)
Gain on fair value valuation			707,739				—			—			707,739
Amortization on the effective interest method			166,401				—			—			166,401
Others (*)			146,746				—			—			146,746
Ending balance			36,694,110				—			—			36,694,110
(*)	Others consist of foreign currencies translation, etc.
:---	:---
(4)	The reason for the disposal of equity securities designated as financial assets at FVTOCI during the year ended<br>December 31, 2024 is the disposal of stocks acquired through debt-equity swaps, etc. The fair values at disposal dates were 155,637 million Won and cumulative gains at disposal dates were 72,744 million Won, respectively. During the<br>year ended December 31, 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 3,194 million Won and<br>cumulative gains at disposal dates were 118 million Won, respectively.
:---	:---

• 72 -

9.	SECURITIES AT AMORTIZED COST
(1)	Details of securities at amortized cost as of December 31, 2024 and 2023 are as follows (Unit: Korean Won<br>in millions):
:---	:---
		December 31, 2024				December 31, 2023
---	---	:---:	---	---	---	:---:	---	---
Korean treasury and government agencies			7,646,463				8,143,586
Financial institutions			4,004,011				6,660,465
Corporates			5,997,996				7,235,201
Bonds denominated in foreign currencies			1,514,028				1,922,493
Mortgage-backed debt securities			41,442				48,368
Credit loss allowances			(10,754	)			(13,941	)
Total			19,193,186				23,996,172
(2)	Changes in the expected credit loss allowance and gross carrying amount of securities at amortized cost for the<br>years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
i)	Credit loss allowances
:---	:---
		For the year ended December 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 reversal of expected credit loss allowance			3,287				—			—			3,287
Others (*)			(100	)			—			—			(100	)
Ending balance			(10,754	)			—			—			(10,754	)
(*)	Others consist of foreign currencies translation, etc.
:---	:---
		For the year ended December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---
		Stage 1				Stage 2			Stage 3			Total
Beginning balance			(8,384	)			—			—			(8,384	)
Transfer to 12-month expected credit losses			—				—			—			—
Transfer to lifetime expected credit losses			—				—			—			—
Transfer to credit-impaired financial assets			—				—			—			—
Net provision for expected credit loss allowance			(5,549	)			—			—			(5,549	)
Others (*)			(8	)			—			—			(8	)
Ending balance			(13,941	)			—			—			(13,941	)
(*)	Others consist of foreign currencies translation, etc.
:---	:---

• 73 -

ii)	Gross carrying amount
		For the year ended December 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			2,586,171				—			—			2,586,171
Disposal / Redemption			(7,634,677	)			—			—			(7,634,677	)
Amortization on the effective interest method			93,318				—			—			93,318
Others (*)			149,015				—			—			149,015
Ending balance			19,203,940				—			—			19,203,940
(*)	Others consist of foreign currencies translation, etc.
:---	:---
		For the year ended December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---
		Stage 1				Stage 2			Stage 3			Total
Beginning balance			28,276,900				—			—			28,276,900
Transfer to 12-month expected credit losses			—				—			—			—
Transfer to lifetime expected credit losses			—				—			—			—
Transfer to credit-impaired financial assets			—				—			—			—
Acquisition			4,244,256				—			—			4,244,256
Disposal / Redemption			(8,727,124	)			—			—			(8,727,124	)
Amortization on the effective interest method			167,219				—			—			167,219
Others (*)			48,862				—			—			48,862
Ending balance			24,010,113				—			—			24,010,113
(*)	Others consist of foreign currencies translation, etc.
:---	:---

• 74 -

10.	LOANS AND OTHER FINANCIAL ASSETS AT AMORTIZED COST
(1)	Details of loans and other financial assets at amortized cost as of December 31, 2024 and 2023 are as<br>follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Due from banks			2,115,204			1,715,223
Loans			355,306,033			327,065,921
Other financial assets			9,126,604			11,959,620
Total			366,547,841			340,740,764
(2)	Details of due from banks as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024				December 31, 2023
---	---	:---:	---	---	---	:---:	---	---
Due from banks in local currencies:
Due from depository banks			—				20,008
Due from non-depository institutions			152				136
Others			256				27,107
Expected credit loss allowance			—				(56	)
Sub-total			408				47,195
Due from banks in foreign currencies:
Due from banks on demand			177,886				221,292
Due from banks on time			193,654				335,816
Others			1,749,580				1,126,707
Expected credit loss allowance			(6,324	)			(15,787	)
Sub-total			2,114,796				1,668,028
Total			2,115,204				1,715,223

• 75 -

(3)	Details of restricted due from banks as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in<br>millions):
		Counterparty		December 31, 2024			Reason of restriction
---	---	:---:	---	:---:	---	---	:---:
Due from banks in local currency:
Others		Korea Exchange Co., Ltd. and others			253		Accumulated amount for Joint Compensation Fund and others
Sub-total					253
Due from banks in foreign currencies:
Due from banks on demand		National Bank of Cambodia and others			169,064		Reserve deposits and others
Due from banks on time		National Bank of Cambodia			284		Deposit using the fund settlement system and others
Others		BNP-PARIBAS, PAR and others			1,093,853		Credit Support Annex (CSA) collateral and others
Sub-total					1,263,201
Total					1,263,454
		Counterparty		December 31, 2023			Reason of restriction
Due from banks in local currency:
Others		Morgan Stanley Bank INTL, SEL and others			27,104		Credit Support Annex (CSA) collateral and others
Sub-total					27,104
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		Deposit using the fund settlement system and others
Others		People’s Bank of China and others			1,062,130		Reserve deposits and others
Sub-total					1,278,598
Total					1,305,702

• 76 -

(4)	Changes in the expected credit loss allowance and gross carrying amount of due from banks for the years ended<br>December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
i)	Credit loss allowances
:---	:---
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---
		Stage 1				Stage 2			Stage 3			Total
Beginning balance			(15,843	)			—			—			(15,843	)
Transfer to 12-month expected credit losses			—				—			—			—
Transfer to lifetime expected credit losses			—				—			—			—
Transfer to credit-impaired financial assets			—				—			—			—
Net reversal of expected credit loss allowance			9,875				—			—			9,875
Others (*)			(356	)			—			—			(356	)
Ending balance			(6,324	)			—			—			(6,324	)
(*)	Others consist of foreign currencies translation, etc.
:---	:---
		For the year ended December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---
		Stage 1				Stage 2			Stage 3			Total
Beginning balance			(12,316	)			—			—			(12,316	)
Transfer to 12-month expected credit losses			—				—			—			—
Transfer to lifetime expected credit losses			—				—			—			—
Transfer to credit-impaired financial assets			—				—			—			—
Net provision for expected credit loss allowance			(4,911	)			—			—			(4,911	)
Others (*)			1,384				—			—			1,384
Ending balance			(15,843	)			—			—			(15,843	)
(*)	Others consist of foreign currencies translation, etc.
:---	:---
ii)	Gross carrying amount
:---	:---
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---
		Stage 1			Stage 2			Stage 3			Total
Beginning balance			1,731,066			—			—			1,731,066
Transfer to 12-month expected credit losses			—			—			—			—
Transfer to lifetime expected credit losses			—			—			—			—
Transfer to credit-impaired financial assets			—			—			—			—
Net increase			275,579			—			—			275,579
Others (*)			114,883			—			—			114,883
Ending balance			2,121,528			—			—			2,121,528
(*)	Others consist of foreign currencies translation, etc.
:---	:---
		For the year ended December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---
		Stage 1				Stage 2			Stage 3			Total
Beginning balance			2,685,933				—			—			2,685,933
Transfer to 12-month expected credit losses			—				—			—			—
Transfer to lifetime expected credit losses			—				—			—			—
Transfer to credit-impaired financial assets			—				—			—			—
Net decrease			(955,586	)			—			—			(955,586	)
Others (*)			719				—			—			719
Ending balance			1,731,066				—			—			1,731,066
(*)	Others consist of foreign currencies translation, etc.
:---	:---

• 77 -

(5)	Details of loans as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
		December 31, 2024				December 31, 2023
---	---	:---:	---	---	---	:---:	---	---
Loans in local currency			302,131,888				284,135,456
Loans in foreign currencies			33,126,734				28,585,598
Domestic banker’s usance			2,803,761				2,726,633
Credit card accounts			13,524				9,634
Bills bought in foreign currencies			4,328,404				4,215,955
Bills bought in local currency			54,405				62,448
Factoring receivables			237				812
Advances for customers on guarantees			7,541				6,393
Private placement bonds			91,400				167,282
Securitized loans			2,153,730				2,434,771
Call loans			1,847,377				2,719,545
Bonds purchased under resale agreements			10,098,618				3,256,392
Others			—				120
Loan origination costs and fees			825,322				747,993
Discounted present value			(95	)			(75	)
Expected credit loss allowance			(2,176,813	)			(2,003,036	)
Total			355,306,033				327,065,921
(6)	Changes in expected credit loss allowance of loans for the years ended December 31, 2024 and 2023 are as<br>follows (Unit: Korean Won in millions):
:---	:---
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Consumers									Corporates
		Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3
Beginning balance			(124,382	)		(85,351	)		(109,733	)		(879,530	)		(530,765	)		(272,985	)
Transfer to 12-month expected credit losses			(21,444	)		21,160			284			(63,848	)		62,682			1,166
Transfer to lifetime expected credit losses			10,032			(10,665	)		633			56,928			(58,131	)		1,203
Transfer to credit-impaired financial assets			3,398			11,703			(15,101	)		126,752			86,380			(213,132	)
Net provision for expected credit loss allowance			(25,492	)		(48,403	)		(190,092	)		(113,048	)		(128,829	)		(312,139	)
Recovery			—			—			(52,575	)		—			—			(26,473	)
Write-off			—			—			148,652			—			—			265,413
Disposal			12			1,409			8,728			23			6,675			237,439
Interest income from impaired loans			—			—			9,815			—			—			19,240
Others			233			122			44,528			(28,461	)		3,838			5,800
Ending balance			(157,643	)		(110,025	)		(154,861	)		(901,184	)		(558,150	)		(294,468	)
		For the year ended December 31, 2024
		Credit card accounts									Total (*)
		Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3
Beginning balance			(290	)		—			—			(1,004,202	)		(616,116	)		(382,718	)
Transfer to 12-month expected credit losses			—			—			—			(85,292	)		83,842			1,450
Transfer to lifetime expected credit losses			—			—			—			66,960			(68,796	)		1,836
Transfer to credit-impaired financial assets			—			—			—			130,150			98,083			(228,233	)
Net provision for expected credit loss allowance			(192	)		—			—			(138,732	)		(177,232	)		(502,231	)
Recovery			—			—			—			—			—			(79,048	)
Write-off			—			—			—			—			—			414,065
Disposal			—			—			—			35			8,084			246,167
Interest income from impaired loans			—			—			—			—			—			29,055
Others			—			—			—			(28,228	)		3,960			50,328
Ending balance			(482	)		—			—			(1,059,309	)		(668,175	)		(449,329	)
(*)	Additional loss reserves are included for borrowers who have been subject to government support policies<br>related to COVID-19.
:---	:---

• 78 -

		For the year ended December 31, 2023
		Consumers									Corporates
		Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3
Beginning balance			(75,149	)		(68,809	)		(117,425	)		(379,026	)		(757,100	)		(192,635	)
Transfer to 12-month expected credit losses			(18,834	)		16,383			2,451			(188,700	)		188,292			408
Transfer to lifetime expected credit losses			5,803			(6,376	)		573			18,587			(20,507	)		1,920
Transfer to credit-impaired financial assets			634			17,399			(18,033	)		13,874			26,984			(40,858	)
Net reversal of (provision for) expected credit loss allowance			(36,636	)		(44,151	)		(135,548	)		(354,122	)		9,823			(368,958	)
Recovery			—			—			(55,913	)		—			—			(42,288	)
Write-off			—			—			182,495			—			—			214,695
Disposal			18			418			5,381			30			512			150,918
Interest income from impaired loans			—			—			9,297			—			—			15,474
Others			(218	)		(215	)		16,989			9,827			21,231			(11,661	)
Ending balance			(124,382	)		(85,351	)		(109,733	)		(879,530	)		(530,765	)		(272,985	)
		For the year ended December 31, 2023
		Credit card accounts									Total (*)
		Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3
Beginning balance			(232	)		—			—			(454,407	)		(825,909	)		(310,060	)
Transfer to 12-month expected credit losses			—			—			—			(207,534	)		204,675			2,859
Transfer to lifetime expected credit losses			—			—			—			24,390			(26,883	)		2,493
Transfer to credit-impaired financial assets			—			—			—			14,508			44,383			(58,891	)
Net reversal of (provision for) expected credit loss allowance			4			—			—			(390,754	)		(34,328	)		(504,506	)
Recovery			—			—			—			—			—			(98,201	)
Write-off			—			—			—			—			—			397,190
Disposal			—			—			—			48			930			156,299
Interest income from impaired loans			—			—			—			—			—			24,771
Others			(62	)		—			—			9,547			21,016			5,328
Ending balance			(290	)		—			—			(1,004,202	)		(616,116	)		(382,718	)
(*)	Additional loss reserves are included for borrowers who have been subject to government support policies<br>related to COVID-19.
:---	:---
(7)	Changes in the gross carrying amount of loans for the years ended December 31, 2024 and 2023 are as<br>follows (Unit: Korean Won in millions):
:---	:---
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Consumers									Corporates
		Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3
Beginning balance			127,674,653			14,354,290			451,815			176,679,421			9,254,469			644,675
Transfer to 12-month expected credit losses			4,489,361			(4,479,550	)		(9,811	)		2,113,183			(2,110,200	)		(2,983	)
Transfer to lifetime expected credit losses			(6,231,947	)		6,255,567			(23,620	)		(5,370,710	)		5,376,484			(5,774	)
Transfer to credit-impaired financial assets			(167,853	)		(203,536	)		371,389			(780,420	)		(418,239	)		1,198,659
Write-off			—			—			(148,652	)		—			—			(265,413	)
Disposal			(128	)		(21,525	)		(155,855	)		(134	)		(38,464	)		(759,391	)
Net increase (decrease)			10,878,283			(1,111,190	)		97,018			21,085,879			(1,266,310	)		115,881
Ending balance			136,642,369			14,794,056			582,284			193,727,219			10,797,740			925,654
		For the year ended December 31, 2024
		Credit card accounts									Total
		Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3
Beginning balance			9,634			—			—			304,363,708			23,608,759			1,096,490
Transfer to 12-month expected credit losses			—			—			—			6,602,544			(6,589,750	)		(12,794	)
Transfer to lifetime expected credit losses			—			—			—			(11,602,657	)		11,632,051			(29,394	)
Transfer to credit-impaired financial assets			—			—			—			(948,273	)		(621,775	)		1,570,048
Write-off			—			—			—			—			—			(414,065	)
Disposal			—			—			—			(262	)		(59,989	)		(915,246	)
Net increase (decrease)			3,890			—			—			31,968,052			(2,377,500	)		212,899
Ending balance			13,524			—			—			330,383,112			25,591,796			1,507,938

• 79 -

		For the year ended December 31, 2023
		Consumers									Corporates
		Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3
Beginning balance			125,597,372			13,557,617			362,977			167,743,636			8,913,295			436,805
Transfer to 12-month expected credit losses			3,932,438			(3,919,317	)		(13,121	)		2,162,460			(2,159,991	)		(2,469	)
Transfer to lifetime expected credit losses			(6,151,874	)		6,166,603			(14,729	)		(4,104,762	)		4,111,752			(6,990	)
Transfer to credit-impaired financial assets			(135,654	)		(140,297	)		275,951			(442,307	)		(207,165	)		649,472
Write-off			—			—			(182,495	)		—			—			(214,695	)
Disposal			(63	)		(491	)		(58,894	)		(98	)		(720	)		(375,359	)
Net increase (decrease)			4,432,434			(1,309,825	)		82,126			11,320,492			(1,402,702	)		157,911
Ending balance			127,674,653			14,354,290			451,815			176,679,421			9,254,469			644,675
		For the year ended December 31, 2023
		Credit card accounts									Total
		Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3
Beginning balance			8,532			—			—			293,349,540			22,470,912			799,782
Transfer to 12-month expected credit losses			—			—			—			6,094,898			(6,079,308	)		(15,590	)
Transfer to lifetime expected credit losses			—			—			—			(10,256,636	)		10,278,355			(21,719	)
Transfer to credit-impaired financial assets			—			—			—			(577,961	)		(347,462	)		925,423
Write-off			—			—			—			—			—			(397,190	)
Disposal			—			—			—			(161	)		(1,211	)		(434,253	)
Net increase (decrease)			1,102			—			—			15,754,028			(2,712,527	)		240,037
Ending balance			9,634			—			—			304,363,708			23,608,759			1,096,490
(8)	Details of other financial assets as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in<br>millions):
:---	:---
		December 31, 2024				December 31, 2023
---	---	:---:	---	---	---	:---:	---	---
Receivables			6,187,932				8,808,023
Accrued income			1,489,025				1,681,248
Telex and telephone subscription rights and refundable deposits			730,903				798,856
Other assets			873,086				795,953
Expected credit loss allowance			(154,342	)			(124,460	)
Total			9,126,604				11,959,620

• 80 -

(9)	Changes in the expected credit loss allowance on other financial assets for the years ended December 31,<br>2024 and 2023 are as follows (Unit: Korean Won in millions):
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			(4,194	)			(4,617	)			(115,649	)			(124,460	)
Transfer to 12-month expected credit losses			(274	)			257				17				—
Transfer to lifetime expected credit losses			234				(253	)			19				—
Transfer to credit-impaired financial assets			23				74				(97	)			—
Net provision for expected credit loss allowance			(5,098	)			(21	)			(14,046	)			(19,165	)
Write-off			—				—				429				429
Disposal			—				4				1,131				1,135
Other decrease			(8,068	)			(10	)			(4,203	)			(12,281	)
Ending balance			(17,377	)			(4,566	)			(132,399	)			(154,342	)
		For the year ended December 31, 2023
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			(1,862	)			(4,871	)			(113,756	)			(120,489	)
Transfer to 12-month expected credit losses			(258	)			157				101				—
Transfer to lifetime expected credit losses			83				(100	)			17				—
Transfer to credit-impaired financial assets			7				55				(62	)			—
Net reversal of (provision for) expected credit loss allowance			(2,168	)			143				(3,953	)			(5,978	)
Write-off			—				—				106				106
Disposal			—				—				1,750				1,750
Other increase (decrease)			4				(1	)			148				151
Ending balance			(4,194	)			(4,617	)			(115,649	)			(124,460	)
(10)	Changes in the gross carrying amount of other financial assets for the years ended December 31, 2024 and<br>2023 are as follows (Unit: Korean Won in millions):
:---	:---
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			11,894,172				68,555				121,353				12,084,080
Transfer to 12-month expected credit losses			15,833				(15,813	)			(20	)			—
Transfer to lifetime expected credit losses			(30,158	)			30,179				(21	)			—
Transfer to credit-impaired financial assets			(1,797	)			(1,061	)			2,858				—
Write-off			—				—				(429	)			(429	)
Disposal			—				(7	)			(1,599	)			(1,606	)
Net increase (decrease) and others			(3,040,338	)			(22,678	)			261,917				(2,801,099	)
Ending balance			8,837,712				59,175				384,059				9,280,946
		For the year ended December 31, 2023
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			8,013,009				93,549				230,054				8,336,612
Transfer to 12-month expected credit losses			11,500				(11,395	)			(105	)			—
Transfer to lifetime expected credit losses			(22,672	)			22,693				(21	)			—
Transfer to credit-impaired financial assets			(1,400	)			(928	)			2,328				—
Write-off			—				—				(106	)			(106	)
Disposal			—				—				(2,164	)			(2,164	)
Net increase (decrease) and others			3,893,735				(35,364	)			(108,633	)			3,749,738
Ending balance			11,894,172				68,555				121,353				12,084,080

• 81 -

11.	THE FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES
(1)	The fair value hierarchy
:---	:---

The fair value hierarchy is determined by the level of market observable inputs. The market observable inputs reflect unique characteristics of a financial instrument or market condition (including transparency and whether there are transactions among market participants), and when a financial instrument is traded in an active market, the best estimate of its fair value is the quoted price in the active market. The Group maximizes the use of market observable inputs and minimizes the use of unobserved firm-specific inputs to selected valuation techniques. Fair value of the Group is measured based on the perspective of a market participant. As such, even when market observable inputs are not readily available, firm-specific inputs reflect factors that market participants would use for measuring the fair value of assets or liabilities.

The fair value measurement is described in 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<br>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<br>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<br>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 be categorized 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.

(2)	Fair value hierarchy of financial assets and liabilities measured at fair value as of December 31, 2024<br>and 2023 are as follows (Unit: Korean Won in millions):
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---
		Level 1 (*)			Level 2 (*)			Level 3			Total
Financial assets:
Financial assets at FVTPL
Due from banks			73,951			—			—			73,951
Debt securities			4,029,244			621,944			—			4,651,188
Equity securities			14,064			—			299,731			313,795
Capital contributions			—			—			2,258,811			2,258,811
Beneficiary certificates			123,847			2,491,891			4,353,361			6,969,099
Derivative assets			—			10,093,915			1,186			10,095,101
Other financial assets in foreign currencies			—			—			48,346			48,346
Others			—			—			188,878			188,878
Sub-total			4,241,106			13,207,750			7,150,313			24,599,169
Financial assets at FVTOCI
Debt securities			14,117,594			28,794,963			—			42,912,557
Equity securities			315,639			—			469,888			785,527
Sub-total			14,433,233			28,794,963			469,888			43,698,084
Derivative assets (designated for hedging)			—			10,102			—			10,102
Total			18,674,339			42,012,815			7,620,201			68,307,355

• 82 -

		December 31, 2024
		Level 1 (*)			Level 2 (*)			Level 3			Total
Financial liabilities:
Financial liabilities at FVTPL
Deposits due to customers			74,205			—			—			74,205
Derivative liabilities			—			9,159,742			1,401			9,161,143
Sub-total			74,205			9,159,742			1,401			9,235,348
Financial liabilities designated to be measured at FVTPL
Deposit due to customers			—			547,816			—			547,816
Derivative liabilities (designated for hedging)			—			102,634			—			102,634
Total			74,205			9,810,192			1,401			9,885,798
(*)	There were no transfers between Level 1 and Level 2 of financial assets and liabilities measured at fair value.<br>The Group recognizes transfers among levels at the end of the reporting periods in which events have occurred or conditions have changed.
:---	:---
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---
		Level 1 (*)			Level 2 (*)			Level 3			Total
Financial assets:
Financial assets at FVTPL
Due from banks			39,241			—			—			39,241
Debt securities			4,242,901			796,883			—			5,039,784
Equity securities			19,095			—			275,075			294,170
Capital contributions			—			—			1,858,728			1,858,728
Beneficiary certificates			125,549			3,833,122			3,349,910			7,308,581
Derivative assets			112			5,669,880			128,335			5,798,327
Other financial assets in foreign currencies			—			—			42,406			42,406
Others			—			—			180,690			180,690
Sub-total			4,426,898			10,299,885			5,835,144			20,561,927
Financial assets at FVTOCI
Debt securities			12,392,119			24,301,991			—			36,694,110
Equity securities			649,221			—			467,842			1,117,063
Sub-total			13,041,340			24,301,991			467,842			37,811,173
Derivative assets (designated for hedging)			—			698			—			698
Total			17,468,238			34,602,574			6,302,986			58,373,798
Financial liabilities:
Financial liabilities at FVTPL
Deposits due to customers			39,524			—			—			39,524
Derivative liabilities			8,306			5,973,482			1,994			5,983,782
Sub-total			47,830			5,973,482			1,994			6,023,306
Derivative liabilities (designated for hedging)			—			135,263			—			135,263
Total			47,830			6,108,745			1,994			6,158,569
(*)	There were no transfers between Level 1 and Level 2 of financial assets and liabilities measured at fair value.<br>The Group recognizes transfers among levels at the end of the reporting periods in which events have occurred or conditions have changed.
:---	:---

Financial assets and liabilities at FVTPL, financial assets and liabilities designated to be measured at FVTPL, 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.

• 83 -

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:

①	Valuation methods and input variables used for the fair value measurement of financial assets and liabilities<br>classified into level 2 as of December 31, 2024 and 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<br>risk-free rate with credit spread		Risk-free rate and Credit spread
Beneficiary certificates		The beneficiary certificates are measured with Net Asset Value.		Values of underlying assets such as bond
Derivatives		The fair value is measured through Option Pricing Model, etc.		Discount rate, Volatility, Exchange rate, Stock price, etc.
Deposit due to customers		The fair value is measured through Hull-White model.		Swaption volume, etc.
②	Valuation methods and input variables used for the fair value measurement of financial assets and liabilities<br>classified into level 3 as of December 31, 2024 and 2023 are as follows:
:---	:---
		Valuation methods		Input variables
---	---	:---:	---	:---:
Equity securities, capital contributions, beneficiary certificates and others		Among DCF (Discounted Cash Flow) Model, FCFE (Free Cash Flow to Equity) Model, Comparable Company<br>Analysis, Dividend Discount Model, Risk-adjusted Rate of Return Method, Net Asset Value Method and Least-Squares Monte Carlo and Binomial Tree, more than one method is used given the characteristic of the subject of fair value measurement.		Risk-free rate, Market risk premium, Corporate Beta, Stock price, Volatility of underlying assets,<br>etc.
Derivatives		The fair value is measured through Option Pricing Model, etc.		Correlation coefficient, Stock price, Volatility, etc.
Others		The fair value of the underlying asset, after calculating the fair value using the DCF model,<br>etc., considering the price and volatility of the calculated underlying asset, is calculated using the Binomial Tree, which are commonly used valuation techniques in the market.		Stock price, Volatility of underlying assets, etc.

• 84 -

Valuation methods of financial assets and liabilities measured at fair value and classified into Level 3 and significant but unobservable inputs as of December 31, 2024 and 2023 are as follows:

①	December 31, 2024
	Fair value<br><br>measurement<br><br>technique	Type	Significant but<br><br>unobservable input<br><br>variable	Range	Impact of changes in significant<br>unobservable inputs on fair value<br>measurement
---	:---:	:---:	:---:	:---:	:---:
Derivative	Option valuation model and others	Equity related	Correlation coefficient	0.29~0.65	Variation of fair value increases as correlation coefficient increases.
			Stock price, Volatility of underlying asset	25.71%	Variation of fair value increases as stock price and volatility of underlying asset<br>increases.
			Discount rate	3.94%~19.62%	Fair value increases as discount rate decreases.
			Terminal growth rate	0.00%	Fair value increases as terminal growth rate increases.
Equity securities, capital contributions and beneficiary certificates	Binominal Tree		Stock price, Volatility of underlying asset	18.76%~36.37%	Variation of fair value increases as stock price and volatility of underlying asset<br>increases.
	DCF model and others		Discount rate	4.76%~19.84%	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.
Others	Binominal Tree and others		Stock price, Volatility of underlying asset	18.36%~36.90%	Variation of fair value increases as stock price and volatility of underlying asset<br>increases.
②	December 31, 2023
:---	:---
	Fair value<br><br>measurement<br><br>technique	Type	Significant but unobservable<br>input variable	Range	Impact of changes in significant<br>unobservable inputs on fair value<br>measurement
---	:---:	:---:	:---:	:---:	:---:
Derivative assets	Option valuation model and others	Equity related	Correlation coefficient, etc.	0.32~0.68	Variation of fair value increases as correlation coefficient increases.
Derivative liabilities	Option valuation model and others	Equity related	Correlation coefficient, etc.	0.32~0.68	Variation of fair value increases as correlation coefficient increases.
Equity securities, capital contributions and beneficiary certificates	Binominal Tree		Stock price, Volatility of underlying asset	27.34%	Variation of fair value increases as stock price and volatility of underlying asset<br>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.
Others	Binominal Tree		Stock price, Volatility of underlying asset	15.48%~76.22%	Variation of fair value increases as stock price and volatility of underlying asset<br>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.

• 85 -

(3)	Changes in financial assets and liabilities measured at fair value classified into Level 3 for the years ended<br>December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		January 1,<br>2024			Net income<br>(loss)<br>(*1)			Other<br>comprehensive<br>income			Purchases/<br>issuances			Disposal/<br>settlements			Transfer to or<br>out of Level 3<br>(*2)			December<br>31, 2024
Financial assets:
Financial assets at FVTPL
Equity securities			275,075			9,732			—			14,283			(1,306	)		1,947			299,731
Capital contributions			1,858,728			114,735			—			475,667			(190,319	)		—			2,258,811
Beneficiary certificates			3,349,910			88,854			—			1,226,259			(311,662	)		—			4,353,361
Derivative assets			128,335			(970	)		—			327			(126,506	)		—			1,186
Other financial assets in foreign currencies			42,406			5,940			—			—			—			—			48,346
Others			180,690			13,335			—			12,011			(17,158	)		—			188,878
Sub-total			5,835,144			231,626			—			1,728,547			(646,951	)		1,947			7,150,313
Financial assets at FVTOCI
Equity securities			467,842			—			5,077			2,922			(5,953	)		—			469,888
Loans			—			—			—			202,916			(202,916	)		—			—
Sub-total			467,842			—			5,077			205,838			(208,869	)		—			469,888
Total			6,302,986			231,626			5,077			1,934,385			(855,820	)		1,947			7,620,201
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities			1,994			1,114			—			—			(1,707	)		—			1,401
Total			1,994			1,114			—			—			(1,707	)		—			1,401
(*1)	The losses that increase the financial liabilities are presented as positive amounts, and the gains that<br>decrease the financial liabilities are presented as negative amounts. The gain amount to 258,943 million Won for the year ended December 31, 2024, which is from financial assets and liabilities that the Group holds as of December 31,<br>2024.
:---	:---
(*2)	Changes in the availability of observable market data for the financial instrument have resulted in transfer<br>between fair value hierarchy level, and the Group recognize changes in levels at the end of reporting period that result in changes in events or circumstances that result in transfer between fair value hierarchy level.
:---	:---

• 86 -

		For the year ended December 31, 2023
		January 1,<br>2023			Net income<br>(loss)<br>(*1)			Other<br>comprehensive<br>income			Purchases/<br>issuances			Disposals/<br>settlements			Transfer to or<br>out of Level 3<br>(*2)			December 31,<br>2023
Financial assets:
Financial assets at FVTPL
Equity securities			270,890			(2,973	)		—			15,580			(2,582	)		(5,840	)		275,075
Capital contributions			1,432,256			49,518			—			522,230			(145,276	)		—			1,858,728
Beneficiary certificates			2,637,760			49,363			—			849,300			(186,513	)		—			3,349,910
Loans			19,169			—			—			—			(19,169	)		—			—
Derivative assets			90,338			41,737			—			2,271			(6,011	)		—			128,335
Other financial assets in foreign currency			41,680			726			—			—			—			—			42,406
Others			142,335			9,015			—			32,135			(2,795	)		—			180,690
Sub-total			4,634,428			147,386			—			1,421,516			(362,346	)		(5,840	)		5,835,144
Financial assets at FVTOCI
Equity securities			472,246			—			(4,020	)		343			(704	)		(23	)		467,842
Loans			—			—			—			139,567			(139,567	)		—			—
Sub-total			472,246			—			(4,020	)		139,910			(140,271	)		(23	)		467,842
Total			5,106,674			147,386			(4,020	)		1,561,426			(502,617	)		(5,863	)		6,302,986
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities			9,449			1,994			—			—			(9,449	)		—			1,994
Total			9,449			1,994			—			—			(9,449	)		—			1,994
(*1)	The losses that increase the financial liabilities are presented as positive amounts, and the gains that<br>decrease the financial liabilities are presented as negative amounts. The gain amount to 89,906 million Won for the year ended December 31, 2023, which is from financial assets and liabilities that the Group holds as of December 31,<br>2023.
:---	:---
(*2)	Changes in the availability of observable market data for the financial instrument have resulted in transfer<br>between fair value hierarchy level, and the Group recognize changes in levels at the end of each report that result in changes in events or circumstances that result in transfer between fair value hierarchy level.
:---	:---
(4)	The results of a sensitivity analysis on the rational fluctuation in the unobservable inputs used for measuring<br>Level 3 financial instruments are as follows.
:---	:---

Sensitivity analysis of financial instruments is performed by classifying the effect of changes in unobservable inputs on changes in the value of financial instruments into favorable and unfavorable changes. When the fair value of a financial instrument is affected by more than one unobservable input, the below table presents the most favorable or the most unfavorable circumstances. The sensitivity analysis was performed for two types of level 3 financial instruments: (1) interest rate related derivatives, currency related derivatives, equity related derivatives, 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 7,621,602 million Won and 6,304,980 million Won as of December 31, 2024 and 2023, respectively, equity investments of 7,162,562 million Won and 5,778,111 million Won are excluded from the sensitivity analysis.

• 87 -

The following table presents the sensitivity analysis to disclose the effect of reasonably possible volatility on the fair value of a Level 3 financial instruments as of December 31, 2024 and 2023 (Unit: Korean Won in millions):

		December 31, 2024
		Net income (loss)							Other comprehensive income (loss)
		Favorable			Unfavorable				Favorable			Unfavorable
Financial assets:
Financial assets at FVTPL
Derivatives assets (*1)			50			(51	)			—			—
Equity securities (*2) (*3)			19,338			(13,996	)			—			—
Beneficiary certificates (*4)			706			(705	)			—			—
Others (*2) (*4)			2,554			(2,402	)			—			—
Financial assets at FVTOCI
Equity securities (*3) (*4)			—			—				34,080			(22,698	)
Total			22,648			(17,154	)			34,080			(22,698	)
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities (*1)			—			—				—			—
Total			—			—				—			—
(*1)	Fair value changes in equity related derivatives assets and liabilities are calculated by increasing or<br>decreasing correlation coefficient or volatility, which are major unobservable variables, by 10%.
:---	:---
(*2)	The change in fair value is calculated by increasing or decreasing the stock price (-10% to 10%) and volatility<br>(-10%p to 10%p), the major unobservable inputs.
:---	:---
(*3)	Fair value changes in equity securities are calculated by increasing or decreasing growth rate (-1%p~1%p) and<br>discount rate (-1%p~1%p) or liquidation value (-1%p~1%p). The growth rate, discount rate, and liquidation value are major unobservable variables.
:---	:---
(*4)	Even if the sensitivity analysis of the capital contributions and beneficiary certificates is not possible in<br>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 of real estate which is underlying assets<br>by 1%p.
:---	:---
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---
		Net income (loss)							Other comprehensive income (loss)
		Favorable			Unfavorable				Favorable			Unfavorable
Financial assets:
Financial assets at FVTPL
Derivatives assets (*1)			88			(95	)			—			—
Equity securities (*2) (*3)			10,735			(8,417	)			—			—
Beneficiary certificates (*4)			722			(722	)			—			—
Others (*2)			4,098			(3,921	)			—			—
Financial assets at FVTOCI
Equity securities (*3) (*4)			—			—				17,970			(14,009	)
Total			15,643			(13,155	)			17,970			(14,009	)
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities (*1)			10			(7	)			—			—
Total			10			(7	)			—			—
(*1)	Fair value changes in equity related derivatives assets and liabilities are calculated by increasing or<br>decreasing correlation coefficient, which are major unobservable variables, by 10%.
:---	:---
(*2)	The change in fair value is calculated by increasing or decreasing the share price (-10% to 10%) and volatility<br>(-10%p to 10%p), the major unobservable inputs.
:---	:---
(*3)	Fair value changes in equity securities are calculated by increasing or decreasing growth rate (-1%p~1%p) and<br>discount rate (-1%p~1%p) or liquidation value (-1%p~1%p). The growth rate, discount rate, and liquidation value are major unobservable variables.
:---	:---
(*4)	Even if the sensitivity analysis of the capital contributions and beneficiary certificates is not possible in<br>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 of real estate which is underlying assets<br>by 1%p.
:---	:---

• 88 -

(5)	Fair value and carrying amount of financial assets and liabilities that are recorded at amortized cost as of<br>December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

Fair value information for cash that is not measured at fair value because the carrying amount is a reasonable approximation of fair value is not included.

		December 31, 2024
		Fair value												Book<br>value
		Level 1			Level 2			Level 3			Total
Financial assets:
Securities at amortized cost			3,242,385			15,894,576			—			19,136,961			19,193,186
Loans and other financial assets at amortized cost			—			6,392,635			363,857,524			370,250,159			366,547,841
Financial liabilities:
Deposits due to customers			—			364,348,962			—			364,348,962			364,032,938
Borrowings			—			26,416,049			—			26,416,049			26,379,689
Debentures			—			25,488,907			—			25,488,907			25,534,324
Other financial liabilities (*)			—			28,855,883			—			28,855,883			28,856,921
(*)	Lease liabilities are excluded as of December 31, 2024
:---	:---
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
		Fair value												Book<br>value
		Level 1			Level 2			Level 3			Total
Financial assets:
Securities at amortized cost			2,361,628			21,303,099			—			23,664,727			23,996,172
Loans and other financial assets at amortized cost			—			9,092,255			332,000,571			341,092,826			340,740,764
Financial liabilities:
Deposits due to customers			—			354,203,147			—			354,203,147			353,851,379
Borrowings			—			25,215,080			—			25,215,080			25,254,732
Debentures			—			21,253,938			—			21,253,938			21,277,033
Other financial liabilities			—			22,928,043			—			22,928,043			22,930,531
(*)	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 using valuation techniques. Valuation techniques and input variables for financial assets and liabilities that are measured at amortized costs are given as follows:

		Valuation techniques		Input variables
Securities at amortized cost		The fair value is measured by discounting the projected cash flows of debt securities by applying<br>risk-free rate plus a credit spread.		Risk-free 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<br>the market discount rate that has been applied to a proxy company that has similar credit rating to the debtor.		Risk-free rate, credit spread and expected 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<br>the market discount rate that is reflecting credit rating of the Group.		Risk-free rate and credit spread

• 89 -

(6)	Financial instruments by category

Carrying amounts of financial assets and liabilities by each category as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

		December 31, 2024
		Financial<br>assets at<br>FVTPL			Financial<br>assets at<br>FVTOCI			Financial<br>assets at<br>amortized cost			Derivative<br>assets<br>(designated<br>for hedging)			Total
Financial assets:
Due from banks			73,951			—			2,115,204			—			2,189,155
Securities			14,381,771			43,698,084			19,193,186			—			77,273,041
Loans			—			—			355,306,033			—			355,306,033
Derivative assets			10,095,101			—			—			10,102			10,105,203
Other financial assets			48,346			—			9,126,604			—			9,174,950
Total			24,599,169			43,698,084			385,741,027			10,102			454,048,382
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
		Financial<br>liabilities at<br>FVTPL			Financial<br>liabilities<br>designated to<br>be measured<br>at FVTPL			Financial<br>liabilities at<br>amortized cost			Derivative<br>liabilities<br>(designated<br>for hedging)			Total
Financial liabilities:
Deposits due to customers			74,205			547,816			364,032,938			—			364,654,959
Borrowings			—			—			26,379,689			—			26,379,689
Debentures			—			—			25,534,324			—			25,534,324
Derivative liabilities			9,161,143			—			—			102,634			9,263,777
Other financial liabilities (*)			—			—			28,856,921			—			28,856,921
Total			9,235,348			547,816			444,803,872			102,634			454,689,670
(*)	Lease liabilities are excluded as of December 31, 2024.
:---	:---
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
		Financial<br>assets at<br>FVTPL			Financial<br>assets at<br>FVTOCI			Financial<br>assets at<br>amortized cost			Derivative<br>assets<br>(designated<br>for hedging)			Total
Financial assets:
Due from banks			39,241			—			1,715,223			—			1,754,464
Securities			14,681,953			37,811,173			23,996,172			—			76,489,298
Loans			—			—			327,065,921			—			327,065,921
Derivative assets			5,798,327			—			—			698			5,799,025
Other financial assets			42,406			—			11,959,620			—			12,002,026
Total			20,561,927			37,811,173			364,736,936			698			423,110,734
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---
		Financial<br>liabilities at<br>FVTPL			Financial<br>liabilities at<br>amortized cost			Derivative<br>liabilities<br>(designated<br>for hedging)			Total
Financial liabilities:
Deposits due to customers			39,524			353,851,379			—			353,890,903
Borrowings			—			25,254,732			—			25,254,732
Debentures			—			21,277,033			—			21,277,033
Derivative liabilities			5,983,782			—			135,263			6,119,045
Other financial liabilities (*)			—			22,930,531			—			22,930,531
Total			6,023,306			423,313,675			135,263			429,472,244
(*)	Lease liabilities are excluded as of December 31, 2023.
:---	:---

• 90 -

(7)	Income or expense from financial instruments by category

Income or expense from financial instruments by category for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2024
		Interest<br>income<br>(expense)			Fees and<br>commissions<br>income			Reversal of<br>(Provision<br>for) credit<br>loss			Gain (loss)<br>on valuation<br>and<br>transaction			Dividend<br>income			Total
Financial assets at FVTPL			153,055			864			—			1,473,568			356,921			1,984,408
Financial assets designated to be measured at FVTPL(*)			—			—			—			(19,647	)		—			(19,647	)
Financial assets at FVTOCI			1,281,641			951			(8,866	)		96,647			17,766			1,388,139
Securities at amortized cost			642,888			—			3,287			—			—			646,175
Loans and other financial assets at amortized cost			17,473,089			—			(827,485	)		165,192			—			16,810,796
Financial liabilities at amortized cost			(11,969,046	)		—			—			—			—			(11,969,046	)
Net derivatives<br>(designated for hedging)			—			—			—			(22,511	)		—			(22,511	)
Total			7,581,627			1,815			(833,064	)		1,693,249			374,687			8,818,314
(*)	The amount recognized as other comprehensive income in regard to financial liabilities designated to be<br>measured at FVTPL for the year ended December 31, 2024 is 1,831 million Won.
:---	:---
		For the year ended December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Interest<br>income<br>(expense)			Fees and<br>commissions<br>income			Provision<br>for credit<br>loss			Gain (loss)<br>on valuation<br>and<br>transaction			Dividend<br>income			Total
Financial assets at FVTPL			116,203			423			—			482,005			239,332			837,963
Financial assets at FVTOCI			999,407			1,621			(16,542	)		(37,641	)		15,752			962,597
Securities at amortized cost			782,513			—			(5,549	)		—			—			776,964
Loans and other financial assets at amortized cost			16,487,744			—			(940,477	)		101,788			—			15,649,055
Financial liabilities at amortized cost			(10,940,804	)		—			—			—			—			(10,940,804	)
Net derivatives<br>(designated for hedging)			—			—			—			(2,955	)		—			(2,955	)
Total			7,445,063			2,044			(962,568	)		543,197			255,084			7,282,820

• 91 -

12.	DERECOGNITION AND OFFSET OF FINANCIAL INSTRUMENTS
(1)	Derecognition of financial instruments
:---	:---
i)	Transferred financial assets that do not meet the condition of derecognition
:---	:---
a)	Bonds sold under repurchase agreements
:---	:---

The financial instruments that were disposed but the Group agreed to repurchase at the fixed amounts at the same time, so that they did not meet the conditions of derecognition, as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

				December 31, 2024			December 31, 2023
Assets transferred		Financial assets at FVTOCI			238,279			556,583
		Securities at amortized cost			41,442			48,368
Related liabilities		Bonds sold under repurchase agreements			278,767			527,291
b)	Securities loaned
:---	:---

When the Group loans its securities to outside parties, the legal ownerships of the securities are transferred; however, they should be returned at the end of lending period. Therefore, the Group does not derecognize them from the consolidated financial statements as it owns majority of risks and benefits from the securities continuously, regardless of the transfer of legal ownership. The carrying amounts of the securities loaned as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

				December 31,<br>2024			Loaned to
Financial assets at FVTPL		Korean treasury and government bonds and others			12,361		Korea Securities Finance Corporation
				December 31,<br>2023			Loaned to
---	---	---	---	:---:	---	---	:---:
Financial assets at FVTPL		Korean treasury and government bonds and others			625,398		Korea Securities Finance Corporation and others
Financial assets at FVTOCI		Korean treasury and government bonds and others			592,218		Korea Securities Depository and others

The details of the transferred financial assets that do not meet the condition of derecognition in their entirety, such as disposal of securities under repurchase agreement or securities loaned, are also explained in Note 18.

c)	Securitization of financial assets

As of December 31, 2024 and 2023, the structured entity subject to consolidation issued asset-backed securities using loans and corporate bonds held by the Group, and the Group bears related risks through purchase agreements or credit offerings. The details of the transfer transaction of financial instruments are as follows (Unit: Korean Won in millions):

				December 31, 2024			December 31, 2023
				Book value (*)			Book value (*)
Assets transferred		Loans at amortized cost			2,153,730			2,434,771
Related liabilities		Securitization borrowings			2,153,730			2,434,900
		Securitization bonds			4,006			4,006
(*)	The carrying amount is the amount before the provision for credit losses is deducted.
:---	:---

• 92 -

(2)	The offset of financial assets and liabilities

The Group holds both the uncollected domestic exchange receivables and the unpaid domestic exchange payable, which satisfy offsetting criteria of K-IFRS No.1032. Therefore, the total amount of uncollected domestic exchange receivables (or unpaid domestic exchange payables) has been offset with part of unpaid domestic exchange payables (or uncollected domestic exchange receivables) and has been disclosed in loans and other financial assets at amortized cost and other financial liabilities of the Group’s statements of financial position, respectively.

The Group also holds the derivative assets, derivative liabilities, receivable spot exchange and payable spot exchange that do not meet the offsetting criteria of K-IFRS No.1032, but provide the Group under the circumstances of the trading party’s defaults, insolvency or bankruptcy, with the right of offsetting. Items such as cash collateral cannot satisfy the offsetting criteria of K-IFRS No.1032, but in accordance with the collateral arrangements and under the circumstances of the trading party’s default, insolvency or bankruptcy, the net amount of derivative assets, derivative liabilities, receivable spot exchange and payable spot exchange can be offset.

The Group has entered into a sale and repurchase agreement and accounted it as a collateralized borrowing. The Group has also entered into a purchase and resale agreement and accounted it as a secured loan. The Group under the repurchase agreements has offsetting right only upon the counterparty’s default, insolvency or bankruptcy; thus, the repurchase agreements are applied by the TBMA/ISMA Global Master Repurchase Agreement, which does not satisfy the offsetting criteria of K-IFRS No.1032. The Group disclosed bonds sold under repurchase agreements as borrowings and bonds purchased under resale agreements as loans and other financial assets at amortized cost.

As of December 31, 2024 and 2023, the financial instruments to be offset and covered by master netting agreements and similar agreements are as follows (Unit: Korean Won in millions):

		December 31, 2024
		Gross<br>amounts of<br>recognized<br>financial<br>assets			Gross<br>amounts of<br>recognized<br>financial<br>assets setoff			Net amounts<br>of financial<br>assets<br>presented			Related amounts not setoff in<br>the consolidated statement of<br>financial position						Net<br>amounts
											Netting<br>agreements<br>and others			Cash<br>collateral<br>received
Financial assets:
Derivative assets (*1)			10,100,965			—			10,100,965			12,148,980			235,654			3,301,458
Receivable spot exchange (*2)			5,585,127			—			5,585,127
Bonds purchased under resale agreements (*2)			10,098,618			—			10,098,618			10,098,618			—			—
Domestic exchanges settlement credits (*2)(*5)			33,347,374			32,915,242			432,132			—			—			432,132
Total			59,132,084			32,915,242			26,216,842			22,247,598			235,654			3,733,590
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Gross<br>amounts of<br>recognized<br>financial<br>liabilities			Gross<br>amounts of<br>recognized<br>financial<br>liabilities<br>setoff			Net amounts<br>of financial<br>liabilities<br>presented			Related amounts not setoff in<br>the consolidated statement of<br>financial position						Net<br>amounts
											Netting<br>agreements<br>and others			Cash<br>collateral<br>pledged
Financial liabilities:
Derivative liabilities (*1)			9,255,756			—			9,255,756			11,899,060			533,052			2,408,916
Payable spot exchange (*3)			5,585,272			—			5,585,272
Bonds sold under repurchase agreements (*4)			278,767			—			278,767			278,767			—			—
Domestic exchanges settlement debits (*3) (*5)			40,505,570			32,915,242			7,590,328			7,590,328			—			—
Total			55,625,365			32,915,242			22,710,123			19,768,155			533,052			2,408,916
(*1)	The items include derivatives held for trading and derivatives designated for hedging.
:---	:---
(*2)	The items are included in loans and other financial assets at amortized cost.
:---	:---
(*3)	The items are included in other financial liabilities.
:---	:---
(*4)	The items are included in borrowings.
:---	:---
(*5)	Certain financial assets and liabilities are presented as net amounts.
:---	:---

• 93 -

		December 31, 2023
		Gross<br>amounts of<br>recognized<br>financial<br>assets			Gross<br>amounts of<br>recognized<br>financial<br>assets setoff			Net amounts<br>of financial<br>assets<br>presented			Related amounts not setoff in<br>the consolidated statement of<br>financial position						Net<br>amounts
											Netting<br>agreements<br>and others			Cash<br>collateral<br>received
Financial assets:
Derivative assets (*1)			5,174,267			—			5,174,267			11,314,881			424,466			1,063,392
Receivable spot exchange (*2)			7,628,472			—			7,628,472
Bonds purchased under resale agreements (*2)			3,256,392			—			3,256,392			3,256,392			—			—
Domestic exchanges settlement credits (*2) (*5)			49,020,044			48,575,856			444,188			—			—			444,188
Total			65,079,175			48,575,856			16,503,319			14,571,273			424,466			1,507,580
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Gross<br>amounts of<br>recognized<br>financial<br>liabilities			Gross<br>amounts of<br>recognized<br>financial<br>liabilities<br>setoff			Net amounts<br>of financial<br>liabilities<br>presented			Related amounts not setoff in<br>the consolidated statement of<br>financial position						Net<br>amounts
											Netting<br>agreements<br>and others			Cash<br>collateral<br>pledged
Financial liabilities:
Derivative liabilities (*1)			5,109,528			—			5,109,528			11,412,659			139,143			1,186,799
Payable spot exchange (*3)			7,629,073			—			7,629,073
Bonds sold under repurchase agreements (*4)			527,291			—			527,291			527,291			—			—
Domestic exchanges settlement debits (*3) (*5)			49,943,565			48,575,856			1,367,709			1,367,709			—			—
Total			63,209,457			48,575,856			14,633,601			13,307,659			139,143			1,186,799

(*1) The items include derivatives held for trading and derivatives designated for hedging.

(*2) The items are included in loans and other financial assets at amortized cost.

(*3) The items are included in other financial liabilities.

(*4) The items are included in borrowings.

(*5) Certain financial assets and liabilities are presented as net amounts.

• 94 -

13.	INVESTMENTS IN ASSOCIATES
(1)	Investments in associates accounted for using the equity method of accounting as of December 31, 2024 and<br>2023 are as follows:
:---	:---
						Percentage of ownership<br>(%)						Location			Financial statements<br>as of
---	---	---	---	---	---	:---:	---	---	---	---	---	:---:	---	---	:---:	---	---
Associates		Main business				December 31,<br>2024			December 31,<br>2023
Woori Bank:
W Service Networks Co., Ltd. (*1)			Freight & staffing<br>services				4.9			4.9			Korea			November 30, 2024<br>(*4)
Korea Credit Bureau Co., Ltd. (*2)			Credit information				9.9			9.9			Korea			December 31, 2024
Korea Finance Security Co., Ltd. (*2)			Security service				15.0			15.0			Korea			November 30, 2024<br>(*4)
Dongwoo C & C Co., Ltd. (*3)			Construction				23.2			23.2			Korea			—
SJCO Co., Ltd. (*3)			Aggregate<br>transportation and<br>wholesale				27.5			27.5			Korea			—
G2 Collection Co., Ltd. (*3)			Wholesale and<br>retail sales				28.9			28.9			Korea			—
Kyesan Engineering Co., Ltd. (*3)			Construction				23.2			23.2			Korea			—
Good Software Lab Co., Ltd. (*3)			Service				28.9			28.9			Korea			—
Wongwang Co., Ltd. (*3)			Wholesale and real<br>estate				29.0			29.0			Korea			—
Sejin Construction Co., Ltd. (*3)			Construction				29.6			29.6			Korea			—
DAEA SNC Co., Ltd. (*3)			Wholesale and<br>retail sales				24.0			24.0			Korea			—
ARES-TECH Co., Ltd. (*3)			Electronic<br>component<br>manufacturing				23.4			23.4			Korea			—
PREXCO Co., Ltd. (*3)			Manufacturing				28.1			28.1			Korea			—
Jiwon Plating Co., Ltd. (*3)			Plating				20.5			20.5			Korea			—
NK Eng Co., Ltd. (*3)			Manufacturing				23.1			23.1			Korea			—
Youngdong Sea Food Co., Ltd. (*3)			Processed sea food<br>manufacturing				24.0			24.0			Korea			—
Beomgyo Co., Ltd. (*3)			Telecommunication<br>equipment retail<br>sales				23.1			23.1			Korea			—
K BANK Co., Ltd. (*2)			Finance				12.0			12.6			Korea			November 30, 2024<br>(*4)
Partner One Value Up I Private Equity Fund			Other financial<br>services				23.3			23.3			Korea			December 31, 2024
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership (*7)			Other financial<br>services				20.0			20.0			Korea			December 31, 2024
Crevisse Lime Impact 1st Startup Venture Specialist Private Equity Fund			Other financial<br>services				25.0			25.0			Korea			December 31, 2024
Woori-Shinyoung Growth-Cap Private Equity Fund I			Other financial<br>services				24.5			24.5			Korea			December 31, 2024
LOTTE CARD Co., Ltd.			Credit card and<br>installment<br>financing				20.0			20.0			Korea			September 30, 2024<br>(*4)
Woori-Q Corporate Restructuring Private Equity Fund (*5)			Trust and collective<br>investment				20.4			15.7			Korea			December 31, 2024

• 95 -

				Percentage of ownership<br>(%)						Location		Financial statements as of
Associates		Main business		December 31,<br>2024			December 31,<br>2023
PCC-Woori LP Secondary Fund		Other financial<br>services			26.9			26.9		Korea		December 31, 2024
Samsung Together Korea IPPF Private Securities Investment Trust 3 [Equity-FoFs]		Other financial<br>services			100.0			100.0		Korea		December 31, 2024
Union Technology Finance Investment<br><br>Association		Other financial<br>services			29.7			29.7		Korea		December 31, 2024
KUM HWA Co., Ltd. (*3)		Telecommunication<br>equipment retail<br>sales			20.0			20.0		Korea		December 31, 2024
Paratus Woori Material Component Equipment joint venture company		Other financial<br>services			20.8			20.8		Korea		December 31, 2024
Dicustody Co., Ltd. (*8)		Other information<br>technology and<br>computer-operation<br>related services			—			1.0		Korea		—
Jinmyung Plus Co., Ltd. (*3)		Manufacturing			20.2			20.2		Korea		September 30, 2024 (*4)
Orient Shipyard Co., Ltd. (*3)		Manufacturing of<br>ship components			22.7			22.7		Korea		September 30, 2024 (*4)
Joongang Network Solution Co., Ltd. (*8)		Other information<br>technology and<br>computer-operation<br>related services			—			25.3		Korea		—
BTS 2nd Private Equity Fund		Other financial<br>services			20.0			20.0		Korea		December 31, 2024
Woori Financial Digital Investment Association No. 1		Other financial<br>services			88.0			88.0		Korea		December 31, 2024
STASSETS No. 3 Private Equity Investment Limited Specialized In Start-up Ventures		Other financial<br>services			28.3			28.3		Korea		December 31, 2024
KG Fashion Co., Ltd. (*3)		Manufacturing			20.8			20.8		Korea		November 30, 2024 (*4)
Win Mortgage Co., Ltd. (*1)		Other financial<br>services			4.5			4.5		Korea		September 30, 2024 (*4)
NH Woori Newdeal Growth Alpha Private Equity Fund 1		Other financial<br>services			22.4			22.7		Korea		December 31, 2024
SF CREDIT PARTNERS, LLC (*2)		Other financial<br>services			10.0			10.0		U.S.A.		December 31, 2024
Rea Company Ltd. (*3)		Manufacturing			24.5			24.5		Korea		—
Aram CMC Co., Ltd. (*3)		Manufacturing			20.0			20.0		Korea		—
Woori Financial Dino Lab Investment Association No. 1 (*6)		Other financial<br>services			70.0			—		Korea		December 31, 2024
Woori Corporate Turnaround No.1 Private Equity Fund (*6)		Other financial<br>services			27.3			—		Korea		December 31, 2024
Market & Farm Co., Ltd. (*6) (*7)		Wholesale and<br>commodity<br>brokerage business			23.7			—		Korea		December 31, 2024
SAMJI TEXTILE CO.,LTD. (*6) (*7)		Wholesale and<br>commodity<br>brokerage business			29.4			—		Korea		—
(*1)	Most of the significant business transactions of associates are with the Group as of December 31, 2024 and<br>2023.
:---	:---
(*2)	The Group can participate in decision-making body and exercise significant influence over financial policies<br>and operational policies.
:---	:---
(*3)	There is no investment balance as of December 31, 2024 and 2023.
:---	:---
(*4)	The equity method was applied using the most recent financial statements available because financial statement<br>at the end of the reporting period cannot be obtained, and any 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 group were appropriately reflected.
:---	:---

• 96 -

(*5)	It was classified as an associate through the Group holding voting rights based on the initial investment<br>commitment ratio.
(*6)	It was added to associates during the year ended December 31, 2024.
:---	:---
(*7)	There is no investment balance as of December 31, 2024.
:---	:---
(*8)	It was excluded from associates due to the sale liquidation and others for the year ended December 31,<br>2024.
:---	:---
(2)	Changes in the carrying value of investments in associates accounted for using the equity method of accounting<br>for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Acquisition<br>cost			January 1,<br>2024			Share of<br>profits (losses)			Acquisition			Disposal<br>and others			Dividends			Change in<br>capital and<br>others			December 31,<br>2024
W Service Networks Co., Ltd.			108			216			(7	)		—			—			(5	)		—			204
Korea Credit Bureau Co., Ltd.			3,313			6,433			2,658			—			—			(90	)		—			9,001
Korea Finance Security Co., Ltd.			3,267			3,285			331			—			—			—			—			3,616
K BANK Co., Ltd.			224,657			260,052			13,747			—			(13,029	)		—			1,480			262,250
Partner One Value Up I Private Equity Fund			5,039			3,230			(1,107	)		—			—			—			—			2,123
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership			—			8,247			(784	)		—			(4,356	)		(844	)		—			2,263
Crevisse Lime Impact 1st Startup Venture Specialist Private Equity Fund			4,532			4,437			—			95			—			—			—			4,532
Woori-Shinyoung Growth-Cap Private Equity Fund I			8,237			23,496			(2,656	)		—			—			(138	)		—			20,702
LOTTE CARD Co., Ltd.			346,810			587,392			17,861			—			—			(15,591	)		(14,082	)		575,580
Woori-Q Corporate Restructuring Private Equity Fund			17,446			9,852			1,523			9,011			—			—			—			20,386
PCC-Woori LP Secondary Fund			7,000			7,298			(1,304	)		—			—			—			—			5,994
Together-Korea Samsumg Private Securities Investment Trust No. 3			10,000			10,540			307			—			—			—			—			10,847
Union Technology Finance Investment Association			13,449			12,270			(500	)		—			—			—			—			11,770
KUM HWA Co., Ltd. (*)			—			—			—			—			—			—			—			—
Paratus Woori Material Component Equipment joint venture company			12,300			11,799			(184	)		—			—			—			—			11,615
Dicustody Co., Ltd.			—			1			—			—			(1	)		—			—			—
Jinmyung Plus Co., Ltd.			—			14			(5	)		—			—			—			—			9
Orient Shipyard Co., Ltd. (*)			—			—			—			—			—			—			—			—
BTS 2nd Private Equity Fund			8,146			4,838			41			2,920			—			—			—			7,799
Woori Financial Digital Investment Association No. 1			44,000			32,463			101			11,000			—			—			—			43,564
Joongang Network Solution Co., Ltd.			—			88			100			—			(101	)		—			(87	)		—
STASSETS No. 3 Private Equity Investment Limited Specialized In Start-up Ventures			12,000			8,406			(228	)		3,000			—			—			—			11,178
KG Fashion Co., Ltd. (*)			—			—			—			—			—			—			—			—
Win Mortgage Co., Ltd.			23			105			32			—			—			(2	)		—			135
NH Woori Newdeal Growth Alpha Private Equity Fund 1			34,001			22,390			13,109			15,025			(4,656	)		(9,116	)		—			36,752
SF CREDIT PARTNERS, LLC			13,059			12,845			1,326			—			—			—			1,829			16,000
Woori Financial Dino Lab Investment Association No. 1			3,500			—			(74	)		3,500			—			—			—			3,426
Woori Corporate Turnaround No.1 Private Equity Fund			8,361			—			(227	)		8,361			—			—			—			8,134
Total			779,248			1,029,697			44,060			52,912			(22,143	)		(25,786	)		(10,860	)		1,067,880
(*)	The amount for which no loss was recognized for associates due to discontinuation of the equity method was<br>19 million Won for Orient Shipyard Co., Ltd., and 39 million Won in KG Fashion CO., Ltd, and the accumulated amount is 4 million Won for KUM HWA Co., Ltd., 47 million Won for Orient Shipyard Co., Ltd., 159 million Won in KG<br>Fashion CO., Ltd..
:---	:---

• 97 -

		For the year ended December 31, 2023
		Acquisition<br>cost			January 1,<br>2023			Share of<br>profits (losses)			Acquisition			Disposal<br>and others			Dividends			Change in<br>capital			December 31,<br>2023
W Service Networks Co., Ltd.			108			208			13			—			—			(5	)		—			216
Korea Credit Bureau Co., Ltd.			3,313			5,709			814			—			—			(90	)		—			6,433
Korea Finance Security Co., Ltd.			3,267			2,374			(99	)		—			—			—			1,010			3,285
Woori Growth Partnerships New Technology Private Equity Fund			—			10,889			(51	)		—			(10,838	)		—			—			—
2016KIF-IMM Woori Bank Technology Venture Fund			—			9,474			539			—			(10,013	)		—			—			—
K BANK Co., Ltd.			236,232			247,789			5,327			—			—			—			6,936			260,052
Woori Bank-Company K Korea Movie Asset Fund			—			239			52			—			(103	)		(188	)		—			—
Partner One Value Up I Private Equity Fund			5,039			4,278			(1,048	)		—			—			—			—			3,230
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership			4,356			10,285			1,162			—			(3,200	)		—			—			8,247
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund			4,436			4,355			—			82			—			—			—			4,437
Woori-Shinyoung Growth-Cap<br>Private Equity Fund I			8,237			30,310			(6,814	)		—			—			—			—			23,496
LOTTE CARD Co., Ltd.			346,810			514,131			91,533			—			—			(13,199	)		(5,073	)		587,392
Woori-Q Corporate Restructuring Private Equity Fund			8,435			16,926			1,873			273			(9,220	)		—			—			9,852
PCC-Woori LP Secondary Fund			7,000			8,999			(1,701	)		—			—			—			—			7,298
Together-Korea Government Private Pool Private Securities Investment Trust No. 3			10,000			10,243			297			—			—			—			—			10,540
Union Technology Finance Investment Association			13,449			14,462			(1,004	)		—			(1,188	)		—			—			12,270
KUM HWA Co., Ltd (*)			—			—			—			—			—			—			—			—
Paratus Woori Material Component Equipment joint venture company			12,300			11,987			(188	)		—			—			—			—			11,799
Dicustody Co., Ltd.			1			1			—			—			—			—			—			1
Jinmyung Plus Co., Ltd.			—			10			4			—			—			—			—			14
Orient Shipyard Co., Ltd. (*)			—			—			—			—			—			—			—			—
BTS 2nd Private Equity Fund			5,226			2,881			(243	)		2,200			—			—			—			4,838
Woori Financial Digital Investment Association No. 1			33,000			10,801			(338	)		22,000			—			—			—			32,463
Joongang Network Solution Co., Ltd.			—			—			1			—			—			—			87			88
STASSETS No. 3 Private Equity Investment Limited Specialized In Start-up Ventures			9,000			1,230			(324	)		7,500			—			—			—			8,406
KG Fashion Co., Ltd. (*)			—			—			—			—			—			—			—			—
Win Mortgage Co., Ltd.			23			—			84			23			—			(2	)		—			105
NH Woori Newdeal Growth Alpha Private Equity Fund 1			23,596			—			(1,206	)		23,596			—			—			—			22,390
SF CREDIT PARTNERS, LLC			13,059			—			99			13,059			—			—			(313	)		12,845
Total			746,887			917,581			88,782			68,733			(34,562	)		(13,484	)		2,647			1,029,697
(*)	The amount for which no loss was recognized for associates due to discontinuation of the equity method was<br>2 million Won for KUM HWA Co., Ltd., 28 million Won for Orient Shipyard Co., Ltd., 120 million Won in KG FASHION Co., Ltd. and the accumulated amount is 4 million Won for KUM HWA Co., Ltd., 28 million Won for Orient Shipyard<br>Co., Ltd., 120 million Won in KG FASHION Co., Ltd.
:---	:---

• 98 -

(3)	Summary financial information relating to investments in associates accounted for using the equity method of<br>accounting as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
		As of and for the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Subsidiaries		Assets			Liabilities			Operating<br>revenue			Net income<br>(loss)			Other<br>comprehensive<br>income (loss)			Total<br>comprehensive<br>income (loss)
W Service Networks Co., Ltd.			6,621			2,475			16,788			738			—			738
Korea Credit Bureau Co., Ltd.			150,657			62,343			175,338			26,589			—			26,589
Korea Finance Security Co., Ltd.			36,797			12,692			42,640			1,695			—			1,695
K BANK Co., Ltd.			29,314,529			27,293,765			1,043,436			149,922			3,695			153,617
Partner One Value Up I Private Equity Fund			9,810			682			(4,358	)		(4,758	)		—			(4,758	)
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership			11,474			165			(3,108	)		(3,887	)		—			(3,887	)
Crevisse Lime Impact 1st Startup Venture Specialist Private Equity Fund			15,745			100			1			(388	)		—			(388	)
Woori-Shinyoung Growth-Cap Private Equity Fund I			84,775			419			4,422			(10,824	)		—			(10,824	)
LOTTE CARD Co., Ltd. (*)			24,416,416			20,937,932			2,103,130			100,468			(20,494	)		79,974
Woori-Q Corporate Restructuring Private Equity Fund			101,315			1,362			1,278			164			—			164
PCC-Woori LP Secondary Fund			22,863			600			2,549			(4,767	)		—			(4,767	)
Samsung Together Korea IPPF Private Securities Investment Trust 3 [Equity-FoFs]			10,849			1			306			300			—			300
Union Technology Finance Investment Association			40,269			641			19			(646	)		—			(646	)
KUM HWA Co., Ltd.			4			167			—			—			—			—
Paratus Woori Material Component Equipment joint venture company			58,285			2,380			—			(884	)		—			(884	)
Jinmyung Plus Co., Ltd.			499			459			96			(32	)		—			(32	)
Orient Shipyard Co., Ltd.			7,025			23,626			—			(76	)		—			(76	)
BTS 2nd Private Equity Fund			39,431			432			628			(468	)		—			(468	)
Woori Financial Digital Investment Association No. 1			49,506			2			857			114			—			114
STASSETS No. 3 Private Equity Investment Limited Specialized In Start-up Ventures			39,694			197			40			(802	)		—			(802	)
KG Fashion Co., Ltd.			2,201			2,850			544			(197	)		—			(197	)
Win Mortgage Co., Ltd.			6,053			3,073			16,435			1,044			—			1,044
NH Woori Newdeal Growth Alpha Private Equity Fund 1			164,574			762			40,639			38,093			—			38,093
SF CREDIT PARTNERS, LLC			185,463			30,752			35,820			14,319			18,291			32,610
Aram CMC Co., Ltd.			541			453			717			(31	)		—			(31	)
Woori Financial Dino Lab Investment Association No. 1			4,896			1			14			(105	)		—			(105	)
Woori Corporate Turnaround No.1 Private Equity Fund			30,045			220			63			(833	)		—			(833	)
Market & Farm Co., Ltd.			954			902			4,933			(125	)		—			(125	)
(*)	The amount is after reflecting the fair value adjustment that occurred when acquiring the shares and the<br>adjustments that occurred by the difference of accounting policies with the Group.
:---	:---

• 99 -

		As of and for the year ended December 31, 2023
Subsidiaries		Assets			Liabilities			Operating<br>revenue			Net income<br>(loss)			Other<br>comprehensive<br>income (loss)			Total<br>comprehensive<br>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 Lime Impact 1st Startup Venture Specialist Private Equity Fund			15,754			100			2			(388	)		—			(388	)
Woori-Shinyoung Growth-Cap Private Equity Fund I			97,265			1,522			(26,435	)		(27,768	)		—			(27,768	)
LOTTE CARD Co., Ltd. (*)			22,329,308			19,191,007			1,937,383			363,673			(19,888	)		343,785
Woori-Q Corporate Restructuring Private Equity Fund			63,265			456			4,945			3,018			—			3,018
PCC-Woori LP Secondary Fund			27,773			668			908			(6,350	)		—			(6,350	)
Together-Korea Government Private Pool Private Securities Investment Trust No. 3			10,543			1			227			222			—			222
Union Technology Finance Investment Association			41,543			233			2,261			(838	)		—			(838	)
KUM HWA Co., Ltd.			4			167			—			—			—			—
Paratus Woori Material Component Equipment joint venture company			58,298			1,510			—			(906	)		—			(906	)
Dicustody Co., Ltd.			92			—			—			(3	)		—			(3	)
Jinmyung Plus Co., Ltd.			519			454			146			(3	)		—			(3	)
Orient Shipyard Co., Ltd.			10,708			27,225			—			(124	)		—			(124	)
BTS 2nd Private Equity Fund			25,030			837			4			(1,213	)		—			(1,213	)
Woori Financial Digital Investment Association No. 1			37,084			195			401			(573	)		—			(573	)
Joongang Network Solution Co., Ltd.			1,505			3,156			5,758			5			—			5
STASSETS No. 3 Private Equity Investment Limited Specialized In Start-up Ventures			30,014			312			95			(1,145	)		—			(1,145	)
KG Fashion Co., Ltd.			2,559			3,022			943			(569	)		—			(569	)
Win Mortgage Co., Ltd.			3,518			1,197			9,309			378			—			378
NH Woori Newdeal Growth Alpha Private Equity Fund 1			100,215			1,588			2			(3,605	)		—			(3,605	)
SF CREDIT PARTNERS, LLC			149,157			25,996			7,618			(4,610	)		(2,819	)		(7,429	)
Rea Company Ltd.			2,248			3,736			802			(694	)		—			(694	)
Aram CMC Co., Ltd.			669			485			1,005			(254	)		—			(254	)
(*)	The amount is after reflecting the fair value adjustment that occurred when acquiring the shares and the<br>adjustments that occurred by the difference of accounting policies with the Group.
:---	:---

• 100 -

(4)	The entities that the Group excluded from the associates although the Group’s shareholding ratio of common<br>stock is more than 20% as of December 31, 2024 and 2023 are as follows:
		December 31, 2024
---	---	:---:	---	---	---	---
Associate (*)		Number of shares owned (shares)			Percentage of ownership (%)
CL Tech Co., Ltd.			10,191			28.6
TH International Co.,Ltd.			6,737			21.3
WORK-LIFE BALANCE CO.,LTD			209			21.3
(*)	Although the Group’s common stock ownership of the entity is more than 20%, the Group does not have<br>significant influence over the entity since it is going through work-out process under receivership, accordingly it is excluded from the investment in associates.
:---	:---
		December 31, 2023
---	---	:---:	---	---	---	---
Associate (*)		Number of shares owned (shares)			Percentage of ownership (%)
CL Tech Co., Ltd.			10,191			28.6
(*)	Although the Group’s common stock ownership of the entity is more than 20%, the Group does not have<br>significant influence over the entity since it is going through work-out process under receivership, accordingly it is excluded from the investment in associates.
:---	:---

• 101 -

(5)	As of December 31, 2024 and 2023, the reconciliations from the net assets of the associates to the book<br>value of the shares of the investment in associates are as follows (Unit: Korean Won in millions except for ownership):
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Associates		Total net<br>asset			Ownership<br>(%)			Ownership<br>portion of net<br>assets			Basis<br>difference			Intercompany<br>transaction and<br>others			Book<br>Value
W Service Networks Co., Ltd.			4,146			4.9			204			—			—			204
Korea Credit Bureau Co., Ltd.			88,314			9.9			8,755			246			—			9,001
Korea Finance Security Co., Ltd.			24,105			15.0			3,616			—			—			3,616
K BANK Co., Ltd. (*)			2,018,704			12.0			241,429			20,821			—			262,250
Partner One Value Up I Private Equity Fund			9,128			23.3			2,123			—			—			2,123
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership			11,309			20.0			2,263			—			—			2,263
Crevisse Lime Impact 1st Startup Venture Specialist Private Equity Fund			15,645			25.0			3,911			—			621			4,532
Woori-Shinyoung Growth-Cap Private Equity Fund I			84,357			24.5			20,702			—			—			20,702
LOTTE CARD Co., Ltd. (*)			2,877,907			20.0			575,580			—			—			575,580
Woori-Q Corporate Restructuring Private Equity Fund			99,952			20.4			20,386			—			—			20,386
PCC-Woori LP Secondary Fund			22,262			26.9			5,994			—			—			5,994
Samsung Together Korea IPPF Private Securities Investment Trust 3 [Equity-FoFs]			10,848			100.0			10,847			—			—			10,847
Union Technology Finance Investment Association			39,627			29.7			11,770			—			—			11,770
KUM HWA Co., Ltd.			(163	)		20.0			(33	)		—			33			—
Paratus Woori Material Component Equipment joint venture company			55,904			20.8			11,615			—			—			11,615
Jinmyung Plus Co., Ltd.			40			20.2			9			—			—			9
Orient Shipyard Co., Ltd.			(16,601	)		22.7			(3,773	)		—			3,773			—
BTS 2nd Private Equity Fund			38,999			20.0			7,799			—			—			7,799
Woori Financial Digital Investment Association No. 1			49,504			88.0			43,564			—			—			43,564
STASSETS No. 3 Private Equity Investment Limited Specialized In Start-up Ventures			39,497			28.3			11,178			—			—			11,178
KG Fashion Co., Ltd.			(649	)		20.8			(135	)		—			135			—
Win Mortgage Co., Ltd.			2,981			4.5			135			—			—			135
NH Woori Newdeal Growth Alpha Private Equity Fund 1			163,812			22.4			36,752			—			—			36,752
SF CREDIT PARTNERS, LLC			154,712			10.0			15,470			—			530			16,000
Aram CMC Co., Ltd.			88			20.0			18			—			(18	)		—
Woori Financial Dino Lab Investment Association No. 1			4,895			70.0			3,426			—			—			3,426
Woori Corporate Turnaround No.1 Private Equity Fund			29,825			27.3			8,134			—			—			8,134
Market & Farm Co., Ltd.			52			23.7			12			—			(12	)		—
(*)	The net asset and net asset equity amount is after the stock options, etc.
:---	:---

• 102 -

		December 31, 2023
Associates		Total net<br>asset			Ownership<br>(%)			Ownership<br>portion of net<br>assets			Basis<br>difference			Intercompany<br>transaction and<br>others			Book<br>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 Lime Impact 1st Startup Venture Specialist Private Equity Fund			15,653			25.0			3,914			—			523			4,437
Woori-Shinyoung Growth-Cap Private Equity Fund I			95,743			24.5			23,496			—			—			23,496
LOTTE CARD Co., Ltd. (*)			2,936,964			20.0			587,392			—			—			587,392
Woori-Q Corporate Restructuring Private Equity Fund			62,809			15.7			9,852			—			—			9,852
PCC-Woori LP Secondary Fund			27,105			26.9			7,298			—			—			7,298
Together-Korea Government Private Pool Private Securities Investment Trust No. 3			10,542			100.0			10,540			—			—			10,540
Union Technology Finance Investment Association			41,311			29.7			12,270			—			—			12,270
KUM HWA Co., Ltd.			(163	)		20.0			(33	)		—			33			—
Paratus Woori Material Component Equipment joint venture company			56,788			20.8			11,799			—			—			11,799
Dicustody Co., Ltd.			92			1.0			1			—			—			1
Jinmyung Plus Co., Ltd.			65			20.2			14			—			—			14
Orient Shipyard Co., Ltd.			(16,517	)		22.7			(3,754	)		—			3,754			—
BTS 2nd Private Equity Fund			24,193			20.0			4,838			—			—			4,838
Woori Financial Digital Investment Association No. 1			36,889			88.0			32,463			—			—			32,463
Joongang Network Solution Co., Ltd.			(1,651	)		25.3			(419	)		—			507			88
STASSETS No. 3 Private Equity Investment Limited Specialized In Start-up Ventures			29,702			28.3			8,406			—			—			8,406
KG Fashion Co., Ltd.			(463	)		20.8			(96	)		—			96			—
Win Mortgage Co., Ltd.			2,321			4.5			105			—			—			105
NH Woori Newdeal Growth Alpha Private Equity Fund 1			98,627			22.7			22,390			—			—			22,390
SF CREDIT PARTNERS, LLC			123,161			10.0			12,316			—			529			12,845
Rea Company Ltd.			(1,488	)		24.5			(365	)		—			365			—
Aram CMC Co., Ltd.			184			20.0			37			—			(37	)		—
(*)	The net asset and net asset equity amount is after the non-controlling, etc.
:---	:---

• 103 -

14.	INVESTMENT PROPERTIES
(1)	Details of investment properties as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in<br>millions):
:---	:---
		December 31, 2024				December 31, 2023
---	---	:---:	---	---	---	:---:	---	---
Acquisition cost			599,143				657,606
Accumulated depreciation			(76,025	)			(65,078	)
Net carrying value			523,118				592,528
(2)	Changes in investment properties are as follows (Unit: Korean Won in millions):
:---	:---
		For the year ended<br>December 31
---	---	:---:	---	---	---	---	---	---
		2024				2023
Beginning balance			592,528				603,211
Depreciation			(8,768	)			(6,599	)
Transfer (*)			(65,280	)			(6,463	)
Foreign currencies translation adjustments			4,638				2,379
Ending balance			523,118				592,528
(*)	This is the reclassification amount between property and equipment, and investment properties for land and<br>buildings for the years ended December 31, 2024 and 2023.
:---	:---
(3)	Fair value of investment properties amounted to 873,600 million Won and 864,351 million Won as of<br>December 31, 2024 and 2023, respectively. The fair value of investment properties has been assessed on the basis of recent similar real estate market price and officially assessed land price in the area of the investment properties, is<br>classified as level 3 on the fair value hierarchy.
:---	:---
(4)	Rental fee earned from investment properties is amounted to 31,657 million Won and 35,869 million Won<br>for the years ended December 31, 2024 and 2023, respectively. The operating expenses directly related to the investment properties where rental fee was earned are 8,768 million Won and 6,599 million Won for the years ended<br>December 31, 2024 and 2023, respectively.
:---	:---
(5)	The minimum lease payments expected to be received in the future under the non-refundable lease agreement as of<br>December 31, 2024 and 2023. (Unit: Korean Won in millions):
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Lease payments:
Within a year			10,762			17,413
More than 1 year and within 2 years			6,055			7,114
More than 2 years and within 3 years			3,772			3,716
More than 3 years and within 4 years			3,487			3,144
More than 4 years and within 5 years			3,438			2,988
More than 5 years			3,441			2,944
Total			30,955			37,319

• 104 -

15.	PROPERTIES AND EQUIPMENT
(1)	Details of properties and equipment as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in<br>millions):
:---	:---
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Land			Building			Properties for<br>business use			Leasehold<br>improvement			Construction<br>in progress			Total
Properties and equipment (owned)			1,542,666			612,520			213,537			65,331			68,440			2,502,494
Right-of-use assets			—			475,908			23,473			—			—			499,381
Carrying value			1,542,666			1,088,428			237,010			65,331			68,440			3,001,875
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Land			Building			Properties for<br>business use			Leasehold<br>improvement			Construction<br>in progress			Total
Properties and equipment (owned)			1,495,945			614,415			184,298			52,364			36,486			2,383,508
Right-of-use assets			—			327,554			17,899			—			—			345,453
Carrying value			1,495,945			941,969			202,197			52,364			36,486			2,728,961
(2)	Details of properties and equipment (owned) as of December 31, 2024 and 2023 are as follows (Unit: Korean<br>Won in millions):
:---	:---
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Land			Building			Properties for<br>business use			Leasehold<br>improvement			Construction<br>in progress			Total
Acquisition cost			1,542,666			972,797			992,819			478,498			68,440			4,055,220
Accumulated depreciation			—			(360,277	)		(779,282	)		(413,167	)		—			(1,552,726	)
Net carrying value			1,542,666			612,520			213,537			65,331			68,440			2,502,494
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Land			Building			Properties for<br>business use			Leasehold<br>improvement			Construction<br>in progress			Total
Acquisition cost			1,495,945			949,578			908,937			459,661			36,486			3,850,607
Accumulated depreciation			—			(335,163	)		(724,639	)		(407,297	)		—			(1,467,099	)
Net carrying value			1,495,945			614,415			184,298			52,364			36,486			2,383,508
(3)	Details of changes in properties and equipment (owned) for the years ended December 31, 2024 and 2023 are<br>as follows (Unit: Korean Won in millions):
:---	:---
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Land			Building			Properties for<br>business use			Leasehold<br>improvement			Construction<br>in progress			Total
Beginning balance			1,495,945			614,415			184,298			52,364			36,486			2,383,508
Acquisition			215			27,919			88,160			28,639			37,821			182,754
Disposal			(7,253	)		—			(1,468	)		(1,517	)		—			(10,238	)
Depreciation			—			(30,854	)		(71,703	)		(18,965	)		—			(121,522	)
Foreign currencies translation adjustment			1,489			532			4,224			3,059			334			9,638
Transfer (*)			61,544			3,736			5,338			853			(6,191	)		65,280
Classification as held for sale			(16,477	)		(3,215	)		—			—			—			(19,692	)
Business combination			—			—			2			—			—			2
Others			7,203			(13	)		4,686			898			(10	)		12,764
Ending balance			1,542,666			612,520			213,537			65,331			68,440			2,502,494
(*)	This is the reclassification amount between property and equipment, and investment properties for land and<br>buildings for the year ended December 31, 2024.
:---	:---

• 105 -

		For the year ended December 31, 2023
		Land			Building			Properties for<br>business use			Leasehold<br>improvement			Construction<br>in progress			Total
Beginning balance			1,486,834			630,644			186,181			48,824			32,184			2,384,667
Acquisition			—			18,064			81,773			21,803			8,083			129,723
Disposal			(352	)		(520	)		(13,454	)		(1,000	)		(3,600	)		(18,926	)
Depreciation			—			(29,425	)		(70,962	)		(17,577	)		—			(117,964	)
Foreign currencies translation adjustment			492			241			187			192			(68	)		1,044
Transfer (*)			9,907			(3,444	)		—			—			—			6,463
Classification as held for sale			(936	)		(1,568	)		—			—			—			(2,504	)
Others			—			423			573			122			(113	)		1,005
Ending balance			1,495,945			614,415			184,298			52,364			36,486			2,383,508
(*)	This is the reclassification amount between property and equipment, and investment properties for land and<br>buildings for the year ended December 31, 2023
:---	:---
(4)	Details of right-of-use assets as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in<br>millions):
:---	:---
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---
		Building				Properties for<br>business use				Total
Acquisition cost			867,170				38,206				905,376
Accumulated depreciation			(391,262	)			(14,733	)			(405,995	)
Net carrying value			475,908				23,473				499,381
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---
		Building				Properties for<br>business use				Total
Acquisition cost			639,005				32,565				671,570
Accumulated depreciation			(311,451	)			(14,666	)			(326,117	)
Net carrying value			327,554				17,899				345,453
(5)	Details of changes in right-of-use assets for the years ended December 31, 2024 and 2023 are as follows<br>(Unit: Korean Won in millions) :
:---	:---
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---
		Building				Properties for<br>business use				Total
Beginning balance			327,554				17,899				345,453
New contracts			313,469				15,595				329,064
Changes in contracts			46,097				15				46,112
Termination			(14,764	)			(1,009	)			(15,773	)
Depreciation			(203,212	)			(11,488	)			(214,700	)
Others			6,764				2,461				9,225
Ending balance			475,908				23,473				499,381
		For the year ended December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---
		Building				Properties for<br>business use				Total
Beginning balance			303,387				12,763				316,150
New contracts			184,967				16,037				201,004
Changes in contracts			25,564				138				25,702
Termination			(17,277	)			(1,056	)			(18,333	)
Depreciation			(179,709	)			(10,039	)			(189,748	)
Others			10,622				56				10,678
Ending balance			327,554				17,899				345,453

• 106 -

16.	INTANGIBLE ASSETS
(1)	Details of intangible assets as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in<br>millions):
:---	:---
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Goodwill			Industrial<br>property<br>rights			Development<br>cost			Others			Membership			Construction<br>in progress			Total
Acquisition cost			181,229			2,245			635,314			1,137,672			26,241			6,003			1,988,704
Accumulated amortization			—			(1,810	)		(432,903	)		(921,629	)		—			—			(1,356,342	)
Accumulated impairment losses			—			—			—			(33,552	)		(1,093	)		—			(34,645	)
Net carrying value			181,229			435			202,411			182,491			25,148			6,003			597,717
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Goodwill			Industrial<br>property<br>rights			Development<br>cost			Others			Membership			Construction<br>in progress			Total
Acquisition cost			163,517			2,118			541,977			1,036,994			23,270			7,167			1,775,043
Accumulated amortization			—			(1,629	)		(378,299	)		(840,650	)		—			—			(1,220,578	)
Accumulated impairment losses			—			—			—			(33,552	)		(1,132	)		—			(34,684	)
Net carrying value			163,517			489			163,678			162,792			22,138			7,167			519,781
(2)	Details of changes in intangible assets for the years ended December 31, 2024 and 2023 are as follows<br>(Unit: Korean Won in millions):
:---	:---
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Goodwill			Industrial<br>property<br>rights			Development<br>cost			Others			Membership			Construction<br>in progress			Total
Beginning balance			163,517			489			163,678			162,792			22,138			7,167			519,781
Acquisition			—			18			75,890			67,382			3,976			25,181			172,447
Disposal			—			—			(113	)		(1,717	)		(522	)		—			(2,352	)
Amortization (*1)			—			(182	)		(50,033	)		(61,256	)		—			—			(111,471	)
Provision for impairment loss (*2)			—			—			—			—			(217	)		—			(217	)
Transfer			—			110			12,989			10,990			—			(24,089	)		—
Foreign currencies translation adjustment			17,712			—			—			4,163			274			586			22,735
Business combination			—			—			—			1			—			—			1
Others			—			—			—			136			(501	)		(2,842	)		(3,207	)
Ending balance			181,229			435			202,411			182,491			25,148			6,003			597,717
(*1)	Amortization of other intangible assets amounting to 28,509 million Won is included in other operating<br>expenses.
:---	:---
(*2)	Membership is an intangible asset with an indefinite useful life that recognizes an impairment loss if<br>recoverable value is lower than its carrying amount, while the reversal of an impairment loss should be recognized when the recoverable value is higher than its carrying amount.
:---	:---

• 107 -

		For the year ended December 31, 2023
		Goodwill			Industrial<br>property<br>rights			Development<br>cost			Others			Membership			Construction<br>in progress			Total
Beginning balance			159,194			621			139,519			116,038			20,085			3,027			438,484
Acquisition			—			66			78,619			102,801			2,022			6,287			189,795
Disposal			—			—			—			(1,028	)		—			—			(1,028	)
Amortization (*1)			—			(197	)		(54,459	)		(56,103	)		—			—			(110,759	)
Reversal of impairment loss (*2)			—			—			—			—			25			—			25
Foreign currencies translation adjustment			4,323			—			(3	)		613			5			(28	)		4,910
Others			—			(1	)		2			471			1			(2,119	)		(1,646	)
Ending balance			163,517			489			163,678			162,792			22,138			7,167			519,781
(*1)	Amortization of other intangible assets amounting to 22,349 million Won is included in other operating<br>expenses.
:---	:---
(*2)	Membership is an intangible asset with an indefinite useful life that recognizes an impairment loss if<br>recoverable value is lower than its carrying amount, while the reversal of an impairment loss should be recognized when the recoverable value is higher than its carrying amount
:---	:---
(3)	Goodwill
:---	:---
1)	Details of major goodwill as of December 31, 2024 and 2023 are as follows (Unit: Korea Won in millions):
:---	:---
Cash Generating Unit (*1)		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
PT Bank Woori Saudara Indonesia 1906 Tbk (*2)			109,262			100,267
Woori Bank (Cambodia) PLC (*3)			64,584			56,513
Total			173,846			156,780
(*1)	The goodwill has been allocated to the cash-generating unit that will benefit from the synergies of the<br>business combination, and the cash-generating unit generally consists of a sales unit or its sub-sector.
:---	:---
(*2)	The Group has acquired Saudara Bank to expand retail sales in Indonesia, and recognized the goodwill as it is<br>expected to strengthen our competitiveness by securing a local sales network in Indonesia.
:---	:---
(*3)	The Group has acquired Vision Fund Cambodia to expand Cambodian retail sales, and recognized goodwill based on<br>the economies of scale and acquired customer base.
:---	:---
2)	Impairment test
:---	:---

The recoverable amount of the cash-generating unit is measured at larger amount among the net fair value or the value in use.

• 108 -

The net fair value is calculated by deducting costs of disposal from the amount received from the sale of the cash-generating unit in an arm’s length transaction between the parties with reasonable judgment and willingness to negotiate. In case of difficulty in measuring this amount, the net fair value is calculated by reflecting the characteristics of the current cash-generating unit in the past sale amounts of similar cash-generating units in the market. If reliable information related to fair value less costs to sell is not available, value in use is considered as recoverable amount. Value in use is the present value of future cash flows expected to be generated by the cash-generating unit. Future cash flows are estimated based on the latest financial budget approved by the management, with an estimated period of up to five years. PT Bank Woori Saudara Indonesia 1906 Tbk and Woori Bank (Cambodia) PLC applied growth rate for 1% to estimate future cash flow for the period over five years. The main assumptions used to estimate cash flows are about the size of the market and the share of the Group. The appropriate discount rate for discounting future cash flows is the pre-tax discount rate, including assumptions about risk-free rates, market risk premium, and systemic risk of cash-generating units. The impairment test, which compares the carrying amount and recoverable amount of the cash-generating unit to which goodwill has been allocated, is conducted every year and every time an impairment sign occurs. (Unit: Korean Won in millions):

Category		PT Bank Woori<br>Saudara Indonesia<br>1906 Tbk			Woori Bank<br>(Cambodia) PLC
Discount rate (%)			16.70			14.08
Terminal growth rate (%)			1.00			1.00
Recoverable amount			1,159,909			611,920
Carrying amount			1,157,185			608,181

As a result of the impairment test on goodwill, it is determined that the carrying amount of the cash-generating unit to which the goodwill has been distributed will not exceed the recoverable amount.

3)	Sensitivity analysis

The sensitivity of recoverable amount due to changes in significant but unobservable inputs used in measuring recoverable amount of PT Bank Woori Saudara Indonesia 1906 Tbk and Woori Bank (Cambodia) PLC as of December 31, 2024, is as follows (Unit: Korean Won in millions):

				PT Bank Woori<br>Saudara Indonesia<br>1906 Tbk				Woori Bank<br>(Cambodia) PLC
Discount rate		Increase by 1.0	% point		(94,117	)			(57,636	)
		Decrease by 1.0	% point		110,818				69,745
Terminal growth rate		Increase by 0.5	% point		35,178				23,170
		Decrease by 0.5	% point		(32,488	)			(21,101	)
17.	ASSETS HELD FOR SALE
:---	:---

Assets held for sale as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

		December 31, 2024			December 31, 2023
Properties and equipment (*)			31,266			11,573
(*)	The Group classifies above assets as assets held for sale that are highly likely to be sold within one year<br>from December 31, 2024 and 2023, based on the management’s decision.
:---	:---

• 109 -

18.	ASSETS SUBJECT TO LIEN AND ASSETS ACQUIRED THROUGH FORECLOSURES
(1)	Assets subjected to lien as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
				December 31, 2024
---	---	---	---	:---:	---	---	---	---	---
				Collateral given to		Amount			Reason for collateral
Loans and other financial assets at amortized cost		Due from banks in local currency		Korea Exchange Co., Ltd.			3		Margin deposit for CCP
		Due from banks in foreign currencies		BNP-PARIBAS, PAR and others			647,782		CSA variable margin and others
		Mortgage-backed securities		Public offering			1,790,810		Covered bonds
Financial assets at FVTPL		Korean financial institutions debt securities and others		DBS BANK LTD, SEL and others			698,231		CSA variable margin and others
Financial assets at FVTOCI		Korean financial institutions debt securities and others		CITIBANK, N.A. LONDON and others			74,143		Related to bonds sold under repurchase agreements (*)
		Korean financial institutions debt securities and others		The BOK and others			8,863,286		Settlement risk and others
		Foreign financial institutions debt securities		Central Bank of Brazil and others			164,136		Related to bonds sold under repurchase agreements (*)
				RJF			110,530		Collateral to receive a borrowing limit
				SOCIETE GENERAL, PAR			358,781		CSA variable margin
Securities at amortized cost		Korean treasury and government bonds and others		The BOK and others			11,526,197		Settlement risk and others
		Foreign financial institutions debt securities		NATIXIS			41,442		Related to bonds sold under repurchase agreements (*)
				RJF and others			34,508		Collateral to receive a borrowing limit
				Total			24,309,849
(*)	The financial assets are not derecognized and provided as collaterals because the Group entered into an<br>agreement to buy the transferred assets back at a predetermined price or the sale price plus a certain return rate. The Group continuously recognizes the transferred assets as liabilities (bond sold under repurchase agreements) after the repurchase.
:---	:---

• 110 -

				December 31, 2023
				Collateral given to		Amount			Reason for collateral
Loans and other financial assets at amortized cost		Due from banks in local currency		MORGAN STANLEY BANK INTL, SEL and others			26,854		CSA variable margin and others
		Due from banks in foreign currencies		Korea Investment & Securities Co., Ltd. and others			765,330		Overseas Futures Option Deposit and others
		Mortgage-backed securities		Public offering			1,242,963		Covered bonds
Financial assets at FVTPL		Korean financial institutions debt securities and others		Korea Exchange and others			385,394		CSA variable margin and others
Financial assets at FVTOCI		Korean treasury and government bonds		Korea Securities Depository			73,846		Related to bonds sold under repurchase agreements (*)
		Korean financial institutions debt securities and others		The BOK and others			8,182,907		Settlement risk and others
		Foreign financial institutions debt securities		Postal Savings Bank of China and others			482,737		Related to bonds sold under repurchase agreements (*)
				Korea Investment & Securities Co., Ltd. and others			955,126		Substitute securities and others
Securities at amortized cost		Korean treasury and government bonds and others		The BOK and others			10,380,306		Settlement risk and others
		Foreign financial institutions debt securities		NATIXIS			48,368		Related to bonds sold under repurchase agreements (*)
				Federal Reserve Bank			23,180		Collateral to receive a borrowing limit
				Total			22,567,011
(*)	The financial assets are not derecognized and provided as collaterals because the Group entered into an<br>agreement to buy the transferred assets back at a predetermined price or the sale price plus a certain return rate. The Group continuously recognize the transferred assets as liabilities (bond sold under repurchase agreements) after the repurchase.
:---	:---
(2)	Assets acquired through foreclosures as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in<br>millions):
:---	:---
		December 31, 2024				December 31, 2023
---	---	:---:	---	---	---	:---:	---	---
Non-operational real estates			48,576				37,596
Non-operational assets			497				997
Real estate assessment provision			(1,898	)			(1,611	)
Accumulated Depreciation			(2,745	)			(2,358	)
Total			44,430				34,624

• 111 -

(3)	Securities loaned as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
				December 31,<br>2024			Loaned to
---	---	---	---	:---:	---	---	:---:
Financial assets at FVTPL		Korean treasury and government bonds and others			12,361		Korea Securities Finance Corporation
				December 31,<br>2023			Loaned to
---	---	---	---	:---:	---	---	:---:
Financial assets at FVTPL		Korean treasury and government bonds and others			625,398		Korea Securities Finance Corporation and others
Financial assets at FVTOCI		Korean treasury and government bonds and others			592,218		Korea Securities Depository and others

Securities loaned are lending of specific securities to borrowers who agree to return the same quantity of the same security at the end of lending period. As the Group does not derecognize these securities, there are no liabilities recognized through such transactions relates to securities loaned.

(4)	Collaterals held that can be disposed and re-subjected to lien regardless of defaults of counterparties

Fair values of collaterals held that can be disposed and re-subjected to lien regardless of defaults of counterparties as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

		December 31, 2024
		Fair values of collaterals			Fair values of collaterals<br>disposed or re-subjected to lien
Securities			10,640,153			—
		December 31, 2023
---	---	:---:	---	---	---	---
		Fair values of collaterals			Fair values of collaterals<br>disposed or re-subjected to lien
Securities			3,443,822			—
19.	OTHER ASSETS
:---	:---

Details of other assets as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

		December 31, 2024			December 31, 2023
Prepaid expenses			296,902			222,211
Advance payments			8,502			47,521
Non-operational assets			44,430			34,624
Others			16,379			13,951
Total			366,213			318,307

• 112 -

20.	FINANCIAL LIABILITIES AT FVTPL
(1)	Financial liabilities at FVTPL as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in<br>millions):
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Financial liabilities at FVTPL			9,235,348			6,023,306
Financial liabilities designated to be measured at FVTPL			547,816			—
Total			9,783,164			6,023,306
(2)	Details of financial liabilities at FVTPL as of December 31, 2024 and 2023 are as follows (Unit: Korean<br>Won in millions):
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Deposits due to customers :
Gold banking liabilities			74,205			39,524
Derivative liabilities			9,161,143			5,983,782
Total			9,235,348			6,023,306
(3)	Details of financial liabilities designated to be measured at FVTPL as of December 31, 2024 and 2023 are<br>as follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Deposits due to customers :
Time Deposits			547,816			—

These contracts are designated as financial liabilities at fair value through profit or loss in accordance with K- IFRS No.1109 ‘Financial Instrument’ because the group of financial instruments is managed and its performance is evaluated on a fair value basis, in accordance with a documented risk management or investment strategy, in cases where designating financial liabilities as items measured at fair value through profit or loss makes the information more relevant.

(4)	Changes in fair value due to fluctuation in credit risk reflected in financial liabilities designated to be<br>measured at FVTPL for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
		For the year ended<br>December 31, 2024				For the year ended<br>December 31, 2023
---	---	:---:	---	---	---	:---:	---
Financial liabilities designated to be measured at FVTPL			547,816				—
Changes in fair value due to fluctuation in credit risk (*)			(1,831	)			—
Accumulated changes in fair value due to fluctuation in credit risk (*)			(1,831	)			—
(*)	The profit recognized in other comprehensive income for the year ended December 31, 2024 with respect to<br>financial liabilities designated to be measured at FVTPL is 1,831 million Won, and the cumulative profit is 1,831 million Won.
:---	:---

When deposits due to customers are measured at fair value, adjustments are made to reflect the credit risk of the Group. This is a method determined by adjusting the Group’s credit spread observed in the credit evaluation.

(5)	The difference between financial liabilities designated to be measured at FVTPL’s carrying amount and<br>nominal amount at maturity as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Carrying amount			547,816			—
Nominal amount at maturity			530,000			—
Difference			17,816			—

• 113 -

21.	DEPOSITS DUE TO CUSTOMERS

Details of deposits due to customers by type as of December 31, 2024, and 2023 are as follows (Unit: Korean Won in millions):

		December 31, 2024				December 31, 2023
Deposits in local currency:
Demand deposits			8,875,838				8,815,272
Time deposits			291,515,109				283,120,740
Mutual installment			19,901				21,602
Certificate of deposits			11,742,425				14,767,307
Other deposits			1,037,810				1,117,673
Sub-total			313,191,083				307,842,594
Deposits in foreign currencies:
Deposits in foreign currencies			50,986,214				46,193,691
Present value discount			(144,359	)			(184,906	)
Total			364,032,938				353,851,379
22.	BORROWINGS AND DEBENTURES
:---	:---
(1)	Details of borrowings as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---
		Lenders		Interest rate (%)			Amount
Borrowings in local currency:
Borrowings from the BOK		The BOK			1.5			1,981,928
Borrowings from government funds		Small Enterprise and Market Service and others			0.0 ~ 3.5			2,165,257
Others		The Korea Development Bank and others			0.0 ~ 4.8			5,609,910
Sub-total								9,757,095
Borrowings in foreign currencies		The Export-Import Bank of Korea and others			0.0 ~ 12.0			14,937,950
Bills sold		Others			0.0 ~ 2.7			3,690
Call money		Bank and others			1.7 ~ 4.9			1,402,780
Bonds sold under repurchase agreements		Other financial institutions			1.0 ~ 12.2			278,767
Present value discount								(593	)
Total								26,379,689
		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 ~ 6.0			6,178,564
Sub-total								9,740,587
Borrowings in foreign currencies		The Export-Import Bank of Korea and others			0.0 ~ 10.0			13,865,152
Bills sold		Others			0.0 ~ 2.7			6,326
Call money		Bank and others			4.1 ~ 6.6			1,115,923
Bonds sold under repurchase agreements		Other financial institutions			1.0 ~ 11.7			527,291
Present value discount								(547	)
Total								25,254,732

• 114 -

(2)	Details of debentures as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
		December 31, 2024							December 31, 2023
---	---	:---:	---	---	---	---	---	---	:---:	---	---	---	---	---
		Interest rate (%)			Amount				Interest rate (%)			Amount
Face value of bond (*):
Ordinary bonds			0.8 ~ 6.3			22,170,995				0.8 ~ 7.1			17,029,358
Subordinated bonds			1.9 ~ 5.1			3,471,380				1.9 ~ 5.1			4,291,848
Other bonds			17.0			4,006				17.0			4,006
Sub-total						25,646,381							21,325,212
Discounts on bonds						(112,057	)						(48,179	)
Total						25,534,324							21,277,033
(*)	Includes debentures under fair value hedge amounting to 3,952,047 million Won and 3,943,224 million<br>Won as of December 31, 2024 and 2023, respectively.
:---	:---
23.	PROVISIONS
:---	:---
(1)	Details of provisions as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Provisions for guarantees (*1)			70,686			78,919
Provisions for unused commitments			76,713			82,491
Asset retirement obligation			87,599			86,290
Other provisions (*2)			295,108			458,264
Total			530,106			705,964
(*1)	Provisions for guarantees include provisions for financial guarantees of 48,001 million Won and<br>48,342 million Won as of December 31, 2024 and 2023, respectively.
:---	:---
(*2)	Other provisions consist of provisions for litigation, compensation for loss and others.
:---	:---
(2)	Changes in provisions for guarantees and unused loan commitments for the years ended December 31, 2024 and<br>2023 are as follows (Unit: Korean Won in millions):
:---	:---
i)	Provisions for guarantees
:---	:---
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
		Stage 1				Stage 2				Stage 3			Total
Beginning balance			68,894				2,800				7,225			78,919
Transfer to 12-month expected credit loss			317				(317	)			—			—
Transfer to expected credit loss for the entire period			(230	)			230				—			—
Transfer to credit-impaired financial assets			(100	)			(90	)			190			—
Net provision for (reversal of) unused amount			(9,352	)			(108	)			4,211			(5,249	)
Other increase (decrease) (*)			(3,004	)			19				1			(2,984	)
Ending balance			56,525				2,534				11,627			70,686
(*)	Includes the impact from change of financial guarantee liabilities, etc.
:---	:---

• 115 -

		For the year ended December 31, 2023
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			41,733				24,325				7,685				73,743
Transfer to 12-month expected credit loss			20,503				(20,503	)			—				—
Transfer to expected credit loss for the entire period			(453	)			453				—				—
Transfer to credit-impaired financial assets			(4	)			(3	)			7				—
Net provision for (reversal of) unused amount			5,493				(1,470	)			(467	)			3,556
Other increase (decrease) (*)			1,622				(2	)			—				1,620
Ending balance			68,894				2,800				7,225				78,919
(*)	Includes the impact from change of financial guarantee liabilities, etc.
:---	:---
ii)	Provisions for unused loan commitments
:---	:---
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			74,090				8,401				—				82,491
Transfer to 12-month expected credit loss			2,385				(2,385	)			—				—
Transfer to expected credit loss for the entire period			(1,602	)			1,602				—				—
Transfer to credit-impaired financial assets			(57	)			(53	)			110				—
Net provision for (reversal of) unused amount			(8,271	)			1,816				(110	)			(6,565	)
Other increase (decrease)			796				(9	)			—				787
Ending balance			67,341				9,372				—				76,713
		For the year ended December 31, 2023
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			34,509				20,568				—				55,077
Transfer to 12-month expected credit loss			12,268				(12,268	)			—				—
Transfer to expected credit loss for the entire period			(803	)			803				—				—
Transfer to credit-impaired financial assets			(19	)			(18	)			37				—
Net provision (reversal) of unused amount			28,116				(684	)			(37	)			27,395
Other increase			19				—				—				19
Ending balance			74,090				8,401				—				82,491
(3)	Changes in asset retirement obligation for the years ended December 31, 2024 and 2023 are as follows<br>(Unit: Korean Won in millions):
:---	:---
		For the year ended December 31
---	---	:---:	---	---	---	---	---	---
		2024				2023
Beginning balance			86,290				75,202
Provisions provided			3,553				4,312
Provisions used			(4,468	)			(1,162	)
Reversal			(223	)			—
Amortization			1,243				1,328
Increase in restoration costs and others			1,204				6,610
Ending balance			87,599				86,290

• 116 -

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 properties as of end of reporting period 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 the preceding year in order to estimate future recovery cost.

(4)	Changes in other provisions for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean<br>Won in millions):
		For the year ended December 31
---	---	:---:	---	---	---	---	---	---
		2024				2023
Beginning balance			458,264				262,502
Provisions provided			29,769				239,228
Provisions used and others			(185,576	)			(27,125	)
Reversal of unused amount			(3,344	)			(14,497	)
Foreign currencies translation adjustments			209				(1,844	)
Other decrease			(4,214	)			—
Ending balance			295,108				458,264
(5)	Others
:---	:---
①	The Group recognized the estimated amount of compensation related to incomplete sales of Derivative Linked Fund<br>(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 current period.
:---	:---
②	The Group recognized a provision for the estimated amount of contract refunds and loss compensation that may be<br>payable in relation to customer losses expected due to fund redemption delays prior to the previous period, with an ending balance of 246,422 million won as of December 31, 2024. Additionally, the Group recognized a provision of<br>781 million won for the estimated compensation amount for expected losses of customers who invested in equity-linked securities for the year ended December 31, 2024.
:---	:---

• 117 -

24.	NET DEFINED BENEFIT LIABILITY(ASSET)

The retirement benefit of the Group 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 actuarial assumptions that are considered to be the most reasonable estimate of the future cash flows (the projected unit method, which takes account of projected earnings increases).

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 discount rate calculated based on return on<br>high-quality corporate bonds. A deficit may occur if the rate of return of plan assets falls short of the discount rate.
Decrease in return on high quality corporate bonds		A decrease in return on high-quality corporate bonds will be partially offset by some increase in<br>the value of debt securities that the employee benefit plan owns but will bring an increase in the defined benefit obligation.
Risk of inflation		Most defined benefit obligations are related to inflation rate; the higher the inflation rate is,<br>the higher the level of liabilities. Therefore, deficit occurs in the system if an inflation rate increases.
(1)	Details of net defined benefit liability(asset) as of December 31, 2024 and 2023 are as follows (Unit:<br>Korean Won in millions):
:---	:---
		December 31, 2024				December 31, 2023
---	---	:---:	---	---	---	:---:	---	---
Present value of defined benefit obligations			1,591,119				1,358,687
Fair value of plan assets			(1,726,232	)			(1,577,806	)
Net defined benefit liability(asset)			(135,113	)			(219,119	)
(2)	Changes in the carrying value of defined benefit obligation for the years ended December 31, 2024 and 2023<br>are as follows (Unit: Korean Won in millions):
:---	:---
				For the year ended December 31
---	---	---	---	:---:	---	---	---	---	---	---
				2024				2023
Beginning balance					1,358,687				1,188,957
Current service cost					121,807				106,850
Interest cost					64,548				62,934
Remeasurements		Financial assumptions			79,646				61,885
		Demographic assumptions			(533	)			—
		Experience adjustments			(14,545	)			7,204
Foreign currencies translation adjustments					400				80
Retirement benefit paid					(87,193	)			(76,465	)
Effect of moving in and out of associates					409				6,895
Liability acquired through business combination					68,237				—
Others					(344	)			347
Ending balance					1,591,119				1,358,687

• 118 -

(3)	Changes in the plan assets for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won<br>in millions):
		For the years ended December 31
---	---	:---:	---	---	---	---	---	---
		2024				2023
Beginning balance			1,577,806				1,474,309
Employer’s contributions			100,000				120,000
Interest income			77,208				81,090
Remeasurements			(13,670	)			(20,534	)
Retirement benefit paid			(83,331	)			(80,887	)
Effect of moving in and out of associates			2,514				5,950
Asset acquired through business combination			68,237				—
Other			(2,532	)			(2,122	)
Ending balance			1,726,232				1,577,806
(4)	The details of plan assets as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Time deposits and others			1,726,232			1,577,806
(5)	Realized returns on plan assets amount to 63,538 million Won and 60,556 million Won for the years<br>ended December 31, 2024 and 2023, respectively, and the contribution expected to be paid in the current accounting year amounts to 127,532 million Won.
:---	:---
(6)	The amounts recognized in net income and total comprehensive income in relation to defined benefit plans for<br>the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		For the year ended<br>December 31, 2024				For the year ended<br>December 31, 2023
---	---	:---:	---	---	---	:---:	---	---
Current service cost			121,807				106,850
Net interest income			(12,660	)			(18,156	)
Cost recognized in net income			109,147				88,694
Remeasurements			78,238				89,623
Cost recognized in total comprehensive income			187,385				178,317

Meanwhile, retirement benefits related to defined contribution plans recognized as expenses are 2,030 million Won and 2,151 million Won for the years ended December 31, 2024 and 2023, respectively.

(7)	Key actuarial assumptions used in defined benefit liability measurement as of December 31, 2024 and 2023<br>are as follows:
		December 31, 2024	December 31, 2023
---	---	:---:	:---:
Discount rate		4.03%	4.57%
Future wage growth rate		5.19%	5.18%
Mortality rate		Issued by Korea Insurance<br>Development Institute	Issued by Korea Insurance<br>Development Institute
Retirement rate		Experience rate for each<br>employment classification	Experience rate for each<br>employment classification

The weighted average maturity of defined benefit liability is 9.75 years.

• 119 -

(8)	The sensitivity to actuarial assumptions used in the assessment of defined benefit obligation as of<br>December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
				December 31, 2024 (*)				December 31, 2023 (*)
---	---	---	---	:---:	---	---	---	:---:	---	---
Discount rate		Increase by 1% point			(137,958	)			(121,166	)
		Decrease by 1% point			159,621				140,124
Future wage growth rate		Increase by 1% point			160,833				141,933
		Decrease by 1% point			(141,388	)			(124,745	)
(*)	Although the above sensitivity analyses are based on a change in an assumption while holding all other<br>assumptions constant; in practice, more than one assumption are correlated. The sensitivity of the defined benefit obligation to changes in principal actuarial assumptions is calculated using the projected unit credit method, the same method applied<br>when calculating the defined benefit obligations recognized in the statement of financial position.
:---	:---
(9)	The details of the maturity of the defined benefit obligation as of December 31, 2024 and 2023 are as<br>follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Within 1 year			60,056			29,180
After 1 year but less than 2 years			83,523			34,093
After 2 years but less than 5 years			409,094			344,670
After 5 years but less than 10 years			457,362			474,739
After 10 years			1,390,927			1,335,246
25.	OTHER FINANCIAL LIABILITIES AND OTHER LIABILITIES
:---	:---

Other financial liabilities and other liabilities as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

		December 31, 2024				December 31, 2023
Other financial liabilities:
Accounts payable			6,438,827				9,087,137
Accrued expenses			4,363,030				4,033,440
Borrowings from trust accounts			6,769,383				5,207,791
Agency business revenue			733,988				271,944
Foreign exchange payables			902,564				887,817
Domestic exchange payables			7,590,328				1,367,709
Lease liabilities			450,682				299,621
Other miscellaneous financial liabilities			2,059,919				2,077,324
Present value discount			(1,118	)			(2,631	)
Sub-total			29,307,603				23,230,152
Other liabilities:
Unearned income			111,796				103,118
Other miscellaneous liabilities			195,493				192,542
Sub-total			307,289				295,660
Total			29,614,892				23,525,812

• 120 -

26.	DERIVATIVES
(1)	Derivative assets and derivative liabilities as of December 31, 2024 and 2023 are as follows (Unit: Korean<br>Won in millions):
:---	:---
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
		Nominal<br>amount			Assets						Liabilities
					For fair value<br>hedge			For trading			For fair value<br>hedge			For trading
Interest rate:
Futures			101,831			—			—			—			—
Forwards			3,530,000			—			52,855			—			274,980
Swaps			138,866,980			10,102			308,647			102,634			204,086
Purchase options			50,000			—			81			—			—
Written options			360,000			—			—			—			10,595
Currency:
Forwards			111,916,607			—			5,638,033			—			1,804,764
Swaps			84,460,271			—			4,089,519			—			6,861,714
Purchase options			175,221			—			4,779			—			—
Written options			265,182			—			—			—			3,603
Equity:
Forwards			1,520			—			182			—			—
Swaps			7,698			—			—			—			1,401
Purchase options			1,767			—			1,005			—			—
Total			339,737,077			10,102			10,095,101			102,634			9,161,143
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
		Nominal<br>amount			Assets						Liabilities
					For fair value<br>hedge			For trading			For fair value<br>hedge			For trading
Interest rate:
Futures			118,455			—			—			—			—
Forwards			3,960,000			—			83,199			—			169,527
Swaps			138,794,758			698			367,429			135,263			221,293
Purchase options			150,000			—			6,556			—			—
Written options			400,000			—			—			—			15,359
Currency:
Forwards			97,701,656			—			1,935,734			—			886,638
Swaps			78,414,876			—			2,669,550			—			3,676,045
Purchase options			139,309			—			1,500			—			—
Written options			122,698			—			—			—			585
Equity:
Forwards			137			—			36			—			—
Futures			480,311			—			—			—			—
Swaps			461,112			—			126,028			—			1,994
Purchase options			16,444,709			—			608,295			—			—
Written options			16,887,247			—			—			—			1,012,341
Total			354,075,268			698			5,798,327			135,263			5,983,782

Derivatives held for trading are classified into financial assets at FVTPL (Note 7) and financial liabilities at FVTPL (Note 20), and derivatives held for hedging are presented as derivative assets and derivative liabilities in the consolidated statements of financial position.

• 121 -

(2)	Overview of the Group’s hedge accounting
1)	Fair value hedge
:---	:---

As of December 31, 2024, the Group has applied fair value hedge on fixed interest rate foreign currency denominated debentures amounting to 3,792,388 million Won, and Korean Won denominated debentures amounting to 159,659 million Won. The purpose of the hedging is to avoid fair value volatility risk of fixed interest rate foreign currency and Korean Won denominated debentures derived from fluctuations of market interest rate, and as such the Group entered into interest rate swap agreements designated as hedging instruments.

According to the interest rate swap contract, an amount computed by multiplying the difference between the fixed and variable interest rate to the predetermined nominal amount will be exchanged. As a result, the fixed interest rate condition in the foreign currency and Korean Won denominated debentures will practically be converted into variable interest rate, thereby eliminating the risk of fair value fluctuation. Pursuant to the interest rate swap agreement, hedge ratio is determined by matching the nominal value to the face value of the hedging instrument.

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 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 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.

2)	Hedges of net investment in foreign operations

The foreign currency exposure arises from the Group’s net investment in Woori America Bank, Woori Bank (Cambodia) PLC, Woori Global Markets Asia Limited and foreign branches, which use USD as functional currency. The risk arises from fluctuation in the spot exchange rate between USD and KRW. This may change the net investment amount.

The risk hedged from net investment hedging is the risk of fluctuations in KRW against USD, which could reduce the net investment carrying amount of the Group in Woori America Bank, Woori Bank (Cambodia) PLC. and Woori Global Markets Asia Limited.

• 122 -

Some of the Group’s net investments in Woori America bank, Woori Bank (Cambodia) PLC., Woori Global Markets Asia Limited, etc. are hedged in USD-denominated foreign currency bonds (Carrying amount as of December 31, 2024: USD 863,959,317) and mitigate the exchange risk arising from the net assets of subsidiaries. The bond was designated as a hedging instrument for changes in the value of net investments resulting from fluctuations in the spot exchange rate between USD and KRW.

To assess the effectiveness of the hedge, the Group determines the economic relationship between the hedging instrument and hedged item by comparing (offsetting) changes in the amount of foreign investments due to spot exchange rate fluctuation and in the carrying amount of the liabilities due to spot exchange rate fluctuation. The Group’s policy is to hedge the net investment only within the principal range of the liabilities.

(3)	The nominal amounts of the hedging instrument as of December 31, 2024 and 2023 are as follows (Unit: USD,<br>and Korean Won in millions):
	December 31, 2024
---	:---:	---	---	---	---	---	---	---	---	---	---
	1 year or less			1 year to 5 years			More than 5<br>years			Total
Fair value hedge
Interest rate risk
Interest rate swaps ()		25,000,000			2,650,000,000			—			2,675,000,000
Interest rate swaps (KRW)		—			—			155,000			155,000
Hedges of net investment in foreign operations
Foreign exchange risk
Foreign currency denominated debentures ()		191,568,880			672,390,437			—			863,959,317

All values are in US Dollars.

	December 31, 2023
	1 year or less			1 year to 5 years			More than 5<br>years			Total
Fair value hedge
Interest rate risk
Interest rate swaps ()		1,000,000,000			1,975,000,000			—			2,975,000,000
Interest rate swaps (KRW)		240,000			—			20,000			260,000
Hedges of net investment in foreign operations
Foreign exchange risk
Foreign currency denominated debentures ()		400,000,000			463,959,317			—			863,959,317

All values are in US Dollars.

(4)	The average interest rate and average exchange rate of the hedging instrument as of December 31, 2024 and<br>2023 are as follows:
	December 31, 2024
---	:---:
Fair value hedge
Interest rate risk
Interest rate swaps ()	Fixed 3.47% receipt and C.SOFR+1.06% floating paid
Interest rate swaps (KRW)	Fixed 4.52% receipt and CD 3M+0.02% floating paid
Hedges of net investment in foreign operations
Foreign exchange risk
Foreign currency denominated debentures (/KRW)	1,363.09

All values are in US Dollars.

• 123 -

	December 31, 2023
Fair value hedge
Interest rate risk
Interest rate swaps ()	Fixed 3.60% receipt and C.SOFR+1.47% floating paid
Interest rate swaps (KRW)	Fixed 4.13%<br><br>receipt and CD 3M floating paid
Hedges of net investment in foreign operations
Foreign exchange risk
Foreign currency denominated debentures (/KRW)	1,306.12

All values are in US Dollars.

(5)	Fair value hedge
1)	The amounts related to items designated as fair value hedging instruments as of December 31, 2024 and 2023<br>are as follows (Unit: USD, and Korean Won in millions):
:---	:---
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---
		Nominal amounts of the<br>hedging instrument		Carrying amounts<br>of the hedging<br>instrument						Line item in the<br>consolidated<br>statement of financial position<br>where the hedging<br>instrument is located		Changing in fair<br>value used for<br>calculating hedge<br>ineffectiveness
				Assets			Liabilities
Fair value hedge
Interest rate risk
			2,675,000,000		10,102			102,634		Derivative assets<br><br>(Designated for hedging)			5,265
Interest rate swaps			155,000							Derivative liabilities<br><br>(Designated for hedging)

All values are in US Dollars.

		December 31, 2023
		Nominal amounts of the<br>hedging instrument		Carrying amounts<br>of the hedging<br>instrument						Line item in the<br>consolidated<br>statement of financial position<br>where the hedging<br>instrument is located		Changing in fair<br>value used for<br>calculating hedge<br>ineffectiveness
				Assets			Liabilities
Fair value hedge
Interest rate risk
			2,975,000,000		698			135,263		Derivative assets<br><br>(Designated for hedging)			55,651
Interest rate swaps			260,000							Derivative liabilities<br><br>(Designated for hedging)

All values are in US Dollars.

• 124 -

2)	Details of carrying amount to fair value hedged and amount adjusted due to hedge accounting as of<br>December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Carrying amounts of<br>the hedging item						Accumulated amount of fair<br>value hedge adjustments on<br>the hedged item included in<br>the carrying amount of the<br>hedged item (*)						Line item in the<br>consolidated<br>statement of financial<br>position in which the<br>hedged item is<br>included			Changing in fair<br>value used for<br>calculating hedge<br>ineffectiveness
		Assets			Liabilities			Assets			Liabilities
Fair value hedge
Interest rate risk
Foreign currency denominated debentures			—			3,792,388			—			124,647			Debentures			(12,758	)
Korean Won denominated debentures			—			159,659			—			4,659			Debentures			(4,659	)
(*)	The accumulated profit on foreign currency denominated debentures was 124,647 million Won, and the<br>accumulated loss on Korean Won denominated debentures was 4,659 million Won as of December 31, 2024.
:---	:---
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Carrying amounts of<br>the hedging item						Accumulated amount of fair<br>value hedge adjustments on<br>the hedged item included in<br>the carrying amount of the<br>hedged item (*)						Line item in the<br>consolidated<br>statement of financial<br>position in which the<br>hedged item is<br>included			Changing in fair<br>value used for<br>calculating hedge<br>ineffectiveness
		Assets			Liabilities			Assets			Liabilities
Fair value hedge
Interest rate risk
Foreign currency denominated debentures			—			3,682,140			—			141,818			Debentures			(57,222	)
Korean Won denominated debentures			—			261,084			—			1,084			Debentures			(1,084	)
(*)	The accumulated profit on foreign currency denominated debentures was 141,818 million Won, and the<br>accumulated loss on Korean Won denominated debentures was 1,084 million Won as of December 31, 2023.
:---	:---
3)	Amounts recognized in profit or loss due to the ineffective portion of fair value hedges for the years ended<br>December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
				For the year ended December 31, 2024
---	---	---	---	:---:	---	---	---
				Hedge ineffectiveness<br>recognized in profit or loss			Line item in the profit or loss
Fair value hedge		Interest rate risk			(12,152	)	Other net operating income (expense)
				For the year ended December 31, 2023
---	---	---	---	:---:	---	---	---
				Hedge ineffectiveness<br>recognized in profit or loss			Line item in the profit or loss
Fair value hedge		Interest rate risk			(2,655	)	Other net operating income (expense)

• 125 -

(6)	Hedges of net investments in foreign operations
1)	The amounts related to items designated as hedging instruments of net investments in foreign operations as of<br>December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions, USD):
:---	:---
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---
		Nominal amounts of<br>the hedging<br>instrument		Carrying amounts of the<br>hedging instrument						Line item in<br>the<br>consolidated<br>statement of financial<br>position where the<br>hedging instrument is<br>located		Changing in fair<br>value used for<br>calculating hedge<br>ineffectiveness
				Assets			Liabilities
Hedges of net investment in foreign operations
Foreign exchange risk
Foreign currency debentures			863,959,317		—			1,270,020		Foreign currency debentures			(156,015	)

All values are in US Dollars.

		December 31, 2023
		Nominal amounts of<br>the hedging<br>instrument		Carrying amounts of the<br>hedging instrument						Line item in<br>the<br>consolidated<br>statement of financial<br>position where the<br>hedging instrument is<br>located		Changing in fair<br>value used for<br>calculating hedge<br>ineffectiveness
				Assets			Liabilities
Hedges of net investment in foreign operations
Foreign exchange risk
Foreign currency debentures			863,959,317		—			1,113,989		Foreign currency debentures			(19,088	)

All values are in US Dollars.

2)	The amounts related to items designated as hedged items of net investments in foreign operations as of<br>December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
		December 31, 2024
---	---	:---:	---	---	---	---	---
		Changing in fair value used for calculating<br>hedge ineffectiveness			Balance of foreign currency translation<br>reserve in hedge accounting
Hedges of net investment in foreign operations
Foreign exchange risk
Foreign operations net assets			156,015			(149,577	)
		December 31, 2023
---	---	:---:	---	---	---	---	---
		Changing in fair value used for calculating<br>hedge ineffectiveness			Balance of foreign currency translation<br>reserve in hedge accounting
Hedges of net investment in foreign operations
Foreign exchange risk
Foreign operations net assets			19,088			(34,750	)

• 126 -

3)	The amounts recognized in other comprehensive income and profit or loss related to net investment hedges in<br>foreign operations for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
		Other comprehensive income									Profit or loss
		Hedge gain or loss<br>recognized in other<br>comprehensive income			Income tax<br>effect			Sub-total			Hedge ineffectiveness<br>recognized in profit or<br>loss			Line item<br>recognizing<br>ineffectiveness
Hedges of net investment in foreign operations
Foreign exchange risk			(156,015	)		41,188			(114,827	)		—			—
		For the year ended December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
		Other comprehensive income									Profit or loss
		Hedge gain or loss<br>recognized in other<br>comprehensive income			Income tax<br>effect			Sub-total			Hedge ineffectiveness<br>recognized in profit or<br>loss			Line item<br>recognizing<br>ineffectiveness
Hedges of net investment in foreign operations
Foreign exchange risk			(19,088	)		5,039			(14,049	)		—			—

No amount was reclassified from reserve of hedges of net investment in foreign operations to profit or loss for the years ended December 31, 2024 and 2023.

27.	DEFERRED DAY 1 PROFITS OR LOSSES

Changes in deferred day 1 profits or losses for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2024				2023
Beginning balance			7,848				17,964
Amounts recognized in profits or losses			(7,820	)			(10,116	)
Ending balance			28				7,848

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 at the transaction price, even though there are differences noted between the transaction price and the fair value price produced by the valuation techniques at the time of acquisition. In addition, the difference between fair value and transaction price is deferred and amortized to maturity and reflected in profit or loss. The table above presents the difference yet to be realized as profit or losses for the years ended December 31, 2024 and 2023.

• 127 -

28.	SHARE CAPITAL AND CAPITAL SURPLUS
(1)	The number of authorized shares and others as of December 31, 2024 and 2023 are as follows:
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Shares of common stock authorized			5,000,000,000 Shares			5,000,000,000 Shares
Par value per share			5,000 Won			5,000 Won
Shares of common stock issued			716,000,000 Shares			716,000,000 Shares
Share capital			3,581,392 million Won			3,581,392 million Won
(2)	Details of capital surplus as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Capital in excess of par value			1,068,420			1,068,420
Other capital surplus			40,030			27,774
Total			1,108,450			1,096,194
29.	HYBRID SECURITIES
:---	:---

The bond-type hybrid securities classified as owner’s equity as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

		Issue date		Maturity date			Interest rate<br>(%)			December 31,<br>2024			December 31,<br>2023
Hybrid securities in local currency		June 3, 2015			June 3, 2045			4.4			240,000			240,000
		September 21, 2022			—			5.2			320,000			320,000
		September 21, 2022			—			5.5			30,000			30,000
		October 16, 2023			—			5.4			300,000			300,000
Hybrid securities in foreign currency		October 4, 2019			—			4.3			—			662,035
		July 24, 2024			—			6.4			761,805			—
		Issuance cost									(5,858	)		(5,588	)
		Total									1,645,947			1,546,447

The hybrid securities mentioned above are either without a maturity date or its maturity can be extended indefinitely at the maturity date without changing terms, and early redemption may be made after 5, 7 or 10 years from the issue date (Issuer Call). In addition, interest payments can be suspended or canceled at the Group’s discretion.

• 128 -

30.	OTHER EQUITY
(1)	Details of other equity as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024				December 31, 2023
---	---	:---:	---	---	---	:---:	---	---
Accumulated other comprehensive income:
Net gain on valuation of financial assets at FVTOCI			29,121				53,020
Net gain on changes in credit risk of financial liabilities designated to be measured at<br>FVTPL			1,348				—
Gain (loss) on evaluation of investment stocks by equity method			(1,230	)			6,697
Gain on foreign currency translation of foreign operations			525,556				34,352
Loss on evaluation of hedge of net investment in foreign operations			(149,577	)			(34,750	)
Remeasurement loss related to defined benefit plan			(74,068	)			(17,068	)
Sub-total			331,150				42,251
Other capital adjustments			(1,658,940	)			(1,610,301	)
Total			(1,327,790	)			(1,568,050	)
(2)	Changes in the accumulated other comprehensive income for the years ended December 31, 2024 and 2023 are<br>as follows (Unit: Korean Won in millions):
:---	:---
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Beginning<br>balance			Increase<br>(decrease)<br>(*)			Reclassification<br>adjustments			Income tax<br>effect (*)			Ending<br>balance
Net gain on valuation of financial assets at FVTOCI			53,020			(23,295	)		(17,770	)		17,166			29,121
Net gain on changes in credit risk of financial liabilities designated to be measured at<br>FVTPL			—			1,831			—			(483	)		1,348
Gain (loss) on evaluation of investment stocks by equity method			6,697			(10,847	)		—			2,920			(1,230	)
Gain on foreign currency translation of foreign operations			34,352			503,947			—			(12,743	)		525,556
Loss on evaluation of hedge of net investment in foreign operations			(34,750	)		(156,015	)		—			41,188			(149,577	)
Remeasurement loss related to defined benefit plan			(17,068	)		(78,238	)		—			21,238			(74,068	)
Total			42,251			237,383			(17,770	)		69,286			331,150
(*)	Net gain on valuation of financial assets at FVTOCI includes 53,539 million Won which was transferred to<br>retained earnings due to disposal of equity securities.
:---	:---

• 129 -

		For the year ended December 31, 2023
		Beginning<br>balance			Increase<br>(decrease)<br>(*)			Reclassification<br>adjustments			Income tax<br>effect<br>(*)			Ending<br>balance
Net gain (loss) on valuation of financial assets at FVTOCI			(674,205	)		785,432			200,976			(259,183	)		53,020
Gain on evaluation of investment stocks by equity method			655			2,698			—			3,344			6,697
Gain (loss) on foreign currency translation of foreign operations			(9,696	)		45,235			—			(1,187	)		34,352
Gain (loss) on evaluation of hedge of net investment in foreign operations			(20,701	)		(19,088	)		—			5,039			(34,750	)
Remeasurement gain (loss) related to defined benefit plan			48,724			(89,623	)		—			23,831			(17,068	)
Total			(655,223	)		724,654			200,976			(228,156	)		42,251
(*)	Net gain on valuation of financial assets at FVTOCI included the 87 million Won which was transferred to<br>retained earnings due to disposal of equity securities.
:---	:---
31.	RETAINED EARNINGS
:---	:---

Details of retained earnings as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

				December 31, 2024			December 31, 2023
Legal reserve		Legal reserves in Korea			3,049,754			2,821,754
		Other legal reserve			33,239			33,239
		Sub-total			3,082,993			2,854,993
Voluntary reserve		Business rationalization reserve			8,000			8,000
		Reserve for financial structure improvement			235,400			235,400
		Additional reserve			8,576,104			8,576,104
		Regulatory reserve for credit loss			1,905,354			2,307,974
		Revaluation reserve			701,685			700,915
		Sub-total			11,426,543			11,828,393
Retained earnings before appropriation					9,298,518			7,241,706
Total					23,808,054			21,925,092
1)	Legal reserve
:---	:---

In accordance with the Article 40, Banking Act of Korea, earned surplus reserve is appropriated at least one tenth of the earnings after tax on every dividend declaration, not exceeding the paid in capital. This reserve may not be used other than for offsetting a deficit or transferring to capital.

2)	Other legal reserve

Other legal reserves were appropriated in the branches located in Japan, India and Bangladesh according to the banking laws of Japan, India and Bangladesh, and may be used to offset any deficit incurred in those branches.

3)	Business rationalization reserve

Pursuant to the Restriction of Special Taxation Act, the Group was previously required to appropriate, as a reserve for business rationalization, amounts equal to tax reductions arising from tax exemptions and tax credits up to December 31, 2001. The requirement was no longer effective from 2002.

• 130 -

4)	Reserve for financial structure improvement

From 2002 to 2014, the Finance Supervisory Services recommended banks in Korea to appropriate at least 10 percent of net income after accumulated deficit for financial structure improvement, until tangible common equity ratio equals 5.5 percent. This reserve is not available for payment of cash dividends; however, it can be used to reduce a deficit or be transferred to capital. The reserve and appropriation are an autonomous judgment matter of the Group since 2015.

5)	Additional reserve

Additional reserve is a voluntary reserve to retain earnings for capital adequacy and soundness of the Group’s operation.

6)	Regulatory reserve for credit loss

In accordance with paragraph 1 and 2 of Article 29 of the Regulation on Supervision of Banking Business (“RSBB”), if provisions for credit loss under K-IFRS for the accounting purpose are lower than provisions for credit loss under RSBB, the Group is prohibited to provide dividends with the regulatory reserve.

7)	Revaluation reserve

Revaluation reserve is the amount of limited dividends set by the Board of Directors to be recognized as complementary capital when the gain or loss occurred in the property revaluation by adopting K-IFRS.

32.	REGULATORY RESERVE FOR CREDIT LOSS

In accordance with Paragraph 1 and 2 of Article 29 of the Regulation on Supervision of Banking Business,

the Group calculates and discloses the regulatory reserve for credit loss.

(1)	Balance of the regulatory reserve for credit loss as of December 31, 2024 and 2023 are as follows (Unit:<br>Korean Won in millions):
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---	---
Regulatory reserve for credit loss			1,905,354			2,307,974
Planned provision for (reversal of) regulatory reserve for credit loss			254,735			(402,620	)
Ending balance			2,160,089			1,905,354
(2)	Planned reserves provided, adjusted net income after the planned reserves provided and adjusted EPS after the<br>planned reserves provided for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions, except for EPS amount):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---	---
		2024			2023
Net income			3,046,936			2,515,080
Required provision for (reversal of) regulatory reserve for credit loss			254,735			(402,620	)
Adjusted net income after the provision for (reversal of) regulatory reserve			2,792,201			2,917,700
Adjusted EPS after the provision for (reversal of) regulatory reserve (Unit: Korean<br>Won)(*)			3,793			3,941
(*)	For the years ended December 31, 2024 and 2023, it was calculated by deducting 76,249 million Won and<br>95,637 million Won, respectively, of dividends on hybrid securities from adjusted net income after the provision for (reversal of) regulatory reserve.
:---	:---

• 131 -

33.	DIVIDENDS

Dividends for the years ended December 31, 2024 and 2023 are 1,889 Won and 1,581 Won per share, respectively, and the total amount of dividends approved are 1,352,524 million Won and 1,131,996 million Won, respectively. Dividends as of December 31, 2024 will be proposed at the regular shareholders’ meeting scheduled on March 25, 2025.

34.	NET INTEREST INCOME
(1)	Interest income recognized for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won<br>in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---
		2024			2023
Financial assets at FVTPL			153,055			116,203
Financial assets at FVTOCI			1,281,641			999,407
Securities at amortized cost			642,888			782,513
Loans and other financial assets at amortized cost:
Interest on due from banks			549,438			488,039
Interest on loans			16,884,040			15,964,114
Interest on other receivables			39,611			35,591
Sub-total			17,473,089			16,487,744
Total			19,550,673			18,385,867
(2)	Interest expense recognized for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean<br>Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---
		2024			2023
Interest on deposits due to customers			9,437,205			8,593,095
Interest on borrowings			1,183,535			1,112,286
Interest on debentures			977,084			907,765
Interest on lease liabilities			15,386			8,807
Other interest expense			371,222			327,658
Total			11,984,432			10,949,611

• 132 -

35.	NET FEES AND COMMISSIONS INCOME
(1)	Details of fees and commissions income recognized for the years ended December 31, 2024 and 2023 are as<br>follows (Unit: Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---
		2024			2023
Fees and commission received for brokerage			241,762			239,254
Fees and commission received related to credit			157,226			159,597
Fees and commission received for electronic finance			130,172			127,153
Fees and commission received on foreign exchange handling			57,335			55,993
Fees and commission received on foreign exchange			115,450			99,071
Fees and commission received for guarantee			104,301			88,580
Fees and commission received on credit card			3,209			2,313
Fees and commission received on securities business			48,157			37,689
Fees and commission from trust management			172,624			155,140
Other fees			185,356			138,508
Total			1,215,592			1,103,298
(2)	Details of fees and commissions expense incurred for the years ended December 31, 2024 and 2023 are as<br>follows (Unit: Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---
		2024			2023
Fees and commissions paid			203,790			218,798
Credit card commission			1,279			949
Brokerage commission			24			23
Others			4,010			3,351
Total			209,103			223,121

• 133 -

36.	DIVIDEND INCOME
(1)	Details of dividend income recognized for the years ended December 31, 2024 and 2023 are as follows (Unit:<br>Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---
		2024			2023
Dividend income related to financial assets at FVTPL
Dividends on equity securities			14,215			33,395
Dividends on capital contributions			96,918			67,082
Dividends on beneficiary certificates			245,788			138,855
Sub-total			356,921			239,332
Dividend income related to financial assets at FVTOCI
Dividends on equity securities			17,606			15,618
Dividends on capital contributions			160			134
Sub-total			17,766			15,752
Total			374,687			255,084
(2)	Details of dividend income related to financial assets at FVTOCI for the years ended December 31, 2024 and<br>2023 are as follows (Unit: Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---
		2024			2023
Dividend income recognized from assets held Equity securities			17,766			15,752

• 134 -

37.	NET GAIN OR LOSS ON FINANCIAL INSTRUMENTS AT FVTPL
(1)	Details of net gain or loss on financial instruments at FVTPL for the years ended December 31, 2024 and<br>2023 are as follows (Unit: Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---	---
		2024				2023
Net gain on financial instruments at FVTPL			1,473,568				482,005
Net loss on financial instruments designated to be measured at FVTPL			(19,647	)			—
Total			1,453,921				482,005
(2)	Details of net gain or loss on financial instruments at FVTPL for the years ended December 31, 2024 and<br>2023 are as follows (Unit: Korean Won in millions):
:---	:---
						For the years ended December 31
---	---	---	---	---	---	:---:	---	---	---	---	---
						2024			2023
Financial instruments at FVTPL		Securities		Gain on transactions and valuation			607,503			821,976
				Loss on transactions and valuation			(225,553	)		(141,270	)
				Sub-total			381,950			680,706
		Loans		Gain on transactions and valuation			11,672			1,282
				Sub-total			11,672			1,282
		Other financial instruments		Gain on transactions and valuation			6,084			3,512
				Loss on transactions and valuation			(5,456	)		(3,240	)
				Sub-total			628			272
		Sub-total					394,250			682,260
Derivatives (for trading)		Interest rate derivatives		Gain on transactions and valuation			2,963,221			4,716,309
				Loss on transactions and valuation			(2,925,208	)		(4,961,720	)
				Sub-total			38,013			(245,411	)
		Currency derivatives		Gain on transactions and valuation			14,841,469			7,675,013
				Loss on transactions and valuation			(13,789,059	)		(7,525,701	)
				Sub-total			1,052,410			149,312
		Equity derivatives		Gain on transactions and valuation			1,182,989			3,169,071
				Loss on transactions and valuation			(1,194,094	)		(3,273,202	)
				Sub-total			(11,105	)		(104,131	)
		Other derivatives		Gain on transactions and valuation			—			14
				Loss on transactions and valuation			—			(39	)
				Sub-total			—			(25	)
		Sub-total					1,079,318			(200,255	)
		Total					1,473,568			482,005
(3)	Details of net gain or loss on financial instruments designated to be measured at FVTPL for the years ended<br>December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---	---
		2024				2023
Net gain (loss) on deposit due to customers:
Net loss on valuation of time deposit			(19,647	)			—

• 135 -

38.	NET GAIN OR LOSS ON FINANCIAL ASSETS AT FVTOCI

Details of net gain or loss on financial assets at FVTOCI recognized for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2024			2023
Gain on redemption of securities			—			104
Gain (loss) on disposal of securities			96,647			(37,745	)
Total			96,647			(37,641	)
39.	REVERSAL OF (PROVISION FOR) EXPECTED CREDIT LOSS ALLOWANCE
:---	:---

Reversal of (provision for) expected credit loss allowance for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2024				2023
Provision for expected credit loss allowance on financial assets measured at FVTOCI			(8,866	)			(16,542	)
Reversal of (provision for) expected credit loss allowance on securities at amortized<br>cost			3,287				(5,549	)
Provision for expected credit loss allowance on loan and other financial assets at amortized<br>cost			(827,485	)			(940,477	)
Reversal of (provision for) provision on guarantees			5,249				(3,556	)
Reversal of (provision for) unused loan commitments			6,565				(27,395	)
Total			(821,250	)			(993,519	)

• 136 -

40.	GENERAL ADMINISTRATIVE EXPENSES AND OTHER NET OPERATING INCOME (EXPENSES)
(1)	Details of general and administrative expenses recognized for the years ended December 31, 2024 and 2023<br>are as follows (Unit: Korean Won in millions):
:---	:---
						For the years ended December 31
---	---	---	---	---	---	:---:	---	---	---	---	---
						2024				2023
Employee benefits		Short-term employee benefits		Salaries			1,581,947				1,453,641
				Employee benefits			561,023				503,927
		Share-based payments					23,261				10,584
		Retirement benefit service costs					111,177				90,845
		Termination benefits					(3,485	)			140,419
		Sub-total					2,273,923				2,199,416
Depreciation and amortization							419,185				396,122
Other general and administrative expenses		Rent					95,805				97,117
		Taxes and public dues					167,278				157,550
		Service charges					244,174				230,279
		Computer and IT related					192,317				322,331
		Telephone and communication					57,071				53,986
		Operating promotion					41,573				40,758
		Advertising					145,459				153,648
		Printing					5,620				5,664
		Traveling					10,673				10,546
		Supplies					6,829				7,416
		Insurance premium					11,825				11,669
		Maintenance					20,676				19,315
		Water, light and heating					18,455				18,301
		Vehicle maintenance					11,689				11,919
		Others (*)					24,364				63,245
		Sub-total					1,053,808				1,203,744
		Total					3,746,916				3,799,282
(*)	It includes 40,047 million Won in in-house welfare fund contributions for the year ended December 31,<br>2023.
:---	:---
(2)	Details of other operating income recognized for the years ended December 31, 2024 and 2023 are as follows<br>(Unit: Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---
		2024			2023
Gain on transactions of foreign exchange			720,989			1,353,794
Gain on derivatives (designated for hedging)			40,843			69,479
Gain on fair value hedged items			25,469			8,986
Others			14,773			28,087
Total			802,074			1,460,346

• 137 -

(3)	Details of other operating expenses recognized for the years ended December 31, 2024 and 2023 are as<br>follows (Unit: Korean Won in millions):
		For the years ended December 31
---	---	:---:	---	---	---	---
		2024			2023
Loss on transactions of foreign exchange			1,561,619			1,206,638
KDIC deposit insurance premium			495,308			450,183
Contribution to miscellaneous funds			528,484			450,145
Loss on derivatives (designated for hedging)			24,252			8,819
Loss on fair value hedged items			64,571			72,601
Others (*)			153,543			279,871
Total			2,827,777			2,468,257
(*)	‘Others’ for the years ended December 31, 2024 and 2023, include 28,509 million Won and<br>22,349 million Won, respectively, of amortization expenses for intangible assets.
:---	:---
(4)	Share-based payment
:---	:---

Details of performance condition share-based payment granted to executives as of December 31, 2024 and 2023 are as follows:

1)	Performance condition share-based payment
Subject to				Shares granted for the year 2020 (*4)
---	---	---	---	:---:
Type of payment				Cash-settled
Vesting period				January 1, 2020 ~ December 31, 2023
Date of payment				January 1, 2024
Fair value (Unit: Korean Won) (*1)				—
Valuation method				—
Dividend yield				—
Expected maturity				—
Number of shares measured as of the closing date (*2),(*3)		As of December 31, 2024		—
		As of December 31, 2023		755,073 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				January 1, 2025
Fair value (Unit: Korean Won) (*1)				15,831
Valuation method				Black-Scholes Model
Dividend yield				6.475%
Expected maturity				0 year
Number of shares measured as of the closing date (*2),(*3)		As of December 31, 2024		865,494 shares
		As of December 31, 2023		865,717 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				January 1, 2026
Fair value (Unit: Korean Won) (*1)				14,839
Valuation method				Black-Scholes Model
Dividend yield				6.475%
Expected maturity				1 year
Number of shares measured as of the closing date (*2),(*3)		As of December 31, 2024		737,601 shares
		As of December 31, 2023		744,943 shares

• 138 -

Subject to				Shares granted for the year 2023
Type of payment				Cash-settled
Vesting period				January 1, 2023 ~ December 31, 2026
Date of payment				January 1, 2027
Fair value (Unit: Korean Won) (*1)				13,909
Valuation method				Black-Scholes Model
Dividend yield				6.475%
Expected maturity				2 years
Number of shares measured as of the closing date (*2),(*3)		As of December 31, 2024		755,920 shares
		As of December 31, 2023		763,148 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				January 1, 2028
Fair value (Unit: Korean Won) (*1)				13,037
Valuation method				Black-Scholes Model
Dividend yield				6.475%
Expected maturity				3 years
Number of shares measured as of the closing date (*2),(*3)		As of December 31, 2024		1,189,935 shares
		As of December 31, 2023		—
(*1)	As of December 31, 2024, the fair value calculated using the Black-Scholes model was used to measure<br>liabilities by reflecting the average dividend rate for the past four years to the stock price of the weighted average of Woori Financial Group’s trading volume for the past week, month and two months.
:---	:---
(*2)	At the initial point in time (January 1st of each fiscal year), the maximum number of shares granted is<br>determined. The final number of shares to be paid is confirmed based on the evaluation results of long-term performance indicators over a total of four years, including the current year. The final compensation is then paid in cash, reflecting the<br>stock price at the time of payment. The long-term performance indicators include relative shareholder returns, net income, return on equity (ROE), cost-to-income ratio (C/I ratio), non-performing loan ratio, and performance in assigned duties.
:---	:---
(*3)	As of December 31, 2024, the remaining quantity and granted quantity are the same.
:---	:---
(*4)	It has been fully paid during the year ended December 31, 2024.
:---	:---
2)	The Group accounts for performance condition share-based payments according to the cash-settled method and the<br>fair value of the liabilities is reflected in the compensation costs by re-measuring per every closing period. As of December 31, 2024 and 2023, the book value of the liabilities related to the performance condition share-based payments<br>recognized by the Group is 50,674 million Won and 37,142 million Won, respectively.
:---	:---

• 139 -

41.	OTHER NON-OPERATING INCOME (EXPENSES)
(1)	Details of gains or losses on valuation of investments in associates recognized for the years ended<br>December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---	---	---
		2024				2023
Gains on valuation of investments in associate			50,359				101,804
Losses on valuation of investments in associate			(6,292	)			(13,016	)
Total			44,067				88,788
(2)	Details of other non-operating income and expenses recognized for the years ended December 31, 2024 and<br>2023 are as follows (Unit: Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---	---	---
		2024				2023
Other non-operating income			77,117				118,720
Other non-operating expenses			(181,505	)			(195,032	)
Total			(104,388	)			(76,312	)
(3)	Details of other non-operating income recognized for the years ended December 31, 2024 and 2023 are as<br>follows (Unit: Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---
		2024			2023
Rental fee income			33,288			37,526
Gains on disposal of assets held for sale			—			3,027
Gains on disposal of investments in associates			11,053			32,766
Gains on disposal of properties and equipment, intangible assets and other assets			622			1,853
Others (*)			32,154			43,548
Total			77,117			118,720
(*)	Other special gains related to other provisions for the years ended December 31, 2024 and 2023 include<br>2,517 million Won and 14,060 million Won, respectively.
:---	:---
(4)	Details of other non-operating expenses recognized for the years ended December 31, 2024 and 2023 are as<br>follows (Unit: Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---
		2024			2023
Depreciation on investment properties			8,768			6,599
Interest expenses of rent leasehold deposits			1,631			1,657
Losses on disposal of investments in associates			36			441
Losses on disposal of properties and equipment, intangible assets and other assets			1,661			1,694
Impairment loss of properties and equipment, intangible assets and other assets			217			22
Donation			111,891			55,752
Others (*)			57,301			128,867
Total			181,505			195,032
(*)	Other special losses related to other provisions for the years ended December 31, 2024 and 2023 are<br>31,023 million Won and 66,910 million Won, respectively.
:---	:---

• 140 -

42.	INCOME TAX EXPENSE
(1)	Details of income tax expenses for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean<br>Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---	---	---
		2024				2023
Current tax expense
Current tax expense in respect of the current year			527,971				600,647
Adjustments recognized in the current period in relation to the current tax of prior<br>periods			(32,584	)			(19,816	)
Current tax charged to other equity directly			41,188				5,039
Sub-total			536,575				585,870
Deferred tax expense
Changes in deferred tax assets (liabilities) relating to the temporary differences			397,378				461,679
Deferred tax charged to other equity directly			28,098				(233,195	)
Sub-total			425,476				228,484
Income tax expense			962,051				814,354
(2)	Income tax expense reconciled to net income before income tax expense for the years ended December 31,<br>2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---	---
		2024			2023
Net income before income tax expense			4,008,987			3,329,434
Tax calculated at statutory tax rate (*)			1,037,649			858,247
Adjustments
Effect of income that is exempt from taxation			(30,868	)		(32,743	)
Effect of expense not deductible in determining taxable profit			47,822			7,324
Adjustments recognized in the current period in relation to the current tax of prior<br>periods			(32,584	)		(19,816	)
Effect of income tax expense that is resulting from consolidated tax return			(66,172	)		(49,020	)
Others			6,204			50,362
Sub-total			(75,598	)		(43,893	)
Income tax expense			962,051			814,354
Effective tax rate			24.0	%		24.5	%
(*)	The applicable income tax rate; 1) 9.9% for below 200 million Won, 2) 20.9% for above 200 million Won<br>and below 20 billion Won, 3) 23.1% for above 20 billion Won and below 300 billion Won, 4) 26.4% for above 300 billion Won.
:---	:---

• 141 -

(3)	Changes in cumulative temporary differences for the years ended December 31, 2024 and 2023 are as follows<br>(Unit: Korean Won in millions):
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Beginning balance				Recognized as income<br>(expense)				Recognized as other<br>comprehensive income<br>(expense)				Ending balance
Gain (loss) on financial assets			(145,585	)			(112,057	)			17,166				(240,476	)
Gain (loss) on valuation using the equity method of accounting			(9,884	)			(4,401	)			2,920				(11,365	)
Gain (loss) on valuation of derivatives			49,556				(276,631	)			—				(227,075	)
Accrued income			(128,508	)			17,071				—				(111,437	)
Provision for loan losses			(3,366	)			55,513				—				52,147
Loan and receivables written off			4,382				112				—				4,494
Loan origination costs and fees			(145,464	)			(13,431	)			—				(158,895	)
Defined benefit liability			373,503				46,253				21,238				440,994
Deposits with employee retirement insurance trust			(445,731	)			(17,569	)			—				(463,300	)
Provision for guarantee			7,803				(2,210	)			—				5,593
Other provision			150,961				(43,349	)			—				107,612
Others (*)			(142,969	)			(74,778	)			(13,226	)			(230,973	)
Net deferred tax assets (liabilities)			(435,302	)			(425,477	)			28,098				(832,681	)
(*)	The deferred tax assets arising from tax loss carryforwards among other deferred tax assets and liabilities<br>amount to 7,940 million Won.
:---	:---
		For the year ended December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Beginning balance				Recognized as income<br>(expense)				Recognized as other<br>comprehensive income<br>(expense)				Ending balance
Gain (loss) on financial assets			501,163				(387,565	)			(259,183	)			(145,585	)
Gain (loss) on valuation using the equity method of accounting			22,447				(35,675	)			3,344				(9,884	)
Gain (loss) on valuation of derivatives			28,338				21,218				—				49,556
Accrued income			(87,672	)			(40,836	)			—				(128,508	)
Provision for loan losses			(45,917	)			42,551				—				(3,366	)
Loan and receivables written off			4,399				(17	)			—				4,382
Loan origination costs and fees			(130,929	)			(14,535	)			—				(145,464	)
Defined benefit liability			323,225				26,447				23,831				373,503
Deposits with employee retirement insurance trust			(410,763	)			(34,968	)			—				(445,731	)
Provision for guarantee			7,596				207				—				7,803
Other provision			65,443				85,518				—				150,961
Others			(250,954	)			109,171				(1,186	)			(142,969	)
Net deferred tax assets (liabilities)			26,376				(228,484	)			(233,194	)			(435,302	)
(4)	Unrealizable temporary differences as of December 31, 2024 and 2023, are as follows (Unit: Korean Won in<br>millions):
:---	:---
		December 31, 2024				December 31, 2023
---	---	:---:	---	---	---	:---:	---	---
Deductible temporary differences			297,083				294,669
Taxable temporary differences			(2,414,711	)			(1,217,755	)
Total			(2,117,628	)			(923,086	)

No deferred income tax asset has been recognized for the deductible temporary difference of 297,083 million Won associated with investments in subsidiaries and associates as of December 31, 2024, because it is not probable that the temporary differences will be reversed in the foreseeable future.

• 142 -

No deferred income tax liability has been recognized for the taxable temporary difference of 2,414,711 million Won associated with investment in subsidiaries as of December 31, 2024, due to the following reasons:

•	The Group can control the timing of the reversal of the temporary difference, and the temporary difference is not<br>subject to reversal through dividends.
•	It is probable that the temporary difference will not be reversed in the foreseeable future.
:---	:---
(5)	Details of accumulated deferred tax charged directly to other equity as of December 31, 2024 and 2023 are<br>as follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024				December 31, 2023
---	---	:---:	---	---	---	:---:	---	---
Net loss on valuation of financial assets at FVTOCI			(9,372	)			(26,538	)
Net loss on changes in credit risk of financial liabilities designated to be measured at<br>FVTPL			(483	)			—
Net gain (loss) on evaluation of investment stocks by equity method			182				(2,738	)
Net gain (loss) on foreign currency translation of foreign operations			(9,093	)			3,650
Net gain on evaluation of hedges of net investments in foreign operations			54,079				12,891
Remeasurement gain related to defined benefit plan			26,634				5,396
Total			61,947				(7,339	)
(6)	Current tax assets and liabilities as of December 31, 2024 and 2023, are as follows (Unit: Korean Won in<br>millions):
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Current tax assets			47,653			152,898
Current tax liabilities			94,655			58,085
(7)	Under the Pillar 2 legislation, the parent company of the Group is required to pay additional taxes on the<br>difference between the GloBE effective tax rate of each constituent entity’s jurisdiction and the minimum tax rate of 15%. Since all companies within the parent company have a GloBE effective tax rate exceeding 15%, in their respective<br>countries, there is no impact from the Pillar 2 corporate tax, and consequently, there is no impact on the Group either.
:---	:---

• 143 -

43.	EARNINGS PER SHARE (“EPS”)
(1)	Basic EPS is calculated by dividing net income by weighted average number of common shares outstanding for the<br>years ended December 31, 2024 and 2023. (Unit: Korean Won in millions, except for EPS and number of shares):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---	---	---
		2024				2023
Net income for the period attributable to common shareholders			3,039,372				2,505,587
Dividends to hybrid securities			(76,249	)			(95,637	)
Net income attributable to common shareholders			2,963,123				2,409,950
Weighted average number of common shares outstanding (Unit: million shares)			716				716
Basic EPS (Unit: Korean Won)			4,138				3,366
(2)	The weighted average number of common shares outstanding for the years ended December 31, 2024 and 2023<br>are as follows:
:---	:---
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---
		Period		Number of<br>shares			Days				Accumulated number<br>of shares outstanding<br>during period
Common shares issued at the beginning of the period			2024-01-01 ~ 2024-12-31		716,000,000			366				262,056,000,000
			Sub-total (①)									262,056,000,000
Weighted average number of common shares outstanding (②=(①/366)												716,000,000
		For the year ended December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---
		Period		Number of<br>shares			Days				Accumulated number<br>of shares outstanding<br>during period
Common shares issued at the beginning of the period			2023-01-01 ~ 2023-12-31		716,000,000			365				261,340,000,000
			Sub-total (①)									261,340,000,000
Weighted average number of common shares outstanding (②=(①/365)												716,000,000

Diluted EPS is equal to basic EPS because there is no dilution effect for the years ended December 31, 2024 and 2023.

• 144 -

44.	CONTINGENT LIABILITIES AND COMMITMENTS
(1)	Details of guarantees as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024 (*)			December 31, 2023 (*)
---	---	:---:	---	---	:---:	---
Confirmed guarantees
Guarantee for loans			60,571			58,205
Acceptances			617,599			467,964
Guarantees in acceptances of imported goods			75,265			74,916
Other confirmed guarantees			10,337,061			7,886,356
Sub-total			11,090,496			8,487,441
Unconfirmed guarantees
Local letter of credit			167,580			161,608
Letter of credit			3,213,170			2,873,350
Other unconfirmed guarantees			1,558,188			1,516,585
Sub-total			4,938,938			4,551,543
Commercial paper purchase commitments and others			581,039			589,857
Total			16,610,473			13,628,841
(*)	Includes financial guarantees of 4,156,000 million Won and 3,497,197 million Won as of<br>December 31, 2024 and 2023, respectively.
:---	:---
(2)	Details of loan commitments and others as of December 31, 2024 and 2023 are as follows (Unit: Korean Won<br>in millions):
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Loan commitments			90,311,327			84,159,332
Other commitments			6,039,793			5,892,297
(3)	Litigation case
:---	:---

Legal cases where the Group is involved as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions except for number of cases):

		December 31, 2024						December 31, 2023
		As plaintiff			As defendant			As plaintiff			As defendant
Number of cases (*)			28 cases			196 cases			34 cases			142 cases
Amount of litigation			260,653			232,073			295,733			164,334
Provisions for litigations						14,383						16,053
(*)	The number of cases as of December 31, 2024 and 2023 does not include cases such as loan-related execution<br>or simple extension of loan prescription, litigation where the substantive party is not the Group, or fraudulent lawsuits.
:---	:---
(4)	Others
:---	:---

During the year ended December 31, 2023, there was an investigation by the Korea Fair Trade Commission regarding the loan-to-value ratio, and the Group received the examination report in January 2024 but the impact on the Group’s financial statements as of December 31, 2024 cannot be reasonably estimated.

• 145 -

45.	RELATED PARTY TRANSACTIONS

Related parties of the Group as of December 31, 2024 and its assets and liabilities recognized as of December 31, 2024 and 2023 and major transactions with related parties for the years ended December 31, 2024 and 2023 and compensation to key management are as follows:

(1)	Related parties
		Related parties
---	---	:---:
Parent company		Woori Financial Group Inc.
Associates		W Service Networks Co., Ltd., Korea Credit Bureau Co., Ltd., Korea Finance Security Co., Ltd., LOTTE CARD Co., Ltd., K BANK Co., Ltd., and others (Dongwoo C & C Co., Ltd. and 38 associates)
Other related parties		Woori Card Co., Ltd. and its subsidiaries, Woori Investment Securities Co., Ltd. and its subsidiaries and associates (*), Woori FIS Co., Ltd., Woori Private Equity Asset Management Co., Ltd. and its associates, Woori Finance<br>Research Institute Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund Service Co., Ltd., Woori Asset Management Co., Ltd. and its subsidiaries and associates, Woori Asset Trust Co., Ltd., Woori Financial Capital Co., Ltd. and its subsidiaries<br>and associates, Woori Financial F&I Co., Ltd. and its subsidiaries and associates, Woori Savings Bank, Woori Japan General Type Private Real Estate Feeder Investment Trust No.1-1 and its subsidiaries, Godo Kaisha Oceanos No. 1, WOORI ZIP 1,<br>WOORI ZIP 2, JC Assurance Private Equity Partnership No. 2, IGEN 2022 Private Equity Fund No.1, Woori Venture Partners Co., Ltd., Woori Japan General Type Private Real Estate Feeder Investment Trust No.2-1
(*)	Woori Investement Bank Co., Ltd. was renamed to Woori Investement Securities Co., Ltd. following a merger with<br>Korea Foss Securities Co., Ltd. for the year ended December 31, 2024.
:---	:---
(2)	Major assets and liabilities from transactions with related parties are as follows (Unit: Korean Won in<br>millions):
:---	:---
Related parties				A title of account		December 31,<br>2024			December 31,<br>2023
---	---	---	---	:---:	---	:---:	---	---	:---:	---	---
Parent company		Woori Financial Group Inc.		Other assets			33,632			125,489
				Deposits due to customers			1,285,912			1,363,507
				Other liabilities			63,893			20,635
Associates		W Service Networks Co., Ltd.		Deposits due to customers			3,054			3,245
				Other liabilities			309			40
		Korea Credit Bureau Co., Ltd.		Deposits due to customers			780			771
		Korea Finance Security Co., Ltd.		Loans			3,200			3,197
				Expected credit loss allowance			(42	)		(71	)
				Deposits due to customers			1,145			1,323
				Other liabilities			3			5
		LOTTE CARD Co., Ltd.		Loans			27,913			12,209
				Expected credit loss allowance			(297	)		(269	)
				Derivative assets			1,075			—
				Other assets			49			2
				Deposits due to customers			20,207			62,587
				Other liabilities			273			289
		K BANK Co., Ltd.		Other assets			—			18
				Other liabilities			193,719			214,135

• 146 -

Related parties				A title of account		December 31,<br>2024			December 31,<br>2023
		Others (*)		Loans			41			41
				Deposits due to customers			1,993			3,632
				Other liabilities			232			992
Other related parties		Woori Card Co., Ltd. and its subsidiaries		Loans			5,880			12,138
				Expected credit loss allowance			(39	)		(61	)
				Derivative assets			315			95
				Other assets			12,943			4,580
				Deposits due to customers			48,509			42,569
				Borrowing liabilities			25,482			24,002
				Derivative liabilities			69,580			38,286
				Other liabilities			26,262			25,500
		Woori Investment Securities Co., Ltd. and its subsidiaries and associates		Deposits due to customers			990,946			230,276
				Borrowing liabilities			—			39
				Other liabilities			2,811			16,870
		Woori FIS Co., Ltd.		Other assets			111			514
				Deposits due to customers			6,968			14,157
				Other liabilities			18,324			27,091
		Woori Private Equity Asset Management Co., Ltd. and its associates		Derivative assets			255			—
				Deposits due to customers			12,730			28,824
				Derivative liabilities			—			1,249
				Other liabilities			1			248
		Woori Finance Research Institute Co., Ltd.		Deposits due to customers			1,839			1,718
				Other liabilities			534			503
		Woori Credit Information Co., Ltd.		Other assets			7			—
				Deposits due to customers			9,469			10,537
				Other liabilities			9,857			10,038
		Woori Fund Service Co., Ltd.		Deposits due to customers			17,910			18,019
				Other liabilities			1,707			1,724
		Woori Asset Management Co., Ltd. and its subsidiaries and associates		Deposits due to customers			21,302			4,763
				Other liabilities			—			33
		Woori Asset Trust Co., Ltd.		Deposits due to customers			198,773			93,742
				Other liabilities			253			386
		Woori Financial Capital Co., Ltd. and its subsidiaries and associates		Deposits due to customers			473,951			41,786
				Derivative liabilities			—			455
				Other liabilities			6,177			1,187
		Woori Financial F&I Co., Ltd. and its subsidiaries and associates		Loans			4,900			165,800
				Expected credit loss allowance			(9	)		(855	)
				Other assets			—			71
				Deposits due to customers			13,984			20,012
				Other liabilities			178			39
		Woori Japan General Type Private Real Estate Feeder Investment Trust No.1-1 and its<br>subsidiaries		Loans			—			19,589
				Expected credit loss allowance			—			(14	)
				Other assets			—			24
				Deposits due to customers			—			153
				Derivative liabilities			1			186
		Woori Savings Bank		Other assets			14			11

• 147 -

Related parties				A title of account		December 31<br>2024			December 31<br>2023
		Woori Venture Partners Co., Ltd.		Deposits due to customers			78,494			23,000
				Other liabilities			359			151
		Godo Kaisha Oceanos No. 1		Loans			38,770			38,122
				Expected credit loss allowance			(272	)		(58	)
				Other assets			63			33
		WOORI ZIP 1		Loans			—			11,317
				Expected credit loss allowance			—			(1	)
				Other assets			—			21
		WOORI ZIP 2		Loans			—			16,063
				Expected credit loss allowance			—			(1	)
				Other assets			—			30
		JC Assurance Private Equity Partnership No. 2		Deposits due to customers			28			74
		IGEN 2022 Private Equity Fund No. 1		Deposits due to customers			427			506
		Woori Japan General Type Private Real Estate Feeder Investment Trust No. 2-1		Derivative liabilities			—			587
(*)	Others include Partner One Value Up I Private Equity Fund, Dongwoo C & C Co., Ltd. and others as of<br>December 31, 2024 and December 31, 2023.
:---	:---
(3)	Major gain or loss from transactions with related parties are as follows (Unit: Korean Won in millions):
:---	:---
						For the years ended December 31
---	---	---	---	---	---	:---:	---	---	---	---
Related parties				A title of account		2024			2023
Parent company		Woori Financial Group Inc.		Fees income			19			34
				Other income			4,277			4,315
				Interest expenses			51,778			63,806
				Fees expenses			1,625			1,625
Associates		W Service Networks Co., Ltd.		Other income			35			—
				Interest expenses			37			35
		Korea Credit Bureau Co., Ltd.		Interest expenses			—			9
		Korea Finance Security Co., Ltd.		Interest income			142			181
				Interest expenses			3			3
				Provision (Reversal) of impairment losses due to credit loss			(30	)		28
		LOTTE CARD Co., Ltd.		Interest income			1,586			10
				Fees income			3,739			3,903
				Gain on derivatives			1,075			—
				Interest expenses			4,127			5,665
				Loss on derivatives			457			—
				Provision (Reversal) of impairment losses due to credit loss			11			455

• 148 -

						For the years ended December 31
Related parties				A title of account		2024			2023
		Others (*)		Interest expenses			18,044			9,332
Other related parties		Woori Card Co., Ltd. and its subsidiaries		Interest income			1,635			990
				Fees income			89,354			96,666
				Gain on derivatives			2,865			6,162
				Other income			1,119			303
				Interest expenses			163			409
				Fees expenses			684			512
				Loss on derivatives			45,027			1,827
				Provision (Reversal) of impairment losses due to credit loss			(35	)		76
		Woori Investment Securities Co., Ltd. and its subsidiaries and associates		Interest income			5			82
				Fees income			2,874			2,100
				Other income			1,098			577
				Interest expenses			108			105
				Fee expenses			47			338
				Provision (Reversal) of impairment losses due to credit loss			(14	)		114
				Other expenses			123			55
		Woori FIS Co., Ltd.		Fees income			681			600
				Other income			7,725			10,622
				Interest expenses			—			2
				Other expenses			138,151			271,907
		Woori Private Equity Asset Management Co., Ltd. and its associates		Fees income			23			18
				Gain on derivatives			255			—
				Interest expenses			553			1,094
				Loss on derivatives			268			675
		Woori Finance Research Institute Co., Ltd.		Fees income			20			18
				Other income			806			732
				Interest expenses			78			78
		Woori Credit Information Co., Ltd.		Fees income			91			83
				Other income			765			751
				Interest expenses			507			449
				Fees expenses			17,249			16,399
		Woori Fund Service Co., Ltd.		Fees income			51			288
				Other income			384			284
				Interest expenses			587			551
				Fees expenses			257			328
		Woori Asset Management Co., Ltd. and its subsidiaries and associates		Fees income			89			78
				Interest expenses			25			65
				Fees expenses			—			167
		Woori Asset Trust Co., Ltd.		Fees income			262			277
				Interest expenses			5,538			2,966
				Fees expenses			11,905			7,652

• 149 -

						For the years ended December 31
Related parties				A title of account		2024			2023
		Woori Financial Capital Co., Ltd. and its subsidiaries and associates		Interest income			—			18
				Fees income			3,965			3,401
				Gain on derivatives			—			999
				Interest expenses			47			49
				Loss on derivatives			6			—
				Provision (Reversal) of impairment losses due to credit loss			(6	)		85
				Other expenses			1,857			787
		Woori Savings Bank		Fees income			925			989
		Woori Venture Partners Co., Ltd.		Fees income			—			78
				Interest expenses			1,523			598
		Woori Financial F&I Co., Ltd. and its subsidiaries and associates		Interest income			9,739			533
				Fees income			576			180
				Interest expenses			15			15
				Provision (Reversal) of impairment losses due to credit loss			(707	)		892
		Woori Japan General Type Private Real Estate Feeder Investment Trust No.1-1 and its<br>subsidiaries		Interest income			196			280
				Loss on derivatives			465			186
				Provision (Reversal) of impairment losses due to credit loss			(14	)		6
		Godo Kaisha Oceanos No. 1		Interest income			702			381
				Provision (Reversal) of impairment losses due to credit loss			214			26
		IGEN 2022 Private Equity Fund No. 1		Interest expenses			1			1
		WOORI ZIP 1		Interest income			59			124
				Provision (Reversal) of impairment losses due to credit loss			(1	)		—
		WOORI ZIP 2		Interest income			84			177
				Provision (Reversal) of impairment losses due to credit loss			(1	)		1
		Woori Japan General Type Private Real Estate Feeder Investment Trust No. 2-1		Loss on derivatives			44			541
(*)	Others include Partner One Value Up I Private Equity Fund, Dongwoo C & C Co., Ltd. and others as of<br>December 31, 2024 and 2023.
:---	:---

• 150 -

(4)	Major loan transactions with related parties for the years ended December 31, 2024 and 2023 are as follows<br>(Unit: Korean Won in millions):
				For the year ended December 31, 2024
---	---	---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
Related parties				Beginning<br>balance			Loan			Collection			Others			Ending<br>balance<br>(*)
Associates		LOTTE CARD Co., Ltd.			12,209			288,794			274,484			1,394			27,913
		Korea Finance Security Co., Ltd.			3,197			2,300			2,297			—			3,200
		Others			41			—			—			—			41
Other related parties		Woori Financial Capital Co., Ltd. and its subsidiaries and associates			—			50,000			50,000			—			—
		Woori Card Co., Ltd. and its subsidiaries			12,138			4,632			11,973			1,083			5,880
		Woori Financial F&I Co., Ltd. and its subsidiaries and associates			165,800			856,300			1,017,200			—			4,900
		Woori Japan General Type Private Real Estate Feeder Investment Trust No.1-1 and its<br>subsidiaries			19,589			—			19,784			195			—
		Godo Kaisha Oceanos No. 1			38,122			—			—			648			38,770
		WOORI ZIP 1			11,317			—			11,227			(90	)		—
		WOORI ZIP 2			16,063			—			15,936			(127	)		—
(*)	Settlement payment from normal operation among the related parties were excluded, and in the case of a limited<br>loan, it was presented as a net increase or decrease.
:---	:---
				For the year ended December 31, 2023
---	---	---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
Related parties				Beginning<br>balance			Loan			Collection			Others			Ending<br>balance<br>(*)
Associates		LOTTE CARD Co., Ltd.			50,000			226,318			264,109			—			12,209
		Korea Finance Security Co., Ltd.			3,397			2,497			2,697			—			3,197
		Others			251			41			251			—			41
Other related parties		Woori Investment Bank Co., Ltd. and its subsidiaries and associates			—			1,522			1,522			—			—
		Woori Card Co., Ltd. and its subsidiaries			5,486			6,564			—			88			12,138
		Woori Financial F&I Co., Ltd. and its subsidiaries			—			216,300			50,500			—			165,800
		Woori G Japan General Type Private Real Estate Feeder Investment Trust No.1-1 and its<br>subsidiaries			20,459			—			—			(870	)		19,589
		Godo Kaisha Oceanos No. 1			39,814			—			—			(1,692	)		38,122
		WOORI ZIP 1			11,819			—			—			(502	)		11,317
		WOORI ZIP 2			16,776			—			—			(713	)		16,063
(*)	Settlement payment from normal operation among the related parties were excluded, and in the case of a limited<br>loan, it was presented as a net increase or decrease.
:---	:---

• 151 -

(5)	Changes in major deposits due to customers with related parties for the years ended December 31, 2024 and<br>2023 are as follows (Unit: Korean Won in millions):
				For the year ended December 31, 2024
---	---	---	---	:---:	---	---	---	---	---	---	---	---	---	---
Related parties				Beginning<br>balance			Borrowings			Repayment<br>and others			Ending<br>balance (*)
Parent company		Woori Financial Group Inc.			1,354,000			4,703,000			4,783,000			1,274,000
Associates		W Service Networks Co., Ltd.			1,000			2,000			2,000			1,000
		Win Mortgage Co., Ltd.			600			2,266			1,479			1,387
Other related parties		Woori Credit Information Co., Ltd.			6,199			4,500			5,100			5,599
		Woori Fund Service Co., Ltd.			17,000			15,500			17,000			15,500
		Woori Investment Securities Co., Ltd. and its subsidiaries and associates			2,000			2,431			2,000			2,431
		Woori Finance Research Institute Co., Ltd.			—			9,600			8,800			800
		Woori Asset Trust Co., Ltd.			56,000			874,816			755,816			175,000
		Woori Private Equity Asset Management Co., Ltd. and its associates			22,000			114,000			126,000			10,000
		Woori Venture Partners Co., Ltd.			23,000			201,000			148,000			76,000
(*)	The details of payments made between related parties and the deposits due to customers that can be taken in and<br>out easily are excluded.
:---	:---
				For the year ended December 31, 2023
---	---	---	---	:---:	---	---	---	---	---	---	---	---	---	---
Related parties				Beginning<br>balance			Borrowings			Repayment<br>and others			Ending<br>balance (*)
Parent company		Woori Financial Group Inc.			1,595,000			5,379,000			5,620,000			1,354,000
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			—
		Win Mortgage Co., Ltd.			—			1,200			600			600
Other related parties		Woori Credit Information Co., Ltd.			4,699			4,600			3,100			6,199
		Woori Fund Service Co., Ltd.			14,500			17,000			14,500			17,000
		Woori Investment Bank Co., Ltd. and its subsidiaries and associates			2,000			—			—			2,000
		Woori Finance Research Institute Co., Ltd.			—			14,100			14,100			—
		Woori Asset Trust Co., Ltd.			96,000			605,286			645,286			56,000
		Woori Private Equity Asset Management Co., Ltd. and its associates			42,000			53,000			73,000			22,000
		Woori Asset Management Co., Ltd. and its subsidiaries and associates			10,000			—			10,000			—
		Woori Venture Partners Co., Ltd.			—			97,000			74,000			23,000
(*)	The details of payments made between related parties and the deposits due to customers that can be taken in and<br>out easily are excluded.
:---	:---

• 152 -

(6)	Major borrowing transactions with related parties for the years ended December 31, 2024 and 2023 are as<br>follows (Unit: Korean Won in millions):
				For the year ended December 31, 2024
---	---	---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
Related parties				Beginning<br>balance			Borrowing			Repayment			Others			Ending<br>balance
Other related parties		Woori Card Co., Ltd. and its subsidiaries			24,002			282,802			281,322			—			25,482
		Woori Investment Securities Co., Ltd. and its subsidiaries and associates			39			20,000			20,039			—			—
				For the year ended December 31, 2023
---	---	---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
Related parties				Beginning<br>balance			Borrowing			Repayment			Others			Ending<br>balance
Other related parties		Woori Card Co., Ltd. and its subsidiaries			20,918			312,746			309,662			—			24,002
		Woori Investment Bank Co., Ltd. and its subsidiaries and associates			—			77			38			—			39
		LOTTE CARD Co., Ltd.			—			18,183			18,183			—			—
(7)	Guarantees with the related parties are as follows:
:---	:---
1)	The amount of guarantees provided to the related parties by the Group as of December 31, 2024 and 2023 are<br>as follows (Unit: Korean Won in millions):
:---	:---
		Warranty		December 31, 2024			December 31, 2023
---	---	:---:	---	:---:	---	---	:---:	---
LOTTE CARD Co. Ltd.		Confirmed guarantees in foreign currencies			1,691			1,483
2)	The amount of guarantees and unused loan commitments provided by the related parties to the Group as of<br>December 31, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		Warranty		December 31, 2024			December 31, 2023
---	---	:---:	---	:---:	---	---	:---:	---
Woori Card Co., Ltd. and its subsidiaries		Loan commitment in local currency			122,847			124,091

• 153 -

(8)	The amount of commitments of derivatives and other commitments to the related parties as of December 31,<br>2024 and 2023 are as follows (Unit: Korean Won in millions):
		Warranty			December 31,<br>2024			December 31,<br>2023
---	---	:---:	---	---	:---:	---	---	:---:	---
Woori Private Equity Asset Management Co., Ltd. and its associates			Derivatives			9,719			9,471
Woori Card Co., Ltd. and its subsidiaries			Derivatives			484,000			417,880
			Unsettled commitment			500,000			505,559
Woori Investment Securities Co., Ltd. and its subsidiaries and associates			Unsettled commitment			150,000			150,000
Woori Financial Capital Co., Ltd. and its subsidiaries and associates			Derivatives			—			40,000
			Unsettled commitment			200,000			200,000
Woori Financial F&I Co., Ltd. and its subsidiaries and associates			Unsettled commitment			345,100			67,800
Korea Finance Security Co., Ltd.			Unsettled commitment			400			403
LOTTE CARD Co., Ltd.			Unsettled commitment			498,400			498,400
			Derivatives			350,000			—
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership			Securities purchase commitment			4,664			4,664
Crevisse Lime Impact 1st Startup Venture Specialist Private Equity Fund			Securities purchase commitment			148			243
Samsung Together Korea IPPF Private Securities Investment Trust 3 [Equity-FoFs]			Securities purchase commitment			990,000			990,000
Woori-Q Corporate Restructuring Private Equity Fund			Securities purchase commitment			—			9,011
STASSETS No. 3 Private Equity Investment Limited Specialized In Start-up Ventures			Securities purchase commitment			3,000			6,000
NH Woori Newdeal Growth Alpha Private Equity Fund 1			Securities purchase commitment			11,379			26,404
BTS 2nd Private Equity Fund			Securities purchase commitment			1,854			4,774
Woori Financial Digital Investment Association No. 1			Securities purchase commitment			—			11,000
Woori Corporate Turnaround No. 1 Private Equity Fund			Securities purchase commitment			21,639			—
Green ESG Growth No. 1 Private Equity Fund			Securities purchase commitment			19,136			24,264
Woori Busan Logistics Infra Private Placement Special Asset Investment Trust			Securities purchase commitment			—			13,099
Woori Equity Bridge Loan Private Placement Investment Trust No. 1			Securities purchase commitment			16,835			29,835
Woori GP Commitment Loan Private Placement Investment Trust No. 1			Securities purchase commitment			1,294			4,448
Woori GP Commitment Loan Private Placement Investment Trust No. 2			Securities purchase commitment			2,640			5,320
Woori GP Commitment Loan Private Placement Investment Trust No. 3			Securities purchase commitment			12,165			16,477
Woori Global Mid-market Secondaries Private Placement Investment Trust No. 1			Securities purchase commitment			6,162			8,546
Woori Senior Loan Private Placement Investment Trust No. 2			Securities purchase commitment			—			80,750
Woori Renewable New Deal Private Placement Investment Trust No. 1			Securities purchase commitment			15,574			32,366
Woori Woori Bank Partners Private Placement Investment Trust No. 1			Securities purchase commitment			327,861			332,452
Woori Woori Bank Partners Private Placement Investment Trust No. 2			Securities purchase commitment			386,165			431,226
Woori Private Real Estate Investment Trust No. 1			Securities purchase commitment			75,137			137,163
Woori Private Real Estate Investment Trust No. 5			Securities purchase commitment			72,712			106,758
Woori Japan General Type Private Real Estate Feeder Investment Trust No.1-1 and<br>its subsidiaries			Derivatives			72			16,826
Woori Japan General Type Private Real Estate Feeder Investment Trust No. 2-1			Derivatives			—			7,075
Woori Japan Blind General Type Private Real Estate Feeder Investment Trust No.1			Securities purchase commitment			331			323
Woori Policy-type New Deal (Infra Investment) Private Placement Investment<br>Trust No.1			Securities purchase commitment			5,312			20,056

• 154 -

	Warranty			December 31,<br>2024			December 31,<br>2023
Woori Equity Investment General Type Private Investment Trust No.1		Securities purchase commitment			456			456
Woori Innovative Growth New Deal Private Placement Investment Trust No.3		Securities purchase commitment			—			27,300
Woori Fund Financing General Type Private Investment Trust		Securities purchase commitment			14,056			—
Woori Natixis Partnership Global Private Debt Fund No. 1-1()		Securities purchase commitment			117,236			—
Woori Seoul Beltway Private Special Asset Fund No. 1		Securities purchase commitment			30,949			34,437
JC Assurance Private Equity Partnership No. 2		Securities purchase commitment			859			859
Woori Asset Global Partnership Fund No. 5		Securities purchase commitment			97,500			127,500
Woori New Growth Credit Fund 1		Securities purchase commitment			23,050			25,177
Woori Clean Energy General Type Private Placement Investment Trust No.2		Securities purchase commitment			5,390			8,647
Woori Innovative Growth (Infrastructure) General Type Private Investment Trust No.2		Securities purchase commitment			27,429			28,272
Woori General Type Private Real Estate Investment Trust No. 6		Securities purchase commitment			81,265			275,940
Woori ESG Infrastructure Development General Type Private Investment Trust No. 2		Securities purchase commitment			7,359			8,694
Synaptic Future Growth Private Equity Fund I		Securities purchase commitment			2,649			4,389
Woori Dongbu Underground Expressway General Type Private Special Asset Investment Trust		Securities purchase commitment			15,178			—
Woori PE Secondary Private Placement Investment Trust No. 1		Securities purchase commitment			30,496			—
WOORI REFS GENERAL TYPE INVESTMENT TRUST No. 1		Securities purchase commitment			12,523			—
Woori Bank Partners General Type Private Investment Trust No.3		Securities purchase commitment			320,230			—
Woori Private Real Estate Investment Trust No. 7		Securities purchase commitment			152,541			—
Woori Senior Loan General Type Private Investment Trust No.3		Securities purchase commitment			229,008			—
Woori Natixis Partnership Global Private Debt Fund No. 1-2()		Securities purchase commitment			140,643			—
Woori Future Energy Private Special Asset Investment Trust (General) No.1		Securities purchase commitment			33,600			—

As of December 31, 2024 and 2023, the recognized provisions for guarantees and commitments are 843 million Won and 755 million Won, respectively, in relation to the guarantees provided to the related parties above.

(9)	The details of major investment and recovery transactions with related parties for the years ended<br>December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
		For the year ended December 31,<br>2024
---	---	:---:	---	---	---	---
The same parent company and its<br>associates		Investment and<br>others (*)			Recovery and<br>others (*)
Green ESG Growth NO.1 Private Equity Fund			5,128			5,813
Woori Busan Logistics Infra Private Placement Special Asset Investment Trust			13,099			7
Woori Equity Bridge Loan Private Placement Investment Trust No. 1			48,491			36,104
Woori GP Commitment Loan Private Placement Investment Trust No.1			9,918			12,956
Woori GP Commitment Loan Private Placement Investment Trust No.2			15,625			18,755
Woori GP Commitment Loan Private Placement Investment Trust No.3			4,835			726
Woori Global Mid-market Secondaries Private Placement Investment Trust<br>No. 1			2,897			1,065
Woori Senior Loan Private Placement Investment Trust No. 2			228,019			215,818
Woori Renewable New Deal Private Placement Investment Trust No. 1			16,792			—
Woori Woori Bank Partners Private Placement Investment Trust No. 1			4,591			—
Woori Woori Bank Partners Private Placement Investment Trust No. 2			45,061			—
Woori Private Real Estate Investment Trust No. 1			12,026			25,501
Woori Private Real Estate Investment Trust No. 2			19,662			19,590

• 155 -

	For the year ended December 31,<br>2024
The same parent company and its<br>associates	Investment and<br>others (*)			Recovery and<br>others (*)
Woori Private Real Estate Investment Trust No. 5		34,046			—
Woori Japan General Type Private Real Estate Feeder Investment Trust No.1-2		16,335			19,514
Woori Japan Blind General Type Private Real Estate Feeder Investment Trust No.1		87,028			79,930
Woori Policy-Type New Deal (Infra Investment) Private Placement Investment Trust No.1		14,744			18,726
Woori Innovative Growth New Deal Private Placement Investment Trust No.3		27,300			—
Dream Company Growth no.1 PEF		—			4,510
Midas No. 8 Private Equity Joint Venture Company		—			119
Synaptic Green No.1 PEF		5,000			4,780
IGEN 2022 Private Equity Fund No. 1		4,600			5,026
Woori Senior Loan Private Placement Investment Trust No. 1		63,348			117,541
Woori Seoul Beltway Private Special Asset Fund No. 1		3,487			25
Woori Safe Plus General Type Private Investment Trust S-8(Bond)		—			10,327
Woori General Private Equity Investment Trust 1 (Bond)		—			51,672
Woori General Private Equity Investment Trust 2 (Bond)		—			30,821
Japanese Hotel Real Estate Private Equity Fund No.2		6,347			5,382
Woori New Growth Credit Fund 1		26,950			25,194
Woori Clean Energy General Type Private Placement Investment Trust No.2		3,257			—
Woori Innovative Growth (Infrastructure) General Type Private Investment Trust No.2		843			—
Woori General Type Private Real Estate Investment Trust No. 6		194,675			3,132
Woori ESG Infrastructure Development General Type Private Investment Trust No. 2		1,335			—
Woori General Private Equity Investment Trust 3 (Bond)		—			60,398
Woori Asset Global Partnership Fund No. 5		30,000			—
Synaptic Future Growth Private Equity Fund I		7,401			7,976
Woori Dongbu Underground Expressway General type Private Special Asset Investment Trust		2,022			—
Woori PE Secondary Private Placement Investment Trust No. 1		17,851			8,660
Woori Short Term Government and Special Bank Bond Active ETF		—			12,287
WOORI REFS GENERAL TYPE INVESTMENT TRUST No. 1		37,477			274
Woori General Private Equity Investment Trust 5 (Bond)		60,000			—
Woori Big Satisfaction Private 3(Bond)		10,000			—
Woori General Private Equity Investment Trust 6 (Bond)		40,000			—
Woorinara New Growth TOP 20 Securities Investment Trust No. 1 (Stocks)		1,000			1,000
Woori Big Satisfaction Money Market Fund 1 (Government & Agency Bonds)		700,666			1,254,670
Woori Korea Ultra Short-term Bond Securities Investment Trust (Bond)		50,000			50,000
Woori General Private Equity Investment Trust 7 (Bond)		40,000			—
Woori Fund Financing General Type Private Investment Trust		134,945			15,281
Woori Natixis Partnership Global Private Debt Fund No. 1-1()		28,882			428
Woori Private Real Estate Investment Trust No. 7		47,459			180
Woori Senior Loan General Type Private Investment Trust No.3		70,992			—
Woori Smart General Private Equity Investment Trust No.1(Bond)		40,000			—
Woori Real Estate Investment No. 1 Limited Liability Company		10,000			—

All values are in US Dollars.

(*)	Investment and recovery transactions of associates are described in Note 13.(2).
		For the year ended December 31,<br>2023
---	---	:---:	---	---	---	---
The same parent company and its<br>associates		Investment and<br>others (*)			Recovery and<br>others (*)
Green ESG Growth No. 1 Private Equity Fund			5,736			—
Woori Busan Logistics Infra Private Placement Special Asset Investment Trust			6,700			—
Woori G Equity Bridge Loan Private Placement Investment Trust No. 1			41,015			32,054
Woori G GP Commitment Loan Private Placement Investment Trust No. 1			1,826			5,253
Woori G GP Commitment Loan Private Placement Investment Trust No. 2			4,240			961
Woori G GP Commitment Loan Private Placement Investment Trust No. 3			523			—
Woori G Global Mid-market Secondaries Private Placement Investment Trust No. 1			4,014			646
Woori G Senior Loan Private Placement Investment Trust No.2			99,250			6,718
Woori G Renewable New Deal Private Placement Investment Trust No. 1			2,659			66
Woori G Woori Bank Partners Private Placement Investment Trust No. 1			16,725			—
Woori G Woori Bank Partners Private Placement Investment Trust No. 2			194,990			—
Woori G Private Real Estate Investment Trust No. 1			114,776			—
Woori G Private Real Estate Investment Trust No. 5			10,465			—

• 156 -

	For the year ended December 31,<br>2023
The same parent company and its<br>associates	Investment and<br>others (*)			Recovery and<br>others (*)
Woori G Japan Blind General Type Private Real Estate Feeder Investment Trust No.1		—			2,938
Woori G Policy-Type New Deal (Infra Investment) Private Placement Investment Trust No.1		15,164			—
WooriG Equity Investment General Type Private Investment Trust No.1		—			1,726
Woori Short Term Government and Special Bank Bond Active ETF		19,013			19,013
Woori Innovative Growth New Deal Private Placement Investment Trust No.3		14,000			—
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)		2,000			—
Woori G Senior Loan Private Placement Investment Trust No. 1		—			3,915
Woori Short-term Bond Securities Investment Trust ClassC-F		—			10,119
Woori Seoul Beltway Private Special Asset Fund No. 1		2,709			—
Woori Smart General Private Equity Investment Trust 1(Bond)		40,000			—
Woori General Private Equity Investment Trust 1 (Bond)		50,000			—
Woori General Private Equity Investment Trust 2 (Bond)		30,000			—
Woori Big Satisfaction Money Market Fund (Government & Agency Bonds) Classic C		—			441,470
Woori New Growth Credit Fund 1		24,823			—
Woori G Clean Energy General Type Private Placement Investment Trust No.2		1,353			—
Woori G Innovative Growth (Infrastructure) General Type Private Investment Trust No.2		15,128			—
Woori Together Government & Agency Bonds Money Market Fund 1		65,195			—
Woori G Private Real Estate Investment Trust No. 6		24,060			—
Woori G ESG Infrastructure Development General Type Private Investment Trust No. 2		1,306			—
Woori General Private Equity Investment Trust 3 (Bond)		50,000			—
Woori Asset Global Partnership Fund No. 5		22,500			—
Synaptic Future Growth Private Equity Fund I		5,611			—
Woori PE Secondary Private Placement Investment Trust No. 1		8,678			—
WooriI25-09 Bond(above AA-) Active ETF		29,001			—

All values are in US Dollars.

(*)	Investment and recovery transactions of associates are described in Note 13.(2).
(10)	Compensation to key management is as follows (Unit: Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---
		2024			2023
Short-term employee benefits			14,655			11,810
Share-based payment			7,569			3,582
Retirement benefit service costs			833			632
Total			23,057			16,024

Key management includes registered executives and non-registered executives. Outstanding assets from transactions with key management amount to 3,523 million Won and 3,932 million Won, as of December 31, 2024 and 2023, respectively. Also, liabilities from transaction with key management amount to 69,372 million Won and 34,054 million Won, respectively, as of December 31, 2024 and 2023.

(11)	The Group, Woori Card Co., Ltd. and its subsidiaries are liable to jointly reimburse the Group’s debts<br>before the split.
(12)	Among the bonds issued by the Group during the year ended December 31, 2024, Woori Investment Securities<br>Co., Ltd. acquired 40,000 million Won in hybrid securities and sold them all on the issuance date. Among the bonds issued by the Group during the year ended December 31, 2023, Woori Investment Bank Co., Ltd. acquired 30,000 million<br>Won in hybrid securities and sold them all on the issuance date.
:---	:---

• 157 -

46.	TRUST ACCOUNTS
(1)	Trust accounts of the Group as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in<br>millions):
:---	:---
		Total assets						Operating income
---	---	:---:	---	---	---	---	---	:---:	---	---	---	---
								For the years ended December 31
		December 31, 2024			December 31, 2023			2024			2023
Trust accounts			85,894,740			75,636,483			2,544,969			2,296,627
(2)	Receivables and payables from the transactions between the Group and trust accounts as of December 31,<br>2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Receivables
Trust fees receivables			46,273			48,383
Payables
Deposits due to customers			265,364			166,241
Borrowings from trust accounts			5,214,906			3,769,913
Total			5,480,270			3,936,154
(3)	Significant transactions between the Group and trust accounts for the years ended December 31, 2024 and<br>2023 are as follows (Unit: Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---
		2024			2023
Revenue:
Trust fees			156,911			141,314
Termination fees			3,345			1,116
Total			160,256			142,430
Expense:
Interest expenses on deposits due to customers			955			957
Interest expenses on borrowings from trust accounts			148,498			88,099
Total			149,453			89,056

• 158 -

(4)	Principal guaranteed trusts and principal and interest guaranteed trusts

As of December 31, 2024 and 2023, the carrying of principal guaranteed trusts and principal and interest guaranteed trusts are as follows (Unit: Korean Won in millions):

		December 31, 2024			December 31, 2023
Partial principal guaranteed trusts:
Household money			7,823			7,767
Corporate money			189			217
Installment plan purpose			1,544			1,515
Sub-total			9,556			9,499
Principal guaranteed trusts:
Old-age pension trusts			2,450			2,582
Personal pension trusts			399,860			429,068
Pension trusts			592,533			642,756
Retirement trusts			26,159			26,082
New personal pension trusts			6,084			6,441
New old-age pension trusts			815			892
Sub-total			1,027,901			1,107,821
Principal and interest guaranteed trusts:
Development trusts			19			19
Unspecified money trusts			334			334
Sub-total			353			353
Total			1,037,810			1,117,673
47.	LEASES
:---	:---
(1)	The future lease payments under the lease contracts as of December 31, 2024 and 2023 are as follows (Unit:<br>Korean Won in millions):
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Lease payments
Within one year			168,195			190,203
After one year but within five years			262,872			133,291
After five years			50,353			25,084
Total			481,420			348,578
(2)	Total cash outflows from lease for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean<br>Won in millions):
:---	:---
		For the year ended<br>December 31, 2024			For the year ended<br>December 31, 2023
---	---	:---:	---	---	:---:	---
Cash outflows for leases			213,326			172,682
(3)	There are no lease payments that are not included in the measurement of lease liabilities due to the fact that<br>they are short-term leases or leases for which the underlying asset is low value for the years ended December 31, 2024 and 2023. The variable lease fee not included in the measurement of lease liability for the years ended December 31,<br>2024 and 2023 are 24,373 million Won and 32,016 million Won, respectively.
:---	:---
48.	EVENTS AFTER THE REPORTING PERIOD
:---	:---

In January, 2025, the Group decided to implement a voluntary retirement program through labor-management agreement. As a result, the termination benefits to be recognized by the Group in the first quarter of 2025 amount to 169,013 million Won.

• 159 -

EX-99.2

Exhibit 99.2

WOORI BANK

SEPARATE FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED

DECEMBER 31, 2024 and 2023

WOORI BANK

		Page(s)
INDEPENDENT AUDITORS’ REPORT			1-3
Separate Financial Statements
Separate Statements of Financial Position			5-6
Separate Statements of Comprehensive Income			7
Separate Statements of Changes in Equity			8
Separate Statements of Cash Flows			9-10
Notes to the Separate Financial Statements			11-154
Independent Auditor’ Review Report on Internal Control over Financial<br>Reporting			155

INDEPENDENT AUDITORS’ REPORT

(Based on a report originally issued in Korean)

The Board of Directors and Shareholder of

Woori Bank

Opinion

We have audited the separate financial statements of Woori Bank (the “Bank”), which comprise the separate statement of financial position as of December 31, 2024 and 2023, the separate statements of comprehensive income, changes in equity and cash flows for the years then ended, and notes, comprising of material accounting policy information and other explanatory information.

In our opinion, the accompanying separate financial statements present fairly, in all material respects, the separate financial position of the Bank as of December 31, 2024 and 2023, and its separate financial performance and its separate cash flows for the years then ended in accordance with Korean International Financial Reporting Standards (K-IFRS).

Basis for Opinion

We conducted our audits in accordance with Korean Standards on Auditing (KSAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Bank in accordance with the ethical requirements that are relevant to our audit of the financial statements in the Republic of Korea and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Matter

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

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Management is responsible for the preparation and fair presentation of the separate financial statements in accordance with K-IFRS, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Bank’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Bank’s financial reporting process.

• 1 -

Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with KSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with KSAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

•	Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or<br>error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher<br>than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
•	Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are<br>appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank’s internal control.
:---	:---
•	Evaluate the appropriateness of accounting policies used in the preparation of the separate financial statements<br>and the reasonableness of accounting estimates and related disclosures made by management.
:---	:---
•	Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on<br>the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Bank’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are<br>required to draw attention in our auditors’ report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of<br>our auditors’ report. However, future events or conditions may cause the Bank to cease to continue as a going concern.
:---	:---
•	Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,<br>and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
:---	:---

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

• 2 -

KPMG Samjong Accounting corp.

Seoul, Korea

March 4, 2025

This report is effective as of March 4, 2025, the audit report date. Certain subsequent events or circumstances, which may occur between the audit report date and the time of reading this report, could have a material impact on the accompanying separate financial statements and notes thereto. Accordingly, the readers of the audit report should understand that the above audit report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

• 3 -

WOORI BANK

SEPARATE FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED

DECEMBER 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 Bank.

Jin Wan Jung

President and Chief Executive Officer

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

(Phone Number) 02-2002-3000

• 4 -

WOORI BANK

SEPARATE STATEMENTS OF FINANCIAL POSITION

AS OF DECEMBER 31, 2024 AND 2023

		December 31,<br>2024			December 31,<br>2023
		(Korean Won in millions)
ASSETS
Cash and cash equivalents (Notes 4, 6 and 45)			23,772,681			27,066,108
Financial assets at fair value through profit or loss (“FVTPL”) (Notes 4, 7, 11, 12, 18,<br>26 and 45)			25,420,003			21,118,307
Financial assets at fair value through other comprehensive income (“FVTOCI”) (Notes 4,<br>8, 11, 12 and 18)			42,307,565			36,375,201
Securities at amortized cost (Notes 4, 9, 11 and 18)			18,719,264			23,584,608
Loans and other financial assets at amortized cost (Notes 4, 10, 11, 12, 18 and 45)			342,465,297			320,810,617
Investments in subsidiaries and associates (Note 13)			4,422,532			3,734,506
Investment properties (Note 14)			455,621			528,615
Properties and equipment (Note 15)			2,812,324			2,552,410
Intangible assets (Note 16)			365,004			305,640
Assets held for sale (Note 17)			31,266			11,573
Current tax assets (Note 42)			33,122			126,388
Derivative assets (Designated for hedging) (Notes 4, 11, 12, 26 and 45)			10,102			698
Net defined benefit assets (Note 24)			137,916			221,546
Other assets (Notes 19 and 45)			272,126			251,671
Total assets			461,224,823			436,687,888
LIABILITIES
Financial liabilities at FVTPL (Notes 4, 11, 12, 20, 26 and 45)			9,746,647			6,015,790
Deposits due to customers (Notes 4, 11, 21 and 45)			347,165,137			338,741,703
Borrowings (Notes 4, 11, 12, 22 and 45)			21,887,868			21,461,867
Debentures (Notes 4, 11 and 22)			25,530,318			21,273,027
Provisions (Notes 23, 44 and 45)			531,131			705,507
Current tax liabilities (Note 42)			76,361			23,061
Deferred tax liabilities (Note 42)			777,072			372,268
Derivative liabilities (Designated for hedging) (Notes 4, 11, 12, 26 and 45)			102,634			135,263
Other financial liabilities (Notes 4, 11, 12, 25 and 45)			28,449,451			22,635,153
Other liabilities (Notes 25 and 45)			230,894			227,496
Total liabilities			434,497,513			411,591,135

(Continued)

• 5 -

WOORI BANK

SEPARATE STATEMENTS OF FINANCIAL POSITION

AS OF DECEMBER 31, 2024, AND 2023 (CONTINUED)

		December 31,<br>2024			December 31,<br>2023
		(Korean Won in millions)
EQUITY
Share capital (Note 28)			3,581,392			3,581,392
Hybrid securities (Note 29)			1,645,947			1,546,447
Capital surplus (Note 28)			1,068,420			1,068,420
Other equity (Note 30)			(55,215	)		51,880
Retained earnings (Notes 31 and 32)			20,486,766			18,848,614
(Regulatory reserve for credit loss)			(1,767,408	)		(2,164,140	)
(Regulatory reserve for credit loss to be reversed (provisioned for))			(185,534	)		396,732
(Planned reversal of (provision for) regulatory reserve for credit loss)			(185,534	)		396,732
Total equity			26,727,310			25,096,753
Total liabilities and equity			461,224,823			436,687,888

The accompanying notes are part of these separate financial statements.

• 6 -

WOORI BANK

SEPARATE STATEMENTS OF COMPREHENSIVE INCOME

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

		For the years ended<br>December 31
		2024			2023
		(Korean Won in millions, except for per share data)
Interest income			17,982,378			16,981,802
Financial assets at FVTPL			120,688			92,854
Financial assets at FVTOCI			1,227,748			945,536
Financial assets at amortized cost			16,633,942			15,943,412
Interest expense			(11,240,595	)		(10,293,311	)
Net interest income (Notes 11, 34 and 45)			6,741,783			6,688,491
Fees and commissions income			1,153,366			1,046,057
Fees and commissions expense			(180,203	)		(196,620	)
Net fees and commissions income (Notes 11, 35 and 45)			973,163			849,437
Dividend income (Notes 11, 36 and 45)			457,409			306,494
Net gain on financial instruments at FVTPL (Notes 11, 37 and 45)			1,509,161			514,706
Net gain (loss) on financial assets at FVTOCI (Notes 11 and 38)			92,107			(38,399	)
Net gain on financial assets at amortized cost (Note 11)			165,192			101,788
Net gain on disposals of loans and other financial assets at amortized cost			165,192			101,788
Provision for expected credit loss allowance (Notes 11, 39 and 45)			(698,265	)		(930,995	)
General and administrative expenses (Notes 40 and 45)			(3,327,224	)		(3,409,755	)
Other net operating expenses (Notes 40 and 45)			(2,219,561	)		(1,064,546	)
Operating income			3,693,765			3,017,221
Impairment loss on investments in subsidiaries and associates (Note 13)			(2,386	)		(1,786	)
Net other non-operating expenses			(28,840	)		(23,503	)
Non-operating expenses (Notes 13 and 41)			(31,226	)		(25,289	)
Net income before income tax expense			3,662,539			2,991,932
Income tax expense (Note 42)			(867,987	)		(714,792	)
Net income
(Net income after the provision of regulatory reserve for credit loss for the years ended<br>December 31, 2024 and 2023 are 2,609,018 million Won and 2,673,872 million Won, respectively) (Note 32)			2,794,552			2,277,140
Net gain (loss) on valuation of equity securities at FVTOCI			(142,223	)		195,587
Net gain on changes in credit risk of financial liabilities designated to be measured at<br>FVTPL			1,348			—
Remeasurement loss related to defined benefit plan			(57,385	)		(66,174	)
Items that will not be reclassified to profit or loss			(198,260	)		129,413
Net gain on valuation of debt securities at FVTOCI			172,040			523,744
Gain on foreign currency translation of foreign operations			33,520			2,364
Loss on evaluation of hedge of net investment in foreign operations			(12,217	)		(1,493	)
Items that may be reclassified to profit or loss			193,343			524,615
Other comprehensive income (loss), net of tax (Note 30)			(4,917	)		654,028
Total comprehensive income			2,789,635			2,931,168
Earnings per share (Note 43)
Basic and diluted earnings per share (Unit: In Korean Won)			3,797			3,047

The accompanying notes are part of these separate financial statements.

• 7 -

WOORI BANK

SEPARATE STATEMENTS OF CHANGES IN EQUITY

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

		Capital<br>stock			Hybrid<br>securities			Capital<br>surplus			Other<br>equity			Retained<br>earnings			Total<br>equity
		(Korean Won in millions)
January 1, 2023			3,581,392			2,344,816			1,068,420			(660,858	)		18,100,087			24,433,857
Net income			—			—			—			—			2,277,140			2,277,140
Dividends on common stocks			—			—			—			—			(1,372,572	)		(1,372,572	)
Net gain on valuation of financial assets at FVTOCI			—			—			—			719,331			—			719,331
Net gain (loss) due to disposal of financial assets at FVTOCI			—			—			—			(87	)		87			—
Gain on foreign currency translation of foreign operations			—			—			—			2,364			—			2,364
Loss on evaluation of hedges of net investment in foreign operations			—			—			—			(1,493	)		—			(1,493	)
Remeasurement loss related to defined benefit plan			—			—			—			(66,174	)		—			(66,174	)
Appropriation of retained earnings			—			—			—			60,491			(60,491	)		—
Dividends on hybrid securities			—			—			—			—			(95,637	)		(95,637	)
Issuance of hybrid securities			—			299,327			—			—			—			299,327
Redemption of hybrid securities			—			(1,097,696	)		—			(1,694	)		—			(1,099,390	)
December 31, 2023			3,581,392			1,546,447			1,068,420			51,880			18,848,614			25,096,753
January 1, 2024			3,581,392			1,546,447			1,068,420			51,880			18,848,614			25,096,753
Net income			—			—			—			—			2,794,552			2,794,552
Dividends to common stocks			—			—			—			—			(1,131,996	)		(1,131,996	)
Net gain on changes in credit risk of financial liabilities designated to be measured at<br>FVTPL			—			—			—			1,348			—			1,348
Net gain on valuation of financial assets at FVTOCI			—			—			—			29,817			—			29,817
Net gain (loss) on disposal of financial assets at FVTOCI			—			—			—			(53,539	)		53,539			—
Gain on foreign currency translation of foreign operations			—			—			—			33,520			—			33,520
Loss on evaluation of hedge of net investment in foreign operations			—			—			—			(12,217	)		—			(12,217	)
Remeasurement loss related to defined benefit plan			—			—			—			(57,385	)		—			(57,385	)
Appropriation of retained earnings			—			—			—			1,694			(1,694	)		—
Business combination under the common control			—			—			—			(590	)		—			(590	)
Dividends to hybrid securities			—			—			—			—			(76,249	)		(76,249	)
Issuance of hybrid securities			—			757,970			—			—			—			757,970
Redemption of hybrid securities			—			(658,470	)		—			(49,743	)		—			(708,213	)
December 31, 2024			3,581,392			1,645,947			1,068,420			(55,215	)		20,486,766			26,727,310

The accompanying notes are part of these separate financial statements.

• 8 -

WOORI BANK

SEPARATE STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

		For the years ended<br>December 31
		2024			2023
		(Korean Won in millions)
Cash flows from operating activities:
Net income			2,794,552			2,277,140
Adjustments:
Income tax expense			867,987			714,792
Interest income			(17,982,378	)		(16,981,802	)
Interest expense			11,240,595			10,293,311
Dividend income			(530,748	)		(360,629	)
			(6,404,544	)		(6,334,328	)
Additions of expenses not involving cash outflows:
Loss on financial assets at FVTOCI			4,583			46,335
Provision for expected credit loss allowance			698,265			930,995
Impairment losses on investments in subsidiaries and associates			2,386			1,786
Loss on derivatives (designated for hedging)			24,252			8,819
Loss on fair value hedge			64,571			72,601
Loss on other provisions			40,605			69,742
Retirement benefits			109,088			88,637
Depreciation and amortization			387,730			361,352
Loss on disposal of properties and equipment, intangible asset and other assets			1,435			1,217
Impairment loss on properties and equipment, intangible asset and other assets			217			22
Loss on foreign currency translation			1,181,071			394,827
Other losses			10,888			—
Other operating expenses			8,627			169,357
			2,533,718			2,145,690
Deductions of incomes not involving cash inflows:
Gain on financial instruments at FVTPL			1,266,813			586,995
Gain on financial assets at FVTOCI			96,690			7,936
Gain on disposal of investments in subsidiaries and associates			12,609			33,081
Gain on derivatives (designated for hedging)			40,843			69,479
Gain on fair value hedge			25,469			8,986
Gain related to other provisions			2,752			14,092
Gain on disposal of properties and equipment, intangible assets and other assets			337			1,416
Reversal of impairment loss on properties and equipment, intangible asset and other<br>assets			—			47
Gain on disposal of assets held for sale			—			3,027
			1,445,513			725,059
Changes in operating assets and liabilities:
Financial instruments at FVTPL			907,516			(2,162,406	)
Loans and other financial assets at amortized cost			(19,333,275	)		(12,444,391	)
Other assets			(8,198	)		(110,980	)
Deposits due to customers			4,413,557			14,932,187
Provisions			(209,556	)		(27,096	)
Net defined benefit liability			(103,436	)		(112,511	)
Other financial liabilities			4,631,721			1,449,421
Other liabilities			(5,974	)		45,523
			(9,707,645	)		1,569,747

(Continued)

• 9 -

WOORI BANK

SEPARATE STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (CONTINUED)

		For the years ended<br>December 31
		2024			2023
		(Korean Won in millions)
Cash received (paid) from operating activities:
Interest income received			18,178,160			16,616,933
Interest expense paid			(10,742,146	)		(9,178,973	)
Dividends received			530,748			360,629
Income tax paid			(297,011	)		(1,270,630	)
Net cash inflow (outflow) from operating activities			(4,559,681	)		5,461,149
Cash flows from investing activities:
Disposal of financial instruments at FVTPL			13,414,415			10,690,537
Acquisition of financial instruments at FVTPL			(13,410,068	)		(13,076,753	)
Disposal of financial assets at FVTOCI			25,622,712			19,970,026
Acquisition of financial assets at FVTOCI			(30,557,886	)		(23,604,697	)
Redemption of securities at amortized cost			7,616,152			6,735,231
Acquisition of securities at amortized cost			(2,494,615	)		(2,827,215	)
Disposal of investments in subsidiaries and associates			33,161			17,545
Acquisition of investments in subsidiaries and associates			(710,964	)		(68,711	)
Disposal of properties and equipment			129			2,242
Acquisition of properties and equipment			(166,448	)		(99,682	)
Disposal of intangible assets			613			—
Acquisition of intangible assets			(134,379	)		(165,835	)
Disposal of assets held for sale			—			3,547
Net increase in other assets			18,348			8,545
Business combination under common control			2,627			—
Net cash outflow from investing activities			(766,203	)		(2,415,220	)
Cash flows from financing activities:
Net decrease (increase) of derivatives (designated for hedging)			(25,442	)		1,394
Net decrease in borrowings			(1,327,778	)		(371,695	)
Issuance of debentures			16,756,011			12,859,755
Redemption of debentures			(13,378,345	)		(16,412,140	)
Redemption of lease liabilities			(171,368	)		(132,159	)
Net increase (decrease) of other liabilities			(17,690	)		30
Dividends paid to common stocks			(1,131,996	)		(1,372,572	)
Issuance of hybrid securities			757,970			299,327
Redemption of hybrid securities			(726,055	)		(1,100,000	)
Dividends paid to hybrid securities			(76,249	)		(95,637	)
Net cash inflow (outflow) from financing activities			659,058			(6,323,697	)
Effects of exchange rate changes on cash and cash equivalents			1,373,399			(169,385	)
Net decrease in cash and cash equivalents			(3,293,427	)		(3,447,153	)
Cash and cash equivalents, the beginning of the year			27,066,108			30,513,261
Cash and cash equivalents, the end of the year (Note 6)			23,772,681			27,066,108

The accompanying notes are part of these separate financial statements.

• 10 -

WOORI BANK

NOTES TO THE SEPARATE FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

1.	GENERAL
(1)	Summary of the Company
:---	:---

Woori Bank (the “Bank”) was established in 1899 and is engaged in the commercial banking business under the Banking Act, trust business and foreign exchange business under the Financial Investment Services and Capital Market Act.

As of December 31, 2024, the Bank’s shares are wholly owned by Woori Financial Group Inc. (“Woori Financial Group”) which was established in accordance with the Financial Holding Companies Act on January 11, 2019. The Bank has 716 million shares and common stocks amounting to 3,581,392 million Won.

The headquarters of the Bank is located at 51, Sogong-ro, Jung-gu, Seoul, Korea. The Bank has 684 branches and offices in Korea, and 16 branches, 8 branch offices and 4 offices overseas as of December 31, 2024.

2.	BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICIES
(1)	Basis of preparation
:---	:---

The Bank 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 separate financial statements have been restructured and translated into English from the Korean language financial statements.

Certain information attached to the Korean language financial statements, but not required for a fair presentation of the Bank’s financial position, financial performance or cash flows, is not presented in the accompanying consolidated financial statements.

The separate financial statements of the Bank have been prepared in accordance with K-IFRS. These are the standards, subsequent amendments and related interpretations issued by the International Accounting Standards Board (IASB) that have been adopted by the Republic of Korea.

The material accounting policies applied in the preparation of financial statements are stated below, and the accounting policies applied are identical to ones used in the preparation of previous period’s financial statements, except for the effects of adopting new standards or interpretations as explained below.

The financial statements are prepared at the end of each reporting period on the historical cost basis, except for certain non-current assets and financial assets that are either revalued or measured in fair value. Historical cost is generally measured at the fair value of consideration given to acquire assets.

Meanwhile, the consolidated financial statements of the Bank was initially approved by the board of directors on February 7, 2025, and is planned for an approval in the annual shareholder’s meeting on March 25, 2025.

• 11 -

1)	From the accounting period beginning on January 1, 2024, the Bank has newly applied the following<br>amendments and interpretations.
i)	Amendments to K-IFRS No.1001 ‘Presentation of Financial Statements’ – Classification<br>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 Bank determined that there is no significant impact on the separate financial statements due to these amendments.

ii)	Amendments to K-IFRS No.1007 ‘Statement of Cash Flows’, K-IFRS 1107 ‘Financial Instruments:<br>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 Bank determined that there is no significant impact on the separate financial statements due to these amendments.

iii)	Amendments to K-IFRS No.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 Bank determined that there is no significant impact on the separate financial statements due to these amendments.

iv)	Amendments to K-IFRS No.1001 ‘Presentation of Financial Statements’ – Disclosure of<br>Cryptographic Assets

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 Bank determined that there is no significant impact on the separate financial statements due to these amendments.

2)	The details of K-IFRS that have been issued and published as of January 1, 2024 but have not yet reached<br>the effective date, and which the Bank has not applied at an earlier date are as follows :
i)	Amendments to K-IFRS No.1021 ‘The Effects of Changes in Foreign Exchange Rates’ and K-IFRS No.1101<br>‘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 Bank determined that there is no significant impact on the separate financial statements due to these amendments.

ii)	Amendments to K-IFRS No.1109 ‘Financial Instruments’, K-IFRS No.1107 ‘Financial Instruments:<br>Disclosures’

When an entity K-IFRS No.1109 ‘Financial Instruments’ and K-IFRS No.1107 ‘Financial Instruments: Disclosures’ have been amended to respond to recent questions arising in practice, and to include new requirements. The amendments should be applied for annual periods beginning on or after January 1, 2026, and earlier application is permitted. The Bank is in review for the impact of these amendments on the financial statements. These amendments

•	clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception<br>for some financial liabilities settled through an electronic cash transfer system;
•	clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal<br>and interest (SPPI) criterion;
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• 12 -

•	add new disclosures of impact on the entity and the extent to which the entity is exposed for each type of<br>financial instruments if the timing or amount of contractual cash flow changes due to amendment of contract term; and
•	update the disclosures for equity instruments designated at fair value through other comprehensive income<br>(FVTOCI).
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iii)	Amendments Annual Improvements to K-IFRS -Volume 11
:---	:---

Annual Improvements to K-IFRS -Volume 11 should be applied for annual periods beginning on or after January 1, 2026, and earlier application is permitted. The Bank is in review for the impact of these amendments on the financial statements.

•	K-IFRS No.1101 ‘First-time Adoption of International Financial Reporting Standards’: Hedge<br>accounting by a first-time adopter
•	K-IFRS No.1107 ‘Financial Instruments: Disclosures’: Gain or loss on derecognition and<br>implementation guidance
:---	:---
•	K-IFRS No.1109 ‘Financial Instruments’: Derecognition of lease liabilities and definition of<br>transaction price
:---	:---
•	K-IFRS No.1110 ‘Consolidated Financial Statements’: Determination of a ‘de facto<br>agent’
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•	K-IFRS No.1007 ‘Statement of Cash Flows’: Cost method
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(2)	Business combinations
:---	:---

Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured as the sum of the acquisition-date fair values of the assets transferred by the Bank in exchange for control of the acquiree, liabilities assumed by the Bank and the equity interests issued by the Bank. Acquisition-related costs are generally recognized in profit or loss as incurred.

At the acquisition date, the acquiree’s identifiable assets, liabilities and contingent liabilities are recognized at their fair value, except that:

•	deferred tax assets or liabilities and assets or liabilities related to employee benefit arrangements are<br>recognized and measured in accordance with K-IFRS No.1012 ‘Income Taxes’ and K-IFRS No.1019 ‘Employee Benefits’, respectively;
•	liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based<br>payment arrangements of the Bank entered into to replace share-based payment arrangements of the acquiree are measured in accordance with K-IFRS No.1102 ‘Share-based Payment’ at the acquisition date; and
:---	:---
•	non-current assets (or disposal groups) that are classified as held for sale in accordance with K-IFRS No.1105<br>‘Non-current Assets Held for Sale and Discontinued Operations’ are measured at the lower of their previous carrying amounts and fair value less costs to sell.
:---	:---

Any excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the Bank’s previously held equity interest (if any) in the acquiree over the net of identifiable assets and liabilities assumed of the acquiree at the acquisition date is recognized as goodwill which is included in intangible assets.

• 13 -

If, after reassessment, the Bank’s interest in the fair value of the acquiree’s identifiable net assets exceeds the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer’s previously held equity interest in the acquiree (if any), the excess is recognized immediately in net income (or other comprehensive income, if applicable) identical to the treatment assuming interests are sold directly.

Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the entity’s net assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests’ proportionate share of the recognized amounts of the acquiree’s identifiable net assets. The choice of measurement basis is made on a transaction-by-transaction basis. Other types of non-controlling interests are measured at fair value or, when applicable.

When the consideration transferred by the Bank in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the ‘measurement period’ (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date.

The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration other than the above is remeasured at subsequent reporting dates as appropriate, with the corresponding gain or loss being recognized in profit or loss.

When a business combination is achieved in stages, the Bank’s previously held equity interest in the acquiree is remeasured at fair value at the acquisition date (i.e., the date when the Bank obtains control) and the resulting gain or loss, if any, is recognized in net income (or other comprehensive income, if applicable). Amounts arising from changes in value of interests in the acquiree prior to the acquisition date that have previously been recognized in other comprehensive income are recognized, identical to the treatment assuming interests are sold directly.

In cases where i) a common entity ultimately controls over all participating entities, or businesses, in a business combination transaction, prior to and after the transaction continuously, and ii) the control is not temporary, the transaction meets the definition of “business combination under common control” and it is deemed that the transaction only results in the changes in legal substance, and not economic substance, from the perspective of the ultimate controlling party. Thus, in such transactions, the acquirer recognizes the assets and liabilities of the acquiree in its financial statements at the book values as recognized in the ultimate controlling party’s consolidated financial statements, and the difference between the book value of consideration transferred to and the book value of net assets transferred in is recognized as equity.

(3)	Investment in joint operation

A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.

When the Bank operates as a joint operator, it recognizes in relation to its interest in a joint operation:

•	its assets, including its share of any assets held jointly;
•	its liabilities, including its share of any liabilities incurred jointly;
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•	its revenue from the sale of its share of the output arising from the joint operation;
:---	:---
•	its share of the revenue from the sale of the output by the joint operation; and
:---	:---
•	its expenses, including its share of any expenses incurred jointly.
:---	:---

The Bank accounts for the assets, liabilities, revenues and expenses relating to its interest in a joint operation in accordance with K-IFRS applicable to the particular assets, liabilities, revenues and expenses.

• 14 -

When the Bank enters into a transaction with a joint operation in which it is a joint operator, such as a purchase of assets, it does not recognize proportional share of profit or loss until the asset is sold to a third party.

(4)	Revenue recognition

K-IFRS No.1115 requires the recognition of revenues based on transaction price allocated to the performance obligation when or as the Bank performs that obligation to the customer. Revenues other than those from contracts with customers, such as interest revenue and loan origination fee (cost), are measured through effective interest rate method.

i)	Revenue from contracts with customers

The Bank recognizes revenue when the Bank satisfies a performance obligation by transferring a promised good or service to a customer. When a performance obligation is satisfied, the Bank recognizes as a revenue the amount of the transaction price that is allocated to that performance obligation. The transaction price is the amount of consideration to which the Bank expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties.

The Bank recognizes revenue by major sources as shown below:

①	Fees and commission received for brokerage

The fees and commission received for brokerage are the amount of consideration or fee expected to be entitled to receive in return for providing goods or services to the other parties with the Bank acting as an agency, such as in the case of sales of bancassurance and beneficiary certificates. The majority of these fees and commission received for brokerage are from the business activities relevant to Consumer banking segment.

②	Fees and commission received related to credit

The fees and commission received related to credit mainly include the lending fees received from the loan activity and the fees received in the L/C transactions. Except for the fees and commission accounted for in calculating the effective interest rate, it is generally recognized when the performance obligation has been performed. The majority of these fees and commission received related to credit are from the business activities relevant to Consumer banking and Corporate banking segment.

③	Fees and commission received for electronic finance

The fees and commission received for electronic finance include fees received in return for providing various kinds of electronic financial services through firm-banking and CMS. These fees are recognized as revenue immediately upon the completion of services. The majority of these fees and commission received for electronic finance are from the business activities relevant to Consumer banking and Corporate banking segment.

④	Fees and commission received on foreign exchange handling

The fees and commission received on foreign exchange handling consist of various fees incurred when transferring foreign currency. The point of processing the customer’s request is the time when performance obligation is satisfied, and revenue is immediately recognized when fees and commission are received after requests are processed. The business activities relevant to these fees and commission received on foreign exchange handling are substantially attributable to Corporate banking segment.

⑤	Fees and commission received on foreign exchange

The fees and commission received on foreign exchange consist of fees related to the issuance of various certificates, such as exchange, import and export performance certificates, purchase certificates, etc. The point of processing the customer’s request is the time when performance obligation is satisfied, and revenue is immediately recognized when fees and commission are received after requests are processed. The business activities relevant to these fees and commission received on foreign exchange are substantially attributable to Corporate banking segment.

⑥	Fees and commission received for guarantee

The fees and commission received for guarantee include the fees received for the various warranties. The activities related to the warranty consist mainly of performance obligations satisfied over time and fees and commission are recognized over the guarantee period. The business activities relevant to these fees and commission received for guarantee are substantially attributable to Corporate banking segment.

• 15 -

⑦	Fees and commission received on securities business

The fees and commission received on securities business consist mainly of fees and commission for the sale of beneficiary certificates, and these fees are recognized when the beneficiary certificates are sold to customers. The business activities relevant to these fees and commission received on credit card are substantially attributable to Consumer banking segment.

⑧	Fees and commission from trust management

The fees and commission from trust management consist of fees and commission received in return for the operation and management services for entrusted assets. These operation and management services are performance obligations satisfied over time, and revenue is recognized over the service period. Among the fees and commission from trust management, variable considerations such as profit commission that are affected by the value of entrusted assets and base return of the future periods are recognized as revenue when limitations to the estimates are lifted. The majority of these fees and commission received for brokerage are from the business activities relevant to Consumer banking segment.

⑨	Other fees

Other fees are usually fees related to remittances, but include fees related to various other services provided to customers by the Bank. These fees are recognized when transactions occur at the customers’ request and services are provided, at the same time when commissions are received. These other fees occur across all operating segments and no single operating segment represents majority of other fees.

ii)	Other revenue from contracts with customers
①	Interest income
:---	:---

Interest income on financial assets measured at FVTPL, FVTOCI and financial assets at amortized costs is measured using the effective interest method.

The effective interest method is a method of calculating the amortized cost of debt securities (or group of financial assets) and of allocating the interest income over the expected life of the asset. The effective interest rate is the rate that exactly discounts estimated future cash flows to the instrument’s initial total carrying amount over the expected period, or shorter if appropriate. Future cash flows include commissions and cost of reward points (limited to the primary component of effective interest rate) and other premiums or discounts that are paid or received between the contractual parties, and future cash flows exclude expected credit loss when calculating the effective interest rate. All contractual terms of a financial instrument are considered when estimating future cash flows.

For purchased or originated credit-impaired financial assets, interest revenue is recognized by applying the credit-adjusted effective interest rate to the amortized cost of the financial asset from initial recognition. Even if the financial asset is no longer impaired in the subsequent periods due to credit improvement, the basis of interest revenue calculation is not changed from amortized cost to unamortized cost of the financial assets.

②	Loan origination fees and costs

The commission fees earned on loans, which is part of the effective interest of loans, is accounted for as deferred origination fees. Incremental costs related to the origination of loans are accounted for as deferred origination costs and is being added or deducted to/from interest income on loans using effective interest rate method.

(5)	Accounting for foreign currencies

The Bank’s separate financial statements are presented in Korean Won, which is the functional currency of the Bank. At the end of each reporting period, monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at its prevailing exchange rates at the date. The effective portion of the changes in fair value of a derivative that qualifies as a cash flow hedge and the foreign exchange differences on monetary items that form part of net investment in foreign operations are recognized in equity.

• 16 -

Assets and liabilities of the foreign operations subject to consolidation are translated into Korean Won at foreign exchange rates at the end of the reporting period. Except for situations in which it is required to use exchange rates at the date of transaction due to significant changes in exchange rates during the period, items that belong to profit or loss are measured by average exchange rate, with foreign exchange differences recognized as other comprehensive income and added to equity. When foreign operations are disposed, the controlling interest’s share of accumulated foreign exchange differences related to such foreign operations will be reclassified to profit or loss.

(6)	Cash and cash equivalents

The Bank is classifying cash on hand, demand deposits, interest-earning deposits with original maturities of up to three months on acquisition date, and highly liquid investments that are readily convertible to known amounts of cash and subject to an insignificant risk of changes in value as cash and cash equivalents.

(7)	Financial assets and financial liabilities
1)	Financial assets
:---	:---

A regular way purchase or sale of financial assets is recognized or derecognized on the trade date. A regular way purchase or sale is a purchase or sale of a financial asset under a contract whose term requires delivery of the asset within the time frame established generally by regulation or convention in the marketplace concerned.

On initial recognition, financial assets are classified into financial assets at FVTPL, financial assets at FVTOCI, and financial assets at amortized cost.

a)	Business model

The Bank evaluates the way business is being managed, and the purpose of the business model for managing a financial asset best reflects the way information is provided to the management at its portfolio level. Such information considers the following:

•	The accounting policies and purpose specified for the portfolio, and the actual operation of such policies. This<br>includes strategy of the management focusing on the receipt of contractual interest revenue, maintaining a certain level of interest income, matching the duration of financial assets and the duration of corresponding liabilities to obtain the asset,<br>and outflow or realization of expected cash flows from disposal of assets
•	The way the performance of a financial asset held under the business model is evaluated, and the way such<br>evaluation is being reported to the management
:---	:---
•	The risk affecting the performance of the business model (and financial assets held under the business model),<br>and the way such risk is being managed
:---	:---
•	The compensation plan for the management (e.g., whether the management is being compensated based on the fair<br>value of assets or based on contractual cash flows received)
:---	:---
•	Frequency, amount, timing and reason for sale of financial assets in the past, and forecast of future sale<br>activities
:---	:---
b)	Contractual cash flows
:---	:---

The principal is defined to be the fair value of a financial asset at initial recognition. Interest is not only composed of consideration for the time value of money, consideration for the credit risk related to remaining principal at a certain period of time, and consideration for other cost (e.g., liquidity risk and cost of operation) and fundamental risk associated with lending, but also profit.

When evaluating whether contractual cash flows are solely payments of principal and interests, the Bank considers the contractual terms of the financial instrument. When a financial asset contains contractual conditions that modify the timing and amount of contractual cash flows, it is required to determine whether contractual cash flows that arise during the remaining life of the financial instrument due to such contractual condition are solely payments of principal and interest. The Bank considers the following elements when evaluating the following:

•	Conditions that lead to modification of timing or amount of cash flows
•	Contractual terms that adjust contractual nominal interest, including floating rate features
:---	:---
•	Early payment features and maturity extension features
:---	:---

• 17 -

•	Contractual terms that limit the Bank’s claim on cash flows arising from certain assets (e.g., non-recourse<br>feature)
•	Terms of holding multiple contractually linked financial tranche that concentrate credit risk
:---	:---

In such case, credit risk comparison information of the instrument itself, the contractual cash flow characteristics of underlying financial instrument group and the underlying financial instrument group

①	Financial assets at FVTPL

The Bank is classifying those financial assets that are not classified as either financial assets at amortized cost or financial assets at FVTOCI, and those designated to be measured at FVTPL, as financial assets at FVTPL. Financial assets at FVTPL are measured at fair value, and related profit or loss is recognized in net income. Transaction costs related to acquisition at initial recognition is recognized in net income immediately upon its occurrence.

The Bank may, at initial recognition, irrevocably designate a financial asset as measured at fair value through profit or loss if doing so eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases.

②	Financial assets at FVTOCI

When financial assets are held under a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and when contractual cash flows from such financial assets are solely payments of principal and interest, the financial assets are classified as financial assets at FVTOCI. Also, for investments in equity instruments that are not held for short-term trade, an irrevocable election is available at initial recognition to present subsequent changes in fair value as other comprehensive income.

At initial recognition, financial assets at FVTOCI is measured at its fair value plus any direct transaction cost, and is subsequently measured in fair value. The changes in fair value except for profit or loss items such as impairment losses (reversals), interest revenue calculated by using effective interest method, and foreign exchange gain or loss, and related income tax effects are recognized as other comprehensive income until the asset’s disposal. Upon derecognition, the accumulated other comprehensive income is reclassified from equity to net income for FVTOCI (debt instruments), and reclassified within the equity for FVTOCI (equity instruments)

③	Financial assets at amortized cost

When financial assets are held under a business model whose objective is to hold financial assets in order to collect contractual cash flows, and when contractual cash flows from such financial assets are solely payments of principal and interest, the financial assets are classified as financial assets at amortized cost. At initial recognition, financial assets at amortized cost are recognized at fair value plus any direct transaction cost. Financial assets at amortized cost is presented at amortized cost using effective interest method, less any loss allowance.

2)	Financial liabilities

At initial recognition, financial liabilities are classified into either financial liabilities at FVTPL or financial liabilities at amortized cost.

Financial liabilities are usually classified as financial liabilities at FVTPL when they are acquired with a purpose to repurchase them within a short period of time, when they are part of a certain financial instrument portfolio that is actually and recently being managed with a purpose of short-term profit and joint management by the Bank at initial recognition, and when they are derivatives that do not qualify as hedging instruments. Financial liabilities at FVTPL are measured at fair value plus direct transaction cost at initial recognition and are subsequently measured at fair value. Gain or loss arising from financial liabilities at FVTPL is recognized in profit or loss when occurred.

It is possible to designate a financial liability as financial liability at FVTPL if at initial recognition: (a) it is possible to remove or significantly reduce recognition or measurement mismatch that may otherwise have occurred if not for its designation as financial liability at FVTPL; (b) the financial asset forms part of the Bank’s financial instrument group (a group composed of a combination of financial asset or liability) according to the Bank’s documented risk management or investment strategy, is measured at fair value and is being evaluated for its performance, and such information is provided internally; and (c) the financial liability is part of a contract that contains one or more of embedded derivatives, and is a hybrid contract in which designation as financial liability at FVTPL is allowed under K-IFRS No.1109 ‘Financial Instruments’.

• 18 -

Financial liabilities designated as at FVTPL are initially recognized at fair value, with any direct transaction cost recognized in profit or loss and are subsequently measured at fair value. Any profit or loss from financial liabilities at FVTPL are recognized in profit or loss.

Financial liabilities not classified as financial liabilities at FVTPL are measured at amortized cost.

3)	Reclassification

Financial assets are not reclassified after initial recognition unless the Bank modifies the business model used to manage financial assets. When the Bank modifies the business model used to manage financial assets, all affected financial assets are reclassified on the first day of the first reporting period after the modification.

4)	Derecognition

Financial assets are derecognized when contractual rights to cash flows from the financial assets are expired, or when substantially all of risk and reward for holding financial assets is transferred to another entity as a result of a sale of financial assets. If the Bank does not have and does not transfer substantially all of the risk and reward of holding financial assets with control of the transferred financial assets retained, the Bank recognizes financial assets to the extent of its continuing involvement. If the Bank holds substantially all the risk and reward of holding a financial asset, it continues to recognize that asset and proceeds are accounted for as collateralized borrowings.

When a financial asset is fully derecognized, the difference between the book value and the sum of proceeds and accumulated other comprehensive income is recognized as profit or loss in case of FVTOCI (debt instruments), and as retained earnings for FVTOCI (equity instruments).

In case when a financial asset is not fully derecognized, the Bank allocates the book value into amounts retained in the books and removed from the books, based on the relative fair value of each portion at the date of sale, and based on the degree of continuing involvement. For the derecognized portion of the financial assets, the difference between its book value and the sum of proceeds and the portion of accumulated other comprehensive income attributable to that portion will be recognized in profit or loss in case of debt instruments and recognized in retained earnings in case of equity instruments. The accumulated other comprehensive income is distributed to the portion of book value retained in the books, and to the portion of book value removed from the books.

The Bank derecognizes financial liabilities when, and only when, the Bank’s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss.

When the Bank exchanges with the existing lender one debt instrument into another one with substantially different terms, such exchange is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, the Bank accounts for substantial modification of terms of an existing liability or part of it as an extinguishment of the original financial liability and the recognition of a new liability. It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective rate is at least 10 percent different from the discounted present value of the remaining cash flows of the original financial liability.

5)	Fair value of financial instruments

Financial assets at FVTPL and financial assets at FVTOCI are measured and presented in financial statements at their fair values, and all derivatives are also subject to fair value measurement.

Fair value is defined as the price that would be received to exchange an asset or paid to transfer a liability in a recent transaction between independent parties that are reasonable and willing. Fair value is the transaction price of identical financial assets or financial liabilities generated in an active market. An active market is a market where trade volume is sufficient and objective price information is available due to the fact that bid and ask price differences are small.

• 19 -

When trade volume of a financial instrument is low, when transaction prices within the market show large differences among them, or when it cannot be concluded that a financial instrument is being traded within an active market due to disclosures being extremely shallow, fair value is measured using valuation techniques based on alternative market information or using internal valuation techniques based on general and observable information obtained from objective sources. Market information includes maturity and characteristics, duration, similar yield curve, and variability measurement of financial instruments of similar nature. Fair value amount contains unique assumptions on each entity (The Bank concluded that it is using assumptions applied in valuing financial instruments in the market, or risk-adjusted assumptions in case marketability does not exist).

The market approach and income approach, which are valuation techniques used to estimate the fair value of financial instruments, both require significant judgment. Market approach measures fair value using either a recent transaction price that includes the financial instrument, or observable information on comparable firm or assets. Income approach measures fair value through discounting future cash flows with a discount rate reflecting market expectations, and revenue, operating income, depreciation, capital expenditures, income tax, working capital and estimated residual value of financial investments are being considered when deriving future cash flows. Valuation techniques such as the above include estimates based on the financial instruments’ complexity and usefulness of observable information in the market.

The valuation techniques used in the evaluation of financial instruments are explained below.

a)	Financial assets at FVTPL and Financial assets at FVTOCI

The fair value of equity securities included in financial assets at FVTPL and financial assets at FVTOCI category is recognized in the statement of financial position at its available market price. Debt securities traded in the over-the-counter market are generally recognized at an amount computed by an independent appraiser. When the Bank uses the fair value determined by independent appraisers, the Bank usually obtains three values from three different appraisers for each financial instrument, and selects the minimum amount without making additional adjustments. For equity securities without marketability, the Bank uses the amount determined by the independent appraiser. The Bank verifies the prices obtained from appraisers in various ways, including the evaluation of independent appraisers’ competency, indirect verification through comparison between appraisers’ price and other available market information, and reappraisal done by employees who have knowledge of valuation models and assumptions that appraisers used.

b)	Derivatives

The Bank’s transactions involving derivatives such as futures and exchange traded options are measured at market value. A portion of exchange traded derivatives classified as level 2 in the fair value hierarchy, the fair value is estimated using internal valuation techniques. If there are no publicly available market prices because they are traded over-the-counter, fair value is measured through internal valuation techniques. When using internal valuation techniques to derive fair value, the types of derivatives, base interest rate or characteristics of prices, or stock market indices are considered. When variables used in the internal valuation techniques are not observable information in the market, such variables may contain significant estimates.

c)	Adjustment of valuation amount

The Bank is exposed to credit risk when a counterparty to a derivative contract does not perform its contractual obligation, and the exposure amount is equal to the amount of derivative asset recognized in the statement of financial position. When the Bank earns income through derivatives, such income is recognized as derivative asset in the statement of financial position. Some of the derivatives are traded in the market, but most of the derivatives are measured at estimated fair value derived from internal valuation models that use observable information in the market. As such, in order to estimate the fair value, there should be an adjustment made to incorporate counterparty’s credit risk, and credit risk adjustment is being considered when valuing derivative assets such as over-the counter derivatives. The amount of financial liabilities is also adjusted by the Bank’s own credit risk when valuing them.

The amount of adjustment is derived from counterparty’s probability of default and loss given default. This adjustment considers contractual matters that are designed to reduce the Bank’s exposure to each counterparty’s credit risk. When derivatives are under master netting arrangement, the exposure used in the computation of credit risk adjustment is a net amount after adding/deducting cash collateral received (or paid) from loss(or gain) position derivatives with the same counterparty.

• 20 -

6)	Expected credit losses on financial assets

The Bank recognizes loss allowance on expected credit losses for the following assets:

•	Financial assets at amortized cost
•	Debt instruments measured at FVTOCI
:---	:---
•	Contract assets as defined by K-IFRS No.1115
:---	:---

Expected credit losses are weighted-average value of a range of possible results, considering the time value of money, and are measured by incorporating information on current conditions and forecasts of future economic conditions that are available without undue cost or effort.

The methods to measure expected credit losses are classified into following three categories in accordance with K-IFRS:

•	General approach: Financial assets that do not belong to below two models and unused loan commitments
•	Simplified approach: When financial assets are either trade receivables, contract assets or lease receivables
:---	:---
•	Credit impairment model: Purchased or originated credit-impaired financial assets
:---	:---

The measurement of loss allowance under general approach is differentiated depending on whether the credit risk has increased significantly after initial recognition. That is, loss allowance is measured based on 12-month expected credit loss when the credit risk has not increased significantly after initial recognition, while loss allowance is measured at lifetime expected credit loss when credit risk has increased significantly. Lifetime is the expected remaining life of the financial instrument up to the maturity date of the contract.

The measurement of loss allowance under simplified approach is always based on lifetime expected credit loss, and loss allowance under credit impairment model is measured as the cumulative change in lifetime expected credit loss since initial recognition.

a)	Measurement of expected credit losses on financial asset at amortized cost

The expected credit losses on financial assets at amortized cost is measured by the difference between the contractual cash flows during the period and the present value of expected cash flows. Expected cash inflows are computed for individually significant financial assets in order to calculate expected credit losses.

When financial assets are not individually significant, they are included in a group of financial assets with similar credit risk characteristics and expected credit losses of the Bank are calculated collectively.

Expected credit losses are deducted through loss allowance account, and when the financial asset is determined to be uncollectible, the loss allowance is written off from the books along with the related financial asset. Changes in loss allowance due to subsequent recoveries of amounts previously written off are recognized in profit or loss.

b)	Measurement of expected credit losses on financial asset at FVTOCI

The measurement method of expected credit loss is identical to financial asset at amortized cost, but changes in the allowance is recognized in other comprehensive income. When financial assets at FVTOCI is disposed or repaid, the related allowance is reclassified from other comprehensive income to net income.

(8)	Offsetting financial instruments

Financial assets and liabilities are presented as a net amount in the statements of financial position when the Bank has an enforceable legal right and an intention to settle on a net basis or to realize an asset and settle the liability simultaneously.

(9)	Investment properties

The Bank classifies a property held to earn rentals and/or for capital appreciation as an investment property. Investment properties are measured initially at cost, including transaction costs, less subsequent depreciation and impairment.

• 21 -

Subsequent costs are included in the carrying amount of the asset or recognized as a separate asset if it is probable that future economic benefits associated with the assets will flow into the Bank and the cost of an asset can be measured reliably, and the book value of a portion of an asset that are replaced by a subsequent expenditure is removed from the books. Routine maintenance and repairs are expensed as incurred.

While land is not depreciated, all other investment properties are depreciated based on the depreciation method and useful lives of properties and equipment. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, and when it is deemed appropriate to change them, the effect of any change is accounted for as a change in accounting estimates.

An investment property is derecognized from the separate financial statements on disposal or when it is permanently withdrawn from use and no future economic benefits are expected even from its disposal. The gain or loss from derecognition of an investment property is calculated as the difference between the net disposal proceeds and the carrying amount of the property, and is recognized in profit or loss of the period.

(10)	Properties and equipment

Properties and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. The cost of an item of properties and equipment is expenditure directly attributable to their purchase or construction, which includes any cost directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. It also includes the initial estimate of costs of dismantling and removing the item and restoring the site on which it is located.

Subsequent costs are recognized in the carrying amount of an asset or as a separate asset (if appropriate) if it is probable that future economic benefit associated with the assets will flow into the Bank and the cost of an asset can be measured reliably. Routine maintenance and repairs are expensed as incurred.

While land is not depreciated, for all other properties and equipment, depreciation is charged to net income on a straight-line basis by applying the following estimated economic useful lives on the amount of cost or revalued amount less residual value.

		Useful life
Buildings used for business purpose			40 years
Structures in leased office			5 years
Properties for business purpose			5 years

The Bank reassesses the depreciation method, the estimated useful lives and residual values of properties and equipment at the end of each reporting period. If changes in the estimates are deemed appropriate, the changes are accounted for as a change in an accounting estimate. When there is an indicator of impairment and the carrying amount of a properties and equipment item exceeds the estimated recoverable amount, the carrying amount of such asset is reduced to the recoverable amount.

(11)	Intangible assets and goodwill

The Bank is recognizing intangible assets measured at the manufacturing cost or acquisition cost plus additional incidental expenses less accumulated amortization and accumulated impairment losses. The Bank’s intangible asset are amortized over the following economic lives using the straight-line method. The estimated useful life and amortization method are reviewed at the end of each reporting period. If changes in the estimates are deemed appropriate, the changes are accounted for as a change in an accounting estimate.

		Useful life
Industrial property rights		5 to 10 years
Development costs		5 years
Other intangible assets		5 years or contract period

In addition, when an indicator that intangible assets are impaired is noted, and the carrying amount of the asset exceeds the estimated recoverable amount of the asset, the carrying amount of the asset is reduced to its recoverable amount.

• 22 -

Goodwill is not amortized, but is subject to an impairment test every year, and whenever there is an indicator that goodwill is impaired.

Goodwill is allocated to each of the Bank’s cash-generating unit (or groups of cash-generating units) that is expected to benefit from the synergies of the combination. A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit on a pro rata basis based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognized directly in profit or loss. An impairment loss recognized for goodwill cannot be reversed in subsequent periods.

(12)	Impairment of non-monetary assets

Intangible assets with indefinite useful lives or intangible assets that are not yet available for use are tested for impairment annually, regardless of whether or not there is any indication of impairment. All other assets are tested for impairment by estimating the recoverable amount when there is an objective indication that the carrying amount may not be recoverable. Recoverable amount is the higher of value in use or net fair value, less costs to sell. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and such impairment loss is recognized immediately in profit or loss.

(13)	Leases

The Bank determines whether the agreement is a lease or includes a lease at the time of the agreement. In exchange for consideration in the contract, if the control over the use of the identified asset is transferred for a period of time, the contract is a lease or includes a lease. In determining whether a contract transfers control of the use of the identified asset, the Bank uses the definition of a lease in K-IFRS No.1116.

1)	The Bank as a lessee

The Bank recognizes the right-of-use asset and the lease liability at the commencement date of the lease. The right-of-use asset is measured at cost, which comprises the amount of the initial measurement of the lease liability, lease payments made at or before the commencement date (less any lease incentives received), initial direct costs, and an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located.

The right-of-use asset is subsequently depreciated on a straight-line basis from the commencement of the lease to the end of the lease term. However, if the lease transfers ownership of the underlying asset to the lessee by the end of the lease term or if the cost of the right-of-use asset reflects that the lessee will exercise a purchase option, the lessee depreciates the right-of-use asset same as a fixed asset from the commencement date to the end of the useful life of the underlying asset. The right-of-use asset may be reduced by an impairment of the underlying asset or adjusted by remeasurement of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at that date. The lease payments are discounted using the interest rate implicit in the lease, but if that cannot be readily determined, the Bank uses its incremental borrowing rate. The Bank generally uses the incremental borrowing rate.

The lease payments included in the measurement of the lease liability comprise the following:

•	Fixed payments (including in-substance fixed payments)
•	Variable lease payments that depend on an index (or a rate), initially measured using the index or rate as at the<br>commencement date
:---	:---
•	Amounts expected to be payable by the lessee under residual value guarantees
:---	:---
•	The exercise price of a purchase option if the lessee is reasonably certain to exercise that option, lease<br>payments of the extended period if the lessee is reasonably certain to exercise extension option, and payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease
:---	:---

• 23 -

The lease liability is subsequently increased by the interest expense recognized for the lease liability and decreased by reflecting the payment of the lease payments. The lease liability is remeasured if the future lease payments change depending on changes in the index(or a rate), changes in the expected amount to be paid under the residual value guarantee, and changes in the assessment of whether the purchase or extension option is reasonably certain to be exercised or not to exercise the terminate option.

When remeasuring a lease liability, the related right-of-use asset is adjusted and if the carrying amount of the right-of-use asset decreases to zero, the remeasurement amount is recognized in profit or loss.

In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).

Most extension options in offices and vehicles leases have not been included in the lease liability, because the Bank could replace the assets without significant cost or business disruption.

The lease term is reassessed if an option is actually exercised (or not exercised) or the Bank becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee.

During the current financial year, the financial effect of revising lease terms to reflect the effect of exercising extension and termination options was an increase in recognized lease liabilities and right-of-use assets of 2,892 million Won.

In the statement of financial position, the Bank classified the right-of-use assets that do not meet the definition of investment property as ‘properties and equipment’ and the lease liabilities as ‘other financial liabilities.’

The Bank has chosen a practical expedient that does not recognize the right-of-use asset and lease liabilities for short-term leases with a lease term less than 12 months and leases for which the underlying asset is of low value. The Bank recognizes the lease payments associated with those leases as an expense on a straight-line basis over the lease term.

2)	The Bank as a lessor

At the date of the agreement or the effective date of the modification containing the lease element, the Bank allocates the consideration of the contract to each lease element on the basis of its relative stand-alone price.

As a lessor, the Bank classifies its leases as either an operating lease or a finance lease at the commencement date.

The Bank subsequently judges whether the lease transfers substantially all the risks and rewards incidental to ownership of an underlying asset. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset, otherwise a lease is classified as an operating lease.

If the agreement contains both lease and non-lease elements, the Bank applies K-IFRS No.1115 to allocate the consideration of the contract.

The Bank applies derecognition and impairment provisions of K-IFRS No.1109 to its net investment in the lease. The Bank also carries out regular review of the unguaranteed residual value used to calculate total lease investment.

The Bank recognizes lease payments from operating lease as income on a straight-line basis.

The accounting policy that the Bank has applied as a lessor is not different from K-IFRS No.1116.

• 24 -

(14)	Derivative instruments

Derivative instruments are classified as forwards, futures, options and swaps, depending on the types of transactions and are classified at the point of transaction as either trading or hedging based on its purpose.

Derivatives are initially recognized at fair value at the date of contract and are subsequently measured at fair value at the end of each reporting period. The resulting gain or loss is recognized in net income immediately unless the derivative is designated and effective as a hedging instrument. If derivatives have been designated as hedging instruments and if it is effective, the point of recognition of gain or loss depends on the characteristics of hedging relationship.

1)	Embedded derivatives

Embedded derivatives are components of a hybrid financial instrument that includes a non-derivative host contract. It has an effect of modifying part of cash flows of the hybrid financial instrument similar to an independent derivative.

Embedded derivatives that are part of a hybrid contract of which the host contract is a financial asset within the scope of K-IFRS No.1109 is not separated. The classification is done by considering the hybrid contract as a whole, and subsequent measurement is either at amortized cost or fair value.

If embedded derivatives are part of a hybrid contract of which the host contract is not a financial asset within the scope of K-IFRS No.1109 (e.g., financial liability), then these are treated as separate derivatives if embedded derivatives meet the definition of a derivative, characteristics and risk of the embedded derivatives are not closely related to that of host contract, and if the host contract is not measured at FVTPL.

2)	Hedge accounting

The Bank is applying K-IFRS No.1109 in regard to hedge accounting. The Bank designates certain derivatives as hedging instrument against fair value changes in relation to the interest rate risk, foreign currency translation and interest rate risk, and foreign currency translation risk.

The Bank documents the relationship between hedging instruments and hedged items at the commencement of hedging in accordance with their purpose and strategy. Also, the Bank documents at the commencement and subsequent dates whether the hedging instrument effectively counters the changes in fair value of hedged items. A hedging instrument is effective only when it meets all the following criteria:

•	When there is an economic relationship between the hedged items and hedging instruments.
•	When the effect of credit risk is not stronger than the change in value due to the economic relationship between<br>the hedged items and hedging instruments.
:---	:---
•	When the hedge ratio is equal to the proportion and the number of hedged items to those of the hedging<br>instruments.
:---	:---

When a hedging relationship no longer meets the hedging effectiveness requirements related to hedge ratio, but when the purpose of risk management on designated hedging relationship is still maintained, the hedge ratio of the hedging relationship is adjusted so that hedging relationship may meet the requirements again (Hedge ratio readjustment).

The Bank designated only the part of derivative financial instruments except for the foreign currency basis spread. Changes in value due to the corresponding foreign currency basis spread are recognized in other comprehensive income and accumulated in equity items. If the hedged item relates to a transaction, the accumulated other comprehensive income is reclassified to profit or loss when the hedged item affects profit or loss.

However, if the hedged item subsequently recognizes a non-financial item, the accumulated amount in the equity item is removed directly from equity and included in the initial carrying amount of the recognized non-financial item. This transfer does not affect other comprehensive income.

However, if all or some of the accumulated equity items are not expected to recover in a future period, the amounts that are not expected to recover are immediately reclassified to profit or loss. If the hedged item relates to a period, the portion of the foreign currency basis spread at the date the derivative is designated as a hedging instrument is reclassified to profit or loss over the period of the hedge.

• 25 -

3)	Fair value hedge

Gain or loss arising from valid hedging instrument is recognized in profit or loss. However, when the hedging instrument mitigates risks on equity instruments designated as financial assets at FVTOCI, related gain or loss is recognized in other comprehensive income.

The book value of hedged items that are not measured in fair value is adjusted by the changes in fair value arising from the hedged risk, with resulting gain or loss reflected in net income. In case of debt instruments measured at FVTOCI, book value is an amount that is already adjusted to fair value and thus gain or loss arising from the hedged risk is recognized in profit or loss instead of other comprehensive income without adjustments in book value. When the hedged item is equity instruments measured at FVTOCI, the gain or loss arising from hedged risk is retained at other comprehensive income in order to match the gain or loss with hedging instruments.

Hedge accounting ceases to apply only when hedging relationship (or part of it) does not meet the requirements of hedge accounting (even after hedging relationship readjustment, if applicable). This treatment holds in case of lapse, disposal, expiry and exercise of hedging instruments, and this cease of treatment applies prospectively. The fair value adjustments made to book value of hedged item due to hedged risk is amortized from the date of discontinuance of hedge accounting and is recognized in profit or loss.

(15)	Assets (or disposal group) held for sale

The Bank classifies a non-current asset (or disposal group) as held for sale if its carrying amount will be recovered through a sale transaction rather than through continuing use. Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell.

(16)	Provisions

The Bank recognizes provision if (a) it has present or contractual obligations as a result of the past event, (b) it is probable that an outflow of resources will be required to settle the obligation and (c) the amount of the obligation is reliably estimated. Provision is not recognized for the future operating losses.

The Bank recognizes provision related to the unused membership points, payment guarantees, loan commitment and litigations. Where the Bank is required to restore a leased property that is used as a branch to an agreed condition after the contractual term expires, the present value of expected amounts to be used to dispose, decommission or repair the facilities is recognized as an asset retirement obligation.

Where there are a number of similar obligations, the probability that an outflow will be required in settlement is determined by considering the obligations as a whole. Although the likelihood of outflow for any one item may be small, if it is probable that some outflow of resources will be needed to settle the obligations as a whole, a provision is recognized.

(17)	Capital and compound financial instruments

The Bank classifies a financial instrument that it issues as a financial liability or an equity instrument in accordance with the substance of the contractual arrangement. A financial liability is a contractual obligation to deliver cash or another financial asset to another entity. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.

If the Bank reacquires its own equity instruments, the consideration paid including the direct transaction costs (net of tax expense) are presented as a deduction from total equity until such instruments are retired or reissued. When these instruments are reissued, the consideration received (net of direct transaction costs) is included in the shareholder’s equity.

(18)	Financial guarantee liabilities

A financial guarantee contract is a contract where the issuer must pay a certain amount of money in order to compensate losses suffered by the creditor when debtor defaults on a debt instrument in accordance with original or modified contractual terms.

• 26 -

A financial guarantee is initially measured at fair value and is subsequently measured at the higher of the amounts below unless it is designated to be measured at FVTPL or when it arises from disposal of an asset.

•	Loss allowance in accordance with K-IFRS No.1109
•	Initial book value less accumulated profit measured in accordance with K-IFRS No.1115
:---	:---
(19)	Employee benefits and pensions
:---	:---

The Bank recognizes the undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by the employees. Also, the Bank recognizes expenses and liabilities in the case of accumulating compensated absences when the employees render services that entitle their right to future compensated absences. Similarly, the Bank recognizes expenses and liabilities for customary profit distribution or bonuses when the employees render services, even though the Bank does not have legal obligation to do so because it can be construed as constructive obligation.

The Bank is operating defined contribution plans and defined benefit plans. Contributions to defined contribution plans are recognized as an expense when employees have rendered services entitling them to receive the benefits. For defined benefit plans, the defined benefit liability is calculated through an actuarial assessment using the projected unit credit method every end of the reporting period, conducted by professional actuaries. Remeasurement, comprising actuarial gains and losses, the return on plan assets (excluding interest), and the effect of the changes to the asset ceiling (if applicable) is reflected immediately in the separate statement of financial position with a charge or credit recognized as other comprehensive income in the period in which they occur.

Remeasurement recognized in the statement of comprehensive income is not reclassified to profit or loss in the subsequent periods. Past service cost is recognized in profit or loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit costs are composed of service cost (including current service cost and past service cost, as well as gains and losses on curtailments and settlements), net interest expense (income) and remeasurement.

The Bank presents the service cost and net interest expense (income) components in profit or loss, and the remeasurement component in other comprehensive income. Curtailment gains and losses are accounted for as past service costs.

The retirement benefit obligation recognized in the separate statement of financial position represents the actual deficit or surplus in the Bank’s defined benefit plans. Any surplus resulting from this calculation is recognized as an asset limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans.

Liabilities for termination benefits are recognized at the earlier of either 1) the date when the Bank is no longer able to cancel its proposal for termination benefits or 2) the date when the Bank has recognized the cost of restructuring that accompanies the payment of termination benefits.

(20)	Financial liabilities designated as hedge of a net investment in a foreign operation

When applying hedge accounting of net investment in a foreign operation, the effective portion of changes in fair value of the hedging instrument is recognized in other comprehensive income and the ineffective portion of the hedge is recognized as current profit or loss in order to offset changes in the fair value of the hedged item caused by the hedging with changes in the fair value of the hedging instrument. The effective portion of hedge recognized in other comprehensive income will be reclassified from other comprehensive income to current profit or loss in accordance with K-IFRS No.1021 ‘The Effects of Changes’ in Foreign Exchange Rates at the time of disposal of a foreign operation or disposal of a portion of its foreign operations in the future.

• 27 -

(21)	Income taxes

Income tax expense is composed of current tax and deferred tax. That is, income tax expense is composed of taxes payable or refundable during the period and deferred taxes calculated by applying asset-liability method to taxable and deductible temporary differences arising from operating loss and tax credit carryforwards. Temporary differences are the differences between the carrying values of assets and liabilities for financial reporting purposes and their tax bases. Deferred income tax benefit or expense is recognized for the change in deferred tax assets or liabilities. Deferred tax assets and liabilities are measured as of the reporting date using the enacted or substantively enacted tax rates expected to apply in the period in which the liability is settled or asset realized. Deferred tax assets, including the carryforwards of unused tax losses, are recognized to the extent it is probable that the deferred tax assets will be realized.

Deferred income tax assets and liabilities are offset if, and only if, the Bank has a legally enforceable right to offset current tax assets against current tax liabilities, and the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority or when the entity intends to settle current tax liabilities and assets on a net basis with different taxable entities.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred liabilities are not recognized if the temporary difference arises from the initial recognition of goodwill. Deferred tax assets or liabilities are not recognized if they arise from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

Current and deferred taxes are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity or when it arises from business combination.

The tax uncertainty arises from the compensation claim filed by the company, and the refund litigation for the amount of tax levied by the tax authority due to differences in tax law analysis In response, the Bank paid taxes in accordance with K-IFRS No.2123 due to the tax authority’s claim, but recognized as a corporate tax asset if it is highly probable of a refund in the future.

(22)	Earnings per share (“EPS”)

Basic EPS is a calculation of net income per each common stock. It is calculated by dividing net income attributable to ordinary shareholders by the weighted-average number of common shares outstanding. Diluted EPS is calculated by adjusting the earnings and number of shares for the effects of all dilutive potential common shares.

• 28 -

3.	SIGNIFICANT ACCOUNTING ESTIMATES AND ASSUMPTIONS

The significant accounting estimates and assumptions are continuously evaluated based on a number of factors, including historical experience and expectations for future events that are reasonably considered probable. Accounting estimates based on these definitions may not match the actual occurrence results. Accounting estimates and assumptions that include significant risks that could significantly alter the carrying amount of assets and liabilities currently accounted for in the next accounting period are as follows:

(1)	Income taxes

The Bank has recognized current and deferred taxes based on best estimates of expected future income tax effect arising from the Bank’s operations until the end of the current reporting period. However, actual tax payment may not be identical to the related assets and/or liabilities already recognized, and these differences may affect current taxes and deferred tax assets/liabilities at the time when income tax effects are finalized. Deferred tax assets relating to tax losses carried forward and deductible temporary differences are recognized only to the extent that it is probable that future taxable profit will be available against which the tax losses carried forward and the deductible temporary differences can be utilized. In this case the Bank’s evaluation considers various factors such as estimated future taxable profit based on forecasted operating results, which are based on historical financial performance. The Bank is reviewing the book value of deferred tax assets every end of the reporting period and in the event that the possibility of earning future taxable income changes, the deferred tax assets are adjusted up to taxable income sufficient to use deductible temporary differences.

(2)	Valuation of financial instruments

Financial assets at FVTPL and FVTOCI are recognized in the separate financial statements at fair value. All derivatives are measured at fair value. Valuation techniques are required in order to determine fair values of financial instruments where observable market prices do not exist. Financial instruments that are not actively traded and have low price transparency will have less objective fair value and require broad judgment in liquidity, concentration, uncertainty in market factors and assumption in price determination and other risks.

As described in Note 2 (7) 5), ‘Fair value of financial assets and liabilities’, when valuation techniques are used to determine the fair value of a financial instrument, various general and internally developed techniques are used, and various types of assumptions and variables are incorporated during the process.

(3)	Impairment of financial instruments

The accuracy of the provision for credit losses is determined by the estimation of the expected cash flows for each borrower for estimating the individually assessed loan-loss allowance, and the assumptions and variables in the model used for estimating the collectively assessed loan-loss allowance, payment guarantee and unused commitment.

The Bank has estimated the allowance for credit losses based on reasonable and supportable information that was available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions.

The Bank uses forward-looking information to estimate expected credit losses in accordance with K-IFRS No.1109 ‘Financial Instruments’. Considering the potential for increased insolvency due to rising domestic and international economic uncertainties, the Bank estimates the probability of default (PD) and loss given default (LGD) using forward-looking information on key variables such as GDP growth rate, producer price index, apartment sales price index (KB, Seoul), and unemployment rate (original series), and accordingly recognizes additional expected credit loss provisions.

Unlike the forward-looking information applied at the end of the previous period, the Bank used a modeling technique based on GDP growth rate to estimate expected credit losses at the end of the current period.

The Bank will continuously monitor the impact of domestic and international political and economic uncertainties on the economy and continue to evaluate the appropriateness of related forward-looking information.

• 29 -

The measurement of expected credit loss is described in 4. Risk management (1) 3) Measurement of expected credit loss.

(4)	Defined benefit plan

The Bank operates a defined benefit pension plan. Defined benefit obligation is calculated at every end of the reporting period by performing actuarial valuation, and estimation of assumptions such as discount rate, expected wage growth rate and mortality rate is required to perform such actuarial valuation. The defined benefit plan, due to its long-term nature, contains significant uncertainties in its estimates.

4.	RISK MANAGEMENT

The Bank’s operating activity is exposed to various financial risks. The Bank is required to analyze and assess the level of complex risks and determine the permissible level of risks and manage such risks. The Bank’s risk management procedures have been established to improve the quality of assets for holding or investment purposes by making decisions as how to avoid or mitigate risks through the identification of the source of the potential risks and their impact.

The Bank has established an approach to manage the acceptable level of risks and reduce the excessive risks in financial instruments in order to maximize the profit given risks present, for which the Bank has implemented risk management processes of identification, measurement, assessment, control, monitoring and reporting of risk.

The risk is managed in accordance with the Bank’s risk management policy. The Board Risk Management Committee, at the top decision-making level, makes decisions on the risk strategies such as the allocation of internal capital and the establishment of acceptable level of risk.

(1)	Credit risk

Credit risk represents the potential financial losses that may incur in the future when the counterparty refuses to fulfill or lose the ability to fulfill its contractual obligations. The goal of credit risk management is to maintain the Bank’s credit risk exposure to a permissible degree and to optimize its rate of return considering such credit risk.

i)	Credit risk management
a.	Credit facilities limit management
:---	:---

The Bank calculates and manages the appropriate borrowing limits by aggregation, business and industry through management of aggregation, total exposure and portfolio.

b.	Credit risk monitoring organization and role
①	Large Corporate/Global Investment Banking Credit Analysis & Approval Dept.
:---	:---
•	Examination, approval, and maintenance of loans to large enterprises (including small and medium enterprises<br>affiliated with major debt group)
:---	:---
•	Examination, approval, and maintenance of loans to government agencies, public institutions (50% or more of<br>government investments and contributions) and other corporations
:---	:---
•	Examination, approval, and maintenance of relevant real estate PF (Project Financing) (large or non-confirmed<br>construction enterprises)
:---	:---
•	Operation controls over the ‘Credit Management for Affiliate Enterprise Groups’ as specified by the<br>Regulation on Supervision of Bank Business, etc.
:---	:---
•	Examination, approval and maintenance of loans related to IB Group Investment Banking
:---	:---
•	Examination, approval and maintenance of overseas branches or subsidiaries of local companies, foreign companies.
:---	:---
•	Support for related tasks such as credit screening and maintenance of overseas review centers
:---	:---

• 30 -

•	Establishing and managing total exposure limits for affiliated companies
•	Management of approved loans (delinquency, asset quality, portfolios, etc.)
:---	:---
•	Credit limit management designated by the Banking Act for the affiliated companies
:---	:---
②	SME Credit Analysis & Approval Dept.
:---	:---
•	Examination, approval, and maintenance of loans to small- and medium-sized enterprises (excluding SMEs affiliated<br>with major debt group) (including credit-related securities, credit derivatives, and credit-related deposits)
:---	:---
•	Examination, approval, and maintenance of loans to public institutions (less than 50% of government investments<br>and contributions) and other corporations
:---	:---
•	Consultation on loan examination, and agreement on the approval (including follow-up) of overseas branches and<br>local corporations of the enterprises
:---	:---
•	Examination, approval, and maintenance of relevant real estate PF (Small- and medium- construction enterprises or<br>non-confirmed)
:---	:---
•	Examination, approval, and maintenance, etc. of business loans related to National Housing and Urban Fund
:---	:---
•	Develop and maintain examination techniques
:---	:---
•	Management of approved loans (delinquency, asset quality, portfolios, etc.)
:---	:---
•	Establishing and managing total exposure limits for affiliated companies
:---	:---
•	Credit research and credit rating for affiliated companies
:---	:---
•	Credit limit management (including reduction plans) designated by the Banking Act for the affiliated companies
:---	:---
•	Derivative-related risk examination and management for affiliated customers
:---	:---
③	Retail Credit Analysis & Approval Dept.
:---	:---
•	Examination, approval, and maintenance of personal and individual business loans
:---	:---
•	Examination and approval of collective loans (including cases where construction enterprise is subject to<br>workout)
:---	:---
④	Corporate Restructuring Dept.
:---	:---
•	General management of enterprises subject to workout, etc.
:---	:---
•	General management of enterprises subject to pre-workout, etc. with the management on the borrower in the course<br>of corporate rehabilitation procedures
:---	:---
•	Workout activities such as the establishment and implementation of corporate workout plans performed for relevant<br>enterprise
:---	:---
•	Pre-workout activities such as the establishment and implementation of corporate management diagnosis and<br>management plans performed for relevant enterprise
:---	:---
•	Credit examination, approval, setting total exposure limit and follow-up management for relevant enterprise
:---	:---
•	Examination and execution of loans for sound post-management of rehabilitation loans such as examination,<br>approval, and follow-up management of overseas branches and local corporations of the relevant enterprise
:---	:---
c.	Credit screening and post monitoring or post management
:---	:---
①	Objective
:---	:---
•	To maintain appropriate credit ratings and improve asset quality
:---	:---
②	Main activities
:---	:---
•	Review the adequacy of credit and credit ratings, and maintain the consistency in application of ratings
:---	:---
•	Review the appropriateness of asset classification by quality and the provision for credit losses
:---	:---
•	Overall analysis of loan portfolio quality
:---	:---

• 31 -

•	Inspection of compliance with loan policies and relevant regulations, and recommendation for modification of<br>policies
•	Review the appropriateness of loan approval and compliance with loan commitments
:---	:---
•	Post-inspection of the branches’ discretionary decision for loans
:---	:---
•	Assessing the accuracy of the identification of bad loans and the timeliness of actions taken by the person in<br>charge of the loan
:---	:---
ii)	Current status by measurement method
:---	:---
a.	Method of calculating risk-weighted assets
:---	:---
①	The Bank calculates the risk-weighted assets of the credit risk by obtaining approval of the internal<br>rating-based approach.
:---	:---
②	The internal rating-based approach meets the qualitative and quantitative requirements set by the Financial<br>Supervisory Service, including the use of advanced techniques in risk measurement, as well as the establishment of an internal control and risk management system. It enables more accurate measurement and management of credit risk than the standard<br>method.
:---	:---
•	The internal rating-based approach
:---	:---

Risk-weighted assets are calculated by applying self-estimated risk measurement factors such as probability of default (PD), loss given default (LGD), exposure at default (EAD), and effective maturity (M) according to the internal rating of the Bank.

b.	Overview and utilization scope of credit rating evaluation model

<Overview of corporate credit rating model>

①	Definition of corporate credit rating model

The corporate credit rating is the assessment of the possibility of default by the counterparty. It includes both scoring assessments that are evaluated according to quantitative methods using financial statements, etc., representative assessments that are evaluated according to quantitative methods using loans, deposit transactions, etc. of the representative’s the Bank itself and other financial institutions, and Judgment evaluations that are evaluated by the evaluator’s subjective judgment. This represents that the degree of credit risk assessed is presented in a systematic manner.

②	Operation of corporate credit rating model
•	General corporate evaluation model: Classified to external audit based on K-IFRS, external audit based on GAAP,<br>non-external audit 1, non-external audit 2 and personal business based on their total assets, sales volume, accounting standards, whether subject to external audit or not, loan size and types of business; such as individuals or corporations.
:---	:---
•	Evaluation model of local governments
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•	Evaluation model of public institutions
:---	:---
•	Evaluation model of financial institutions: Banks, insurance companies, financial investment, and other financing
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•	Evaluation model of overseas companies
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•	Evaluation model of non-profit organization: Private schools, medical institutions, religious organizations, and<br>other organizations
:---	:---
•	Specialized lending evaluation model: PF (*1), OF (Object Finance) (*2), CF (Commodities Finance) (*3), real<br>estate financing for sale**,** real estate financing for rent**,** fund financing**,** acquisition financing**,** asset securitization**.**
:---	:---
(*1)	Project Finance (PF)
:---	:---

Credit provided for large-scale facility projects that involve significant costs, such as power plants and transportation facilities, secured by the project itself and repaid from the cash flow generated by the project.

• 32 -

(*2)	Object Finance (OF)

Credit provided for the purchase of tangible assets such as ships and aircraft, secured by the asset itself and repaid from the cash flow generated by the asset.

(*3)	Commodities Finance (CF)

Credit secured by reserves, inventories, or receivables related to commodities traded on recognized exchanges, with the proceeds from the sale of these assets used as the source of repayment.

③	Corporate credit rating system

The corporate credit rating system is divided into 14 grades (13 normal, 1 default) system, and each credit rating is presented in English (AAA~D).

<Overview of retail credit rating model>

①	Definition of retail credit scoring model

This is a model that determines credit rating of retail loan customers by calculating credit score statistically using the customer information and operates two types of scoring system which are Application Scoring System and Behavior Scoring System according to applicable borrowers’ loan types.

•	Application Scoring System (ASS): The model determines credit rating by statistically calculating credit score<br>for new retail loan applications using personal information, transaction information and credit information.
•	Behavior Scoring System (BSS): The model determines credit rating by statistically calculating credit score for<br>existing retail loans using transaction information and credit information.
:---	:---
②	Operation of retail credit scoring model
:---	:---
•	SOHO (Small Office Home Office) loan credit scoring model: ASS / BSS scoring model
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•	Household loan credit scoring model: ASS / BSS scoring model
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③	Retail credit scoring model evaluation system: Presented in number from grade 1 to 10
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<Utilization scope of credit rating evaluation model>

①	Utilizes as a key component in calculating BIS credit risk-weighted assets
②	Supports prompt loan decision-making by applying for interest rate (pricing), and discretionary<br>decision-making, etc.
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③	Utilizes to measure overall risk such as assets quality and provisions for the credit losses
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④	Utilizes as an indicator of Risk Adjusted Performance Management and relevant performance measurement
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c.	Control structure for credit evaluation system (including content related to grade change)
:---	:---
①	Securing the independence of granting credit rating
:---	:---

The credit rating is granted through the evaluation department (large enterprise, small and medium-sized enterprise, personal etc.) that is independent from the sales department, but the head of the branch has authority to grant credit ratings to small-scale loans according to the size of the loans. The Bank clearly defines and operates procedures such as override, check list, authority and procedures, and review when granting credit ratings. For credit ratings granted by a sales branch and the evaluation department, periodic and regular loan reviews are performed by the credit supervision department to assess the consistency and timeliness of credit ratings.

• 33 -

②	Securing independence of credit risk control operations

The Credit Risk Management Dept. within the Risk Management Group that is independent from the sales department is responsible for the design, monitoring/supervision of operation and performance, on-going review and modification. The Credit Risk Management Dept. conducts self-validation and monitoring of credit ratings, development and implementation of credit rating models.

③	Validation of credit evaluation systems by an independent third party

To secure the adequacy of credit evaluation system, the Risk Model Validation Dept. Within the Risk Management Group that is independent from the credit evaluation system department conducts validation of credit evaluation system. The Risk Model Validation Dept. conducts periodic validation to assess the design adequacy of credit evaluation system, to determine whether BIS satisfies with minimum requirements and to validate the utilization and calculation methods of risk measurement components (PD, LGD, EAD, etc.).

A third-party review is conducted in Head Office Audit Dept. for the development/ implementation of Credit Risk Management Dept.‘s credit risk model, estimation of risk measurement factors, and the third party’s validation activities of the Risk Model Validation Dept.

④	Strengthen the role of the Board of Directors and management

Major decision-making related to the credit evaluation system and risk measurement factors are carried out in the approval process of the Executive Risk Management Committee and the Board Risk Management Committee (Board of Directors). Issues related to validation and monitoring of credit evaluation systems and risk measurement elements are regularly reported to the Executive Risk Management Committee and the Board Risk Management Committee (Board of Directors).

d.	Scope of application of internal rating-based approach
BIS Ratio calculation method				Exposure category		Date of approval
---	---	---	---	:---:	---	:---:
Standard method		Permanent standard method		Government, public institutions, and banks		October 30, 2008
		Standard method		Subsidiaries, overseas branches, and other assets		October 30, 2008
Internal rating-based approach				Large/small and medium-sized enterprise exposure (external audit IFRS, external audit GAAP,<br>non-external audit1, non-external audit2, personal business model), retail exposure, and asset-backed exposure (Credit rating-based approach)		October 30, 2008<br><br>February 13, 2015
Stepwise application				Special financing, financial institutions, non-profit organizations, and public<br>institutions		October 30, 2008
iii)	Measurement of expected credit loss
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K-IFRS No.1109 Financial Instruments requires entities to measure loss allowances 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
		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<br>are possible within 12 months after the reporting date		Expected credit losses that result from all possible default events over the life<br>of the financial instrument
(*)	If the financial instrument has low credit risk at the end of the reporting period, the Bank may assume that<br>the credit risk has not increased significantly since initial recognition.
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• 34 -

At the end of each reporting period, the Bank assesses whether the credit risk has increased significantly since initial recognition by using credit rating, asset quality, early warning system, days past due and other. For financial assets whose contractual cash flows have been modified, the Bank assesses whether there is a significant increase in credit risk on the same basis. The Bank performs the above 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<br>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 Bank has applied the indicators of significant decrease in credit rating since the initial recognition as<br>follows, and the estimation method is regularly being monitored.
:---	:---
Classification		Credit rating		Indicators of significant decrease in credit rating
:---:	---	:---:	---	:---:
Corporate		AAA ~ A+		More than 4 steps
		A- ~ BBB		More than 3 steps
		BBB- ~ BB+		More than 2 steps
		BB ~ BB-		More than 1 step
Retail		1 ~ 3		More than 3 steps
		4 ~ 5		More than 2 steps
		6 ~ 9		More than 1 step

The Bank determined that there was no significant increase in credit risk after the 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 Bank concludes that credit is impaired when financial assets are under conditions stated below:

•	When principal 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<br>recovered unless claim actions such as disposal of collaterals are taken
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•	When other objective indicators of impairment have been noted for the financial asset
:---	:---

In addition, the Bank reflects the future economic forecast adjustment coefficient in the probability of default and loss given default and recognizes additional provisions for expected credit losses by adjusting the future economic forecast adjustment coefficient in consideration of the potential for insolvency due to increase in domestic and international economic uncertainty.

The Bank has estimated the expected credit loss allowances using an estimation model that additionally reflects the forward looking information based on the past experience loss rate data.

Probability of default (PD) and loss given default (LGD) for each category of financial asset are calculated considering factors such as debtor type, credit rating and portfolio. The estimates are regularly being reviewed in order to reduce discrepancies with actual losses.

• 35 -

In measuring the expected credit losses, the Bank is using reasonably supportable macroeconomic indicators such as Gross Domestic Product (real, original) growth rate, average manufacturing utilization rate, apartment sales price index (KB, Seoul), unemployment rate (original series), etc., in order to forecast forward looking information conditions.

The Bank applies the following forward-looking model and reviews the results regularly.

•	Development of estimation models through regression analysis of borrower(corporate/retail)/probability of<br>default by point in time and collateral (credit, collateral)/ default recovery rate by point in time (1-loss given default) and macroeconomic indicator data by year
Major macroeconomic variables		Correlation between credit risk<br><br>and macroeconomic indicators
---	---	:---:
Gross Domestic Product (real, original series) growth rate		Negative (-) Correlation
Average manufacturing utilization rate		Negative (-) Correlation
Unemployment rate (original series)		Positive (+) Correlation
Apartment sales price index (KB, Seoul)		Negative (-) Correlation
KOSPI		Negative (-) Correlation
Gross Domestic Income (GDI)		Negative (-) Correlation
Retail sales index		Negative (-) Correlation
Housing transaction price index (KB, Nationwide)		Negative (-) Correlation
KOSDAQ		Negative (-) Correlation
•	Calculation of estimated probability of default and estimated default recovery rate by incorporating<br>future economic outlook using utilizing economic variable forecasts derived from various methods: 1) Economic variable forecasts provided by institutions verified to be reliable such as the Bank of Korea (BOK), Korea Development Institute (KDI), and<br>Korea Institute of Finance (KIF); 2) Forecasts derived from external institutions and regression analysis results; 3) Economic variable forecasts derived through time series trends, etc., to the estimation model developed as a result of modeling.
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•	Forecast of macroeconomic variables
:---	:---
a)	Probability weight
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As of December 31, 2024, the probability weights applied to the scenarios of the forecasts of macroeconomic variables is as follows (Unit: %):

		Normal Scenario			Good Scenario			Bad Scenario			Worst Scenario
Probability weight			47.44			4.60			27.96			20.00
b)	Economic forecast of each major macroeconomic variables by scenario (prospect period: 2025)
:---	:---

As of December 31, 2024, the forecasts of major macroeconomic variables by scenario are as follows (Unit: Billion won, %):

Major macroeconomic variables (*1)(*2)		Normal Scenario			Good Scenario			Bad Scenario				Worst Scenario
Gross Domestic Product (real, original series) growth rate			1.97			5.74			(0.18	)			(5.11	)
Average manufacturing utilization rate			71.50			78.12			67.74				57.38
Unemployment rate (original series)			2.83			1.90			3.36				6.30
Apartment sales price index (KB, Seoul)			93.48			106.74			85.95				78.42
KOSPI			2,575.69			3,110.75			2,036.57				1,817.42
Gross Domestic Income (GDI)			2,307,889.89			2,393,479.82			2,259,290.15				2,084,178.80
Retail sales index			110.99			117.19			107.47				96.02
Housing transaction price index (KB, Nationwide)			148.78			172.67			135.22				121.66
KOSDAQ			824.83			995.37			616.12				543.09
(*1)	Considering the default forecast period, the Bank reflected the future economic outlook.
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• 36 -

(*2)	The macroeconomic variables outlook figures are estimated by the Bank for the purpose of calculating expected<br>credit losses based on verified information from research institutes and historical data available at the time of estimation. Therefore, it could be different from other institutions’ estimates.
•	When reflecting the predicted probability of default and default recovery rates, the increase rate is used<br>as a future economic forecast adjustment coefficient and reflected in the estimate applied for the current year.
:---	:---

The Bank has additionally applied a Worst scenario to the three macroeconomic variable scenarios (Normal, Good, and Bad) considering internal and external uncertainties. Assuming all other conditions remain the same and assigning a probability weight of 100% to each scenario, the results of the Bank’s sensitivity analysis of expected credit loss allowance are as follows (Unit: Korean Won in millions):

Scenarios		Probability weight			Assuming 100%			Difference from<br>book value
Good			4.60	%		1,334,317			(753,242	)
Normal			47.44	%		1,485,847			(601,712	)
Bad			27.96	%		1,866,074			(221,484	)
Worst			20.00	%		4,205,947			2,118,388

• 37 -

iv)	Maximum exposure to credit risk

The Bank’s maximum exposure to credit risk refers to net book value of financial assets net of expected credit loss allowances, which shows the uncertainties of maximum changes of net value of financial assets attributable to a particular risk without considering collateral and other credit enhancements obtained. However, the maximum exposure is the fair value amount (recorded on the books) for derivatives, maximum contractual obligation for payment guarantees loan commitment. Additionally, loan commitments are the unused commitment amounts that represent the maximum exposure to credit risk for each loan.

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

				December 31, 2024			December 31, 2023
Loans and other financial assets at amortized cost		Korean treasury and government agencies			189,416			2,238,375
		Banks			20,954,225			19,732,220
		Corporates			148,116,648			131,411,383
		Retail			173,205,008			167,428,639
		Sub-total			342,465,297			320,810,617
Financial assets at FVTPL (*1)		Due from banks			73,951			39,241
		Debt securities			3,642,795			4,067,596
		Derivative assets			10,067,381			5,791,449
		Sub-total			13,784,127			9,898,286
Financial assets at FVTOCI		Debt securities			41,569,907			35,303,429
Securities at amortized cost		Debt securities			18,719,264			23,584,608
Derivative assets (Designated for hedging)					10,102			698
Off-balance accounts		Guarantees (*2)			18,703,691			16,029,920
		Loan commitments			88,385,611			83,196,929
		Sub-total			107,089,302			99,226,849
		Total			523,637,999			488,824,487
(*1)	Puttable financial instruments are not included.
:---	:---
(*2)	As of December 31, 2024 and 2023, the financial guarantee amount of 6,978,786 million Won and<br>6,539,824 million Won are included, respectively.
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• 38 -

a)	Credit risk exposure by geographical areas

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

		December 31, 2024
		Korea			U.S.A			U.K			Japan			Others (*)			Total
Loans and other financial assets at amortized cost			331,602,881			2,609,745			584,060			850,835			6,817,776			342,465,297
Securities at amortized cost			18,042,879			650,578			—			—			25,807			18,719,264
Financial assets at FVTPL			9,392,994			1,824,414			553,842			430,341			1,582,536			13,784,127
Financial assets at FVTOCI			37,736,177			3,015,615			190,793			22,112			605,210			41,569,907
Derivative assets (Designated for hedging)			—			3,216			—			6,886			—			10,102
Off-balance accounts			103,814,908			1,253,700			87,755			20,758			1,912,181			107,089,302
Guarantees			16,904,726			677,133			87,755			20,758			1,013,319			18,703,691
Loan commitments			86,910,182			576,567			—			—			898,862			88,385,611
Total			500,589,839			9,357,268			1,416,450			1,330,932			10,943,510			523,637,999
(*)	Others consist of financial assets in Hong Kong, Germany, Australia, and other countries.
:---	:---
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Korea			U.S.A			U.K			Japan			Others (*)			Total
Loans and other financial assets at amortized cost			310,924,633			1,870,959			260,834			608,258			7,145,933			320,810,617
Securities at amortized cost			22,529,414			1,006,742			—			—			48,452			23,584,608
Financial assets at FVTPL			7,156,903			1,440,175			355,478			143,229			802,501			9,898,286
Financial assets at FVTOCI			32,422,601			2,200,514			—			32,194			648,120			35,303,429
Derivative assets (Designated for hedge)			—			—			—			698			—			698
Off-balance accounts			97,206,159			444,545			20,045			26,351			1,529,749			99,226,849
Guarantees			15,086,472			143,212			20,045			26,351			753,840			16,029,920
Loan commitments			82,119,687			301,333			—			—			775,909			83,196,929
Total			470,239,710			6,962,935			636,357			810,730			10,174,755			488,824,487
(*)	Others consist of financial assets in Hong Kong, Germany, Australia, and other countries.
:---	:---

• 39 -

b)	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 December 31, 2024 and 2023 (Unit: Korean Won in millions):

		December 31, 2024
		Service			Manufacturing			Finance and<br>insurance			Construction			Individuals			Others			Total
Loans and other financial assets at amortized cost			85,796,324			44,742,153			28,656,365			4,231,975			170,567,627			8,470,853			342,465,297
Securities at amortized cost			169,352			—			10,059,175			59,866			—			8,430,871			18,719,264
Financial assets at FVTPL			129,606			578,507			9,429,339			9,471			693			3,636,511			13,784,127
Financial assets at FVTOCI			282,766			391,261			29,657,215			153,624			—			11,085,041			41,569,907
Derivative assets (Designated for hedging)			—			—			10,102			—			—			—			10,102
Off-balance accounts			20,167,915			30,992,940			14,759,589			2,730,178			33,476,894			4,961,786			107,089,302
Guarantees			4,384,434			10,546,091			1,506,565			842,558			5,704			1,418,339			18,703,691
Loan commitments			15,783,481			20,446,849			13,253,024			1,887,620			33,471,190			3,543,447			88,385,611
Total			106,545,963			76,704,861			92,571,785			7,185,114			204,045,214			36,585,062			523,637,999
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Service			Manufacturing			Finance and<br>insurance			Construction			Individuals			Others			Total
Loans and other financial assets at amortized cost			77,382,728			40,376,116			25,964,704			3,326,933			164,618,003			9,142,133			320,810,617
Securities at amortized cost			189,193			—			13,928,774			69,720			—			9,396,921			23,584,608
Financial assets at FVTPL			124,563			185,965			5,655,567			11,744			2,600			3,917,847			9,898,286
Financial assets at FVTOCI			382,694			327,006			25,686,485			284,367			—			8,622,877			35,303,429
Derivative assets (Designated for hedge)			—			—			698			—			—			—			698
Off-balance accounts			20,310,662			25,348,411			14,199,786			2,461,454			33,357,279			3,549,257			99,226,849
Guarantees			5,653,946			7,279,934			2,023,718			531,415			5,768			535,139			16,029,920
Loan commitments			14,656,716			18,068,477			12,176,068			1,930,039			33,351,511			3,014,118			83,196,929
Total			98,389,840			66,237,498			85,436,014			6,154,218			197,977,882			34,629,035			488,824,487

• 40 -

v)	Credit risk exposure
a)	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 December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

	December 31, 2024
	Stage 1				Stage 2				Stage 3		Total		Expected<br>credit loss<br>allowances			Total, net
	Above<br>appropriate<br>credit rating<br>(*1)		Lower than a<br>limited credit<br>rating<br>(*2)		Above<br>appropriate<br>credit rating<br>(*1)		Lower than a<br>limited credit<br>rating<br>(*2)
Loans and other financial assets at amortized cost		296,872,036		20,955,733		12,456,496		12,756,686		1,486,677		344,527,628		(2,062,331	)		342,465,297
Korean treasury and government agencies		190,038		—		—		—		—		190,038		(622	)		189,416
Banks		20,908,352		—		66,150		—		—		20,974,502		(20,277	)		20,954,225
Corporates		124,864,682		15,909,050		2,654,852		5,552,972		610,334		149,591,890		(1,475,242	)		148,116,648
General business		87,833,338		9,840,595		2,271,381		3,960,010		482,323		104,387,647		(1,112,581	)		103,275,066
Small- and medium-sized enterprise		26,599,385		5,725,164		373,513		1,498,926		128,011		34,324,999		(297,570	)		34,027,429
Project financing and others		10,431,959		343,291		9,958		94,036		—		10,879,244		(65,091	)		10,814,153
Retails		150,908,964		5,046,683		9,735,494		7,203,714		876,343		173,771,198		(566,190	)		173,205,008
Securities at amortized cost		18,729,732		—		—		—		—		18,729,732		(10,468	)		18,719,264
Financial assets at FVTOCI (*3)		41,506,811		63,096		—		—		—		41,569,907		(26,596	)		41,569,907
Total		357,108,579		21,018,829		12,456,496		12,756,686		1,486,677		404,827,267		(2,099,395	)		402,754,468
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---
		Collateral value
		Stage 1			Stage 2			Stage 3			Total
Loans and other financial assets at amortized cost			232,052,490			22,420,577			818,518			255,291,585
Korean treasury and government agencies			55,775			—			—			55,775
Banks			2,474,302			—			—			2,474,302
Corporates			94,374,525			7,209,853			433,447			102,017,825
General business			59,099,372			5,578,709			328,666			65,006,747
Small- and medium-sized enterprise			27,647,198			1,570,506			104,781			29,322,485
Project financing and others			7,627,955			60,638			—			7,688,593
Retails			135,147,888			15,210,724			385,071			150,743,683
Securities at amortized cost			—			—			—			—
Financial assets at FVTOCI (*3)			—			—			—			—
Total			232,052,490			22,420,577			818,518			255,291,585
(*1)	Credit grade of corporates are AAA ~ BBB, and retails are grades 1 ~ 6.
:---	:---
(*2)	Credit grade of corporates are BBB- ~ C, and retails are grades 7 ~ 10.
:---	:---
(*3)	Financial assets at FVTOCI are disclosed as the amount before deducting allowances for credit losses as it does<br>not reduce the carrying amount.
:---	:---

• 41 -

	December 31, 2023
	Stage 1				Stage 2				Stage 3		Total		Expected<br>credit loss<br>allowances			Total, net
	Above<br>appropriate<br>credit rating<br>(*1)		Lower than a<br>limited credit<br>rating<br>(*2)		Above<br>appropriate<br>credit rating<br>(*1)		Lower than a<br>limited credit<br>rating<br>(*2)
Loans and other financial assets at amortized cost		277,690,549		20,705,266		11,874,593		11,491,512		982,761		322,744,681		(1,934,064	)		320,810,617
Korean treasury and government agencies		2,240,487		—		—		—		—		2,240,487		(2,112	)		2,238,375
Banks		19,740,698		—		19,231		—		—		19,759,929		(27,709	)		19,732,220
Corporates		110,690,795		15,328,976		2,214,562		4,172,633		419,461		132,826,427		(1,415,044	)		131,411,383
General business		76,910,774		9,558,454		1,639,935		2,973,117		319,115		91,401,395		(1,028,932	)		90,372,463
Small- and medium-sized enterprise		26,394,816		5,622,242		555,410		1,112,664		100,346		33,785,478		(318,556	)		33,466,922
Project financing and others		7,385,205		148,280		19,217		86,852		—		7,639,554		(67,556	)		7,571,998
Retails		145,018,569		5,376,290		9,640,800		7,318,879		563,300		167,917,838		(489,199	)		167,428,639
Securities at amortized cost		23,598,234		—		—		—		—		23,598,234		(13,626	)		23,584,608
Financial assets at FVTOCI (*3)		35,245,808		57,621		—		—		—		35,303,429		(24,714	)		35,303,429
Total		336,534,591		20,762,887		11,874,593		11,491,512		982,761		381,646,344		(1,972,404	)		379,698,654
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---
		Collateral value
		Stage 1			Stage 2			Stage 3			Total
Loans and other financial assets at amortized cost			216,106,580			20,699,712			597,203			237,403,495
Korean treasury and government agencies			39,199			—			—			39,199
Banks			2,136,530			—			—			2,136,530
Corporates			85,768,967			5,452,942			238,656			91,460,565
General business			52,943,796			4,053,318			169,218			57,166,332
Small- and medium-sized enterprise			27,535,748			1,399,624			69,438			29,004,810
Project financing and others			5,289,423			—			—			5,289,423
Retails			128,161,884			15,246,770			358,547			143,767,201
Securities at amortized cost			—			—			—			—
Financial assets at FVTOCI (*3)			—			—			—			—
Total			216,106,580			20,699,712			597,203			237,403,495
(*1)	Credit grade of corporates are AAA ~ BBB, and retails are grades 1 ~ 6.
:---	:---
(*2)	Credit grade of corporates are BBB- ~ C, and retails are grades 7 ~ 10.
:---	:---
(*3)	Financial assets at FVTOCI are disclosed as the amount before deducting allowances for credit losses as it does<br>not reduce the carrying amount.
:---	:---

• 42 -

b)	Guarantees and loan commitments

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

		December 31, 2024
Financial assets		Stage 1						Stage 2						Stage 3			Total
		Above<br>appropriate<br>credit rating<br>(*1)			Lower than a<br>limited credit<br>rating<br>(*2)			Above<br>appropriate<br>credit rating<br>(*1)			Lower than a<br>limited credit<br>rating<br>(*2)
Off-balance accounts
Guarantees			18,165,791			421,822			41,866			52,059			22,153			18,703,691
Loan commitments			84,038,949			2,046,212			2,080,131			220,319			—			88,385,611
Total			102,204,740			2,468,034			2,121,997			272,378			22,153			107,089,302
(*1)	Credit grade of corporates are AAA ~ BBB, and retails are grades 1 ~ 6.
:---	:---
(*2)	Credit grade of corporates are BBB- ~ C, and retails are grades 7 ~ 10.
:---	:---
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Financial assets		Stage 1						Stage 2						Stage 3			Total
		Above<br>appropriate<br>credit rating<br>(*1)			Lower than a<br>limited credit<br>rating<br>(*2)			Above<br>appropriate<br>credit rating<br>(*1)			Lower than a<br>limited credit<br>rating<br>(*2)
Off-balance accounts
Guarantees			15,189,594			721,678			73,192			31,958			13,498			16,029,920
Loan commitments			78,816,547			2,261,115			1,937,305			181,962			—			83,196,929
Total			94,006,141			2,982,793			2,010,497			213,920			13,498			99,226,849
(*1)	Credit grade of corporates are AAA ~ BBB, and retails are grades 1 ~ 6.
:---	:---
(*2)	Credit grade of corporates are BBB- ~ C, and retails are grades 7 ~ 10.
:---	:---
vi)	Collateral and other credit enhancements
:---	:---

For the year ended December 31, 2024, there have been no significant decreases in the value of collateral or other credit enhancements held by the Bank or significant changes in collateral or other credit enhancements due to changes in the collateral policy of the Bank.

vii)	Among the financial assets that have measured expected credit loss allowances in terms of lifetime expected<br>credit losses, amortized costs before changes in contractual cash flows for the year ended December 31, 2024 is 52,420 million Won, with net losses recognized along with the changes 1,500 million Won and for the year end<br>December 31, 2023 is 120,681 million Won, with net losses recognized along with the changes 1,283 million Won, respectively.
viii)	The Bank determines which loan is subject to write-off in accordance with internal guidelines and writes off<br>loan receivables when it is determined that the loans are practically irrecoverable. For example, loans are practically irrecoverable when application is made for rehabilitation under the Debtor Rehabilitation and Bankruptcy Act, and loans are<br>confirmed as irrecoverable by the court’s decision to waive debtor’s obligation or when it is not possible to recover the loan amount through legal means such as selling debtor’s assets via auctions or through any other means<br>available. Notwithstanding the write-off, the Bank may still exercise its right of collection after the asset has been written off in accordance with its collection policies.
:---	:---

As the Bank manages receivables that have not lost the right of claim to the debtor for the grounds of incomplete statute limitation and uncollected receivables under the related laws as receivable charge-offs, the balance as of December 31, 2024 and 2023 is 7,357,330 million Won and 8,266,669 million Won, respectively. In addition, the contractual uncollected amount of financial assets written off during the year ended December 31, 2024, but still in the process of recovery is 393,743 million Won.

• 43 -

(2) Market risk

Market risk is the possible risk of loss arising from trading activities and non-trading activities in the volatility of market factors such as interest rates, stock prices and foreign exchange rates. Market risk arises from changes in the interest rates and foreign exchange rates for financial instruments that are not yet settled, and all contracts are exposed to a certain level of volatility according to changes in the interest rates, credit spreads, foreign exchange rates and the price of equity securities.

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 in the trading and non-trading activities and measuring its level and evaluating the appropriateness of the level of accepted market risks.

i)	Market risk management for trading activities

The Bank has introduced and applied the Basel III standard method according to Detailed Enforcement Regulations for Supervision of Banking Business <Appendix 3-2> as a measurement method of market risk since 2023. On a consolidated basis, the market risk capital requirements used for calculating the BIS ratio are determined by aggregating the capital required for sensitivity-based methods, default risk, and residual risk, and are managed within the established internal capital limit.

The sensitivity-based method measures linear and nonlinear losses that may occur due to unfavorable fluctuations such as interest rates, credit spreads, stock prices, exchange rates, and general commodity prices, and measures losses that may occur due to sudden bankruptcy not considered in the sensitivity method. Other losses not considered in the sensitivity method and default risk are measured in the residual risk required equity capital.

The foreign exchange positions intentionally opened to mitigate the impact of exchange rate fluctuations on the capital ratio, specifically for overseas business investments in key operating currencies such as IDR, VND, and CNY, are excluded from the calculation of market risk capital requirements with the approval of structural foreign exchange positions from the financial regulatory authorities. However, they are managed within market internal capital, among others.

In addition, in the event of extreme situations such as the IMF crisis and the global financial crisis, stress tests are conducted every month to measure the size of losses to prepare for crises.

Market risk limits, including internal capital, loss and VaR limits, are allocated annually by the Board Risk Management Committee and Executive Risk Management Committee based on business groups, departments, teams and risk factors, while the position management department sets limits for business units excluding the derivatives book. Compliance with limits is independently monitored by both the operation department and the Risk Management Dept. And the details of the limit monitoring are regularly reported to the Executive Risk Management Committee and the Board Risk Management Committee.

• 44 -

a)	Trading activities

The market risk required equity capital at the end of the reporting period by risk group is as follows (Unit: Korean Won in millions):

		Risk group		December 31, 2024			December 31, 2023
Sensitivity-based risk		General interest rate risk			29,029			37,832
		Equity risk			3,006			9,376
		General commodity risk			51			12
		Foreign exchange risk (*)			114,174			249,044
		Non-securitization credit spread risk			18,258			27,371
		Securitization (excluding correlation trading portfolio, CTP) credit spread risk			—			—
		CTP credit spread risk			—			—
Default risk		Non- Securitization bankruptcy risk			8,604			—
		Securitization (excluding CTP) default risk			—			—
		CTP default risk			—			—
Residual risk		Residual risk			1,182			692
		Total			174,304			324,327
(*)	The structural foreign exchange positions approved by the Financial Supervisory Service Governor are excluded<br>from the calculation of the foreign exchange capital requirements
:---	:---
ii)	Market risk management for non-trading activities
:---	:---

For non-trading sectors of the Bank, NII (Net Interest Income) and NPV (Net Present Value) simulations are operated through ALM (Asset Liability Management) system, and then, interest rate risks are managed and measured by various analysis methods such as calculating ΔNII(change in Net Interest Income) and ΔEVE(change in Economic Value of Equity).

NII is primarily an indicator of changes in profit from short-term changes in interest rates and is measured by deducting the interest expenses on the liability from the interest income from the asset. NPV is primarily an indicator of the risk of an economic value perspective resulting from fluctuations in interest rates and is measured by subtracting the present value of the liability from the present value of the asset. ΔNII indicates a change in net interest income over a specified future period (e.g., 1 year) due to fluctuations in interest rates, and ΔEVE indicates the economic value changes in equity capital resulting from changes in interest rates affecting the present value of asset, liabilities, and off-balance-sheet items.

Applying six scenarios of interest rate risk shocks (parallel increase and decrease, steepener, flattener and short-term interest rate increase and decrease), the interest rate risks of IRRBB (Interest Rate Risk in the Banking Book) are calculated. Based on the above six scenarios, the change in economic value of equity (ΔEVE) is measured, the maximum of which is the final ΔEVE. Also, applying two scenarios(parallel increase and decrease), Based on the two scenarios (parallel increase and decrease) likewise, the maximum is calculated as the final ΔNII.

For assets and liabilities as of December 31, 2024 and 2023, ΔEVE and ΔNII calculated based on interest rate risk in banking book (IRRBB) are as follows (Unit: Korean Won in millions):

December 31, 2024		December 31, 2023
ΔEVE (*1)	ΔNII (*2)	ΔEVE (*1)	ΔNII (*2)
783,172	710,685	1,046,284	822,311
(*1)	ΔEVE: change in Economic Value of Equity
:---	:---
(*2)	ΔNII: change in Net Interest Income
:---	:---

• 45 -

The Bank measures and manages the risks resulting from interest rate fluctuations caused by mismatches in interest rates and maturities of assets and liabilities. 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):

		December 31, 2024
		Within 3<br>months			4 to 6<br>months			7 to 9<br>months			10 to 12<br>months			1 to 5<br>years			Over 5 years			Total
Asset:
Loans and other financial assets at amortized cost			209,754,801			48,861,282			22,091,076			13,766,595			59,663,804			2,972,722			357,110,280
Financial assets at FVTPL			22,850			—			—			—			—			—			22,850
Financial assets at FVTOCI			6,759,630			4,833,724			2,346,824			2,567,298			25,857,015			1,357,034			43,721,525
Securities at amortized cost			1,168,747			1,550,614			1,742,034			628,917			12,898,211			1,817,296			19,805,819
Total			217,706,028			55,245,620			26,179,934			16,962,810			98,419,030			6,147,052			420,660,474
Liability:
Deposits due to customers			160,594,127			50,075,938			43,055,529			38,700,998			58,603,669			34,242			351,064,503
Borrowings			14,915,413			2,125,771			1,066,941			1,089,172			2,460,850			513,870			22,172,017
Debentures			2,623,670			3,528,439			2,602,985			1,633,304			14,766,804			2,611,435			27,766,637
Total			178,133,210			55,730,148			46,725,455			41,423,474			75,831,323			3,159,547			401,003,157
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Within 3<br>months			4 to 6<br>months			7 to 9<br>months			10 to 12<br>months			1 to 5<br>years			Over 5 years			Total
Asset:
Loans and other financial assets at amortized cost			217,755,236			49,838,285			14,170,969			9,067,124			36,464,200			1,741,194			329,037,008
Financial assets at FVTPL			1,384,444			—			—			—			—			—			1,384,444
Financial assets at FVTOCI			5,484,889			3,373,968			2,322,762			2,874,432			22,424,018			613,142			37,093,211
Securities at amortized cost			1,307,554			1,230,133			3,325,495			1,415,891			15,678,508			2,143,376			25,100,957
Total			225,932,123			54,442,386			19,819,226			13,357,447			74,566,726			4,497,712			392,615,620
Liability:
Deposits due to customers			162,719,906			48,227,640			31,478,229			43,574,868			57,554,531			33,981			343,589,155
Borrowings			14,683,246			2,036,827			940,323			1,168,608			2,541,988			437,839			21,808,831
Debentures			6,011,955			3,550,214			1,214,427			2,854,877			6,757,962			2,296,383			22,685,818
Total			183,415,107			53,814,681			33,632,979			47,598,353			66,854,481			2,768,203			388,083,804

• 46 -

iii)	Currency risk

The bank manages currency risk based on a comprehensive position that includes both domestic and international spot and futures foreign exchange positions. The Risk Management Committee sets market internal capital limits for each group to manage market risks, including currency risk. The trading desks and dealers manage the comprehensive position by operating spot foreign exchange and currency derivatives within the set market risk and foreign exchange position limits.

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

				December 31, 2024
														CNY											Others			Total
				Foreigncurrency		Korean<br>Won<br>equivalent			Foreigncurrency		Korean<br>Won<br>equivalent			Foreign<br>currency			Korean<br>Won<br>equivalent			Foreigncurrency		Korean<br>Won<br>equivalent			Korean<br>Won<br>equivalent			Korean<br>Won<br>equivalent
Asset		Cash and cash equivalents		7,669			11,273,774		76,878			719,944			230			46,231		84			127,877			229,820			12,397,646
		Loans and other financial assets at amortized cost		14,895			21,895,927		103,400			968,320			4,227			850,810		2,212			3,382,452			2,474,288			29,571,797
		Financial assets at FVTPL		966			1,420,278		6,655			62,327			—			—		154			234,683			46,882			1,764,170
		Financial assets at FVTOCI		3,303			4,854,847		—			—			—			—		14			21,472			544,105			5,420,424
		Securities at amortized cost		718			1,055,442		—			—			—			—		—			—			25,821			1,081,263
		Total		27,551			40,500,268		186,933			1,750,591			4,457			897,041		2,464			3,766,484			3,320,916			50,235,300
Liability		Financial liabilities at FVTPL		112			164,400		2			15			—			—		1			1,766			687			166,868
		Deposits due to customers		18,752			27,565,607		249,024			2,332,060			2,526			508,444		1,944			2,972,155			1,771,311			35,149,577
		Borrowings		7,936			11,666,633		48,801			457,012			284			57,146		814			1,243,829			594,472			14,019,092
		Debentures		3,379			4,967,433		—			—			—			—		—			—			—			4,967,433
		Other financial liabilities		1,895			2,786,006		20,479			191,786			2,315			466,007		240			366,260			314,329			4,124,388
		Total		32,074			47,150,079		318,306			2,980,873			5,125			1,031,597		2,999			4,584,010			2,680,799			58,427,358
Off-balance accounts				8,295			12,194,238		23,861			223,454			1,371			275,934		653			997,941			1,393,216			15,084,783
				December 31, 2023
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
														CNY											Others			Total
				Foreigncurrency		Korean<br>Won<br>equivalent			Foreigncurrency		Korean<br>Won<br>equivalent			Foreign<br>currency			Korean<br>Won<br>equivalent			Foreigncurrency		Korean<br>Won<br>equivalent			Korean<br>Won<br>equivalent			Korean<br>Won<br>equivalent
Asset		Cash and cash equivalents		8,033			10,357,734		105,041			958,669			476			86,022		248			354,092			423,094			12,179,611
		Loans and other financial assets at amortized cost		17,142			22,102,847		134,964			1,231,760			10,003			1,808,915		1,922			2,741,168			2,179,100			30,063,790
		Financial assets at FVTPL		972			1,253,749		17,004			155,186			—			—		287			408,944			96,696			1,914,575
		Financial assets at FVTOCI		2,820			3,635,713		—			—			—			—		4			5,770			461,130			4,102,613
		Securities at amortized cost		1,186			1,529,826		—			—			—			—		—			—			29,156			1,558,982
		Total		30,153			38,879,869		257,009			2,345,615			10,479			1,894,937		2,461			3,509,974			3,189,176			49,819,571
Liability		Financial liabilities at FVTPL		350			451,700		23,806			217,266			—			—		209			297,521			98,738			1,065,225
		Deposits due to customers		19,236			24,803,202		277,124			2,529,203			1,445			261,292		1,970			2,810,888			1,789,396			32,193,981
		Borrowings		9,924			12,795,608		22,598			206,247			54			9,810		508			724,624			414,937			14,151,226
		Debentures		4,041			5,209,837		—			—			—			—		—			—			—			5,209,837
		Other financial liabilities		3,291			4,243,364		22,082			201,534			6,277			1,135,144		96			137,433			251,203			5,968,678
		Total		36,842			47,503,711		345,610			3,154,250			7,776			1,406,246		2,783			3,970,466			2,554,274			58,588,947
Off-balance accounts				7,381			9,516,438		30,037			274,136			1,602			289,765		579			825,393			509,048			11,414,780

• 47 -

(3)	Liquidity risk

Liquidity risk management prevents financial institutions from incurring losses due to lack of funds by effectively managing liquidity shortages that can occur due to inconsistent maturity of assets and liabilities or an unexpected outflow of funds. The entire assets and liabilities within the financial statements and also off-balance sheet account that can generate cash-flow are subject to the liquidity risk management.

i)	Liquidity risk management
a)	Basel III regulatory response
:---	:---

Through the standard ALM system, liquidity risks are managed by dividing them into short-term (liquidity coverage ratio, within 30 days) and mid- to long-term (net stabilization fund procurement ratio, over one year). Daily Liquidity Coverage Ratio (LCR) and quarterly Net Stable Funding Ratio (NSFR) are calculated and monitored, and relevant information is provided in accordance with the disclosure standards of the Basel Committee on Banking Supervision (BCBS).

b)	Analysis of financing and operation status by maturity

As assets and liabilities are grouped into ALM account (COA; Chart of account) according to their account characteristics, and the gap ratio is identified through cash flow reports by various time and segment (e.g., by remaining period, contract period, etc.), the Bank manages the liquidity risk by keeping the target ratio (limited) set this year. In addition, the Bank established and manages the target ratio of concentration of funding for specific funding sources that are highly likely to withdraw. The Bank also provides a function through daily ALM system to search relevant maturity report by business group so that related departments (e.g., the Financial Planning Department, the Treasury Department, each business group, etc.) can identify liquidity risk management indicators and status.

c)	Establishment and implementation of Contingency Plan

Various inspection items related to liquidity risk are monitored on a daily or weekly basis by establishing and regularly inspecting the preceding Contingency Plan in order to effectively cope with the risk of capital outflow and procurement due to rapid and unexpected changes in market conditions. In addition, the Bank has strengthened monitoring related to foreign currency liquidity by operating a foreign currency liquidity plan separately from January 2012.

•	Inspection items related to liquidity risk on the Contingency Plan checklist
•	The amount of Won and foreign currency and insufficiency of funds
:---	:---
•	Liquidity coverage ratio (monthly average balance, daily balance)
:---	:---
•	The amounts of deposits and withdrawals (saving deposit in Korean Won, depository)
:---	:---
•	Overdraft limit exhaustion rate
:---	:---
•	Percentage of reduction in the balance of deferred deposits
:---	:---
•	Percentage of concentration of funding by subject and period
:---	:---
•	Won and foreign currency funding spread
:---	:---

• 48 -

ii)	Maturity analysis of non-derivative financial liabilities
a)	Cash flows of principals and interests by remaining contractual maturities of non-derivative financial<br>liabilities as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Within 3<br>months			4 to 6<br>months			7 to 9<br>months			10 to 12<br>months			1 to 5<br>years			Over 5 years			Total
Financial liabilities at FVTPL			74,205			—			—			—			—			—			74,205
Deposits due to customers			228,817,183			39,365,840			32,087,428			39,540,677			12,352,715			501,541			352,665,384
Borrowings			6,708,466			5,063,765			4,078,088			3,160,313			2,890,869			513,870			22,415,371
Debentures			2,073,670			3,683,287			2,606,561			2,036,919			14,766,804			2,611,435			27,778,676
Lease liabilities			44,324			35,462			32,238			28,552			205,258			26,898			372,732
Other financial liabilities			17,005,872			—			—			—			—			4,220,186			21,226,058
Total			254,723,720			48,148,354			38,804,315			44,766,461			30,215,646			7,873,930			424,532,426
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Within 3<br>months			4 to 6<br>months			7 to 9<br>months			10 to 12<br>months			1 to 5<br>years			Over<br>5 years			Total
Financial liabilities at FVTPL			39,524			—			—			—			—			—			39,524
Deposits due to customers			229,861,273			37,497,154			21,140,439			44,458,765			13,214,084			527,107			346,698,822
Borrowings			7,780,854			4,897,526			3,253,926			3,043,472			2,621,504			437,839			22,035,121
Debentures			3,783,034			3,692,866			2,496,132			3,723,968			6,757,962			2,296,383			22,750,345
Lease liabilities			60,653			30,334			26,874			23,660			107,028			2,193			250,742
Other financial liabilities			12,912,445			—			—			—			—			4,129,721			17,042,166
Total			254,437,783			46,117,880			26,917,371			51,249,865			22,700,578			7,393,243			408,816,720
b)	Cash flows of principals and interests by expected maturities of non-derivative financial liabilities as of<br>December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Within 3<br>months			4 to 6<br>months			7 to 9<br>months			10 to 12<br>months			1 to 5<br>years			Over 5 years			Total
Financial liabilities at FVTPL			74,205			—			—			—			—			—			74,205
Deposits due to customers			234,475,073			41,162,636			31,796,373			34,635,657			9,853,396			217,074			352,140,209
Borrowings			6,708,466			5,063,765			4,078,088			3,160,313			2,890,869			513,870			22,415,371
Debentures			2,073,670			3,683,287			2,606,561			2,036,919			14,766,804			2,611,435			27,778,676
Lease liabilities			44,327			36,607			33,438			29,753			209,570			26,898			380,593
Other financial liabilities			17,005,872			—			—			—			—			4,220,186			21,226,058
Total			260,381,613			49,946,295			38,514,460			39,862,642			27,720,639			7,589,463			424,015,112
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Within 3<br>months			4 to 6<br>months			7 to 9<br>months			10 to 12<br>months			1 to 5<br>years			Over 5 years			Total
Financial liabilities at FVTPL			39,524			—			—			—			—			—			39,524
Deposits due to customers			235,603,296			39,463,353			21,774,226			38,397,484			10,627,420			231,793			346,097,572
Borrowings			7,780,854			4,897,526			3,253,926			3,043,472			2,621,504			437,839			22,035,121
Debentures			3,783,034			3,692,866			2,496,132			3,723,968			6,757,962			2,296,383			22,750,345
Lease liabilities			60,653			31,578			28,237			25,038			118,776			2,856			267,138
Other financial liabilities			12,912,445			—			—			—			—			4,129,721			17,042,166
Total			260,179,806			48,085,323			27,552,521			45,189,962			20,125,662			7,098,592			408,231,866

• 49 -

iii)	Maturity analysis of derivative financial liabilities

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

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

				Remaining maturity
				Within 3<br>months			4 to 6<br>months			7 to 9<br>months			10 to 12<br>months			1 to 5<br>years			Over 5<br>years			Total
December 31, 2024		Fair value hedge			(6,816	)		46,231			(11,740	)		44,950			35,764			(5,834	)		102,555
		Trading			9,124,626			—			—			—			—			—			9,124,626
December 31, 2023		Fair value hedge			29,176			34,370			157			35,272			39,861			—			138,836
		Trading			5,976,266			—			—			—			—			—			5,976,266
iv)	Maturity analysis of off-balance accounts (guarantees, loan commitments and others)
:---	:---

A financial guarantee represents an irrevocable undertaking that the Bank should meet a customer’s obligations to third parties if the customer fails to do so. The loan commitment represents the limit if the Bank has promised a credit to the customers. 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 Bank in accordance with guarantees and loan commitment only applies to principal amounts. In the case of payment guarantees, which correspond to financial guarantees such as debenture issuance and loan collateral, as well as loan commitments and other credit offerings provided by the Bank, there is a contract maturity date; however, payment must be executed immediately if the counterparty requests payment. Details of off-balance accounts as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

		December 31, 2024			December 31, 2023
Guarantees			18,703,691			16,029,920
Loan commitments			88,385,611			83,196,929
Other			6,871,259			7,170,064

• 50 -

(4)	Operational risk
i)	Definition
:---	:---

The Bank defines the operational risk as the risk of potential losses arising from inadequate or incorrect internal procedures, human resource and system, and/or external factors.

ii)	Operational risk measurement and management

The Bank measures operational risk capital using the Basel III standardized approach. This approach calculates the required operational risk capital by multiplying the Business Indicator Component (BIC), which represents the scale of operations, with the Internal Loss Multiplier (ILM), which reflects the magnitude of actual historical internal losses relative to the scale of operations.

Operational risk limits are set with the approval of the Board Risk Management Committee. The Bank regularly calculates the operational risk capital and reports any limit breaches to the management and the Board Risk Management Committee.

Since a reduction in the size of internal loss events leads to a decrease in operational risk capital, it is important to prevent loss events in advance. Accordingly, the Bank conducts operational risk management activities using tools such as Risk Control Self-Assessment (RCSA), Key Risk Indicators (KRI), and loss data. Additionally, to ensure continuity of operations in emergency situations such as disasters, the Bank has established a Business Continuity Plan (BCP) and conducts annual simulation drills.

(5)	Capital management

The Bank complies with the standard of capital adequacy provided by financial regulatory authorities. The capital adequacy standard is based on Basel III published by Basel Committee on Banking Supervision in Bank for International Settlement which has been implemented in Korea in December 2013. The capital adequacy ratio is calculated by dividing own capital by asset (weighted with a risk premium – risk weighted assets) based on the consolidated financial statements of the Bank.

According to the above regulations, the Bank is required to meet the following minimum requirements: Common Equity Tier 1 capital ratio of 9.0% and 8.0%, a Tier 1 capital ratio of 10.5% and 9.5% and a minimum total capital ratio of 12.5% and 11.5% as of December 31, 2024 and 2023, respectively.

Details of the Bank’s capital adequacy ratio as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

		December 31, 2024 (*)			December 31, 2023
Risk-weighted assets for credit risk			171,533,503			155,484,214
Risk-weighted assets for market risk			2,178,805			4,054,084
Risk-weighted assets for operational risk			18,296,422			16,535,445
Total risk-weighted assets			192,008,730			176,073,743
Common Equity Tier 1 capital			25,060,125			23,183,323
Other Tier 1 capital			1,652,581			1,554,186
Tier 2 capital			3,717,491			3,500,420
Total risk-adjusted capital			30,430,197			28,237,929
Common Equity Tier 1 ratio			13.05	%		13.17	%
Tier 1 capital ratio			13.91	%		14.05	%
Total capital ratio			15.85	%		16.04	%
(*)	Tier 1 capital ratio as of December 31, 2024 is estimation.
:---	:---

• 51 -

5.	OPERATING SEGMENTS

In evaluating the results of the Bank and allocating resources, the Bank’s Chief Operation Decision Maker (the “CODM”) utilizes the information per type of customers. This financial information of the segments is regularly reviewed by the CODM.

(1)	Segment by type of customers

The Bank’s reporting segments comprise the following customers: consumer banking, corporate banking, investment banking, capital market and headquarters and others. The reportable segments are classified based on the target customers for whom the service is being provided.

•	Consumer banking: Loans/deposits and financial services for retail and individual consumers, etc.
•	Corporate banking: Loans/deposits and export/import, Financial services for corporations, etc.
:---	:---
•	Investment banking: Domestic/foreign investment, Structured finance, M&A, Equity & fund investment<br>related business, Venture advisory related tasks, Real estate SOC development practices, etc.
:---	:---
•	Capital market: Investment in securities and derivatives, etc.
:---	:---
•	Headquarters and others: Segments that do not belong to operating segments above
:---	:---

The details of operating income by each segment for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2024
		Consumer<br>banking			Corporate<br>banking			Investment<br>banking			Capital market			Headquarters<br>and others			Sub-total			Adjustments (*)			Total
Net interest income(expense)			2,347,537			3,236,304			(268,845	)		(61,738	)		469,538			5,722,796			1,018,987			6,741,783
Interest income			6,072,087			8,459,406			462,395			118,247			2,156,385			17,268,520			713,858			17,982,378
Interest expense			(3,225,417	)		(6,906,235	)		(58	)		11,696			(1,425,710	)		(11,545,724	)		305,129			(11,240,595	)
Inter-segment			(499,133	)		1,683,133			(731,182	)		(191,681	)		(261,137	)		—			—			—
Net non-interest income(expense)			435,555			611,386			584,626			206,750			7,526			1,845,843			(868,372	)		977,471
Non-interest income			413,213			657,790			798,762			19,470,420			631,981			21,972,166			(18,594,932	)		3,377,234
Non-interest expense			(67,906	)		(130,075	)		(214,136	)		(19,263,670	)		(450,536	)		(20,126,323	)		17,726,560			(2,399,763	)
Inter-segment			90,248			83,671			—			—			(173,919	)		—			—			—
Other expense			(1,967,867	)		(1,580,876	)		(24,618	)		(54,003	)		(247,510	)		(3,874,874	)		(150,615	)		(4,025,489	)
Administrative expense			(1,893,526	)		(1,097,939	)		(32,348	)		(33,495	)		(269,916	)		(3,327,224	)		—			(3,327,224	)
Reversal of (provision for) expected credit loss allowance			(74,341	)		(482,937	)		7,730			(20,508	)		22,406			(547,650	)		(150,615	)		(698,265	)
Operating income			815,225			2,266,814			291,163			91,009			229,554			3,693,765			—			3,693,765
Non-operating income(expense)			(63,998	)		(6,900	)		49,216			—			(9,544	)		(31,226	)		—			(31,226	)
Impairment loss on investments in subsidiaries and associates			—			—			(1,107	)		—			(1,279	)		(2,386	)		—			(2,386	)
Other non-operating income (expense)			(63,998	)		(6,900	)		50,323			—			(8,265	)		(28,840	)		—			(28,840	)
Net income before income tax expense			751,227			2,259,914			340,379			91,009			220,010			3,662,539			—			3,662,539
Income tax expense			(198,324	)		(583,029	)		(89,860	)		(24,026	)		27,252			(867,987	)		—			(867,987	)
Net income (loss)			552,903			1,676,885			250,519			66,983			247,262			2,794,552			—			2,794,552
(*)	Adjustments were made for the presentation of profit or loss in accordance with K-IFRS from the reporting<br>segments in accordance with the Managerial Accounting Standards.
:---	:---

• 52 -

		For the year ended December 31, 2023
		Consumer<br>banking			Corporate<br>banking			Investment<br>banking			Capital market			Headquarters<br>and others			Sub-total			Adjustments (*)			Total
Net interest income(expense)			2,910,670			3,536,366			(271,147	)		(47,332	)		(335,077	)		5,793,480			895,011			6,688,491
Interest income			5,915,515			8,117,854			322,965			71,470			1,908,257			16,336,061			645,741			16,981,802
Interest expense			(2,977,982	)		(6,288,716	)		(101	)		—			(1,275,782	)		(10,542,581	)		249,270			(10,293,311	)
Inter-segment			(26,863	)		1,707,228			(594,011	)		(118,802	)		(967,552	)		—			—			—
Net non-interest income(expense)			431,388			410,272			439,925			40,981			142,918			1,465,484			(796,004	)		669,480
Non-interest income			406,362			610,368			559,804			15,898,187			1,561,937			19,036,658			(17,106,012	)		1,930,646
Non-interest expense			(62,751	)		(279,579	)		(119,879	)		(15,857,206	)		(1,251,759	)		(17,571,174	)		16,310,008			(1,261,166	)
Inter-segment			87,777			79,483			—			—			(167,260	)		—			—			—
Other expense			(1,960,531	)		(1,801,606	)		(29,120	)		(27,055	)		(423,431	)		(4,241,743	)		(99,007	)		(4,340,750	)
Administrative expense			(1,828,368	)		(1,115,797	)		(34,894	)		(27,018	)		(403,678	)		(3,409,755	)		—			(3,409,755	)
Reversal of (provision for) expected credit loss allowance			(132,163	)		(685,809	)		5,774			(37	)		(19,753	)		(831,988	)		(99,007	)		(930,995	)
Operating income (expense)			1,381,527			2,145,032			139,658			(33,406	)		(615,590	)		3,017,221			—			3,017,221
Non-operating income(expense)			(13,561	)		(206	)		69,624			—			(81,146	)		(25,289	)		—			(25,289	)
Impairment loss on investments in subsidiaries and associates			—			—			(1,786	)		—			—			(1,786	)		—			(1,786	)
Other non-operating income (expense)			(13,561	)		(206	)		71,410			—			(81,146	)		(23,503	)		—			(23,503	)
Net income before income tax expense			1,367,966			2,144,826			209,282			(33,406	)		(696,736	)		2,991,932			—			2,991,932
Income tax expense			(361,143	)		(563,269	)		(55,250	)		8,819			256,051			(714,792	)		—			(714,792	)
Net income (loss)			1,006,823			1,581,557			154,032			(24,587	)		(440,685	)		2,277,140			—			2,277,140
(*)	Adjustments were made for the presentation of profit or loss in accordance with K-IFRS from the reporting<br>segments in accordance with the Managerial Accounting Standards.
:---	:---
(2)	Information about products and services
:---	:---

The products of the Bank are classified as interest-bearing products such as loans, deposits and debt securities and non-interest-bearing products such as loan commitment, credit commitment, equity securities, and credit card service. This classification of products has been reflected in the segment information presenting interest income and non-interest income.

(3)	Information about geographical area

Among the Bank’s revenue (interest income and non-interest income) from services, revenue from the domestic customers for the years ended December 31, 2024 and 2023 amounted to 19,832,897 million Won and 17,559,246 million Won, respectively, and revenue from the foreign customers amounted to 1,526,715 million Won and 1,353,202 million Won, respectively. Among the Bank’s non-current assets (investments in subsidiaries and associates, investment properties, Properties and equipment and intangible assets), non-current assets attributed to domestic customers as of December 31, 2024 and 2023 are 8,021,004 million Won and 7,091,640 million Won, respectively, and non-current assets attributed to foreign customers are 34,477 million Won and 29,532 million Won, respectively.

(4)	Information about major customers

The Bank does not have any single customer that generates 10% or more of the Bank’s total revenue for the years ended December 31, 2024 and 2023, respectively.

• 53 -

6.	CASH AND CASH EQUIVALENTS
(1)	Details of cash and cash equivalents as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in<br>millions):
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Cash			1,661,098			1,464,119
Foreign currencies			697,455			624,985
Demand deposits			21,386,723			24,959,408
Time deposits			27,405			17,596
Total			23,772,681			27,066,108
(2)	Details of restricted due from banks as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in<br>millions):
:---	:---
		Counterparty		December 31, 2024			Reason of restriction
---	---	:---:	---	:---:	---	---	:---:
Due from banks in local currency:
Due from Bank of Korea (BOK)		BOK			9,712,194		Reserve deposits under the BOK Act
Due from banks in foreign currencies:
Due from banks on demand		BOK and others			2,679,127		Reserve deposits and others
Total					12,391,321
		Counterparty		December 31, 2023			Reason of restriction
---	---	:---:	---	:---:	---	---	:---:
Due from banks in local currency:
Due from Bank of Korea (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			733,935		Reserve deposits and others
Total					14,154,245

• 54 -

(3)	Among the investing and financing activities, significant transactions not involving cash inflows and outflows<br>for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
		For the year ended<br>December 31, 2024				For the year ended<br>December 31, 2023
---	---	:---:	---	---	---	:---:	---	---
Changes in other comprehensive income(loss) due to valuation of financial assets at<br>FVTOCI			(23,722	)			719,244
Changes in financial assets at FVTOCI due to debt-equity swap			13,536				206
Changes in other comprehensive income of foreign operations translation			33,520				2,364
Changes in other comprehensive loss related to hedges of net investment in foreign<br>operations			(12,217	)			(1,493	)
Reclassification investment property to properties and equipment			65,280				6,463
Reclassification properties and equipment to assets held for sale			19,692				2,504
Increase in the right-of-use assets and lease liabilities			294,255				144,098
Changes in accounts payable related to acquisition of intangible assets			24,134				10,146
Reclassification investments in associates to financial assets at FVTPL			—				49,341
(4)	Adjustments of liabilities from financing activities for the years ended December 31, 2024 and 2023 are as<br>follows (Unit: Korean Won in millions):
:---	:---
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		January 1, 2024			Cash flow			Not involving cash inflows and outflows									December 31,<br>2024
								Foreign<br>exchange			Changed in<br>value of<br>hedged items			Others
Borrowings			21,461,867			(1,327,778	)		1,753,756			—			23			21,887,868
Debentures			21,273,027			3,377,666			683,588			17,417			178,620			25,530,318
Lease liabilities			205,854			(171,368	)		2,524			—			312,787			349,797
Rental deposit			57,104			(17,690	)		—			—			—			39,414
Total			42,997,852			1,860,830			2,439,868			17,417			491,430			47,807,397
		For the year ended December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		January 1, 2023			Cash flow			Not involving cash inflows and outflows									December 31,<br>2023
								Foreign<br>exchange			Changed in<br>value of<br>hedged items			Others
Borrowings			21,717,702			(371,695	)		115,817			—			43			21,461,867
Debentures			24,635,427			(3,552,385	)		78,287			63,615			48,083			21,273,027
Lease liabilities			180,672			(132,159	)		291			—			157,050			205,854
Rental deposit			57,074			30			—			—			—			57,104
Total			46,590,875			(4,056,209	)		194,395			63,615			205,176			42,997,852

• 55 -

7.	FINANCIAL ASSETS AT FVTPL

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

		December 31, 2024			December 31, 2023
Due from banks:
Gold banking assets			73,951			39,241
Securities:
Debt securities
Korean treasury and government agencies			3,630,434			3,233,389
Financial institutions			—			208,809
Securities loaned			12,361			625,398
Equity securities			283,961			256,285
Capital contributions			2,231,904			1,839,972
Beneficiary certificates			8,882,787			8,900,668
Others			188,878			180,690
Sub-total			15,230,325			15,245,211
Derivatives assets			10,067,381			5,791,449
Others			48,346			42,406
Total			25,420,003			21,118,307

Financial assets designated to be measured at FVTPL upon initial recognition is nil as of December 31, 2024 and 2023.

8.	FINANCIAL ASSETS AT FVTOCI
(1)	Details of financial assets at FVTOCI as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in<br>millions):
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Debt securities:
Korean treasury and government agencies			7,776,569			5,654,395
Financial institutions			25,266,162			20,885,924
Corporates			3,032,609			3,994,432
Bonds denominated in foreign currencies			5,406,920			3,986,210
Mortgage-backed debt securities			87,647			190,250
Securities loaned			—			592,218
Sub-total			41,569,907			35,303,429
Equity securities			737,658			1,071,772
Total			42,307,565			36,375,201
(2)	Details of equity securities designated as financial assets at FVTOCI as of December 31, 2024 and 2023 are<br>as follows (Unit: Korean Won in millions):
:---	:---
Purpose of acquisition		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Investment for strategic business partnership purpose			636,031			914,796
Debt-equity swap			101,627			156,976
Total			737,658			1,071,772

• 56 -

(3)	Changes in the expected credit loss allowance and gross carrying amount of financial assets at FVTOCI for the<br>years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
i)	Credit loss allowances
:---	:---
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---
		Stage 1				Stage 2			Stage 3			Total
Beginning balance			(24,714	)			—			—			(24,714	)
Transfer to 12-month expected credit losses			—				—			—			—
Transfer to lifetime expected credit losses			—				—			—			—
Transfer to credit-impaired financial assets			—				—			—			—
Net provision for expected credit loss allowance			(8,865	)			—			—			(8,865	)
Disposal			6,788				—			—			6,788
Others (*)			195				—			—			195
Ending balance			(26,596	)			—			—			(26,596	)
(*)	Others consist of foreign currencies translation, etc.
:---	:---
		For the year ended December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---
		Stage 1				Stage 2			Stage 3			Total
Beginning balance			(9,927	)			—			—			(9,927	)
Transfer to 12-month expected credit losses			—				—			—			—
Transfer to lifetime expected credit losses			—				—			—			—
Transfer to credit-impaired financial assets			—				—			—			—
Net provision for expected credit loss allowance			(16,388	)			—			—			(16,388	)
Disposal			1,519				—			—			1,519
Others (*)			82				—			—			82
Ending balance			(24,714	)			—			—			(24,714	)
(*)	Others consist of foreign currencies translation, etc.
:---	:---
ii)	Gross carrying amount
:---	:---
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---
		Stage 1				Stage 2			Stage 3			Total
Beginning balance			35,303,429				—			—			35,303,429
Transfer to 12-month expected credit losses			—				—			—			—
Transfer to lifetime expected credit losses			—				—			—			—
Transfer to credit-impaired financial assets			—				—			—			—
Acquisition			30,557,870				—			—			30,557,870
Disposal/Redemption			(25,376,177	)			—			—			(25,376,177	)
Gain on fair value valuation			224,885				—			—			224,885
Amortization on the effective interest method			133,211				—			—			133,211
Others (*)			726,689				—			—			726,689
Ending balance			41,569,907				—			—			41,569,907
(*)	Others consist of foreign currencies translation, etc.
:---	:---

• 57 -

		For the year ended December 31, 2023
		Stage 1				Stage 2			Stage 3			Total
Beginning balance			30,713,032				—			—			30,713,032
Transfer to 12-month expected credit losses			—				—			—			—
Transfer to lifetime expected credit losses			—				—			—			—
Transfer to credit-impaired financial assets			—				—			—			—
Acquisition			23,604,697				—			—			23,604,697
Disposal/Redemption			(20,005,613	)			—			—			(20,005,613	)
Gain on fair value valuation			696,241				—			—			696,241
Amortization on the effective interest method			161,666				—			—			161,666
Others (*)			133,406				—			—			133,406
Ending balance			35,303,429				—			—			35,303,429
(*)	Others consist of foreign currencies translation, etc.
:---	:---
(4)	The reason for the disposal of equity securities designated as financial assets at FVTOCI during the year ended<br>December 31, 2024 is the disposal of stocks acquired through debt-equity swaps, etc. The fair values at disposal dates were 155,637 million Won, and cumulative gains at disposal dates were 72,744 million Won, respectively During the<br>year ended December 31, 2023, the Bank 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 3,194 million Won, and<br>cumulative gains at disposal dates were 118 million Won, respectively.
:---	:---
9.	SECURITIES AT AMORTIZED COST
:---	:---
(1)	Details of securities at amortized cost as of December 31, 2024 and 2023 are as follows (Unit: Korean Won<br>in millions):
:---	:---
		December 31, 2024				December 31, 2023
---	---	:---:	---	---	---	:---:	---	---
Korean treasury and government agencies			7,646,463				8,143,586
Financial institutions			4,004,011				6,660,465
Corporates			5,997,996				7,235,201
Bond denominated in foreign currencies			1,081,262				1,558,982
Credit loss allowances			(10,468	)			(13,626	)
Total			18,719,264				23,584,608
(2)	Changes in the expected credit loss allowance and gross carrying amount of securities at amortized cost for the<br>years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
i)	Credit loss allowances
:---	:---
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---
		Stage 1				Stage 2			Stage 3			Total
Beginning balance			(13,626	)			—			—			(13,626	)
Transfer to 12-month expected credit losses			—				—			—			—
Transfer to lifetime expected credit losses			—				—			—			—
Transfer to credit-impaired financial assets			—				—			—			—
Net reversal of expected credit loss allowance			3,233				—			—			3,233
Others (*)			(75	)			—			—			(75	)
Ending balance			(10,468	)			—			—			(10,468	)
(*)	Others consist of foreign currencies translation, etc.
:---	:---

• 58 -

		For the year ended December 31, 2023
		Stage 1				Stage 2			Stage 3			Total
Beginning balance			(8,165	)			—			—			(8,165	)
Transfer to 12-month expected credit losses			—				—			—			—
Transfer to lifetime expected credit losses			—				—			—			—
Transfer to credit-impaired financial assets			—				—			—			—
Net provision for expected credit loss allowance			(5,472	)			—			—			(5,472	)
Others (*)			11				—			—			11
Ending balance			(13,626	)			—			—			(13,626	)
(*)	Others consist of foreign currencies translation, etc.
:---	:---
ii)	Gross carrying amount
:---	:---
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---
		Stage 1				Stage 2			Stage 3			Total
Beginning balance			23,598,234				—			—			23,598,234
Transfer to 12-month expected credit losses			—				—			—			—
Transfer to lifetime expected credit losses			—				—			—			—
Transfer to credit-impaired financial assets			—				—			—			—
Acquisition			2,494,615				—			—			2,494,615
Disposal / Redemption			(7,616,152	)			—			—			(7,616,152	)
Amortization on the effective interest method			91,116				—			—			91,116
Others (*)			161,919				—			—			161,919
Ending balance			18,729,732				—			—			18,729,732
(*)	Others consist of foreign currencies translation, etc.
:---	:---
		For the year ended December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---
		Stage 1				Stage 2			Stage 3			Total
Beginning balance			27,313,080				—			—			27,313,080
Transfer to 12-month expected credit losses			—				—			—			—
Transfer to lifetime expected credit losses			—				—			—			—
Transfer to credit-impaired financial assets			—				—			—			—
Acquisition			2,827,215				—			—			2,827,215
Disposal / Redemption			(6,735,231	)			—			—			(6,735,231	)
Amortization on the effective interest method			163,278				—			—			163,278
Others (*)			29,892				—			—			29,892
Ending balance			23,598,234				—			—			23,598,234
(*)	Others consist of foreign currencies translation, etc.
:---	:---

• 59 -

10.	LOANS AND OTHER FINANCIAL ASSETS AT AMORTIZED COST
(1)	Details of loans and other financial assets at amortized cost as of December 31, 2024 and 2023 are as<br>follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Due from banks			857,811			922,674
Loans			332,871,221			308,268,223
Other financial assets			8,736,265			11,619,720
Total			342,465,297			320,810,617
(2)	Details of due from banks as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024				December 31, 2023
---	---	:---:	---	---	---	:---:	---	---
Due from banks in local currency:
Others			256				27,107
Expected credit loss allowance			—				(56	)
Sub-total			256				27,051
Due from banks in foreign currencies:
Due from banks on demand			23,935				26,134
Due from banks on time			72,194				27,380
Others			766,027				845,380
Expected credit loss allowance			(4,601	)			(3,271	)
Sub-total			857,555				895,623
Total			857,811				922,674
(3)	Details of restricted due from banks as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in<br>millions):
:---	:---
		Counterparty		December 31, 2024			Reason of restriction
---	---	:---:	---	:---:	---	---	:---:
Due from banks in local currency:
Others		Korea Exchange Co., Ltd. and others			253		Accumulated amount for Joint Compensation Fund and others
Sub-total					253
Due from banks in foreign currencies:
Due from banks on demand		Reserve Bank of India and others			23,935		Local capital requirements regulation (CRR)
Others		BNP-PARIBAS, PAR and others			759,348		CSA collateral and others
Sub-total					783,283
Total					783,536

• 60 -

		Counterparty		December 31, 2023			Reason of restriction
Due from banks in local currency:
Others		MORGAN STANLEY BANK INTL, SEL and others			27,104		CSA collateral and others
Sub-total					27,104
Due from banks in foreign currencies:
Due from banks on demand		Reserve Bank of India and others			24,573		Local capital requirements regulation (CRR)
Others		Korea Investment & Securities Co., Ltd. and others			780,803		Deposits for foreign futures and options trading and others
Sub-total					805,376
Total					832,480
(4)	Changes in the expected credit loss allowances and gross carrying amount of due from banks for the years ended<br>December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
i)	Credit loss allowances
:---	:---
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---
		Stage 1				Stage 2			Stage 3			Total
Beginning balance			(3,327	)			—			—			(3,327	)
Transfer to 12-month expected credit losses			—				—			—			—
Transfer to lifetime expected credit losses			—				—			—			—
Transfer to credit-impaired financial assets			—				—			—			—
Net provision for expected credit loss allowance			(1,274	)			—			—			(1,274	)
Ending balance			(4,601	)			—			—			(4,601	)
		For the year ended December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---
		Stage 1				Stage 2			Stage 3			Total
Beginning balance			(1,153	)			—			—			(1,153	)
Transfer to 12-month expected credit losses			—				—			—			—
Transfer to lifetime expected credit losses			—				—			—			—
Transfer to credit-impaired financial assets			—				—			—			—
Net provision for expected credit loss allowance			(2,174	)			—			—			(2,174	)
Ending balance			(3,327	)			—			—			(3,327	)

• 61 -

ii)	Gross carrying amount
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---
		Stage 1				Stage 2			Stage 3			Total
Beginning balance			926,001				—			—			926,001
Transfer to 12-month expected credit losses			—				—			—			—
Transfer to lifetime expected credit losses			—				—			—			—
Transfer to credit-impaired financial assets			—				—			—			—
Net decrease			(63,589	)			—			—			(63,589	)
Ending balance			862,412				—			—			862,412
		For the year ended December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---
		Stage 1				Stage 2			Stage 3			Total
Beginning balance			1,586,422				—			—			1,586,422
Transfer to 12-month expected credit losses			—				—			—			—
Transfer to lifetime expected credit losses			—				—			—			—
Transfer to credit-impaired financial assets			—				—			—			—
Net decrease			(660,421	)			—			—			(660,421	)
Ending balance			926,001				—			—			926,001
(5)	Details of loans as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024				December 31, 2023
---	---	:---:	---	---	---	:---:	---	---
Loans in local currency			299,968,927				282,174,935
Loans in foreign currencies			16,909,942				15,881,721
Domestic banker’s usance			2,763,613				2,676,723
Bills bought in foreign currencies			4,115,225				4,033,987
Bills bought in local currency			5,965				8,412
Factoring receivables			237				812
Advances for customers on guarantees			4,880				2,787
Private placement bonds			47,300				128,600
Call loans			697,083				1,944,036
Bonds purchased under resale agreements			9,609,800				2,607,250
Others			—				120
Loan origination costs and fees			668,530				618,195
Discounted present value			1				1
Expected credit loss allowance			(1,920,282	)			(1,809,356	)
Total			332,871,221				308,268,223

• 62 -

(6)	Changes in the expected credit loss allowance of loans for the years ended December 31, 2024 and 2023 are<br>as follows (Unit: Korean Won in millions):
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Consumers									Corporates
		Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3
Beginning balance			(105,367	)		(84,202	)		(76,070	)		(809,271	)		(517,124	)		(217,322	)
Transfer to 12-month expected credit losses			(21,416	)		21,157			259			(63,848	)		62,682			1,166
Transfer to lifetime expected credit losses			10,032			(10,632	)		600			56,598			(57,801	)		1,203
Transfer to credit-impaired financial assets			3,397			11,699			(15,096	)		126,738			86,209			(212,947	)
Net provision for expected credit loss allowance			(18,592	)		(45,287	)		(103,468	)		(129,038	)		(115,836	)		(282,514	)
Recovery			—			—			(52,318	)		—			—			(26,462	)
Write-off			—			—			135,229			—			—			263,969
Disposal			12			1,409			8,728			23			6,675			237,439
Interest income from impaired loans			—			—			9,815			—			—			19,240
Others			(1	)		(1	)		(13	)		(7,295	)		(2,840	)		(9,800	)
Ending balance			(131,935	)		(105,857	)		(92,334	)		(826,093	)		(538,035	)		(226,028	)
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---
		Total (*)
		Stage 1				Stage 2				Stage 3
Beginning balance			(914,638	)			(601,326	)			(293,392	)
Transfer to 12-month expected credit losses			(85,264	)			83,839				1,425
Transfer to lifetime expected credit losses			66,630				(68,433	)			1,803
Transfer to credit-impaired financial assets			130,135				97,908				(228,043	)
Net provision for expected credit loss allowance			(147,630	)			(161,123	)			(385,982	)
Recovery			—				—				(78,780	)
Write-off			—				—				399,198
Disposal			35				8,084				246,167
Interest income from impaired loans			—				—				29,055
Others			(7,296	)			(2,841	)			(9,813	)
Ending balance			(958,028	)			(643,892	)			(318,362	)
(*)	Additional loss reserves are included for borrowers who have been subject to government support policies<br>related to COVID-19.
:---	:---

• 63 -

		For the year ended December 31, 2023
		Consumers									Corporates
		Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3
Beginning balance			(56,249	)		(65,636	)		(92,880	)		(343,054	)		(722,140	)		(162,363	)
Transfer to 12-month expected credit losses			(18,834	)		16,383			2,451			(188,253	)		187,845			408
Transfer to lifetime expected credit losses			5,777			(6,351	)		574			18,410			(19,624	)		1,214
Transfer to credit-impaired financial assets			633			17,399			(18,032	)		13,827			26,915			(40,742	)
Net reversal (provision) of expected credit loss allowances			(36,715	)		(46,415	)		(107,792	)		(322,246	)		8,883			(361,156	)
Recovery			—			—			(55,911	)		—			—			(27,566	)
Write-off			—			—			180,897			—			—			214,694
Disposal			18			418			5,309			30			512			134,453
Interest income from impaired loans			—			—			9,297			—			—			15,474
Others			3			—			17			12,015			485			8,262
Ending balance			(105,367	)		(84,202	)		(76,070	)		(809,271	)		(517,124	)		(217,322	)
		For the year ended December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---
		Total (*)
		Stage 1				Stage 2				Stage 3
Beginning balance			(399,303	)			(787,776	)			(255,243	)
Transfer to 12-month expected credit losses			(207,087	)			204,228				2,859
Transfer to lifetime expected credit losses			24,187				(25,975	)			1,788
Transfer to credit-impaired financial assets			14,460				44,314				(58,774	)
Net reversal (provision) of expected credit loss allowances			(358,961	)			(37,532	)			(468,948	)
Recovery			—				—				(83,477	)
Write-off			—				—				395,591
Disposal			48				930				139,762
Interest income from impaired loans			—				—				24,771
Others			12,018				485				8,279
Ending balance			(914,638	)			(601,326	)			(293,392	)
(*)	Additional loss reserves are included for borrowers who have been subject to government support policies<br>related to COVID-19.
:---	:---
(7)	Changes in the gross carrying amount of loans for the years ended December 31, 2024 and 2023 are as<br>follows (Unit: Korean Won in millions):
:---	:---
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Consumers									Corporates
		Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3
Beginning balance			122,208,011			14,287,856			341,838			163,705,402			9,010,221			524,251
Transfer to 12-month expected credit losses			4,488,306			(4,478,522	)		(9,784	)		2,113,183			(2,110,200	)		(2,983	)
Transfer to lifetime expected credit losses			(6,231,603	)		6,255,185			(23,582	)		(5,348,943	)		5,354,718			(5,775	)
Transfer to credit-impaired financial assets			(166,956	)		(203,099	)		370,055			(779,607	)		(417,653	)		1,197,260
Write-off			—			—			(135,229	)		—			—			(263,969	)
Disposal			(128	)		(21,525	)		(155,855	)		(134	)		(38,464	)		(759,391	)
Net increase (decrease)			9,539,594			(1,122,056	)		(820	)		19,003,588			(1,361,594	)		29,907
Ending balance			129,837,224			14,717,839			386,623			178,693,489			10,437,028			719,300
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---
		Total
		Stage 1				Stage 2				Stage 3
Beginning balance			285,913,413				23,298,077				866,089
Transfer to 12-month expected credit losses			6,601,489				(6,588,722	)			(12,767	)
Transfer to lifetime expected credit losses			(11,580,546	)			11,609,903				(29,357	)
Transfer to credit-impaired financial assets			(946,563	)			(620,752	)			1,567,315
Write-off			—				—				(399,198	)
Disposal			(262	)			(59,989	)			(915,246	)
Net increase (decrease)			28,543,182				(2,483,650	)			29,087
Ending balance			308,530,713				25,154,867				1,105,923

• 64 -

		For the year ended December 31, 2023
		Consumers									Corporates
		Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3
Beginning balance			120,548,601			13,473,097			298,959			157,259,178			8,759,453			414,350
Transfer to 12-month expected credit losses			3,932,438			(3,919,317	)		(13,121	)		2,158,820			(2,156,351	)		(2,469	)
Transfer to lifetime expected credit losses			(6,149,137	)		6,163,866			(14,729	)		(4,084,959	)		4,090,312			(5,353	)
Transfer to credit-impaired financial assets			(132,530	)		(140,297	)		272,827			(429,594	)		(206,961	)		636,555
Write-off			—			—			(180,897	)		—			—			(214,694	)
Disposal			(63	)		(491	)		(58,814	)		(98	)		(720	)		(334,385	)
Net increase (decrease)			4,008,702			(1,289,002	)		37,613			8,802,055			(1,475,512	)		30,247
Ending balance			122,208,011			14,287,856			341,838			163,705,402			9,010,221			524,251
		For the year ended December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---
		Total
		Stage 1				Stage 2				Stage 3
Beginning balance			277,807,779				22,232,550				713,309
Transfer to 12-month expected credit losses			6,091,258				(6,075,668	)			(15,590	)
Transfer to lifetime expected credit losses			(10,234,096	)			10,254,178				(20,082	)
Transfer to credit-impaired financial assets			(562,124	)			(347,258	)			909,382
Write-off			—				—				(395,591	)
Disposal			(161	)			(1,211	)			(393,199	)
Net increase (decrease)			12,810,757				(2,764,514	)			67,860
Ending balance			285,913,413				23,298,077				866,089
(8)	Details of other financial assets as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in<br>millions):
:---	:---
		December 31, 2024				December 31, 2023
---	---	:---:	---	---	---	:---:	---	---
Receivables			5,923,026				8,612,499
Accrued income			1,364,352				1,549,256
Telex and telephone subscription rights and refundable deposits			721,513				790,577
Other assets			864,822				788,769
Expected credit loss allowance			(137,448	)			(121,381	)
Total			8,736,265				11,619,720

• 65 -

(9)	Changes in the expected credit loss allowance on other financial assets for the years ended December 31,<br>2024 and 2023 are as follows (Unit: Korean Won in millions):
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			(3,656	)			(4,533	)			(113,192	)			(121,381	)
Transfer to 12-month expected credit losses			(274	)			257				17				—
Transfer to lifetime expected credit losses			234				(253	)			19				—
Transfer to credit-impaired financial assets			23				73				(96	)			—
Net reversal of (provision for) expected credit loss allowance			444				(11	)			(11,613	)			(11,180	)
Write-off			—				—				429				429
Disposal			—				4				1,130				1,134
Other decrease			—				—				(6,450	)			(6,450	)
Ending balance			(3,229	)			(4,463	)			(129,756	)			(137,448	)
		For the year ended December 31, 2023
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			(1,559	)			(4,805	)			(113,542	)			(119,906	)
Transfer to 12-month expected credit losses			(257	)			155				102				—
Transfer to lifetime expected credit losses			82				(94	)			12				—
Transfer to credit-impaired financial assets			7				55				(62	)			—
Net reversal of (provision for) expected credit loss allowance			(1,929	)			156				(1,557	)			(3,330	)
Write-off			—				—				106				106
Disposal			—				—				1,749				1,749
Beginning balance			(3,656	)			(4,533	)			(113,192	)			(121,381	)
(10)	Changes in the gross carrying amount of other financial assets for the years ended December 31, 2024 and<br>2023 are as follows (Unit: Korean Won in millions):
:---	:---
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			11,556,403				68,025				116,673				11,741,101
Transfer to 12-month expected credit losses			15,829				(15,809	)			(20	)			—
Transfer to lifetime expected credit losses			(30,096	)			30,117				(21	)			—
Transfer to credit-impaired financial assets			(1,786	)			(1,053	)			2,839				—
Write-off			—				—				(429	)			(429	)
Disposal			—				(7	)			(1,599	)			(1,606	)
Net increase (decrease) and others			(3,105,705	)			(22,959	)			263,311				(2,865,353	)
Ending balance			8,434,645				58,314				380,754				8,873,713
		For the year ended December 31, 2023
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			7,836,134				55,265				117,315				8,008,714
Transfer to 12-month expected credit losses			11,483				(11,378	)			(105	)			—
Transfer to lifetime expected credit losses			(22,653	)			22,667				(14	)			—
Transfer to credit-impaired financial assets			(1,369	)			(927	)			2,296				—
Write-off			—				—				(106	)			(106	)
Disposal			—				—				(2,164	)			(2,164	)
Net increase (decrease) and others			3,732,808				2,398				(549	)			3,734,657
Ending balance			11,556,403				68,025				116,673				11,741,101

• 66 -

11.	THE FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES
(1)	The fair value hierarchy
:---	:---

The fair value hierarchy is determined by the level of market observable inputs. The market observable inputs reflect unique characteristics of a financial instrument or market condition (including transparency and whether there are transactions among market participants), and when a financial instrument is traded in an active market, the best estimate of its fair value is the quoted price in the active market. The Bank maximizes the use of market observable inputs and minimizes the use of unobserved firm-specific inputs to selected valuation techniques. Fair value of the Bank is measured based on the perspective of a market participant. As such, even when market observable inputs are not readily available, firm-specific inputs reflect factors that market participants would use for measuring the fair value of assets or liabilities.

The fair value measurement is described in 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<br>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<br>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<br>markets and derivatives traded in OTC but which do not require significant judgment.
:---	:---
•	Level 3— fair value measurements are those derived from valuation techniques that include inputs for the<br>asset or liability 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<br>techniques require significant judgments and subjectivity.
:---	:---

The inputs used to measure fair value may be categorized 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 Bank’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.

• 67 -

(2)	Fair value hierarchy of financial assets and liabilities measured at fair value as of December 31, 2024<br>and 2023 are as follows (Unit: Korean Won in millions):
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---
		Level 1 (*)			Level 2 (*)			Level 3			Total
Financial assets:
Financial assets at FVTPL
Due from banks			73,951			—			—			73,951
Debt securities			3,614,390			28,405			—			3,642,795
Equity securities			—			—			283,961			283,961
Capital contributions			—			—			2,231,904			2,231,904
Beneficiary certificates			121,298			2,502,671			6,258,818			8,882,787
Derivative assets			—			10,066,195			1,186			10,067,381
Other financial assets in foreign currencies			—			—			48,346			48,346
Others			—			—			188,878			188,878
Sub-total			3,809,639			12,597,271			9,013,093			25,420,003
Financial assets at FVTOCI
Debt securities			14,117,594			27,452,313			—			41,569,907
Equity securities			315,639			—			422,019			737,658
Sub-total			14,433,233			27,452,313			422,019			42,307,565
Derivative assets (designated for hedging)			—			10,102			—			10,102
Total			18,242,872			40,059,686			9,435,112			67,737,670
Financial liabilities:
Financial liabilities at FVTPL
Deposits due to customers			74,205			—			—			74,205
Derivative liabilities			—			9,123,225			1,401			9,124,626
Sub-total			74,205			9,123,225			1,401			9,198,831
Financial liabilities designated to be measured at FVTPL
Deposits due to customers			—			547,816			—			547,816
Derivative liabilities (designated for hedging)			—			102,634			—			102,634
Total			74,205			9,773,675			1,401			9,849,281
(*)	There were no transfers between Level 1 and Level 2 of financial assets and liabilities measured at fair value.<br>The Bank recognizes transfers among levels at the end of the reporting period in which events have occurred or conditions have changed.
:---	:---

• 68 -

		December 31, 2023
		Level 1 (*)			Level 2 (*)			Level 3			Total
Financial assets:
Financial assets at FVTPL
Due from banks			39,241			—			—			39,241
Debt securities			3,880,903			186,693			—			4,067,596
Equity securities			1,948			—			254,337			256,285
Capital contributions			—			—			1,839,972			1,839,972
Beneficiary certificates			123,299			3,843,596			4,933,773			8,900,668
Derivative assets			112			5,663,002			128,335			5,791,449
Other financial assets in foreign currencies			—			—			42,406			42,406
Others			—			—			180,690			180,690
Sub-total			4,045,503			9,693,291			7,379,513			21,118,307
Financial assets at FVTOCI
Debt securities			12,392,119			22,911,310			—			35,303,429
Equity securities			649,220			—			422,552			1,071,772
Sub-total			13,041,339			22,911,310			422,552			36,375,201
Derivative assets (designated for hedging)			—			698			—			698
Total			17,086,842			32,605,299			7,802,065			57,494,206
Financial liabilities:
Financial liabilities at FVTPL
Deposits due to customers			39,524			—			—			39,524
Derivative liabilities			8,306			5,965,966			1,994			5,976,266
Sub-total			47,830			5,965,966			1,994			6,015,790
Derivative liabilities (designated for hedging)			—			135,263			—			135,263
Total			47,830			6,101,229			1,994			6,151,053
(*)	There were no transfers between Level 1 and Level 2 of financial assets and liabilities measured at fair value.<br>The Bank recognizes transfers among levels at the end of the reporting period in which events have occurred or conditions have changed.
:---	:---

Financial assets and liabilities at FVTPL, financial assets and liabilities designated to be measured at FVTPL, 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 Bank determines the fair value using valuation methods. Valuation methods and input variables for each type of financial instruments are as follows:

①	Valuation methods and input variables used for the fair value measurement of financial assets and liabilities<br>classified into level 2 as of December 31, 2024 and 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<br>risk-free rate with credit spread.		Risk-free rate and Credit spread
Beneficiary certificates		The beneficiary certificates are measured with Net Asset Value.		Values of underlying assets such as bond
Derivatives		The fair value is measured through Option pricing model etc.		Discount rate, Volatility, Exchange rate, Stock price etc.
Deposit due to customers		The fair value is measured through Hull-White model.		Swaption volume etc.

• 69 -

②	Valuation methods and input variables used for the fair value measurement of financial assets and liabilities<br>classified into level 3 as of December 31, 2024 and 2023 are as follows:
		Valuation techniques		Input variables
---	---	:---:	---	:---:
Equity securities, capital contributions, beneficiary certificates and others		Among DCF (Discounted Cash Flow) Model, FCFE (Free Cash Flow to Equity) Model, Comparable Company<br>Analysis, Dividend Discount Model, Risk-adjusted Rate of Return Method, Net Asset Value Method, Least-Squares Monte Carlo and Binomial Tree, more than one method is used given the characteristic of the subject of fair value measurement.		Risk-free rate, Market risk premium, Corporate Beta, Stock price, Volatility of underlying assets,<br>etc.
Derivatives		The fair value is measured through Option pricing model, etc.		Correlation coefficient, Stock price, Volatility, etc.
Others		The fair value of the underlying asset, after calculating the fair value using the DCF model,<br>etc., considering the price and volatility of the calculated underlying asset, is calculated using the Binomial Tree which is commonly used valuation technique in the market.		Stock price, Volatility of underlying assets, etc.

Valuation methods of financial assets and liabilities measured at fair value and classified into Level 3 and significant but unobservable inputs as of December 31, 2024 and 2023 are as follows:

①	December 31, 2024
	Fair value<br><br>measurement<br><br>technique	Type	Significant but<br>unobservable input<br>variable	Range		Impact of changes in significant<br>unobservable inputs on fair<br>value<br>measurement
---	:---:	:---:	:---:	:---:	---	:---:
Derivative	Option valuation model and others	Equity related	Correlation coefficient	0.29~0.65		Variation of fair value increases as correlation coefficient increases.
			Stock price, Volatility of underlying asset	25.71%		Variation of fair value increases as stock price and volatility of underlying asset<br>increases.
			Discount rate	3.94%~19.62%		Fair value increases as discount rate decreases.
			Terminal growth rate	0.00%		Fair value increases as terminal growth rate increases.
Equity securities, capital contributions and beneficiary certificates	Binominal Tree		Stock price, Volatility of underlying asset	18.76%~36.37%		Variation of fair value increases as stock price and volatility of underlying asset<br>increases.
	DCF model and others		Discount rate	4.76%~19.84%		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.
Others	Binominal Tree and others		Stock price, Volatility of underlying asset	18.36%~36.90%		Variation of fair value increases as stock price and volatility of underlying asset<br>increases.

• 70 -

②	December 31, 2023
	Fair value<br><br>measurement<br><br>technique	Type	Significant but<br>unobservable input<br><br>variable	Range		Impact of changes in significant<br>unobservable inputs on fair<br>value<br>measurement
---	:---:	:---:	:---:	:---:	---	:---:
Derivative<br><br>assets	Option valuation model and others	Equity related	Correlation coefficient, etc.	0.32~0.68		Variation of fair value increases as correlation coefficient increases
Derivative liabilities	Option valuation model and others	Equity related	Correlation coefficient, etc.	0.32~0.68		Variation of fair value increases as correlation coefficient increases
Equity securities, capital contributions, and beneficiary certificates	Binomial Tree		Stock price, Volatility of<br><br>underlying asset	27.34%		Variation of fair value increases as stock price and volatility of underlying asset<br>increase
	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
Others	Binomial Tree		Stock price, Volatility of<br><br>underlying asset	15.48%~76.22%		Variation of fair value increases as stock price and volatility of underlying asset<br>increase

• 71 -

Fair value of financial assets and liabilities classified into Level 3 is measured by the Bank 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 Bank and the appropriateness of inputs is reviewed regularly.

(3)	Changes in financial assets and liabilities measured at fair value classified into Level 3 for the years ended<br>December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		January 1,<br>2024			Net income<br>(loss)<br>(*1)			Other<br>comprehensive<br>income			Purchases/<br>issuances			Disposals/<br>settlements			Transfer to or<br>out of Level 3<br>(*2)			December 31,<br>2024
Financial assets:
Financial assets at FVTPL
Equity securities			254,337			9,732			—			19,251			(1,306	)		1,947			283,961
Capital contributions			1,839,972			113,396			—			468,095			(189,559	)		—			2,231,904
Beneficiary certificates			4,933,773			134,739			—			1,815,487			(625,181	)		—			6,258,818
Derivative assets			128,335			(970	)		—			327			(126,506	)		—			1,186
Other financial assets in foreign currency			42,406			5,940			—			—			—			—			48,346
Others			180,690			13,335			—			12,011			(17,158	)		—			188,878
Sub-total			7,379,513			276,172			—			2,315,171			(959,710	)		1,947			9,013,093
Financial assets at FVTOCI
Equity securities			422,552			—			5,404			15			(5,952	)		—			422,019
Total			7,802,065			276,172			5,404			2,315,186			(965,662	)		1,947			9,435,112
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities			1,994			1,114			—			—			(1,707	)		—			1,401
Total			1,994			1,114			—			—			(1,707	)		—			1,401
(*1)	The losses that increase the financial liabilities are presented as positive amounts, and the gains that<br>decrease the financial liabilities are presented as negative amounts. The gain amount to 272,164 million Won for year ended December 31, 2024, which is from financial assets and liabilities that the Bank holds as of December 31, 2024.
:---	:---
(*2)	Changes in the availability of observable market data for the financial instrument have resulted in transfer<br>between fair value hierarchy level, and the Bank recognizes changes in levels at the end of reporting period that result in changes in events or circumstances that result in transfer between fair value hierarchy level.
:---	:---

• 72 -

		For the year ended December 31, 2023
		January 1,<br>2023			Net income<br>(loss)<br>(*1)			Other<br>comprehensive<br>income			Purchases/<br>issuances			Disposals/<br>settlements			Transfer to or<br>out of Level 3<br>(*2)			December 31,<br>2023
Financial assets:
Financial assets at FVTPL
Equity securities			248,638			(2,973	)		—			14,659			(147	)		(5,840	)		254,337
Capital contributions			1,418,022			49,104			—			517,858			(145,012	)		—			1,839,972
Beneficiary certificates			4,082,326			79,029			—			1,057,407			(284,989	)		—			4,933,773
Loans			19,169			—			—			—			(19,169	)		—			—
Derivative assets			90,338			41,737			—			2,271			(6,011	)		—			128,335
Other financial assets in foreign currency			41,680			726			—			—			—			—			42,406
Others			142,335			9,015			—			32,135			(2,795	)		—			180,690
Sub-total			6,042,508			176,638			—			1,624,330			(458,123	)		(5,840	)		7,379,513
Financial assets at FVTOCI
Equity securities			426,450			—			(3,511	)		342			(706	)		(23	)		422,552
Total			6,468,958			176,638			(3,511	)		1,624,672			(458,829	)		(5,863	)		7,802,065
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities			9,449			1,994			—			—			(9,449	)		—			1,994
Total			9,449			1,994			—			—			(9,449	)		—			1,994
(*1)	The losses that increase the financial liabilities are presented as positive amounts, and the gains that<br>decrease the financial liabilities are presented as negative amounts. The gain amount to 117,241 million Won for year ended December 31, 2023, which is from financial assets and liabilities that the Bank holds as of December 31, 2023.
:---	:---
(*2)	Changes in the availability of observable market data for the financial instrument have resulted in transfer<br>between fair value hierarchy level, and the Bank recognize changes in levels at the end of each report that result in changes in events or circumstances that result in transfer between fair value hierarchy level.
:---	:---
(4)	The results of a sensitivity analysis on the rational fluctuation in the unobservable inputs used for measuring<br>Level 3 financial instruments are as follows:
:---	:---

Sensitivity analysis of financial instruments is performed by classifying the effect of changes in unobservable inputs on changes in the value of financial instruments into favorable and unfavorable changes. When the fair value of a financial instrument is affected by more than one unobservable input, the below table presents the most favorable or the most unfavorable circumstances. The sensitivity analysis was performed for two types of level 3 financial instruments: (1) interest rate related derivatives, currency related derivatives, equity related derivatives, 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 9,436,513 million Won and 7,804,059 million Won as of December 31, 2024 and 2023, respectively, equity investments of 8,977,473 million Won and 7,277,190 million Won are excluded from the sensitivity analysis.

• 73 -

The following table presents the sensitivity analysis to disclose the effect of reasonably possible volatility on the fair value of a Level 3 financial instruments as of December 31, 2024 and 2023 (Unit: Korean Won in millions):

		December 31, 2024
		Net income (loss)							Other comprehensive income (loss)
		Favorable			Unfavorable				Favorable			Unfavorable
Financial assets:
Financial assets at FVTPL
Derivatives assets (*1)			50			(51	)			—			—
Equity securities (*2)(*3)			19,338			(13,996	)			—			—
Beneficiary certificates (*4)			706			(705	)			—			—
Others (*2)(*4)			2,554			(2,402	)			—			—
Financial assets at FVTOCI
Equity securities (*3)(*4)			—			—				34,080			(22,698	)
Total			22,648			(17,154	)			34,080			(22,698	)
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities (*1)			—			—				—			—
Total			—			—				—			—
(*1)	Fair value changes in equity related derivatives assets and liabilities are calculated by increasing or<br>decreasing correlation coefficient or volatility, which are major unobservable variables, by 10%.
:---	:---
(*2)	The change in fair value is calculated by increasing or decreasing the stock price (-10% to 10%) and volatility<br>(-10%p to 10%p), the major unobservable inputs.
:---	:---
(*3)	Fair value changes in equity securities are calculated by increasing or decreasing growth rate (-1%p~1%p) and<br>discount rate (-1%p~1%p) or liquidation value (-1%p~1%p). The growth rate, discount rate, and liquidation value are major unobservable variables.
:---	:---
(*4)	Even if the sensitivity analysis of the capital contributions and beneficiary certificates is not possible in<br>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 of real estate which is underlying assets<br>by 1%p.
:---	:---
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---
		Net income (loss)							Other comprehensive income (loss)
		Favorable			Unfavorable				Favorable			Unfavorable
Financial assets:
Financial assets at FVTPL
Derivatives assets (*1)			88			(95	)			—			—
Equity securities (*2)(*3)			10,735			(8,417	)			—			—
Beneficiary certificates (*4)			722			(722	)			—			—
Others (*2)(*4)			4,098			(3,921	)			—			—
Financial assets at FVTOCI
Equity securities (*3)(*4)			—			—				17,970			(14,009	)
Total			15,643			(13,155	)			17,970			(14,009	)
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities (*1)			10			(7	)			—			—
Total			10			(7	)			—			—
(*1)	Fair value changes in equity related derivatives assets and liabilities are calculated by increasing or<br>decreasing correlation coefficient, which are major unobservable variables, by 10%.
:---	:---
(*2)	The change in fair value is calculated by increasing or decreasing the stock price (-10% to 10%) and volatility<br>(-10%p to 10%p), the major unobservable inputs.
:---	:---
(*3)	Fair value changes in equity securities are calculated by increasing or decreasing growth rate (-1%p~1%p) and<br>discount rate (-1%p~1%p) or liquidation value (-1%p~1%p). The growth rate, discount rate, and liquidation value are major unobservable variables.
:---	:---
(*4)	Even if the sensitivity analysis of the capital contributions and beneficiary certificates is not possible in<br>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 of real estate which is underlying assets<br>by 1%p.
:---	:---

• 74 -

(5)	Fair value and carrying amount of financial assets and liabilities that are recorded at amortized cost as of<br>December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

Fair value information for cash that is not measured at fair value because the carrying amount is a reasonable approximation of fair value is not included.

		December 31, 2024
		Fair value												Book<br>value
		Level 1			Level 2			Level 3			Total
Financial assets:
Securities at amortized cost			3,242,385			15,420,653			—			18,663,038			18,719,264
Loans and other financial assets at amortized cost			—			6,264,152			339,903,462			346,167,614			342,465,297
Financial liabilities:
Deposits due to customers			—			347,481,161			—			347,481,161			347,165,137
Borrowings			—			21,924,229			—			21,924,229			21,887,868
Debentures			—			25,484,901			—			25,484,901			25,530,318
Other financial liabilities (*)			—			28,098,616			—			28,098,616			28,099,654
(*)	Lease liabilities are excluded as of December 31, 2024.
:---	:---
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
		Fair value												Book<br>value
		Level 1			Level 2			Level 3			Total
Financial assets:
Securities at amortized cost			2,361,628			20,891,536			—			23,253,164			23,584,608
Loans and other financial assets at amortized cost			—			8,977,848			312,184,831			321,162,679			320,810,617
Financial liabilities:
Deposits due to customers			—			339,093,471			—			339,093,471			338,741,703
Borrowings			—			21,422,215			—			21,422,215			21,461,867
Debentures			—			21,249,932			—			21,249,932			21,273,027
Other financial liabilities (*)			—			22,426,811			—			22,426,811			22,429,299
(*)	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 Bank determines the fair value using valuation techniques. Valuation techniques and input variables for financial assets and liabilities that are measured at amortized costs are given as follows:

		Valuation techniques		Input variables
Securities at amortized cost		The fair value is measured by discounting the projected cash flows of debt securities by applying<br>risk-free rate plus a credit spread.		Risk-free 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<br>the market discount rate that has been applied to a proxy company that has similar credit rating to the debtor.		Risk-free rate, credit spread and expected 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<br>the market discount rate that is reflecting credit rating of the Bank.		Risk-free rate and credit spread

• 75 -

(6)	Financial instruments by category

Carrying amounts of financial assets and liabilities by each category as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

		December 31, 2024
		Financial<br>assets at<br>FVTPL			Financial<br>assets at<br>FVTOCI			Financial<br>assets at<br>amortized cost			Derivative<br>assets<br>(designated<br>for hedging)			Total
Financial assets:
Due from banks			73,951			—			857,811			—			931,762
Securities			15,230,325			42,307,565			18,719,264			—			76,257,154
Loans			—			—			332,871,221			—			332,871,221
Derivative assets			10,067,381			—			—			10,102			10,077,483
Other financial assets			48,346			—			8,736,265			—			8,784,611
Total			25,420,003			42,307,565			361,184,561			10,102			428,922,231
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
		Financial<br>liabilities at<br>FVTPL			Financial<br>liabilities<br>designated to<br>be measured<br>at FVTPL			Financial<br>liabilities at<br>amortized cost			Derivative<br>liabilities<br>(designated<br>for hedging)			Total
Financial liabilities:
Deposits due to customers			74,205			547,816			347,165,137			—			347,787,158
Borrowings			—			—			21,887,868			—			21,887,868
Debentures			—			—			25,530,318			—			25,530,318
Derivative liabilities			9,124,626			—			—			102,634			9,227,260
Other financial liabilities (*)			—			—			28,099,654			—			28,099,654
Total			9,198,831			547,816			422,682,977			102,634			432,532,258
(*)	Lease liabilities are excluded as of December 31, 2024.
:---	:---
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
		Financial<br>assets at<br>FVTPL			Financial<br>assets at<br>FVTOCI			Financial<br>assets at<br>amortized cost			Derivative<br>assets<br>(designated<br>for hedging)			Total
Financial assets:
Due from banks			39,241			—			922,674			—			961,915
Securities			15,245,211			36,375,201			23,584,608			—			75,205,020
Loans			—			—			308,268,223			—			308,268,223
Derivative assets			5,791,449			—			—			698			5,792,147
Other financial assets			42,406			—			11,619,720			—			11,662,126
Total			21,118,307			36,375,201			344,395,225			698			401,889,431
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---
		Financial<br>liabilities at<br>FVTPL			Financial<br>liabilities at<br>amortized cost			Derivative<br>liabilities<br>(designated for<br>hedging)			Total
Financial liabilities:
Deposits due to customers			39,524			338,741,703			—			338,781,227
Borrowings			—			21,461,867			—			21,461,867
Debentures			—			21,273,027			—			21,273,027
Derivative liabilities			5,976,266			—			135,263			6,111,529
Other financial liabilities (*)			—			22,429,299			—			22,429,299
Total			6,015,790			403,905,896			135,263			410,056,949
(*)	Lease liabilities are excluded as of December 31, 2023.
:---	:---

• 76 -

(7)	Income or expense from financial instruments by category

Income or expense from financial instruments by category for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

		For the year ended December 31, 2024
		Interest<br>income<br>(expense)			Fees and<br>commissions<br>income			Reversal of<br>(Provision for)<br>credit loss			Gain (Loss)<br>on valuation<br>and<br>transaction			Dividend<br>income			Total
Financial assets at FVTPL			120,688			864			—			1,528,808			439,683			2,090,043
Financial liabilities designated to be measured at FVTPL(*)			—			—			—			(19,647	)		—			(19,647	)
Financial assets at FVTOCI			1,227,748			951			(8,865	)		92,107			17,726			1,329,667
Securities at amortized cost			628,637			—			3,233			—			—			631,870
Loans and other financial assets at amortized cost			16,005,305			—			(707,189	)		165,192			—			15,463,308
Financial liabilities at amortized cost			(11,227,703	)		—			—			—			—			(11,227,703	)
Net derivatives (designated for hedging)			—			—			—			(22,511	)		—			(22,511	)
Total			6,754,675			1,815			(712,821	)		1,743,949			457,409			8,245,027
(*)	The amount recognized as other comprehensive income in regard to financial liabilities designated to be<br>measured at FVTPL for the year ended December 31, 2024 is 1,831 million Won.
:---	:---
		For the year ended December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Interest<br>income<br>(expense)			Fees and<br>commissions<br>income			Provision for<br>credit loss			Gain (Loss)<br>on valuation<br>and<br>transaction			Dividend<br>income			Total
Financial assets at FVTPL			92,854			423			—			514,706			290,797			898,780
Financial assets at FVTOCI			945,536			1,621			(16,388	)		(38,399	)		15,697			908,067
Securities at amortized cost			765,390			—			(5,472	)		—			—			759,918
Loans and other financial assets at amortized cost			15,178,022			—			(870,945	)		101,788			—			14,408,865
Financial liabilities at amortized cost			(10,286,722	)		—			—			—			—			(10,286,722	)
Net derivatives (designated for hedging)			—			—			—			(2,955	)		—			(2,955	)
Total			6,695,080			2,044			(892,805	)		575,140			306,494			6,685,953

• 77 -

12.	DERECOGNITION AND OFFSET OF FINANCIAL INSTRUMENTS
(1)	Derecognition of financial instruments
:---	:---
i)	Transferred financial assets that do not meet the condition of derecognition
:---	:---
a)	Bonds sold under repurchase agreements
:---	:---

The financial instruments that were disposed but the Bank agreed to repurchase at the fixed amounts at the same time, so that they did not meet the conditions of derecognition, as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

				December 31,<br>2024			December 31,<br>2023
Asset transferred		Financial assets at FVTOCI			87,647			190,250
Related liabilities		Bonds sold under repurchase agreements			86,733			157,761
b)	Securities loaned
:---	:---

When the Bank loans its securities to outside parties, the legal ownerships of the securities are transferred; however, they should be returned at the end of lending period. Therefore, the Bank does not derecognize them from the financial statements as it owns majority of risks and benefits from the securities continuously, regardless of the transfer of legal ownership. The carrying amounts of the securities loaned as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

				December 31,<br>2024			Loaned to
Financial assets at FVTPL		Korea treasury and government bonds and others			12,361		Korea Securities Finance Corporation
				December 31,<br>2023			Loaned to
Financial assets at FVTPL		Korea treasury and government bonds and others			625,398		Korea Securities Finance Corporation and others
Financial assets at FVTOCI		Korea treasury and government bonds and others			592,218		Korea Securities Depository and others

The details of the transferred financial assets that do not meet the condition of derecognition in their entirety, such as disposal of securities under repurchase agreement or securities loaned, are also explained in Note 18.

(2)	The offset of financial assets and liabilities

The Bank holds both the uncollected domestic exchange receivables and the unpaid domestic exchange payable, which satisfy offsetting criteria of K-IFRS No.1032. Therefore, the total amount of uncollected domestic exchange receivables (or unpaid domestic exchange payables) has been offset with part of unpaid domestic exchange payables (or uncollected domestic exchange receivables) and has been disclosed in loans and other financial assets at amortized cost and other financial liabilities of the Bank’s statements of financial position, respectively.

The Bank also holds the derivative assets, derivative liabilities, receivable spot exchange and payable spot exchange that do not meet the offsetting criteria of K-IFRS No.1032, but provide the Bank under the circumstances of the trading party’s defaults, insolvency or bankruptcy, with the right of offsetting. Items such as cash collateral cannot satisfy the offsetting criteria of K-IFRS No.1032, but in accordance with the collateral arrangements and under the circumstances of the trading party’s default, insolvency or bankruptcy, the net amount of derivative assets, derivative liabilities, receivable spot exchange and payable spot exchange can be offset.

• 78 -

The Bank has entered into a sale and repurchase agreement and accounted it as a collateralized borrowing. The Bank has also entered into a purchase and resale agreement and accounted it as a secured loan. The Bank under the repurchase agreements has offsetting right only upon the counterparty’s default, insolvency or bankruptcy; thus, the repurchase agreements are applied by the TBMA/ISMA Global Master Repurchase Agreement, which does not satisfy the offsetting criteria of K-IFRS No.1032. The Bank disclosed bonds sold under repurchase agreements as borrowings and bonds purchased under resale agreements as loans and other financial assets at amortized cost.

As of December 31, 2024 and 2023, the financial instruments to be offset and covered by master netting agreements and similar agreements are as follows (Unit: Korean Won in millions):

		December 31, 2024
		Gross<br>amounts of<br>recognized<br>financial<br>assets			Gross<br>amounts of<br>recognized<br>financial<br>assets setoff			Net<br>amounts of<br>financial<br>assets<br>presented			Related amounts not setoff in<br>the statement of financial<br>position						Net<br>amounts
											Netting<br>agreements<br>and others			Cash<br>collateral<br>received
Financial assets:
Derivative assets (*1)			10,059,218			—			10,059,218			12,082,628			235,654			3,290,742
Receivable spot exchange (*2)			5,549,806			—			5,549,806
Bonds purchased under resale agreements (*2)			9,609,800			—			9,609,800			9,609,800			—			—
Domestic exchanges settlement credits (*2) (*5)			33,347,374			32,915,242			432,132			—			—			432,132
Total			58,566,198			32,915,242			25,650,956			21,692,428			235,654			3,722,874
		December 31, 2024
		Gross<br>amounts of<br>recognized<br>financial<br>liabilities			Gross<br>amounts of<br>recognized<br>financial<br>liabilities<br>setoff			Net<br>amounts of<br>financial<br>liabilities<br>presented			Related amounts not setoff in<br>the statement of financial<br>position						Net<br>amounts
											Netting<br>agreements<br>and others			Cash<br>collateral<br>pledged
Financial liabilities:
Derivative liabilities (*1)			9,216,515			—			9,216,515			11,832,708			533,052			2,400,362
Payable spot exchange (*3)			5,549,607			—			5,549,607
Bonds sold under repurchase agreements (*4)			86,733			—			86,733			86,733			—			—
Domestic exchanges settlement debits (*3) (*5)			40,505,570			32,915,242			7,590,328			7,590,328			—			—
Total			55,358,425			32,915,242			22,443,183			19,509,769			533,052			2,400,362
(*1)	The items include derivatives held for trading and derivatives designated for hedging.
:---	:---
(*2)	The items are included in loans and other financial assets at amortized cost.
:---	:---
(*3)	The items are included in other financial liabilities.
:---	:---
(*4)	The items are included in borrowings.
:---	:---
(*5)	Certain financial assets and liabilities are presented as net amounts.
:---	:---

• 79 -

		December 31, 2023
		Gross<br>amounts of<br>recognized<br>financial<br>assets			Gross<br>amounts of<br>recognized<br>financial<br>assets setoff			Net<br>amounts of<br>financial<br>assets<br>presented			Related amounts not setoff in<br>the statement of financial<br>position						Net<br>amounts
											Netting<br>agreements<br>and others			Cash<br>collateral<br>received
Financial assets:
Derivative assets (*1)			5,156,266			—			5,156,266			11,279,763			424,466			1,051,548
Receivable spot exchange (*2)			7,599,511			—			7,599,511
Bonds purchased under resale agreements (*2)			2,607,250			—			2,607,250			2,607,250			—			—
Domestic exchanges settlement credits (*2)(*5)			49,020,044			48,575,856			444,188			—			—			444,188
Total			64,383,071			48,575,856			15,807,215			13,887,013			424,466			1,495,736
		December 31, 2023
		Gross<br>amounts of<br>recognized<br>financial<br>liabilities			Gross<br>amounts of<br>recognized<br>financial<br>liabilities<br>setoff			Net<br>amounts of<br>financial<br>liabilities<br>presented			Related amounts not setoff in<br>the statement of financial<br>position						Net<br>amounts
											Netting<br>agreements<br>and others			Cash<br>collateral<br>pledged
Financial liabilities:
Derivative liabilities (*1)			5,094,975			—			5,094,975			11,377,541			139,143			1,178,349
Payable spot exchange (*3)			7,600,058			—			7,600,058
Bonds sold under repurchase agreements (*4)			157,761			—			157,761			157,761			—			—
Domestic exchanges settlement debits (*3)(*5)			49,943,565			48,575,856			1,367,709			1,367,709			—			—
Total			62,796,359			48,575,856			14,220,503			12,903,011			139,143			1,178,349
(*1)	The items include derivatives held for trading and derivatives designated for hedging.
:---	:---
(*2)	The items are included in loans and other financial assets at amortized cost.
:---	:---
(*3)	The items are included in other financial liabilities.
:---	:---
(*4)	The items are included in borrowings.
:---	:---
(*5)	Certain financial assets and liabilities are presented as net amounts.
:---	:---

• 80 -

13.	INVESTMENTS IN SUBSIDIARIES AND ASSOCIATES
(1)	The Bank has the following subsidiaries as of December 31, 2024 and 2023 (Unit: Korean Won in<br>100 million, USD in 10 thousand, CNY in 100 million, RUB in 100 million, IDR in 100 million, BRL in 10 thousand, PHP in 100 million, VND in trillions, MMK in 100 million, EUR in 10 thousand):
:---	:---
Subsidiaries		Location		Share capital			Main business
---	---	:---:	---	:---:	---	---	:---:
Woori America Bank		U.S.A		USD	29,250		Finance
PT Bank Woori Saudara Indonesia 1906 Tbk		Indonesia		IDR	14,692		Finance
Woori Global Markets Asia Limited		Hong Kong		USD	10,000		Finance
Woori Bank China Limited		China		CNY	21.6		Finance
AO Woori Bank (*1)		Russia		RUB	14.5		Finance
Banco Woori Bank do Brasil S.A.		Brazil		BRL	7,709		Finance
Korea BTL Infrastructure Fund		Korea			7,339		Finance
Woori Finance Myanmar Co., Ltd.		Myanmar		MMK	162		Finance
Wealth Development Bank		Philippines		PHP	7.7		Finance
Woori Bank Vietnam Limited		Vietnam		VND	12.5		Finance
Woori Bank (Cambodia) PLC		Cambodia		USD	27,239		Finance
Woori Bank Europe		Germany		EUR	10,000		Finance
		December 31, 2024								December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	:---:	---	---	---	---	---	---
Subsidiaries		Number of<br>shares<br>owned			Percentage<br>of ownership<br>(%)			Financial<br><br>statements<br><br>as of		Number of<br>shares<br>owned			Percentage<br>of ownership<br>(%)			Financial<br><br>statements<br><br>as of
Woori America Bank			58,500,000			100.0		December 31, 2024			58,500,000			100.0		December 31, 2023
PT Bank Woori Saudara Indonesia 1906 Tbk			13,333,457,836			90.8		December 31, 2024			7,214,804,851			84.2		December 31, 2023
Woori Global Markets Asia Limited			78,000,000			100.0		December 31, 2024			78,000,000			100.0		December 31, 2023
Woori Bank China Limited			—			100.0		December 31, 2024			—			100.0		December 31, 2023
AO Woori Bank			57,999,999			100.0		December 31, 2024			57,999,999			100.0		December 31, 2023
Banco Woori Bank do Brasil S.A.			77,093,999			100.0		December 31, 2024			77,093,999			100.0		December 31, 2023
Korea BTL Infrastructure Fund			146,625,975			99.9		December 31, 2024			146,625,975			99.9		December 31, 2023
Woori Finance Myanmar Co., Ltd.			1,200,000			100.0		December 31, 2024			1,200,000			100.0		December 31, 2023
Wealth Development Bank			3,931,365			51.0		December 31, 2024			3,931,365			51.0		December 31, 2023
Woori Bank Vietnam Limited			—			100.0		December 31, 2024			—			100.0		December 31, 2023
Woori Bank (Cambodia) PLC			11,035,803			100.0		December 31, 2024			7,035,803			100.0		December 31, 2023
Woori Bank Europe			100,000,000			100.0		December 31, 2024			100,000,000			100.0		December 31, 2023
(*1)	The conflict between Russia and Ukraine broke out in February 2022, and international sanctions have been<br>imposed on Russia since then. These sanctions may result in a decrease in the value of financial or operating assets held by banks in relation to the disputed country, an increase in the collection period, restrictions on capital transfers, and a<br>decrease in profits. As a result, we expect future financial impacts on the business of its subsidiary, AO Woori Bank, as of December 31, 2024, but the Bank cannot reasonably anticipate estimates.
:---	:---

• 81 -

(2)	As for the structured entities in accordance with K-IFRS No.1110 and K-IFRS No.1112, it is determined that the<br>Bank controls the entity after considering facts and circumstances, such as the Bank’s power over the entity’s related business activities, the Bank’s exposure to variable returns from its involvement with the entity and the<br>Bank’s ability to affect the returns through its power over the entity.
1)	Details of structured entities that the Bank controls as of December 31, 2024 and 2023 are as follows:
:---	:---
		December 31, 2024
---	---	:---:	---	---	---	---	---	---
Structured entities		Location		Main<br>business		Percentage<br>of ownership<br>(%)		Financial<br>statements as of
Structured entities established for securitization of financial assets (*1)
Jeonju Iwon Ltd. and 44 structured entities		Korea		Asset securitization		—		December 31, 2024
KAMCO Value Recreation First Securitization Specialty Co., Ltd.		Korea		Asset securitization		15.0		December 31, 2024
Money trust under the FISCM Act (*2)
Principal Guaranteed Trust and Principal and Interest Guaranteed Trust		Korea		Trust		—		December 31, 2024
Structured entity for the investments in securities
IGIS Australia Investment Trust No. 209-1		Korea		Securities investment		99.4		December 31, 2024
Mirae Asset Multi Overseas Real Estate General Private Investment Trust No. 5-2		Korea		Securities investment		99.0		December 31, 2024
AI Partners UK Water Supply Private Placement Investment Trust No. 2		Korea		Securities investment		97.3		December 31, 2024
Heungkuk Global Private Placement Investment Trust No. 1		Korea		Securities investment		98.8		December 31, 2024
Woori Global Development Infrastructure Synergy Company Private Placement Investment<br>Trust		Korea		Securities investment		99.9		December 31, 2024
Woori Infrastructure New Deal Private Placement Investment Trust No. 1		Korea		Securities investment		99.5		December 31, 2024
Woori North America Energy Infrastructure Private Placement Investment Trust No. 1		Korea		Securities investment		99.3		December 31, 2024
Woori Global Secondary Private Placement Investment Trust No. 1		Korea		Securities investment		98.8		December 31, 2024
Woori ESG Infrastructure Development Private Placement Investment Trust No. 1		Korea		Securities investment		95.2		December 31, 2024
Kiwoom Harmony Private Placement Investment Trust No. 1		Korea		Securities investment		97.4		December 31, 2024
Kiwoom Harmony Private Placement Investment Trust No. 2		Korea		Securities investment		97.3		December 31, 2024
JB Airline Private Placement Investment Trust No. 8		Korea		Securities investment		97.0		December 31, 2024
Kiwoom Harmony Private Placement Investment Trust No. 4		Korea		Securities investment		96.2		December 31, 2024
WOORI REFS GENERAL TYPE INVESTMENT TRUST No. 1		Korea		Securities investment		93.5		December 31, 2024
Woori Fund Financing General Type Private Investment Trust		Korea		Securities investment		99.3		December 31, 2024
(*1)	It is determined that the Bank controls the entity after considering all the facts and circumstances, such as<br>the Bank’s power over the entity’s related business activities, the Bank’s exposure to variable returns from its involvement with the entity and the Bank’s ability to affect the returns through its power over the entity, even<br>though the Bank holds less than 50% ownership interest of the entity.
:---	:---
(*2)	The Bank controls the trust because it has power that determines the management performance over the trust and<br>is exposed to variable returns to absorb losses through the guarantees of payment of principal and fixed rate of return.
:---	:---

• 82 -

		December 31, 2023
Structured entities		Location			Main<br>business			Percentage<br>of ownership<br>(%)			Financial<br>statements as of
Structured entities established for securitization of financial assets (*1)
Jeonju Iwon Ltd. and 49 structured entities			Korea			Asset securitization			—			December 31, 2023
KAMCO Value Recreation First Securitization Specialty Co., Ltd.			Korea			Asset securitization			15.0			December 31, 2023
Money trust under the FISCM Act (*2)
Principal Guaranteed Trust and Principal and Interest Guaranteed Trust			Korea			Trust			—			December 31, 2023
Structured entity for the investments in securities
IGIS Australia Investment Trust No. 209-1			Korea			Securities investment			99.4			December 31, 2023
Mirae Asset Multi Overseas Real Estate General Private Investment Trust No. 5-2			Korea			Securities investment			99.0			December 31, 2023
AI Partners UK Water Supply Private Placement Investment Trust No. 2			Korea			Securities investment			97.3			December 31, 2023
Heungkuk Global Private Placement Investment Trust No. 1			Korea			Securities investment			98.8			December 31, 2023
Woori Global Development Infrastructure Synergy Company Private Placement Investment<br>Trust			Korea			Securities investment			99.9			December 31, 2023
WooriG Infrastructure New Deal Private Placement Investment Trust No. 1			Korea			Securities investment			99.5			December 31, 2023
WooriG North America Energy Infrastructure Private Placement Investment Trust No. 1			Korea			Securities investment			99.3			December 31, 2023
WooriG Global Secondary Private Placement Investment Trust No. 1			Korea			Securities investment			98.6			December 31, 2023
WooriG ESG Infrastructure Development Private Placement Investment Trust No. 1			Korea			Securities investment			95.2			December 31, 2023
Kiwoom Harmony Private Placement Investment Trust No. 1			Korea			Securities investment			97.4			December 31, 2023
Kiwoom Harmony Private Placement Investment Trust No. 2			Korea			Securities investment			97.2			December 31, 2023
JB Airline Private Placement Investment Trust No. 8			Korea			Securities investment			97.0			December 31, 2023
Kiwoom Harmony Private Placement Investment Trust No. 4			Korea			Securities investment			96.2			December 31, 2023
(*1)	It is determined that the Bank controls the entity after considering all the facts and circumstances, such as<br>the Bank’s power over the entity’s related business activities, the Bank’s exposure to variable returns from its involvement with the entity and the Bank’s ability to affect the returns through its power over the entity, even<br>though the Bank holds less than 50% ownership interest of the entity.
:---	:---
(*2)	The Bank controls the trust because it has power that determines the management performance over the trust and<br>is exposed to variable returns to absorb losses through the guarantees of payment of principal and fixed rate of return.
:---	:---

• 83 -

2)	The following companies have been excluded from the consolidation scope despite the Bank’s majority<br>ownership interest as of December 31, 2024 and 2023:
	December 31, 2024
---	:---:	---	---	---	---	---
Subsidiaries	Location		Main<br><br>business		Percentage of<br>ownership (%)
Mirae Asset Maps Clean Water Private Equity Investment Trust No. 7 (*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			97.8
IGIS Global Private Placement Real Estate Fund No. 148-1 (*1)	Korea		Securities investment			69.0
IGIS Global Private Placement Real Estate Fund No. 148-2 (*1)	Korea		Securities investment			69.0
Mirae Asset Seoul Ring Expressway Private Special Asset Fund No. 1 (*1)	Korea		Securities investment			66.7
Hangang Blue Water Private Placement Special Asset Investment Trust (*1)	Korea		Securities investment			55.6
Korea Investment Pocheon-Hwado Highway Private Special Asset Trust 2	Korea		Securities investment			55.2
Woori Innovative Growth General Private Equity Special Asset Investment Trust No. 1<br>(*1)	Korea		Securities investment			55.0
Midas Global Private Placement Real Estate Investment Trust No. 7-2 (*1)	Korea		Securities investment			58.3
Samsung Together Korea IPPF Private Securities Investment Trust 3 [Equity-FoFs] (*3)	Korea		Securities investment			100.0
Woori Innovative Growth General Private Equity Special Asset Investment Trust No. 2<br>(*1)	Korea		Securities investment			55.0
Woori Woori Bank Partners Private Placement Investment Trust No. 1 (*1)	Korea		Securities investment			92.6
Woori Private Real Estate Investment Trust No. 1 (*1)	Korea		Securities investment			84.9
INMARK France Private Placement Real Estate Investment Trust No. 18-1 (*1)	Korea		Securities investment			93.8
Kiwoom Vibrato Private Placement Investment Trust 1-W () (*2)	Korea		Securities investment			99.5
Woori Global Mid-market Secondaries Private Placement Investment Trust No. 1 (*1)	Korea		Securities investment			80.0
KOTAM Global Infrastructure Private Equity Investment Trust No. 1-4 (*2)	Korea		Securities investment			99.7
Hana UBS Class One Private Equity No. 3 C2 (*1)	Korea		Securities investment			51.0
Consus Gyeongju Green Private Equity Investment Trust No. 1 (*1)	Korea		Securities investment			50.0
Woori Woori Bank Partners Private Placement Investment Trust No. 2 (*1)	Korea		Securities investment			90.9
Woori Equity Bridge Loan Private Placement Investment Trust No. 1 (*1)	Korea		Securities investment			65.0
Woori Private Real Estate Investment Trust No. 5 (*1)	Korea		Securities investment			87.0
Kiwoom Harmony Private Placement Investment Trust No. 3 (*1)	Korea		Securities investment			76.7
Consus Solar Energy Private Placement Investment Trust No.1 (*1)	Korea		Securities investment			50.0
Woori Innovative Growth New Deal Private Placement Investment Trust No.3 (*1)	Korea		Securities investment			79.8
Woori Renewable New Deal Private Placement Investment Trust No. 1 (*1)	Korea		Securities investment			55.0
Woori Policy-type New Deal (Infra Investment) Private Placement Investment Trust No.1<br>(*1)	Korea		Securities investment			66.7
Woori GP Commitment Loan Private Placement Investment Trust No. 2 (*1)	Korea		Securities investment			80.0

All values are in Euros.

• 84 -

	December 31, 2024
Subsidiaries	Location		Main<br>business		Percentage of<br>ownership (%)
Kiwoom Aurora Private Placement Securities Investment Trust No. 2 () (*1)	Korea		Securities investment			60.0
NH-Amundi WSCP VIII Private Placement Investment Trust No. 2 () (*1)	Korea		Securities investment			65.2
AI Partners Global Infrastructure Specialized Privately Placed Feeder Fund Trust No. 2 ()<br>(*2)	Korea		Securities investment			98.0
Woori Equity Investment General Type Private Investment Trust No.1 (*1)	Korea		Securities investment			93.8
Hangang New Deal Infrastructure BTL Private Equity Investment Trust No. 4 (*1)	Korea		Securities investment			60.0
Woori Busan Logistics Infra Private Placement Special Asset Investment Trust (*1)	Korea		Securities investment			66.7
Woori Financial Digital Investment Association No. 1 (*1)	Korea		Securities investment			88.0
Woori GP Commitment Loan Private Placement Investment Trust No. 3 (*1)	Korea		Securities investment			85.0
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 Japan General Type Private Real Estate Feeder Investment Trust No.1-2 (*2)	Korea		Securities investment			98.8
Woori Japan Blind General Type Private Real Estate Feeder Investment Trust No.1 (*2)	Korea		Securities investment			99.9
Woori Private Real Estate Investment Trust No. 6 (*1)	Korea		Securities investment			85.0
Woori New Growth Credit Fund 1 (*1)	Korea		Securities investment			70.9
Woori Asset Global Partnership Fund No. 5 (*1)	Korea		Securities investment			57.7
Woori PE Secondary Private Placement Investment Trust No. 1 (*1)	Korea		Securities investment			82.6
Kiwoom Harmony Private Placement Investment Trust No. 6 (*1)	Korea		Securities investment			76.9
Project Chile PMGD Solar (*2)	Korea		Securities investment			75.2
Woori Financial Dino Lab Investment Association No. 1 (*1)	Korea		Securities investment			70.0
Woori Bank Partners General Type Private Investment Trust No.3 (*1)	Korea		Securities investment			90.9
Woori Natixis Partnership Global Private Debt Fund No. 1-1 () (*1)	Korea		Securities investment			80.0
NH-Amundi BXD Private Placement Real Estate Investment Trust No. 2 () (*2)	Korea		Securities investment			77.8
Woori Private Real Estate Investment Trust No. 7 (*1)	Korea		Securities investment			87.0
Woori Junior Equity General Type Private Investment Trust (*1)	Korea		Securities investment			85.0
Hangang Green Environment Private Placement Special Asset Investment Trust (*1)	Korea		Securities investment			50.0

All values are in US Dollars.

(*1)	Since the investee is a discretionary funds, the Bank does not have power over the investee because the fund<br>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 Bank, but also for other investors as well. The Bank does not have the power over the fund’s<br>activities even though it holds more than 50% of ownership interest.
(*2)	The investment target for the fund was determined in advance, and the disposition of investment assets cannot<br>be determined by the Bank, and as a fund of funds, the Bank does not have the power to participate in decision-making regarding investment assets in parent funds. The Bank does not have the power over the fund’s activities even though it holds<br>more than 50% of ownership interest.
:---	:---
(*3)	Since the investee is a Stock market stabilization fund, the Bank does not have power over such fund as the<br>fund’s relevant activities are determined by the management committee, over which the Bank does not have substantial control. The Bank does not have the power over the fund’s activities even though it holds more than 50% of ownership<br>interest.
:---	:---

• 85 -

	December 31, 2023
Subsidiaries	Location		Main<br>business		Percentage of<br>ownership (%)
Mirae Asset Maps Clean Water Private Equity Investment Trust No. 7 (*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			69.0
IGIS Global Private Placement Real Estate Fund No. 148-2 (*1)	Korea		Securities investment			69.0
Mirae Asset Seoul Ring Expressway Private Special Asset Fund No. 1 (*1)	Korea		Securities investment			66.7
Hangang Blue Water Private Placement Special Asset Investment Trust (*1)	Korea		Securities investment			55.6
Korea Investment Pocheon-Hwado Highway Private Special Asset Trust 2 (*1)	Korea		Securities investment			55.1
Woori Innovative Growth General Private Equity Special Asset Investment Trust No. 1<br>(*1)	Korea		Securities investment			55.0
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
Woori Innovative Growth General Private Equity Special Asset Investment Trust No. 2<br>(*1)	Korea		Securities investment			55.0
WooriG Woori Bank Partners Private Placement Investment Trust No. 1 (*1)	Korea		Securities investment			92.6
WooriG Private Real Estate Investment Trust No. 1 (*1)	Korea		Securities investment			84.3
INMARK France Private Placement Real Estate Investment Trust No. 18-1 (*1)	Korea		Securities investment			93.8
Kiwoom Vibrato Private Placement Investment Trust 1-W () (*2)	Korea		Securities investment			99.5
WooriG Global Mid-market Secondaries Private Placement Investment Trust No. 1 (*1)	Korea		Securities investment			80.0
KOTAM Global Infrastructure Private Equity Investment Trust No. 1-4 (*2)	Korea		Securities investment			99.7
Hana UBS Class One Private Equity No. 3 C2 (*1)	Korea		Securities investment			51.0
Consus Gyeongju Green Private Equity Investment Trust No. 1 (*1)	Korea		Securities investment			50.0
WooriG Woori Bank Partners Private Placement Investment Trust No. 2 (*1)	Korea		Securities investment			90.9
WooriG Equity Bridge Loan Private Placement Investment Trust No. 1 (*1)	Korea		Securities investment			65.0
WooriG Private Real Estate Investment Trust No. 5 (*1)	Korea		Securities investment			87.0
Kiwoom Harmony Private Placement Investment Trust No. 3 (*1)	Korea		Securities investment			76.7
Consus Solar Energy Private Placement Investment Trust No.1 (*1)	Korea		Securities investment			50.0
Woori Innovative Growth New Deal Private Placement Investment Trust No.3 (*1)	Korea		Securities investment			79.8
WooriG Renewable New Deal Private Placement Investment Trust No. 1 (*1)	Korea		Securities investment			55.0
WooriG Policy-type New Deal (Infra Investment) Private Placement Investment Trust No.1<br>(*1)	Korea		Securities investment			66.7
IGIS ESG Private Placement Investment Trust No.1 (*1)	Korea		Securities investment			60.0
WooriG GP Commitment Loan Private Placement Investment Trust No. 2 (*1)	Korea		Securities investment			80.0
Kiwoom Aurora Private Placement Securities Investment Trust No. 2 () (*1)	Korea		Securities investment			60.0

• 86 -

	December 31, 2023
Subsidiaries	Location		Main<br>business		Percentage of<br>ownership (%)
NH-Amundi WSCP VIII Private Placement Investment Trust No. 2 () (*1)	Korea		Securities investment			65.2
AI Partners Global Infrastructure Specialized Privately Placed Feeder Fund Trust No. 2 ()<br>(*2)	Korea		Securities investment			98.0
WooriG Equity Investment General Type Private Investment Trust No. 1 (*1)	Korea		Securities investment			93.8
Hangang New Deal Infrastructure BTL Private Equity Investment Trust No. 4 (*1)	Korea		Securities investment			60.0
Woori Busan Logistics Infra Private Placement Special Asset Investment Trust (*1)	Korea		Securities investment			66.7
Woori Financial Digital Investment Association No. 1 (*1)	Korea		Securities investment			88.0
WooriG GP Commitment Loan Private Placement Investment Trust No. 3 (*1)	Korea		Securities investment			85.0
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
WooriG Japan General Type Private Real Estate Feeder Investment Trust No. 1-2 (*2)	Korea		Securities investment			98.8
WooriG Japan Blind General Type Private Real Estate Feeder Investment Trust No.1 (*2)	Korea		Securities investment			99.9
WooriG Private Real Estate Investment Trust No. 6 (*1)	Korea		Securities investment			85.0
Woori New Growth Credit Fund 1 (*1)	Korea		Securities investment			70.9
Woori Asset Global Partnership Fund No. 5 (*1)	Korea		Securities investment			57.7
Woori PE Secondary Private Placement Investment Trust No. 1 (*1)	Korea		Securities investment			82.6
Kiwoom Harmony Private Placement Investment Trust No. 6 (*1)	Korea		Securities investment			76.9

All values are in US Dollars.

(*1)	Since the investee is a discretionary funds, the Bank does not have power over the investee because the fund<br>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 Bank, but also for other investors as well. The Bank does not have the power over the fund’s<br>activities even though it holds more than 50% of ownership interest.
(*2)	Since the investee is a fund of funds, the Bank does not have power over such funds because the Bank cannot<br>decide the relevant activities of the fund through the related contract. The Bank does not have the power over the fund’s activities even though it holds more than 50% of ownership interest.
:---	:---
(*3)	Since the investee is a Stock market stabilization fund, the Bank does not have power over such fund as the<br>fund’s relevant activities are determined by the management committee, over which the Bank does not have substantial control. The Bank does not have the power over the fund’s activities even though it holds more than 50% of ownership<br>interest.
:---	:---

• 87 -

(3)	Investments in associates as of December 31, 2024 and 2023 are as follows:
Investees		Main<br><br>business		Percentage of<br>ownership (%)						Location		Financial<br>statements<br><br>as of
---	---	:---:	---	:---:	---	---	---	---	---	:---:	---	:---:
				December 31,<br>2024			December 31,<br>2023
W Service Networks Co., Ltd. (*1)		Freight & staffing services			4.9			4.9		Korea		November 30, 2024 (*4)
Korea Credit Bureau Co., Ltd. (*2)		Credit information			9.9			9.9		Korea		December 31, 2024
Korea Finance Security Co., Ltd. (*2)		Security service			15.0			15.0		Korea		November 30, 2024 (*4)
Dongwoo C & C Co., Ltd. (*3)		Construction			23.2			23.2		Korea		—
SJCO Co., Ltd. (*3)		Aggregate transportation and wholesale			27.5			27.5		Korea		—
G2 collection Co., Ltd. (*3)		Wholesale and retail sales			28.9			28.9		Korea		—
Kyesan Engineering Co., Ltd. (*3)		Construction			23.2			23.2		Korea		—
Good Software Lab Co., Ltd. (*3)		Service			28.9			28.9		Korea		—
Wongwang Co., Ltd. (*3)		Wholesale and real estate			29.0			29.0		Korea		—
Sejin Construction Co., Ltd. (*3)		Construction			29.6			29.6		Korea		—
DAEA SNC Co., Ltd. (*3)		Wholesale and retail sales			24.0			24.0		Korea		—
ARES-TECH Co., Ltd. (*3)		Electronic component manufacturing			23.4			23.4		Korea		—
PREXCO Co., Ltd. (*3)		Manufacturing			28.1			28.1		Korea		—
Jiwon Plating Co., Ltd. (*3)		Plating			20.5			20.5		Korea		—
NK Eng Co., Ltd. (*3)		Manufacturing			23.1			23.1		Korea		—
Youngdong Sea Food Co., Ltd. (*3)		Processed sea food manufacturing			24.0			24.0		Korea		—
Beomgyo Co., Ltd. (*3)		Telecommunication equipment retail sales			23.1			23.1		Korea		—
K BANK Co., Ltd. (*2)		Finance			12.0			12.6		Korea		November 30, 2024 (*4)
Partner One Value Up I Private Equity Fund		Other financial services			23.3			23.3		Korea		December 31, 2024
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership (*7)		Other financial services			20.0			20.0		Korea		December 31, 2024
Crevisse Lime Impact 1st Startup Venture Specialist Private Equity Fund		Other financial services			25.0			25.0		Korea		December 31, 2024
Woori-Shinyoung Growth-Cap Private Equity Fund I		Other financial services			24.5			24.5		Korea		December 31, 2024
LOTTE CARD Co., Ltd.		Credit card and installment financing			20.0			20.0		Korea		September 30, 2024 (*4)
Woori-Q Corporate Restructuring Private Equity Fund (*5)		Trust and collective investment			20.4			15.7		Korea		December 31, 2024
PCC-Woori LP Secondary Fund		Other financial services			26.9			26.9		Korea		December 31, 2024
Samsung Together Korea IPPF Private Securities Investment Trust 3 [Equity-FoFs]		Other financial services			100.0			100.0		Korea		December 31, 2024
Union Technology Finance Investment Association		Other financial services			29.7			29.7		Korea		December 31, 2024
KUM HWA Co., Ltd. (*3)		Telecommunication equipment retail sales			20.0			20.0		Korea		December 31, 2024
Paratus Woori Material Component Equipment joint venture company		Other financial services			20.8			20.8		Korea		December 31, 2024
Dicustody Co., Ltd. (*8)		Other information technology and computer operation-related services			—			1.0		Korea		—
Jinmyung Plus Co., Ltd. (*3)		Manufacturing			20.2			20.2		Korea		September 30, 2024 (*4)
Orient Shipyard Co., Ltd. (*3)		Manufacturing of ship components			22.7			22.7		Korea		September 30, 2024 (*4)
Joongang Network Solution Co., Ltd. (*8)		Other information technology and computer operation-related services			—			25.3		Korea		—

• 88 -

Investees		Main<br><br>business		Percentage of<br>ownership (%)						Location		Financial<br><br>statements<br><br>as of
				December 31,<br>2024			December 31,<br>2023
BTS 2nd Private Equity Fund		Other financial services			20.0			20.0		Korea		December 31, 2024
Woori Financial Digital Investment Association No. 1		Other financial services			88.0			88.0		Korea		December 31, 2024
STASSETS No. 3 Private Equity Investment Limited Specialized In Start-up Ventures		Other financial services			28.3			28.3		Korea		December 31, 2024
KG Fashion Co., Ltd. (*3)		Manufacturing			20.8			20.8		Korea		November 30, 2024 (*4)
Win Mortgage Co., Ltd. (*1)		Other financial services			4.5			4.5		Korea		September 30, 2024 (*4)
NH Woori Newdeal Growth Alpha Private Equity Fund 1		Other financial services			22.4			22.7		Korea		December 31, 2024
SF CREDIT PARTNERS, LLC (*2)		Other financial services			10.0			10.0		U.S.A.		December 31, 2024
Rea Company Ltd. (*3)		Manufacturing			24.5			24.5		Korea		—
Aram CMC Co., Ltd. (*3)		Manufacturing			20.0			20.0		Korea		—
Woori Financial Dino Lab Investment Association No. 1 (*6)		Other financial services			70.0			—		Korea		December 31, 2024
Woori Corporate Turnaround No.1 Private Equity Fund (*6)		Other financial services			27.3			—		Korea		December 31, 2024
Market & Farm Co., Ltd. (*6) (*7)		Wholesale and commodity brokerage business			23.7			—		Korea		December 31, 2024
SAMJI TEXTILE CO.,LTD. (*6) (*7)		Wholesale and commodity brokerage business			29.4			—		Korea		—
(*1)	Most of the significant business transactions of associates are with the Bank as of December 31, 2024 and<br>2023.
:---	:---
(*2)	The Bank has significant influence over the creditors’ council, which makes the financial and operating<br>policy decisions.
:---	:---
(*3)	There is no investment amount as of December 31, 2024 and 2023.
:---	:---
(*4)	The equity method was applied using the most recent financial statements available because financial statement<br>at the end of the reporting period cannot be obtained, and any 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 Bank were appropriately reflected.
:---	:---
(*5)	It was classified as an associate through the Bank holding voting rights based on the initial investment<br>commitment ratio.
:---	:---
(*6)	It was added to associates through acquisition for the year ended December 31, 2024.
:---	:---
(*7)	There is no investment amount as of Decembe4 31, 2024.
:---	:---
(*8)	It was excluded from associates due to the sale liquidation and others for the year ended December 31,<br>2024
:---	:---
(4)	The entities excluded from associates, although the Bank’s shareholding ratio of common stock is higher<br>than 20% as of December 31, 2024 and 2023 are as follows:
:---	:---
		December 31, 2024
---	---	:---:	---	---	---	---
Associate (*)		Number of shares owned (shares)			Percentage of ownership(%)
CL Tech Co., Ltd.			10,191			28.6
TH International Co.,Ltd.			6,737			21.3
WORK-LIFE BALANCE CO.,LTD			209			21.3
(*)	Although the Bank’s ownership interest in the entity is more than 20%, it is determined that the Bank does<br>not have significant influence over the entity since it is going through workout process under receivership; accordingly, it is excluded from the investment in associates.
:---	:---
		December 31, 2023
---	---	:---:	---	---	---	---
Associate (*)		Number of shares owned (shares)			Percentage of ownership(%)
CL Tech Co., Ltd.			10,191			28.6
(*)	Although the Bank’s common stock ownership in the entity is more than 20%, it is determined that the Bank<br>does not have significant influence over the entity since it is going through workout process under receivership; accordingly, it is excluded from the investment in associates.
:---	:---

• 89 -

(5)	Changes in carrying value of investments in subsidiaries and associates for the years ended December 31,<br>2024 and 2023 are as follows (Korean Won in millions). As the investments associated with structured entities were classified as financial assets at FVTPL for the years ended December 31, 2024 and 2023, they were excluded from the carrying<br>value of investments in subsidiaries and associates.
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
Investees		January 1,<br>2024			Acquisition			Disposal<br>and others			Impairment			December 31,<br>2024
Woori America Bank			399,831			—			—			—			399,831
PT Bank Woori Saudara Indonesia 1906 Tbk			444,813			259,431			—			—			704,244
Woori Global Markets Asia Limited			113,858			—			—			—			113,858
Woori Bank China Limited			427,802			—			—			—			427,802
AO Woori Bank			51,780			—			—			—			51,780
Banco Woori Bank do Brasil S.A.			22,322			—			—			(1,279	)		21,043
Korea BTL Infrastructure Fund			736,911			—			—			—			736,911
Woori Finance Myanmar Co., Ltd.			13,649			—			—			—			13,649
Wealth Development Bank			24,355			—			—			—			24,355
Woori Bank Vietnam Limited			384,430			260,160			—			—			644,590
Woori Bank (Cambodia) PLC			248,212			138,460			—			—			386,672
Woori Bank Europe			131,442			—			—			—			131,442
W Service Networks Co., Ltd.			108			—			—			—			108
Korea Credit Bureau Co., Ltd.			3,313			—			—			—			3,313
Korea Finance Security Co., Ltd.			3,267			—			—			—			3,267
K BANK Co., Ltd.			236,232			—			(11,575	)		—			224,657
Partner One Value Up I Private Equity Fund			3,253			—			—			(1,107	)		2,146
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership			4,356			—			(4,356	)		—			—
Crevisse Lime Impact 1st Startup Venture Specialist Private Equity Fund			4,436			96			—			—			4,532
Woori-Shinyoung Growth-Cap Private Equity Fund I			8,237			—			—			—			8,237
LOTTE CARD Co., Ltd.			346,810			—			—			—			346,810
Woori-Q Corporate Restructuring Private Equity Fund			8,435			9,011			—			—			17,446
PCC-Woori LP Secondary Fund			7,000			—			—			—			7,000
Union Technology Finance Investment Association			13,449			—			—			—			13,449
Paratus Woori Material Component Equipment joint venture company			12,300			—			—			—			12,300
Dicustody Co., Ltd.			1			—			(1	)		—			—
BTS 2nd Private Equity Fund			5,226			2,920			—			—			8,146
Woori Financial Digital Investment Association No. 1			33,000			11,000			—			—			44,000
STASSETS No. 3 Private Equity Investment Limited Specialized In Start-up Ventures			9,000			3,000			—			—			12,000
Win Mortgage Co., Ltd.			23			—			—			—			23
NH Woori Newdeal Growth Alpha Private Equity Fund 1			23,596			15,025			(4,620	)		—			34,001
SF CREDIT PARTNERS, LLC			13,059			—			—			—			13,059
Woori Financial Dino Lab Investment Association No. 1			—			3,500			—			—			3,500
Woori Corporate Turnaround No.1 Private Equity Fund			—			8,361			—			—			8,361
Total			3,734,506			710,964			(20,552	)		(2,386	)		4,422,532

• 90 -

		For the year ended December 31, 2023
Investees		January 1,<br>2023			Acquisition			Disposal<br>and others			Impairment			December 31,<br>2023
Woori America Bank			399,831			—			—			—			399,831
PT Bank Woori Saudara Indonesia 1906 Tbk			444,813			—			—			—			444,813
Woori Global Markets Asia Limited			113,858			—			—			—			113,858
Woori Bank China Limited			427,802			—			—			—			427,802
AO Woori Bank			51,780			—			—			—			51,780
Banco Woori Bank do Brasil S.A.			22,322			—			—			—			22,322
Korea BTL Infrastructure Fund			736,911			—			—			—			736,911
Woori Finance Myanmar Co., Ltd.			13,649			—			—			—			13,649
Wealth Development Bank			24,355			—			—			—			24,355
Woori Bank Vietnam Limited			384,430			—			—			—			384,430
Woori Bank (Cambodia) PLC			248,212			—			—			—			248,212
Woori Bank Europe			131,442			—			—			—			131,442
W Service Networks Co., Ltd.			108			—			—			—			108
Korea Credit Bureau Co., Ltd.			3,313			—			—			—			3,313
Korea Finance Security Co., Ltd.			3,267			—			—			—			3,267
Woori Growth Partnerships New Technology Private Equity Fund			12,942			—			(12,942	)		—			—
2016 KIF-IMM Woori Bank Technology Venture Fund			7,595			—			(7,595	)		—			—
K BANK Co., Ltd.			236,232			—			—			—			236,232
Partner One Value Up I Private Equity Fund			5,039			—			—			(1,786	)		3,253
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership			7,556			—			(3,200	)		—			4,356
Crevisse Lime Impact 1st Startup Venture Specialist Private Equity Fund			4,354			82			—			—			4,436
Woori-Shinyoung Growth-Cap Private Equity Fund I			8,237			—			—			—			8,237
LOTTE CARD Co., Ltd.			346,810			—			—			—			346,810
Woori-Q Corporate Restructuring Private Equity Fund			17,043			273			(8,881	)		—			8,435
PCC-Woori LP Secondary Fund			7,000			—			—			—			7,000
Union Technology Finance Investment Association			14,637			—			(1,188	)		—			13,449
Paratus Woori Material Component Equipment joint venture company			12,300			—			—			—			12,300
Dicustody Co., Ltd.			1			—			—			—			1
BTS 2nd Private Equity Fund			3,026			2,200			—			—			5,226
Woori Financial Digital Investment Association No.1			11,000			22,000			—			—			33,000
STASSETS No. 3 Private Equity Investment Limited Specialized In Start-up Ventures			1,500			7,500			—			—			9,000
Win Mortgage Co., Ltd.			—			23			—			—			23
NH Woori Newdeal Growth Alpha Private Equity Fund 1			—			23,596			—			—			23,596
SF CREDIT PARTNERS, LLC			—			13,059			—			—			13,059
Total			3,701,365			68,733			(33,806	)		(1,786	)		3,734,506

• 91 -

(6)	Changes in the book value of subsidiaries and associated investments classified as financial assets at FVTPL as<br>income securities for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
Investees		January 1,<br>2024			Acquisition			Disposal<br>and others			Valuation<br>and others			December 31,<br>2024
AI Partners UK Water Supply Private Placement Investment Trust No. 2			24,585			—			—			2,672			27,257
IGIS Australia Investment Trust No. 209-1			19,391			—			—			(2,005	)		17,386
Heungkuk Global Private Placement Investment Trust No. 1			8,558			—			(2,142	)		251			6,667
Mirae Asset Multi Overseas Real Estate General Private Investment Trust No. 5-2			12,904			—			—			60			12,964
Woori Global Development Infrastructure Synergy Company Private Placement Investment<br>Trust			133,634			35,257			(9,772	)		19,642			178,761
Woori Infrastructure New Deal Private Placement Investment Trust No. 1			72,898			4,053			(24,869	)		2,241			54,323
Woori North America Energy Infrastructure Private Placement Investment Trust No. 1			13,060			4,449			(2,911	)		4,204			18,802
Woori Global Secondary Private Placement Investment Trust No. 1			14,009			3,597			(571	)		2,222			19,257
Samsung Together Korea IPPF Private Securities Investment Trust 3 [Equity-FoFs]			10,538			—			—			308			10,846
Woori ESG Infrastructure Development Private Placement Investment Trust No.1			7,134			1,171			(504	)		282			8,083
Kiwoom Harmony Private Investment Trust No. 1			718,430			—			(31,979	)		1,318			687,769
Kiwoom Harmony Private Investment Trust No. 2			609,680			28,000			(218,434	)		439			419,685
JB Airline Private Placement Investment Trust No. 8			11,084			—			(270	)		1,714			12,528
Kiwoom Harmony Private Investment Trust No. 4			58,250			354,690			(7,743	)		9,755			414,952
WOORI REFS GENERAL TYPE INVESTMENT TRUST No. 1			—			37,477			(274	)		985			38,188
Woori Fund Financing General Type Private Investment Trust			—			134,945			(15,281	)		2,350			122,014
Total			1,714,155			603,639			(314,750	)		46,438			2,049,482
		For the year ended December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
Investees		January 1,<br>2023			Acquisition			Disposal<br>and others			Valuation<br>and others			December 31,<br>2023
AI Partners UK Water Supply Private Placement Investment Trust No.2			21,564			—			—			3,021			24,585
IGIS Australia Investment Trust No.209-1			20,786			—			—			(1,395	)		19,391
Heungkuk Global Private Placement Investment Trust No.1			7,968			159			(133	)		564			8,558
Mirae Asset Multi Overseas Real Estate General Private Investment Trust No.5-2			12,132			—			—			772			12,904
Woori Global Development Infrastructure Synergy Company Private Placement Investment<br>Trust			89,369			47,974			(9,038	)		5,329			133,634
Woori G Infrastructure New Deal Private Placement Investment Trust No. 1			140,205			21,710			(88,279	)		(738	)		72,898
Woori G North America Infra Private Placement Investment Trust No. 1			16,105			—			(2,704	)		(341	)		13,060
Woori G Global Secondary Private Placement Investment Trust No. 1			12,621			2,332			—			(944	)		14,009
Together-Korea Government Private Pool Private Securities Investment Trust No. 3			10,242			—			—			296			10,538
WooriG ESG Infrastructure Development Private Placement Investment Trust No.1			3,564			4,380			(308	)		(502	)		7,134
Kiwoom Harmony Private Investment Trust No. 1			652,249			63,500			—			2,681			718,430
Kiwoom Harmony Private Investment Trust No. 2			631,379			9,000			(33,297	)		2,598			609,680
JB Airline Private Placement Investment Trust No. 8			11,136			—			(1	)		(51	)		11,084
Kiwoom Frontier General Private Equity Investment Trust No.23 [Bond Type]			100,538			20,000			(120,538	)		—			—
Kiwoom Harmony Private Investment Trust No. 4			—			58,160			—			90			58,250
Total			1,729,858			227,215			(254,298	)		11,380			1,714,155

• 92 -

14.	INVESTMENT PROPERTIES
(1)	Details of investment properties as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in<br>millions):
:---	:---
		December 31, 2024				December 31, 2023
---	---	:---:	---	---	---	:---:	---	---
Acquisition cost			528,669				591,840
Accumulated depreciation			(73,048	)			(63,225	)
Net carrying value			455,621				528,615
(2)	Changes in investment properties for the years ended December 31, 2024 and 2023 are as follows (Unit:<br>Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---	---	---
		2024				2023
Beginning balance			528,615				540,748
Depreciation			(7,810	)			(5,682	)
Transfer (*)			(65,280	)			(6,463	)
Foreign currencies translation adjustments			96				12
Ending balance			455,621				528,615
(*)	This is the reclassification amount between property and equipment, and investment properties for land and<br>buildings for the years ended December 31, 2024 and 2023.
:---	:---
(3)	Fair value of investment properties amounted to 806,103 million Won and 800,438 million Won as of<br>December 31, 2024 and 2023, respectively. The fair value of investment properties has been assessed on the basis of recent similar real estate market price and officially assessed land price in the area of the investment properties, is<br>classified as Level 3 on the fair value hierarchy.
:---	:---
(4)	Rental fee earned from investment properties amounted to 27,707 million Won and 31,992 million Won<br>for the years ended December 31, 2024 and 2023, respectively. The operating expenses directly related to the investment property where rental fee was earned are 7,810 million Won and 5,682 million Won for the years ended<br>December 31, 2024 and 2023, respectively.
:---	:---
(5)	The minimum lease payments expected to be received in the future under non-refundable lease agreement as of<br>December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Lease payments
Within a year			7,328			14,473
More than 1 year and within 2 years			2,621			4,174
More than 2 years and within 3 years			338			775
More than 3 years and within 4 years			52			204
More than 4 years and within 5 years			3			47
More than 5 years			7			3
Total			10,349			19,676

• 93 -

15.	PROPERTIES AND EQUIPMENT
(1)	Details of properties and equipment as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in<br>millions):
:---	:---
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Land			Building			Properties for<br>business use			Leasehold<br>improvement			Construction<br>in progress			Total
Properties and equipment (owned)			1,526,036			606,322			171,209			40,700			67,314			2,411,581
Right-of-use assets			—			380,404			20,339			—			—			400,743
Carrying value			1,526,036			986,726			191,548			40,700			67,314			2,812,324
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Land			Building			Properties for<br>business use			Leasehold<br>improvement			Construction<br>in progress			Total
Properties and equipment (owned)			1,480,693			607,765			150,824			28,378			31,560			2,299,220
Right-of-use assets			—			236,974			16,216			—			—			253,190
Carrying value			1,480,693			844,739			167,040			28,378			31,560			2,552,410
(2)	Details of properties and equipment (owned) as of December 31, 2024 and 2023 are as follows (Unit: Korean<br>Won in millions):
:---	:---
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Land			Building			Properties for<br>business use			Leasehold<br>improvement			Construction<br>in progress			Total
Acquisition cost			1,526,036			953,641			843,262			399,723			67,314			3,789,976
Accumulated depreciation			—			(347,319	)		(672,053	)		(359,023	)		—			(1,378,395	)
Net carrying value			1,526,036			606,322			171,209			40,700			67,314			2,411,581
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Land			Building			Properties for<br>business use			Leasehold<br>improvement			Construction<br>in progress			Total
Acquisition cost			1,480,693			932,276			790,446			392,467			31,560			3,627,442
Accumulated depreciation			—			(324,511	)		(639,622	)		(364,089	)		—			(1,328,222	)
Net carrying value			1,480,693			607,765			150,824			28,378			31,560			2,299,220
(3)	Details of changes in properties and equipment (owned) for the years ended December 31, 2024 and 2023 are<br>as follows (Unit: Korean Won in millions):
:---	:---
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Land			Building			Properties for<br>business use			Leasehold<br>improvement			Construction<br>in progress			Total
Beginning balance			1,480,693			607,765			150,824			28,378			31,560			2,299,220
Acquisition			215			27,803			78,001			24,677			35,752			166,448
Disposal			—			—			(439	)		(600	)		—			(1,039	)
Depreciation			—			(29,737	)		(57,531	)		(11,883	)		—			(99,151	)
Classification to held for sale			(16,477	)		(3,215	)		—			—			—			(19,692	)
Transfer (*)			61,544			3,736			17			—			(17	)		65,280
Foreign currencies translation adjustments			86			(18	)		323			128			19			538
Business combination			—			—			2			—			—			2
Others			(25	)		(12	)		12			—			—			(25	)
Ending balance			1,526,036			606,322			171,209			40,700			67,314			2,411,581
(*)	This is reclassification amount between property and equipment, and investment properties for land and<br>buildings for the year ended December 31, 2024.
:---	:---

• 94 -

		For the year ended December 31, 2023
		Land			Building			Properties for<br>business use			Leasehold<br>improvement			Construction<br>in progress			Total
Beginning balance			1,472,064			623,198			139,372			28,484			31,540			2,294,658
Acquisition			—			17,941			69,817			11,668			256			99,682
Disposal			(352	)		(520	)		(97	)		(798	)		(235	)		(2,002	)
Depreciation			—			(28,306	)		(58,472	)		(10,987	)		—			(97,765	)
Classification to held for sale			9,907			(3,444	)		—			—			—			6,463
Transfer (*)			10			(26	)		174			11			(1	)		168
Foreign currencies translation adjustments			(936	)		(1,568	)		—			—			—			(2,504	)
Others			—			490			30			—			—			520
Ending balance			1,480,693			607,765			150,824			28,378			31,560			2,299,220
(*)	This is the reclassification amount between property and equipment, and investment properties for land and<br>buildings for the year ended December 31, 2023.
:---	:---
(4)	Details of right-of-use assets as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in<br>millions):
:---	:---
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---
		Building				Properties for<br>business use				Total
Acquisition cost			661,591				33,225				694,816
Accumulated depreciation			(281,187	)			(12,886	)			(294,073	)
Net carrying value			380,404				20,339				400,743
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---
		Building				Properties for<br>business use				Total
Acquisition cost			464,366				30,009				494,375
Accumulated depreciation			(227,392	)			(13,793	)			(241,185	)
Net carrying value			236,974				16,216				253,190
(5)	Details of changes in right-of-use assets for the years ended December 31, 2024 and 2023 are as follows<br>(Unit: Korean Won in millions):
:---	:---
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---
		Building				Properties for<br>business use				Total
Beginning balance			236,974				16,216				253,190
New contracts			276,849				14,250				291,099
Changes in contracts			46,097				15				46,112
Termination			(9,879	)			(1,001	)			(10,880	)
Depreciation			(169,816	)			(9,910	)			(179,726	)
Others			179				769				948
Ending balance			380,404				20,339				400,743
		For the year ended December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---
		Building				Properties for<br>business use				Total
Beginning balance			215,679				11,621				227,300
New contracts			153,155				14,246				167,401
Changes in contracts			25,385				138				25,523
Termination			(15,345	)			(1,045	)			(16,390	)
Depreciation			(147,705	)			(8,758	)			(156,463	)
Others			5,805				14				5,819
Ending balance			236,974				16,216				253,190

• 95 -

16.	INTANGIBLE ASSETS
(1)	Details of intangible assets as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in<br>millions):
:---	:---
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Industrial<br>property rights			Development<br>cost			Others			Membership			Construction<br>in progress			Total
Acquisition cost			2,245			635,314			1,010,992			23,948			2,751			1,675,250
Accumulated amortization			(1,810	)		(432,903	)		(840,888	)		—			—			(1,275,601	)
Accumulated impairment losses			—			—			(33,552	)		(1,093	)		—			(34,645	)
Net carrying value			435			202,411			136,552			22,855			2,751			365,004
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Industrial<br>property rights			Development<br>cost			Others			Membership			Construction<br>in progress			Total
Acquisition cost			2,118			541,977			931,801			21,164			98			1,497,158
Accumulated amortization			(1,629	)		(378,299	)		(776,906	)		—			—			(1,156,834	)
Accumulated impairment losses			—			—			(33,552	)		(1,132	)		—			(34,684	)
Net carrying value			489			163,678			121,343			20,032			98			305,640

• 96 -

(2)	Details of changes in intangible assets for the years ended December 31, 2024 and 2023 are as follows<br>(Unit: Korean Won in millions):
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Industrial<br>property rights			Development<br>cost			Others			Membership			Construction<br>in progress			Total
Beginning balance			489			163,678			121,343			20,032			98			305,640
Acquisition			18			75,890			58,411			3,976			23,402			161,697
Disposal			—			(113	)		—			(500	)		—			(613	)
Amortization (*1)			(183	)		(50,033	)		(50,827	)		—			—			(101,043	)
Provision for impairment loss (*2)			—			—			—			(217	)		—			(217	)
Transfer			110			12,989			7,650			—			(20,749	)		—
Foreign currencies translation adjustment			—			—			(26	)		45			—			19
Business combination			—			—			1			—			—			1
Other			1			—			—			(481	)		—			(480	)
Ending balance			435			202,411			136,552			22,855			2,751			365,004
(*1)	Amortization of other intangible assets amounting to 28,509 million Won is included in other operating<br>expenses.
:---	:---
(*2)	Membership is an intangible asset with an indefinite useful life that recognizes an impairment loss if<br>recoverable value is lower than its carrying amount, while the reversal of an impairment loss should be recognized when the recoverable value is higher than its carrying amount.
:---	:---
		For the year ended December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Industrial<br>property rights			Development<br>cost			Others			Membership			Construction<br>in progress			Total
Beginning balance			621			139,519			72,885			17,982			—			231,007
Acquisition			65			78,620			95,242			2,022			33			175,982
Amortization (*1)			(197	)		(54,459	)		(46,786	)		—			—			(101,442	)
Reversal of impairment loss (*2)			—			—			—			25			—			25
Foreign currencies translation adjustment			—			(2	)		2			3			—			3
Other			—			—			—			—			65			65
Ending balance			489			163,678			121,343			20,032			98			305,640
(*1)	Amortization of other intangible assets amounting to 22,349 million Won is included in other operating<br>expenses.
:---	:---
(*2)	Membership is an intangible asset with an indefinite useful life that recognizes an impairment loss if<br>recoverable value is lower than its carrying amount, while the reversal of an impairment loss should be recognized when the recoverable value is higher than its carrying amount.
:---	:---
17.	ASSETS HELD FOR SALE
:---	:---

Assets held for sale as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

		December 31, 2024			December 31, 2023
Properties and equipment (*)			31,266			11,573
(*)	The Bank classifies above assets as assets held for sale that are highly likely to be sold within one year from<br>December 31, 2024 and 2023, based on the management’s decision.
:---	:---

• 97 -

18.	ASSETS SUBJECT TO LIEN AND ASSETS ACQUIRED THROUGH FORECLOSURE
(1)	Assets subjected to lien as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
				December 31, 2024
---	---	---	---	:---:	---	---	---	---	---
				Collateral given to		Amount			Reason for collateral
Loans and other financial assets at amortized cost		Due from banks in local currency		Korea Exchange Co.,Ltd			3		Margin deposit for CCP
		Due from banks in foreign currencies		BNP-PARIBAS, PAR and others			647,782		CSA variable margin and others
		Mortgage-backed securities		Public offering			1,790,810		Covered Bonds
Financial assets at FVTPL		Korean financial institutions debt securities and others		DBS BANK LTD, SEL and others			698,231		CSA variable margin and others
Financial assets at FVTOCI		Korean financial institutions debt securities and others		CITIBANK, N.A. LONDON and others			74,143		Related to bonds sold under repurchase agreements (*)
		Korean financial institutions debt securities and others		The BOK and others			8,863,286		Settlement risk and others
		Foreign financial institutions debt securities		SOCIETE GENERALE, PAR			358,781		CSA variable margin
				CCIL Exchange			13,504		Related to bonds sold under repurchase agreements (*)
Securities at amortized cost		Korean treasury and government bonds and others		The BOK and others			11,526,197		Settlement risk and others
				Total			23,972,737
(*)	The financial assets are not derecognized and provided as collaterals because the Bank entered into an<br>agreement to buy the transferred assets back at a predetermined price or the sale price plus a certain return rate. The Bank continuously recognizes the transferred assets as liabilities (bond sold under repurchase agreements) after the repurchase.
:---	:---

• 98 -

				December 31, 2023
				Collateral given to		Amount			Reason for collateral
Loans and other financial assets at amortized cost		Due from banks in local currency		MORGAN STANLEY BANK INTL, SEL and others			26,854		CSA variable margin and others
		Due from banks in foreign currencies		Korea Investment & Securities Co., Ltd. and others			765,330		Overseas Futures Option Deposit and others
		Mortgage-backed securities		Public offering			1,242,963		Covered Bonds
Financial assets at FVTPL		Korean financial institutions debt securities and others		Korea Exchange and others			385,394		CSA variable margin and others
Financial assets at FVTOCI		Korean treasury and government bonds and others		Korea Securities Depository			73,846		Related to bonds sold under repurchase agreements (*)
		Korean financial institutions debt securities and others		The BOK and others			8,182,907		Settlement risk and others
		Foreign financial institutions debt securities		Korea Investment & Securities Co., Ltd. and others			845,140		Substitute securities and others
				CCIL Exchange			116,404		Related to bonds sold under repurchase agreements (*)
Securities at amortized cost		Korean treasury and government bonds and others		The BOK and others			10,380,306		Settlement risk and others
				Total			22,019,144
(*)	The financial assets are not derecognized and provided as collaterals because the Bank entered into an<br>agreement to buy the transferred assets back at a predetermined price or the sale price plus a certain return rate. The Bank continuously recognize the transferred assets as liabilities (bond sold under repurchase agreements) after the repurchase.
:---	:---
(2)	As of December 31, 2024 and 2023, there is no asset acquired through foreclosures.
:---	:---
(3)	Securities loaned as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
				December 31,<br>2024			Loaned to
---	---	---	---	:---:	---	---	:---:
Financial assets at FVTPL		Korean treasury and government bonds and others			12,361		Korea Securities Finance Corporation
				December 31,<br>2023			Loaned to
---	---	---	---	:---:	---	---	:---:
Financial assets at FVTPL		Korean treasury and government bonds and others			625,398		Korea Securities Finance Corporation and others
Financial assets at FVTOCI		Korean treasury and government bonds and others			592,218		Korea Securities Depository and others

Securities loaned are lending of specific securities to borrowers who agree to return the same quantity of the same security at the end of lending period. As the Bank does not derecognize these securities, there are no liabilities recognized through such transactions relates to securities loaned.

• 99 -

(4)	Collaterals held that can be disposed and re-subjected to lien regardless of defaults of counterparties

Fair values of collaterals held that can be disposed and re-subjected to lien regardless of defaults of counterparties as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

		December 31, 2024
		Fair values of collaterals			Fair values of collaterals<br>disposed or re-subjected to lien
Securities			10,101,204			—
		December 31, 2023
---	---	:---:	---	---	---	---
		Fair values of collaterals			Fair values of collaterals<br>disposed or re-subjected to lien
Securities			2,760,680			—
19.	OTHER ASSETS
:---	:---

Details of other assets as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

		December 31, 2024			December 31, 2023
Prepaid expenses			264,882			200,606
Advance payments			—			43,375
Others			7,244			7,690
Total			272,126			251,671
20.	FINANCIAL LIABILITIES AT FVTPL
:---	:---
(1)	Financial liabilities at FVTPL as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in<br>millions):
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Financial liabilities at FVTPL			9,198,831			6,015,790
Financial liabilities designated to be measured at FVTPL			547,816			—
Total			9,746,647			6,015,790
(2)	Details of Financial liabilities at FVTPL as of December 31, 2024 and 2023 are as follows (Unit: Korean<br>Won in millions):
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Deposits due to customers:
Gold banking liabilities			74,205			39,524
Derivative liabilities			9,124,626			5,976,266
Total			9,198,831			6,015,790

• 100 -

(3)	Details of financial liabilities designated to be measured at FVTPL as of December 31, 2024 and 2023 are<br>as follows (Unit: Korean Won in millions):
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Deposits due to customers:
Time deposits			547,816			—

These contracts are designated as financial liabilities at fair value through profit or loss in accordance with K- IFRS No.1109 ‘Financial Instruments’ because the group of financial instruments is managed and its performance is evaluated on a fair value basis, in accordance with a documented risk management or investment strategy, in cases where designating financial liabilities as items measured at fair value through profit or loss makes the information more relevant.

(4)	Changes in fair value due to fluctuation in credit risk reflected in financial liabilities designated to be<br>measured at FVTPL for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
		For the year ended<br>December 31, 2024				For the year ended<br>December 31, 2023
---	---	:---:	---	---	---	:---:	---
Financial liabilities designated to be measured at FVTPL			547,816				—
Changes in fair value due to fluctuation in credit risk (*)			(1,831	)			—
Accumulated changes in fair value due to fluctuation in credit risk (*)			(1,831	)			—
(*)	The profit recognized in other comprehensive income for the year ended December 31, 2024 with respect to<br>financial liabilities designated to be measured at FVTPL is 1,831 million Won, and the cumulative profit is 1,831 million Won.
:---	:---

When deposits due to customers are measured at fair value, adjustments are made to reflect the credit risk of the Bank. This is a method determined by adjusting the Bank’s credit spread observed in the credit evaluation.

(5)	The difference between financial liabilities designated to be measured at FVTPL’s carrying amount and<br>nominal amount at maturity as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Carrying amount			547,816			—
Nominal amount at maturity			530,000			—
Difference			17,816			—
21.	DEPOSITS DUE TO CUSTOMERS
:---	:---

Details of deposits due to customers by type as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

		December 31, 2024				December 31, 2023
Deposits in local currency:
Demand deposits			8,875,919				8,815,364
Time deposits			291,521,628				283,128,245
Mutual installment			19,901				21,602
Certificate of deposits			11,742,425				14,767,307
Sub-total			312,159,873				306,732,518
Deposits in foreign currencies
Deposits in foreign currencies			35,149,577				32,193,981
Present value discount			(144,313	)			(184,796	)
Total			347,165,137				338,741,703

• 101 -

22.	BORROWINGS AND DEBENTURES
(1)	Details of borrowings as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---
		Lenders		Interest rate (%)			Amount
Borrowings in local currency:
Borrowings from the BOK		The BOK			1.5			1,981,928
Borrowings from government funds		Small Enterprise and Market Service and others			0.0 ~ 3.5			2,165,257
Others		The Korea Development Bank and others			0.0 ~ 3.6			3,454,951
Sub-total								7,602,136
Borrowings in foreign currencies		The Export-Import Bank of Korea and others			0.5 ~ 5.8			13,876,403
Bills sold		Others			0.0 ~ 2.7			3,690
Call money		Banks and others			1.7 ~ 4.9			319,499
Bonds sold under repurchase agreements		Other financial institutions			1.0 ~ 6.7			86,733
Present value discount								(593	)
Total								21,887,868
		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 ~ 4.5			3,742,496
Sub-total								7,304,519
Borrowings in foreign currencies:
Borrowings in foreign currencies		The Export-Import Bank of Korea and others			0.2 ~ 6.3			13,082,055
Bills sold		Others			0.0 ~ 2.7			6,326
Call money		Banks and others			3.9 ~ 6.0			911,753
Bonds sold under repurchase agreements		Other financial institutions			1.0 ~ 6.8			157,761
Present value discount								(547	)
Total								21,461,867
(2)	Details of debentures as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024							December 31, 2023
---	---	:---:	---	---	---	---	---	---	:---:	---	---	---	---	---
		Interest rate (%)			Amount				Interest rate (%)			Amount
Face value of bond (*):
Ordinary bonds			0.8 ~ 6.3			22,170,995				0.8 ~ 7.1			17,029,358
Subordinated bonds			1.9 ~ 5.1			3,471,380				1.9 ~ 5.1			4,291,848
Sub-total						25,642,375							21,321,206
Discounts on bonds						(112,057	)						(48,179	)
Total						25,530,318							21,273,027
(*)	Includes debentures under fair value hedge amounting to 3,952,047 million Won and 3,943,224 million<br>Won as of December 31, 2024 and 2023, respectively.
:---	:---

• 102 -

23.	PROVISIONS
(1)	Details of provisions as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Provisions for guarantees (*1)			76,323			86,511
Provisions for unused commitments			73,303			80,426
Asset retirement obligation			87,599			86,290
Other provisions (*2)			293,906			452,280
Total			531,131			705,507
(*1)	Provisions for guarantees include provisions for financial guarantees of 55,136 million Won and<br>56,954 million Won as of December 31, 2024 and 2023, respectively.
:---	:---
(*2)	Other provisions consist of provisions for litigation, compensation for loss and others.
:---	:---
(2)	Changes in provisions for guarantees and unused loan commitments for the years ended December 31, 2024 and<br>2023 are as follows (Unit: Korean Won in millions):
:---	:---
i)	Provisions for guarantees
:---	:---
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
		Stage 1				Stage 2				Stage 3			Total
Beginning balance			76,507				2,779				7,225			86,511
Transfer to 12-month expected credit loss			317				(317	)			—			—
Transfer to expected credit loss for the entire period			(228	)			228				—			—
Transfer to credit-impaired financial assets			(100	)			(90	)			190			—
Net provision for (reversal of) unused amount			(10,894	)			(336	)			4,210			(7,020	)
Other increase (decrease) (*)			(3,169	)			—				1			(3,168	)
Ending balance			62,433				2,264				11,626			76,323
(*)	Includes the impact from change of financial guarantee liabilities, etc.
:---	:---
		For the year ended December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			40,907				24,327				7,685				72,919
Transfer to 12-month expected credit loss			20,505				(20,505	)			—				—
Transfer to expected credit loss for the entire period			(453	)			453				—				—
Transfer to credit-impaired financial assets			(4	)			(3	)			7				—
Net provision for (reversal of) unused amount			13,588				(1,492	)			(467	)			11,629
Other increase (decrease) (*)			1,964				(1	)			—				1,963
Ending balance			76,507				2,779				7,225				86,511
(*)	Includes the impact from change of financial guarantee liabilities, etc.
:---	:---

• 103 -

ii)	Provisions for unused loan commitments
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			72,043				8,383				—				80,426
Transfer to 12-month expected credit loss			2,385				(2,385	)			—				—
Transfer to expected credit loss for the entire period			(1,602	)			1,602				—				—
Transfer to credit-impaired financial assets			(57	)			(53	)			110				—
Net provision for (reversal of) unused amount			(9,241	)			1,815				(110	)			(7,536	)
Other increase (decrease)			415				(2	)			—				413
Ending balance			63,943				9,360				—				73,303
		For the year ended December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Stage 1				Stage 2				Stage 3				Total
Beginning balance			33,375				20,503				—				53,878
Transfer to 12-month expected credit loss			12,268				(12,268	)			—				—
Transfer to expected credit loss for the entire period			(803	)			803				—				—
Transfer to credit-impaired financial assets			(19	)			(18	)			37				—
Net provision for (reversal of) unused amount			27,235				(637	)			(37	)			26,561
Other decrease			(13	)			—				—				(13	)
Ending balance			72,043				8,383				—				80,426
(3)	Changes in asset retirement obligation for the years ended December 31, 2024 and 2023 are as follows<br>(Unit: Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---	---	---
		2024				2023
Beginning balance			86,290				75,202
Provisions provided			3,553				4,312
Provisions used			(4,468	)			(1,162	)
Reversal			(223	)			—
Amortization			1,243				1,328
Increase in restoration costs and others			1,204				6,610
Ending balance			87,599				86,290

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 properties as of December 31, 2024, discounted by appropriate discount rate. The restoration cost is expected to occur by the end of each premise’s lease period, and the Bank 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 Bank used average amount of actual recovery cost for the past 3 years and the inflation rate for the preceding year in order to estimate future recovery cost.

(4)	Changes in other provisions for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean<br>Won in millions):
		For the years ended December 31
---	---	:---:	---	---	---	---	---	---
		2024				2023
Beginning balance			452,280				254,398
Provisions provided			29,716				239,099
Provisions used and others			(185,562	)			(27,125	)
Reversal of unused amount			(2,528	)			(14,092	)
Ending balance			293,906				452,280

• 104 -

(5)	Others
①	The Bank recognized the estimated amount of compensation related to incomplete sales of Derivative Linked Fund<br>(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.
:---	:---
②	The Bank recognized a provision for the estimated amount of contract refunds and loss compensation that may be<br>payable in relation to customer losses expected due to fund redemption delays prior to the previous period, with an ending balance of 246,422 million won as of December 31, 2024. Additionally, the Bank recognized a provision of<br>781 million won for the estimated compensation amount for expected losses of customers who invested in equity-linked securities for the year ended December 31, 2024.
:---	:---

• 105 -

24.	NET DEFINED BENEFIT LIABILITY(ASSET)

The retirement benefit of the Bank is based on the defined 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 actuarial assumptions that are considered to be the most reasonable estimate of future cash flows (the projected unit method, which takes account of projected earnings increases).

The Bank 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 a discount rate calculated based on return on<br>high-quality corporate bonds. A deficit may occur if the rate of return of plan assets falls short of the discount rate.
Decrease in return on high quality corporate bonds		A decrease in return on high-quality corporate bonds will<br>be partially 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		Most defined benefit obligations are related to inflation rate; the higher the inflation rate is,<br>the higher the level of liabilities. Therefore, deficit occurs in the system if an inflation rate increases.
(1)	Details of net defined benefit liability(asset) as of December 31, 2024 and 2023 are as follows (Unit:<br>Korean Won in millions):
:---	:---
		December 31, 2024				December 31, 2023
---	---	:---:	---	---	---	:---:	---	---
Present value of defined benefit obligations			1,588,316				1,356,260
Fair value of plan assets			(1,726,232	)			(1,577,806	)
Net defined benefit liability(asset)			(137,916	)			(221,546	)
(2)	Changes in the carrying value of defined benefit obligation for the years ended December 31, 2024 and 2023<br>are as follows (Unit: Korean Won in millions):
:---	:---
				For the years ended December 31
---	---	---	---	:---:	---	---	---	---	---	---
				2024				2023
Beginning balance					1,356,260				1,186,636
Current service cost					121,766				106,810
Interest cost					64,530				62,917
Remeasurements		Financial assumptions			79,376				62,267
		Demographic assumptions			(533	)			—
		Experience adjustments			(14,545	)			7,204
Foreign currencies translation adjustments					9				(2	)
Retirement benefit paid					(87,193	)			(76,465	)
Effect of moving in and out of associates					409				6,895
Liability acquired through business combination					68,237				—
Other					—				(2	)
Ending balance					1,588,316				1,356,260

• 106 -

(3)	Changes in the plan assets for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won<br>in millions):
		For the years ended<br>December 31
---	---	:---:	---	---	---	---	---	---
		2024				2023
Beginning balance			1,577,806				1,474,309
Employer’s contribution			100,000				120,000
Interest income			77,208				81,090
Remeasurements			(13,670	)			(20,534	)
Retirement benefit paid			(83,331	)			(80,887	)
Effect of moving in and out of associates			2,514				5,950
Asset acquired through business combination			68,237				—
Other			(2,532	)			(2,122	)
Ending balance			1,726,232				1,577,806
(4)	The details of plan assets as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Time deposits and others			1,726,232			1,577,806
(5)	Realized returns on plan assets amount to 63,538 million Won and 60,556 million Won for the years<br>ended December 31, 2024 and 2023, respectively, and the contribution expected to be paid in the current accounting year amounts to 127,532 million Won.
:---	:---
(6)	The amounts recognized in net income and total comprehensive income in relation to defined benefit plans for<br>the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		For the year ended<br>December 31, 2024				For the year ended<br>December 31, 2023
---	---	:---:	---	---	---	:---:	---	---
Current service cost			121,766				106,810
Net interest income			(12,678	)			(18,173	)
Cost recognized in net income			109,088				88,637
Remeasurements			77,968				90,005
Cost recognized in total comprehensive income			187,056				178,642

Meanwhile, retirement benefits related to defined contribution plans recognized as expenses are 2,030 million Won and 2,151 million Won for the years ended December 31, 2024 and 2023, respectively.

(7)	Key actuarial assumptions used in defined benefit liability measurement as of December 31, 2024 and 2023<br>are as follows:
		December 31, 2024	December 31, 2023
---	---	:---:	:---:
Discount rate		4.03%	4.57%
Future wage growth rate		5.19%	5.18%
Mortality rate		Issued by Korea Insurance<br>Development Institute	Issued by Korea Insurance<br>Development Institute
Retirement rate		Experience rate for each<br>employment classification	Experience rate for each<br>employment classification

The weighted average maturity of defined benefit liability is 9.75 years.

• 107 -

(8)	The sensitivity to actuarial assumptions used in the assessment of defined benefit obligation as of<br>December 31, 2024 and 2023 is as follows (Unit: Korean Won in millions):
				December 31, 2024 (*)				December 31, 2023(*)
---	---	---	---	:---:	---	---	---	:---:	---	---
Discount rate		Increase by 1% point			(137,958	)			(121,166	)
		Decrease by 1% point			159,621				140,124
Future wage growth rate		Increase by 1% point			160,833				141,933
		Decrease by 1% point			(141,388	)			(124,745	)
(*)	Although the above sensitivity analyses are based on a change in an assumption while holding all other<br>assumptions constant; in practice, more than one assumption are correlated. The sensitivity of the defined benefit obligation to changes in principal actuarial assumptions is calculated using the projected unit credit method, the same method applied<br>when calculating the defined benefit obligations recognized in the statement of financial position.
:---	:---
(9)	The details of the maturity of the defined benefit obligation as of December 31, 2024 and 2023 are as<br>follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Within 1 year			60,056			29,180
After 1 year but less than 2 years			83,523			34,093
After 2 years but less than 5 years			409,094			344,670
After 5 years but less than 10 years			457,362			474,739
After 10 years			1,390,927			1,335,246
25.	OTHER FINANCIAL LIABILITIES AND OTHER LIABILITIES
:---	:---

Other financial liabilities and other liabilities as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

		December 31, 2024				December 31, 2023
Other financial liabilities:
Accounts payable			6,119,411				8,803,689
Accrued expenses			4,124,197				3,848,785
Borrowings from trust accounts			6,874,714				5,389,764
Agency business revenue			733,988				271,944
Foreign exchange payables			882,269				867,132
Domestic exchanges payables			7,590,328				1,367,709
Lease liabilities			349,797				205,854
Other miscellaneous financial liabilities			1,775,865				1,882,907
Present value discount			(1,118	)			(2,631	)
Sub-total			28,449,451				22,635,153
Other liabilities:
Unearned income			66,853				67,686
Other miscellaneous liabilities			164,041				159,810
Sub-total			230,894				227,496
Total			28,680,345				22,862,649

• 108 -

26.	DERIVATIVES
(1)	Derivative assets and derivative liabilities as of December 31, 2024 and 2023 are as follows (Unit: Korean<br>Won in millions):
:---	:---
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
					Assets						Liabilities
		Nominal<br>amount			For fair value<br>hedge			For<br>trading			For fair value<br>hedge			For trading
Interest rate:
Futures			101,831			—			—			—			—
Forwards			3,530,000			—			52,855			—			274,980
Swaps			139,967,836			10,102			322,586			102,634			204,743
Purchase options			50,000			—			81			—			—
Written options			360,000			—			—			—			10,595
Currency:
Forwards			111,318,517			—			5,630,127			—			1,799,433
Swaps			83,261,241			—			4,055,766			—			6,829,871
Purchase options			175,224			—			4,779			—			—
Written options			265,186			—			—			—			3,603
Equity:
Forwards			1,520			—			182			—			—
Swaps			7,698			—			—			—			1,401
Purchase options			1,767			—			1,005			—			—
Total			339,040,820			10,102			10,067,381			102,634			9,124,626
		December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
					Assets						Liabilities
		Nominal<br>amount			For fair value<br>hedge			For<br>trading			For fair value<br>hedge			For trading
Interest rate:
Futures			118,455			—			—			—			—
Forwards			3,960,000			—			83,199			—			169,527
Swaps			140,183,500			698			378,307			135,263			227,166
Purchase options			150,000			—			6,556			—			—
Written options			400,000			—			—			—			15,359
Currency:
Forwards			97,073,935			—			1,931,493			—			884,397
Swaps			77,644,494			—			2,656,035			—			3,664,897
Purchase options			139,311			—			1,500			—			—
Written options			122,698			—			—			—			585
Equity:
Forwards			137			—			36			—			—
Futures			480,311			—			—			—			—
Swaps			461,112			—			126,028			—			1,994
Purchase options			16,444,709			—			608,295			—			—
Written options			16,887,247			—			—			—			1,012,341
Total			354,065,909			698			5,791,449			135,263			5,976,266

Derivatives held for trading are classified into financial assets at FVTPL (Note 7) and financial liabilities at FVTPL (Note 20), and derivatives held for hedging are presented as derivative assets and derivative liabilities in the statements of financial position.

• 109 -

(2)	Overview of the Bank’s hedge accounting
1)	Fair value hedge
:---	:---

As of December 31, 2024, the Bank has applied fair value hedge on fixed interest rate foreign currency denominated debentures amounting to 3,792,388 million Won, and Korean Won denominated debentures amounting to 159,659 million Won. The purpose of the hedging is to avoid fair value volatility risk of fixed interest rate foreign currency and Korean Won denominated debentures derived from fluctuations of market interest rate, and as such the Bank entered into interest rate swap agreements designated as hedging instruments.

According to the interest rate swap contract, an amount computed by multiplying the difference between the fixed and variable interest rate to the predetermined nominal amount will be exchanged. As a result, the fixed interest rate condition in the foreign currency and Korean Won denominated debentures will practically be converted into variable interest rate, thereby eliminating the risk of fair value fluctuation. Pursuant to the interest rate swap agreement, hedge ratio is determined by matching the nominal value to the face value of the hedging instrument.

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 Bank expects the 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 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 Bank receives interest at a fixed interest rate and pays interest at a variable interest rate.

2)	Hedges of net investment in foreign operations

Foreign currency exposure arises from the Bank’s net investments in New York branch, LA branch, Singapore branch and etc., which use USD as a functional currency. The risk arises from fluctuation in the spot exchange rate between USD and KRW. This may change the net investment amount.

The risk hedged from net investment hedging is the risk of fluctuations in KRW against USD, which could reduce the net investment carrying amount of the Bank in New York branch, LA branch, Singapore branch and etc.

Some of the Bank’s net investments in New York branch, LA branch, Singapore branch are hedged in USD-denominated foreign currency bonds (Carrying amount as of December 31, 2024: USD 92,000,000) and mitigated the exchange risk arising from the net assets of branch. The bond was designated as a hedging instrument for changes in the value of net investment resulting from fluctuations in the spot exchange rate of USD and KRW.

To assess the effectiveness of the hedge, the Bank determines the economic relationship between the hedging instrument and the hedged item by comparing (offsetting) changes in the amount of foreign investments due to spot exchange rate fluctuation and in the carrying amount of liabilities due to spot exchange rate fluctuation. The Bank’s policy is to hedge its net investment only within the principal range of its liabilities.

• 110 -

(3)	The nominal amounts of the hedging instrument as of December 31, 2024 and 2023 are as follows (Unit: USD,<br>and Korean Won in millions):
	December 31, 2024
---	:---:	---	---	---	---	---	---	---	---	---	---
	1 year or less			1 year to 5<br>years			More than 5<br>years			Total
Fair value hedge
Interest rate risk
Interest rate swaps ()		25,000,000			2,650,000,000			—			2,675,000,000
Interest rate swaps (KRW)		—			—			155,000			155,000
Hedges of net investment in foreign operations
Foreign exchange risk
Foreign currency denominated debentures ()		92,000,000			—			—			92,000,000

All values are in US Dollars.

	December 31, 2023
	1 year or less			1 year to 5<br>years			More than 5<br>years			Total
Fair value hedge
Interest rate risk
Interest rate swaps ()		1,000,000,000			1,975,000,000			—			2,975,000,000
Interest rate swaps (KRW)		240,000			—			20,000			260,000
Hedges of net investment in foreign operations
Foreign exchange risk
Foreign currency denominated debentures ()		—			92,000,000			—			92,000,000

All values are in US Dollars.

(4)	The average interest rate and average exchange rate of the hedging instrument as of December 31, 2024 and<br>2023 are as follows:
	December 31, 2024
---	:---:
Fair value hedge
Interest rate risk
Interest rate swaps ()	Fixed 3.47% receipt and C.SOFR+1.06% floating paid
Interest rate swaps (KRW)	Fixed 4.52% receipt and CD 3M+0.02% floating paid
Hedges of net investment in foreign operations
Foreign exchange risk
Foreign currency denominated debentures (/KRW)	1,363.09

All values are in US Dollars.

	December 31, 2023
Fair value hedge
Interest rate risk
Interest rate swaps ()	Fixed 3.60% receipt and C.SOFR+1.47% floating paid
Interest rate swaps (KRW)	Fixed 4.13% receipt and CD 3M floating paid
Hedges of net investment in foreign operations
Foreign exchange risk
Foreign currency denominated debentures (/KRW)	1,306.12

All values are in US Dollars.

• 111 -

(5)	Fair value hedge
1)	The amounts related to items designated as fair value hedging instruments as of December 31, 2024 and 2023<br>are as follows (Unit: USD and Korean Won in millions):
:---	:---
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---
		Nominal amounts of<br>the hedging<br>instrument		Carrying amounts of the hedging<br>instrument						Line item in the<br><br>statement of financial<br><br>position where the<br><br>hedging instrument is<br><br>located		Changing in fair<br>value used for<br>calculating hedge<br>ineffectiveness
				Assets			Liabilities
Fair value hedge
Interest rate risk
										Derivative assets
Interest rate swaps			2,675,000,000							(designated for hedging)
					10,102			102,634		Derivative liabilities			5,265
			155,000							(designated for hedging)

All values are in US Dollars.

		December 31, 2023
		Nominal amounts of<br>the hedging<br>instrument		Carrying amounts of the hedging<br>instrument						Line item in the<br><br>statement of financial<br><br>position where the<br><br>hedging instrument is<br><br>located		Changing in fair<br>value used for<br>calculating hedge<br>ineffectiveness
				Assets			Liabilities
Fair value hedge
Interest rate risk
										Derivative assets
Interest rate swaps			2,975,000,000							(designated for hedging)
					698			135,263		Derivative liabilities			55,651
			260,000							(designated for hedging)

All values are in US Dollars.

2)	Details of carrying amount to fair value hedged and amount adjusted due to hedge accounting as of<br>December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Carrying amounts of the<br>hedging item						Accumulated amount of fair<br>value hedge adjustments on<br>the hedged item included in<br>the<br>carrying amount of the<br>hedged item (*)						Line item in the statement of<br>financial position in which the<br>hedged item is<br>included			Changing in fair<br>value used for<br>calculating hedge<br>ineffectiveness
		Assets			Liabilities			Assets			Liabilities
Fair value hedge
Interest rate risk
Foreign currency denominated debentures			—			3,792,388			—			124,647			Debentures			(12,758	)
Korean Won denominated debentures			—			159,659			—			4,659			Debentures			(4,659	)
(*)	The accumulated profit on foreign currency denominated debentures was 124,647 million Won, and the<br>accumulated loss on Korean Won denominated debentures was 4,659 million Won as of December 31, 2024.
:---	:---

• 112 -

		December 31, 2023
		Carrying amounts of the<br>hedging item						Accumulated amount of fair<br>value hedge adjustments on<br>the hedged item included in<br>the<br>carrying amount of the<br>hedged item (*)						Line item in the statement of<br>financial position in which the<br>hedged item is<br>included			Changing in fair<br>value used for<br>calculating hedge<br>ineffectiveness
		Assets			Liabilities			Assets			Liabilities
Fair value hedge
Interest rate risk
Foreign currency denominated debentures			—			3,682,140			—			141,818			Debentures			(57,222	)
Korean Won denominated debentures			—			261,084			—			1,084			Debentures			(1,084	)
(*)	The accumulated profit on foreign currency denominated debentures was 141,818 million Won, and the<br>accumulated loss on Korean Won denominated debentures was 1,084 million Won as of December 31, 2023.
:---	:---
3)	Amounts recognized in profit or loss due to the ineffective portion of fair value hedges for the years ended<br>December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
				For the year ended December 31, 2024
---	---	---	---	:---:	---	---	---
				Hedge ineffectiveness<br>recognized in profit or loss			Line item in the profit or loss
Fair value hedge		Interest rate risk			(12,152	)	Other net operating income (expense)
				For the year ended December 31, 2023
---	---	---	---	:---:	---	---	---
				Hedge ineffectiveness<br>recognized in profit or loss			Line item in the profit or loss
Fair value hedge		Interest rate risk			(2,655	)	Other net operating income (expense)
(6)	Hedges of net investment in foreign operations
:---	:---
1)	The amounts related to items designated as hedging instruments of net investments in foreign operations as of<br>December 31, 2024 and 2023 are as follows (Unit: USD and Korean Won in millions):
:---	:---
		December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---
		Nominal amounts of<br>the hedging<br>instrument		Carrying amounts of the hedging<br>instrument						Line item in the<br><br>statement of financial<br><br>position where the<br><br>hedging instrument is<br><br>located		Changing in fair<br>value used for<br>calculating hedge<br>ineffectiveness
				Assets			Liabilities
Hedges of net investment in foreign operations
Foreign exchange risk
Foreign currency debentures			92,000,000		—			135,240		Foreign currency debentures			(16,600	)

All values are in US Dollars.

		December 31, 2023
		Nominal amounts of<br>the hedging<br>instrument		Carrying amounts of the hedging<br>instrument						Line item in the<br><br>statement of financial<br><br>position where the<br><br>hedging instrument is<br><br>located		Changing in fair<br>value used for<br>calculating hedge<br>ineffectiveness
				Assets			Liabilities
Hedges of net investment in foreign operations
Foreign exchange risk
Foreign currency debentures			92,000,000		—			118,625		Foreign currency debentures			(2,028	)

All values are in US Dollars.

• 113 -

2)	The amounts related to items designated as hedged items of net investments in foreign operations as of<br>December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
				December 31, 2024
---	---	---	---	:---:	---	---	---	---	---
				Changing in fair value used for<br>calculating hedge ineffectiveness			Balance of foreign currency translation<br>reserve in hedge accounting
Hedges of net investment in foreign operations		Foreign exchange risk
		Foreign operations net assets			16,600			(8,536	)
				December 31, 2023
---	---	---	---	:---:	---	---	---	---
				Changing in fair value used for<br>calculating hedge ineffectiveness			Balance of foreign currency translation<br>reserve in hedge accounting
Hedges of net investment in foreign operations		Foreign exchange risk
		Foreign operations net assets			2,028			3,681
3)	The amounts recognized in other comprehensive income and profit or loss related to net investment hedges in<br>foreign operations for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
		Other comprehensive income									Profit or loss
		Hedge gain or loss<br>recognized in other<br>comprehensive income			Income tax<br>effect			Sub-total			Hedge ineffectiveness<br>recognized in profit or<br>loss			Line item<br>recognizing<br>ineffectiveness
Hedges of net investment in foreign operations
Foreign exchange risk			(16,600	)		4,383			(12,217	)		—			—
		For the year ended December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
		Other comprehensive income									Profit or loss
		Hedge gain or loss<br>recognized in other<br>comprehensive income			Income tax<br>effect			Sub-total			Hedge ineffectiveness<br>recognized in profit or<br>loss			Line item<br>recognizing<br>ineffectiveness
Hedges of net investment in foreign operations
Foreign exchange risk			(2,028	)		535			(1,493	)		—			—

No amount was reclassified from reserve of hedges of net investment in foreign operations to profit or loss for the years ended December 31, 2024 and 2023.

• 114 -

27.	DEFERRED DAY 1 PROFITS OR LOSSES

Changes in deferred day 1 profits or losses for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2024				2023
Beginning balance			7,848				17,964
Amounts recognized in profits or losses			(7,820	)			(10,116	)
Ending balance			28				7,848

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 at the transaction price, even though there are differences noted between the transaction price and the fair value price produced by the valuation techniques at the time of acquisition. In addition, the difference between fair value and transaction price is deferred and amortized to maturity and reflected in profit or loss. The table above presents the difference yet to be realized as profit or losses for the years ended December 31, 2024 and 2023.

28.	SHARE CAPITAL AND CAPITAL SURPLUS
(1)	The number of authorized shares and others as of December 31, 2024 and 2023 are as follows:
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Shares of common stock authorized			5,000,000,000 Shares			5,000,000,000 Shares
Par value per share			5,000 Won			5,000 Won
Shares of common stock issued			716,000,000 Shares			716,000,000 Shares
Share capital			3,581,392 million Won			3,581,392 million Won
(2)	Details of capital surplus as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Capital in excess of par value			1,068,420			1,068,420

• 115 -

29.	HYBRID SECURITIES

The bond-type hybrid securities classified as owner’s equity as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

		Issue date			Maturity date			Interest rate<br>(%)			December 31,<br>2024			December 31,<br>2023
Hybrid securities in local currency			June 3, 2015			June 3, 2045			4.4			240,000			240,000
			September 21, 2022			—			5.2			320,000			320,000
			September 21, 2022			—			5.5			30,000			30,000
			October 16, 2023			—			5.4			300,000			300,000
			October 4, 2019			—			4.3			—			662,035
Hybrid securities in foreign currency			July 24, 2024			—			6.4			761,805			—
			Issuance cost									(5,858	)		(5,588	)
			Total									1,645,947			1,546,447

The hybrid securities mentioned above are either without a maturity date or its maturity can be extended indefinitely at the maturity date without changing terms, and early redemption may be made after 5, 7 or 10 years from the issue date (Issuer Call). In addition, interest payments can be suspended or canceled at the Bank’s discretion.

30.	OTHER EQUITY
(1)	Details of other equity as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024				December 31, 2023
---	---	:---:	---	---	---	:---:	---	---
Accumulated other comprehensive income:
Net gain on valuation of financial assets at FVTOCI			50,263				73,985
Net gain on changes in credit risk of financial liabilities designated to be measured at<br>FVTPL			1,348				—
Gain (loss) on foreign currency translation of foreign operations			24,470				(9,050	)
Gain (loss) on evaluation of hedges of net investment in foreign operations			(8,536	)			3,681
Remeasurement loss related to defined benefit plan			(72,427	)			(15,042	)
Sub-total			(4,882	)			53,574
Other capital adjustments			(50,333	)			(1,694	)
Total			(55,215	)			51,880

• 116 -

(2)	Changes in the accumulated other comprehensive income for the years ended December 31, 2024 and 2023 are<br>as follows (Unit: Korean Won in millions):
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Beginning<br>balance			Increase<br>(decrease) (*)			Reclassification<br>adjustments			Income tax<br>effect (*)			Ending<br>balance
Net gain on valuation of financial assets at FVTOCI			73,985			(19,001	)		(13,230	)		8,509			50,263
Net gain on changes in credit risk of financial liabilities designated to be measured at<br>FVTPL			—			1,831			—			(483	)		1,348
Gain (loss) on foreign currency translation of foreign operations			(9,050	)		45,544			—			(12,024	)		24,470
Gain (loss) on evaluation of hedge of net investment in foreign operations			3,681			(16,600	)		—			4,383			(8,536	)
Remeasurement loss related to defined benefit plan			(15,042	)		(77,968	)		—			20,583			(72,427	)
Total			53,574			(66,194	)		(13,230	)		20,968			(4,882	)
(*)	Net gain on valuation of financial assets at FVTOCI includes 53,539 million Won which was transferred to<br>retained earnings due to disposal of equity securities.
:---	:---
		For the year ended December 31, 2023
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
		Beginning<br>balance			Increase<br>(decrease) (*)			Reclassification<br>adjustments		Income tax<br>effect (*)			Ending<br>balance
Net gain (loss) on valuation of financial assets at FVTOCI			(645,259	)		776,847			201,580		(259,183	)		73,985
Loss on foreign currency translation of foreign operations			(11,414	)		3,233			—		(869	)		(9,050	)
Gain on evaluation of hedge of net investment in foreign operations			5,174			(2,028	)		—		535			3,681
Remeasurement gain (loss) related to defined benefit plan			51,132			(90,005	)		—		23,831			(15,042	)
Total			(600,367	)		688,047			201,580		(235,686	)		53,574
(*)	Net gain on valuation of financial assets at FVTOCI includes 87 million Won which was transferred to<br>retained earnings due to disposal of equity securities.
:---	:---

• 117 -

31.	RETAINED EARNINGS
(1)	Details of retained earnings as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in<br>millions):
:---	:---
			December 31, 2024			December 31, 2023
---	---	---	:---:	---	---	:---:	---
Legal reserve	Legal reserves in Korea			3,049,754			2,821,754
	Other legal reserve			33,239			33,239
	Sub-total			3,082,993			2,854,993
Voluntary reserve	Business rationalization reserve			8,000			8,000
	Reserve for financial structure improvement			235,400			235,400
	Additional reserve			8,576,104			8,576,104
	Regulatory reserve for credit loss			1,767,408			2,164,140
	Revaluation reserve			701,685			700,915
	Sub-total			11,288,597			11,684,559
Retained earnings before appropriation				6,115,176			4,309,062
Total				20,486,766			18,848,614
1)	Legal Reserve
:---	:---

In accordance with the Article 40, Banking Act of Korea, earned surplus reserve is appropriated at least one tenth of the earnings after tax on every dividend declaration, not exceeding the paid in capital. This reserve may not be used other than for offsetting a deficit or transferring to capital.

2)	Other legal reserve

Other legal reserves were appropriated in the branches located in Japan, India and Bangladesh according to the banking laws of Japan, India and Bangladesh, and may be used to offset any deficit incurred in those branches.

3)	Business rationalization reserve

Pursuant to the Restriction of Special Taxation Act, the Bank was previously required to appropriate, as a reserve for business rationalization, amounts equal to tax reductions arising from tax exemptions and tax credits up to December 31, 2001. The requirement was no longer effective from 2002.

4)	Reserve for financial structure improvement

From 2002 to 2014, the Finance Supervisory Services recommended banks in Korea to appropriate at least 10 percent of net income after accumulated deficit for financial structure improvement, until tangible common equity ratio equals 5.5 percent. This reserve is not available for payment of cash dividends; however, it can be used to reduce a deficit or be transferred to capital. The reserve and appropriation are an autonomous judgment matter of the Bank since 2015.

5)	Additional reserve

Additional reserve is a voluntary reserve to retain earnings for capital adequacy and soundness of the Bank’s operation.

6)	Regulatory reserve for credit loss

In accordance with paragraph 1 and 2 of Article 29 of the Regulation on Supervision of Banking Business (“RSBB”), if provisions for credit loss under K-IFRS for the accounting purpose are lower than provisions for credit loss under RSBB, the Bank is prohibited to provide dividends with the regulatory reserve.

7)	Revaluation reserve

Revaluation reserve is the amount of limited dividends set by the Board of Directors to be recognized as complementary capital when the gains or losses occurred in the property revaluation by adopting K-IFRS.

• 118 -

(2)	Statements of appropriations of retained earnings (plan) for the years ended December 31, 2024 and 2023<br>are as follows (Unit: Korean won in millions):
		For the years ended December 31
---	---	:---:	---	---	---	---	---	---
		2024				2023
Unappropriated retained earnings:
Unappropriated retained earnings carried over from prior years			3,343,333				2,127,472
Disposal gain or loss in FVTOCI financial assets			53,540				87
Net income			2,794,552				2,277,140
Dividend on hybrid equity securities			(76,249	)			(95,637	)
			6,115,176				4,309,062
Transfer from retained earnings:
Regulatory reserve for credit loss			—				396,732
			—				396,732
Appropriation of retained earnings:
Legal reserve			280,000				228,000
Revaluation reserve			—				770
Regulatory reserve for credit loss			185,534				—
Amortization of loss of repayment of hybrid equity securities			49,743				1,695
Business combination loss			590				—
Cash dividend (dividend per share (%))			1,352,524				1,131,996
(2024: Common shares of 1,889 Won (38%)
2023: Common shares of 1,581 Won (32%))			1,868,391				1,362,461
Unappropriated retained earnings to be carried forward to next year			4,246,785				3,343,333

The appropriation of retained earnings for the year ended December 31, 2024, is expected to be appropriated at the shareholders’ meeting on March 25, 2025. The appropriation date for the year ended December 31, 2023, was March 21, 2024.

• 119 -

32.	REGULATORY RESERVE FOR CREDIT LOSS

In accordance with Paragraph 1 and 2 of Article 29 of the Regulation on Supervision of Banking Business, the Bank calculates and discloses the regulatory reserve for credit loss.

(1)	Balances of the regulatory reserve for credit loss as of December 31, 2024 and 2023 are as follows (Unit:<br>Korean Won in millions):
		December 31,<br>2024			December 31,<br>2023
---	---	:---:	---	---	:---:	---	---
Regulatory reserve for credit loss			1,767,408			2,164,140
Planned provision for (reversal of) regulatory reserve for credit loss			185,534			(396,732	)
Ending balance			1,952,942			1,767,408
(2)	Planned reserves provided, adjusted net income after the planned reserves provided and adjusted EPS after the<br>planned reserves provided for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions, except for EPS amount):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---	---
		2024			2023
Net income			2,794,552			2,277,140
Required provision for (reversal of) regulatory reserve for credit loss			185,534			(396,732	)
Adjusted net income after the provision for (reversal of) regulatory reserve			2,609,018			2,673,872
Adjusted EPS after the provision for (reversal of) regulatory reserve (Unit: Korean Won)<br>(*)			3,537			3,601
(*)	For the years ended December 31, 2024 and 2023, it was calculated by deducting 76,249 million Won and<br>95,637 million Won, respectively, of dividends on hybrid securities from adjusted net income after the provision for (reversal of) regulatory reserve.
:---	:---
33.	DIVIDENDS
:---	:---

Dividends for the years ended December 31, 2024 and 2023 are 1,889 Won and 1,581 Won per share, respectively, and the total amount of dividends approved are 1,352,524 million Won and 1,131,996 million Won, respectively. Dividends as of December 31, 2024 will be proposed at the regular shareholders’ meeting scheduled on March 25, 2025.

• 120 -

34.	NET INTEREST INCOME
(1)	Interest income recognized for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won<br>in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---
		2024			2023
Financial assets at FVTPL			120,688			92,854
Financial assets at FVTOCI			1,227,748			945,536
Securities at amortized cost			628,637			765,390
Loans and other financial assets at amortized cost:
Interest on due from banks			453,365			402,385
Interest on loans			15,516,770			14,742,809
Interest on other receivables			35,170			32,828
Sub-total			16,005,305			15,178,022
Total			17,982,378			16,981,802
(2)	Interest expense recognized for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean<br>Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---
		2024			2023
Interest on deposits due to customers			8,904,688			8,164,274
Interest on borrowings			975,397			882,974
Interest on debentures			977,084			907,765
Interest on lease liability			12,892			6,589
Other interest expense			370,534			331,709
Total			11,240,595			10,293,311

• 121 -

35.	NET FEES AND COMMISSIONS INCOME
(1)	Details of fees and commissions income recognized for the years ended December 31, 2024 and 2023 are as<br>follows (Unit: Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---
		2024			2023
Fees and commission received for brokerage			241,762			239,254
Fees and commission received related to credit			151,860			155,159
Fees and commission received for electronic finance			130,172			127,153
Fees and commission received on foreign exchange handling			44,237			43,230
Fees and commission received on foreign exchange			47,311			34,943
Fees and commission received for guarantee			123,333			105,657
Fees and commission received on securities business			48,230			37,762
Fees and commission from trust management			178,352			161,692
Other fees			188,109			141,207
Total			1,153,366			1,046,057
(2)	Details of fees and commissions expense incurred for the years ended December 31, 2024 and 2023 are as<br>follows (Unit: Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---
		2024			2023
Fees and commissions paid			179,992			196,430
Others			211			190
Total			180,203			196,620

• 122 -

36.	DIVIDEND INCOME
(1)	Details of dividend income recognized for the years ended December 31, 2024 and 2023 are as follows (Unit:<br>Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---
		2024			2023
Dividend income related to financial assets at FVTPL
Dividends on equity securities			9,947			9,216
Dividends on capital contribution			96,918			67,082
Dividends on beneficiary certificates			332,818			214,499
Sub-total			439,683			290,797
Dividend income related to financial assets at FVTOCI
Dividends on equity securities			17,566			15,563
Dividends on capital contributions			160			134
Sub-total			17,726			15,697
Total			457,409			306,494
(2)	Details of dividends related to financial assets at FVTOCI for the years ended December 31, 2024 and 2023<br>are as follows (Unit: Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---
		2024			2023
Dividend income recognized from assets held Equity securities
Equity securities			17,726			15,697

• 123 -

37.	NET GAIN OR LOSS ON FINANCIAL INSTRUMENTS AT FVTPL
(1)	Details of net gain or loss on financial instruments at FVTPL for the years ended December 31, 2024 and<br>2023 are as follows (Unit: Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---	---
		2024				2023
Net gain on financial instruments at FVTPL			1,528,808				514,706
Net loss on financial instruments designated to be measured at FVTPL			(19,647	)			—
Total			1,509,161				514,706
(2)	Details of net gain or loss on financial instruments at FVTPL for the years ended December 31, 2024 and<br>2023 are as follows (Unit: Korean Won in millions):
:---	:---
						For the years ended December 31
---	---	---	---	---	---	:---:	---	---	---	---	---
						2024			2023
Financial assets at FVTPL		Securities		Gain on transactions and valuation			604,282			788,029
				Loss on transactions and valuation			(215,363	)		(106,389	)
				Sub-total			388,919			681,640
		Loans		Gain on transactions and valuation			11,672			1,282
				Sub-total			11,672			1,282
		Other financial instruments		Gain on transactions and valuation			6,083			3,511
				Loss on transactions and valuation			(5,456	)		(3,240	)
				Sub-total			627			271
		Sub-total					401,218			683,193
Derivatives (for trading)		Interest rate derivatives		Gain on transactions and valuation			2,971,144			4,746,388
				Loss on transactions and valuation			(2,925,577	)		(4,961,484	)
				Sub-total			45,567			(215,096	)
		Currency derivatives		Gain on transactions and valuation			14,757,417			7,611,512
				Loss on transactions and valuation			(13,664,289	)		(7,460,747	)
				Sub-total			1,093,128			150,765
		Equity derivatives		Gain on transactions and valuation			1,182,989			3,169,071
				Loss on transactions and valuation			(1,194,094	)		(3,273,202	)
				Sub-total			(11,105	)		(104,131	)
		Other derivatives		Gain on transactions and valuation			—			14
				Loss on transactions and valuation			—			(39	)
				Sub-total			—			(25	)
		Sub-total					1,127,590			(168,487	)
		Total					1,528,808			514,706

• 124 -

(3)	Details of net gain or loss on financial instruments designated to be measured at FVTPL for the years ended<br>December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
		For the years ended December 31
---	---	:---:	---	---	---	---	---
		2024				2023
Net gain (loss) on deposits due to customers:
Net loss on valuation of time deposit			(19,647	)			—
38.	NET GAIN OR LOSS ON FINANCIAL ASSETS AT FVTOCI
:---	:---

Details of net gain or loss on financial assets at FVTOCI recognized for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2024			2023
Gain (loss) on disposal of securities			92,107			(38,399	)
Total			92,107			(38,399	)
39.	REVERSAL OF (PROVISION FOR) EXPECTED CREDIT LOSS ALLOWANCE
:---	:---

Reversal of (provision for) expected credit loss allowance for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):

		For the years ended December 31
		2024				2023
Provision for expected credit loss allowance on financial assets measured at FVTOCI			(8,865	)			(16,388	)
Reversal of (provision for) expected credit loss allowance on securities at amortized<br>cost			3,233				(5,472	)
Provision for expected credit loss allowance on loans and other financial assets at amortized<br>cost			(707,189	)			(870,945	)
Reversal of (provision for) provision on guarantee			7,020				(11,629	)
Reversal of (provision for) unused loan commitments			7,536				(26,561	)
Total			(698,265	)			(930,995	)

• 125 -

40.	GENERAL ADMINISTRATIVE EXPENSES AND OTHER NET OPERATING INCOME (EXPENSES)
(1)	Details of general and administrative expenses recognized for the years ended December 31, 2024 and 2023<br>are as follows (Unit: Korean Won in millions):
:---	:---
						For the years ended December 31
---	---	---	---	---	---	:---:	---	---	---	---	---
						2024				2023
Employee benefits		Short-term employee benefits		Salaries			1,396,958				1,281,891
				Employee benefits			524,809				470,105
		Share-based payments					23,261				10,584
		Retirement benefit service costs					111,117				90,787
		Termination benefits					(3,485	)			140,419
		Sub-total					2,052,660				1,993,786
Depreciation and amortization							351,410				333,321
Other general and administrative expenses		Rent					79,766				83,026
		Taxes and public dues					151,414				144,670
		Service charges					226,428				213,674
		Computer and IT related					168,620				300,853
		Telephone and communication					45,041				42,932
		Operating promotion					37,940				37,247
		Advertising					140,399				146,744
		Printing					4,081				4,134
		Traveling					7,311				7,245
		Supplies					5,087				5,751
		Insurance premium					2,639				3,287
		Maintenance					13,795				13,699
		Water, light and heating					14,723				15,066
		Vehicle maintenance					6,783				6,883
		Others (*)					19,127				57,437
		Sub-total					923,154				1,082,648
		Total					3,327,224				3,409,755
(*)	It includes 40,047 million Won in in-house welfare fund<br>contributions for the year ended December 31, 2023.
:---	:---
(2)	Details of other operating income recognized for the years ended December 31, 2024 and 2023 are as follows<br>(Unit: Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---
		2024			2023
Gain on transactions of foreign exchange			661,501			1,316,869
Gain on derivatives (designated for hedging)			40,843			69,479
Gain on fair value hedged items			25,469			8,986
Others			881			9,758
Total			728,694			1,405,092

• 126 -

(3)	Details of other operating expenses recognized for the years ended December 31, 2024 and 2023 are as<br>follows (Unit: Korean Won in millions):
		For the years ended December 31
---	---	:---:	---	---	---	---
		2024			2023
Loss on transactions of foreign exchange			1,693,920			1,221,609
KDIC deposit insurance premium			492,443			446,878
Contribution to miscellaneous funds			526,544			448,133
Loss on derivatives (designated for hedging)			24,252			8,819
Loss on fair value hedged items			64,571			72,601
Others (*)			146,525			271,598
Total			2,948,255			2,469,638
(*)	Others for the years ended December 31, 2024 and 2023, include 28,509 million Won and 22,349 million<br>Won, respectively, of amortization expense for intangible assets.
:---	:---
(4)	Share-based Payment
:---	:---

Details of performance condition share-based payment granted to executives as of December 31, 2024 and 2023 are as follows:

1)	Performance condition share-based payment
Subject to				Shares granted for the year 2020 (*4)
---	---	---	---	:---:
Type of payment				Cash-settled
Vesting period				January 1, 2020 ~ December 31, 2023
Date of payment				January 1, 2024
Fair value (Unit: Korean Won) (*1)				—
Valuation method				—
Dividend yield				—
Expected maturity				—
Number of shares measured as of the closing<br>date (*2),(*3)		As of December 31, 2024		—
		As of December 31, 2023		755,073 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				January 1, 2025
Fair value (Unit: Korean Won) (*1)				15,831
Valuation methods				Black-Scholes Model
Dividend yield				6.475%
Expected maturity				0 year
Number of shares measured as of the closing<br>date (*2)(*3)		As of December 31, 2024		865,494 shares
		As of December 31, 2023		865,717 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				January 1, 2026
Fair value (Unit: Korean Won) (*1)				14,839
Valuation methods				Black-Scholes Model
Dividend yield				6.475%
Expected maturity				1 years
Number of shares measured as of the closing<br>date (*2)(*3)		As of December 31, 2024		737,601 shares
		As of December 31, 2023		744,943 shares

• 127 -

Subject to				Shares granted for the year 2023
Type of payment				Cash-settled
Vesting period				January 1, 2023 ~ December 31, 2026
Date of payment				January 1, 2027
Fair value (Unit: Korean Won) (*1)				13,909
Valuation methods				Black-Scholes Model
Dividend yield				6.475%
Expected maturity				2 years
Number of shares measured as of the closing<br>date (*2)(*3)		As of December 31, 2024		755,920 shares
		As of December 31, 2023		763,148 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				January 1, 2028
Fair value (Unit: Korean Won) (*1)				13,037
Valuation methods				Black-Scholes Model
Dividend yield				6.475%
Expected maturity				3 years
Number of shares measured as of the closing<br>date (*2)(*3)		As of December 31, 2024		1,189,935 shares
		As of December 31, 2023		—
(*1)	As of December 31, 2024, the fair value calculated using the Black-Scholes model was used to measure<br>liabilities by reflecting the average dividend rate for the past four years to the stock price of the weighted average of Woori Financial Group’s trading volume for the past week, month and two months.
:---	:---
(*2)	At the initial point in time (January 1st of each fiscal year), the maximum number of shares granted is<br>determined. The final number of shares to be paid is confirmed based on the evaluation results of long-term performance indicators over a total of four years, including the current year. The final compensation is then paid in cash, reflecting the<br>stock price at the time of payment. The long-term performance indicators include relative shareholder returns, net income, return on equity (ROE), cost-to-income ratio<br>(C/I ratio), non-performing loan ratio, and performance in assigned duties.
:---	:---
(*3)	As of December 31, 2024, the remaining quantity and granted quantity are the same.
:---	:---
(*4)	It has been fully paid during the year ended December 31, 2024.
:---	:---
2)	The Bank accounts for performance condition share-based payments according to the cash-settled method and the<br>fair value of the liabilities is reflected in the compensation costs by re-measuring per every closing period. As of December 31, 2024 and 2023, the book value of the liabilities related to the<br>performance condition share-based payments recognized by the Bank is 50,674 million Won and 37,142 million Won, respectively.
:---	:---

• 128 -

41.	OTHER NON-OPERATING INCOME (EXPENSES)
(1)	Details of gains or losses on valuation of investments in subsidiaries and associates recognized for the years<br>ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---
		2024			2023
Impairment loss			2,386			1,786
(2)	Details of other non-operating income and expenses recognized for the<br>years ended December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---	---	---
		2024				2023
Other non-operating income			145,933				161,028
Other non-operating expenses			(174,773	)			(184,531	)
Total			(28,840	)			(23,503	)
(3)	Details of other non-operating income recognized for the years ended<br>December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---
		2024			2023
Rental fee income			29,338			33,649
Dividend gains on investment in subsidiaries and associates			73,339			54,135
Equity method trading income			12,609			33,081
Gains on disposal of assets held for sale			—			3,027
Gains on disposal of properties and equipment, intangible assets and other assets			337			1,416
Others (*)			30,310			35,720
Total			145,933			161,028
(*)	Other special gains related to other provisions for the years ended December 31, 2024 and 2023 include<br>2,517 million Won and 14,060 million Won, respectively.
:---	:---
(4)	Details of other non-operating expenses recognized for the years ended<br>December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---
		2024			2023
Depreciation on investment properties			7,810			5,682
Interest expenses of rent leasehold deposits			1,631			1,657
Losses on disposal of properties and equipment, intangible assets and other assets			1,435			1,217
Impairment loss of properties and equipment, intangible assets and other assets			217			22
Donation			111,022			54,520
Others (*)			52,658			121,433
Total			174,773			184,531
(*)	Other special losses related to other provisions for the years ended December 31, 2024 and 2023 are<br>31,023 million Won and 64,568 million Won, respectively.
:---	:---

• 129 -

42.	INCOME TAX EXPENSE
(1)	Details of income tax expenses for the years ended December 31, 2024 and 2023 are as follows (Unit: Korean<br>Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---	---	---
		2024				2023
Current tax expense
Current tax expense in respect of the current year			474,798				537,116
Adjustments recognized in the current period in relation to the current tax of prior<br>periods			(32,584	)			(19,816	)
Current tax charged to other equity directly			4,383				535
Sub-total			446,597				517,835
Deferred tax expense
Change in deferred tax assets (liabilities) relating to the temporary differences			404,805				433,178
Deferred tax charged to other equity directly			16,585				(236,221	)
Sub-total			421,390				196,957
Income tax expense			867,987				714,792
(2)	Income tax expenses reconciled to net income before income tax expense for the years ended December 31,<br>2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---	---
		2024			2023
Net income before income tax expense			3,662,539			2,991,932
Tax calculated at statutory tax rate (*)			956,548			779,508
Adjustments
Effect of income that is exempt from taxation			(30,868	)		(32,743	)
Effect of expense not deductible in determining taxable profit			11,816			7,324
Adjustments recognized in the current period in relation to the current tax of prior<br>periods			(32,584	)		(19,816	)
Effect of income tax expense that is resulting from consolidated tax return			(66,172	)		(49,020	)
Others			29,247			29,539
Sub-total			(88,561	)		(64,716	)
Income tax expense			867,987			714,792
Effective tax rate			23.7	%		23.9	%
(*)	The applicable income tax rate; 1) 9.9% for below 200 million Won, 2) 20.9% for above 200 million Won<br>and below 20 billion Won, 3) 23.1% for above 20 billion Won and below 300 billion Won, 4) 26.4% for above 300 billion Won.
:---	:---

• 130 -

(3)	Changes in cumulative temporary differences for the years ended December 31, 2024 and 2023, are as follows<br>(Unit: Korean Won in millions):
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Beginning balance				Recognized as income<br>(loss)				Recognized as other<br>comprehensive income (loss)				Ending balance
Gain (loss) on financial assets			(146,804	)			(114,842	)			8,509				(253,137	)
Gain (loss) on valuation of derivatives			49,556				(276,552	)			—				(226,996	)
Accrued income			(128,508	)			16,235				—				(112,273	)
Provision for loan losses			879				18,078				—				18,957
Loans and receivables written off			4,382				112				—				4,494
Loan origination costs and fees			(145,464	)			(15,809	)			—				(161,273	)
Defined benefit liability			373,503				45,500				20,584				439,587
Deposits with employee retirement insurance trust			(445,731	)			(17,569	)			—				(463,300	)
Provision for guarantee			7,803				(2,209	)			—				5,594
Other provision			150,961				(43,955	)			—				107,006
Others			(92,845	)			(30,379	)			(12,507	)			(135,731	)
Net deferred tax assets (liabilities)			(372,268	)			(421,390	)			16,586				(777,072	)
		For the year ended December 31, 2023
		Beginning balance				Recognized as income<br>(loss)				Recognized as other<br>comprehensive income (loss)				Ending balance
Gain (loss) on financial assets			383,056				(270,677	)			(259,183	)			(146,804	)
Gain (loss) on valuation of derivatives			25,474				24,082				—				49,556
Accrued income			(106,801	)			(21,707	)			—				(128,508	)
Provision for loan losses			306				573				—				879
Loans and receivables written off			4,399				(17	)			—				4,382
Loan origination costs and fees			(142,201	)			(3,263	)			—				(145,464	)
Defined benefit liability			327,013				22,659				23,831				373,503
Deposits with employee retirement insurance trust			(414,551	)			(31,180	)			—				(445,731	)
Provision for guarantee			7,188				615				—				7,803
Other provision			79,761				71,200				—				150,961
Others			(102,734	)			10,758				(869	)			(92,845	)
Net deferred tax assets (liabilities)			60,910				(196,957	)			(236,221	)			(372,268	)
(4)	Unrealizable temporary differences as of December 31, 2024 and 2023, are as follows (Unit: Korean Won in<br>millions):
:---	:---
		December 31, 2024				December 31, 2023
---	---	:---:	---	---	---	:---:	---	---
Deductible temporary differences			258,693				258,693
Taxable temporary differences			(108,055	)			(108,055	)
Total			150,638				150,638

No deferred income tax asset has been recognized for the deductible temporary difference of 258,693 million Won associated with investments in subsidiaries as of December 31, 2024, because it is not probable that the temporary differences will be reversed in the foreseeable future.

• 131 -

No deferred income tax liability has been recognized for the taxable temporary difference of 108,055 million Won associated with investment in subsidiaries as of December 31, 2024, due to the following reasons:

•	The Bank can control the timing of the reversal of the temporary differences.
•	It is probable that the temporary differences will not be reversed in the foreseeable future.
:---	:---
(5)	Details of accumulated deferred tax charged directly to other equity as of December 31, 2024 and 2023 are<br>as follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024				December 31, 2023
---	---	:---:	---	---	---	:---:	---	---
Net loss on valuation of financial assets at FVTOCI			(18,030	)			(26,539	)
Net loss on changes in credit risk of financial liabilities designated to be measured at<br>FVTPL			(483	)			—
Net gain (loss) on foreign currency translation of foreign operations			(8,778	)			3,246
Net gain (loss) on evaluation of hedges of net investment in foreign operations			2,955				(1,428	)
Remeasurement gain related to defined benefit plan			25,979				5,396
Total			1,643				(19,325	)
(6)	Current tax assets and liabilities as of December 31, 2024 and 2023, are as follows (Unit: Korean Won in<br>millions):
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Current tax assets			33,122			126,388
Current tax liabilities			76,361			23,061
(7)	Under the Pillar 2 legislation, the parent company is required to pay additional taxes on the difference<br>between the GloBE effective tax rate of each constituent entity’s jurisdiction and the minimum tax rate of 15%. Since all companies within the parent company have a GloBE effective tax rate exceeding 15% in their respective countries, there is<br>no impact from the Pillar 2 corporate tax, and consequently, there is no impact on the bank either.
:---	:---

• 132 -

43.	EARNINGS PER SHARE (“EPS”)
(1)	Basic EPS is calculated by dividing net income by weighted average number of common shares outstanding for the<br>years ended December 31, 2024 and 2023 (Unit: Korean Won in millions, except for EPS and number of shares):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---	---	---
		2024				2023
Net income for the period attributable to common shareholders			2,794,552				2,277,140
Dividends to hybrid securities			(76,249	)			(95,637	)
Net income attributable to common shareholders			2,718,303				2,181,503
Weighted average number of common shares outstanding (Unit: million shares)			716				716
Basic EPS (Unit: Korean Won)			3,797				3,047
(2)	The weighted average number of common shares outstanding for the years ended December 31, 2024 and 2023<br>are as follows:
:---	:---
		For the year ended December 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---
		Period			Number of<br>shares			Days				Accumulated<br>number of shares<br>outstanding<br>during period
Common shares issued at the beginning of the period			2024-01-01 ~ 2024-12-31			716,000,000			366				262,056,000,000
Sub-total (①)													262,056,000,000
Weighted average number of common shares<br>outstanding (②=(①/366)													716,000,000
		For the year ended December 31, 2023
		Period			Number of<br>shares			Days				Accumulated<br>number of shares<br>outstanding<br>during period
Common shares issued at the beginning of the period			2023-01-01 ~ 2023-12-31			716,000,000			365				261,340,000,000
Sub-total (①)													261,340,000,000
Weighted average number of common shares<br>outstanding (②=(①/365)													716,000,000

Diluted EPS is equal to basic EPS because there is no dilution effect for the years ended December 31, 2024 and 2023.

• 133 -

44.	CONTINGENT LIABILITIES AND COMMITMENTS
(1)	Details of guarantees as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024 (*)			December 31, 2023 (*)
---	---	:---:	---	---	:---:	---
Confirmed guarantees
Guarantee for loans			60,571			58,205
Acceptances			202,342			106,456
Guarantees in acceptances of imported goods			63,488			74,695
Other confirmed guarantees			10,893,270			8,309,663
Sub-total			11,219,671			8,549,019
Unconfirmed guarantees
Local letter of credit			163,053			161,608
Letter of credit			3,120,971			2,822,982
Other unconfirmed guarantees			1,465,226			1,471,553
Sub-total			4,749,250			4,456,143
Commercial paper purchase commitments and others			2,734,770			3,024,758
Total			18,703,691			16,029,920
(*)	Includes financial guarantees of 6,978,786 million Won and 6,539,824 million Won as of<br>December 31, 2024 and December 31, 2023, respectively.
:---	:---
(2)	Details of loan commitments and others as of December 31, 2024 and 2023 are as follows (Unit: Korean Won<br>in millions):
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Loan commitments			88,385,611			83,196,929
Other commitments			6,871,259			7,170,064
(3)	Litigation case
:---	:---

Legal cases where the Bank is involved as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions except for number of cases):

		December 31, 2024						December 31, 2023
		As plaintiff			As defendant			As plaintiff			As defendant
Number of cases (*)			19 cases			195 cases			29 cases			140 cases
Amount of litigation			257,936			232,073			257,683			164,314
Provisions for litigations						14,383						16,053
(*)	The number of cases as of December 31, 2024 and 2023 does not include cases such as loan-related execution<br>or simple extension of loan prescription, litigation where the substantive party is not the Bank, or fraudulent lawsuits.
:---	:---
(4)	Others
:---	:---

During the year ended December 31, 2023, there was an investigation by the Korea Fair Trade Commission regarding the loan-to-value ratio, and the Bank received the examination report in January 2024 but the impact on the Bank’s financial statements as of December 31, 2024 cannot be reasonably estimated.

• 134 -

45.	RELATED PARTY TRANSACTIONS

Related parties of the Bank as of December 31, 2024 and its assets and liabilities recognized as of December 31, 2024 and 2023 and major transactions with related parties for the years ended December 31, 2024 and 2023 and compensation to key management are as follows:

(1)	Related parties
		Related parties
---	---	:---:
Parent company		Woori Financial Group Inc.
Subsidiaries		Woori America Bank, PT Bank Woori Saudara Indonesia 1906 Tbk, Woori Global Markets Asia Limited, Woori Bank China Limited, AO Woori Bank, Banco Woori Bank do Brasil S.A., Korea BTL Infrastructure Fund, Woori Bank (Cambodia) PLC,<br>Woori Finance Myanmar Co., Ltd., Wealth Development Bank, Woori Bank Vietnam Limited, Woori Bank Europe, Woori Bank Principal Guaranteed Trust and Woori Bank Principal and Interest Guaranteed Trust(Consolidated Trusts), Jeonju Iwon Ltd. and 45 SPCs,<br>Heungkuk Global Private Placement Investment Trust No.1 and 14 beneficiary certificates
Associates		W Service Networks Co., Ltd., Korea Credit Bureau Co., Ltd., Korea Finance Security Co., Ltd., LOTTE CARD Co., Ltd., K BANK Co., Ltd., and others (Dongwoo C & C Co., Ltd. and 38 associates)
Other related parties		Woori Card Co., Ltd. and its subsidiaries, Woori Investment Securities Co., Ltd. and its subsidiaries and associates (*), Woori FIS Co., Ltd., Woori Private Equity Asset Management Co., Ltd. and its associates, Woori Finance<br>Research Institute Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund Service Co., Ltd., Woori Asset Management Co., Ltd. and its subsidiaries and associates, Woori Asset Trust Co., Ltd., Woori Financial Capital Co., Ltd. and its subsidiaries<br>and associates, Woori Financial F&I Co., Ltd. and its subsidiaries and associates, Woori Savings Bank, Woori Japan General Type Private Real Estate Feeder Investment Trust No.1-1 and its subsidiaries, Godo<br>Kaisha Oceanos No. 1, WOORI ZIP 1, WOORI ZIP 2, JC Assurance Private Equity Partnership No. 2, IGEN 2022 Private Equity Fund No.1, Woori Venture Partners Co., Ltd., Woori Japan General Type Private Real Estate Feeder Investment Trust No.2-1
(*)	Woori Investment Bank Co., Ltd. was renamed to Woori Investment Securities Co., Ltd. following a merger with<br>Korea Foss Securities Co., Ltd. for the year ended December 31, 2024.
:---	:---

• 135 -

(2)	Major assets and liabilities from transactions with related parties are as follows (Unit: Korean Won in<br>millions):
Related parties				A title of account		December 31, 2024				December 31, 2023
:---:	---	---	---	:---:	---	:---:	---	---	---	:---:	---	---
Parent company		Woori Financial Group Inc.		Other assets			33,632				125,489
				Deposits due to customers			1,285,912				1,363,507
				Other liabilities			63,893				20,635
Subsidiaries		Woori America Bank		Cash and cash equivalents			528,095				79,816
				Loans			—				17,119
				Expected credit loss allowance			—				(11	)
				Other assets			3				7
		PT Bank Woori Saudara Indonesia 1906 Tbk		Cash and cash equivalents			45,884				20,785
				Loans			205,800				322,350
				Expected credit loss allowance			(412	)			(198	)
				Other assets			48				26
		Woori Global Markets Asia Limited		Loans			415,455				404,506
				Expected credit loss allowance			(235	)			(248	)
				Other assets			55				6
				Deposits due to customers			8,371				1,790
		Woori Bank China<br><br>Limited		Cash and cash equivalents			61,263				19,781
				Other assets			13,313				4,940
				Deposits due to customers			389,395				279,069
				Borrowings			43,405				13,589
				Other liabilities			13,303				4,892
		AO Woori Bank		Cash and cash equivalents			74,761				35,186
				Loans			155,932				153,741
				Expected credit loss allowance			(1,110	)			(3,570	)
				Other assets			15,459				7,143
				Deposits due to customers			6,119				5,394
		Woori Finance Myanmar Co., Ltd.		Loans			10,114				8,701
				Expected credit loss allowance			(19	)			(18	)
				Other assets			16				20
				Other liabilities			241				128
		Woori Bank Vietnam<br><br>Limited		Cash and cash equivalents			15,064				10,318
				Loans			29,844				283,251
				Expected credit loss allowance			(58	)			(601	)
				Other assets			70				6,483
				Deposits due to customers			2,423				2,159
				Borrowings			44,100				434,780
				Other liabilities			1,175				4,280
		Woori Bank (Cambodia) PLC		Loan			308,700				699,757
				Expected credit loss allowance			(592	)			(1,451	)
				Other assets			3				14
				Other liabilities			328				178
		Woori Bank Europe		Cash and cash equivalents			3,426				5,086
				Loans			478,495				571,156
				Expected credit loss allowance			(1,083	)			(2,175	)
				Other assets			7,200				2,713
				Borrowings			81,327				66,801
		Banco Woori Bank do Brasil S.A.		Loans			8,232				3,739
				Expected credit loss allowance			(5	)			(2	)
				Other assets			57				10
		Wealth Development Bank		Other assets			—				4
				Other liabilities			120				39
		Korea BTL Infrastructure Fund		Other assets			9				9
		Consolidated trusts		Other liabilities			105,332				181,973
		Consolidated SPC		Loans			8,759				9,956
				Expected credit loss allowance			(27	)			(37	)
				Derivative assets			14,027				11,125
				Other assets			243				522
				Deposits due to customers			6,600				7,597
				Derivative liabilities			720				6,020
				Other liabilities			9,064				22,372
		Consolidated beneficiary certificates		Derivative liabilities			2,003				1,016

• 136 -

Related parties			A title of account		December 31, 2024			December 31, 2023
Associates	W Service Networks Co., Ltd.		Deposits due to customers			3,054			3,245
			Other liabilities			309			40
	Korea Credit Bureau Co., Ltd.		Deposits due to customers			780			771
	Korea Finance Security Co., Ltd.		Loans			3,200			3,197
			Expected credit loss allowance			(42	)		(71	)
			Deposits due to customers			1,145			1,323
			Other liabilities			3			5
	LOTTE CARD Co., Ltd.		Loans			14,700			—
			Expected credit loss allowance			(28	)		—
			Derivative assets			1,075			—
			Other assets			48			—
			Deposits due to customers			20,207			62,587
			Other liabilities			273			289
	K BANK Co., Ltd.		Other assets			—			18
			Other liabilities			193,719			214,135
	Others (*)		Loans			41			41
			Deposits due to customers			1,993			3,632
			Other liabilities			232			992
Other related parties	Woori Card Co., Ltd. and its subsidiaries		Loans			5,880			5,158
			Expected credit loss allowance			(39	)		(37	)
			Derivative assets			315			95
			Other assets			12,943			4,580
			Borrowings			25,482			24,002
			Deposits due to customers			48,464			42,496
			Derivative liabilities			69,580			38,286
			Other liabilities			26,262			25,500
	Woori Investment Securities Co., Ltd. and its subsidiaries and associates		Deposits due to customers			990,946			230,276
			Other liabilities			2,811			16,870
	Woori FIS Co., Ltd.		Other assets			111			514
			Deposits due to customers			6,968			14,157
			Other liabilities			17,631			26,322
	Woori Private Equity Asset Management Co., Ltd. and its associates		Derivative assets			255			—
			Deposits due to customers			12,730			28,824
			Derivative liabilities			—			1,249
			Other liabilities			1			248
	Woori Finance Research Institute Co., Ltd.		Deposits due to customers			1,839			1,718
			Other liabilities			534			503
	Woori Credit Information Co., Ltd.		Other assets			7			—
			Deposits due to customers			9,469			10,537
			Other liabilities			9,857			10,038
	Woori Fund Service Co., Ltd.		Deposits due to customers			17,910			18,019
			Other liabilities			1,681			1,698
	Woori Asset Management Co., Ltd. and its subsidiaries and associates		Deposits due to customers			21,302			4,763
			Other liabilities			—			33
	Woori Asset Trust Co., Ltd.		Deposits due to customers			198,773			93,742
			Other liabilities			253			386

• 137 -

Related parties				A title of account		December 31, 2024			December 31, 2023
		Woori Financial Capital Co., Ltd. and its subsidiaries and associates		Deposits due to customers			473,951			41,786
				Derivative liabilities			—			455
				Other liabilities			6,177			1,187
		Woori Financial F&I Co., Ltd. and its subsidiaries and associates		Loans			4,900			165,800
				Expected credit loss allowance			(9	)		(855	)
				Other assets			—			71
				Deposits due to customers			13,984			20,012
				Other liabilities			178			39
		Woori Japan General Type Private Real Estate Feeder Investment Trust No.1-1 and its subsidiaries		Loans			—			19,589
				Expected credit loss allowance			—			(14	)
				Other assets			—			24
				Deposits due to customers			—			153
				Derivative liabilities			1			186
		Woori Savings Bank		Other assets			14			11
		Godo Kaisha Oceanos No. 1		Loans			38,770			38,122
				Expected credit loss allowance			(272	)		(58	)
				Other assets			63			33
		Woori Venture Partners Co., Ltd.		Deposits due to customers			78,494			23,000
				Other liabilities			359			151
		WOORI ZIP 1		Loans			—			11,317
				Expected credit loss allowance			—			(1	)
				Other assets			—			21
		WOORI ZIP 2		Loans			—			16,063
				Expected credit loss allowance			—			(1	)
				Other assets			—			30
		JC Assurance Private Equity Partnership No. 2		Deposits due to customers			28			74
		IGEN 2022 Private Equity Fund No. 1		Deposits due to customers			427			506
		Woori Japan General Type Private Real Estate Feeder Investment Trust No.2-1		Derivative liabilities			—			587
(*)	Others include Partner One Value Up I Private Equity Fund, Dongwoo C & C Co., Ltd. and others as of<br>December 31, 2024 and December 31, 2023.
:---	:---

• 138 -

(3)	Major gain or loss from transactions with related parties are as follows (Unit: Korean Won in millions):
						For the years ended<br>December 31
---	---	---	---	---	---	:---:	---	---	---	---	---
Related parties				A title of account		2024			2023
Parent company		Woori Financial Group Inc.		Fees income			19			34
				Other income			4,277			4,315
				Interest expenses			51,778			63,806
				Fees expenses			1,625			1,625
Subsidiaries		Woori America Bank		Interest income			347			619
				Fees income			432			306
				Other income			210			202
				Provision (Reversal) of impairment losses due to credit loss			(11	)		7
		PT Bank Woori Saudara Indonesia 1906 Tbk		Interest income			17,856			32,056
				Dividends income			16,697			13,993
				Fees income			254			177
				Provision (Reversal) of impairment losses due to credit loss			213			(150	)
		Woori Global Markets Asia Limited		Interest income			23,387			22,298
				Fees income			150			6
				Provision (Reversal) of impairment losses due to credit loss			(14	)		(4	)
		Woori Bank China Limited		Interest income			48			367
				Fees income			579			445
				Gain on derivatives			54,050			20,060
				Interest expenses			444			464
				Fees expenses			217			134
				Loss on derivatives			10,824			21,344
				Reversal of impairment losses due to credit loss			—			(8	)
		AO Woori Bank		Interest income			7,306			7,412
				Fees income			1			4
				Provision (Reversal) of impairment losses due to credit loss			(2,460	)		799
		Banco Woori Bank do Brasil S.A.		Interest income			725			370
				Fees income			29			10
				Reversal of impairment losses due to credit loss			2			—
		Wealth Development Bank		Fees income			13			15
				Provision (Reversal) of impairment losses due to credit loss			81			5
		Korea BTL Infrastructure Fund		Dividends income			24,374			26,657
				Fees income			73			73
		Woori Finance Myanmar Co., Ltd.		Interest income			718			592
				Fees income			204			117
				Provision (Reversal) of impairment losses due to credit loss			22			16

• 139 -

						For the years ended<br>December 31
Related parties				A title of account		2024			2023
		Woori Bank Vietnam Limited		Interest income			1,335			15,935
				Dividends income			6,483			—
				Fees income			515			382
				Gain on derivatives			1			—
				Interest expenses			12,951			8,095
				Provision (Reversal) of impairment losses due to credit loss			(546	)		617
		Woori Bank (Cambodia) PLC		Interest income			30,337			4,231
				Fees income			492			470
				Provision (Reversal) of impairment losses due to credit loss			(708	)		1,144
		Woori Bank Europe		Interest income			20,034			20,117
				Fees income			124			62
				Provision (Reversal) of impairment losses due to credit loss			(1,092	)		1,857
		Consolidated trusts		Other income			5,728			6,552
				Interest expenses			3,547			6,193
		Consolidated beneficiary certificates		Gain on derivatives			—			602
				Loss on derivatives			988			—
		Consolidated SPC		Interest income			573			145
				Fees income			22,895			20,690
				Gain on derivatives			9,869			23,781
				Interest expenses			5			—
				Loss on derivatives			909			—
				Provision (Reversal) of impairment losses due to credit loss			(1,585	)		5,906
Associates		W Service Networks Co., Ltd.		Dividends income			5			5
				Other income			35			—
				Interest expenses			37			35
		Korea Credit Bureau Co., Ltd.		Dividends income			90			90
				Interest expenses			—			9
		Korea Finance Security Co., Ltd.		Interest income			142			181
				Interest expenses			3			3
				Provision (Reversal) of impairment losses due to credit loss			(30	)		28
		LOTTE CARD Co., Ltd.		Interest income			1,581			—
				Fees income			3,739			3,903
				Dividends income			15,591			13,199
				Gain on derivatives			1,075			—
				Interest expenses			4,127			5,665
				Loss es on derivatives			457			—
				Provision (Reversal) of impairment losses due to credit loss			12			186

• 140 -

						For the years ended<br>December 31
Related parties				A title of account		2024				2023
		Others (*)		Dividends income			10,100				191
				Interest expenses			18,044				9,332
Other related parties		Woori Card Co., Ltd. and its subsidiaries		Interest income			974				673
				Fees income			89,354				96,666
				Gain on derivatives			2,865				6,162
				Other income			1,119				303
				Interest expenses			163				409
				Fees expenses			684				512
				Loss on derivatives			45,027				1,827
				Provision (Reversal) of impairment losses due to credit loss			(12	)			54
		Woori Investment Securities Co., Ltd. and its subsidiaries and associates		Interest income			5				82
				Fees income			2,874				2,100
				Other income			1,098				577
				Interest expenses			107				104
				Fees expenses			47				338
				Provision (Reversal) of impairment losses due to credit loss			(14	)			114
				Other expenses			91				—
		Woori FIS Co., Ltd.		Fees income			681				600
				Other income			7,725				10,622
				Interest expenses			—				2
				Other expenses			135,264				268,487
		Woori Private Equity Asset Management Co., Ltd. and its associates		Fees income			23				18
				Gain on derivatives			255				—
				Interest expenses			553				1,094
				Loss on derivatives			268				675
		Woori Finance Research Institute Co., Ltd.		Fees income			20				18
				Other income			806				732
				Interest expenses			78				78
		Woori Credit Information Co., Ltd.		Fees income			91				83
				Other income			765				751
				Interest expenses			507				449
				Fees expenses			17,249				16,399
		Woori Fund Service Co., Ltd.		Fees income			51				288
				Other income			384				284
				Interest expenses			587				551
				Fees expenses			35				106
		Woori Asset Management Co., Ltd. and its subsidiaries and associates		Fees income			89				78
				Interest expenses			25				65
				Fees expenses			—				167
		Woori Asset Trust Co., Ltd.		Fees income			262				277
				Interest expenses			5,538				2,966
				Fees expenses			11,905				7,652

• 141 -

						For the years ended<br>December 31
Related parties				A title of account		2024			2023
		Woori Financial Capital Co., Ltd. and its subsidiaries and associates		Interest income			—			18
				Fees income			3,965			3,401
				Gain on derivatives			—			999
				Interest expenses			47			49
				Loss on derivatives			6			—
				Provision (Reversal) of impairment losses due to credit loss			(6	)		85
				Other expenses			1,857			787
		Woori Financial F&I Co., Ltd. and its subsidiaries and associates		Interest income			9,739			533
				Fees income			576			180
				Interest expenses			15			15
				Provision (Reversal) of impairment losses due to credit loss			(707	)		892
		Woori Savings Bank		Fees income			925			989
		Woori Venture Partners Co., Ltd.		Fees income			—			78
				Interest expenses			1,523			598
		Woori Japan General Type Private Real Estate Feeder Investment Trust No.1-1 and its subsidiaries		Interest income			196			280
				Provision (Reversal) of impairment losses due to credit loss			(14	)		6
				Loss on derivatives			465			186
		Godo Kaisha Oceanos No. 1		Interest income			702			381
				Provision (Reversal) of impairment losses due to credit loss			214			26
		IGEN 2022 Private Equity Fund No.1		Interest expenses			1			1
		WOORI ZIP 1		Interest income			59			124
				Provision (Reversal) of impairment losses due to credit loss			(1	)		—
		WOORI ZIP 2		Interest income			84			177
				Provision (Reversal) of impairment losses due to credit loss			(1	)		1
		Woori Japan General Type Private Real Estate Feeder Investment Trust No.2-1		Loss on derivatives			44			541
(*)	Others include Partner One Value Up I Private Equity Fund, Dongwoo C & C Co., Ltd. and others as of<br>December 31, 2024 and 2023.
:---	:---

• 142 -

(4)	Major loan transactions with related parties for the years ended December 31, 2024 and 2023 are as<br>follows (Unit: Korean Won in millions):
				For the year ended December 31, 2024
---	---	---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
Related parties				Beginning<br>balance			Loan			Collection			Others			Ending<br>balance (*)
Subsidiaries		PT Bank Woori Saudara Indonesia 1906 Tbk			322,350			373,520			528,924			38,854			205,800
		Woori Global Markets Asia Limited			404,506			757,502			789,077			42,524			415,455
		AO Woori Bank			153,741			388,872			387,889			1,208			155,932
		Banco Woori Bank do Brasil S.A.			3,739			32,424			28,681			750			8,232
		Woori Finance Myanmar Co., Ltd.			8,701			176			—			1,237			10,114
		Woori Bank Vietnam Limited			283,251			81,880			337,698			2,411			29,844
		Woori Bank (Cambodia) PLC			699,757			52,223			408,820			(34,460	)		308,700
		Woori America Bank			17,119			17,317			34,964			528			—
		Woori Bank Europe			571,156			2,470,815			2,557,929			(5,547	)		478,495
		Consolidated SPC			9,956			1,022			2,219			—			8,759
Associates		LOTTE CARD Co., Ltd.			—			263,306			250,000			1,394			14,700
		Korea Finance Security Co., Ltd.			3,197			2,300			2,297			—			3,200
		Others			41			—			—			—			41
Other related Parties		Woori Financial Capital Co., Ltd. and its subsidiaries and associates			—			50,000			50,000			—			—
		Woori Card Co., Ltd. and its subsidiaries			5,158			—			—			722			5,880
		Woori Financial F&I Co., Ltd. and its subsidiaries and associates			165,800			856,300			1,017,200			—			4,900
		Woori Japan General Type Private Real Estate Feeder Investment Trust No.1-1 and its subsidiaries			19,589			—			19,784			195			—
		Godo Kaisha Oceanos No. 1			38,122			—			—			648			38,770
		WOORI ZIP 1			11,317			—			11,227			(90	)		—
		WOORI ZIP 2			16,063			—			15,936			(127	)		—
(*)	Settlement payment from normal operation among the related parties were excluded, and in the case of a limited<br>loan, it was presented as a net increase or decrease.
:---	:---
				For the year ended December 31, 2023
---	---	---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
Related parties				Beginning<br>balance			Loan			Collection			Others			Ending<br>balance (*)
Subsidiaries		PT Bank Woori Saudara Indonesia 1906 Tbk			582,958			66,995			341,095			13,492			322,350
		Woori Global Markets Asia Limited			422,470			852,313			878,863			8,586			404,506
		Woori Bank China Limited			15,539			39,114			56,418			1,765			—
		AO Woori Bank			148,839			521,368			522,914			6,448			153,741
		Banco Woori Bank do Brasil S.A.			8,491			3,768			8,590			70			3,739
		Woori Finance Myanmar Co., Ltd.			7,894			687			—			120			8,701
		Woori Bank Vietnam Limited			53,098			716,900			509,878			23,131			283,251
		Woori Bank (Cambodia) PLC			763,168			434,626			309,422			(188,615	)		699,757
		Woori America Bank			16,214			68,468			68,194			631			17,119
		Woori Bank Europe			533,726			1,532,423			1,516,152			21,159			571,156
		Consolidated SPC			2,469,820			37,662			2,498,566			1,040			9,956
Associates		LOTTE CARD Co., Ltd.			50,000			201,510			251,510			—			—
		Korea Finance Security Co., Ltd.			3,397			2,497			2,697			—			3,197
		Others			251			41			251			—			41
Other related Parties		Woori Investment Bank Co., Ltd. and its subsidiaries and associates			—			1,522			1,522			—			—
		Woori Card Co., Ltd. and its subsidiaries			5,069			—			—			89			5,158
		Woori Financial F&I Co., Ltd. and its subsidiaries			—			216,300			50,500			—			165,800
		Woori G Japan General Type Private Real Estate Feeder Investment Trust No.1-1 and its subsidiaries			20,459			—			—			(870	)		19,589
		Godo Kaisha Oceanos No. 1			39,814			—			—			(1,692	)		38,122
		WOORI ZIP 1			11,819			—			—			(502	)		11,317
		WOORI ZIP 2			16,776			—			—			(713	)		16,063
(*)	Settlement payment from normal operation among the related parties were excluded, and in case of a limited<br>loan, it was presented as a net increase or decrease.
:---	:---

• 143 -

(5)	Changes in major deposits due to customers with related parties for the years ended December 31, 2024 and<br>2023 are as follows (Unit: Korean Won in millions):
				For the year ended December 31, 2024
---	---	---	---	:---:	---	---	---	---	---	---	---	---	---	---
Related parties				Beginning<br>balance			Borrowings			Repayment<br>and others			Ending<br>balance (*)
Parent company		Woori Financial Group Inc.			1,354,000			4,703,000			4,783,000			1,274,000
Subsidiaries		Woori Global Markets Asia Limited			—			51,883			45,358			6,525
Associates		W Service Networks Co., Ltd.			1,000			2,000			2,000			1,000
		Win Mortgage Co., Ltd.			600			2,266			1,479			1,387
Other related parties		Woori Credit Information Co., Ltd.			6,199			4,500			5,100			5,599
		Woori Fund Service Co., Ltd.			17,000			15,500			17,000			15,500
		Woori Investment Securities Co., Ltd. and its subsidiaries and associates			2,000			2,431			2,000			2,431
		Woori Finance Research Institute Co., Ltd.			—			9,600			8,800			800
		Woori Asset Trust Co., Ltd.			56,000			874,816			755,816			175,000
		Woori Private Equity Asset Management Co., Ltd. and its associates			22,000			114,000			126,000			10,000
		Woori Venture Partners Co., Ltd.			23,000			201,000			148,000			76,000
(*)	The details of payments made between related parties and the deposits due to customers that can be taken in and<br>out easily are excluded.
:---	:---
				For the year ended December 31, 2023
---	---	---	---	:---:	---	---	---	---	---	---	---	---	---	---
Related parties				Beginning<br>balance			Borrowings			Repayment<br>and others			Ending<br>balance (*)
Parent company		Woori Financial Group Inc.			1,595,000			5,379,000			5,620,000			1,354,000
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			—
		Win Mortgage Co., Ltd.			—			1,200			600			600
Other related parties		Woori Credit Information Co., Ltd.			4,699			4,600			3,100			6,199
		Woori Fund Service Co., Ltd.			14,500			17,000			14,500			17,000
		Woori Investment Bank Co., Ltd. and its subsidiaries and associates			2,000			—			—			2,000
		Woori Finance Research Institute Co., Ltd.			—			14,100			14,100			—
		Woori Asset Trust Co., Ltd.			96,000			605,286			645,286			56,000
		Woori Private Equity Asset Management Co., Ltd. and its associates			42,000			53,000			73,000			22,000
		Woori Asset Management Co., Ltd. and its subsidiaries and associates			10,000			—			10,000			—
		Woori Venture Partners Co., Ltd.			—			97,000			74,000			23,000
(*)	The details of payments made between related parties and the deposits due to customers that can be taken in and<br>out easily are excluded.
:---	:---

• 144 -

(6)	Major borrowing transactions with related parties for the years ended December 31, 2024 and 2023 are as<br>follows (Unit: Korean Won in millions):
				For the year ended December 31, 2024
---	---	---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
Related parties				Beginning<br>balance			Borrowings			Repayment			Others			Ending<br>balance
Subsidiaries		Woori Bank China Limited			13,589			127,565			97,749			—			43,405
		Woori Bank Vietnam Limited			434,780			180,720			571,400			—			44,100
		Woori Bank Europe			66,801			173,284			158,758			—			81,327
Other related parties		Woori Card Co., Ltd. and its subsidiaries			24,002			282,802			281,322			—			25,482
				For the year ended December 31, 2023
---	---	---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---
Related parties				Beginning<br>balance			Borrowings			Repayment			Others			Ending<br>balance
Subsidiaries		Woori Bank China Limited			5,447			55,005			46,863			—			13,589
		Woori Bank<br><br>Vietnam Limited			304,152			617,405			486,777			—			434,780
		Woori Bank Europe			47,373			150,958			131,530			—			66,801
Other related parties		Woori Card Co., Ltd. and its subsidiaries			20,918			312,746			309,662			—			24,002
(7)	Guarantees with the related parties are as follows (Unit: Korean Won in millions):
:---	:---
1)	The amount of guarantees provided to the related parties by the Bank as of December 31, 2024 and 2023 are<br>as follows:
:---	:---
		December 31, 2024			December 31, 2023			Warranty
---	---	:---:	---	---	:---:	---	---	:---:
PT Bank Woori Saudara Indonesia 1906 Tbk			46,081			47,235		Confirmed guarantees in foreign currencies and others
Woori Bank China Limited			234,196			221,820		Confirmed guarantees in foreign currencies and others
AO Woori Bank			11,811			11,502		Confirmed guarantees in foreign currencies and others
Banco Woori Bank do Brasil S.A.			10,560			10,552		Confirmed guarantees in foreign currencies and others
Woori Global Markets Asia Limited			262,395			233,577		Confirmed guarantees in foreign currencies and others
Woori Bank Europe			56,570			23,527		Confirmed guarantees in foreign currencies and others
Woori Bank Vietnam Limited			95,882			111,348		Confirmed guarantees in foreign currencies and others
Woori Finance Myanmar Co., Ltd.			20,286			13,926		Confirmed guarantees in foreign currencies
Wealth Development Bank			46,599			17,407		Confirmed guarantees in foreign currencies
LOTTE CARD Co., Ltd.			1,691			1,483		Confirmed guarantees in foreign currencies
2)	The amount of guarantees and unused loan commitments provided by the related parties to the Bank as of<br>December 31, 2024 and 2023 are as follows:
:---	:---
		December 31, 2024			December 31, 2023			Warranty
---	---	:---:	---	---	:---:	---	---	:---:
Woori Card Co., Ltd. and its subsidiaries			122,847			124,091		Loan commitment in local currency
Woori Bank Vietnam Limited			226,515			242,283		Confirmed guarantees in foreign currencies and others
PT Bank Woori Saudara Indonesia 1906 Tbk			—			5,304		Confirmed guarantees in foreign currencies and others
Woori Bank China Limited			3,375			4,222		Confirmed guarantees in foreign currencies and others

• 145 -

(8)	The amount of commitments of derivatives and other commitments to the related parties as of December 31,<br>2024 and 2023 are as follows (Unit: Korean Won in millions):
		Warranty		December 31,<br>2024			December 31,<br>2023
---	---	:---:	---	:---:	---	---	:---:	---
Woori Private Equity Asset Management Co., Ltd. and its associates		Derivatives			9,719			9,471
Woori Card Co., Ltd. and its subsidiaries		Derivatives			484,000			417,880
		Unsettled commitment			500,000			500,000
Woori Investment Securities Co., Ltd. and its subsidiaries and associates		Unsettled commitment			150,000			150,000
Woori Financial Capital Co., Ltd. and its subsidiaries and associates		Derivatives			—			40,000
		Unsettled commitment			200,000			200,000
Woori Financial F&I Co., Ltd. and its subsidiaries and associates		Unsettled commitment			345,100			67,800
Woori Finance Myanmar Co., Ltd.		Unsettled commitment			—			170
Woori Bank China Limited		Derivatives			115			150
Woori Bank (Cambodia) PLC		Loan commitment in foreign currency			398,370			220,487
		Unsettled commitment			248,430			111,275
Korea BTL Infrastructure Fund		Securities purchase commitment			240,078			240,078
Woori Bank Vietnam Limited		Loan commitment in foreign currency			—			7,543
		Unsettled commitment			117,156			90,675
Consolidated beneficiary certificates		Derivatives			15,767			14,714
		Securities purchase commitment			650,997			1,049,936
Consolidated SPC		Commercial paper purchase commitment and others			2,153,730			2,434,900
		Unsettled commitment			13,141			10,744
		Derivatives			1,131,500			1,443,400
Korea Finance Security Co., Ltd.		Unsettled commitment			400			403
LOTTE CARD Co., Ltd.		Unsettled commitment			498,400			498,400
		Derivatives			350,000			—
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		Securities purchase commitment			4,664			4,664
Crevisse Lime Impact 1st Startup Venture Specialist Private Equity Fund		Securities purchase commitment			148			243
Samsung Together Korea IPPF Private Securities Investment Trust 3 [Equity-FoFs]		Securities purchase commitment			990,000			990,000
Woori-Q Corporate Restructuring Private Equity<br>Fund		Securities purchase commitment			—			9,011

• 146 -

		Warranty		December 31,<br>2024			December 31,<br>2023
STASSETS No. 3 Private Equity Investment Limited Specialized In Start-up Ventures		Securities purchase commitment			3,000			6,000
NH Woori Newdeal Growth Alpha Private Equity Fund 1		Securities purchase commitment			11,379			26,404
BTS 2nd Private Equity Fund		Securities purchase commitment			1,854			4,774
Woori Financial Digital Investment Association No. 1		Securities purchase commitment			—			11,000
Woori Corporate Turnaround No. 1 Private Equity Fund		Securities purchase commitment			21,639			—
Green ESG Growth No. 1 Private Equity Fund		Securities purchase commitment			19,136			24,264
Woori Busan Logistics Infra Private Placement Special Asset Investment Trust		Securities purchase commitment			—			13,099
Woori Equity Bridge Loan Private Placement Investment Trust No. 1		Securities purchase commitment			16,835			29,835
Woori GP Commitment Loan Private Placement Investment Trust No. 1		Securities purchase commitment			1,294			4,448
Woori GP Commitment Loan Private Placement Investment Trust No. 2		Securities purchase commitment			2,640			5,320
Woori GP Commitment Loan Private Placement Investment Trust No. 3		Securities purchase commitment			12,165			16,477
Woori Global Mid-market Secondaries Private Placement<br>Investment Trust No. 1		Securities purchase commitment			6,162			8,546
Woori Senior Loan Private Placement Investment Trust No. 2		Securities purchase commitment			—			80,750
Woori Renewable New Deal Private Placement Investment Trust No. 1		Securities purchase commitment			15,574			32,366
Woori Woori Bank Partners Private Placement Investment Trust No. 1		Securities purchase commitment			327,861			332,452
Woori Woori Bank Partners Private Placement Investment Trust No. 2		Securities purchase commitment			386,165			431,226
Woori Private Real Estate Investment Trust No. 1		Securities purchase commitment			75,137			137,163
Woori Private Real Estate Investment Trust No. 5		Securities purchase commitment			72,712			106,758
Woori Japan General Type Private Real Estate Feeder Investment Trust No.1-1 and its subsidiaries		Derivatives			72			16,826
Woori Japan General Type Private Real Estate Feeder Investment Trust No. 2-1		Derivatives			—			7,075

• 147 -

	Warranty		December 31,<br>2024			December 31,<br>2023
Woori Japan Blind General Type Private Real Estate Feeder Investment Trust No.1	Securities purchase commitment			331			323
Woori Policy-type New Deal (Infra Investment) Private Placement Investment Trust No.1	Securities purchase commitment			5,312			20,056
Woori Equity Investment General Type Private Investment Trust No.1	Securities purchase commitment			456			456
Woori Innovative Growth New Deal Private Placement Investment Trust No.3	Securities purchase commitment			—			27,300
Woori Fund Financing General Type Private Investment Trust	Securities purchase commitment			14,056			—
Woori Natixis Partnership Global Private Debt Fund<br>No. 1-1 ()	Securities purchase commitment			117,236			—
Woori Seoul Beltway Private Special Asset Fund No. 1	Securities purchase commitment			30,949			34,437
JC Assurance Private Equity Partnership No. 2	Securities purchase commitment			859			859
Woori Asset Global Partnership Fund No. 5	Securities purchase commitment			97,500			127,500
Woori New Growth Credit Fund 1	Securities purchase commitment			23,050			25,177
Woori Clean Energy General Type Private Placement Investment Trust No.2	Securities purchase commitment			5,390			8,647
Woori Innovative Growth (Infrastructure) General Type Private Investment Trust No.2	Securities purchase commitment			27,429			28,272
Woori General Type Private Real Estate Investment Trust No. 6	Securities purchase commitment			81,265			275,940
Woori ESG Infrastructure Development General Type Private Investment Trust No. 2	Securities purchase commitment			7,359			8,694
Synaptic Future Growth Private Equity Fund I	Securities purchase commitment			2,649			4,389
Woori Dongbu Underground Expressway General Type Private Special Asset Investment Trust	Securities purchase commitment			15,178			—
Woori PE Secondary Private Placement Investment Trust No. 1	Securities purchase commitment			30,496			—
WOORI REFS GENERAL TYPE INVESTMENT TRUST No. 1	Securities purchase commitment			12,523			—
Woori Bank Partners General Type Private Investment Trust No.3	Securities purchase commitment			320,230			—
Woori Private Real Estate Investment Trust No. 7	Securities purchase commitment			152,541			—

All values are in US Dollars.

• 148 -

	Warranty		December 31,<br>2024			December 31,<br>2023
Woori Senior Loan Private Placement Investment Trust No. 3	Securities purchase commitment			229,008			—
Woori Natixis Partnership Global Private Debt Fund No. 1-2 ()	Securities purchase commitment			140,643			—
Woori Future Energy Private Special Asset Investment Trust (General) No.1	Securities purchase commitment			33,600			—

All values are in Euros.

As of December 31, 2024 and 2023, the recognized provisions for guarantees and commitments are 8,367 million Won and 9,608 million Won, respectively, in relation to the guarantees provided to the related parties above.

• 149 -

(9)	The details of major investment and recovery transactions with related parties for the years ended<br>December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
	For the year ended December 31, 2024
---	:---:	---	---	---	---
The same parent company and its associates	Investment and others<br>(*)			Recovery and others<br>(*)
Green ESG Growth NO.1 Private Equity Fund		5,128			5,813
Woori Busan Logistics Infra Private Placement Special Asset Investment Trust		13,099			7
Woori Equity Bridge Loan Private Placement Investment Trust No. 1		48,491			36,104
Woori GP Commitment Loan Private Placement Investment Trust No.1		9,918			12,956
Woori GP Commitment Loan Private Placement Investment Trust No.2		15,625			18,755
Woori GP Commitment Loan Private Placement Investment Trust No.3		4,835			726
Woori Global Mid-market Secondaries Private<br>Placement Investment Trust No. 1		2,897			1,065
Woori Senior Loan Private Placement Investment Trust No. 2		228,019			215,818
Woori Renewable New Deal Private Placement Investment Trust No. 1		16,792			—
Woori Woori Bank Partners Private Placement Investment Trust No. 1		4,591			—
Woori Woori Bank Partners Private Placement Investment Trust No. 2		45,061			—
Woori Private Real Estate Investment Trust No. 1		12,026			25,501
Woori Private Real Estate Investment Trust No. 2		19,662			19,590
Woori Private Real Estate Investment Trust No. 5		34,046			—
Woori Japan General Type Private Real Estate Feeder Investment Trust No.1-2		16,335			19,514
Woori Japan Blind General Type Private Real Estate Feeder Investment Trust No.1		87,028			79,930
Woori Policy-Type New Deal (Infra Investment) Private Placement Investment Trust No.1		14,744			18,726
Woori Innovative Growth New Deal Private Placement Investment Trust No.3		27,300			—
Dream Company Growth no.1 PEF		—			4,510
Midas No. 8 Private Equity Joint Venture Company		—			119
Synaptic Green No.1 PEF		5,000			4,780
IGEN 2022 Private Equity Fund No. 1		4,600			5,026
Woori Senior Loan Private Placement Investment Trust No. 1		63,348			117,541
Woori Seoul Beltway Private Special Asset Fund No. 1		3,487			25
Woori Safe Plus General Type Private Investment Trust<br>S-8(Bond)		—			10,327
Woori General Private Equity Investment Trust 1 (Bond)		—			51,672
Woori General Private Equity Investment Trust 2 (Bond)		—			30,821
Japanese Hotel Real Estate Private Equity Fund No.2		6,347			5,382
Woori New Growth Credit Fund 1		26,950			25,194
Woori Clean Energy General Type Private Placement Investment Trust No.2		3,257			—
Woori Innovative Growth (Infrastructure) General Type Private Investment Trust No.2		843			—
Woori General Type Private Real Estate Investment Trust No. 6		194,675			3,132
Woori ESG Infrastructure Development General Type Private Investment Trust No. 2		1,335			—
Woori General Private Equity Investment Trust 3 (Bond)		—			60,398
Woori Asset Global Partnership Fund No. 5		30,000			—
Synaptic Future Growth Private Equity Fund I		7,401			7,976
Woori Dongbu Underground Expressway General type Private Special Asset Investment Trust		2,022			—
Woori PE Secondary Private Placement Investment Trust No. 1		17,851			8,660
Woori Short Term Government and Special Bank Bond Active ETF		—			12,287
WOORI REFS GENERAL TYPE INVESTMENT TRUST No. 1		37,477			274
Woori General Private Equity Investment Trust 5 (Bond)		60,000			—
Woori Big Satisfaction Private 3(Bond)		10,000			—
Woori General Private Equity Investment Trust 6 (Bond)		40,000			—
Woorinara New Growth TOP 20 Securities Investment Trust No. 1 (Stocks)		1,000			1,000
Woori Big Satisfaction Money Market Fund 1 (Government & Agency Bonds)		700,666			1,254,670
Woori Korea Ultra Short-term Bond Securities Investment Trust (Bond)		50,000			50,000
Woori General Private Equity Investment Trust 7 (Bond)		40,000			—
Woori Fund Financing General Type Private Investment Trust		134,945			15,281
Woori Natixis Partnership Global Private Debt Fund No.<br>1-1()		28,882			428
Woori Private Real Estate Investment Trust No. 7		47,459			180
Woori Senior Loan Private Placement Investment Trust No. 3		70,992			—
Woori Smart General Private Equity Investment Trust No.1 (Bond)		40,000			—
Woori Real Estate Investment No. 1 Limited Liability Company		10,000			—

All values are in US Dollars.

(*)	Investment and recovery transactions of subsidiaries and associates are described in Note 13. (5).

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	For the year ended December 31, 2023
The same parent company and its associates	Investment and others<br>(*)			Recovery and others<br>(*)
Green ESG Growth No. 1 Private Equity Fund		5,736			—
Woori Busan Logistics Infra Private Placement Special Asset Investment Trust		6,700			—
Woori G Equity Bridge Loan Private Placement Investment Trust No. 1		41,015			32,054
Woori G GP Commitment Loan Private Placement Investment Trust No. 1		1,826			5,253
Woori G GP Commitment Loan Private Placement Investment Trust No. 2		4,240			961
Woori G GP Commitment Loan Private Placement Investment Trust No. 3		523			—
Woori G Global Mid-market Secondaries Private Placement<br>Investment Trust No. 1		4,014			646
Woori G Senior Loan Private Placement Investment Trust No.2		99,250			6,718
Woori G Renewable New Deal Private Placement Investment Trust No. 1		2,659			66
Woori G Woori Bank Partners Private Placement Investment Trust No. 1		16,725			—
Woori G Woori Bank Partners Private Placement Investment Trust No. 2		194,990			—
Woori G Private Real Estate Investment Trust No. 1		114,776			—
Woori G Private Real Estate Investment Trust No. 5		10,465			—
Woori G Japan Blind General Type Private Real Estate Feeder Investment Trust No.1		—			2,938
Woori G Policy-Type New Deal (Infra Investment) Private Placement Investment Trust No.1		15,164			—
WooriG Equity Investment General Type Private Investment Trust No.1		—			1,726
Woori Short Term Government and Special Bank Bond Active ETF		19,013			19,013
Woori Innovative Growth New Deal Private Placement Investment Trust No.3		14,000			—
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)		2,000			—
Woori G Senior Loan Private Placement Investment Trust No. 1		—			3,915
Woori Short-term Bond Securities Investment Trust(Bond)<br>ClassC-F		—			10,119
Woori Seoul Beltway Private Special Asset Fund No. 1		2,709			—
Woori Smart General Private Equity Investment Trust 1(Bond)		40,000			—
Woori General Private Equity Investment Trust 1 (Bond)		50,000			—
Woori General Private Equity Investment Trust 2 (Bond)		30,000			—
Woori Big Satisfaction Money Market Fund (Government & Agency Bonds) Classic C		—			441,470
Woori New Growth Credit Fund 1		24,823			—
Woori G Clean Energy General Type Private Placement Investment Trust No.2		1,353			—
WooriG Innovation Growth(Infrastructure) General Type Private Investment Trust No.2		15,128			—
Woori Together Government & Agency Bonds Money Market Fund 1		65,195			—
Woori G Private Real Estate Investment Trust No. 6		24,060			—
Woori G ESG Infrastructure Development General Type Private Investment Trust No. 2		1,306			—
Woori General Private Equity Investment Trust 3 (Bond)		50,000			—
Woori Asset Global Partnership Fund No. 5		22,500			—
Synaptic Future Growth Private Equity Fund I		5,611			—
Woori PE Secondary Private Placement Investment Trust No. 1		8,678			—
WooriI25-09 Bond(above<br>AA-) Active ETF		29,001			—

All values are in US Dollars.

(*)	Investment and recovery transactions of subsidiaries and associates are described in Note 13. (5).
(10)	Compensation to key management is as follows (Unit: Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---
		2024			2023
Short-term employee benefits			14,655			11,810
Share-based payment			7,569			3,582
Retirement benefit service costs			833			632
Total			23,057			16,024

Key management includes registered executives and non-registered executives. Outstanding assets from transactions with key management amount to 3,523 million Won and 3,932 million Won, as of December 31, 2024 and 2023, respectively. Also, liabilities from transaction with key management amount to 69,372 million Won and 34,054 million Won as of December 31, 2024 and 2023, respectively.

(11)	The Bank and Woori Card Co., Ltd. and its subsidiaries are liable to jointly reimburse the Bank’s debts<br>before the split.

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(12)	Among the bonds issued by the Bank during the year ended December 31, 2024, Woori Investment Securities<br>Co., Ltd. acquired 40,000 million Won in hybrid securities and sold them all on the issuance date. Among the bonds issued by the Bank during the year ended December 31, 2023, Woori Investment Bank Co., Ltd. acquired 30,000 million Won<br>in hybrid securities and sold them all on the issuance date.
46.	TRUST ACCOUNTS
:---	:---
(1)	Trust accounts of the Bank as of December 31, 2024, and December 31, 2023 are as follows (Unit:<br>Korean Won in millions):
:---	:---
		Total assets						Operating income
---	---	:---:	---	---	---	---	---	:---:	---	---	---	---
		December 31, 2024			December 31, 2023			For the years ended December 31
								2024			2023
Trust accounts			85,894,740			75,636,483			2,544,969			2,296,627
(2)	Receivables and payables from the transactions between the Bank and trust accounts as of December 31, 2024<br>and 2023 are as follows (Unit: Korean Won in millions):
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Receivables
Trust fees receivables			46,273			48,383
Payables
Deposits due to customers			265,364			166,241
Borrowings from trust accounts			5,320,238			3,951,886
Total			5,585,602			4,118,127
(3)	Significant transactions between the Bank and trust accounts for the years ended December 31, 2024 and<br>2023 are as follows (Unit: Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---
		2024			2023
Revenue:
Trust fees			162,639			147,866
Termination fees			3,345			1,116
Total			165,984			148,982
Expense:
Interest expenses on deposits due to customers			955			957
Interest expenses on borrowings from trust accounts			152,045			94,292
Total			153,000			95,249

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(4)	Principal guaranteed trusts and principal and interest guaranteed trusts As of December 31, 2024 and 2023,<br>the carrying of principal guaranteed trusts and principal and interest guaranteed trusts are as follows (Unit: Korean Won in millions):
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Partial principal guaranteed trusts:
Household money			7,823			7,767
Corporate money			189			217
Installment plan purpose			1,544			1,515
Sub-total			9,556			9,499
Principal guaranteed trusts:
Old-age pension trusts			2,450			2,582
Personal pension trusts			399,860			429,068
Pension trusts			592,533			642,756
Retirement trusts			26,159			26,082
New personal pension trusts			6,084			6,441
New old-age pension trusts			815			892
Sub-total			1,027,901			1,107,821
Principal and interest guaranteed trusts:
Development trusts			19			19
Unspecified money trusts			334			334
Sub-total			353			353
Total			1,037,810			1,117,673

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47.	LEASES
(1)	The future lease payments under lease contracts as of December 31, 2024 and 2023 are as follows (Unit:<br>Korean Won in millions):
:---	:---
		December 31, 2024			December 31, 2023
---	---	:---:	---	---	:---:	---
Lease payments
Within one year			140,576			141,521
After one year but within five years			205,258			107,028
After five years			26,898			2,193
Total			372,732			250,742
(2)	Total cash outflows from leases for the years ended December 31, 2024 and 2023 are as follows (Unit:<br>Korean Won in millions):
:---	:---
		For the years ended December 31
---	---	:---:	---	---	---	---
		2024			2023
Cash outflows for leases			171,368			132,159
(3)	There are no lease payments that are not included in the measurement of lease liabilities due to the fact that<br>they are short-term leases or leases for which the underlying asset is of low value for the years ended December 31, 2024 and 2023. The variable lease payments not included in the measurement of lease liabilities for the years ended<br>December 31, 2024 and 2023 are 24,373 million Won and 32,016 million Won, respectively.
:---	:---
48.	EVENTS AFTER THE REPORTING PERIOD
:---	:---

In January, 2025, the Bank decided to implement a voluntary retirement program through labor-management agreement. As a result, the termination benefits to be recognized by the Bank in the first quarter of 2025 amount to 169,013 million Won.

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Independent Auditors’ Review Report on Internal Control over Financial Reporting

(Based on a report originally issued in Korean)

To the shareholders and board of directors of

Woori Bank :

We have reviewed the accompanying Report on the Operational Status of Internal Controls over Financial Reporting (the “ICFR Report”) of Woori Bank (the “Bank”) as of December 31, 2024. The Bank’s management is responsible for designing and maintaining effective ICFR and for its assessment of the effectiveness of ICFR. Our responsibility is to review management’s assessment and issue a report based on our review. In the accompanying report of management’s assessment of ICFR, the Bank’s management stated: “Based on the assessment of the operational status of the ICFR as of December 31, 2024, the Bank’s ICFR has been effectively designed and is operating as of December 31, 2024, in all material respects, in accordance with the Conceptual Framework for Designing and Operating Internal Control over Financial Reporting (the “Conceptual Framework”) issued by the Operating Committee of Internal Control over Financial Reporting in the Republic of Korea.(the “ICFR Committee”)”

We conducted our review in accordance with ICFR Review Standards issued by the Korean Institute of Certified Public Accountants. Those Standards require that we plan and perform the review to obtain assurance of a level less than that of an audit as to whether the Bank’s ICFR Report is free of material misstatement. Our review consists principally of obtaining an understanding of the Bank’s ICFR, inquiries of company personnel about the details of the report, and tracing to related documents we considered necessary in the circumstances.

A company’s ICFR is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with Korean International Financial Reporting Standards (“K-IFRS”). A company’s ICFR includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Bank, (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with K-IFRS, and that receipts and expenditures of the Bank are being made only in accordance with authorizations of management and directors of the Bank; and (3) regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Bank’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, ICFR may not prevent or detect material misstatements in the financial statements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Based on our review of the Bank’s ICFR Report, nothing has come to our attention that causes us to believe that the Bank’s ICFR Report as of December 31, 2024 is not prepared, in all material respects, in accordance with the Management Guideline for Evaluation and Reporting of Internal Control over Financial Reporting issued by the ICFR Committee.

This report applies to the Bank’s ICFR in existence as of December 31, 2024. We did not review the Bank’s ICFR subsequent to December 31, 2024. This report has been prepared for Korean regulatory purposes, pursuant to the Act on External Audit of Stock Companies, Etc. and may not be appropriate for other purposes or for other users.

KPMG Samjong Accounting Corp.

Seoul, Korea

March 4, 2025

Notice to Readers

This report is annexed in relation to the audit of the separate financial statements as of and for the year ended December 31, 2024.

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