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Published: 2023-05-16 06:06:57 ET

EX-99.1 2 d488777dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF AND FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022

WOORI FINANCIAL GROUP INC.


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

Consolidated Interim Financial Statements

Consolidated Interim Statements of Financial Position		4

Consolidated Interim Statements of Comprehensive Income		5-6

Consolidated Interim Statements of Changes in Equity		7

Consolidated Interim Statements of Cash Flows		8-9

Notes to the Consolidated Interim Financial Statements		10-143

Independent Auditor’s Review Report

Based on a report originally issued in Korean

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

Reviewed Financial Statements

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

Management’s Responsibility

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

Auditor’s review responsibility

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

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

Conclusion

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

Other Matter

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

The accompanying consolidated interim statements of comprehensive income, changes in equity and cash flows for the three-month periods ended March 31, 2022, were reviewed by other auditors whose report thereon, dated May 16, 2022, expressed that nothing came to their attention that caused them to believe that those condensed interim consolidated financial statements are not prepared, in all material respects, in accordance with K-IFRS No.1034 Interim Financial Reporting. The condensed consolidated interim financial statements that other auditors reviewed are those before reflecting the adjustments described in Note2. The accompanying condensed consolidated interim financial statements for the three-month periods ended March 31, 2022, presented for comparative purposes, are those after reflecting such adjustments.

- 1 -

The consolidated statement of financial position of the Group as of December 31, 2022, and the related consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, which are not accompanying this report, were audited by other auditors in accordance with Korean Standards on Auditing and their report thereon, dated March 7, 2023, expressed an unqualified opinion. The accompanying consolidated statement of financial position of the Group as of December 31, 2022, presented for comparative purposes, is consistent, in all material respects, with the audited consolidated statement of financial position from which it has been derived.

/s/ KPMG Samjong Accounting Corp.

Seoul, Korea

May 15, 2023

This report is effective as of May 15, 2023, the review report date. Certain subsequent events or circumstances, which may occur between the review report date and the time of reading this report, could have a material impact on the accompanying condensed consolidated interim financial statements and notes thereto. Accordingly, the readers of the review report should understand that the above review has not been updated to reflect the impact of such subsequent events or circumstances, if any.

- 2 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF AND FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022

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

Jong Yong Yim

President and Chief Executive Officer

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

(Phone Number) 02-2125-2000

- 3 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	March 31, 2023			December 31, 2022
	(Korean Won in millions)
ASSETS
Cash and cash equivalents (Note 6)		30,987,076			34,219,148
Financial assets at fair value through profit or loss (“FVTPL”) (Notes 4, 7, 11, and 24)		21,421,279			19,860,573
Financial assets at fair value through other comprehensive income (“FVTOCI”) (Notes 4, 8, and 11)		33,747,133			33,085,080
Securities at amortized cost (Notes 4, 9, and 11)		27,284,525			28,268,516
Loans and other financial assets at amortized cost (Notes 4, 10, 11, and 39)		355,155,285			355,760,729
Investments in joint ventures and associates (Note 12)		1,483,043			1,305,636
Investment properties (Notes 13)		489,219			387,707
Premises and equipment (Notes 14)		3,149,085			3,142,930
Intangible assets (Note 15)		960,296			849,114
Assets held for sale (Note 16)		13,866			13,772
Net defined benefit asset (Note 22)		167,570			319,280
Current tax assets		16,672			53,274
Deferred tax assets		24,988			109,299
Derivative assets (Designated for hedging) (Notes 4,11 and 24)		64,376			37,786
Other assets (Notes 17 and 39)		3,114,842			3,061,552

Total assets		478,079,255			480,474,396

LIABILITIES
Financial liabilities at fair value through profit or loss (“FVTPL”) (Notes 4, 11, 18 and 24)		9,021,513			8,952,399
Deposits due to customers (Notes 4,11,19 and 39)		325,922,030			342,105,209
Borrowings (Notes 4, 11 and 20)		30,963,552			28,429,603
Debentures (Notes 4, 11 and 20)		42,206,757			44,198,486
Provisions (Notes 21, 38 and 39)		528,101			545,865
Net defined benefit liability (Note 22)		36,449			35,202
Current tax liabilities		843,313			843,555
Deferred tax liabilities		221,234			31,799
Derivative liabilities (Designated for hedging) (Notes 4,11 and 24)		175,362			202,911
Other financial liabilities (Notes 4, 11, 23 and 39)		34,785,419			22,811,868
Other liabilities (Notes 6, 23 and 40)		771,912			690,157

Total liabilities		445,475,642			448,847,054

EQUITY
Owners’ equity (Note 26)
Capital stock		3,640,303			3,640,303
Hybrid securities		3,411,676			3,112,449
Capital surplus		680,517			682,385
Other equity		(1,932,498	)		(2,423,392	)
Retained earnings		23,859,669			23,750,152

		29,659,667			28,761,897

Non-controlling interests		2,943,946			2,865,445

Total equity		32,603,613			31,627,342

Total liabilities and equity		478,079,255			480,474,396

The accompanying notes are part of this consolidated financial statements.

- 4 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	For the three-month periods ended March 31
	2023			2022
	(Korean Won in millions)
Interest income		4,929,138			2,940,758
Financial assets at FVTPL		43,975			16,673
Financial assets at FVTOCI		208,248			141,591
Financial assets at amortized cost		4,676,915			2,782,494
Interest expense		(2,710,317	)		(953,092	)

Net interest income (Notes 11, 28 and 39)		2,218,821			1,987,666
Fees and commissions income		619,262			576,920
Fees and commissions expense		(201,168	)		(171,220	)

Net fees and commissions income (Notes 11, 29 and 39)		418,094			405,700
Dividend income (Notes 11, 30 and 39)		49,080			47,023
Net gain on financial instruments at FVTPL (Notes 11, 31and 39)		238,498			115,386
Net gain(loss) on financial assets at FVTOCI (Notes 11 and 32)		331			271
Net gain arising on financial assets at amortized cost (Note 11)		64,306			48,068
Impairment losses due to credit loss (Notes 33 and 39)		(261,573	)		(166,068	)
General and administrative expense (Notes 34 and 39)		(1,036,980	)		(976,128	)
Other net operating expense (Notes 11, 24, 34 and 39)		(438,577	)		(233,476	)

Operating income		1,252,000			1,228,442
Share of gain of joint ventures and associates (Note 12)		7,142			(12,819	)
Other non-operating income and expense		11,179			(50,546	)

Non-operating income and expense (Note 35)		18,321			(63,365	)
Net income before income tax expense		1,270,321			1,165,077
Income tax expense (Note 36)		(323,699	)		(292,605	)
Net income		946,622			872,472

Net gain(loss) on valuation of equity securities at FVTOCI		80,423			943
Changes in capital due to equity method		3,700			33
Remeasurement gain(loss) related to defined benefit plan		(93,867	)		35,543

Items that will not be reclassified to profit or loss:		(9,744	)		36,519

Net gain(loss) on valuation of debt securities at FVTOCI		237,055			(223,872	)
Changes in capital due to equity method		1,388			502
Net gain(loss) on foreign currency translation of foreign operations		175,550			59,192
Net gain(loss) on valuation of hedges of net investments in foreign operations		(23,205	)		(3,949	)
Net gain(loss) on valuation of cash flow hedge		(10,333	)		1,404

Items that may be reclassified to profit or loss:		380,455			(166,723	)
Other comprehensive income (loss), net of tax		370,711			(130,204	)
Total comprehensive income		1,317,333			742,268

(Continued)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	For the three-month periods ended March 31
	2023		2022
	(Korean Won in millions)
Net income attributable to:		946,622		872,472
Net income attributable to owners		913,686		839,188
Net income attributable to non-controlling interests		32,936		33,284

Total comprehensive income attributable to:		1,317,333		742,268
Comprehensive income attributable to owners		1,272,696		707,072
Comprehensive income attributable to non-controlling interests		44,637		35,196

Earnings per share (Note 37)
Basic and diluted earnings per share (Unit: In Korean Won)		1,214		1,127

The accompanying notes are part of this consolidated financial statements.

- 6 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	Capital Stock		Hybrid securities		Capital surplus			Other equity			Retained earnings			Owners’ equity in total			Non- controlling interests			Total equity
	(Korean Won in millions)
January 1, 2022		3,640,303		2,294,381		682,385			(2,167,614	)		21,392,564			25,842,019			3,008,176			28,850,195
Total comprehensive income
Net income		—		—		—			—			839,188			839,188			33,284			872,472
Net loss on valuation of financial instruments at FVTOCI		—		—		—			(222,649	)		—			(222,649	)		(280	)		(222,929	)
Net gain(loss) due to disposal of equity securities at FVTOCI		—		—		—			(49	)		49			—			—			—
Changes in capital due to equity method		—		—		—			535			—			535			—			535
Gain on foreign currency translation of foreign operations		—		—		—			57,021			—			57,021			2,171			59,192
Loss on valuation of hedges of net investments in foreign operations		—		—		—			(3,949	)		—			(3,949	)		—			(3,949	)
Gain on valuation of cash flow hedge		—		—		—			1,404			—			1,404			—			1,404
Capital related to noncurrent assets held for sale		—		—		—			(247	)		247			—			—			—
Remeasurement gain related to defined benefit plan		—		—		—			35,522			—			35,522			21			35,543
Transactions with owners and others
Dividends to common stocks		—		—		—			—			(546,044	)		(546,044	)		(9,922	)		(555,966	)
Issuance of hybrid securities		—		299,363		—			—			—			299,363			—			299,363
Dividends to hybrid securities		—		—		—			—			(19,151	)		(19,151	)		(15,399	)		(34,550	)
Changes in subsidiaries’ capital		—		—		—			27,364			(27,364	)		—			1			1

March 31, 2022 (Unaudited)		3,640,303		2,593,744		682,385			(2,272,662	)		21,639,489			26,283,259			3,018,052			29,301,311

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

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

The accompanying notes are part of this consolidated financial statements.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	For the three-month periods ended March 31
	2023			2022
	(Korean Won in millions)
Cash flows from operating activities (Note 2):
Net income		946,622			872,472
Adjustments to net income:
Income tax expense		323,699			292,605
Interest income		(4,929,138	)		(2,940,758	)
Interest expense		2,710,317			953,092
Dividend income		(49,080	)		(47,023	)

		(1,944,202	)		(1,742,084	)

Additions of expenses not involving cash outflows:
Loss on financial instruments at FVTPL		—			449,594
Loss on financial assets at FVTOCI		1,849			916
Impairment loss due to credit loss		261,573			166,068
Loss on other provisions		3,740			1,334
Retirement benefit		28,139			41,177
Depreciation and amortization		245,979			218,905
Net loss on foreign currency translation		160,543			12,528
Loss on derivatives (designated for hedge)		5,409			113,925
Loss on fair value hedge		28,206			—
Loss on valuation of investments in joint ventures and associates		2,878			28,231
Loss on disposal of investments in joint ventures and associates		—			2,373
Loss on disposal of premises and equipment, intangible assets and other assets		439			685
Impairment loss on premises and equipment, intangible assets and other assets		—			336
Other loss		—			62,196

		738,755			1,098,268

Deductions of income not involving cash inflows:
Gain on financial instruments at FVTPL		400,618			—
Gain on financial assets at FVTOCI		2,180			1,187
Gain on other provisions		2,451			6,184
Gain on derivatives (designated for hedge)		69,880			16,450
Gain on fair value hedge		5,640			108,592
Gain on valuation of investments in joint ventures and associates		10,021			15,412
Gain on disposal of investments in joint ventures and associates		—			561
Gain on disposal of premises and equipment, intangible assets and other assets		237			9,019
Reversal of impairment loss on premises and equipment, intangible assets and other assets		137			278
Other income		—			35,718

		491,164			193,401

Changes in operating assets and liabilities:
Financial instruments at FVTPL		(617,889	)		(283,643	)
Loans and other financial assets at amortized cost		7,152,300			(3,223,426	)
Other assets		(192,465	)		(512,646	)
Deposits due to customers		(17,586,384	)		4,961,070
Provisions		(22,717	)		(492	)
Net defined benefit liability		(2,524	)		(3,093	)
Other financial liabilities		8,104,221			7,086,168
Other liabilities		43,110			81,879

		(3,122,348	)		8,105,817

Interest income received		(36,967	)		2,819,364
Interest expense paid		560,131			(900,855	)
Dividends received		12,456			23,677
Income tax paid		(114,802	)		(82,485	)

		420,818			1,859,701

Net cash inflow from operating activities		(3,451,519	)		10,000,773

(Continued)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	For the three-month periods ended March 31
	2023			2022
	(Korean Won in millions)
Cash flows from investing activities
Cash in-flows from investing activities:
Disposal of financial instruments at FVTPL		3,846,186			1,537,136
Disposal of financial assets at FVTOCI		5,211,812			5,274,194
Redemption of securities at amortized cost		2,774,733			1,380,542
Disposal of investments in joint ventures and associates		16,889			68,984
Disposal of investment properties		—			2,020
Disposal of premises and equipment		417			109
Disposal of intangible assets		50			654
Disposal of assets held for sale		—			18,510
Net increase of other assets		11,245			15,396

		11,861,332			8,297,545

Cash out-flows from investing activities:
Net cash out-flows from obtaining control		209,643			—
Acquisition of financial instruments at FVTPL		4,169,740			1,841,788
Acquisition of financial assets at FVTOCI		5,146,596			6,748,028
Acquisition of securities at amortized cost		1,651,900			2,544,559
Acquisition of investments in joint ventures and associates		52,002			70,010
Acquisition of investment properties		99,429			—
Acquisition of premises and equipment		22,291			20,217
Acquisition of intangible assets		36,956			32,401
Changes in subsidiaries		80,561			—

		11,469,118			11,257,003

Net cash outflow from investing activities		392,214			(2,959,458	)

Cash flows from financing activities:
Cash in-flows from financing activities:
Net cash in-flows from hedging activities		(453	)		—
Net increase in borrowings		1,917,741			1,696,091
Issuance of debentures		5,484,615			5,853,591
Net increase of other liabilities		460			773
Issuance of hybrid securities		299,227			299,362
Paid-in capital increase on non-controlling interests		—			1
Net increase in non-controlling equity liabilities		510			2,519

		7,702,100			7,852,337

Cash out-flows from financing activities:
Redemption of debentures		7,748,750			5,258,030
Redemption of lease liabilities		47,793			47,061
Dividends paid to hybrid securities		50,382			34,550
Dividends paid to non-controlling interest		11,479			2,703
Changes in non-controlling interests		180,514			—

		8,038,918			5,342,344

Net cash inflow from financing activities		(336,818	)		2,509,993

Effects of exchange rate changes on cash and cash equivalents		164,051			263,741
Net increase in cash and cash equivalents		(3,232,072	)		9,815,049
Cash and cash equivalents, beginning of the period		34,219,148			20,613,073

Cash and cash equivalents, end of the Period (Note 6)		30,987,076			30,428,122

The accompanying notes are part of this consolidated financial statements.

- 9 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

1.	GENERAL

(1)	Summary of the Parent company

Woori Financial Group, Inc. (hereinafter referred to as the “Parent company”) is primarily aimed at controlling subsidiaries that operate in the financial industry or those that are closely related to the financial industry through the ownership of shares and was established on January 11, 2019 under the Financial Holding Company Act through the comprehensive transfer with shareholders of Woori Bank (hereinafter referred to as the “Bank”), Woori FIS Co., Ltd., Woori Finance Research Institute Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund Services Co., Ltd. and Woori Private Equity Asset Management Co. Ltd. The headquarters of the Parent company is located at 51, Sogong-ro, Jung-gu, Seoul, Korea, and the capital stock is 3,640,303 million won. The Parent company’s stocks were listed on the Korea Exchange on February 13, 2019, and its American Depository Shares (“ADS”) are also being traded as the underlying common stock on the New York Stock Exchange since the same date.

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


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

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

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

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

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

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

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

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

- 10 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

As of March 23, 2023 the Parent company acquired a 53.9% interest (excluding treasury stocks, 52% interest including treasury stocks) in Woori Venture Partners Co., Ltd. (formerly Daol Investment Co., Ltd.), and added it as a consolidated subsidiary.

(1)	Details of the Parent company and subsidiaries (hereinafter ‘Group’) as of March 31, 2023 and December 31, 2022 are as follows:

Subsidiaries

Main business

Percentage of ownership
(%)

Location

Financial
statements date
of use

March 31,
2023

December 31,
2022

Held by Woori Financial Group Inc.

Woori Bank

Bank

100.0

Korea

March 31

Woori Card Co., Ltd.

Finance

100.0

Korea

March 31

Woori Financial Capital Co., Ltd.

Finance

100.0

Korea

March 31

Woori Investment Bank Co., Ltd.

Other credit finance business

58.7

Korea

March 31

Woori Asset Trust Co., Ltd.(*1)

Real estate trust

95.3

67.2

Korea

March 31

Woori Savings Bank

Mutual saving bank

100.0

Korea

March 31

Woori Asset Management Corp.

Finance

73.0

Korea

March 31

Woori Financial F&I Co., Ltd.

Finance

100.0

Korea

March 31

Woori Credit Information Co., Ltd.

Credit information

100.0

Korea

March 31

Woori Fund Service Co., Ltd.

Financial support service
business

100.0

Korea

March 31

Woori Private Equity Asset Management Co., Ltd.

Finance

100.0

Korea

March 31

Woori Global Asset Management Co., Ltd.

Finance

100.0

Korea

March 31

Woori FIS Co., Ltd.

System software
development & maintenance

100.0

Korea

March 31

Woori Finance Research Institute Co., Ltd.

Other service business

100.0

Korea

March 31

Woori Venture Partners

Other financial services

53.9

—

Korea

March 31

Held by Woori Bank

Woori America Bank

Finance

100.0

America

March 31

Woori Global Markets Asia Limited

Finance

100.0

Hong Kong

March 31

Woori Bank China Limited

Finance

100.0

China

March 31

AO Woori Bank (*7)

Finance

100.0

Russia

March 31

PT Bank Woori Saudara Indonesia 1906 Tbk

Finance

84.2

Indonesia

March 31

Banco Woori Bank do Brasil S.A.

Finance

100.0

Brazil

March 31

Korea BTL Infrastructure Fund

Finance

99.9

Korea

March 31

Woori Finance Myanmar Co., Ltd.

Finance

100.0

Myanmar

March 31

Wealth Development Bank

Finance

51.0

Philippines

March 31

Woori Bank Vietnam Limited

Finance

100.0

Vietnam

March 31

Woori Bank (Cambodia) PLC

Finance

100.0

Cambodia

March 31

Woori Bank Europe

Finance

100.0

Germany

March 31

Kumho Trust First Co., Ltd. (*2)

Asset securitization

0.0

Korea

March 31

Asiana Saigon Inc. (*2)

Asset securitization

0.0

Korea

March 31

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

Asset securitization

15.0

Korea

March 31

Jeonju IWon Ltd. (*2)

Asset securitization

0.0

Korea

March 31

Wonju I one Inc. (*2)

Asset securitization

0.0

Korea

March 31

Heitz Third Co., Ltd. (*2)

Asset securitization

0.0

Korea

March 31

Woorihansoop 1st Co., Ltd. (*2)

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

Wibihansoop 1st Co., Ltd. (*2)

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

Woori H 1st Co., Ltd. (*5)

Asset securitization

—

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

- 11 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

Subsidiaries

Main business

Percentage of ownership
(%)

Location

Financial
statements date
of use

March 31,
2023

December 31,
2022

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

Asset securitization

0.0

Korea

March 31

Woori KC No.1 Co., Ltd. (*2)

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

ATLANTIC TRANSPORTATION 1 S.A. (*2)

Asset securitization

0.0

Marshall islands

March 31

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

Asset securitization

0.0

Korea

March 31

HD Project Co., Ltd. (*2)

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

—

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Asset securitization

0.0

Korea

March 31

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

Securities investment
and others

98.8

Korea

March 31

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

Securities investment
and others

97.3

England

March 31

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

Securities investment
and others

99.0

Korea

March 31

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

Securities investment
and others

99.4

Korea

March 31

INMARK Spain Private Placement Real Estate Investment Trust No. 26-2 (*3)

Securities investment
and others

97.7

Korea

March 31

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

Securities investment
and others

98.8

Korea

March 31

IGIS Global Private Placement Real Estate Fund No. 316-1 (*3)

Securities investment
and others

99.3

Korea

March 31

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

Securities investment
and others

98.3

Korea

March 31

- 12 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

Subsidiaries

Main business

Percentage of ownership
(%)

Location

Financial
statements date
of use

March 31,
2023

December 31,
2022

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

Securities investment
and others

99.9

Korea

March 31

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

Securities investment
and others

97.0

Korea

March 31

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

Securities investment
and others

97.2

97.1

Korea

March 31

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

Securities investment
and others

97.2

Korea

March 31

Kiwoom Frontier Private Investment Trust No.23[Bond] (*3)

Securities investment
and others

99.8

Korea

March 31

Principal Guaranteed Trust (*4)

Trust

0.0

Korea

March 31

Principal and Interest Guaranteed Trust (*4)

Trust

0.0

Korea

March 31

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

Asset securitization

54.6

Luxembourg

March 31

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

Asset securitization

100

Belgium

March 31

Held by Woori Card Co., Ltd.

TUTU Finance –WCI Myanmar Co., Ltd.

Finance

100.0

Myanmar

March 31

PT Woori Finance Indonesia Tbk.

Finance

84.5

82.0

Indonesia

March 31

Woori Card 2019-1 Securitization Specialty Co., Ltd. (*2)(*5)

Asset securitization

—

0.5

Korea

March 31

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

Asset securitization

0.5

Korea

March 31

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

Asset securitization

0.5

Korea

March 31

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

Asset securitization

0.5

Korea

March 31

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

Asset securitization

0.5

Korea

March 31

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

Asset securitization

0.5

Korea

March 31

Held by Woori Financial Capital Co., Ltd.

Specified Money Market Trust

Trust

100.0

Korea

March 31

Held by Woori Investment Bank Co., Ltd.

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

WJ2008 Securitization Specialty Co., Ltd. (*5)

Asset securitization

—

5.0

Korea

March 31

- 13 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

Subsidiaries

Main business

Percentage of ownership
(%)

Location

Financial
statements date
of use

March 31,
2023

December 31,
2022

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

Held by Woori Asset Management Corp.

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

Securities investment
and others

86.1

88.0

Korea

March 31

Woori Together TDF 2035 (*3)

Securities investment
and others

56.3

57.1

Korea

March 31

Woori Together TDF 2040 (*3)

Securities investment
and others

57.8

58.3

Korea

March 31

Woori Together TDF 2045 (*3)

Securities investment
and others

68.5

69.3

Korea

March 31

Woori Together TDF 2050 (*3)

Securities investment
and others

65.5

66.3

Korea

March 31

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

Securities investment
and others

93.6

91.1

Korea

March 31

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

Securities investment
and others

69.5

71.8

Korea

March 31

Woori Together OCIO Target Return Master fund (*3) (*8)

Securities investment
and others

100.0

Korea

March 31

Woori Together OCIO Target Return Feeder fund (*3)

Securities investment
and others

76.1

81.2

Korea

March 31

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

Securities investment
and others

77.0

Korea

March 31

Woori Multi Return Private Equity 2(*3)

Securities investment
and others

30.9

Korea

March 31

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

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

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

Asset securitization

5.0

Korea

March 31

Held by Woori Venture Partners Co., Ltd.

Woori Venture Partners US

Other financial services

100.0

—

America

March 31

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

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

Securities investment
and others

100.0

Korea

March 31

Held by Woori Global Asset Management Co., Ltd.

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

Securities investment
and others

35.6

37.9

Korea

March 31

- 14 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

Subsidiaries

Main business

Percentage of ownership
(%)

Location

Financial
statements date
of use

March 31,
2023

December 31,
2022

Woori G Happy Retirement Lifetime Income TIF Mixed Asset Investment Trust[FoF] C(Y) (*3)

Securities investment
and others

99.3

Korea

March 31

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

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

Securities investment
and others

90.0

Korea

March 31

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

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

Securities investment
and others

85.0

Korea

March 31

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

Securities investment
and others

94.3

Korea

March 31

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

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

Securities investment
and others

100.0

Korea

March 31

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

Securities investment
and others

80.0

Korea

March 31

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

Securities investment
and others

100.0

Korea

March 31

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

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

Securities investment
and others

70.0

Korea

March 31

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

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

Securities investment
and others

100.0

Korea

March 31

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

Securities investment
and others

100.0

Korea

March 31

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

Securities investment
and others

100.0

Korea

March 31

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

Securities investment
and others

30.1

Korea

March 31

- 15 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

Subsidiaries

Main business

Percentage of ownership
(%)

Location

Financial
statements date
of use

March 31,
2023

December 31,
2022

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

Securities investment
and others

100.0

Korea

March 31

Held by Woori bank (*6)

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

Securities investment
and others

92.6

Korea

March 31

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

Securities investment
and others

80.0

Korea

March 31

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

Securities investment
and others

80.0

Korea

March 31

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

Securities investment
and others

90.9

Korea

March 31

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

Securities investment
and others

86.8

Korea

March 31

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

Securities investment
and others

50.0

Korea

March 31

Woori G Government Bond MMF C/I (*3)

Securities investment
and others

36.0

46.0

Korea

March 31

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

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

Securities investment
and others

60.0

Korea

March 31

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

Securities investment
and others

100.0

Korea

March 31

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

Securities investment
and others

100.0

Korea

March 31

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

March 31

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

Securities investment
and others

63.2

Korea

March 31

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

Woori FG Digital Investment Fund 1st (*3)

Securities investment
and others

100.0

Korea

March 31

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

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

Securities investment
and others

100.0

Korea

March 31

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

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

Securities investment
and others

100.0

Korea

March 31

- 16 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

Subsidiaries

Main business

Percentage of ownership
(%)

Location

Financial
statements date
of use

March 31,
2023

December 31,
2022

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

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

Securities investment
and others

100.0

Korea

March 31

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

GK OK Chatan (*3)

Other financial services

99.9

Japan

January 31 (*9)

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

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

Securities investment
and others

76.5

Korea

March 31

Held by Woori G Private Placement Investment Trust No. 3

GK Woorido (*3)

Other financial services

100.0

Japan

March 31

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

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

Securities investment
and others

48.0

Korea

March 31

(*1)	Additional investment of Woori Asset Management Corp. And newly investment of Woori Venture Partners occurred during the three-month periods ended March 31.

(*2)

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

(*3)

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

(*4)

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

(*5)	Companies are excluded from the consolidation as of March 31, 2023

(*6)

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

(*7)

The Russia – Ukraine conflict has been escalated in February 2022, and international sanctions were imposed on Russia. Due to the sanctions, the lack of liquidity in the Russian foreign exchange market as well as the significant decline in value of the Rubles and the decline in value of Russian companies’ securities are in progress. As a result, the Group may experience situations such as a decrease in value of financial assets or operating assets owned by the Group regarding the conflict, an increase in receivable payment terms, limitation to transfer funds, decrease in the profit. As of March 31, 2023, the Group expects such conflict and sanctions would have financial impacts on the business of AO Woori Bank, one of the subsidiaries, in the future. However, the Group cannot reasonably predict the financial impacts because it is very uncertain to estimate the impact on the Group’s financial position and business performance.

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

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

- 17 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(2)	The Group has not consolidated the following entities as of March 31, 2023 and December 31, 2022 despite having more than 50% ownership interest:

As of March 31, 2023

Subsidiaries

Location

Main Business

Percentage of
ownership (%)

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

Korea

Securities Investment

57.6

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

75.0

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

Korea

Securities Investment

75.0

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

Korea

Securities Investment

66.7

Hangkang Sewage Treatment Plant Fund (*1)

Korea

Securities Investment

55.6

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

Korea

Securities Investment

55.2

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

Korea

Securities Investment

58.3

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

Korea

Securities Investment

100.0

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

Korea

Securities Investment

93.8

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

Korea

Securities Investment

99.5

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

Korea

Securities Investment

99.7

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

Korea

Securities Investment

51.0

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

Korea

Securities Investment

50.0

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

Korea

Securities Investment

77.4

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

Korea

Securities Investment

50.0

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

Korea

Securities Investment

60.0

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

Korea

Securities Investment

60.0

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

Korea

Securities Investment

65.2

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

Korea

Securities Investment

100.0

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

Korea

Securities Investment

60.0

Glenwood Private Equity No.3(*1)

Korea

Securities Investment

55.6

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

Korea

Securities Investment

55.0

(*1)

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

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

(*3)

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

As of December 31, 2022

Subsidiaries

Location

Main Business

Percentage of
ownership (%)

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

Korea

Securities Investment

57.6

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

75.0

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

Korea

Securities Investment

75.0

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

Korea

Securities Investment

66.7

Hangkang Sewage Treatment Plant Fund (*1)

Korea

Securities Investment

55.6

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

Korea

Securities Investment

55.2

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

Korea

Securities Investment

58.3

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

Korea

Securities Investment

100.0

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

Korea

Securities Investment

93.8

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

Korea

Securities Investment

99.5

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

Korea

Securities Investment

99.7

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

Korea

Securities Investment

51.0

- 18 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

As of December 31, 2022

Subsidiaries

Location

Main Business

Percentage of
ownership (%)

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

Korea

Securities Investment

50.0

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

Korea

Securities Investment

77.4

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

Korea

Securities Investment

50.0

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

Korea

Securities Investment

60.0

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

Korea

Securities Investment

60.0

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

Korea

Securities Investment

65.2

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

Korea

Securities Investment

100.0

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

Korea

Securities Investment

60.0

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

Korea

Securities Investment

55.0

(*1)

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

(*3)

- 19 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

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


	As of March 31, 2023				For the three-month period ended March 31, 2023
Subsidiaries	Assets		Liabilities		Operating revenue		Net income(loss) attributable to owners			Comprehensive income(loss) attributable to owners
Woori Bank		441,112,879		415,507,698		11,468,014		861,713			1,229,679
Woori Card Co., Ltd.		15,987,931		13,570,227		547,114		45,660			35,404
Woori Financial Capital Co., Ltd.		12,037,681		10,497,048		375,605		39,224			38,803
Woori Investment Bank Co., Ltd.		5,800,284		5,137,602		120,187		8,008			8,006
Woori Asset Trust Co., Ltd.		326,239		82,237		33,227		17,660			17,622
Woori Savings Bank		1,574,438		1,353,274		30,885		(7,269	)		(7,269	)
Woori Financial F&I Co., Ltd.		322,090		120,636		5,229		875			875
Woori Asset Management Corp.		224,541		99,226		12,249		2,475			2,494
Woori Venture Partners Co., Ltd.(*)		314,216		29,080		—		—			—
Woori Global Asset Management Co., Ltd.		35,292		7,530		3,639		(136	)		(136	)
Woori Private Equity Asset Management Co., Ltd.		94,648		4,522		2,456		384			363
Woori Credit Information Co., Ltd.		42,393		8,534		10,390		803			803
Woori Fund Service Co., Ltd.		25,048		2,932		4,156		887			887
Woori FIS Co., Ltd.		103,877		52,268		84,735		(5,624	)		(5,863	)
Woori Finance Research Institute Co., Ltd.		6,289		2,462		1,721		(12	)		(25	)

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


	As of December 31, 2022				For the three-month period ended March 31, 2022
Subsidiaries	Assets		Liabilities		Operating revenue		Net income(loss) attributable to owners			Comprehensive income(loss) attributable to owners
Woori Bank		443,340,979		417,583,793		8,095,263		716,423			579,446
Woori Card Co., Ltd.		16,118,967		13,692,456		453,010		85,536			94,688
Woori Financial Capital Co., Ltd.		12,581,473		11,040,754		291,908		49,127			50,180
Woori Investment Bank Co., Ltd.		5,657,191		4,982,410		93,943		19,989			19,974
Woori Asset Trust Co., Ltd.		322,098		94,573		35,375		20,684			20,677
Woori Savings Bank		1,786,495		1,556,679		25,502		6,025			6,025
Woori Asset Management Corp.		185,389		62,568		7,178		688			688
Woori Financial F&I Co., Ltd.		336,141		135,562		314		(302	)		(302	)
Woori Credit Information Co., Ltd.		42,832		9,240		8,717		163			163
Woori Fund Service Co., Ltd.		25,094		2,691		4,087		1,082			1,082
Woori Private Equity Asset Management Co., Ltd.		94,434		4,672		1,323		145			141
Woori Global Asset Management Co., Ltd.		34,988		7,090		2,707		(91	)		(91	)
Woori FIS Co., Ltd.		112,117		54,645		69,492		(4,064	)		(4,163	)
Woori Finance Research Institute Co., Ltd.		6,456		2,604		1,607		(7	)		(8	)

- 20 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

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

Structured entity for asset securitization

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

Structured entity for the investments in securities

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

Money trust under the Financial Investment Services and Capital Markets Act

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

As of March 31, 2023 and December 31, 2022, the Group provides 2,625,867 million Won and 231,309 million Won of credit facilities, respectively, for the structured entities mentioned above. As of March 31, 2023 and December 31, 2022, the purchase commitment amounts to 2,502,395 million Won and 2,545,164 million Won, respectively.

(5)

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

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

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

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

- 21 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

Unconsolidated structured entities classified as ‘investment funds’ include investment trusts and private equity funds. An investment trust orders the investment and operation of funds to the trust manager in accordance with trust contract with profits distributed to the investors. Private equity funds finances money required to acquire equity securities to enable direction of management and/or improvement of ownership structure, with profit distributed to the investors. The Group recognizes pro rata amount of dividend income as an investor in the same way as ‘structured finance’, and may be exposed to losses due to reduction in investment value. Investments in MMF(Money Market Funds) as of March 31, 2023 and December 31, 2022 are 955,947 million Won and 875,470 million Won, respectively, and there is no additional commitments for MMF.

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

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

- 22 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	(unit : Korean Won in millions))
	March 31, 2023
	Asset securitization		Structured Finance		Investment Fund		Real-estate trust
Total asset of the unconsolidated structured entities		13,744,109		93,934,292		131,999,055		1,461,781
Assets recognized in the consolidated financial statements related to the unconsolidated structured entities		7,967,012		5,666,317		5,918,632		46,919
Financial assets at FVTPL		272,878		108,308		5,461,815		10,321
Financial assets at FVTOCI		2,757,307		45,735		—		—
Financial assets at amortized cost		4,936,827		5,512,227		31,186		36,598
Investments in joint ventures and associates		—		—		423,266		—
Derivative assets		—		47		2,365		—
Liabilities recognized in the consolidated financial statements related to the unconsolidated structured entities		1,025		5,170		1,277		5,601
Derivative liabilities		435		3,117		1,277		—
Other liabilities (provisions)		590		2,053		—		5,601
The maximum exposure to risks		8,091,939		6,493,698		9,800,004		101,959
Investment assets		7,967,012		5,666,317		5,918,632		46,919
Purchase commitment		—		—		3,880,472		—
Credit offerings and others		124,927		827,381		900		55,040
Loss recognized on unconsolidated structured entities		2		12,804		13,222		238

	(unit : Korean Won in millions))
	December 31, 2022
	Asset securitization		Structured Finance		Investment Fund		Real-estate trust
Total asset of the unconsolidated structured entities		14,856,750		82,724,618		132,264,383		1,316,930
Assets recognized in the consolidated financial statements related to the unconsolidated structured entities		8,051,144		5,537,836		4,964,712		40,073
Financial assets at FVTPL		258,552		6,642		4,397,416		10,480
Financial assets at FVTOCI		3,213,331		45,735		—		—
Financial assets at amortized cost		4,579,261		5,485,336		31,124		29,593
Investments in joint ventures and associates		—		—		535,427		—
Derivative assets		—		123		745		—
Liabilities recognized in the consolidated financial statements related to the unconsolidated structured entities		824		6,606		2,091		5,760
Derivative liabilities		729		4,975		2,091		—
Other liabilities (provisions)		95		1,631		—		5,760
The maximum exposure to risks		8,153,111		6,086,831		9,322,308		92,856
Investment assets		8,051,144		5,537,836		4,964,712		40,073
Purchase commitment		—		—		4,352,518		—
Credit offerings and others		101,967		548,995		5,078		52,783
Loss recognized on unconsolidated structured entities		—		17,388		113,976		1,040

- 23 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(6)	As of March 31, 2023 and December 31, 2022, the share of non-controlling interests on the net income and equity of subsidiaries in which non-controlling interests are significant are as follows (Unit: Korean Won in millions):

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


	March 31, 2023		December 31, 2022
Woori Bank (*1)		2,344,816		2,344,816
Woori Investment Bank Co., Ltd.		278,322		283,221
Woori Asset Trust Co., Ltd.(*2)		12,045		78,434
Woori Asset Management Corp		34,713		34,073
Woori Venture Partners Co., Ltd.		138,478		—
PT Bank Woori Saudara Indonesia 1906 Tbk		101,394		92,118
Wealth Development Bank		22,339		20,759
PT Woori Finance Indonesia Tbk.		13,779		13,964

(*1)

Hybrid securities issued by Woori Bank

(*2)

The non-controlling interests decreased by KRW 71,240 million accordance with additional investment during the three-month periods ended March 31, 2023.

Net income attributable to non-controlling interests


	For the three-month periods ended March 31
	2023		2022
Woori Bank (*)		19,968		15,399
Woori Investment Bank Co., Ltd.		3,404		8,355
Woori Asset Trust Co., Ltd.		5,229		6,318
Woori Asset Management Corp		635		222
PT Bank Woori Saudara Indonesia 1906 Tbk		2,997		2,926
Wealth Development Bank		413		55
PT Woori Finance Indonesia Tbk.		280		—

(*)

Distribution of the hybrid securities issued by Woori Bank

Dividends to non-controlling interests


	For the three-month periods ended March 31
	2023		2022
Woori Bank (*)		19,968		15,399
Woori Investment Bank Co., Ltd.		8,302		7,220
Woori Asset Trust Co., Ltd		365		365
PT Bank Woori Saudara Indonesia 1906 Tbk		2,802		2,330

(*)

Distribution of the hybrid securities issued by Woori Bank

- 24 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

2.	BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES

The Group maintains its accounting records in Korean Won and prepares statutory financial statements in the Korean language (Hangul) in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (K-IFRS). The accompanying consolidated interim financial statements have been condensed, restructured and translated into English from the Korean language financial statements. The Group’s condensed consolidated interim financial statements are condensed interim financial statements prepared in applying International Financial Reporting Standards as adopted by the Republic of Korea (“K-IFRS”) 1034 Interim Finance Reporting for some of periods in which the annual consolidated financial statements belong. It is necessary to use the Group’s annual consolidated financial statements for the year ended December 31, 2022 for understanding of the accompanying condensed consolidated interim financial statements.

(1)	From the accounting period beginning on January 1, 2023, the Group has newly applied the following standards and interpretations.

Amendments to K-IFRS 1001 ‘Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements’ - Disclosure of Accounting Policy

‘IFRS Practice Statement 2’ has been amended to define and disclose important accounting policies and to provide guidance on how to apply the concept of importance. The Group does not expect that these amendments have a significant impact on the financial statements.

Amendments to K-IFRS 1008 ‘Accounting Policies, Changes in Accounting Estimates and Errors’ - Definition of Accounting Estimates

The amendments have defined accounting estimates and clarified how to distinguish them from changes in accounting policies. The Group does not expect that these amendments have a significant impact on the financial statements.

Amendments to K-IFRS 1001 ‘Presentation of Financial Statements’ - Disclosure of valuation gains or losses on financial liabilities with condition to adjust exercise price

The amendments require disclosure of valuation gains or losses (limited to those recognized in the profit or loss) of the conversion options or warrants (or financial liabilities including them), if all or part of the financial instrument with exercise price that is adjusted depending on the issuer’s share price change is classified as financial liability as defined in paragraph 11 (2) of K-IFRS 1032. The Group does not expect that these amendments have a significant impact on the financial statements.

Amendments to K-IFRS 1012 ‘Income Taxes’ - deferred tax related to assets and liabilities arising from a single transaction

Additional phrase ‘the temporary difference to be added and the temporary difference to be deducted do not occur in the same amount’ has been added to initial recognition exception for a transaction in which an asset or liability is initially recognized. The Group does not expect that these amendments have a significant impact on the financial statements.

(2)	The details of K-IFRSs that have been issued and published as of March 31, 2023 but have not yet reached the effective date, and which the Group have not been early adopted by the Group are as follows:

Amendments to K-IFRS 1001 ‘Presentation of Financial Statements’ – Classification of Liabilities as Current or Non-current

- 25 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

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 include 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. The amendments should be applied for annual periods beginning on or after January 1, 2024, and earlier application is permitted. The Group does not expect that these amendments have a significant impact on the financial statements.

The above enacted or amended standards will not have a significant impact on the Group.

(3)	Significant accounting policies and method of computation used in the preparation of the condensed interim financial statements are consistent with those of the annual financial statements for the year ended December 31, 2022, except for the one described below.

Income tax expense

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

(4)	K-IFRS 1107 ‘Statement of cash flow’ - Cash and cash equivalents

The Group did not classify deposits with restrictions under relevant regulations, such as reserve deposits, as cash and cash equivalents. However, in accordance of the IFRS Interpretation Committee’s agenda decision in April 2022 ‘Demand deposits restricted on use under contracts with third parties’ and reply to IFRS inquiries ‘whether the reserve deposit should be classified as cash and cash equivalents’ the policy was changed to classifying the reserve deposits with restrictions under relevant regulations which meet the criteria of demand deposits as cash and cash equivalent and applied the modification retrospectively.

The impact of this change in accounting policy is as follows:

Impact on the statements of financial position


	March 31, 2022
Increase in cash and cash equivalents		17,369,704
Decrease in loans and other financial assets at amortized cost		(17,369,704	)

Impact on the statements of cash flow


	March 31, 2022
Increase in cash flows from operating activities		4,300,425
Increase in exchange rate changes on cash and cash equivalents denominated in foreign currencies		22,024
Net increase in cash and cash equivalents		4,300,425
Increase in cash and cash equivalents, as of January 31, 2021		13,047,255
Increase in cash and cash equivalents, as of March 31, 2022		17,369,704

- 26 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

3.	SIGNIFICANT ACCOUNTING ESTIMATES AND ASSUMPTIONS

Significant accounting estimates and assumptions are continuously evaluated based on a number of factors, including historical experience and expectations of future events that are considered reasonably probable. Accounting estimates calculated based on these definitions may not match actual results. The accounting estimates and assumptions that include a significant risk of materially changing the carrying amounts of assets and liabilities currently recognized in the following accounting period are as follows.

The South Korean government is implementing support measures such as loan deferment to alleviate the negative impact of COVID-19. The Group judged that the credit risk of loans affected by the loan deferment has increased significantly, evaluated that there is a high possibility of default, and will continue to evaluate the adequacy of future outlook information related to the economic impact of COVID-19.

Woori Bank’s total loans (loan receivables, payment guarantees) that are subject to loan deferment and interest deferment, total loans that changed its stage from 12-month to lifetime expected credit losses (Stage 2), and the expected credit loss allowances recognized additionally are as follows. (Unit: Korean Won in millions):


				March 31, 2023		December 31, 2022
Total loans that changed its stage from 12-month to lifetime (Stage 2) expected credit losses	Loan deferment	Loans	Corporate		1,645,706		1,774,717
	Loan deferment		Retail		156,218		169,851
		Off-balance accounts			2,763		2,392

		Total			1,804,687		1,946,960

Total loans (loan receivables, payment guarantees) that are subject to loan deferment and interest deferment	Loan deferment	Loan	Corporate		1,812,088		1,958,133
	Loan deferment		Retail		198,541		216,487
		Off-balance accounts			2,763		2,392

		Total			2,013,392		2,177,012

The expected credit loss allowances that be additionally recognized	Loan deferment	Loan	Corporate		279,773		312,054
	Loan deferment		Retail		11,686		12,643
		Off-balance accounts			426		317

		Total			291,885		325,014

In addition, as of March 31, 2023 and December 31, 2022, the Group applied the overlay in consideration of the potential for insolvency due to market interest rate hikes and the increase in economic uncertainty due to the prolonged spread of COVID-19 when forecasting the future economy.

- 27 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

As of March 31, 2023 and December 31, 2022, the monetary effect of the provision for expected credit loss due to the application of the forecast of future economic conditions overlay is as follows. (Unit: Korean Won in millions):


	March 31, 2023		December 31, 2022
Corporate		232,027		347,752
Retail		16,091		16,252

Total		248,118		364,004

(*)	The additional expected credit loss provisions for the total credit (internal and external).

Woori Card Co., Ltd. determined that the credit risk of obligors receiving financial support due to COVID-19 significantly increased, and transferred the loss allowance at the amount equivalent to lifetime expected credit loss. As of March 31, 2023, the amortized cost measurement financial assets of the borrower subject to loan deferment and interest deferment are KRW 6,613 million, and the accumulated expected credit loss allowance recognized as of the end of the current term is KRW 176 million.

Woori Financial Capital Co., Ltd. determined that the credit risk of obligors receiving financial support due to COVID-19 significantly increased, and evaluated that the possibility of default is high. As a result, as of March 31, 2023, the amortized cost of a financial asset of the obligors subject to loan deferment and interest deferment due to COVID-19 amounts to 45,216 million Won, and the expected credit loss provisions recognized in relation to them are 10,178 million Won.

Management shall make judgments, estimates and assumptions that affect the application of accounting policies and application of assets, liabilities and revenues and expenses in preparing condensed consolidated interim financial statements. Therefore, the actual results may differ from these estimates.

The significant judgements by the management on accounting policies and the main sources of estimation uncertainty for preparing condensed consolidated interim financial statements, unless otherwise stated, are identical to ones used in the Group’s annual separate financial statements for the year ended December 31, 2022.

- 28 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

4.	RISK MANAGEMENT

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

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

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

(1)	Credit risk

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

Credit risk management

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

In order to manage credit risk limit, the Group calculates and manages appropriate credit limit for each co-obligor, company, and industry when handling loans through co-obligor management, total exposure management, portfolio management, etc.

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

- 29 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

Measurement of expected credit loss

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


Classification	Stage 1	Stage 2	Stage 3

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

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

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

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

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

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


Corporate Exposures		Retail Exposures

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

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

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

Debtor experiencing financial difficulties (Capital impairment, Adverse opinion or Disclaimer of opinion by external auditors)		Loan deferment and interest deferment

Significant decrease in credit rating (*)		Interest deferment

Loan deferment and interest deferment

Interest deferment

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


	Credit rating	Significant increased indicator of the credit rating

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

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

- 30 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

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

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

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

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

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

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

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

In measuring the expected credit losses, The Group is also using reasonable and supportable macroeconomic indicators such as GDP growth rate, Personal consumption expenditures increase/decrease rate, consumer price index change rate in order to forecast future economic conditions.

The Group is conducting the following procedures to estimate and apply future economic forecast information.

Development of estimation models through regression analysis of corporate retail/year-by-year default rate and macroeconomic indicator data by year


Major macroeconomic indicators		Correlation between credit risk and macroeconomic indicators
GDP growth rate		Negative(-) Correlation
Personal consumption expenditure increase/decrease rate		Negative(-) Correlation
Consumer price index rate		Negative(-) Correlation

Calculation of estimated probability of default incorporating future economic forecasts by applying estimated macroeconomic indicators provided by verified institutions such as Bank of Korea and National Assembly Budget Office to the estimation model developed

Forecast of macroeconomic variables

Probability weight

As of March 31, 2023, the probability weights applied to the scenarios of the forecasts of macroeconomic variables is as follows (Unit: %):


	Basic Scenario		Upside Scenario		Downside Scenario		Worst Scenario
Probability weight		42.06		10.02		27.92		20.00

Economic forecast of each major macroeconomic variables by scenario (prospect period: 2023) As of March 31, 2023, the forecasts of major macroeconomic variables by scenario is as follows (Unit: %)

- 31 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	Basic Scenario		Upside Scenario		Downside Scenario		Worst Scenario
GDP growth rate		1.70		1.89		1.36		(-)4.12
Personal consumption expenditure increase/decrease rate		2.70		3.11		1.97		(-)4.39
Consumer price index rate		3.60		3.39		3.97		5.13

The results of Woori Bank’s sensitivity analysis on expected credit loss provisions due to changes in macroeconomic indicators as of March 31, 2023 and December 31, 2022 are as follows (Unit: Korean Won in millions):


			March 31, 2023
Corporate	Personal consumption expenditures increase/decrease rate	Increase by 1% point		(40,025	)
Corporate	Personal consumption expenditures increase/decrease rate	Decrease by 1% point		45,396
Retail	Consumer price index change rate	Increase by 1% point		(23,926	)
Retail	Consumer price index change rate	Decrease by 1% point		27,765

			December 31, 2022
Corporate	Personal consumption expenditures increase/decrease rate	Increase by 1% point		(59,987	)
Corporate	Personal consumption expenditures increase/decrease rate	Decrease by 1% point		68,036
Retail	Consumer price index change rate	Increase by 1% point		(24,164	)
Retail	Consumer price index change rate	Decrease by 1% point		28,042

The increase rate between the observed default rate and the predicted default rate is used as a future economic forecast adjustment coefficient and reflected to the applicable estimate for the current year.

- 32 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

Maximum exposure

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

The maximum exposure to credit risk as of March 31, 2023 and December 31, 2022 is as follows (Unit: Korean Won in millions):


		March 31, 2023		December 31, 2022
Loans and other financial assets at amortized cost (*1)	Korean treasury and government agencies		4,212,902		2,877,685
	Banks		20,931,468		21,571,097
	Corporates		145,383,535		143,507,852
	Consumers		184,627,380		187,804,095

	Sub-total		355,155,285		355,760,729

Financial assets at FVTPL (*2)	Deposits		34,856		34,995
	Debt securities		4,642,008		4,270,532
	Loans		1,264,596		899,228
	Derivative assets		8,497,873		8,206,181
	Others		1,505		1,505

	Sub-total		14,440,838		13,412,441

Financial assets at FVTOCI	Debt securities		32,661,758		32,145,758
	Loans		39,698		—
	Sub-total		32,701,456		32,145,758
Securities at amortized cost	Debt securities		27,284,525		28,268,516
Derivative assets	Derivative assets (Designated for hedging)		64,376		37,786
Off-balance accounts	Payment guarantees (*3)		12,042,308		11,921,586
	Loan commitments		123,040,782		118,172,070

	Sub-total		135,083,090		130,093,656

	Total		564,729,570		559,718,886

(*1)

Cash and cash equivalents are not included.

(*2)

Puttable financial instruments are not included.

(*3)

As of March 31, 2023 and December 31, 2022, the financial guarantee amount of 3,171,312 million Won and 3,095,091 million Won are included, respectively.

- 33 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

Credit risk exposure by geographical areas

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


	March 31, 2023
	Korea		China		USA		UK		Japan		Others (*)		Total
Loans and other financial assets at amortized cost		330,826,024		5,403,138		4,553,390		206,664		665,414		13,500,655		355,155,285
Securities at amortized cost		25,791,104		184,812		978,569		17,681		—		312,359		27,284,525
Financial assets at FVTPL		10,684,442		4,318		1,961,124		373,006		178,391		1,239,557		14,440,838
Financial assets at FVTOCI		27,705,005		802,782		2,908,913		1,757		42,554		1,240,445		32,701,456
Derivative assets (Designated for hedging)		64,376		—		—		—		—		—		64,376
Off-balance accounts		131,438,493		1,025,184		378,832		26,625		19,585		2,194,371		135,083,090

Total		526,509,444		7,420,234		10,780,828		625,733		905,944		18,487,387		564,729,570

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


	December 31, 2022
	Korea		China		USA		UK		Japan		Others (*)		Total
Loans and other financial assets at amortized cost		331,572,328		5,188,826		4,721,440		215,174		719,301		13,343,660		355,760,729
Securities at amortized cost		26,883,967		642,089		421,248		16,658		—		304,554		28,268,516
Financial assets at FVTPL		9,272,673		2,607		2,210,580		318,322		168,013		1,440,246		13,412,441
Financial assets at FVTOCI		27,780,323		806,320		2,297,076		1,726		41,421		1,218,892		32,145,758
Derivative assets (Designated for hedging)		37,786		—		—		—		—		—		37,786
Off-balance accounts		126,531,020		981,139		380,209		25,644		16,987		2,158,657		130,093,656

Total		522,078,097		7,620,981		10,030,553		577,524		945,722		18,466,009		559,718,886

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

- 34 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

Credit risk exposure by industries

(1)

The following tables analyze credit risk exposure by industries, which are service, manufacturing, finance and insurance, construction, individuals and others in accordance with the Korea Standard Industrial Classification Code as of March 31, 2023 and December 31, 2022 (Unit: Korean Won in millions):


	March 31, 2023
	Service		Manufacturing		Finance and insurance		Construction		Individuals		Others		Total
Loans and other financial assets at amortized cost		77,804,824		41,600,424		30,675,871		5,356,880		179,947,141		19,770,145		355,155,285
Securities at amortized cost		229,270		—		16,185,169		179,901		—		10,690,185		27,284,525
Financial assets at FVTPL		341,383		202,494		9,834,656		14,407		—		4,047,898		14,440,838
Financial assets at FVTOCI		403,207		244,380		21,690,414		49,879		—		10,313,576		32,701,456
Derivative assets (Designated for hedging)		—		—		64,376		—		—		—		64,376
Off-balance accounts		20,952,348		20,957,448		12,038,104		3,732,028		71,590,003		5,813,159		135,083,090

Total		99,731,032		63,004,746		90,488,590		9,333,095		251,537,144		50,634,963		564,729,570


	December 31, 2022
	Service		Manufacturing		Finance and insurance		Construction		Individuals		Others		Total
Loans and other financial assets at amortized cost		78,173,716		37,013,486		31,485,795		5,613,480		183,167,572		20,306,680		355,760,729
Securities at amortized cost		239,141		—		16,198,175		199,924		—		11,631,276		28,268,516
Financial assets at FVTPL		200,678		184,019		9,776,234		51,244		1,167		3,199,099		13,412,441
Financial assets at FVTOCI		417,877		231,132		22,249,839		48,225		—		9,198,685		32,145,758
Derivative assets (Designated for hedging)		—		—		37,786		—		—		—		37,786
Off-balance accounts		18,661,383		22,492,863		10,523,731		3,143,673		69,404,456		5,867,550		130,093,656

Total		97,692,795		59,921,500		90,271,560		9,056,546		252,573,195		50,203,290		559,718,886

- 35 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

Credit risk exposure

Financial assets

The maximum exposure to credit risk by asset quality, except for financial assets at FVTPL and derivative asset (designated for hedging) as of March 31, 2023 and December 31, 2022 is as follows (Unit: Korean Won in millions):


	March 31, 2023
	Stage 1				Stage 2
	Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Stage 3		Credit impairment model		Total		Loss allowance			Total, net
Loans and other financial assets at amortized cost		308,388,141		23,573,852		12,495,244		11,348,018		1,617,675		280,614		357,703,544		(2,548,259	)		355,155,285
Korean treasury and government agencies		4,214,228		404		—		—		—		—		4,214,632		(1,730	)		4,212,902
Banks		20,508,675		423,095		2,879		—		17,341		—		20,951,990		(20,522	)		20,931,468
Corporates		122,407,795		16,970,492		2,440,271		4,173,373		679,327		280,614		146,951,872		(1,568,337	)		145,383,535
General business		78,881,189		9,717,261		1,668,010		2,904,899		435,068		—		93,606,427		(1,027,110	)		92,579,317
Small- and medium-sized enterprise		35,034,168		6,577,364		715,135		1,175,901		208,553		—		43,711,121		(407,935	)		43,303,186
Project financing and others		8,492,438		675,867		57,126		92,573		35,706		280,614		9,634,324		(133,292	)		9,501,032
Consumers		161,257,443		6,179,861		10,052,094		7,174,645		921,007		—		185,585,050		(957,670	)		184,627,380
Securities at amortized cost		27,292,799		—		—		—		—		—		27,292,799		(8,274	)		27,284,525
Financial assets at FVTOCI (*3)		32,465,732		235,724		—		—		—		—		32,701,456		(12,271	)		32,701,456

Total		368,146,672		23,809,576		12,495,244		11,348,018		1,617,675		280,614		417,697,799		(2,568,804	)		415,141,266


	March 31, 2023
	Collateral value
	Stage 1		Stage 2		Stage 3		Credit impairment model		Total
Loans and other financial assets at amortized cost		210,847,229		19,052,559		694,875		280,470		230,875,133
Korean treasury and government agencies		23,570		—		—		—		23,570
Banks		1,871,324		—		—		—		1,871,324
Corporates		82,798,324		4,749,009		314,142		280,470		88,141,945
General business		44,994,560		3,232,518		185,241		—		48,412,319
Small- and medium-sized enterprise		32,565,424		1,443,636		111,319		—		34,120,379
Project financing and others		5,238,340		72,855		17,582		280,470		5,609,247
Consumers		126,154,011		14,303,550		380,733		—		140,838,294
Securities at amortized cost		—		—		—		—		—
Financial assets at FVTOCI (*3)		—		—		—		—		—

Total		210,847,229		19,052,559		694,875		280,470		230,875,133

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

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

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

- 36 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	December 31, 2022
	Stage 1				Stage 2
	Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Stage 3		Credit impairment model		Total		Loss allowance			Total, net
Loans and other financial assets at amortized cost		308,498,799		23,391,187		13,061,081		11,533,632		1,447,967		313,717		358,246,383		(2,485,654	)		355,760,729
Korean treasury and government agencies		2,879,057		39		—		—		—		—		2,879,096		(1,411	)		2,877,685
Banks		21,182,445		393,181		2,125		—		18,053		—		21,595,804		(24,707	)		21,571,097
Corporates		120,407,588		16,680,863		2,556,885		4,429,148		637,187		313,717		145,025,388		(1,517,536	)		143,507,852
General business		74,939,770		9,291,691		1,754,620		3,083,232		421,659		—		89,490,972		(1,016,039	)		88,474,933
Small- and medium-sized enterprise		34,965,279		6,751,297		754,668		1,257,741		173,818		—		43,902,803		(400,328	)		43,502,475
Project financing and others		10,502,539		637,875		47,597		88,175		41,710		313,717		11,631,613		(101,169	)		11,530,444
Consumers		164,029,709		6,317,104		10,502,071		7,104,484		792,727		—		188,746,095		(942,000	)		187,804,095
Securities at amortized cost		28,276,901		—		—		—		—		—		28,276,901		(8,385	)		28,268,516
Financial assets at FVTOCI (*3)		31,914,193		231,565		—		—		—		—		32,145,758		(11,805	)		32,145,758

Total		368,689,893		23,622,752		13,061,081		11,533,632		1,447,967		313,717		418,669,042		(2,505,844	)		416,175,003


	December 31, 2022
	Collateral value
	Stage 1		Stage 2		Stage 3		Credit impairment model		Total
Loans and other financial assets at amortized cost		213,228,740		19,354,919		607,614		313,717		233,504,990
Korean treasury and government agencies		24,276		—		—		—		24,276
Banks		1,858,595		—		—		—		1,858,595
Corporates		82,314,488		4,982,087		316,085		313,717		87,926,377
General business		44,465,799		3,390,139		194,597		—		48,050,535
Small- and medium-sized enterprise		32,503,289		1,537,173		84,798		—		34,125,260
Project financing and others		5,345,400		54,775		36,690		313,717		5,750,582
Consumers		129,031,381		14,372,832		291,529		—		143,695,742
Securities at amortized cost		—		—		—		—		—
Financial assets at FVTOCI (*3)		—		—		—		—		—

Total		213,228,740		19,354,919		607,614		313,717		233,504,990

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

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

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

Payment Guarantees and commitments

The credit quality of the payment guarantees and loan commitments as of March 31, 2023 and December 31, 2022 are as follows (Unit: Korean Won in millions):


	March 31, 2023
Financial assets	Stage 1				Stage 2				Stage 3		Total
Financial assets	Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Stage 3		Total
Off-balance accounts:
Payment Guarantees		10,899,057		877,381		22,969		230,090		12,811		12,042,308
Loan Commitments		117,474,289		2,589,298		2,171,432		805,492		271		123,040,782

Total		128,373,346		3,466,679		2,194,401		1,035,582		13,082		135,083,090

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

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

- 37 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	December 31, 2022
Financial assets	Stage 1				Stage 2				Stage 3		Total
Financial assets	Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Stage 3		Total
Off-balance accounts:
Payment Guarantees		10,790,470		846,997		25,826		245,061		13,232		11,921,586
Loan Commitments		113,169,542		2,610,173		1,638,982		753,139		234		118,172,070

Total		123,960,012		3,457,170		1,664,808		998,200		13,466		130,093,656

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

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

Collateral and other credit enhancements

For the three-month period ended March 31, 2023 and for the year ended December 31, 2022, there have been no significant changes in the value of collateral or other credit enhancements held by the Group and there have been no significant changes in collateral or other credit enhancements due to changes in the collateral policy of the Group.

(2)	Market risk

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

Market risk management

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

Trading activities

The Group uses the Basel III standard method and simple method as a measure of market risk for trading positions, and allocates internal capital of market risk through the Risk Management Committee. Risk management departments of the Group and its subsidiaries manage detailed limits such as risk limits and loss limits for trading positions, and management results are regularly reported to the Risk Management Committee.

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

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

- 38 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

Woori Bank, a major subsidiary subject to Basel III standard method of market risk management, has the following equity capital required for market risk.


	(Unit: Korean Won in millions)
	Risk Group	For the three-month period ended March 31, 2023
Sensitivity-based risk	General interest rate risk		35,564
	Stock risk		39,274
	General product risk		6
	Foreign exchange risk		169,742
	Non-immersible credit spread risk		14,421
	Liquidation (excluding Correlation Trading Portfolio) credit spread risk		—
	CTP credit spread risk		—
Default risk	Non-fluid bankruptcy risk		—
	Liquidity (excluding Correlation Trading Portfolio) default risk		—
	CTP default risk		—
Residual risk	Residual risk		782

	Total		259,789

Non-trading activities

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

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

ΔEVE and ΔNII calculated on interest risk in banking book(IRRBB) basis for assets and liabilities by subsidiary as of March 31, 2023 and December 31, 2022 are as follows(Unit: Korean Won in millions):


	March 31, 2023				December 31, 2022
	ΔEVE (*1)		ΔNII (*2)		ΔEVE (*1)		ΔNII (*2)
Woori Bank		316,841		353,832		411,447		448,509
Woori Card Co., Ltd.		92,956		90,563		139,005		185,637
Woori Financial Capital Co., Ltd.		64,196		5,981		43,098		13,814
Woori Investment Bank Co., Ltd.		36,348		16,129		26,311		8,229
Woori Asset Trust Co., Ltd.		1,142		6,915		1,137		6,736
Woori Asset Management Corp.		784		841		913		1,299
Woori Savings Bank		6,197		8,162		6,618		10,348
Woori Private Equity Asset Management Co., Ltd.		331		1,058		547		886
Woori Global Asset Management Co., Ltd.		399		370		251		538
Woori Financial F&I Co., Ltd.		24,711		4		26,069		219
Woori Venture Partners Co., Ltd. (*3)		1,101		2,608		—		—

- 39 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

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

(*2)	ΔNII: change in Net Interest Income

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

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


	March 31, 2023
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Asset:
Loans and other financial assets at amortized cost		212,278,782		51,070,153		14,939,658		17,881,488		58,900,559		7,860,399		362,931,039
Financial assets at FVTPL		2,179,566		2,268		13,123		51,294		47,103		105		2,293,459
Financial assets at FVTOCI		5,494,016		3,644,668		3,557,668		3,295,382		16,265,933		635,276		32,892,943
Securities at amortized cost		1,934,415		1,812,535		1,437,615		1,113,019		20,303,196		2,179,968		28,780,748

Total		221,886,779		56,529,624		19,948,064		22,341,183		95,516,791		10,675,748		426,898,189

Liability:
Deposits due to customers		152,477,194		45,010,153		49,253,923		25,660,148		52,561,063		67,283		325,029,764
Borrowings		17,050,518		3,935,727		1,484,671		1,667,183		6,110,686		428,321		30,677,106
Debentures		7,926,940		5,528,763		6,118,557		3,417,786		18,278,114		3,284,060		44,554,220

Total		177,454,652		54,474,643		56,857,151		30,745,117		76,949,863		3,779,664		400,261,090


	December 31, 2022
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Asset:
Loans and other financial assets at amortized cost		224,863,400		56,669,335		15,469,920		15,108,779		59,454,649		5,963,926		377,530,009
Financial assets at FVTPL		1,888,996		119,725		1,364		4,670		71,620		13,129		2,099,504
Financial assets at FVTOCI		6,093,805		4,224,460		3,014,625		3,550,982		15,409,527		584,203		32,877,602
Securities at amortized cost		2,749,432		1,806,804		1,768,936		1,427,736		20,126,354		2,100,203		29,979,465

Total		235,595,633		62,820,324		20,254,845		20,092,167		95,062,150		8,661,461		442,486,580

Liability:
Deposits due to customers		167,237,029		49,107,093		33,506,265		40,006,233		55,855,781		69,861		345,782,262
Borrowings		14,829,024		4,159,096		1,542,340		1,183,331		6,654,602		472,325		28,840,718
Debentures		9,068,737		4,905,727		4,633,137		4,962,350		19,621,659		3,298,581		46,490,191

Total		191,134,790		58,171,916		39,681,742		46,151,914		82,132,042		3,840,767		421,113,171

Currency risk

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

- 40 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

Financial instruments in foreign currencies exposed to currency risk as of March 31, 2023 and December 31, 2022 are as follows (Unit: USD in millions, JPY in millions, CNY in millions, EUR in millions, and Korean Won in millions):


	March 31, 2023
	USD				JPY				CNY				EUR				Others		Total
	Foreign currency		Korean Won equivalent		Foreign currency		Korean Won equivalent		Foreign currency		Korean Won equivalent		Foreign currency		Korean Won equivalent		Korean Won equivalent		Korean Won equivalent
Asset Cash and cash equivalents		6,039		7,873,557		89,334		876,757		1,417		267,928		383		544,187		1,310,068		10,872,497
Loans and other financial assets at amortized cost		24,158		31,497,823		134,053		1,315,645		32,345		6,117,502		3,158		4,489,545		5,293,273		48,713,788
Financial assets at FVTPL		951		1,241,685		17,189		168,705		—		—		453		643,254		142,926		2,196,570
Financial assets at FVTOCI		3,578		4,665,619		—		—		3,916		740,614		6		8,406		743,356		6,157,995
Securities at amortized cost		1,057		1,378,271		—		—		977		184,853		67		95,144		219,884		1,878,152

Total		35,783		46,656,955		240,576		2,361,107		38,655		7,310,897		4,067		5,780,536		7,709,507		69,819,002

Liability Financial liabilities at FVTPL		406		528,704		22,979		225,521		—		—		469		666,080		261,188		1,681,493
Deposits due to customers		21,974		28,649,997		185,438		1,819,960		24,017		4,542,347		2,010		2,857,039		4,795,965		42,665,308
Borrowings		7,203		9,391,614		51,609		506,516		2,030		384,023		572		812,780		2,723,388		13,818,321
Debentures		4,714		6,145,803		—		—		—		—		195		276,886		346,774		6,769,463
Other financial liabilities		3,509		4,575,186		12,330		121,008		11,507		2,176,280		218		310,088		400,842		7,583,404

Total		37,806		49,291,304		272,356		2,673,005		37,554		7,102,650		3,464		4,922,873		8,528,157		72,517,989

Off-balance accounts		6,462		8,425,021		35,816		351,515		1,429		270,176		729		1,036,469		973,949		11,057,130


	December 31, 2022
	USD				JPY				CNY				EUR				Others		Total
	Foreign currency		Korean Won equivalent		Foreign currency		Korean Won equivalent		Foreign currency		Korean Won equivalent		Foreign currency		Korean Won equivalent		Korean Won equivalent		Korean Won equivalent
Asset Cash and cash equivalents		9,041		11,457,194		64,824		617,888		1,542		279,779		484		653,870		1,022,909		14,031,640
Loans and other financial assets at amortized cost		24,361		30,872,442		116,298		1,108,529		24,637		4,470,059		2,510		3,391,155		4,952,002		44,794,187
Financial assets at FVTPL		970		1,229,059		25,416		242,260		—		—		358		484,172		176,057		2,131,548
Financial assets at FVTOCI		3,307		4,191,383		—		—		3,999		725,511		2		2,573		725,271		5,644,738
Securities at amortized cost		576		729,811		—		—		3,540		642,214		69		93,250		206,497		1,671,772

Total		38,255		48,479,889		206,538		1,968,677		33,718		6,117,563		3,423		4,625,020		7,082,736		68,273,885

Liability Financial liabilities at FVTPL		415		526,553		26,766		255,128		—		—		322		434,590		274,895		1,491,166
Deposits due to customers		24,569		31,135,881		227,260		2,166,196		28,125		5,102,886		2,108		2,847,863		5,008,487		46,261,313
Borrowings		6,894		8,737,229		44,365		422,876		1,023		185,652		431		582,034		2,179,085		12,106,876
Debentures		4,174		5,289,246		—		—		—		—		195		263,187		339,188		5,891,621
Other financial liabilities		3,040		3,852,255		8,685		82,783		4,295		779,233		380		513,285		200,249		5,427,805

Total		39,092		49,541,164		307,076		2,926,983		33,443		6,067,771		3,436		4,640,959		8,001,904		71,178,781

Off-balance accounts		6,698		8,488,374		34,512		328,964		1,141		207,012		787		1,063,680		868,470		10,956,500

- 41 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

Interest Rate Benchmark Reform Risk Management

The Group closely monitors the outputs and markets of various industrial working groups that manage the transition to new interest rate benchmark, which includes announcements by LIBOR regulators.

A fundamental shift in interest rate indicators (hereinafter referred to as “interest rate benchmark reform”) is taking place around the world, and some Interbank Offered Rates (“IBORs”) are being replaced by new risk-free rates. In particular, for the case of LIBOR, except for USD LIBOR for overnight rate, 1, 3, 6, and 12 month rates, all of the calculations were suspended as of December 31, 2021, and the aforementioned 5 USD LIBORs will also be suspended as of June 30, 2023.

The Group established a LIBOR-related response plan consisting of the business flow of risk management, accounting, tax, law, computerization and customer management. The purpose of the plan is to identify the impact and risks associated with interest rate benchmark reform within the business, and to prepare and implement an action plan to ensure a smooth transition to alternative interest rates. The Group aims to close the response plan in line with the supervisory authority’s response guidelines.

The details of Woori Bank’s financial instruments that have not completed the conversion to the LIBOR-related interest rates benchmark at the end of the year are as follows: Non-derivative financial instrument is presented at the carrying amount, while the derivative financial instrument is presented at the nominal amount.


		March 31.2022
		USD(*1)
		Total Amount(*2)		Interest Rate Provision
Non-derivative financial assets	Financial assets at FVTOCI		529,996		523,464
	Financial assets at amortized cost		4,083,899		3,241,255

	Total		4,613,895		3,764,719

Non-derivative financial liabilities	Financial liabilities at amortized cost		91,898		91,898

Derivatives	Interest rate(trading)		26,955,889		26,954,669
	Currency(trading)		34,626,689		34,330,289
	Interest rate(hedging)		2,412,030		2,412,030

	Total		63,994,608		63,696,988

(*1)	Financial instruments related to USD Libor (overnight rate, 1, 3, 6, 12 month rates) that are expired before June 30, 2023 are excluded.

(*2)	For contracts that do not have an interest rate alternative clause, The Group is in the process of negotiating to add an interest rate alternative clause.

The KRW CD rates are planned to be replaced by the Korea Overnight Financing Repo Rate (KOFR) in the long run, but when the CD rates will be ceased or the policy response directions to activate alternative rates are not clear.

- 42 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(3)	Liquidity risk

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

Liquidity risk management

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

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

Maturity analysis of non-derivative financial liabilities

Cash flows of principals and interests by remaining contractual maturities of non-derivative financial liabilities as of March 31, 2023 and December 31, 2022 are as follows (Unit: Korean Won in millions):


	March 31, 2023
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Financial liabilities at FVTPL		34,750		—		—		—		74,491		31,357		140,598
Deposits due to customers		212,063,667		34,462,256		40,611,325		28,140,672		15,066,032		1,556,089		331,900,041
Borrowings		11,206,108		4,315,530		3,480,665		3,807,465		7,228,477		441,359		30,479,604
Debentures		6,197,131		6,115,799		6,379,998		4,346,499		18,278,114		3,284,060		44,601,601
Lease liabilities		38,553		36,077		31,141		24,493		144,579		28,887		303,730
Other financial liabilities(*)		25,529,291		100,350		30,918		24,241		838,161		3,103,238		29,626,199

Total		255,069,500		45,030,012		50,534,047		36,343,370		41,629,854		8,444,990		437,051,773

(*)	It does not include lease liabilities.


	December 31, 2022
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Financial liabilities at FVTPL		35,161		—		—		—		—		12,113		47,274
Deposits due to customers		228,890,427		36,851,103		24,091,740		42,652,679		14,999,516		1,522,830		349,008,295
Borrowings		8,969,648		5,734,715		3,210,812		3,156,211		7,457,240		484,909		29,013,535
Debentures		6,348,064		6,841,379		5,211,032		5,214,942		19,621,659		3,298,581		46,535,657
Lease liabilities		68,279		36,724		35,136		29,646		151,379		33,007		354,171
Other financial liabilities(*)		14,409,376		113,049		19,370		20,315		765,870		3,037,563		18,365,543

Total		258,720,955		49,576,970		32,568,090		51,073,793		42,995,664		8,389,003		443,324,475

(*)	It does not include lease liabilities.

- 43 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

Cash flows of principals and interests by expected maturities of non-derivative financial liabilities as March 31, 2023 and December 31, 2022 are as follows (Unit: Korean Won in millions):


	March 31, 2023
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Financial liabilities at FVTPL		34,750		—		—		—		74,491		31,357		140,598
Deposits due to customers		224,630,888		39,234,394		34,829,274		21,377,004		10,397,455		155,629		330,624,644
Borrowings		11,506,108		4,315,530		3,480,665		3,807,465		6,928,477		441,359		30,479,604
Debentures		6,197,131		6,115,799		6,379,998		4,346,499		18,278,114		3,284,060		44,601,601
Lease liabilities		38,558		36,318		31,443		24,911		150,698		33,909		315,837
Other financial liabilities(*)		25,529,291		100,350		30,918		24,241		838,161		3,103,238		29,626,199

Total		267,936,726		49,802,391		44,752,298		29,580,120		36,667,396		7,049,552		435,788,483

(*)	It does not include lease liabilities.


	December 31, 2022
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Financial liabilities at FVTPL		35,161		—		—		—		—		12,113		47,274
Deposits due to customers		242,132,680		41,113,768		24,269,363		29,670,943		10,490,993		56,013		347,733,760
Borrowings		8,969,648		5,734,715		3,210,812		3,156,211		7,457,240		484,909		29,013,535
Debentures		6,348,064		6,841,379		5,211,032		5,214,942		19,621,659		3,298,581		46,535,657
Lease liabilities		68,344		36,729		35,377		29,948		157,361		38,584		366,343
Other financial liabilities(*)		14,409,376		113,049		19,370		20,315		765,870		3,037,563		18,365,543

Total		271,963,273		53,839,640		32,745,954		38,092,359		38,493,123		6,927,763		442,062,112

(*)	It does not include lease liabilities.

Maturity analysis of derivative financial liabilities

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

The cash flow by the maturity of derivative financial liabilities as of March 31, 2023 and December 31, 2022 is as follows (Unit: Korean Won in millions):


		Remaining maturity
		Within 3 months		4 to 6 months		7 to 9 months			10 to 12 months			1 to 5 years			Over 5 years			Total
March 31, 2023	Cash flow risk hedge		86		97		16			66			195			—			460
	Fair value risk hedge		27,220		27,282		31,422			21,077			74,972			278			182,251
	Trading purpose		8,928,040		—		(5	)		(362	)		(46,931	)		—			8,880,742
December 31, 2022	Cash flow risk hedge		856		905		915			1,255			50,682			—			54,613
	Fair value risk hedge		25,048		16,175		31,974			18,540			118,027			(3,615	)		206,149
	Trading purpose		8,905,125		—		—			—			—			—			8,905,125

- 44 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

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

A payment guarantee represents an irrevocable undertaking that the Group should meet a customer’s obligations to third parties if the customer fails to do so. The loan commitment represents the limit if the Group has promised a credit to the customer. Loan commitments include commercial standby facilities and credit lines, liquidity facilities to commercial paper conduits and utilized overdraft facilities. The maximum limit to be paid by the Group in accordance with guarantees and loan commitment only applies to principal amounts. There are contractual maturities for payment guarantees, such as financial guarantees for debentures issued or loans, unused loan commitments, and other credits, however, under the terms of the guarantees and unused loan commitments, funds should be paid upon demand from the counterparty. Details of off-balance accounts as of March 31, 2023 and December 31, 2022 are as follows (Unit: Korean Won in millions):


	March 31, 2023		December 31, 2022
Payment guarantees		12,042,308		11,921,586
Loan commitments		123,040,782		118,172,070
Other commitments		4,420,715		4,602,429

(4)	Operational risk

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

Management of operational risk

The consolidated company has established and operated a group operational risk management system to cope with new Basel III global regulations introduced since 2023, and the management of operational risks follows risk recognition and evaluation, measurement, monitoring and reporting, risk control and mitigation.

Measurement of operational risk

The consolidated company applies the standard method for the purpose of calculating operating risk regulated capital.

- The standard method is to calculate operating risk equity by multiplying the operating index (BI), a measure of consolidated financial statements, by the coefficient, and the internal loss multiplier (ILM), an adjusted multiplier based on the average past loss and operating index.

•

“Operational risk required equity capital” = Operating index factor (BIC) × internal loss multiplier (ILM)

•

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

•

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

- 45 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

5.	OPERATING SEGMENTS

In evaluating the results of the Group and allocating resources, the Group’s Chief Operation Decision Maker (“CODM”) utilizes the information per type of customers. The Group reports to the CODM according to the organizational sectors below. This financial information of the segments is regularly reviewed by the CODM to make decisions about resources to be allocated to each segment and evaluate its performance.

(1)	Segment by type of organization

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


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

- 46 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(2)	The composition of each organization’s sectors for the three-month period ended March 31, 2023 and 2022 are as follows (Unit: Korean Won in millions):


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

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

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

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

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

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

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

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

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

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

(*2)

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

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

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

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

- 47 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


				For the three-month period ended March 31, 2022
	Banking(*1)			Credit card			Capital			Investment banking			Others (*2)			Sub-total			Other adjustments (*3)			Internal adjustments (*4)			Consolidated Adjustments (*5)			Total
Net interest income		1,485,287			163,591			92,210			28,551			11,919			1,781,558			8,411			199,385			(1,688	)		1,987,666
Non-interest income(expense)		407,176			43,348			18,693			21,574			1,370,383			1,861,174			245,667			(136,403	)		(1,587,466	)		382,972
Impairment losses due to credit loss		(69,899	)		(28,250	)		(21,168	)		(8,865	)		(1,153	)		(129,335	)		26,457			(63,240	)		50			(166,068	)
General and administrative expense		(831,007	)		(62,184	)		(22,774	)		(14,576	)		(116,254	)		(1,046,795	)		(16,184	)		—			86,851			(976,128	)

Net operating income(expense)		991,557			116,505			66,961			26,684			1,264,895			2,466,602			264,351			(258	)		(1,502,253	)		1,228,442

Share of gain of associates		3,398			—			(6	)		54			(52	)		3,394			(20,747	)		—			4,534			(12,819	)
Other non-operating expense		(47,623	)		(646	)		(5	)		(244	)		1,730			(46,788	)		(2,399	)		258			(1,617	)		(50,546	)

Non-operating income(expense)		(44,225	)		(646	)		(11	)		(190	)		1,678			(43,394	)		(23,146	)		258			2,917			(63,365	)

Net income(expense) before tax		947,332			115,859			66,950			26,494			1,266,573			2,423,208			241,205			—			(1,499,336	)		1,165,077
Tax expense		(227,920	)		(30,323	)		(17,823	)		(6,505	)		(8,862	)		(291,433	)		(2,637	)		—			1,465			(292,605	)

Net income(loss)		719,412			85,536			49,127			19,989			1,257,711			2,131,775			238,568			—			(1,497,871	)		872,472

Total assets		432,118,831			14,733,388			11,205,461			5,575,560			27,732,092			491,365,332			1,293,564			—			(26,954,590	)		465,704,306

Investment in associate		830,414			—			17,170			10,068			22,371,310			23,228,962			34,054			—			(21,949,638	)		1,313,378
Other assets		431,288,417			14,733,388			11,188,291			5,565,492			5,360,782			468,136,370			1,259,510			—			(5,004,952	)		464,390,928

Total liabilities		408,066,364			12,421,379			9,796,801			4,973,184			4,199,171			439,456,899			52,673			—			(3,106,577	)		436,402,995

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

(*2)

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

(*4)	Internal adjustment includes adjustment of KRW 106,449 million in deposit insurance premiums and KRW 96,502 million in fund contribution fees from net interest income to non-interest income to present income adjustment between reporting sectors in accordance with management accounting standards.

(*5)	Consolidation adjustments include the elimination of KRW 70,204 million of internal transactions between Woori FIS Co., Ltd., the group’s IT service agency, and affiliates, and the removal of KRW 1,260,716 million of dividends received by the holding company from its subsidiaries.

- 48 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(3)	Operating profit or loss from external customers for the three-month period ended March 31, 2023 and 2022 are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31
Details	2023		2022
Domestic		848,212		1,100,591
Foreign		403,788		127,851

Total		1,252,000		1,228,442

(4)	Major non-current assets as of March 31, 2023 and December 31, 2022 are as follows (Unit: Korean Won in millions):


Details (*)	March 31, 2023		December 31, 2022
Domestic		5,554,852		5,152,033
Foreign		526,791		533,354

Total		6,081,643		5,685,387

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

(5)	Information about major customers

The Group does not have any single customer that generates 10% or more of the Group’s total revenue for the three-month periods ended March 31, 2023 and 2022.

- 49 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

6.	STATEMENTS OF CASH FLOWS

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


	March 31, 2023		December 31, 2022
Cash		2,536,598		1,771,316
Foreign currencies		717,098		628,590
Demand deposits		27,548,661		31,729,228
Fixed deposits		184,719		90,014

Total		30,987,076		34,219,148

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


	Counterparty	March 31, 2023		Reason of restriction
Due from banks in local currency:
Due from BOK	BOK		15,964,418	Reserve deposits under the BOK Act

Due from banks in foreign currencies:
Due from banks on demand	BOK and others		1,678,701	Reserve deposits under the BOK Act and others

Total			17,643,119


	Counterparty	December 31, 2022		Reason of restriction
Due from banks in local currency:
Due from BOK	BOK		16,527,445	Reserve deposits under the BOK Act

Due from banks in foreign currencies:
Due from banks on demand	BOK and others		6,437,717	Reserve deposits under the BOK Act and others

Total			22,965,162

- 50 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

7.	FINANCIAL ASSETS AT FVTPL

(1)	Details of financial assets at FVTPL as of March 31, 2023 and December 31, 2022 are as follows (Unit: Korean Won in millions):


	March 31, 2023		December 31, 2022
Financial assets at fair value through profit or loss measured at fair value		21,421,279		19,860,573

(2)	Financial assets at fair value through profit or loss measured at fair value as of March 31, 2023 and December 31, 2022 are as follows (Unit: Korean Won in millions):


	March 31, 2023		December 31, 2022
Deposits:
Gold banking asset		34,856		34,995
Securities:
Debt securities
Korean treasury and government agencies		3,254,690		2,754,442
Financial institutions		494,020		620,311
Corporates		776,694		721,573
Others		102,127		174,206
Equity securities		406,643		383,883
Capital contributions		2,022,824		1,976,474
Beneficiary certificates		4,354,525		3,902,762
Others		168,047		143,334

Sub-total		11,579,570		10,676,985

Loans		1,264,596		899,228
Derivatives assets		8,497,873		8,206,181
Other financial assets		44,384		43,184

Total		21,421,279		19,860,573

The Group does not have financial assets at fair value through profit or loss designated as upon initial recognition as of March 31, 2023 and December 31, 2022.

- 51 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

8.	FINANCIAL ASSETS AT FVTOCI

(1)	Details of financial assets at FVTOCI as of March 31, 2023 and December 31, 2022 are as follows (Unit: Korean Won in millions):


	March 31, 2023		December 31, 2022
Debt securities:
Korean treasury and government agencies		5,980,981		5,487,983
Financial institutions		16,601,373		16,870,619
Corporates		3,620,055		4,044,446
Bond denominated in foreign currencies		6,118,239		5,644,684
Securities loaned		341,110		98,026

Sub-total		32,661,758		32,145,758

Equity securities		1,045,677		939,322
Loans		39,698		—

Total		33,747,133		33,085,080

(2)	Details of equity securities designated as financial assets at FVTOCI as of March 31, 2023 and December 31, 2022 are as follows (Unit: Korean Won in millions):


Purpose of acquisition	March 31, 2023		December 31, 2022		Remarks
Investment for strategic business partnership purpose		914,006		776,199
Debt-equity swap		127,766		157,216
Others		3,905		5,907	Insurance for mutual aid association, etc.

Total		1,045,677		939,322

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

Allowance for credit losses


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

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

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


	For the three-month period ended March 31, 2022
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(12,147	)		—		—		(12,147	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Net provision of allowance for credit losses		(719	)		—		—		(719	)
Disposal		205			—		—		205
Others (*)		(2,516	)		—		—		(2,516	)

Ending balance		(15,177	)		—		—		(15,177	)

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

- 52 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

Gross carrying amount


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

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

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


	For the three-month period ended March 31, 2022
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		38,126,977			—		—		38,126,977
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Acquisition		6,747,888			—		—		6,747,888
Disposal/ Recovery		(5,245,480	)		—		—		(5,245,480	)
Loss on valuation		(310,189	)		—		—		(310,189	)
Amortization based on effective interest method		8,242			—		—		8,242
Others (*)		97,946			—		—		97,946

Ending balance		39,425,384			—		—		39,425,384

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

(4)

During three-month periods ended March 31, 2023 and 2022, the Group sold its equity securities., designated as financial assets at FVTOCI in accordance with decision of disposal by the creditors, and the fair values at disposal dates were 1,531 million Won and 67 million Won, respectively and cumulative gains and losses at disposal dates were 197 million Won in gain and 67 million Won in loss, respectively.

- 53 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

9.	SECURITIES AT AMORTIZED COST

(1)	Details of securities at amortized cost as of March 31, 2023 and December 31, 2022 are as follows (Unit: Korean Won in millions):


	March 31, 2023			December 31, 2022
Korean treasury and government agencies		9,093,417			10,083,951
Financial institutions		9,755,517			10,283,631
Corporates		6,565,714			6,237,547
Bond denominated in foreign currencies		1,878,152			1,671,772
Allowance for credit losses		(8,275	)		(8,385	)

Total		27,284,525			28,268,516

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

Loss allowance


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

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

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


	For the three-month period ended March 31, 2022
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(5,235	)		—		—		(5,235	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Net reversal of allowance for credit losses		(283	)		—		—		(283	)
Others (*)		(3	)		—		—		(3	)

Ending balance		(5,521	)		—		—		(5,521	)

Gross carrying amount


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

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

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

- 54 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	For the three-month period ended March 31, 2022
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		17,091,509			—		—		17,091,509
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Acquisition		2,544,559			—		—		2,544,559
Disposal/ Recovery		(1,380,347	)		—		—		(1,380,347	)
Amortization based on effective interest method		10,207			—		—		10,207
Others (*)		27,081			—		—		27,081

Ending balance		18,293,009			—		—		18,293,009

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

- 55 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

10.

LOANS AND OTHER FINANCIAL ASSETS AT AMORTIZED COST

(1)	Details of loans and other financial assets at amortized cost as of March 31, 2023 and December 31, 2022 are as follows (Unit: Korean Won in millions):


	March 31, 2023		December 31, 2022
Due from banks		3,961,400		2,994,672
Loans		337,391,677		343,918,560
Other financial assets		13,802,208		8,847,497

Total		355,155,285		355,760,729

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


	March 31, 2023			December 31, 2022
Due from banks in local currency:
Due from The Bank of Korea (“BOK”)		1,200,000			160,000
Due from depository banks		242,440			170,006
Due from non-depository institutions		156			183
Due from the Korea Exchange		14,158			2,440
Others		241,682			421,318
Loss allowance		(349	)		(116	)

Sub-total		1,698,087			753,831

Due from banks in foreign currencies:
Due from banks on demand		217,595			199,671
Due from banks on time		314,501			466,963
Others		1,744,406			1,586,408
Loss allowance		(13,189	)		(12,201	)

Sub-total		2,263,313			2,240,841

Total		3,961,400			2,994,672

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


	Counterparty	March 31, 2023		Reason of restriction
Due from banks in local currency:
Due from BOK	BOK		1,200,000	Reserve deposits under BOK Act
Due from KSFC	The Korea Securities Finance Corporation		14,071	Customer deposits return reserve
Others	Korea Exchange and others		181,090	Korean Won CCP margin and others

	Sub-total		1,395,161

Due from banks in foreign currencies:
Due from banks on demand	National Bank Cambodia and others		217,595	Reserve deposits under BOK Act and others
Due from banks on time	National Bank Cambodia and others		261	Reserve deposits and others
Others	Korea Investment & Securities and others		1,455,591	Overseas futures and options trade deposits and others

	Sub-total		1,673,447

	Total		3,068,608

- 56 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	Counterparty	December 31, 2022		Reason of restriction
Due from banks in local currency:
Due from BOK	BOK		160,000	Reserve deposits under BOK Act
Due from KSFC	The Korea Securities Finance Corporation		2,419	Customer deposits return reserve
Others	Korea Exchange and others		223,705	Korean Won CCP margin and others

	Sub-total		386,124

Due from banks in foreign currencies:
Due from banks on demand	National Bank Cambodia and others		193,507	Reserve deposits under BOK Act and others
Due from banks on time	National Bank Cambodia and others		253	Reserve deposits and others
Others	Yuanta Securities and others		1,581,298	Overseas futures and options trade deposits and others

	Sub-total		1,775,058

	Total		2,161,182

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

Allowance for credit losses


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

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

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


	For the three-month period ended March 31, 2022
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(6,034	)		—		—		(6,034	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Provision for allowance for credit loss		(1,884	)		—		—		(1,884	)
Others (*)		236			—		—		236

Ending balance		(7,682	)		—		—		(7,682	)

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

- 57 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

Gross carrying amount


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

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

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


	For the three-month period ended March 31, 2022
	Stage 1		Stage 2		Stage 3		Total
Beginning balance		2,872,918		—		—		2,872,918
Transfer to 12-month expected credit losses		—		—		—		—
Transfer to lifetime expected credit losses		—		—		—		—
Transfer to credit-impaired financial assets		—		—		—		—
Net increase(decrease)		719,832		—		—		719,832
Others (*)		18,536		—		—		18,536

Ending balance		3,611,286		—		—		3,611,286

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

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


	March 31, 2023			December 31, 2022
Loans in local currency		279,777,182			282,686,620
Loans in foreign currencies		27,927,724			26,988,360
Domestic banker’s usance		3,223,291			2,877,079
Credit card receivables		10,254,296			10,370,362
Bills bought in foreign currencies		5,431,717			3,650,792
Bills bought in local currency		137,080			533,879
Factoring receivables		40,856			25,469
Advances for customers on guarantees		20,493			25,698
Private placement bonds		450,614			485,519
Securitized loans		2,923,514			2,990,937
Call loans		3,089,671			3,626,226
Bonds purchased under resale agreements		1,557,610			6,849,038
Financial lease receivables		1,447,453			1,467,858
Installment financial receivable		2,681,637			2,832,972
Others		140			140
Loan origination costs and fees		828,198			852,002
Discounted present value		(7,983	)		(10,238	)
Allowance for credit losses		(2,391,816	)		(2,334,153	)

Total		337,391,677			343,918,560

- 58 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

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


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

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


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

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

- 59 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	For the three-month period ended March 31, 2022
	Consumers									Corporates
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		(136,520	)		(97,604	)		(206,617	)		(362,766	)		(576,740	)		(251,233	)		—
Transfer to 12-month expected credit losses		(22,896	)		15,332			7,564			(19,239	)		15,692			3,547			—
Transfer to lifetime expected credit losses		9,577			(11,905	)		2,328			6,219			(8,650	)		2,431			—
Transfer to credit-impaired financial assets		2,056			17,185			(19,241	)		934			11,212			(12,146	)		—
Net reversal(provision) of allowance for credit losses		7,454			(28,329	)		(24,265	)		7,069			(82,050	)		3,598			—
Recovery		—			—			(18,087	)		—			—			(22,993	)		—
Charge-off		—			—			32,053			—			—			41,799			—
Disposal		—			—			76			—			—			13,018			—
Interest income from impaired loans		—			—			3,114			—			—			2,395			—
Others		(447	)		133			2,598			(8,649	)		2,129			5,572			—

Ending balance		(140,776	)		(105,188	)		(220,477	)		(376,432	)		(638,407	)		(214,012	)		—


	For the three-month period ended March 31, 2022
	Credit card receivables									Total
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		(68,814	)		(115,489	)		(70,927	)		(568,100	)		(789,833	)		(528,777	)		—
Transfer to 12-month expected credit losses		(19,587	)		19,569			18			(61,722	)		50,593			11,129			—
Transfer to lifetime expected credit losses		7,225			(7,471	)		246			23,021			(28,026	)		5,005			—
Transfer to credit-impaired financial assets		599			17,069			(17,668	)		3,589			45,466			(49,055	)		—
Net reversal(provision) of allowance for credit losses		10,830			(31,823	)		(21,994	)		25,353			(142,202	)		(42,661	)		—
Recovery		—			—			(14,473	)		—			—			(55,553	)		—
Charge-off		—			—			41,455			—			—			115,307			—
Disposal		—			—			7,896			—			—			20,990			—
Interest income from impaired loans		—			—			—			—			—			5,509			—
Others		45			—			—			(9,051	)		2,262			8,170			—

Ending balance		(69,702	)		(118,145	)		(75,447	)		(586,910	)		(861,740	)		(509,936	)		—

- 60 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

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


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

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


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

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


	For the three-month period ended March 31, 2022
	Consumers									Corporates
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		135,139,685			13,500,783			499,969			170,795,255			8,458,279			541,732			—
Transfer to 12-month expected credit losses		2,922,878			(2,908,817	)		(14,061	)		871,965			(864,982	)		(6,983	)		—
Transfer to lifetime expected credit losses		(3,799,921	)		3,815,133			(15,212	)		(1,394,198	)		1,401,149			(6,951	)		—
Transfer to credit-impaired financial assets		(33,726	)		(80,929	)		114,655			(39,692	)		(81,263	)		120,955			—
Charge-off		—			—			(32,053	)		—			—			(41,799	)		—
Disposal		—			—			(3,356	)		—			—			(39,918	)		—
Net increase(decrease)		169,969			(445,143	)		(26,238	)		2,485,697			(190,919	)		(121,676	)		66,343

Ending balance		134,398,885			13,881,027			523,704			172,719,027			8,722,264			445,360			66,343

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	For the three-month period ended March 31, 2022
	Credit card receivables									Total
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		8,239,303			1,395,139			116,075			314,174,243			23,354,201			1,157,776			—
Transfer to 12-month expected credit losses		338,060			(338,029	)		(31	)		4,132,903			(4,111,828	)		(21,075	)		—
Transfer to lifetime expected credit losses		(331,972	)		332,320			(348	)		(5,526,091	)		5,548,602			(22,511	)		—
Transfer to credit-impaired financial assets		(9,745	)		(48,486	)		58,231			(83,163	)		(210,678	)		293,841			—
Charge-off		—			—			(41,455	)		—			—			(115,307	)		—
Disposal		—			—			(17,082	)		—			—			(60,356	)		—
Net increase(decrease)		39,780			(40,595	)		4,331			2,695,446			(676,657	)		(143,583	)		66,343

Ending balance		8,275,426			1,300,349			119,721			315,393,338			23,903,640			1,088,785			66,343

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


	March 31, 2023			December 31, 2022
Cash Management Account asset (CMA asset)		117,000			157,000
Receivables		10,897,100			5,438,469
Accrued income		1,681,827			1,667,397
Telex and telephone subscription rights and refundable deposits		787,960			801,536
Domestic exchange settlement debit		109,625			577,919
Other assets(*)		351,623			344,356
Allowance for credit losses		(142,927	)		(139,180	)

Total		13,802,208			8,847,497

(*)

The Group was aware of employee embezzlement incidents that occurred before the prior term in April 2022, and the Financial Supervisory Service conducted on-site inspections from April 28 to May 30, 2022. Accused of embezzlement and discovered property Provisional seizure has been taken. The related amount included in other assets was KRW 63,354 million, which was completely lost due to uncertainty over whether it could be recovered.

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


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

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


	For the three-month period ended March 31, 2022
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		(3,675	)		(5,580	)		(57,526	)		(66,781	)
Transfer to 12-month expected credit losses		(136	)		126			10			—
Transfer to lifetime expected credit losses		156			(177	)		21			—
Transfer to credit-impaired financial assets		112			937			(1,049	)		—
Reversal(Provision) of allowance for credit losses		(33	)		(3,381	)		271			(3,143	)
Charge-off		—			—			405			405
Disposal		—			—			194			194
Others		313			(1	)		(488	)		(176	)

Ending balance		(3,263	)		(8,076	)		(58,162	)		(69,501	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

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


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

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


	For the three-month period ended March 31, 2022
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		9,004,539			106,597			174,868			9,286,004
Transfer to 12-month expected credit losses		6,212			(6,202	)		(10	)		—
Transfer to lifetime expected credit losses		(36,288	)		36,315			(27	)		—
Transfer to credit-impaired financial assets		(1,460	)		(3,502	)		4,962			—
Charge-off		—			—			(405	)		(405	)
Disposal		—			—			(227	)		(227	)
Net increase		1,487,173			(28,083	)		(22,481	)		1,436,609

Ending balance		10,460,176			105,125			156,680			10,721,981

- 63 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

11.

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

(1)	The fair value hierarchy

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

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

•

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

•

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

•

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

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

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

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


	March 31, 2023
	Level 1 (*)		Level 2 (*)		Level 3		Total
Financial assets:
Financial assets at FVTPL
Deposits		34,855		—		—		34,855
Debt securities		2,975,215		1,651,232		1,084		4,627,531
Equity securities		81,210		26		325,408		406,644
Capital contributions		—		—		2,022,824		2,022,824
Beneficiary certificates		41,989		2,778,438		1,534,098		4,354,525
Loans		—		1,189,735		74,861		1,264,596
Derivative assets		24,911		8,416,592		56,370		8,497,873
Other financial assets in foreign currency		—		—		42,879		42,879
Others		14,477		—		155,075		169,552

Sub-total		3,172,657		14,036,023		4,212,599		21,421,279

Financial assets at FVTOCI
Debt securities		11,736,497		20,925,261		—		32,661,758
Equity securities		498,171		—		547,506		1,045,677
Loans		—		—		39,698		39,698

Sub-total		12,234,668		20,925,261		587,204		33,747,133

Derivative assets (designated for hedging)		—		64,376		—		64,376

Total		15,407,325		35,025,660		4,799,803		55,232,788

Financial liabilities:
Financial liabilities at FVTPL
Deposits due to customers		34,750		—		—		34,750
Derivative liabilities		6,405		8,866,046		8,465		8,880,916
Securities sold		105,847		—		—		105,847

Sub-total		147,002		8,866,046		8,465		9,021,513

Derivative liabilities (designated for hedging)		—		175,362		—		175,362

Total		147,002		9,041,408		8,465		9,196,875

(*)	None of the financial assets and financial liabilities measured at fair value have moved between levels 1 and 2. The Group recognizes changes in levels at the end of the reporting period when the event or change in circumstances that causes the movement between levels occurs.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	December 31, 2022
	Level 1 (*)		Level 2 (*)		Level 3		Total
Financial assets:
Financial assets at FVTPL
Deposits		34,995		—		—		34,995
Debt securities		2,580,563		1,654,591		1,078		4,236,232
Equity securities		76,007		25		307,851		383,883
Capital contributions		—		—		1,976,474		1,976,474
Beneficiary certificates		45,394		2,398,592		1,458,776		3,902,762
Loans		—		794,723		104,505		899,228
Derivative assets		69,316		8,042,895		93,970		8,206,181
Other financial assets in foreign currency		—		—		41,679		41,679
Others		34,299		—		144,840		179,139

Sub-total		2,840,574		12,890,826		4,129,173		19,860,573

Financial assets at FVTOCI
Debt securities		9,895,456		22,250,302		—		32,145,758
Equity securities		382,257		—		557,065		939,322

Sub-total		10,277,713		22,250,302		557,065		33,085,080

Derivative assets (designated for hedging)		—		37,786		—		37,786

Total		13,118,287		35,178,914		4,686,238		52,983,439

Financial liabilities:
Financial liabilities at FVTPL
Deposits due to customers		35,161		—		—		35,161
Derivative liabilities		11,700		8,883,976		9,449		8,905,125
Securities sold		12,113		—		—		12,113

Sub-total		58,974		8,883,976		9,449		8,952,399

Derivative liabilities (designated for hedging)		—		202,911		—		202,911

Total		58,974		9,086,887		9,449		9,155,310

(*)

Among financial assets and financial liabilities measured at fair value, the amount transferred from Level 2 to Level 1 is 2,835,187 million Won. The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed. A change in the judgement of the active market where the financial product was traded resulted the transfer between levels.

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

- 66 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

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

Valuation methods and input variables for each type of financial instrument classified into level 2 in March 31, 2023 and December 31, 2022 are as follows:


	Valuation methods	Input variables
Debt securities	Fair value is measured by discounting the future cash flows of debt securities applying the risk-free market rate with credit spread.	Risk-free market rate and credit spread
Beneficiary certificates	The beneficiary certificates classified as Level 2 are measured by net asset value.	Values of underlying assets such as bond
Derivatives	Fair value is measured by models such as option model (Closed form), net asset value, DCF model, etc.	Correlation coefficient, risk-free market rate, forward rate, exchange rate, discount rate
Loans	The future cash flows of debt instruments are measured at a discount by applying the market interest rate applied to entities with similar creditworthiness to the debtor.	Risk-free market rate and credit spread

Valuation methods and input variables for each type of financial instrument classified into level 3 in March 31, 2023 and December 31, 2022 are as follows:


	Valuation methods	Input variables
Loans	Fair value is calculated by using Binomial Tree and LSMC which are a valuation technique commonly used in the market. Also, The future cash flows of debt instruments are measured at a discount by applying the market interest rate applied to entities with similar creditworthiness to the debtor.	Value of underlying assets, Volatility, Credit spread, Discount rate, and permanent growth rate
Debt securities	The future cash flows of debt instruments are measured at a discount by applying the market interest rate applied to entities with similar creditworthiness to debt securities issuers. Fair value is measured by models such as LSMC(Least-Squares Monte Carlo) and Hull-white.	Risk-free market rate, credit spread, discount rate originated credit grade, volatility of stock price, volatility of interest rate
Equity securities, capital contributions and Beneficiary certificates	Among DCF (Discounted Cash Flow) Model, FCFE (Free Cash Flow to Equity) Model, Comparable Company Analysis, Dividend Discount Model, Risk-adjusted Rate of Return Method, Net Asset Value Method, LSMC, Hull-White, Binomial Tree, and Imputed Market Value Model, more than one method is used given the characteristic of the subject of fair value measurement.	Risk-free market rate, market risk premium, corporate Beta, discount rate originated credit grade, stock prices, volatility of underlying asset, volatility of interest rate, etc
Derivatives	Fair value is measured by models such as option model (Closed form), DCF model, FDM and Monte Carlo Simulation.	Discount rate, values of underlying assets such as foreign exchange rate and stock prices, volatility, etc.
Others	The fair value of the underlying asset, after calculating the fair value using the DCF model, etc., considering the price and volatility of the calculated underlying asset, is calculated using the binomial tree and least-squares Monte Carlo simulation (LSMC), which are commonly used valuation techniques in the market.	Stock prices, volatility of underlying assets, etc.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

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

1) March 31, 2023


	Fair value measurement technique	Type	Significant unobservable inputs	Range(%)	Impact of changes in significant unobservable inputs on fair value measurement
Derivative assets	Option valuation model and others	Equity related	Correlation coefficient	0.24 ~ 0.68	Variation of fair value increases as correlation coefficient increases.
Derivative liabilities	Option valuation model and others	Equity related	Correlation coefficient	0.24 ~ 0.68	Variation of fair value increases as correlation coefficient increases.
Equity securities, capital contributions, and beneficiary certificates	Binomial Tree		Stock prices, Volatility of underlying asset	25.60%	Variation of fair value increases as volatility of underlying asset and stock price increases.
	DCF model and others		Discount rate	5.03% ~ 17.21%	Fair value increases as discount rate decreases.
			Terminal growth rate	0.00%, 1.00%	Fair value increases as terminal growth rate increases.
			Liquidation value	0.00%	Fair value increases as liquidation value increases.
Others	Binomial Tree		Stock prices, Volatility of underlying asset	21.57% ~ 35.64%	Variation of fair value increases as volatility of underlying asset and stock price increases.

2) December 31, 2022


	Fair value measurement technique	Type	Significant unobservable inputs	Range(%)	Impact of changes in significant unobservable inputs on fair value measurement
Loans	Binomial Tree		Stock prices	46.53%	Variation of fair value increases as volatility of underlying asset and stock price increases.
	DCF model		Discount rate	1.98%~2.18%	Fair value decreases as discount rate increases.
Derivative assets	Option valuation model and others	Equity related	Correlation coefficient	0.21~0.67	Variation of fair value increases as correlation coefficient increases.
Derivative liabilities	Option valuation model and others	Equity related	Correlation coefficient	0.21~0.67	Variation of fair value increases as correlation coefficient increases.
			Volatility of underlying asset	11.74% ~ 97.16%	Variation of fair value increases as volatility of underlying assets increases.
Equity securities, capital contributions, and beneficiary certificates	Binomial Tree		Stock prices, Volatility of underlying asset	28.40%	Variation of fair value increases as volatility of underlying asset and stock price increases.
	DCF model and others		Discount rate	0.00%~19.14%	Fair value increases as discount rate decreases.
			Terminal growth rate	0.00%, 1.00%	Fair value increases as terminal growth rate increases.
			Liquidation value	0.00%	Fair value increases as liquidation value increases.
Others	Binomial Tree		Stock prices, Volatility of underlying asset	20.15%~36.19%	Variation of fair value increases as volatility of underlying asset and stock price increases.

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

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

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


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

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

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

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

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

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

(*1)

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

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

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	For the three-month period ended March 31, 2022
	Beginning balance		Net Income (loss) (*1)		Other comprehensive income			Purchases/ issuances			Disposals / settlements			Transfer to or out of Level 3 (*2)			Ending balance
Financial assets:
Financial assets at FVTPL
Debt securities		2,117		89		—			—			—			(1,000	)		1,206
Equity securities		303,985		395		—			31,868			(9,199	)		—			327,049
Capital contributions		1,287,723		71,682		—			219,163			(49,513	)		—			1,529,055
Beneficiary certificates		1,104,074		17,094		—			163,442			(45,129	)		—			1,239,481
Loans		213,635		3,777		—			112,411			(147,432	)		—			182,391
Derivative assets		29,348		32,208		—			493			(485	)		—			61,564
Others		96,191		4,096		—			6,857			(1,163	)		1,000			106,981

Sub-total		3,037,073		129,341		—			534,234			(252,921	)		—			3,447,727

Financial assets at FVTOCI
Equity securities		581,455		—		(12,511	)		141			(26,267	)		—			542,818

Total		3,618,528		129,341		(12,511	)		534,375			(279,188	)		—			3,990,545

Financial liabilities:
Derivative liabilities		4,641		2,402		—			(641	)		(2,828	)		—			3,574

Total		4,641		2,402		—			(641	)		(2,828	)		—			3,574

(*1)

For financial liabilities, positive numbers represent losses that increase balance and negative numbers represent gains that decrease balance. The statements of comprehensive income includes gain of 103,979 million Won included in net gain(loss) on financial assets at FVTPL and net gain(loss) on financial assets at FVTOCI pertaining to the assets and liabilities held by the Group at the end of the period.

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

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

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

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

Meanwhile, among the financial instruments that are classified as Level 3 amounting to 4,808,268 million Won and 4,695,688 million Won as of March 31, 2023 and December 31, 2022 respectively, equity instruments of 3,336,936 million Won and 3,196,703 million Won whose carrying amount are considered to represent the reasonable approximation of fair value are excluded from the sensitivity analysis.

The sensitivity on fluctuation of input variables by financial instruments as of March 31, 2023 and December 31, 2022 is as follows (Unit: Korean Won in millions):


	March 31, 2023
	Net income (loss)					Other comprehensive income (loss)
	Favorable		Unfavorable			Favorable		Unfavorable
Financial assets:
Financial assets at FVTPL
Derivative assets (*1)		831		(670	)		—		—
Loans (*2)		143		(141	)		—		—
Debt securities		5		—			—		—
Equity securities (2) (3) (*4)		12,137		(9,214	)		—		—
Beneficiary certificates (*4)		737		(737	)		—		—
Others (*2)		3,558		(3,471	)		—		—
Financial assets at FVTOCI
Equity securities (3) (4)		—		—			33,468		(24,647	)

Total		17,411		(14,233	)		33,468		(24,647	)

Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities (*1)		19		(13	)		—		—

Total		19		(13	)		—		—

(*1)

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

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

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

(*4)

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

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	December 31, 2022
	Net income (loss)					Other comprehensive income (loss)
	Favorable		Unfavorable			Favorable		Unfavorable
Financial assets:
Financial assets at FVTPL
Derivative assets (*1)		2,453		(1,993	)		—		—
Loans (*2)		203		(200	)		—		—
Debt securities		1		—			—		—
Equity securities (2)(3)(*4)		10,146		(8,079	)		—		—
Beneficiary certificates (*4)		737		(737	)		—		—
Others (*2)		2,860		(2,790	)		—		—
Financial assets at FVTOCI		—		—			—		—
Equity securities (3)(4)		—		—			24,370		(17,579	)

Total		16,400		(13,799	)		24,370		(17,579	)

Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities (*1)		41		(39	)		—		—

Total		41		(39	)		—		—

(*1)

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

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

(*4)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

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


	March 31, 2023
	Fair value								Carrying amount
	Level 1		Level 2		Level 3		Total		Carrying amount
Financial assets:
Securities at amortized cost		2,485,509		24,269,284		—		26,754,793		27,284,525
Loans and other financial assets at amortized cost		—		11,173,634		343,986,975		355,160,609		355,155,286
Financial liabilities:
Deposits due to customers		—		329,768,230		—		329,768,230		325,922,030
Borrowings		—		28,813,739		1,957,450		30,771,189		30,963,552
Debentures		—		41,656,233		—		41,656,233		42,206,757
Other financial liabilities		—		32,738,240		1,229,508		33,967,748		34,468,211


	December 31, 2022
	Fair value								Carrying amount
	Level 1		Level 2		Level 3		Total		Carrying amount
Financial assets:
Securities at amortized cost		2,652,449		24,623,369		—		27,275,818		28,268,516
Loans and other financial assets at amortized cost		—		6,238,724		345,952,544		352,191,268		355,760,730
Financial liabilities:
Deposits due to customers		—		343,931,576		—		343,931,576		342,105,209
Borrowings		—		26,063,256		2,135,047		28,198,303		28,429,603
Debentures		—		42,918,411		—		42,918,411		44,198,486
Other financial liabilities		—		21,244,664		536,209		21,780,873		22,492,705

The fair values of financial instruments are measured using quoted market price in active markets. In case there is no active market for financial instruments, the Group determines the fair value by using valuation methods. Valuation methods and input variables for financial assets and liabilities that are measured at amortized cost are given as follows:


	Valuation methods	Input variables
Securities at amortized cost	The fair value is measured by discounting the projected cash flows of debt securities by applying risk-free market rate with credit spread.	Risk-free market rate and credit spread

Loans and other financial assets at amortized cost	The fair value is measured by discounting the projected cash flows of loan products by applying the market discount rate that has been applied to a proxy company that has similar credit rating to the debtor.	Risk-free market rate, credit spread and prepayment rate

Deposits due to customers, borrowings, debentures and other financial liabilities	The fair value is measured by discounting the projected cash flows of debt products by applying the market discount rate that is reflecting credit rating of the Group.	Risk-free market rate, credit spread and forward rate

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(6)	Financial instruments by category

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


	March 31, 2023
Financial assets	Financial asset at FVTPL		Financial assets at FVTOCI		Financial assets at amortized cost		Derivatives assets (designated for hedging)		Total
Deposits		34,856		—		3,961,400		—		3,996,256
Securities		11,579,570		33,707,435		27,284,525		—		72,571,530
Loans		1,264,596		39,698		337,391,677		—		338,695,971
Derivative assets		8,497,873		—		—		64,376		8,562,249
Other financial assets		44,384		—		13,802,208		—		13,846,592

Total		21,421,279		33,747,133		382,439,810		64,376		437,672,598


	March 31, 2023
Financial liabilities	Financial liabilities at FVTPL		Financial liabilities at amortized cost		Derivatives liabilities (designated for hedging)		Total
Deposits due to customers		34,750		325,922,030		—		325,956,780
Borrowings		105,847		30,963,552		—		31,069,399
Debentures		—		42,206,757		—		42,206,757
Derivative liabilities		8,880,916		—		175,362		9,056,278
Other financial liabilities		—		34,468,211		—		34,468,211

Total		9,021,513		433,560,550		175,362		442,757,425


	December 31, 2022
Financial assets	Financial asset at FVTPL		Financial assets at FVTOCI		Financial assets at amortized cost		Derivatives assets (designated for hedging)		Total
Deposits		34,995		—		2,994,672		—		3,029,667
Securities		10,676,985		33,085,080		28,268,516		—		72,030,581
Loans		899,228		—		343,918,560		—		344,817,788
Derivative assets		8,206,181		—		—		37,786		8,243,967
Other financial assets		43,184		—		8,847,497		—		8,890,681

Total		19,860,573		33,085,080		384,029,245		37,786		437,012,684


	December 31, 2022
Financial liabilities	Financial liabilities at FVTPL		Financial liabilities at amortized cost		Derivatives liabilities (designated for hedging)		Total
Deposits due to customers		35,161		342,105,209		—		342,140,370
Borrowings		12,113		28,429,603		—		28,441,716
Debentures		—		44,198,486		—		44,198,486
Derivative liabilities		8,905,125		—		202,911		9,108,036
Other financial liabilities		—		22,492,707		—		22,492,707

Total		8,952,399		437,226,005		202,911		446,381,315

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(7)	Income or expense from financial instruments by category

Income or expense from financial assets and liabilities by each category during the three-month periods ended March 31, 2023 and 2022 are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31, 2023
	Interest Income (expense)			Fees and Commissions Income (expense)			Reversal (provision) of credit loss			Gain or loss on transactions and valuation		Dividends, etc.		Total
Financial assets at FVTPL		43,975			(9	)		—			238,498		37,765		320,229
Financial assets at FVTOCI		208,248			217			(413	)		331		11,315		219,698
Securities at amortized cost		205,206			—			124			—		—		205,330
Loans and other financial assets at amortized cost		4,471,709			144,288			(262,400	)		64,306		—		4,417,903
Financial liabilities at amortized cost		(2,707,657	)		365			—			—		—		(2,707,292	)
Net derivatives (designated for hedging)		—			—			—			41,905		—		41,905

Total		2,221,481			144,861			(262,689	)		345,040		49,080		2,497,773


	For the three-month period ended March 31, 2022
	Interest income (expense)			Fees and commissions income		Reversal (provision) of credit loss			Gain(loss) on valuation and transactions		Dividends, etc.		Total
Financial assets at FVTPL		16,673			236		—			115,386		32,447		164,742
Financial assets at FVTOCI		141,591			408		(719	)		271		14,576		156,127
Securities at amortized cost		88,964			—		(283	)		—		—		88,681
Loans and other financial assets at amortized cost		2,693,530			133,378		(164,537	)		48,068		—		2,710,439
Financial liabilities at amortized cost		(951,322	)		558		—			—		—		(950,764	)
Net derivatives (designated for hedging)		—			—		—			11,117		—		11,117

Total		1,989,436			134,580		(165,539	)		174,842		47,023		2,180,342

- 75 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

12.

INVESTMENTS IN JOINT VENTURES AND ASSOCIATES

(1)	Investments in associates accounted for using the equity method of accounting are as follows:


		Percentage of ownership (%)
Joint ventures and associates (*4)	Main business	March 31, 2023	December 31, 2022		Location	Financial statements as of
Woori Bank
W Service Networks Co., Ltd. (*1)	Freight & staffing services	4.9		4.9	Korea		2023.02.28	(*5)
Korea Credit Bureau Co., Ltd.(*2)	Credit information	9.9		9.9	Korea		2023.03.31
Korea Finance Security Co., Ltd. (*1)	Security service	15.0		15.0	Korea		2023.02.28	(*5)
Wongwang Co., Ltd. (*3)	Wholesale and real estate	29.0		29.0	Korea		—
Sejin Construction Co., Ltd. (*3)	Construction	29.6		29.6	Korea		—
ARES-TECH Co., Ltd. (*3)	Electronic component manufacturing	23.4		23.4	Korea		—
Beomgyo.,Ltd. (*3)	Telecommunication equipment retail sales	23.1		23.1	Korea		—
NK Eng Co., Ltd. (*3)	Manufacturing	23.1		23.1	Korea		—
Woori Growth Partnerships New Technology Private Equity Fund	Other financial services	23.1		23.1	Korea		2023.03.31
2016KIF-IMM Woori Bank Technology Venture Fund	Other financial services	20.0		20.0	Korea		2023.03.31
K BANK Co., Ltd. (*2)	Finance	12.6		12.6	Korea		2023.03.31
Woori Bank-Company K Korea Movie Asset Fund (*13)	Other financial services	25.0		25.0	Korea		2023.03.31
Partner One Value Up I Private Equity Fund	Other financial services	23.3		23.3	Korea		2023.03.31
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership	Other financial services	20.0		20.0	Korea		2023.03.31
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund	Other financial services	25.0		25.0	Korea		2023.03.31
LOTTE CARD Co., Ltd.	Credit card and installment financing	20.0		20.0	Korea		2022.12.31	(*5)
Union Technology Finance Investment Association	Other financial investment	29.7		29.7	Korea		2023.03.31
Dicustody Co., Ltd.(*2)	Other information technology and computer operation related services	1.0		1.0	Korea		—
Orient Shipyard Co., Ltd.	Manufacture of sections for ships	22.7		22.7	Korea		2022.12.31	(*5)
Joongang Network Solution Co., Ltd.	Other information technology and computer operation related services	25.3		25.3	Korea		2022.12.31	(*5)
Win Mortgage Co.,LTd.(1)12)	Other financial services	4.5		4.5	Korea		2022.12.31	(*5)
Together-Korea Government Private Pool Private Securities Investment Trust No. 3	Other financial services	100.0		100.0	Korea		2023.03.31
BTS 2nd Private Equity Fund	Other financial services	20.0		20.0	Korea		2023.03.31
STASSETS FUND III	Other financial services	28.3		28.3	Korea		2023.03.31

- 76 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


		Percentage of ownership (%)
Joint ventures and associates (*4)	Main business	March 31, 2023	December 31, 2022		Location	Financial statements as of
Woori Bank (*6)
Japanese Hotel Real Estate Private Equity Fund No.2	Other financial services	19.9		19.9	Korea		2023.03.31
Woori Seoul Beltway Private Special Asset Fund No.1	Trust and collective investment	25.0		25.0	Korea		2023.03.31
Woori General Private Securities Investment Trust(Bond)	Collective investment business	25.0		25.0	Korea		2023.03.31
Woori Short-term Bond Securities Investment Trust(Bond) ClassC-F	Collective investment business	24.8		24.8	Korea		2023.03.31
Woori Safe Plus General Type Private Investment Trust S-8(Bond)	Collective investment business	8.9		8.9	Korea		2023.03.31
Woori Financial Capital Co., Ltd.
WOORI TAERIM 1st Fund	Other financial services	25.6		25.6	Korea		2023.03.31
Portone-Cape Fund No.1	Other financial services	20.0		20.0	Korea		2023.03.31
KIWOOM WOORI Financial 1st Fund (*7)	Other financial services	9.1		9.1	Korea		2023.03.31
DeepDive WOORI 2021-1 Financial Investment Fund (*7)	Other financial services	11.9		11.9	Korea		2023.03.31
Darwin Green Packaging Private Equity Fund	Other financial services	20.4		20.4	Korea		2023.03.31
DS Power Semicon Private Equity Fund	Other financial services	21.0		21.0	Korea		2023.03.31
Koreawide partners 2nd Private Equity Fund	Other financial services	26.7		26.7	Korea		2023.03.31
Woori Investment Bank Co., Ltd.
Woori FirstValue Private Real Estate Fund No.2	Real estate business	12.0		12.0	Korea		2023.03.31
WooriG Real Infrastructure Blind General Type Private Placement Investment Trust	Investment trust and discretionary investment business	0.1		0.1	Korea		2023.03.31
Woori Asset Management Co. Ltd.
Woori Star50 feeder fund(H)	Collective investment business	17.5		17.9	Korea		2023.03.31
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)	Collective investment business	22.2		23.1	Korea		2023.03.31
Woori Together TDF 2025	Collective investment business	23.4		23.6	Korea		2023.03.31
Woori Together TDF 2030	Collective investment business	23.5		23.8	Korea		2023.03.31
Woori Private Equity Asset Management Co., Ltd.
Australia Green Energy 1st PEF(*2)	Other financial services	4.0		0.8	Korea		2023.03.31
Aarden Woori Apparel 1st Private Equity Fund (*2)	Other financial services	0.5		0.5	Korea		2023.03.31
Woori Dyno 1st Private Equity Fund (*2)	Other financial services	19.6		19.6	Korea		2023.03.31
Woori Venture Partners Co., Ltd.(*14)
KTB-KORUS FUND(*9)	Asset Management	37.5		—	Korea		2023.03.31

- 77 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


		Percentage of ownership (%)
Joint ventures and associates (*4)	Main business	March 31, 2023	December 31, 2022		Location	Financial statements as of
KTB China Platform Fund(9)(10)(*11)	Asset Management	18.7		—	Korea		2023.03.31
KTBN Venture Fund No.7(9)(10)	Asset Management	20.1		—	Korea		2023.03.31
KTBN Venture Fund No.8(*10)	Asset Management	21.7		—	Korea		2023.03.31
KTBN Digital Contents Korea Fund No.9(9)(10)	Asset Management	30.0		—	Korea		2023.03.31
KTBN Media Contents Fund(9)(10)(*11)	Asset Management	15.0		—	Korea		2023.03.31
KTB China Synergy Fund(10)(11)	Asset Management	15.1		—	Korea		2023.03.31
NAVER-KTB Audio Contents Fund(*11)	Asset Management	1.0		—	Korea		2023.03.31
KTBN Venture Fund No.13(10)(11)	Asset Management	19.6		—	Korea		2023.03.31
KTBN Future Contents Fund(10)(11)	Asset Management	13.3		—	Korea		2023.03.31
KTBN Venture Fund No.16(*11)	Asset Management	10.3		—	Korea		2023.03.31
KTBN Venture Fund No.18(*11)	Asset Management	10.1		—	Korea		2023.03.31
KB-KTB Technology Venture Fund(*11)	Asset Management	18.2		—	Korea		2023.03.31
DAOL 2022 Scaleup Venture Fund	Asset Management	20.0		—	Korea		2023.03.31
DAOL 2022 Start-up Venture Fund	Asset Management	30.1		—	Korea		2023.03.31
KTB-NHN China Private Equity Fund(*9)	Asset Management	33.3		—	Korea		2023.03.31
KTBN GI Private Equity Fund(*11)	Asset Management	5.0		—	Korea		2023.03.31
Chirochem	Medical material Manufacturing	28.6		—	Korea		2023.03.31
Japanese Hotel Real Estate Private Equity Fund 1
Godo Kaisha Oceanos 1	Other financial services	47.8		47.8	Japan		2023.01.31	(*5)
Woori G Japan Private Placement Real Estate Master Investment Trust No.2
Woori Zip 1	Other financial services	64.0		64.0	Japan		2022.12.31	(*5)
Woori Zip 2	Other financial services	64.0		64.0	Japan		2022.12.31	(*5)
Woori bank and Woori card Co., Ltd. (*6)
Dongwoo C & C Co., Ltd. (*3)	Construction	24.5		24.5	Korea		—
SJCO Co., Ltd. (*3)	Aggregate transportation and wholesale	29.8		29.8	Korea		—
G2 Collection Co., Ltd. (*3)	Wholesale and retail sales	29.2		29.2	Korea		—
KG Fashion Co., Ltd.(3)(12)	Manufacturing	20.8		—	Korea		—

- 78 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


		Percentage of ownership (%)
Joint ventures and associates (*4)	Main business	March 31, 2023	December 31, 2022		Location	Financial statements as of
Kyesan Engineering Co., Ltd. (*3)	Construction	23.3		23.3	Korea		—
Good Software Lap Co., Ltd. (*3)	Service	29.4		29.4	Korea		—
Force Tech Co.,Ltd.(*8)	Manufacturing	—		23.5	Korea		—
DAEA SNC Co., Ltd. (*3)	Wholesale and retail sales	25.5		25.5	Korea		—
PREXCO Co., Ltd. (*3)	Manufacturing	28.1		28.1	Korea		—
JiWon Plating Co., Ltd. (*3)	Plating	20.8		20.8	Korea		—
Youngdong Sea Food Co., Ltd. (*3)	Processed sea food manufacturing	24.5		24.5	Korea		—
KUM HWA Co., Ltd.	Telecommunication equipment retail sales	20.1		20.1	Korea		2022.12.31	(*5)
Jinmyung Plus Co., Ltd.	Manufacturing	21.3		21.3	Korea		2022.12.31	(*5)
Woori bank and Woori Financial Capital Co., Ltd. (*6)
JC Assurance No.2 Private Equity Fund	Other financial services	23.5		24.4	Korea		2023.03.31
Dream Company Growth no.1 PEF	Other financial services	27.8		27.8	Korea		2023.03.31
HMS-Oriens 1st Fund	Other financial services	22.8		22.8	Korea		2023.03.31
Woori G Senior Loan Private Placement Investment Trust No.1	Collective investment business	21.7		21.7	Korea		2023.03.31
Genesis Eco No.1 Private Equity Fund	Other financial services	29.1		29.0	Korea		2023.03.31
Paratus Woori Material Component Equipment joint venture company	Other financial investment	29.9		29.9	Korea		2023.03.31
Midas No. 8 Private Equity Joint Venture Company	Other financial services	28.5		28.5	Korea		2023.03.31
Orchestra Private Equity Fund IV	Other financial services	28.2		28.2	Korea		2023.03.31
Synaptic Green No.1 PEF	Other financial services	21.1		21.1	Korea		2023.03.31
IGEN2022No. 1 Private Equity Fund	Other financial services	24.8		24.8	Korea		2023.03.31
PCC-Woori LP Secondary Fund	Other financial investment	38.8		38.8	Korea		2023.03.31
Woori Bank and Woori Private Equity Asset Management Co., Ltd. (*6)
Woori-Q Corporate Restructuring Private Equity Fund	Other financial services	35.6		38.1	Korea		2023.03.31
Woori Bank, Woori Financial Capital Co., Ltd., Woori Investment Bank Co., Ltd. and Woori Private Equity Asset Management Co., Ltd. (*6)
Woori-Shinyoung Growth-Cap Private Equity Fund I	Other financial services	35.0		35.0	Korea		2023.03.31

(*1)	Most of the significant business transactions of associates are with the Group as of March 31, 2023 and December 2022.

(*2)	The Group can participate in decision-making body and exercise significant influence over financial policies and operational policies decision making of the associates.

(*3)	There is no investment balance as of March 31, 2023 and December 2022.

- 79 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(*4)	Woori G Oncorp Corporate support of Major Industry General Type Private Placement Investment Trust (Type 2) and other 14 joint ventures and associates can exercise significant influence but was classified as an item measured at fair value through profit or loss.

(*5)

The equity method was applied using the most recent financial statements available from the settlement date because no financial statements were available at the end of the reporting period and the significant transactions or events that occurred between the end of the reporting period of the associate and the end of the reporting period of the subsidiary were duly reflected.

(*6)	Two or more subsidiaries may invest or operate to exert significant influence on the decision-making process for activities related to the investee.

(*7)	The Group can participate as a co-GP(General Partner) to exercise significant influence.

(*8)	It was excluded from associates in current period

(*9)	It has been liquidating as of March 31, 2023.

(*10)

In the event of liquidation, if the distribution paid to or to be paid to members falls short of the amount invested, an agreement is made to bear the shortfall in preference to other members within the limit of a certain amount within the investment amount.

(*11)

The Group classified it as an associate because it has significant influence as a general partner of the investment association.

(*12)

It was added to associates in current period.

(*13)

It is scheduled to be dissolved because of liquidation for the year ended December 31, 2021

(*14)

It was newly acquired and incorporated into consolidated subsidiaries in the current period.

(2)	Changes in the carrying value of investments in associates accounted for using the equity method of accounting are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31, 2023
	Acquisition cost		January 1, 2023		Share of profits(losses) and others			Acquisition		Business combination		Disposal/ Reclassification			Dividends			Change in capital			March 31, 2023
W Service Networks Co., Ltd.		108		208		(29	)		—		—		—			—			—			179
Korea Credit Bureau Co., Ltd.		3,313		5,709		466			—		—		—			(90	)		—			6,085
Korea Finance Security Co., Ltd.		3,267		2,374		(89	)		—		—		—			—			1,011			3,296
Woori Growth Partnerships New Technology Private Equity Fund		12,942		10,889		(41	)		—		—		—			—			—			10,848
2016KIF-IMM Woori Bank Technology Venture Fund		7,594		9,474		539			—		—		—			—			—			10,013
K BANK Co., Ltd.		236,232		247,789		255			—		—		—			—			2,309			250,353
Woori Bank-Company K Korea Movie Asset Fund		—		239		22			—		—		—			—			—			261
Partner One Value Up I Private Equity Fund		5,039		4,278		(655	)		—		—		—			—			—			3,623
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		7,556		10,285		158			—		—		—			—			—			10,443
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		4,354		4,355		—			—		—		—			—			—			4,355
LOTTE CARD Co.,Ltd.		346,810		514,131		1,448			—		—		—			(13,199	)		(1,228	)		501,152
Force TEC Co., Ltd. (*)		—		—		—			—		—		—			—			—			—
Together-Korea Government Private Pool Private Securities Investment Trust No. 3		10,000		10,243		68			—		—		—			—			—			10,311
Union Technology Finance Investment Association		13,449		14,462		(176	)		—		—		(1,189	)		—			—			13,097
KUM HWA Co., Ltd. (*)		—		—		—			—		—		—			—			—			—
Dicustody Co., Ltd.		1		1		—			—		—		—			—			—			1
Jinmyung Plus Co., Ltd.		—		10		4			—		—		—			—			—			14
Orient Shipyard Co., Ltd.		—		—		—			—		—		—			—			—			—

- 80 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	For the three-month period ended March 31, 2023
	Acquisition cost		January 1, 2023		Share of profits(losses) and others			Acquisition		Business combination		Disposal/ Reclassification			Dividends			Change in capital		March 31, 2023
BTS 2nd Private Equity Fund		4,156		2,881		(58	)		1,130		—		—			—			—		3,953
Central Network Solutions Co., Ltd.		—		—		—			—		—		—			—			—		—
STASSETS FUND III		1,500		1,230		(78	)		—		—		—			—			—		1,152
KG Fashion Co.,Ltd.		—		—		—			—		—		—			—			—		—
Win Mortgage Co.Ltd.		23		—		69			23		—		—			—			—		92
Woori-Q Corporate Restructuring Private Equity Fund		27,063		27,536		1,319			—		—		—			—			—		28,855
Aarden Woori Apparel 1st Private Equity Fund		100		97		36			—		—		—			—			—		133
Woori Dyno 1st Private Equity Fund		2,000		1,994		(3	)		—		—		—			—			—		1,991
Australia Green Energy 1st PEF		4,913		4,858		(12	)		—		—		—			—			—		4,846
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)		1,200		1,074		62			—		—		—			—			—		1,136
Woori Together TDF 2030		2,000		2,033		72			—		—		—			—			—		2,105
Woori Together TDF 2025		2,000		1,990		67			—		—		—			—			—		2,057
WOORI Star50 feeder fund(H)		200		126		14			—		—		—			—			—		140
Portone-Cape Fund No.1		340		464		70			—		—		—			—			—		534
WOORI TAERIM 1st Fund		1,100		988		—			—		—		—			—			—		988
KIWOOM WOORI Financial 1st Investment Fund		1,000		953		(5	)		—		—		—			—			—		948
DeepDive WOORI 2021-1 Financial Investment Fund		900		878		(5	)		—		—		—			—			—		873
PCC-Woori LP Secondary Fund		10,435		12,984		124			—		—		(4	)		—			—		13,104
DS Power Semicon Private Equity Fund		3,000		2,976		220			—		—		—			(218	)		—		2,978
Koreawide partners 2nd Private Equity Fund		20,000		20,000		(28	)		—		—		—			—			—		19,972
Darwin Green Packaging Private Equity Fund		4,000		3,945		(17	)		—		—		—			—			—		3,928
Japanese Hotel Real Estate Private Equity Fund 2		3,174		2,855		(2	)		—		—		—			(40	)		83		2,896
Woori Seoul Beltway Private Special Asset Fund No.1		10,640		9,874		96			849		—		—			(91	)		—		10,728
Woori Short-term Bond Securities Investment Trust(Bond) ClassC-F		110,000		112,025		3,337			—		—		—			(3,779	)		—		111,583
Woori Safe Plus General Type Private Investment Trust S-8(Bond)		10,000		10,182		188			—		—		—			(359	)		—		10,011
Woori FirstValue Private Real Estate Fund No.2		9,000		558		(1	)		—		—		—			—			—		557
WooriG Real Infrastructure Blind General Type Private Placement Investment Trust		100		102		(1	)		—		—		(5	)		—			—		96
JC Assurance No.2 Private Equity Fund		19,141		—		—			—		—		—			—			—		—
Dream Company Growth no.1 PEF		7,412		7,861		(12	)		—		—		—			—			—		7,849
HMS-Oriens 1st Fund		12,000		13,252		191			—		—		—			—			—		13,443

- 81 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	For the three-month period ended March 31, 2023
	Acquisition cost		January 1, 2023		Share of profits(losses) and others			Acquisition		Business combination		Disposal/ Reclassification			Dividends			Change in capital			March 31, 2023
Woori G Senior Loan Private Placement Investment Trust No.1		78,843		81,861		920			—		—		(866	)		(920	)		—			80,995
Genesis Eco No.1 Private Equity Fund		12,000		11,216		(89	)		—		—		—			—			—			11,127
Paratus Woori Material Component Equipment joint venture company		30,000		17,250		(65	)		—		—		—			—			—			17,185
Midas No. 8 Private Equity Joint Venture		18,735		18,713		(58	)		—		—		—			—			—			18,655
CompanyOrchestra Private Equity Fund IV		9,878		9,698		(37	)		—		—		—			—			—			9,661
Synaptic Green No.1 PEF		8,000		7,793		(36	)		—		—		—			—			—			7,757
Woori-Shinyoung Growth-Cap Private Equity Fund I		43,089		43,274		(1,229	)		—		—		—			—			(77	)		41,968
IGEN2022No. 1 Private Equity Fund		8,000		8,010		(35	)		—		—		—			—			—			7,975
Woori General Private Securities Investment Trust(Bond)		50,000		—		201			50,000		—		—			—			—			50,201
KTB-KORUS FUND		3,626		—		—			—		3,626		—			—			—			3,626
KTB China Platform Fund		17,023		—		—			—		17,023		—			—			—			17,023
KTBN Venture Fund No.7		16,972		—		—			—		16,972		—			—			—			16,972
KTBN Venture Fund No.8		3,325		—		—			—		3,325		—			—			—			3,325
KTBN Digital Contents Korea Fund No.9		5,329		—		—			—		5,329		—			—			—			5,329
KTBN Media Contents Fund		330		—		—			—		330		—			—			—			330
KTB China Synergy Fund		21,629		—		—			—		21,629		—			—			—			21,629
NAVER-KTB Audio Contents Fund		284		—		—			—		284		—			—			—			284
KTBN Venture Fund No.13		13,279		—		—			—		13,279		—			—			—			13,279
KTBN Future Contents Fund		3,892		—		—			—		3,892		—			—			—			3,892
KTBN Venture Fund No.16		17,546		—		—			—		17,546		—			—			—			17,546
KTBN Venture Fund No.18		23,458		—		—			—		23,458		—			—			—			23,458
KB-KTB Technology Venture Fund		5,755		—		—			—		5,755		—			—			—			5,755
DAOL 2022 Scaleup Venture Fund		355		—		—			—		355		—			—			—			355
DAOL 2022 Start-up Venture Fund		2,564		—		—			—		2,564		—			—			—			2,564
KTB-NHN China Private Equity Fund		1,272		—		—			—		1,272		—			—			—			1,272
KTBN GI Private Equity Fund		189		—		—			—		189		—			—			—			189
Chirochem		102		—		—			—		102		—			—			—			102
Woori Zip 1		9,131		8,690		(60	)		—		—		(123	)		—			255			8,762
Woori Zip 2		12,681		12,180		(21	)		—		—		(247	)		—			356			12,268
Godo Kaisha Oceanos 1		10,800		8,788		28			—		—		—			(236	)		—			8,580

		1,346,149		1,305,636		7,132			52,002		136,930		(2,434	)		(18,932	)		2,709			1,483,043

(*)

POSTECH shares, which did not recognize a loss of 50 million Won due to the discontinuation of the equity method during the current period, were disposed of. As a result of discontinuation of the equity method, related companies’ losses amount not recognized is 2 million Won for KUM HWA Co., Ltd. and cumulated amount is 3,473 million Won for Orient Shipyard Co., Ltd. and 4 million Won for KUM HWA Co., Ltd..

- 82 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	For the three-month period ended March 31, 2022
	Acquisition cost		January 1, 2022		Share of profits(losses) and others			Acquisition		Disposal/ Reclassification			Dividends			Change in capital			March 31, 2022
W Service Networks Co., Ltd.		108		183		(46	)		—		—			—			—			137
Korea Credit Bureau Co., Ltd.		3,313		9,423		(4,745	)		—		—			—			—			4,678
Korea Finance Security Co., Ltd.		3,267		3,101		(171	)		—		—			—			—			2,930
Woori Growth Partnerships New Technology Private Equity Fund		14,991		12,448		(47	)		—		—			—			—			12,401
2016KIF-IMM Woori Bank Technology Venture Fund		8,056		12,630		(416	)		—		(340	)		(616	)		—			11,258
K BANK Co., Ltd.		236,232		239,493		2,218			—		—			—			(936	)		240,775
Woori Bank-Company K Korea Movie Asset Fund		—		345		—			—		—			—			—			345
Partner One Value Up I Private Equity Fund		5,039		6,576		(1,329	)		—		—			—			—			5,247
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		9,736		11,153		101			—		—			—			—			11,254
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		4,255		4,254		—			—		—			—			—			4,254
LOTTE CARD Co.,Ltd.		346,810		458,295		6,653			—		—			(12,960	)		1,764			453,752
Together-Korea Government Private Pool Private Securities Investment Trust No.3		10,000		10,070		27			—		—			—			—			10,097
Genesis Environmental Energy Company 1st Private Equity Fund		—		4,126		(41	)		—		(3,738	)		(347	)		—			—
Union Technology Finance Investment Association		15,000		12,388		(88	)		2,250		—			—			—			14,550
Dicustody Co., Ltd.		1		1		—			—		—			—			—			1
Japanese Hotel Real Estate Private Equity Fund 2		3,291		3,196		110			—		—			(72	)		(160	)		3,074
Woori Seoul Beltway Private Special Asset Fund		8,198		7,551		44			687		—			(40	)		—			8,242
Woori Multi Return Private Securities Investment Trust 3(Balanced Bond)		10,000		10,023		64			—		—			—			—			10,087
Woori Short-term Bond Securities Investment Trust(Bond) ClassC-F		170,000		151,822		477			20,000		—			(1,972	)		—			170,327
Woori Safe Plus General Type Private Investment Trust S-8(Bond)		10,000		—		74			10,000		—			(48	)		—			10,026
WOORI TAERIM 1st Fund		1,100		991		(3	)		—		—			—			—			988
Portone-Cape Fund No.1		340		489		(20	)		—		—			—			—			469
KIWOOM WOORI Financial 1st Investment Fund		1,000		973		(5	)		—		—			—			—			968
DeepDive WOORI 2021-1 Financial Investment Fund		1,000		993		(5	)		—		—			—			—			988
Darwin Green Packaging Private Equity Fund		4,000		3,957		(18	)		—		—			—			—			3,939
DS Power Semicon Private Equity Fund		3,000		—		(27	)		3,000		—			—			—			2,973
Woori FirstValue Private Real Estate Fund No.2		9,000		763		—			—		—			—			—			763
Woori High plus G.B. Securities Feeder Fund1(G.B.)		100		100		—			—		—			—			—			100
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)		1,200		—		(49	)		—		—			—			1,235			1,186
Woori Together TDF 2025		2,000		—		3			—		—			—			2,193			2,196
Woori Together TDF 2030		2,000		—		17			—		—			—			2,247			2,264
Woori Hanhwa Eureka Private Equity Fund		86		327		(32	)		—		(102	)		—			—			193
Aarden Woori Apparel 1st Private Equity Fund		100		99		—			—		—			—			—			99
Woori Dyno 1st Private Equity Fund		2,000		—		(3	)		2,000		—			—			—			1,997

- 83 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	For the three-month period ended March 31, 2022
	Acquisition cost		January 1, 2022		Share of profits(losses) and others			Acquisition		Disposal/ Reclassification			Dividends			Change in capital			March 31, 2022
Godo Kaisha Oceanos 1		10,800		9,905		15			—		—			(128	)		(46	)		9,746
Woori Zip 1		10,143		10,496		12			—		—			—			(382	)		10,126
Woori Zip 2		14,254		14,732		(15	)		—		—			—			(536	)		14,181
Force TEC Co., Ltd. (*)		—		—		(16	)		—		—			—			16			—
KUM HWA Co., Ltd. (*)		—		—		—			—		—			—			—			—
Jinmyung Plus Co., Ltd		—		—		25			—		—			—			—			25
JC Assurance No.2 Private Equity Fund		29,349		17,728		(17,728	)		—		—			—			—			—
Dream Company Growth no.1 PEF		7,706		7,914		(12	)		—		—			—			—			7,902
HMS-Oriens 1st Fund		12,000		12,007		624			—		—			—			—			12,631
Woori G Senior Loan No.1		81,792		88,029		966			14,073		(19,888	)		(857	)		—			82,323
Genesis Eco No.1 Private Equity Fund		11,805		11,120		42			—		—			—			—			11,162
Paratus Woori Materials, Parts, Equipments Private Equity Fund		17,700		17,493		(58	)		—		—			—			—			17,435
Midas No. 8 Private Equity Joint Venture Company		19,000		18,968		(65	)		—		—			—			—			18,903
Orchestra Private Equity Fund IV		10,000		—		(186	)		10,000		—			—			—			9,814
Synaptic Green No.1 PEF		8,000		—		(3	)		8,000		—			—			—			7,997
PCC-Woori LP Secondary Fund		10,100		12,350		144			—		—			—			—			12,494
Woori High Plus Short-term High Graded ESG Bond Sec Feeder Inv Trust 1		50,000		73,787		(3,091	)		—		(21,606	)		(190	)		—			48,900
Woori-Q Corporate Restructuring Private Equity Fund		26,528		46,155		3,599			—		(21,161	)		—			—			28,593
Woori-Shinyoung Growth-Cap Private Equity Fund I		17,018		28,713		(125	)		—		—			—			—			28,588

		1,221,418		1,335,167		(13,129	)		70,010		(66,835	)		(17,230	)		5,395			1,313,378

(*)	As a result of discontinuation of the equity method, related companies’ losses amount not recognized is 60 million Won for Force TEC Co., Ltd. and 2 million Won for KUM HWA Co., Ltd. and cumulated amount is 857 million Won for Force TEC Co., Ltd. and 4 million Won for KUM HWA Co., Ltd..

- 84 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(3)	Summary financial information relating to investments in associates accounted for using the equity method of accounting is as follows (Unit: Korean Won in millions):


	March 31, 2023
	Assets		Liabilities		Operating revenue			Net income (loss)			Other comprehensive income(loss)		Total comprehensive income(loss)
W Service Networks Co., Ltd.		6,608		2,971		3,689			220			—		220
Korea Credit Bureau Co., Ltd.		132,324		73,431		37,262			4,497			—		4,497
Korea Finance Security Co., Ltd.		35,735		13,768		8,519			(395	)		—		(395	)
Woori Growth Partnerships New Technology Private Equity Fund		47,394		385		—			(177	)		—		(177	)
2016KIF-IMM Woori Bank Technology Venture Fund		50,303		237		3,604			2,693			—		2,693
K BANK Co., Ltd.		18,748,643		16,930,107		137,563			9,515			11,093		20,608
Woori Bank-Company K Korea Movie Asset Fund(*1)		1,045		—		93			88			—		88
Partner One Value Up I Private Equity Fund		15,677		97		(2,717	)		(2,815	)		—		(2,815	)
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		52,395		183		964			775			—		775
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		15,717		98		—			(93	)		—		(93	)
LOTTE CARD Co.,Ltd.(*2)		21,208,699		18,401,970		2,317,260			275,327			43,162		318,489
Together-Korea Government Private Pool Private Securities Investment Trust No. 3		10,314		1		218			213			—		213
Union Technology Finance Investment Association		44,374		273		2,245			1,952			—		1,952
KUM HWA Co., Ltd.		4		167		—			(16	)		—		(16	)
Dicustody Co., Ltd.		94		—		—			(1	)		—		(1	)
Jinmyung Plus Co., Ltd.		538		470		224			11			—		11
Orient Shipyard Co., Ltd.		10,832		27,225		—			—			—		—
BTS 2nd Private Equity Fund		20,040		274		—			(289	)		—		(289	)
Central Network Solutions Co., Ltd.		1,534		3,191		6,986			132			—		132
STASSETS FUND III		4,376		306		26			(277	)		—		(277	)
KG Fashion Co.,Ltd		3,035		2,918		3,241			180			—		180
Win Mortgage Co.Ltd		1,534		3,191		6,986			132			—		132
Australia Green Energy 1st PEF		122,331		19		116			(307	)		—		(307	)
Woori Dyno 1st Private Equity Fund		10,191		40		52			12			—		12
Aarden Woori Apparel 1st Private Equity Fund		28,458		84		—			(89	)		—		(89	)
PCC-Woori LP Secondary Fund		33,890		158		438			276			—		276
DS Power Semicon Private Equity Fund		14,235		39		900			861			—		861
Koreawide partners 2nd Private Equity Fund		77,416		2,519		—			—			—		—
WOORI Star50 feeder fund(H)		809		—		130			81			—		81
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)		5,200		79		367			284			—		284
Woori Together TDF 2030		13,270		4,256		1,079			268			—		268
Woori Together TDF 2025		13,447		4,610		1,070			252			—		252
DeepDive WOORI 2021-1 Financial Investment Fund		7,375		39		—			(39	)		—		(39	)
KIWOOM WOORI Financial 1st Investment Fund		10,486		54		—			(54	)		—		(54	)
WOORI TAERIM 1st Fund		4,047		185		—			—			—		—
Portone-Cape Fund No.1		2,770		100		—			280			—		280
Darwin Green Packaging Private Equity Fund		19,259		11		—			(84	)		—		(84	)
Japanese Hotel Real Estate Private Equity Fund 2		14,592		13		—			(2	)		419		417
Woori Seoul Beltway Private Special Asset Fund No.1		42,914		2		397			385			—		385
Woori Short-term Bond Securities Investment Trust(Bond) ClassC-F		526,834		76,116		9,455			8,903			—		8,903

- 85 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	March 31, 2023
	Assets		Liabilities		Operating revenue			Net income (loss)			Other comprehensive income(loss)		Total comprehensive income(loss)
Woori Safe Plus General Type Private Investment Trust S-8(Bond)		117,592		4,615		2,142			2,063			—		2,063
Woori FirstValue Private Real Estate Fund No.2		66,998		62,357		3			(7	)		—		(7	)
WooriG Real Infrastructure Blind General Type Private Placement Investment Trust		74,790		57		816			757			—		757
JC Assurance No.2 Private Equity Fund		121,697		—		—			—			—		—
Dream Company Growth no.1 PEF		28,300		43		—			(43	)		—		(43	)
HMS-Oriens 1st Fund		58,930		3		976			838			—		838
Woori G Senior Loan Private Placement Investment Trust No.1		374,120		23		4,485			4,224			—		4,224
Genesis Eco No.1 Private Equity Fund		38,390		—		—			(308	)		—		(308	)
Paratus Woori Material Component Equipment joint venture company		58,308		830		—			(216	)		—		(216	)
Midas No. 8 Private Equity Joint Venture		65,721		233		28			(205	)		—		(205	)
Company Orchestra Private Equity Fund IV		34,303		6		—			(130	)		—		(130	)
Synaptic Green No.1 PEF		36,850		5		1			(172	)		—		(172	)
Woori-Q Corporate Restructuring Private Equity Fund		82,094		487		—			(487	)		—		(487	)
Woori-Shinyoung Growth-Cap Private Equity Fund I		120,605		607		(3,210	)		(3,513	)		—		(3,513	)
IGEN2022No. 1 Private Equity Fund		32,228		129		—			(130	)		—		(130	)
Woori General Private Securities Investment Trust(Bond)		398,636		197,833		997			803			—		803
Woori Zip 1		47,083		33,113		504			(96	)		—		(96	)
Woori Zip 2		66,475		47,014		773			(33	)		—		(33	)
Godo Kaisha Oceanos 1		63,312		45,364		702			59			—		59
KTB-KORUS Fund		9,669		—		—			—			—		—
KTB overseas expansion Platform fund		91,057		1		2			1			—		1
KTBN Venture Investment Association No.7		84,487		—		2,057			1,625			—		1,625
KTBN Investment Association No.8		15,351		57		3,595			(815	)		—		(815	)
KTBN Digital Contents Korea Investment Association No.9		19,398		1,634		56			(2,037	)		—		(2,037	)
KTBN Media Contents Investment Association		2,198		—		93			93			—		93
KTBN Investment Association No.11		152,546		8,927		173			(554	)		—		(554	)
NAVER-KTB Audio Contents Association		28,531		164		1			(163	)		—		(163	)
KTBN Venture Investment Association No.13		67,930		207		1,148			1,131			—		1,131
KTBN Future Contents Association		29,441		251		8			(243	)		—		(243	)
KTBN Venture Investment Association No.16		171,549		477		1,412			1,232			—		1,232
KTBN Venture Investment Association No.18		231,891		602		825			1,513			—		1,513
KB-KTB		31,928		277		54			(226	)		—		(226	)
Daol Scale-up Fund 2022		1,778		3		20			(690	)		—		(690	)
Daol Start-up Fund 2022		8,517		2		13			(142	)		—		(142	)
KTB-NHN China Private Equity Funds		3,822		7		—			(4	)		—		(4	)
KTB-NGI Private Equity Funds		3,791		2		—			(699	)		—		(699	)
Chirochem Co.,Ltd.		732		375		4,215			148			—		148

(*1)	It is scheduled to be dissolved because of liquidation for the year ended December 31, 2021

(*2)	The amount is after reflecting the fair value adjustment that occurred when acquiring the shares and the adjustments that occurred by difference of accounting policies with the Group.

- 86 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	December 31, 2022
	Assets		Liabilities		Operating revenue			Net income (loss)			Other comprehensive income(loss)			Total comprehensive income(loss)
W Service Networks Co., Ltd.		7,052		2,825		19,697			1,215			—			1,215
Korea Credit Bureau Co., Ltd.		155,165		100,065		144,907			13,809			—			13,809
Korea Finance Security Co., Ltd.		28,792		12,964		47,043			(3,856	)		—			(3,856	)
Woori Growth Partnerships New Technology Private Equity Fund		47,394		208		2,978			2,185			—			2,185
2016KIF-IMM Woori Bank Technology Venture Fund		47,979		609		665			(7,839	)		—			(7,839	)
K BANK Co., Ltd.		16,694,289		14,896,426		491,880			91,059			(32,156	)		58,903
Woori Bank-Company K Korea Movie Asset Fund (*1)		989		33		462			324			—			324
Partner One Value Up I Private Equity Fund		18,395		—		(9,431	)		(9,831	)		—			(9,831	)
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		51,804		385		8,092			7,288			—			7,288
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		15,811		95		1			(383	)		—			(383	)
LOTTE CARD Co., Ltd. (*2)		19,983,059		17,179,093		1,925,577			268,096			43,162			311,258
Together-Korea Government Private Pool Private Securities Investment Trust No. 3		10,246		1		218			170			—			170
Union Technology Finance Investment Association		48,991		299		2,300			632			—			632
Dicustody Co., Ltd.		95		—		—			(3	)		—			(3	)
Orient Shipyard Co., Ltd.		10,832		27,225		—			(16,467	)		—			(16,467	)
BTS 2nd Private Equity Fund		15,012		608		1			(725	)		—			(725	)
STASSETS FUND III		4,660		313		37			(953	)		—			(953	)
Japanese Hotel Real Estate Private Equity Fund 2		14,387		13		1,050			968			(1,186	)		(218	)
Woori Seoul Beltway Private Special Asset Fund No.1		39,497		2		1,028			984			—			984
Woori Short-term Bond Securities Investment Trust(Bond) ClassC-F		468,357		67,022		14,189			11,804			—			11,804
Woori Safe Plus General Type Private Investment Trust S-8(Bond)		115,781		4,508		1,899			1,763			—			1,763
WOORI TAERIM 1st Fund		4,047		185		—			(13	)		—			(13	)
Portone-Cape Fund No.1		2,344		26		—			(129	)		—			(129	)
KIWOOM WOORI Financial 1st Investment Fund		10,597		111		1			(222	)		—			(222	)
DeepDive WOORI 2021-1 Financial Investment Fund		7,412		37		57			(103	)		—			(103	)
Darwin Green Packaging Private Equity Fund		19,332		—		2,215			1,904			—			1,904
DS Power Semicon Private Equity Fund		14,230		44		1,185			937			—			937
Koreawide partners 2nd Private Equity Fund		77,039		2,038		3,020			1			—			1
Woori FirstValue Private Real Estate Fund No.2		67,005		62,357		3			(54	)		—			(54	)
WooriG Real Infrastructure Blind General Type Private Placement Investment Trust		73,064		56		3,140			2,874			—			2,874
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)		4,667		12		389			(636	)		—			(636	)
Woori Together TDF 2025		8,513		16		1,287			(1,018	)		—			(1,018	)
Woori Together TDF 2030		8,615		—		1,352			(1,108	)		—			(1,108	)
WOORI Star50 feeder fund(H)		709		—		48			(480	)		—			(480	)
Aarden Woori Apparel 1st Private Equity Fund		20,750		89		8			(325	)		—			(325	)
Woori Dyno 1st Private Equity Fund		10,212		43		200			(31	)		—			(31	)
Australia Green Energy 1st PEF		122,634		14		30			(1,380	)		—			(1,380	)
Godo Kaisha Oceanos 1		63,741		45,358		2,942			176			—			176
Woori Zip 1		48,309		34,346		2,085			(215	)		—			(215	)
Woori Zip 2		68,388		48,927		3,069			(198	)		—			(198	)
Force TEC Co., Ltd.		10,489		24,804		25,182			(2,664	)		—			(2,664	)
KUM HWA Co., Ltd.		4		159		—			(8	)		—			(8	)
Jinmyung Plus Co.,Ltd.		696		649		177			(9	)		—			(9	)

- 87 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	December 31, 2022
	Assets		Liabilities		Operating revenue		Net income (loss)			Other comprehensive income(loss)		Total comprehensive income(loss)
JC Assurance No.2 Private Equity Fund		122,015		3		—		(929	)		—		(929	)
Dream Company Growth no.1 PEF		28,351		50		1,695		1,506			—		1,506
HMS-Oriens 1st Fund		58,095		6		3,829		3,279			—		3,279
Woori G Senior Loan Private Placement Investment Trust No.1		378,145		23		18,584		17,496			—		17,496
Genesis Eco No.1 Private Equity Fund		38,700		5		48		(593	)		—		(593	)
Paratus Woori Material Component Equipment joint venture company		58,311		617		7		(812	)		—		(812	)
Midas No. 8 Private Equity Joint Venture Company		65,936		242		1,928		977			—		977
Orchestra Private Equity Fund IV		34,427		—		1,580		878			—		878
Synaptic Green No.1 PEF		37,017		—		4		(983	)		—		(983	)
IGEN2022No. 1 Private Equity Fund		32,362		122		3,166		2,616			—		2,616
PCC-Woori LP Secondary Fund		33,591		168		6,127		1,152			—		1,152
Woori-Q Corporate Restructuring Private Equity Fund		75,973		418		3,019		(4,696	)		—		(4,696	)
Woori-Shinyoung Growth-Cap Private Equity Fund I		123,824		312		41,780		40,544			—		40,544

(*1)	It is scheduled to be dissolved because of liquidation for the year ended December 31, 2021

(*2)	The amount is after reflecting the fair value adjustment that occurred when acquiring the shares and the adjustments that occurred by difference of accounting policies with the Group.

(4)	The entities that the Group has not applied equity method of accounting although the Group’s ownership interest is more than 20% as of March 31, 2023 and December 31, 2022 are as follows:


	March 31, 2023
Associate (*)	Number of shares owned		Ownership (%)
CL Tech Co., Ltd.		10,191		28.6

(*)	Although the Group’s ownership interest of the entity is more than 20%, the Group does not have significant influence over the entity since it is going through work-out process under receivership, accordingly it is excluded from the investment in joint ventures and associates.


	December 31, 2022
Associate (*)	Number of shares owned		Ownership (%)
CL Tech Co., Ltd.		10,191		28.6

(*)	Although the Group’s ownership interest of the entity is more than 20%, the Group does not have significant influence over the entity since it is going through work-out process under receivership, accordingly it is excluded from the investment in joint ventures and associates.

- 88 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(5)	As of March 31, 2023 and December 31, 2022, the reconciliations from the net assets of the associates to the carrying amount of the shares of the investment in joint ventures and associates are as follows (Unit: Korean Won in millions except for ownership):


	March 31, 2023
	Total net asset			Ownership (%)		Ownership portion of net assets			Basis difference		Impairment		Intercompany transaction			Book value
W Service Networks Co., Ltd.		3,637			4.9		179			—		—		—			179
Korea Credit Bureau Co., Ltd.		58,893			9.9		5,838			246		—		1			6,085
Korea Finance Security Co., Ltd.		21,967			15.0		3,295			—		—		1			3,296
Woori Growth Partnerships New Technology Private Equity Fund		47,008			23.1		10,848			—		—		—			10,848
2016KIF-IMM Woori Bank Technology Venture Fund		50,066			20.0		10,013			—		—		—			10,013
K BANK Co., Ltd.		1,816,655			12.6		228,458			21,894		—		1			250,353
Woori Bank-Company K Korea Movie Asset Fund		1,045			25.0		261			—		—		—			261
Partner One Value Up I Private Equity Fund		15,580			23.3		3,623			—		—		—			3,623
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		52,211			20.0		10,442			—		—		1			10,443
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		15,618			25.0		3,905			—		—		450			4,355
LOTTE CARD Co., Ltd.		2,505,762			20.0		501,152			—		—		—			501,152
Together-Korea Government Private Pool Private Securities Investment Trust No. 3		10,313			100.0		10,312			—		—		(1	)		10,311
Union Technology Finance Investment Association		44,101			29.7		13,099			—		—		(2	)		13,097
KUM HWA Co., Ltd. (*)		(163	)		20.1		(33	)		—		—		33			—
Dicustody Co., Ltd.		94			1.0		1			—		—		—			1
Jinmyung Plus Co., Ltd.		68			21.3		14			—		—		—			14
Orient Shipyard Co., Ltd.		(16,393	)		22.7		(3,726	)		—		—		3,726			—
BTS 2nd Private Equity Fund		19,766			20.0		3,953			—		—		—			3,953
Central Network Solutions Co., Ltd.		(1,657	)		25.3		(420	)		—		—		420			—
STASSETS FUND III		4,071			28.3		1,152			—		—		—			1,152
KG Fashion Co., Ltd		117			20.8		24			—		—		(24	)		—
Win Mortgage Co. Ltd		2,028			4.5		91			—		—		1			92
Woori-Q Corporate Restructuring Private Equity Fund		81,607			35.6		28,855			—		—		—			28,855
Aarden Woori Apparel 1st Private Equity Fund		28,374			0.5		133			—		—		—			133
Woori Dyno 1st Private Equity Fund		10,151			19.6		1,991			—		—		—			1,991
Australia Green Energy 1st PEF		122,312			4.0		4,846			—		—		—			4,846
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)		5,121			22.2		1,136			—		—		—			1,136
Woori Together TDF 2030		9,014			23.5		2,105			—		—		—			2,105
Woori Together TDF 2025		8,837			23.4		2,057			—		—		—			2,057
WOORI Star50 feeder fund(H)		809			17.5		140			—		—		—			140
Portone-Cape Fund No.1		2,670			20.0		534			—		—		—			534
WOORI TAERIM 1st Fund		3,862			25.6		988			—		—		—			988

- 89 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	March 31, 2023
	Total net asset		Ownership (%)		Ownership portion of net assets		Basis difference		Impairment			Intercompany transaction		Book value
KIWOOM WOORI Financial 1st Investment Fund		10,432		9.1		948		—		—			—		948
DeepDive WOORI 2021-1 Financial Investment Fund		7,336		11.9		873		—		—			—		873
PCC-Woori LP Secondary Fund		33,731		38.8		13,104		—		—			—		13,104
DS Power Semicon Private Equity Fund		14,196		21.0		2,978		—		—			—		2,978
Koreawide partners 2nd Private Equity Fund		74,897		26.7		19,972		—		—			—		19,972
Darwin Green Packaging Private Equity Fund		19,248		20.4		3,928		—		—			—		3,928
Japanese Hotel Real Estate Private Equity Fund 2		14,579		19.9		2,896		—		—			—		2,896
Woori Seoul Beltway Private Special Asset Fund No.1		42,912		25.0		10,728		—		—			—		10,728
Woori Short-term Bond Securities Investment Trust(Bond) ClassC-F		450,718		24.8		111,583		—		—			—		111,583
Woori Safe Plus General Type Private Investment Trust S-8(Bond)		112,977		8.9		10,011		—		—			—		10,011
Woori FirstValue Private Real Estate Fund No.2		4,641		12.0		557		—		—			—		557
WooriG Real Infrastructure Blind General Type Private Placement Investment Trust		74,733		0.1		96		—		—			—		96
JC Assurance No.2 Private Equity Fund		121,697		23.5		28,630		—		(28,630	)		—		—
Dream Company Growth no.1 PEF		28,257		27.8		7,849		—		—			—		7,849
HMS-Oriens 1st Fund		58,927		22.8		13,443		—		—			—		13,443
Woori G Senior Loan Private Placement Investment Trust No.1		374,097		21.7		80,995		—		—			—		80,995
Genesis Eco No.1 Private Equity Fund		38,390		29.1		11,127		—		—			—		11,127
Paratus Woori Material Component Equipment joint venture company		57,478		29.9		17,185		—		—			—		17,185
Midas No. 8 Private Equity Joint Venture		65,488		28.5		18,655		—		—			—		18,655
CompanyOrchestra Private Equity Fund IV		34,297		28.2		9,661		—		—			—		9,661
Synaptic Green No.1 PEF		36,845		21.1		7,757		—		—			—		7,757
Woori-Shinyoung Growth-Cap Private Equity Fund I		119,998		35.0		41,967		—		—			1		41,968
IGEN2022No. 1 Private Equity Fund		32,099		24.8		7,975		—		—			—		7,975
Woori General Private Securities Investment Trust(Bond)		200,803		25.0		50,201		—		—			—		50,201
KTB-KORUS FUND		9,669		37.5		3,626		—		—			—		3,626
KTB China Platform Fund		91,056		18.7		17,023		—		—			—		17,023
KTBN Venture Fund No.7		84,487		20.1		16,972		—		—			—		16,972
KTBN Venture Fund No.8		15,294		21.7		3,325		—		—			—		3,325
KTBN Digital Contents Korea Fund No.9		17,764		30.0		5,329		—		—			—		5,329
KTBN Media Contents Fund		2,198		15.0		330		—		—			—		330

- 90 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	March 31, 2023
	Total net asset		Ownership (%)		Ownership portion of net assets		Basis difference		Impairment		Intercompany transaction		Book value
KTB China Synergy Fund		143,619		15.1		21,629		—		—		—		21,629
NAVER-KTB Audio Contents Fund		28,367		1.0		284		—		—		—		284
KTBN Venture Fund No.13		67,723		19.6		13,279		—		—		—		13,279
KTBN Future Contents Fund		29,190		13.3		3,892		—		—		—		3,892
KTBN Venture Fund No.16		171,072		10.3		17,546		—		—		—		17,546
KTBN Venture Fund No.18		231,289		10.1		23,458		—		—		—		23,458
KB-KTB Technology Venture Fund		31,651		18.2		5,755		—		—		—		5,755
DAOL 2022 Scaleup Venture Fund		1,775		20.0		355		—		—		—		355
DAOL 2022 Start-up Venture Fund		8,515		30.1		2,564		—		—		—		2,564
KTB-NHN China Private Equity Fund		3,815		33.3		1,272		—		—		—		1,272
KTBN GI Private Equity Fund		3,789		5.0		189		—		—		—		189
Chirochem Co., Ltd.		357		28.6		102		—		—		—		102
Woori Zip 1		13,970		63.9		8,762		—		—		—		8,762
Woori Zip 2		19,461		63.8		12,268		—		—		—		12,268
Godo Kaisha Oceanos 1		17,948		47.8		8,580		—		—		—		8,580

(*)	The net asset equity amount is after the debt-for-equity swap, non-controlling etc.


	December 31, 2022
	Total net asset			Ownership (%)		Ownership portion of net assets			Basis difference		Impairment		Intercompany transaction			Book value
W Service Networks Co., Ltd.		4,227			4.9		209			—		—		(1	)		208
Korea Credit Bureau Co., Ltd.		55,100			9.9		5,462			246		—		1			5,709
Korea Finance Security Co., Ltd.		15,828			15.0		2,374			—		—		—			2,374
Woori Growth Partnerships New Technology Private Equity Fund		47,185			23.1		10,889			—		—		—			10,889
2016KIF-IMM Woori Bank Technology Venture Fund		47,370			20.0		9,474			—		—		—			9,474
K BANK Co., Ltd. (*)		1,796,269			12.6		225,894			21,894		—		1			247,789
Woori Bank-Company K Korea Movie Asset Fund		957			25.0		239			—		—		—			239
Partner One Value Up Ist Private Equity Fund		18,395			23.3		4,278			—		—		—			4,278
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		51,419			20.0		10,284			—		—		1			10,285
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		15,716			25.0		3,929			—		—		426			4,355
LOTTE CARD Co., Ltd. (*)		2,570,656			20.0		514,131			—		—		—			514,131
Together-Korea Government Private Pool Private Securities Investment Trust No.3		10,245			100.0		10,244			—		—		(1	)		10,243
Union Technology Finance Investment Association		48,692			29.7		14,463			—		—		(1	)		14,462
Dicustody Co., Ltd.		95			1.0		1			—		—		—			1
Orient Shipyard Co., Ltd.		(16,393	)		22.7		(3,721	)		—		—		3,721			—
BTS 2nd Private Equity Fund		14,405			20.0		2,881			—		—		—			2,881
STASSETS FUND III		4,347			28.3		1,230			—		—		—			1,230

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	December 31, 2022
	Total net asset			Ownership (%)		Ownership portion of net assets			Basis difference		Impairment			Intercompany transaction		Book value
Japanese Hotel Real Estate Private Equity Fund No.2		14,374			19.9		2,855			—		—			—		2,855
Woori Seoul Beltway Private Special Asset Fund No.1		39,495			25.0		9,874			—		—			—		9,874
Woori Short-term Bond Securities Investment Trust (Bond) ClassC-F		401,335			27.9		112,025			—		—			—		112,025
Woori Safe Plus General Type Private Investment Trust S-8(Bond)		111,273			9.2		10,182			—		—			—		10,182
WOORI TAERIM 1st Fund		3,862			25.6		988			—		—			—		988
Portone-Cape Fund No.1		2,318			20.0		464			—		—			—		464
KIWOOM WOORI Financial 1st Investment Fund		10,486			9.1		953			—		—			—		953
DeepDive WOORI 2021-1 Financial Investment Fund		7,375			11.9		878			—		—			—		878
Darwin Green Packaging Private Equity Fund		19,332			20.4		3,945			—		—			—		3,945
DS Power Semicon Private Equity Fund		14,186			21.0		2,976			—		—			—		2,976
Koreawide partners 2nd Private Equity Fund		75,001			26.7		20,000			—		—			—		20,000
Woori FirstValue Private Real Estate Fund No.2		4,648			12.0		558			—		—			—		558
Woori G Real Infrastructure Blind General Type Private Placement Investment Trust		73,008			0.1		102			—		—			—		102
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)		4,655			23.1		1,074			—		—			—		1,074
Woori Together TDF 2025		8,497			23.6		1,990			—		—			—		1,990
Woori Together TDF 2030		8,615			23.8		2,033			—		—			—		2,033
WOORI Star50 feeder fund(H)		709			17.9		126			—		—			—		126
Aarden Woori Apparel 1st Private Equity Fund		20,661			0.5		97			—		—			—		97
Woori Dyno 1st Private Equity Fund		10,169			19.6		1,994			—		—			—		1,994
Australia Green Energy 1st PEF		122,620			4.0		4,858			—		—			—		4,858
Godo Kaisha Oceanos 1		18,383			47.8		8,788			—		—			—		8,788
Woori Zip 1		13,963			64.0		8,690			—		—			—		8,690
Woori Zip 2		19,461			64.0		12,180			—		—			—		12,180
Force TEC		(14,315	)		24.5		(3,513	)		—		—			3,513		—
KUM HWA Co., Ltd.		(155	)		20.1		(31	)		—		—			31		—
Jinmyung Plus Co., Ltd.		47			21.3		10			—		—			—		10
JC Assurance No.2 Private Equity Fund		122,012			23.5		17,728			—		(17,728	)		—		—
Dream Company Growth no.1 PEF		28,301			27.8		7,861			—		—			—		7,861
HMS-Oriens 1st Fund		58,089			22.8		13,252			—		—			—		13,252
Woori G Senior Loan General Type Private Investment Trust No.1		378,122			21.7		81,861			—		—			—		81,861
Genesis Eco No.1 Private Equity Fund		38,695			29.0		11,216			—		—			—		11,216
Paratus Woori Material Component Equipment joint venture company		57,694			29.9		17,250			—		—			—		17,250
Midas No. 8 Private Equity Joint Venture Company		65,694			28.5		18,713			—		—			—		18,713

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	December 31, 2022
	Total net asset		Ownership (%)		Ownership portion of net assets		Basis difference		Impairment		Intercompany transaction		Book value
Orchestra Private Equity Fund IV		34,427		28.2		9,698		—		—		—		9,698
Synaptic Green No.1 PEF		37,017		21.1		7,793		—		—		—		7,793
IGEN2022No. 1 Private Equity Fund		32,240		24.8		8,010		—		—		—		8,010
PCC-Woori LP Secondary Fund		33,423		38.8		12,984		—		—		—		12,984
Woori-Q Corporate Restructuring Private Equity Fund		75,555		35.6		27,536		—		—		—		27,536
Woori-Shinyoung Growth-Cap Private Equity Fund I		123,512		35.0		43,274		—		—		—		43,274

(*)	The net asset equity amount is after the debt-for-equity swap, non-controlling etc.

13.

INVESTMENT PROPERTIES

(1)	Details of investment properties are as follows (Unit: Korean Won in millions):


	March 31, 2023			December 31, 2022
Acquisition cost		522,873			418,775
Accumulated depreciation		(33,568	)		(30,982	)
Accumulated impairment losses		(86	)		(86	)

Net carrying value		489,219			387,707

(2)	Changes in investment properties are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31
	2023			2022
Beginning balance		387,707			389,495

Acquisition		99,429			—
Disposal		—			(1,194	)
Depreciation		(1,149	)		(981	)
Transfer		(886	)		13,479
Foreign currencies translation adjustments		4,118			(2,605	)
Others		—			405

Ending balance		489,219			398,599

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

14.

PREMISES AND EQUIPMENT

(1)	Details of premises and equipment as of March 31, 2023 and December 31, 2022 are as follows (Unit: Korean Won in millions):


	March 31, 2023
	Land		Building		Equipment and vehicles		Leasehold improvement		Construction in progress		Structures		Total
Premises and equipment (owned)		1,710,922		730,358		241,053		57,878		33,584		—		2,773,795
Right-of-use asset		—		360,321		14,969		—		—		—		375,290
Carrying value		1,710,922		1,090,679		256,022		57,878		33,584		—		3,149,085


	December 31, 2022
	Land		Building		Equipment and vehicles		Leasehold improvement		Construction in progress		Structures		Total
Premises and equipment (owned)		1,695,357		730,676		261,278		58,352		32,184		—		2,777,847
Right-of-use asset		—		349,494		15,589		—		—		—		365,083
Carrying value		1,695,357		1,080,170		276,867		58,352		32,184		—		3,142,930

(2)	Details of premises and equipment (owned) as of March 31, 2023 and December 31, 2022 are as follows (Unit: Korean Won in millions):


	March 31, 2023
	Land			Building			Equipment and vehicles			Leasehold improvement			Construction in progress		Structures			Total
Acquisition cost		1,711,582			1,087,664			1,185,981			472,240			33,584		20			4,491,071
Accumulated depreciation		—			(357,306	)		(944,928	)		(414,362	)		—		(20	)		(1,716,616	)
Accumulated impairment losses		(660	)		—			—			—			—		—			(660	)
Net carrying value		1,710,922			730,358			241,053			57,878			33,584		—			2,773,795


	December 31, 2022
	Land			Building			Equipment and vehicles			Leasehold improvement			Construction in progress		Structures			Total
Acquisition cost		1,696,017			1,078,385			1,179,928			470,513			32,184		20			4,457,047
Accumulated depreciation		—			(347,709	)		(918,650	)		(412,161	)		—		(20	)		(1,678,540	)
Accumulated impairment losses		(660	)		—			—			—			—		—			(660	)
Net carrying value		1,695,357			730,676			261,278			58,352			32,184		—			2,777,847

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(3)	Details of changes in premises and equipment (owned) are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31, 2023
	Land			Building			Equipment and vehicles			Leasehold improvement			Construction in progress			Structures		Total
Beginning balance		1,695,357			730,676			261,278			58,352			32,184			—		2,777,847
Acquisitions		96			1,530			14,833			4,199			1,638			—		22,296
Disposals		(80	)		(115	)		(327	)		(248	)		—			—		(770	)
Depreciation		—			(8,157	)		(25,853	)		(5,099	)		—			—		(39,109	)
Transfer		142			337			—			—			—			—		479
Foreign currencies translation adjustments		1,339			662			1,577			772			57			—		4,407
Business combination		9,537			9,548			318			—			—			—		19,403
Others		4,531			(4,123	)		(10,773	)		(98	)		(295	)		—		(10,758	)

Ending balance		1,710,922			730,358			241,053			57,878			33,584			—		2,773,795


	For the three-month period ended March 31, 2022
	Land			Building			Equipment and vehicles			Leasehold improvement			Construction in progress			Structures		Total
Beginning balance		1,719,325			756,964			258,361			51,354			3,171			1		2,789,176
Acquisitions		—			1,948			12,558			4,293			1,441			—		20,240
Disposals		—			—			(290	)		(145	)		—			—		(435	)
Depreciation		—			(8,004	)		(24,102	)		(5,193	)		—			—		(37,299	)
Classified as held-for-sale		(946	)		(629	)		—			—			—			—		(1,575	)
Transfer		(4,869	)		(8,610	)		—			—			—			—		(13,479	)
Foreign currencies translation adjustments		252			145			663			379			66			—		1,505
Others		—			(2	)		(305	)		57			(274	)		—		(524	)

Ending balance		1,713,762			741,812			246,885			50,745			4,404			1		2,757,609

(4)	Details of right-of-use assets as of March 31, 2023 and December 31, 2022 are as follows (Unit: Korean Won in millions):


	March 31, 2023
	Building			Equipment and vehicles			Total
Acquisition cost		682,201			33,669			715,870
Accumulated depreciation		(321,880	)		(18,700	)		(340,580	)

Net carrying value		360,321			14,969			375,290


	December 31, 2022
	Building			Equipment and vehicles			Total
Acquisition cost		643,484			32,700			676,184
Accumulated depreciation		(293,990	)		(17,111	)		(311,101	)

Net carrying value		349,494			15,589			365,083

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(5)	Details of changes in right-of-use assets for the years ended March 31, 2023 and 2022 are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31, 2023
	Building			Equipment and vehicles			Total
Beginning balance		349,494			15,589			365,083
New contracts		78,774			1,858			80,632
Changes in contract		(22,486	)		27			(22,459	)
Termination		(3,225	)		(123	)		(3,348	)
Depreciation		(49,582	)		(2,778	)		(52,360	)
Business combination		674			272			946
Others		6,672			124			6,796

Ending balance		360,321			14,969			375,290


	For the three-month period ended March 31, 2022
	Building			Equipment and vehicles			Total
Beginning balance		367,480			18,064			385,544
New contracts		56,780			2,540			59,320
Changes in contract		802			124			926
Termination		(5,733	)		(351	)		(6,084	)
Depreciation		(55,238	)		(2,700	)		(57,938	)
Others		7,324			22			7,346

Ending balance		371,415			17,699			389,114

15.

INTANGIBLE ASSETS

(1)	Details of intangible assets are as follows (Unit: Korean Won in millions):


	March 31, 2022
	Goodwill		Industrial property rights			Development cost			Other intangible assets			Membership deposit			Construction in progress		Total
Acquisition cost		451,434		2,233			778,174			1,321,603			49,029			3,876		2,606,349
Accumulated amortization		—		(1,629	)		(565,365	)		(1,042,257	)		—			—		(1,609,251	)
Accumulated impairment losses		—		—			—			(33,552	)		(3,250	)		—		(36,802	)

Net carrying value		451,434		604			212,809			245,794			45,779			3,876		960,296


	December 31, 2022
	Goodwill		Industrial property rights			Development cost			Other intangible assets			Membership deposit			Construction in progress		Total
Acquisition cost		397,527		2,219			754,031			1,244,516			46,231			3,027		2,447,551
Accumulated amortization		—		(1,576	)		(541,404	)		(1,018,591	)		—			—		(1,561,571	)
Accumulated impairment losses		—		—			—			(33,552	)		(3,314	)		—		(36,866	)

Net carrying value		397,527		643			212,627			192,373			42,917			3,027		849,114

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(2)	Details of changes in intangible assets are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31, 2023
	Goodwill		Industrial property rights			Development cost			Other intangible assets			Membership deposit			Construction in progress			Total
Beginning balance		397,527		643			212,627			192,373			42,917			3,027			849,114
Acquisitions		—		14			24,133			52,146			181			1,354			77,828
Disposal		—		—			—			—			(50	)		—			(50	)
Amortization (*)		—		(53	)		(23,953	)		(20,622	)		—			—			(44,628	)
Impairment losses		—		—			—			—			44			—			44
Business combination		41,527		—			—			18,882			2,572			—			62,981
Foreign currencies translation adjustments		12,380		—			2			2,471			105			102			15,060
Others		—		—			—			544			10			(607	)		(53	)

Ending balance		451,434		604			212,809			245,794			45,779			3,876			960,296

(*)	Amortization of other intangible assets amounting to 4,458 million Won is included in other operating expenses.


	For the three-month period ended March 31, 2022
	Goodwill		Industrial property rights			Development cost			Other intangible assets			Membership deposit			Construction in progress			Total
Beginning balance		345,449		723			207,708			193,182			37,607			717			785,386
Acquisitions		—		54			22,674			16,565			319			689			40,301
Disposal		—		—			—			—			(654	)		—			(654	)
Amortization (*)		—		(62	)		(20,811	)		(18,250	)		—			—			(39,123	)
Impairment losses		—		—			—			—			32			—			32
Transfer		—		—			—			278			—			(278	)		—
Foreign currencies translation adjustments		2,656		—			(3	)		600			45			—			3,298
Others		—		—			—			1,265			(10	)		(18	)		1,237

Ending balance		348,105		715			209,568			193,640			37,339			1,110			790,477

(*)	Amortization of other intangible assets amounting to 3,599 million Won is included in other operating expenses.

16.

ASSETS HELD FOR SALE

Assets held for distribution (sale) are as follows (Unit: Korean Won in millions):


Assets (*)	March 31, 2023		December 31, 2022
Premises and equipment		9,589		9,589
Others		4,277		4,183

Total		13,866		13,772

(*)	The Group classifies assets as held for sale that are highly likely to be sold within one year from March 31, 2023, and December 31, 2022.

The Group measured assets held for sale at the lower of their net fair value or carrying amount.

The Group has decided to sell some of the premises and equipment through internal consultation during the current period and classifies the premises as non-current assets held for sale. The asset is expected to be sold within 12 months On the other hand, other assets that are expected to be sold as of the end of the current period are classified as assets that are expected to be sold within one year due to the possibility of being sold as buildings and land acquired through auction.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

17.

OTHER ASSETS

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


	March 31, 2023		December 31, 2022
Lease assets		2,591,007		2,593,578
Prepaid expenses		338,838		287,323
Advance payments		114,116		99,772
Non-operational assets		28,076		23,340
Others		42,805		57,539

Total		3,114,842		3,061,552

18.

FINANCIAL LIABILITIES AT FVTPL

(1)	Financial liabilities at FVTPL are as follows (Unit: Korean Won in millions):


	March 31, 2023		December 31, 2022
Financial instruments at fair value through profit or loss measured at fair value		9,021,513		8,952,399

Total		9,021,513		8,952,399

(2)	Financial liabilities at fair value through profit or loss measured at fair value are as follows (Unit: Korean Won in millions):


	March 31, 2023		December 31, 2022
Deposits
Gold banking liabilities		34,750		35,161
Borrowings
Securities sold		105,847		12,113
Derivative liabilities		8,880,916		8,905,125

Total		9,021,513		8,952,399

(3)	As of March 31, 2023 and December 31, 2022, there are no designated financial liabilities at fair value through profit or loss.

(4)	As of March 31, 2023 and December 31, 2022, there is no accumulated change in fair value due to change in credit risk reflected in financial liabilities designated as fair value measurement through profit or loss.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

19.

DEPOSITS DUE TO CUSTOMERS

Details of deposits due to customers by type are as follows (Unit: Korean Won in millions):


	March 31, 2023			December 31, 2022
Deposits in local currency:
Deposits on demand		10,365,190			15,627,300
Deposits at termination		259,613,847			270,092,855
Mutual installment		22,518			22,995
Deposits on notes payables		3,643,034			3,675,596
Deposits on Cash Management Account		68,481			60,079
Certificate of deposits		8,455,529			5,255,889
Other deposits		1,164,220			1,196,486

Sub-total		283,332,819			295,931,200

Deposits in foreign currencies:
Deposits in foreign currencies		42,668,237			46,263,943
Present value discount		(93,095	)		(92,352	)

Sub-total		42,575,142			46,171,591

Customers’ deposits for beneficiary		14,069			2,418

Total		325,922,030			342,105,209

20.

BORROWINGS AND DEBENTURES

(1)	Details of borrowings are as follows (Unit: Korean Won in millions):


	March 31, 2023
	Lenders	Interest rate (%)		Amount
Borrowings in local currency:
Borrowings from The BOK	The BOK		0.3 ~ 2.0		2,929,980
Borrowings from government funds	Small Enterprise and Market Service and others		0.0 ~ 4.6		2,005,921
Others	The Korea Development Bank and others		0.0 ~ 6.7		11,405,511

Sub-total					16,341,412
Borrowings in foreign currencies:
Borrowings in foreign currencies	The Export-Import Bank of Korea and others		0.0 ~ 10.5		12,229,057
Bills sold	Others		0.0 ~ 2.6		16,896
Call money	Bank and others		0.9 ~ 8.0		937,114
Bonds sold under repurchase agreements	Other financial institutions		0.0 ~ 13.7		1,503,782
Present value discount					(64,709	)

Total					30,963,552

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	December 31, 2022
	Lenders	Interest rate (%)		Amount
Borrowings in local currency:
Borrowings from The BOK	The BOK		0.3 ~ 1.8		3,040,877
Borrowings from government funds	Small Enterprise and Market Service and others		0.0 ~ 3.5		2,021,049
Others	The Korea Development Bank and others		0.0 ~ 6.7		9,562,082

Sub-total					14,624,008

Borrowings in foreign currencies:
Borrowings in foreign currencies	The Export-Import Bank of Korea and others		(0.1) ~ 10.6		11,161,294
Bills sold	Others		0.0 ~ 2.4		7,308
Call money	Bank and others		1.6 ~ 5.5		400,071
Bonds sold under repurchase agreements	Other financial institutions		0.2 ~ 6.4		2,313,044
Present value discount					(76,122	)

Total					28,429,603

(2)	Details of debentures are as follows (Unit: Korean Won in millions):


	March 31, 2023					December 31, 2022
	Interest rate (%)		Amount			Interest rate (%)		Amount
Face value of bond (*):
Ordinary bonds		0.8 ~ 7.5		34,732,667			0.8 ~ 7.5		37,132,334
Subordinated bonds		1.9 ~ 5.1		5,891,204			1.9 ~ 5.1		5,835,325
Other bonds		17.0, LIBOR 3M and others		1,644,044			0.8 ~ 17.0		1,271,364

Sub-total				42,267,915					44,239,023

Discounts on bonds				(61,158	)				(40,537	)

Total				42,206,757					44,198,486

(*)

Included debentures under fair value hedge amounting to 4,450,454 million Won and 3,076,983 million Won as of March 31, 2023 and December 31, 2022 respectively. Also, debentures under cash flow hedge amounting to 1,718,472 million Won and 1,324,812 million Won are included as of March 31, 2023 and December 31, 2022 respectively.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

21.

PROVISIONS

(1)	Details of provisions are as follows (Unit: Korean Won in millions):


	March 31, 2023		December 31, 2022
Asset retirement obligation		90,150		82,717
Provisions for guarantees (*1)		71,622		76,508
Provisions for unused loan commitments		107,529		106,033
Other provisions (*2)		258,800		280,607

Total		528,101		545,865

(*1)	Provisions for guarantees includes provision for financial guarantee of 44,302 million Won and 47,969 million Won as of March 31, 2023 and December 31, 2022, respectively.

(*2)	Other provisions consist of provision for litigation, loss compensation and others.

(2)	Changes in provisions for guarantees and unused loan commitments are as follows (Unit: Korean Won in millions):

Provisions for guarantees


	For the three-month period ended March 31, 2023
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		44,496			24,327			7,685			76,508
Transfer to 12-month expected credit loss		101			(101	)		—			—
Transfer to expected credit loss for the entire period		(13	)		13			—			—
Transfer to credit-impaired financial assets		(3	)		(6	)		9			—
Provisions used		—			—			—			—
Net provision (reversal) of unused amount		(984	)		(848	)		(567	)		(2,399	)
Others (*)		(2,485	)		(2	)		—			(2,487	)

Ending balance		41,112			23,383			7,127			71,622

(*)	Recognized as a result of new financial guarantee contract valued at initial fair value.


	For the three-month period ended March 31, 2022
	Stage 1			Stage 2			Stage 3		Total
Beginning balance		52,830			15,269			6,767		74,866
Transfer to 12-month expected credit loss		146			(146	)		—		—
Transfer to expected credit loss for the entire period		(10	)		10			—		—
Transfer to credit-impaired financial assets		—			(3	)		3		—
Provisions used		(1,238	)		—			—		(1,238	)
Net provision (reversal) of unused amount		(4,156	)		9,923			306		6,073
Others (*)		2,410			—			—		2,410

Ending balance		49,982			25,053			7,076		82,111

(*)	Effect of initial recognition of new financial guarantee contract that is measured at fair value.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

Provisions for unused loan commitment


	For the three-month period ended March 31, 2023
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		67,640			38,188			205			106,033
Transfer to 12-month expected credit loss		5,907			(5,881	)		(26	)		—
Transfer to expected credit loss for the entire period		(1,302	)		1,303			(1	)		—
Transfer to credit-impaired financial assets		(52	)		(157	)		209			—
Net provision (reversal) of unused amount		(5,566	)		6,997			(148	)		1,283
Others		240			(27	)		—			213

Ending balance		66,867			40,423			239			107,529


	For the three-month period ended March 31, 2022
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		67,440			44,536			320			112,296
Transfer to 12-month expected credit loss		7,264			(7,224	)		(40	)		—
Transfer to expected credit loss for the entire period		(1,608	)		1,680			(72	)		—
Transfer to credit-impaired financial assets		(58	)		(89	)		147			—
Net provision (reversal) of unused amount		(6,080	)		574			(38	)		(5,544	)
Others		42			1			—			43

Ending balance		67,000			39,478			317			106,795

(3)	Changes in asset retirement obligation for the three-month periods ended March 31, 2023 and 2022, are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31
	2023			2022
Beginning balance		82,717			80,777
Provisions provided		1,661			636
Provisions used		(1,027	)		(1,767	)
Reversal of provisions unused		—			—
Unwinding of discount		295			175
Increase (decrease) of restoration expense, etc.		6,504			4,372

Ending balance		90,150			84,193

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 premises as of March 31, 2023, discounted by appropriate discount rate. The restoration cost is expected to occur by the end of each premise’s lease period, and the Group has used average lease period of each category of leases terminated during the past years in order to rationally estimate the lease period. In addition, the Group used average amount of actual recovery cost for the past 3 years and the inflation rate for last year in order to estimate future recovery cost.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(4)	Changes in other provisions for the three-month periods ended March 31, 2023 and 2022, are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31
	2023			2022
Beginning balance		280,607			308,195
Provisions provided		3,743			1,327
Provisions used		(23,885	)		(1,358	)
Reversal of provisions unused (*)		(1,874	)		(5,713	)
Foreign currencies translation adjustments		207			2,766
Others		2			2

Ending balance		258,800			305,219

(5)

Others

The Group recognized the provision of the estimated compensation amount related to the miss-selling of the Derivative Linked Fund (DLF) incurred during 2019 and a fine expected to be imposed by the Financial Supervisory Service as the best estimate for the expenditure required to meet its obligations at the end of the reporting period.

For the year ended December 31, 2020, the Group recognized the provisions as the best estimate due to the expected losses of clients arising from the delay in the redemption of funds by Lime Asset Management and the dispute settlement by the Financial Supervisory Service. As of March 31, 2023 the provision for this case is 121.6 billion Won.

On October 22, 2021, the Group made a resolution to pay in advance for Platform Asia funds, etc., which are delayed in redemption at the Board of Directors Meeting of Woori Bank, the subsidiary. Provisions for estimated compensation amounts related to the prepayment was recognized as the best estimate of the expenditure. As of March 31, 2023, the sales revenue for Platform Asia, Gen2 DLS sold 85 billion Won and 90.2 billion Won, respectively, and provisions is 35.7 billion Won and 12.6 billion Won, respectively.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

22.

NET DEFINED BENEFIT LIABILITY (ASSET)

The Group’s pension plan is based on the defined benefit retirement pension plan. Employees and directors with one or more years of service are entitled to receive a payment upon termination of their employment, based on their length of service and rate of salary at the time of termination. The assets of the plans are measured at their fair value at the end of reporting date. The plan liabilities are measured using the projected unit method, which takes account of projected earnings increases, using actuarial assumptions that give the best estimate of the future cash flows that will arise under the plan liabilities.

The Group is exposed to various risks through defined benefit retirement pension plan, and the most significant risks are as follows:


Volatility of asset		The defined benefit obligation was estimated with an interest rate calculated based on blue chip corporate bonds earnings. A deficit may occur if the rate of return of plan assets falls short of the interest rate.

Decrease in profitability of blue- chip bonds		A decrease in profitability of blue-chip bonds will be offset by some increase in the value of debt securities that the employee benefit plan owns but will bring an increase in the defined benefit obligation.

Risk of inflation		Defined benefit obligations are related to inflation rate; the higher the inflation rate is, the higher the level of liabilities. Therefore, deficit occurs in the system if an inflation rate increases.

(1)	Details of net defined benefit liability are as follows (Unit: Korean Won in millions):


	March 31, 2023			December 31, 2022
Present value of defined benefit obligation		1,470,454			1,377,545
Fair value of plan assets		(1,601,575	)		(1,661,623	)

Net defined benefit liabilities (*)		(131,121	)		(284,078	)

(*)

Net defined benefit assets of 131,121 million Won as of March 31, 2023 are the subtracted amount of the net defined benefit liability of 36,449 million Won from the net defined benefit assets of 167,570. Net defined benefit assets of 284,078 million Won as of December 31, 2022 are the subtracted amount of the net defined benefit liability of 35,202 million Won from the net defined benefit assets of 319,280.

(2)	Changes in the carrying value of defined benefit obligation are as follows (Unit: Korean Won in millions):


		For the three-month period ended March 31
		2023			2022
Beginning balance			1,377,545			1,618,098
Current service cost			32,846			41,585
Interest cost			18,106			12,020
Remeasurements	Financial assumption		52,747			(108,330	)
	Demographic assumptions		—			—
	Experience adjustments		66,544			53,819
Retirement benefit paid			(76,762	)		(73,560	)
Foreign currencies translation adjustments			27			31
Others			(599	)		52

Ending balance			1,470,454			1,543,715

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(3)	Changes in the plan assets are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31
	2023			2022
Beginning balance		1,661,623			1,591,458
Interest income		22,813			12,428
Remeasurements		(8,247	)		(5,487	)
Employer’s contributions		—			—
Retirement benefit paid		(74,238	)		(70,467	)
Others		(376	)		40

Ending balance		1,601,575			1,527,972

(4)	The fair value of the plan assets by composition is as follows as of March 31, 2023 and December 31, 2022.


	March 31, 2023		December 31, 2022
Cash and due from banks		1,601,575		1,661,623

Meanwhile, among plan assets, realized returns on plan assets amount to 14,566 million Won and 6,941 million Won for the years ended March 31, 2023 and 2022, respectively.

(5)	Amounts related to the defined benefit plan that are recognized in the consolidated statements of comprehensive income are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31
	2023			2022
Current service cost		32,846			41,585
Net interest expense		(4,707	)		(408	)

Cost recognized in net income		28,139			41,177

Remeasurements (*)		127,538			(49,024	)

Cost recognized in total comprehensive income		155,677			(7,847	)

(*)	Amount before tax

Retirement benefits related to defined contribution plans recognized as expenses are 1,262 million Won, and 1,203 million Won for the years ended March 31, 2023 and 2022, respectively.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

23.

OTHER FINANCIAL LIABILITIES AND OTHER LIABILITIES

Other financial liabilities and other liabilities are as follows (Unit: Korean Won in millions):


	March 31, 2023			December 31, 2022
Other financial liabilities:
Accounts payable		11,861,543			6,001,858
Accrued expenses		3,502,616			3,219,349
Borrowings from trust accounts		3,640,300			3,475,118
Agency business revenue		368,596			213,845
Foreign exchange payables		691,472			822,446
Domestic exchange settlement credits		5,686,850			4,631,921
Lease liabilities		317,208			319,161
Other miscellaneous financial liabilities		8,737,564			4,148,621
Present value discount		(20,730	)		(20,451	)

Sub-total		34,785,419			22,811,868

Other liabilities:
Unearned income		353,351			351,633
Other miscellaneous liabilities		418,561			338,524

Sub-total		771,912			690,157

Total		35,557,331			23,502,025

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

24.

DERIVATIVES

(1)

Derivative assets and derivative liabilities are as follows (Unit: Korean Won in millions):


			March 31, 2023
			Assets						Liabilities
	Nominal amount		For cash flow hedge		For fair value hedge		For trading		For cash flow hedge		For fair value hedge		For trading
Interest rate:
Futures		150,754		—		—		—		—		—		—
Forwards		2,680,000		—		—		164,787		—		—		4,928
Swaps		135,432,009		649		—		405,694		319		175,043		327,696
Purchase options		170,000		—		—		7,710		—		—		—
Written options		310,000		—		—		—		—		—		14,182
Currency:
Futures		50,692		—		—		—		—		—		—
Forwards		90,273,593		—		—		3,089,290		—		—		784,782
Swaps		95,445,108		63,727		—		3,529,444		—		—		6,031,361
Purchase options		258,974		—		—		11,157		—		—		—
Written options		148,148		—		—		—		—		—		1,288
Equity:
Futures		1,066,668		—		—		—		—		—		—
Forwards		183		—		—		69		—		—		—
Swaps		555,709		—		—		53,633		—		—		8,394
Purchase options		36,477,370		—		—		1,236,087		—		—		—
Written options		35,369,474		—		—		—		—		—		1,708,285

Total		398,388,682		64,376		—		8,497,871		319		175,043		8,880,916


			December 31, 2022
			Assets						Liabilities
	Nominal amount		For cash flow hedge		For fair value hedge		For trading		For cash flow hedge		For fair value hedge		For trading
Interest rate:
Futures		42,545		—		—		—		—		—		—
Forwards		2,620,000		—		—		249,356		—		—		—
Swaps		136,550,518		2,041		—		440,540		—		193,831		474,158
Purchase options		170,000		—		—		9,308		—		—		—
Written options		310,000		—		—		—		—		—		16,752
Currency:
Futures		51,136		—		—		—		—		—		—
Forwards		90,134,257		—		—		3,083,082		—		—		1,360,535
Swaps		97,197,309		35,745		—		3,105,901		9,080		—		5,500,970
Purchase options		487,852		—		—		23,182		—		—		—
Written options		570,982		—		—		—		—		—		7,929
Equity:
Futures		958,589		—		—		—		—		—		—
Forwards		183		—		—		100		—		—		—
Swaps		568,835		—		—		90,237		—		—		673
Purchase options		29,801,478		—		—		1,204,475		—		—		—
Written options		29,874,836		—		—		—		—		—		1,544,108

Total		389,338,520		37,786		—		8,206,181		9,080		193,831		8,905,125

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

Derivatives held for trading are classified into financial assets at FVTPL (Note 7) and financial liabilities at FVTPL (Note 18), and derivatives designated for hedging are presented as a separate line item in the consolidated statements of financial position.

(2)	Overview of the Group’s hedge accounting

The hedging relationships the entity applies fair value hedge accounting and cash flow hedge accounting to are affected by interest rate which is related with Interest Rate Benchmark Reform. The interest rates to which the hedging relationships are exposed are USD 1M LIBOR, USD 3M LIBOR, Compounding SOFR, AUD 3M BBSW, and CD 3M. The nominal amounts of hedging instruments related to USD 1M LIBOR, USD 3M LIBOR, Compounding SOFR, AUD 3M BBSW, and CD 3M in the hedging relationships of the Group are USD 270,000,000, USD 2,120,000,000, USD 1,125,000,000 AUD 150,000,000, and 640,000 million Won, respectively. The entity pays close attention to discussions in the market and industry regarding the applicable alternative benchmark interest rates for the exposed interest rate. The entity judges related uncertainty is expected to be no longer present when the exposed interest rates are replaced by the applicable benchmark interest rates.

Fair value hedge

As of March 31, 2023, the Group has applied fair value hedge on fixed interest rate foreign currency denominated debentures amounting to 3,809,949 million Won and denominated in local currency 640,505 million Won. The purpose of the hedging is to avoid fair value volatility risk of fixed interest rate foreign currency denominated debentures derived from fluctuations of market interest rate, and as such the Group entered into interest rate swap agreements designated as hedging instruments.

Pursuant to the interest rate swap agreement, by swapping the calculated difference between the fixed interest rate and floating interest rate applied to the nominal value, the fair value fluctuation risk is hedged as the foreign currency denominated debentures fixed interest rate terms are converted to floating interest rate. Pursuant to the interest rate swap agreement, hedge ratio is determined by matching the nominal value of hedging instrument to the face value of the hedged item.

In this hedging relationship, only the market interest rate fluctuation, which is the most significant part of the fair value change of the hedged item, is designated as the hedged risk, and other risk factors including credit risk are not included in the hedged risk. Therefore, the ineffective portion of the hedge could arise from fluctuations in the timing of the cash flow of the hedged item, price margin set by counterparty of hedging instrument, and unilateral change in credit risk of any party of hedging instrument.

The interest rate swap agreements and the hedged items are subject to fluctuations in the underlying market rate of interest and the Group expects the fair value of the interest rate swap contract and the value of the hedged item to generally change in the opposite direction.

The fair value of the interest rate swap at the end of the reporting period is determined by discounting future cash flows estimated by using the yield curve at the end of the reporting period and the credit risk embedded in the contract and the average interest rate is determined based on the outstanding balance at the end of the reporting period. The variable interest rate applied to the interest rate swap is USD Libor 3M plus spread, AUD BBSW 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.

- 108 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

Cash Flow Hedge

As of the March 31, 2023, the Group has applied cash flow hedge on local currency denominated debentures amounting to 229,905 million Won and debentures on foreign currency amounting to 1,488,567 million Won The Group’s hedging strategies are to ① Mitigate risks of cash flow fluctuation from variable interest rate debentures on local currency due to changes in market interest rate by entering into an interest rate swap contract and thereby designating it as hedging instrument; ② Mitigate the risks of cash flow fluctuation from principal and interest of variable interest rate debentures denominated in foreign currency due to changes in foreign exchange rates and interest rates by entering into a currency swap contract and thereby designating it as hedging instrument; ③ Mitigate the risks of cash flow fluctuation from principal and interest of fixed interest rate debentures denominated in foreign currency due to changes in foreign exchange rates ④ Mitigate risks of cash flow fluctuation from variable interest rate borrowings on foreign currency by entering into a currency swap contract and thereby designating it as hedging instrument.

This means exchanging a predetermined nominal amount as set forth in the interest rate swap contract adjusted by the differences between the fixed and variable interest rates, which results in the conversion of interest rates of debentures in local currency from variable interest into fixed interest, eliminating the cash flow fluctuation risk.

In addition, this also means a payment of predetermined principal amount as set forth in the currency swap adjusted by fixed interest rate, an exchange of an amount calculated by applying variable interest rate to USD or applying fixed interest rate to SGD, and an exchange of the principal denominated in KRW and principal denominated in foreign currency at maturity eliminating cash flow fluctuation risk on principal and interest.

The hedge ratio is determined by matching the nominal amount of the hedging instrument to the face amount of the hedged item in accordance with interest rate swap and currency swap.

Only interest rate and foreign exchange rate fluctuation risk, which is the most significant factor in the cash flow fluctuation of the hedged item, is addressed in this hedging relationship, and other risk factors such as credit risk are not subject to hedging.

Thus, there could be hedge ineffectiveness arising from price margin set by the counterparty of hedging instruments and unilateral change in credit risk of any party in the transaction.

The interest rate swap, currency swap contract and the hedged item are all affected by the changes in market interest rate and foreign exchange rates which are basic factors of the derivative. The Group expects that the value of interest rate swap contract, currency swap contract and value of the hedged item will generally fluctuate in opposite direction.

Hedges of Net Investment in Foreign Operations

Foreign currency exposure arises from the Group’s net investments in Woori America Bank, Woori Cambodia Bank and Hong Kong Woori Investment Bank, and overseas branches, which use USD as their functional currency. The risk arises from fluctuations in the spot exchange rate between USD and KRW. This may result in different net investment amounts.

The risk hedged in the net investment hedging is the weakness of KRW against USD, which may reduce the carrying amount of the Group’s net investments in Woori America Bank, Woori Cambodia Bank and Hong Kong Woori Investment Bank, and overseas branches.

A portion of the Group’s net investments in Woori America Bank, Woori Cambodia Bank and Hong Kong Woori Investment Bank and overseas branches are hedged in USD denominated foreign currency bonds(Carrying amount as of March 31, 2023: USD 864,390,437) and mitigate foreign exchange risk arising from the net assets of subsidiaries.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

The bonds was designated as a hedging instrument for changes in the value of net investment resulting from fluctuations in the USD/KRW spot exchange rate.

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

(3)	The nominal amounts of the hedging instrument are as follows (Unit: USD, AUD, EUR, and Korean Won in millions):


	March 31, 2023
	1 year or less		1 year to 5 years		More than 5 years		Total
Fair value hedge
Interest rate risk
Interest rate swap (USD)		—		2,675,000,000		300,000,000		2,975,000,000
Interest rate swap (AUD)		150,000,000		—		—		150,000,000
Interest rate swap (KRW)		640,000		—		—		640,000
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)		50,000		140,000		—		190,000
Foreign currencies translation risk and interest rate risk
Currency swap (USD)		270,000,000		270,000,000		—		540,000,000
Foreign currencies translation risk
Currency swap (USD)		80,000,000		100,000,000		—		180,000,000
Currency swap (EUR)		—		270,000,000		—		270,000,000
Hedges of net investment in foreign operations
Exchange risk
Foreign currency bond (USD)		—		864,390,437		—		864,390,437

	December 31, 2022
	1 year or less		1 year to 5 years		More than 5 years		Total
Fair value hedge
Interest rate risk
Interest rate swap (USD)		—		2,075,000,000		300,000,000		2,375,000,000
Interest rate swap (AUD)		150,000,000		—		—		150,000,000
Interest rate swap (KRW)		150,000		—		—		150,000
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)		50,000		140,000		—		190,000
Foreign currencies translation risk and interest rate risk
Currency swap (USD)		—		270,000,000		—		270,000,000
Foreign currencies translation risk
Currency swap (USD)		80,000,000		100,000,000		—		180,000,000
Currency swap (EUR)		—		194,780,000		—		194,780,000
Hedges of net investment in foreign operations
Exchange risk
Foreign currency bond (USD)		272,390,437		592,000,000		—		864,390,437

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(4)	The average interest rate and average currency rate of the hedging instrument as of March 31, 2023 and 2022 are as follows:


		March 31, 2023
		Average interest rate and average exchange rate
Fair value hedge
Interest rate risk
Interest rate swap (USD)		Fixed 3.62% receipt and (Libor 3M)+1.45% floating paid
Interest rate swap (USD)		Fixed 3.56% receipt and (C.SOFR)+1.09% paid
Interest rate swap (AUD)		Fixed 0.84% receipt and (BBSW 3M)+0.72% paid
Interest rate swap (KRW)		Fixed 3.72% receipt and CD 3M paid
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)		KRW CMS 10Y+0.57% receipt, KRW 3.27% paid
Interest rate swap (KRW)		KRW CMS 5Y+0.49% receipt, KRW 3.52% paid
Interest rate swap (KRW)		KRW CD+0.73% receipt, KRW 1.90% paid
Foreign currencies translation risk and interest rate risk
Currency swap (USD)		USD 3M Libor+1.00% receipt, KRW 1.02% paid, KRW/USD = 1,161.00
Currency swap (USD)		USD 1M Libor+0.82% receipt, KRW 0.75% paid, KRW/USD = 1,233.00
Currency swap (USD)		USD SOFR+1.38% receipt, KRW 4.59% paid, KRW/USD = 1,244.50
Foreign currencies translation risk
Currency swap (USD)		USD 1.59% receipt, KRW 1.59% paid, KRW/USD = 1,139.79
Currency swap (EUR)		KRW/EUR = 1,344.08
Hedges of net investment
Exchanging rate risk
Foreign currency denominated debentures(KRW/USD)		1,274.41

		December 31, 2022
		Average interest rate and average exchange rate
Fair value hedge
Interest rate risk
Interest rate swap (USD)		Fixed 3.62% receipt and Libor 3M+1.45% floating paid
Interest rate swap (USD)		Fixed 2.05% receipt and (C.SOFR)+0.65% paid
Interest rate swap (AUD)		Fixed 0.84% receipt and BBSW 3M+0.72% paid
Interest rate swap (KRW)		Fixed 3.13% receipt and CD 3M paid
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)		KRW CMS 5Y+0.46% receipt, KRW 3.65% paid
Interest rate swap (KRW)		KRW CD+0.33% receipt, KRW 1.68% paid
Foreign currencies translation risk and interest rate risk
Currency swap (USD)		USD 1M Libor+0.79% receipt, KRW 0.80% paid, KRW/USD = 1,226.29
Foreign currencies translation risk
Currency swap (USD)		USD 1.50% receipt, KRW 1.57% paid, KRW/USD = 1,140.50
Currency swap (EUR)		EUR 1.98% receipt, KRW 3.86% paid, KRW/EUR = 1,344.08
Hedges of net investment
Exchanging rate risk
Foreign currency denominated debentures(KRW/USD)		1,334.37

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(5)	The amounts related to items designated as hedging instruments are as follows (Unit: USD, AUD, EUR, and Korean Won in millions):


	March 31, 2023
	Nominal amounts of the hedging instrument		Carrying amount of the hedging instrument				Line item in the statement of financial position where the hedging instrument is located	Changing in fair value used for calculating hedge ineffectiveness
	Nominal amounts of the hedging instrument		Assets		Liabilities
Fair value hedge
Interest rate risk
Interest rate Swap(USD)		2,975,000,000					Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)
Interest rate Swap(AUD)		150,000,000
Interest rate Swap(KRW)		640,000		—		175,043			18,312
Cash flow hedge
Interest rate risk
Interest rate swap(KRW)		190,000		649		319	Derivative liabilities (designated for hedging)		(1,711	)
Foreign currency translation risk and interest rate risk
Currency swap(USD)		540,000,000		36,656		—	Derivative liabilities (designated for hedging)		21,002
Foreign currency translation risk
Currency swap(USD)		180,000,000		24,501		—	Derivative liabilities (designated for hedging)		6,148
Currency swap(EUR)		270,000,000		2,570		—	Derivative liabilities (designated for hedging)		9,824
Hedges of net investment in foreign operations
Exchange rate risk
Foreign currency bond(USD)		864,390,437		—		1,126,992	Foreign currency bond		26,445

	December 31, 2022
	Nominal amounts of the hedging instrument		Carrying amount of the hedging instrument				Line item in the statement of financial position where the hedging instrument is located	Changing in fair value used for calculating hedge ineffectiveness
	Nominal amounts of the hedging instrument		Assets		Liabilities
Fair value hedge
Interest rate risk
Interest rate Swap(USD)		2,375,000,000		—		193,831	Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)		(247,765	)
Interest rate Swap(AUD)		150,000,000
Interest rate Swap(KRW)		150,000
Cash flow hedge
Interest rate risk
Interest rate swap(KRW)		190,000		2,041		—	Derivative liabilities (designated for hedging)		1,690
Foreign currency translation risk and interest rate risk
Currency swap(USD)		270,000,000		17,909		—	Derivative liabilities (designated for hedging)		58,253
Foreign currency translation risk
Currency swap(USD)		180,000,000		17,836		—	Derivative liabilities (designated for hedging)		9,317
Currency swap(EUR)		194,780,000		—		9,080	Derivative liabilities (designated for hedging)		(10,286	)
Hedges of net investment in foreign operations
Exchange rate risk
Foreign currency bond(USD)		864,390,437		—		1,095,442	Foreign currency bond		(28,553	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(6)	Details of carrying amount to hedge and amount due to hedge accounting are as follows (Unit: Korean Won in millions):


	March 31, 2023
	Carrying amount of the hedged item				Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying amount of the hedged item					Line item in the statement of financial position in which the hedged item is included		Changing in fair value used for calculating hedge ineffectiveness			hedge reserve (*)
	Assets		Liabilities		Assets		Liabilities								hedge reserve (*)
Fair value hedge
Interest rate risk
Debentures		—		4,450,454		—		(184,600	)		Debentures		(22,565	)		—
Cash flow hedge
Interest rate risk
Debentures		—		229,905		—		—			Debentures		1,711			985
Foreign currencies translation risk and interest rate risk
Debentures		—		701,577		—		—			Debentures		(20,939	)		1,529
Foreign currencies translation risk
Debentures		—		786,990		—		—			Debentures		(25,796	)		(28,631	)
Hedges of net investment in foreign operations Exchange rate risk
Foreign operations net asset		—		1,126,992		—		—			Foreign operations net asset		(26,445	)		(43,907	)

(*)	After tax amount

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	December 31, 2022
	Carrying amount of the hedged item				Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying amount of the hedged item					Line item in the statement of financial position in which the hedged item is included		Changing in fair value used for calculating hedge ineffectiveness			hedge reserve (*)
	Assets		Liabilities		Assets		Liabilities								hedge reserve (*)
Fair value hedge
Interest rate risk
Debentures		—		3,076,983		—		(199,804	)		Debentures		257,911			—
Cash flow hedge
Interest rate risk
Debentures		—		229,892		—		—			Debentures		(3,742	)		2,531
Foreign currencies translation risk and interest rate risk
Debentures		—		342,019		—		—			Debentures		(23,296	)		8,648
Foreign currencies translation risk
Debentures		—		752,901		—		—			Debentures		11,256			(24,600	)
Hedges of net investment in foreign operations Exchange rate risk
Foreign operations net asset		—		1,095,442		—		—			Foreign operations net asset		28,553			(38,797	)

(*)	After tax amount

(7)	Amounts recognized in profit or loss due to the ineffective portion of fair value hedges during the current period are as follows (Unit: Korean Won in millions):


		For the three-month period ended March 31, 2023
		Hedge ineffectiveness recognized in profit or loss			Line item in the profit or loss that includes hedge ineffectiveness
Fair value hedge	Interest rate risk		(4,253	)	Other net operating income(expense)

		For the three-month period ended March 31, 2022
		Hedge ineffectiveness recognized in profit or loss			Line item in the profit or loss that includes hedge ineffectiveness
Fair value hedge	Interest rate risk		(5,333	)	Other net operating income(expense)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(8)	Reclassification of profit or loss from other comprehensive income and equity related to cash flow hedges are as follows (Unit: Korean Won in millions):


		For the three-month period ended March 31, 2023
		Changes in the value of hedging instruments recognized in OCI			Hedge ineffectiveness recognized in profit or loss		Changes in the value of foreign basis spread recognized in OCI			Line item recognized in the profit or loss	Amounts reclassified from cash flow hedge reserve to profit or loss			Line item affected in profit or loss due to reclassification
Cash flow hedge	Interest rate risk		(1,711	)		—		—		Other net operating income (expense)		—		Other net operating income (expense)
	Foreign currencies translation risk and interest rate risk		21,002			—		(2,255	)	Other net operating income (expense)		(25,866	)	Other net operating income (expense)
	Foreign currencies translation risk		15,972			—		2,343		Other net operating income (expense)		(20,269	)	Other net operating income (expense)

		For the three-month period ended March 31, 2022
		Changes in the value of hedging instruments recognized in OCI			Hedge ineffectiveness recognized in profit or loss		Changes in the value of foreign basis spread recognized in OCI			Line item recognized in the profit or loss	Amounts reclassified from cash flow hedge reserve to profit or loss			Line item affected in profit or loss due to reclassification
Cash flow hedge	Interest rate risk		461			5		—		Other net operating income(expense)		—		Other net operating income(expense)
	Foreign currencies translation risk and interest rate risk		14,778			—		(79	)	Other net operating income(expense)		(11,891	)	Other net operating income(expense)
	Foreign currencies translation risk		1,829			—		277		Other net operating income(expense)		(4,554	)	Other net operating income(expense)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(9)	The amounts recognized in profit or loss and other comprehensive income related to the hedging of net investments in foreign operations are as follows (Unit: Korean Won in millions):


		For the three-month period ended March 31, 2023
		Profit or loss recognized in OCI			Hedge ineffectiveness recognized in profit or loss		Line item which recognized the hedge ineffectiveness
Hedges of net investment in foreign operation	Exchange rate risk		(23,205	)		—		—

		For the three-month period ended March 31, 2022
		Profit or loss recognized in OCI			Hedge ineffectiveness recognized in profit or loss		Line item which recognized the hedge ineffectiveness
Hedges of net investment in foreign operation	Exchange rate risk		(3,949	)		—		—

No amount was reclassified from reserve of hedges of net investment in foreign operations to profit or loss.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

25.

DEFERRED DAY 1 PROFITS OR LOSSES

Changes in deferred day 1 profits or losses are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31
	2023			2022
Beginning balance		17,964			29,111
New transactions		—			8,492
Amounts recognized in losses		(3,428	)		(6,465	)

Ending balance		14,536			31,138

In case some variables to measure fair values of financial instruments are not observable in the market, valuation techniques are utilized to evaluate such financial instruments. Those financial instruments are recorded the transaction price as at the time of acquisition, even though there are difference noted between the transaction price and the fair value. The difference deferred and amortized using the effective interest method until maturity and reflected in profit or loss. The table above presents the difference yet to be realized as profit or losses as of March 31, 2023 and 2022.

26.

EQUITY

(1)	Details of equity as of March 31, 2023 and December 31, 2022 are as follows (Unit: Korean Won in millions):


	March 31, 2023			December 31, 2022
Capital
Common stock capital		3,640,303			3,640,303
Hybrid securities		3,411,676			3,112,449
Capital surplus
Paid in capital in excess of par		643,544			643,544
Others		36,973			38,841

Sub-total		680,517			682,385

Capital adjustments
Treasury stocks		(3,819	)		(3,819	)
Other adjustments (*1)		(1,648,388	)		(1,780,367	)

Sub-total		(1,652,207	)		(1,784,186	)

Accumulated other comprehensive income
Financial assets at FVTOCI		(328,381	)		(645,731	)
Changes in capital due to equity method		5,613			475
Gain (loss) on foreign currency translation of foreign operations		139,617			(24,202	)
Gain (loss) on hedges of net investment in foreign operations		(43,907	)		(20,701	)
Remeasurements of defined benefit plan		(38,619	)		55,235
Gain (loss) on valuation of cash flow hedge		(14,614	)		(4,282	)

Sub-total		(280,291	)		(639,206	)

Retained earnings (2) (3)		23,859,669			23,750,152
Non-controlling interest (*4)		2,943,946			2,865,445

Total		32,603,613			31,627,342

(*1)	Included 178,060 million Won in capital transaction gains and losses recognized by Woori Bank and (formerly) Woori Financial Group in 2014 and 2,238,228 million Won due to the spin-off of Gyeongnam Bank and Gwangju Bank.

(*2)	The regulatory reserve for credit losses in retained earnings amounted to 2,839,475 million Won and 2,966,960 million Won as of March 31, 2023 and December 31, 2022, respectively in accordance with the relevant article.

(*3)	The earned surplus reserve in retained earnings amounted to 300,190 million Won and 181,860 million Won as of March 31, 2023 and December 31, 2022 in accordance with the Article 53 of the Financial Holding Company Act.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(*4)

The hybrid securities issued by Woori Bank amounting to 2,344,816 million Won and 2,344,816 million Won as of March 31, 2023 and December 31, 2022, respectively, are recognized as non-controlling interests. 19,968 million Won and 15,399 million Won of dividends for the hybrid securities issued by Woori Bank are allocated to net profit and loss of the non-controlling interests for the years ended March 31, 2023 and December 31, 2022, respectively.

(2)	The number of authorized shares and others of the Group are as follows:


	March 31, 2023		December 31, 2022
Shares of common stock authorized		4,000,000,000 Shares		4,000,000,000 Shares
Par value		5,000 Won		5,000 Won
Shares of common stock issued		728,060,549 Shares		728,060,549 Shares
Capital stock		3,640,303 million Won		3,640,303 million Won

(3)	Hybrid securities

The bond-type hybrid securities classified as owner’s equity are as follows (Unit: Korean Won in millions):


	Issue date		Maturity		Interest rate (%)		March 31, 2023			December 31, 2022
Securities in local currency		2019-07-18		—		3.49		500,000			500,000
Securities in local currency		2019-10-11		—		3.32		500,000			500,000
Securities in local currency		2020-02-06		—		3.34		400,000			400,000
Securities in local currency		2020-06-12		—		3.23		300,000			300,000
Securities in local currency		2020-10-23		—		3.00		200,000			200,000
Securities in local currency		2021-04-08		—		3.15		200,000			200,000
Securities in local currency		2021-10-14		—		3.60		200,000			200,000
Securities in local currency		2022-02-17		—		4.10		300,000			300,000
Securities in local currency		2022-07-28		—		4.99		300,000			300,000
Securities in local currency		2022-10-25		—		5.97		220,000			220,000
Securities in local currency		2023-02-10		—		4.65		300,000			—
Issuance cost								(8,324	)		(7,551	)

Total								3,411,676			3,112,449

The hybrid securities mentioned above do not have maturity date but are redeemable after 5 years from date of issuance.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(4)	Accumulated other comprehensive income

Changes in the accumulated other comprehensive income are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31, 2023
	Beginning balance			Increase (decrease) (*)			Reclassification adjustments			Income tax effect			Ending balance
Net gain (loss) on valuation of financial assets at FVTOCI		(645,731	)		431,221			(332	)		(113,539	)		(328,381	)
Changes in capital due to equity method		475			7,475			—			(2,337	)		5,613
Gain (loss) on foreign currency translation of foreign operations		(24,202	)		168,793			—			(4,974	)		139,617
Gain (loss) on hedges of net investment in foreign operations		(20,701	)		(31,530	)		—			8,324			(43,907	)
Remeasurement gain (loss) related to defined benefit plan		55,235			(127,579	)		—			33,725			(38,619	)
Gain (loss) on valuation of cash flow hedge		(4,282	)		(10,535	)		(256	)		459			(14,614	)

Total		(639,206	)		437,845			(588	)		(78,342	)		(280,291	)

(*)

The increase(decrease) of financial asset valuation profit or loss at fair value through other comprehensive income and changes in capital due to equity method are changes due to the period evaluation, and the reclassification adjustments amounting to (145) million Won and 50 million Won are due to disposal of equity securities and changes in capital due to equity method, respectively during the period.


	For the three-month period ended March 31, 2022
	Beginning balance			Increase (decrease) (*)			Reclassification adjustments			Income tax effect			Ending balance
Net gain(loss) on valuation of financial assets at FVTOCI		(162,522	)		(301,116	)		(271	)		78,690			(385,219	)
Changes in capital due to equity method		(138	)		809			—			(273	)		398
Gain(loss) on foreign currency translation of foreign operations		(63,781	)		58,000			—			(979	)		(6,760	)
Gain(loss) on hedges of net investment in foreign operations		—			(5,447	)		—			1,498			(3,949	)
Remeasurement gain(loss) related to defined benefit plan		(195,944	)		48,993			—			(13,473	)		(160,424	)
Gain(loss) on valuation of derivatives designated as cash flow hedges		5,553			1,879			57			(533	)		6,956
Capital related to noncurrent assets held for sale		279			(341	)		—			94			32

Total		(416,553	)		(197,223	)		(214	)		65,024			(548,966	)

(*)

The increase and decrease of financial asset valuation profit or loss at fair value through other comprehensive income and capital related to noncurrent assets held for sale is a change due to the period evaluation and the reclassification adjustments amounting to (49) million Won and (247) million Won are due to disposal of equity securities at FVTOCI and assets held for sale during the period.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(5)	Regulatory Reserve for Credit Loss

In accordance with Article 26 ~ 28 of the Financial holding company Supervision Regulations, the Group calculates and discloses the regulatory reserve for credit loss.

1)	Balance of the regulatory reserve for credit loss

Balance of the planned regulatory reserve for credit loss is as follows (Unit: Korean Won in millions):


	March 31, 2023			December 31, 2022
Beginning balance		2,839,475			2,966,960
Planned provision of regulatory reserve (reversal) for credit loss		(55,213	)		(127,485	)

Ending balance		2,784,262			2,839,475

2)	Provision of regulatory reserve for credit loss, adjusted income after the provision of regulatory reserve and others

Planned reserves provided, adjusted net income after the planned reserves provided and adjusted EPS after the planned reserves provided are as follows (Unit: Korean Won in millions, except for EPS amount):


	For the three-month periods ended March 31
	2023			2022
Net income before regulatory reserve		946,622			872,472
Provision of regulatory reserve (reversal) for credit loss		(55,213	)		18,442
Adjusted net income after the provision of regulatory reserve		1,001,835			854,030
Dividends to hybrid securities		(30,414	)		(19,151	)
Adjusted net income after regulatory reserve and dividends to hybrid securities		971,421			834,879
Adjusted EPS after regulatory reserve and the dividends to hybrid securities (Unit: Korean Won)		1,335			1,147

(6)	There are no changes in treasury stocks for the three-month periods ended March 31, 2023 and 2022.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

27.

DIVIDENDS

(1)	Dividends per share and the total dividends for the fiscal year ending December 31, 2022 were 980 Won and 713,497 million Won, respectively, and the dividends were approved at the regular general shareholders’ meeting held on March 24, 2023 and were paid in April 2023.

28.

NET INTEREST INCOME

(1)	Interest income recognized is as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2023		2022
Financial assets at FVTPL		43,975		16,673
Financial assets at FVTOCI		208,248		141,591
Financial assets at amortized cost:
Securities at amortized cost		205,206		88,964
Loans and other financial assets at amortized cost:
Interest on due from banks		131,147		14,170
Interest on loans		4,323,140		2,671,132
Interest of other receivables		17,422		8,228

Subtotal		4,471,709		2,693,530

Total		4,929,138		2,940,758

(2)	Details of interest expense recognized are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2023		2022
Interest on deposits due to customers		1,998,250		648,568
Interest on borrowings		287,463		74,030
Interest on debentures		334,255		198,808
Other interest expense		87,981		29,916
Interest on lease liabilities		2,368		1,770

Total		2,710,317		953,092

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

29.

NET FEES AND COMMISSIONS INCOME

(1)	Details of fees and commissions income recognized are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2023		2022
Fees and commission received for brokerage		41,664		37,149
Fees and commission received related to credit		44,755		49,797
Fees and commission received for electronic finance		31,123		33,117
Fees and commission received on foreign exchange handling		13,603		13,673
Fees and commission received on foreign exchange		19,840		17,617
Fees and commission received for guarantee		19,365		19,507
Fees and commission received on credit card		149,191		141,472
Fees and commission received on securities business		14,894		27,894
Fees and commission from trust management		64,529		67,257
Fees and commission received on credit information		2,475		2,455
Fees and commission received related to lease		163,736		122,746
Other fees		54,087		44,236

Total		619,262		576,920

(2)	Details of fees and commissions expense incurred are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2023		2022
Fees and commissions paid		78,993		66,911
Credit card commission		118,141		100,946
Brokerage commission		344		275
Others		3,690		3,088

Total		201,168		171,220

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

30.

DIVIDEND INCOME

(1)	Details of dividend income recognized are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2023		2022
Dividend income related to financial assets at FVTPL		37,765		32,447
Dividend income related to financial assets at FVTOCI		11,315		14,576

Total		49,080		47,023

(2)	Details of dividends related to financial assets at FVTOCI are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2023		2022
Dividend income recognized from assets held Equity securities		11,315		14,576

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

31.

NET GAIN OR LOSS ON FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS MANDATORILY MEASURED AT FAIR VALUE

(1)	Details of gains or losses related to net gain or loss on financial instruments at FVTPL are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2023		2022
Gain on financial instruments at fair value through profit or loss measured at fair value		238,498		115,386

Total		238,498		115,386

(2)	Details of net gain or loss on financial instruments at fair value through profit or loss measured at fair value and financial instruments held for trading are as follows (Unit: Korean Won in millions):


			For the three-month periods ended March 31
			2023			2022
Financial assets at FVTPL	Securities	Gain on transactions and valuation		289,932			132,635
		Loss on transactions and valuation		(68,583	)		(139,033	)

		Sub-total		221,349			(6,398	)

	Loans	Gain on transactions and valuation		3,852			5,437
		Loss on transactions and valuation		(1,700	)		(1,290	)

		Sub-total		2,152			4,147

	Other financial assets	Gain on transactions and valuation		3,184			9,373
		Loss on transactions and valuation		(5,214	)		(5,530	)

		Sub-total		(2,030	)		3,843

		Sub-total		221,471			1,592

Derivatives (Held for trading)	Interest rates derivatives	Gain on transactions and valuation		1,295,563			1,393,931
		Loss on transactions and valuation		(1,450,186	)		(832,491	)

		Sub-total		(154,623	)		561,440

	Currency derivatives	Gain on transactions and valuation		3,588,500			2,736,106
		Loss on transactions and valuation		(3,408,720	)		(3,188,767	)

		Sub-total		179,780			(452,661	)

	Equity derivatives	Gain on transactions and valuation		1,088,009			729,157
		Loss on transactions and valuation		(1,096,108	)		(724,146	)

		Sub-total		(8,099	)		5,011

	Other derivatives	Gain on transactions and valuation		—			4
		Loss on transactions and valuation		(31	)		—

		Sub-total		(31	)		4

		Sub-total		17,027			113,794

Net, total				238,498			115,386

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

32.

NET GAIN OR LOSS ON FINANCIAL ASSETS AT FVTOCI

Details of net gain or loss on financial assets at FVTOCI recognized are as follows (Unit: Korean Won in millions) :


	For the three-month periods ended March 31
	2023		2022
Gain (Loss) on redemption of securities		38		(3	)
Gain (Loss) on transactions of securities		293		274

Total		331		271

33.

REVERSAL OF (PROVISION FOR) IMPAIRMENT LOSSES DUE TO CREDIT LOSS

Reversal of (provision for) impairment losses due to credit loss are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2023			2022
Provision due to credit loss on financial assets measured at FVTOCI		(413	)		(719	)
Reversal of(provision for)impairment loss due to credit loss on securities at amortized cost		124			(283	)
Provision for impairment loss due to credit loss on loan and other financial assets at amortized cost		(262,400	)		(164,537	)
Reversal of(provision for) provision on guarantee		2,399			(6,073	)
Reversal of(provision for) unused loan commitment		(1,283	)		5,544

Total		(261,573	)		(166,068	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

34.

GENERAL AND ADMINISTRATIVE EXPENSES AND OTHER NET OPERATING INCOME (EXPENSES)

(1)	Details of general and administrative expenses recognized are as follows (Unit: Korean Won in millions):


			For the three-month periods ended March 31
			2023			2022
Employee benefits	Short-term employee benefits	Salaries		418,624			417,232
		Employee fringe benefits		151,527			162,291
	Share based payment			(369	)		6,932
	Retirement benefit service costs			29,401			42,380
	Termination			6,488			118

	Sub-total			605,671			628,953

Depreciation and amortization				131,639			130,761
Other general and administrative expenses	Rent			28,794			22,061
	Taxes and public dues			48,025			43,379
	Service charges			58,938			54,490
	Computer and IT related			30,696			25,591
	Telephone and communication			20,905			18,813
	Operating promotion			12,271			10,865
	Advertising			15,398			10,345
	Printing			1,281			1,405
	Traveling			3,058			2,010
	Supplies			1,946			2,065
	Insurance premium			3,693			2,841
	Maintenance			6,051			5,414
	Water, light, and heating			5,849			4,736
	Vehicle maintenance			3,241			2,906
	Others			59,524			9,493

	Sub-total			299,670			216,414

	Total			1,036,980			976,128

(2)	Details of other operating income recognized are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2023		2022
Gain on transactions of foreign exchange		430,075		125,675
Gain related to derivatives (Designated for hedging)		69,880		16,450
Gain on fair value hedged items		5,640		108,592
Others		90,111		72,313

Total		595,706		323,030

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(3)	Details of other operating expenses recognized are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2023		2022
Losses on transactions of foreign exchange		582,765		87,529
KDIC deposit insurance premium		112,060		106,449
Contribution to miscellaneous funds		103,891		96,502
Losses related to derivatives (Designated for hedging)		5,409		113,925
Losses on fair value hedged items		28,206		—
Others (*)		201,952		152,101

Total		1,034,283		556,506

(*)	Other expense includes 4,458 million Won and 3,599 million Won for intangible asset amortization cost and 108,733 million Won and 83,564 million Won for lease depreciation cost for the years ended March 31, 2023 and 2022, respectively.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(4)	Share-based payment

Details of performance condition share-based payment granted to executives as of March 31, 2023 and December 31, 2022 are as follows.

Performance condition share-based payment


Subject to		Shares granted for the year 2019
Type of payment		Cash-settled
Vesting period		January 1, 2019 ~ December 31, 2022
Date of payment		2023-01-01
Fair value (*1)		12,406 Won
Valuation method		Black-Scholes Model
Expected dividend rate		5.05%
Expected maturity date		—
Number of shares remaining	As of March 31, 2023	524,746 shares
Number of shares remaining	As of December 31, 2022	602,474 shares
Number of shares granted (*2)	As of March 31, 2023	602,474 shares
Number of shares granted (*2)	As of December 31, 2022	602,474 shares
Subject to		Shares granted for the year 2020
Type of payment		Cash-settled
Vesting period		January 1, 2020 ~ December 31, 2023
Date of payment		2024-01-01
Fair value (*1)		10,953 Won
Valuation method		Black-Scholes Model
Expected dividend rate		6.25%
Expected maturity date		0.75 year
Number of shares remaining	As of March 31, 2023	944,343 shares
Number of shares remaining	As of December 31, 2022	944,343 shares
Number of shares granted (*2)	As of March 31, 2023	944,343 shares
Number of shares granted (*2)	As of December 31, 2022	944,343 shares
Subject to		Shares granted for the year 2021
Type of payment		Cash-settled
Vesting period		January 1, 2021 ~ December 31, 2024
Date of payment		2025-01-01
Fair value (*1)		10,289 Won
Valuation method		Black-Scholes Model
Expected dividend rate		6.25%
Expected maturity date		1.75 years
Number of shares remaining	As of March 31, 2023	1,105,515 shares
Number of shares remaining	As of December 31, 2022	1,105,515 shares
Number of shares granted (*2)	As of March 31, 2023	1,105,515 shares
Number of shares granted (*2)	As of December 31, 2022	1,105,515 shares
Subject to		Shares granted for the year 2022
Type of payment		Cash-settled
Vesting period		January 1, 2022 ~ December 31, 2025
Date of payment		2026-01-01
Fair value (*1)		9,666 Won
Valuation method		Black-Scholes Model
Expected dividend rate		6.25%
Expected maturity date		2.75 years
Number of shares remaining	As of March 31, 2023	968,119 shares
Number of shares remaining	As of December 31, 2022	968,119 shares
Number of shares granted (*2)	As of March 31, 2023	968,119 shares
Number of shares granted (*2)	As of December 31, 2022	968,119 shares

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


Subject to		Shares granted for the year 2023
Type of payment		Cash-settled
Vesting period		January 1, 2023 ~ December 31, 2026
Date of payment		2027-01-01
Fair value (*1)		9,080 Won
Valuation method		Black-Scholes Model
Expected dividend rate		6.25%
Expected maturity date		3.75 years
Number of shares remaining	As of March 31, 2023	257,001 shares
	As of December 31, 2022	—
Number of shares granted (*2)	As of March 31, 2023	257,001 shares
	As of December 31, 2022	—

(*1)

As the amount of payment varies according to the base price (the arithmetic average of the weighted average stock price of transactions in the past one week, the past one month, and the past two months) at the date of payment, the fair value is calculated to measure the liability according to the Black Scholes model based on the base price at the time of each settlement.

(*2)

It is a system in which the amount of stock payable is determined at the beginning, and the payment rate is determined in accordance with the degree of achievement of the pre-set performance target. Performance is evaluated by long-term performance indicators such as relative shareholder return, net profit, return on equity (ROE), non-performing loan ratio, and job performance.

The Group accounts for performance condition share-based payments according to the cash-settled method and the fair value of the liabilities is reflected in the compensation costs by re-measuring every closing period. As of March 31, 2023 and December 31, 2022, the carrying amount of the liabilities related to the performance condition share-based payments recognized by the Group amounts to 33,409 million Won and 41,334 million Won, respectively, including the carrying amount of liabilities related to key management of 14,131 million Won and 17,494 million Won, respectively.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

35.

NON-OPERATING INCOME (EXPENSES)

(1)	Details of gains or losses on valuation of investments in joint ventures and associates are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2023			2022
Gains on valuation of investments in joint ventures and associates		10,021			15,412
Losses on valuation of investments in joint ventures and associates		(2,878	)		(10,504	)
Impairment losses of investments in joint ventures and associates		—			(17,727	)

Total		7,143			(12,819	)

(2)	Details of other non-operating income and expenses recognized are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2023			2022
Other non-operating incomes		21,573			24,656
Other non-operating expenses		(10,394	)		(75,202	)

Total		11,179			(50,546	)

(3)	Details of other non-operating income recognized are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2023		2022
Rental fee income		4,432		5,252
Gains on disposal of investments in joint ventures and associates		—		561
Gains on disposal of premises and equipment, intangible assets and other assets		237		9,019
Reversal of impairment loss of premises and equipment, intangible assets and other assets		137		278
Others		16,767		9,546

Total		21,573		24,656

(4)	Details of other non-operating expenses recognized are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2023		2022
Depreciation on investment properties		1,149		981
Operating expenses on investment properties		478		334
Losses on disposal of investments in joint ventures and associates		—		2,373
Losses on disposal of premises and equipment, intangible assets and other assets		439		685
Impairment losses of premises and equipment, intangible assets and other assets		—		336
Donation		1,566		1,414
Others (*)		6,762		69,079

Total		10,394		75,202

(*)	Other special losses related to other provisions for the three-month period ended March 31, 2023 and 2022 are 199 million Won and 902 million Won, respectively, and other special losses related to accounts payable for the three-month period ended March 31, 2022 are 62,196 million Won.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

36.

INCOME TAX EXPENSE

(1)	Details of income tax expenses are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2023			2022
Current tax expense:
Current tax expense with respect to the current period		144,061			359,997
Adjustments recognized in the current period in relation to the tax expense of prior periods		(3,997	)		—
Income tax expense directly attributable to other equity		8,324			(3,671	)

Sub-total		148,388			356,326

Deferred tax expense
Change in deferred tax assets (liabilities) due to temporary differences		268,574			(128,745	)
Income tax expense(income) directly attributable to equity		(93,350	)		65,024
Others		87			—

Sub-total		175,311			(63,721	)

Income tax expense		323,699			292,605

Income tax expense was recognized based on the estimate of the best weighted average annual effective tax rate expected for the interim period. The weighted average annual effective tax rate for the March 31, 2023, is 25.5% (The weighted average annual effective tax rate for the March 31, 2022, is 25.1%).

37.

EARNINGS PER SHARE (“EPS”)

(1)	Basic EPS is calculated by dividing net income attributable to common shareholders by weighted-average number of common shares outstanding (Unit: Korean Won in millions, except for EPS and number of shares):


	For the three-month periods ended March 31
	2023			2022
Net income attributable to common shareholders		913,686			839,188
Dividends to hybrid securities		(30,414	)		(19,151	)
Net income attributable to common shareholders		883,272			820,037
Weighted average number of common shares outstanding (Unit: million shares)		728			728
Basic EPS (Unit: Korean Won)		1,214			1,127

(2)	The weighted average number of common shares outstanding is as follows (Unit: number of shares, days):


	For the three-month period ended March 31, 2023
	Period	Number of shares	Dates (Unit: Day)	Accumulated number of shares outstanding during period
Common shares issued at the beginning of the period	2023-01-01 ~ 2023-03-31	728,060,549	90		65,525,449,410
Treasury stocks	2023-01-01 ~ 2023-03-31	(343,991)	90		(30,959,190	)

	Sub-total (①)				65,494,490,220

Weighted average number of common shares outstanding (②=(①/90))					727,716,558

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)


	For the three-month period ended March 31, 2022
	Period	Number of shares	Dates (Unit: Day)	Accumulated number of shares outstanding during period
Common shares issued at the beginning of the period	2022-01-01 ~ 2022-03-31	728,060,549	90		65,525,449,410
Treasury stock	2022-01-01 ~ 2022-03-31	(343,991)	90		(30,959,190	)

	Sub-total (①)				65,494,490,220

Weighted average number of common shares outstanding (②=(①/90)					727,716,558

Diluted EPS is equal to basic EPS because there is no dilution effect for the three-month periods ended March 31, 2023 and 2022.

38.

CONTINGENT LIABILITIES AND COMMITMENTS

(1)	Details of guarantees are as follows (Unit: Korean Won in millions):


	March 31, 2023		December 31, 2022
Confirmed guarantees
Guarantee for loans		45,284		39,684
Acceptances		495,661		501,921
Guarantees in acceptances of imported goods		102,688		97,920
Other confirmed guarantees		6,578,333		6,847,713

Sub-total		7,221,966		7,487,238

Unconfirmed guarantees
Local letters of credit		250,759		150,075
Letters of credit		2,838,235		3,014,228
Other unconfirmed guarantees		1,294,382		1,144,498

Sub-total		4,383,376		4,308,801

Commercial paper purchase commitments and others		436,966		125,547

Total		12,042,308		11,921,586

(*)	It includes financial guarantees of 3,171,312 million Won and 3,095,091 million Won as of March 31, 2023 and December 31, 2022, respectively.

(2)	Details of unused loan commitments and others are as follows (Unit: Korean Won in millions):


	March 31, 2023		December 31, 2022
Loan commitments		123,040,782		118,172,070
Other commitments (*)		7,815,125		7,107,828

(*)	As of March 31, 2023 and December 31, 2022, the amount of unsecured bills (purchase note sales) and discounts on electronic short-term bond sales (purchase) are 3,394,410 million Won and 2,505,399 million Won, respectively.

(3)	Litigation case

Litigation cases that the Group is a defendant in a lawsuit pending (excluding fraud lawsuits and those lawsuits that are filed only to extend the statute of limitation, etc.) are 559 cases (litigation value of 622,684 million Won) and 531 cases (litigation value of 577,128 million Won) as of March 31, 2023 and December 31, 2022, respectively, and provisions for litigations are 32,352 million Won and 33,877 million Won.

- 132 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(4)	Other commitments

As of March 31, 2023, Woori FIS Co., Ltd, a subsidiary, has been provided with a payment guarantee limit of 6,457 million Won in relation to bid guarantees and contract/defect guarantees from the Korean Software Financial Cooperative, but there is no committed amount. In relation to the guarantee, the capital contributions to the Korean Software Financial Cooperative are provided as collateral. In addition, as of March 31, 2023, Seoul Guarantee Insurance Company is providing a payment guarantee of 374 million Won related to the return of subsidy to the daycare center at work.

As of March 31, 2023, Woori FIS Co., Ltd, a subsidiary agreed with Shinhan Bank for short-term borrowings of 20 billion Won for one year (2022.11.16.~2023.11.16.), and there is no outstanding balance of short-term borrowings as of March 31, 2023.

As of March 31, 2023, Woori Savings bank is provided with a guarantee of 1,219 million Won from Seoul Guarantee Insurance Company in relation to provisional attachment for recovery of loans, etc.

As of March 31, 2023, Woori Asset Trust, a subsidiary, has committed to fulfill responsibility for the completion of 78 projects, including a residential-commercial complex in U-dong, Haeundae-gu, Busan. Responsible completion type management land trust is a trust that bears the obligation of responsible completion when the construction company fails to fulfill the obligation of responsible completion, and the obligation to compensate losses to the lending financial institution if Woori Asset Trust fails to fulfill the obligation of responsible completion. As of March 31, 2023, the total amount of PF(Project Financing) loans from PF lending financial institutions invested in the responsible completion type management land trust business is 3,457,211 million Won. Although additional losses may occur in relation to these contracts for liability obligations, these effects were not reflected in the financial statements at the end of the current quarter because the possibility is not high and the amount of losses cannot be reliably estimated. Also, Woori Asset Trust may lend a trust account for a part of the total project cost in relation to 13 debt-type land trust contracts including Busan Haeundae Udong Beautique Terrace Hotel and responsible completion management land trust contracts in Gyeongseo-dong, Seo-gu, Incheon, and additional business sites in progress. The maximum loan amount (unused limit) is 55,040 million Won. Whether or not Woori Asset Trust lends a trust account in relation to the relevant businesses is not an unconditional payment obligation, and it is determined by considering overall matters such as the unique account and the fund balance plan of each trust business.

Pursuant to some contracts related to asset securitization, the Group utilizes various prerequisites as triggering events causing early redemption, limiting risks that investors bear due to change in asset quality. Breach of such triggering clause leads to an early redemption of the securitized bonds.

- 133 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

39.

RELATED PARTY TRANSACTIONS

Related parties of the Group as of March 31, 2023 and December 31, 2022, and assets and liabilities recognized, guarantees and commitments, major transactions with related parties and compensation to key management for the years ended March 31, 2023 and December 31, 2022 are as follows. Please refer to Note 12 for the details of joint ventures and associates.

(1)	Assets and liabilities from transactions with related parties are as follows (Unit: Korean Won in millions):


	Related parties	Account title	March 31, 2023			December 31, 2022
Associates	W Service Networks Co., Ltd.	Loans		27			120
		Deposits due to customers		2,733			3,298
		Accrued expenses		7			7
		Other liabilities		120			109

	Korea Credit Bureau Co., Ltd.	Loans		1			2
		Deposits due to customers		574			4,450
		Other liabilities		—			40

	Korea Finance Security Co., Ltd.	Loans		3,230			3,433
		Loss allowance		(43	)		(46	)
		Deposits due to customers		3			1,764
		Other liabilities		1,975			6

	LOTTE CARD Co. Ltd.	Loans		12,599			50,000
		Account receivables		18			16
		Loss allowance		(165	)		(30	)
		Deposits due to customers		19,022			35,986
		Other Assets		9			—
		Other liabilities		81			74

	K BANK Co., Ltd.	Loans		2			3
		Account receivables		49			31
		Other liabilities		107,924			108,156

	Others (*)	Loans		70,710			68,660
		Loss allowance		(35	)		(34	)
		Other assets		921			768
		Deposits due to customers		3,710			3,622
		Other liabilities		80			119

(*)	Others include IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership, Woori Growth Partnerships New Technology Private Equity Fund, Partner One Value Up I Private Equity Fund, and etc., as of March 31, 2023 and December 31, 2022.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(2)	Gain or loss from transactions with related parties are as follows (Unit: Korean Won in millions):


			For the three-month period ended March 31
	Related parties	Account title	2023			2022
Associates	W Service Network Co., Ltd.	Other income		—			6
		Interest expenses		3			2
		Fees expenses		120			139
		Other expenses		477			466

	Korea Credit Bureau Co., Ltd.	Interest expenses		9			—
		Fees expenses		926			891
		Other expenses		38			34

	Korea Finance Security Co., Ltd.	Interest income		54			24
		Interest expenses		1			1
		Provision(Reversal) of impairment losses due to credit loss		(3	)		—
		Other expenses		9			16

	LOTTE CARD Co., Ltd.	Interest income		7			33
		Fees income		982			23
		Interest expenses		1,268			231
		Provision(Reversal) of impairment losses due to credit loss		143			(10	)

	K BANK Co., Ltd.	Fees income		78			436
		Fees expenses		128			368

	Others (*)	Interest income		183			184
		Fees income		1,734			1,614
		Other income		308			—
		Interest expenses		2			1
		Provision(Reversal) of impairment losses due to credit loss		2			(99	)

(*)	Others include IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership, Woori Growth Partnerships New Technology Private Equity Fund, Partner One Value Up I Private Equity Fund, and etc., as of March 31, 2023 and 2022.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(3)	Major loan transactions with related parties for the years ended March 31, 2023 and 2022 are as follows (Unit: Korean Won in millions):


		For the three-month period ended March 31, 2023
	Related parties	Beginning balance		Loan		Collection		Others		Ending balance (*)
Associates	W Service Network Co., Ltd.		120		72		165		—		27
	Korea Credit Bureau Co., Ltd.		2		1		2		—		1
	Korea Finance Security Co., Ltd.		3,433		101		304		—		3,230
	LOTTE CARD Co., Ltd.		50,000		12,599		50,000		—		12,599
	K BANK Co., Ltd.		3		8		9		—		2
	One Mortgage		—		94		73		—		21
	Godo Kaisha Oceanos 1		39,814		—		—		1,180		40,994
	Woori Zip 1		11,819		—		—		350		12,169
	Woori Zip 2		16,776		—		—		497		17,273
	Central Network Solutions Co., Ltd.		251		—		—		—		251

(*)	Payments that occurred for business reasons among related parties are excluded and net increase or decrease was used for limited credit loan.


		For the three-month period ended March 31, 2022
	Related parties	Beginning balance		Loan		Collection		Foreign currency exchange, etc.			Ending balance (*)
Associates	W Service Network Co., Ltd.		20		60		64		—			16
	Korea Credit Bureau Co., Ltd.		2		4		5		—			1
	Korea Finance Security Co., Ltd.		3,425		79		83		—			3,421
	LOTTE CARD Co., Ltd.		3,750		—		937		—			2,813
	K BANK Co., Ltd.		99		130		187		—			42
	Godo Kaisha Oceanos 1		43,033		—		—		(1,566	)		41,467
	Woori ZIP 1		12,775		—		—		(465	)		12,310
	Woori ZIP 2		18,132		—		—		(660	)		17,472

(*)	Payments that occurred for business reasons among related parties are excluded and net increase or decrease was used for limited credit loan.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(4)	Details of changes in major deposits due to customers with related parties for the three-month periods ended March 31, 2023 and 2022. are as follows (Unit: Korean Won in millions):


		For the three-month period ended March 31, 2023
	Related parties	Beginning balance		Increase		Decrease		Ending balance (*)
Associates	W Service Networks Co., Ltd.		1,200		1,000		1,200		1,000
	Partner One Value Up I Private Equity Fund		100		—		100		—
	Korea Credit Bureau Co., Ltd.		3,000		—		3,000		—

(*)	Details of payment between related parties, demand deposit due to customers and etc. are excluded.


		For the three-month period ended March 31, 2022
	Related parties	Beginning balance		Increase		Decrease		Ending balance (*)
Associates	W Service Networks Co., Ltd.		1,180		—		—		1,180
	Partner One Value Up I Private Equity Fund		329		—		—		329

(*)	Details of payment between related parties, demand deposit due to customers and etc. are excluded.

(5)	There are no major borrowing transactions with related parties for the three-month periods ended March 31, 2023 and 2022.

(6)	Guarantees provided to the related parties are as follows (Unit: Korean Won in millions):


Warrantee	March 31, 2023		December 31, 2022		Warranty
Korea Finance Security Co., Ltd.		630		627	Unused loan commitment
Korea Credit Bureau Co., Ltd.		34		33	Unused loan commitment
W Service Network Co., Ltd.		153		60	Unused loan commitment
K BANK Co., Ltd.		298		297	Unused loan commitment
LOTTE CARD Co. Ltd.		525,613		450,000	Unused loan commitment
One Mortgage		29		—	Unused loan commitment
D-Custody Co., Ltd.		10		10	Unused loan commitment

As of March 31, 2023 and December 31, 2022, the recognized payment guarantee provisions are 87 million Won and 80 million Won, respectively, in relation to the guarantees provided to the related parties above.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(7)	Amount of commitments with the related parties


Warrantee	March 31, 2023		December 31, 2022		Warranty
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		4,664		4,664	Securities purchase commitment
Woori Seoul Beltway Private Special Asset Fund No.1		36,297		37,146	Securities purchase commitment
Woori-Q Corporate Restructuring Private Equity Fund		12,555		12,155	Securities purchase commitment
JC Assurance No.2 Private Equity Fund		1,351		1,351	Securities purchase commitment
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		325		325	Securities purchase commitment
WooriG Oncorp Corporate support of Major Industry General Type Private Investment Trust (Type 2)		39		39	Securities purchase commitment
BTS 2nd Private Equity Fund		5,844		6,974	Securities purchase commitment
STASSETS FUND III		13,500		13,500	Securities purchase commitment
Together Korea Government Private Securities Investment Trust No.3		990,000		990,000	Securities purchase commitment

(8)	Major investment and Recovery transactions

The details of major investment and recovery transactions with related parties for the year ended March 31, 2022 are as follows (Unit: Korean Won in millions):


	For the three-month period ended March 31, 2022
The same parent company and its associates	Investment and others(*)		Recovery and others(*)
Woori High Plus Short-term High Graded ESG Bond Sec Feeder Inv Trust 1		—		21,606
Woori High Plus Bond Sec Feeder Inv Trust 3 (USD)		—		1,052
Woori Bank Plus Public Offering stock 10 securities Investment Trust 2 (Bond Mixed)		200		—
Woori Two-year Bond Securities Investment Trust 2 (Bond)		—		213
Woori China Mainland Stock Securities Investment Trust H (Securities)		—		443

(*)	Investment and recovery transactions of associates that are not treated as items of fair value through profit or loss are described in Note 12.(2)

(9)	Compensation for key management is as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2023			2022
Short-term employee salaries		5,337			5,637
Retirement benefit service costs		269			194
Share-based compensation		(62	)		2,535

Total		5,544			8,366

Key management includes executives and directors of Woori Financial Group and major subsidiaries, and also includes CEO of other subsidiaries. Outstanding assets from transactions with key management amount to 3,210 million Won and 3,620 million Won, as of March 31, 2023 and December 31, 2022, respectively and with respect to the assets, the Group has not recognized any allowance nor related impairment loss due to credit losses. Also, liabilities from transaction with key management amount to 33,374 million Won and 12,660 million Won, respectively, as of March 31, 2023 and December 31, 2022.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

40.

LEASES

(1)

Lessor

Finance lease

①

The total investment in finance lease and the present value of the minimum lease payments to be recovered are as follows (Unit: Korean Won in millions):


	March 31, 2023
	Total investment in lease		Net investment in lease
Within one year		175,117		160,296
After one year but within two years		249,605		232,930
After two years but within three years		409,695		378,309
After three years but within four years		520,169		467,871
After four years but within five years		247,346		207,922
After five years		15		15

Total		1,601,947		1,447,343


	December 31, 2022
	Total investment in lease		Net investment in lease
Within one year		160,181		146,749
After one year but within two years		231,075		215,497
After two years but within three years		366,599		338,709
After three years but within four years		501,034		452,099
After four years but within five years		368,420		314,696
After five years		19		18

Total		1,627,328		1,467,768

②

The unrealized interest income of the finance lease is as follows. (Unit: Korean Won in millions):


	March 31, 2023		December 31, 2022
Total investment in lease		1,601,947		1,627,328
Net investment in lease		1,447,343		1,467,768
Present value of minimum lease payments		1,447,343		1,467,768
Present value of unguaranteed residual value		—		—

Unearned interest income		154,604		159,560

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

Operating lease

①

The details of operating lease assets are as follows (Unit: Korean Won in millions):


	March 31, 2023			December 31, 2022
Prepaid lease assets		1,519			3,121
Operating lease assets
Acquisition cost		3,356,989			3,320,275
Accumulated depreciation		(767,501	)		(729,818	)
Net carrying value		2,589,488			2,590,457

Total		2,591,007			2,593,578

②

The details of changes in operating lease assets as of March 31, 2023 and 2022 are as follows (Unit: Korean Won in millions):


	March 31, 2023			March 31, 2022
Beginning balance		2,590,457			1,778,308
Acquisition		164,458			378,046
Disposal		(50,527	)		(25,187	)
Depreciation		(108,734	)		(83,564	)
Others		(3,856	)		7,594

Ending balance		2,591,798			2,055,197

③

The future lease payments to be received under the lease contracts are as follows (Unit: Korean Won in millions):


	March 31, 2023		December 31, 2022
Within one year		592,972		567,998
After one year but within two years		548,824		526,899
After two years but within three years		428,861		420,244
After three years but within four years		263,677		275,080
After four years but within five years		66,831		86,606

Total		1,901,165		1,876,827

④

There are no adjusted lease payments recognized as profit or loss for the three-month periods ended March 31, 2023 and 2022.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(2)

Lessee

1)	The future lease payments under the lease contracts are as follows (Unit: Korean Won in millions):


	March 31, 2023		December 31, 2022
Lease payments
Within one year		129,345		170,781
After one year but within five years		143,006		152,145
After five years		28,887		33,007

Total		301,238		355,933

2)	Total cash outflows from lease are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2023		2022
Total cash outflows from lease		57,540		47,764

3)	Details of lease payments that are not included in the measurement of lease liabilities due to the fact that they are short-term leases or leases for which the underlying asset is of low value are as follows (Unit: Korean Won in millions):


	For the three-month periods ended March 31
	2023		2022
Lease payments for short-term leases		2,769		387
Lease payments for which the underlying asset is of low value		351		316
Variable lease payments		6,627		—

Total		9,747		703

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

41.

BUSINESS COMBINATION

(1)

General

As of March 23, 2023, the Group acquired 53.9% interest(excluding treasury stocks, 52.0% interest including treasury stocks)in Daol Investment CO., Ltd. and changed the name of Daol Investment CO., Ltd. to Woori Venture Partners. The main reasons for the business combination are to maximize synergy between the consolidated subsidiaries and to strengthen the non- banking business portfolio.

If Woori Venture Partners had been acquired from January 1, 2023, the consolidated statement of comprehensive income would have shown operating profit and net income of Woori Venture Partners for 5,257 and 3,744 million Won, respectively.

(2)	Identifiable net assets

Identified assets and liabilities as of the acquisition date are as follows (Unit: Korean Won in millions):


	Accounts	March 31, 2023
Assets	Cash and cash equivalent		2,879
	Financial assets at FVTPL		38,385
	Financial assets at amortized cost(*1)		124,904
	Investments in joint ventures and associates		136,930
	Premises and equipment		20,349
	Intangible assets(*2)		21,454
	Current tax assets		33
	Others		41

	Sub-total		344,975

Liabilities	Current tax liabilities		7,938
	Deferred tax liabilities		11,593
	Other financial liabilities		1,000
	Other liabilities		14,971

	Sub-total		35,502

Fair value of net identifiable assets			309,473

(*1)

The acquired financial assets at amortized cost were estimated at fair value. The contractual total of the financial assets at amortized cost of Woori Venture Partners is 127,384 million Won, and the contractual cash flows that are not expected to be recovered as of the acquisition date are 2,480 million Won.

(*2)

The intangible assets include 18,880 million Won in customer relationships as a result of business combination and were valued at fair value through the Multi-period excess earning method (MEEM) as they were judged separately identifiable intangible assets. Multi-period excess earning method is a method to estimate the future cash flows generated by each intangible asset and to discount the cash flows generated purely by that intangible asset to its present value by deducting the portion of the asset’s contribution to that cash flow generation.

If, within one year of the acquisition date, new information obtained about the facts and circumstances that existed at the acquisition date requires the adjustment of the amounts recognized at the acquisition date, or the recognition of additional provisions existing at the acquisition date, the accounting for the business combination will be adjusted.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

(3)

Goodwill

Recognized goodwill as a result of business combination are as follows (Unit: Korean Won in million):


	Woori Venture Partners
Transfer price		212,522
Fair value of net identifiable asset		309,473
Non-controlling interest (*)		138,478
Goodwill		41,527

(*)	Non-controlling interests were recognized at fair value applying the closing price on the acquisition date of Woori Venture Partners.

In the event of a business combination, the consideration transferred includes the premium paid to acquire Woori Venture Partners which results in goodwill. In addition, the consideration paid for the business combination includes expected synergies, revenue growth, and the amount related to future market growth.

The Group also acquired a relationship with a customer of Woori Venture Partners as part of the acquisition. These relationships with customers were recognized separately from goodwill because they met the reparability criteria to meet the recognition requirements for intangible assets.

(4)	Net cash outflow due to business combination

Details of net cash outflows due to business combination are as follows (Unit: Korean Won in million):


	Woori Venture Partners
Consideration paid in cash		212,522
Acquired cash and cash equivalents		2,879

Deduction in total		209,643

42.

EVENTS AFTER THE REPORTING PERIOD

The Group will acquire 100 billion Won worth of treasury stocks through a trust agreement from April 24 to October 24, 2023, with a resolution to acquire and incinerate treasury stocks at the board of directors meeting on April 21, 2023.

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