Enhanced Investments - Financial Portal

Published: 2023-03-16 06:24:27 ET

<<< go to WF company page

6-K 1 d846064d6k.htm FORM 6-K Form 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2023

Commission File Number: 001-31811

Woori Financial Group Inc.

(Translation of registrant’s name into English)

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

(Address of principal executive office)

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

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submission to furnish a report or other document that the registration foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Index

1.	Summary of 2022 Business Report

-	For the Audit Reports of Woori Financial Group for Fiscal Year 2022, please refer to the exhibits to the Form 6-K furnished to the U.S. Securities and Exchange Commission on March 7, 2023.

Summary of 2022 Business Report

Table of Contents


I.	INTRODUCTION OF THE COMPANY		5

	1.	Overview of the Company	5

	2.	Capital Structure (Changes in Capital)	10

	3.	Total Number of Authorized Shares	11

II.	BUSINESS OVERVIEW		12

	1.	Results of Operations	12

	2.	Funding Sources and Uses of Funds	12

	3.	Other Information Necessary for Making Investment Decisions	13

III.	FINANCIAL INFORMATION		17

	1.	Condensed Financial Statements (Consolidated)	17

	2.	Condensed Financial Statements (Separate)	19

	3.	Dividend Information	21

IV.	INDEPENDENT AUDITOR’S OPINION		22

	1.	Independent Auditor’s Opinion	22

	2.	Compensation to the Independent Auditor	22

V.	CORPORATE GOVERNANCE		24

	1.	About the Board of Directors	24

	2.	Shareholder’s Meeting	26

III.	SHAREHOLDER INFORMATION		29

	1.	Share Distribution	29

	2.	Stock Price and Stock Market Performance	30

IV.	DIRECTORS AND EMPLOYEE INFORMATION		32

	1.	Directors and Executives	32

	2.	Employee Status	32

	3.	Directors’ Compensation	33

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

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

I.	Introduction of the Company

1.	Overview of the Company

a.	History


January 11, 2019		Establishment of the Company pursuant to a comprehensive stock transfer, by which Woori Bank, Woori FIS, Woori Finance Research Institute, Woori Credit Information, Woori Fund Services and Woori Private Equity Asset Management became wholly-owned subsidiaries of the Company.

February 13, 2019		Listed on the Korea Exchange (KRX).

April 5, 2019		Entered into share purchase agreements to acquire Tongyang Asset Management Corp. and ABL Global Asset Management Co., Ltd.

June 21, 2019		Entered into a purchase agreement with Woori Bank to acquire the common shares of Woori Investment Bank Co., Ltd. (“Woori Investment Bank”) and integrate Woori Investment Bank as a first-tier subsidiary of the Company (Buyer: Woori Financial Group, Seller: Woori Bank)

July 3, 2019		Entered into a stock exchange agreement between the Company and Woori Card Co., Ltd (“Woori Card”) to integrate Woori Card as a first-tier subsidiary of the Company

July 25, 2019		Entered into a share purchase agreement to acquire Kukje Asset Trust, Ltd.

August 1, 2019		Integrated Woori Asset Management Corp. (formerly known as Tongyang Asset Management Co., Ltd.) as a first-tier subsidiary of the Company.

September 10, 2019		Integrated Woori Card and Woori Investment Bank as first-tier subsidiaries of the Company.

September 26, 2019		Disposed 4% of common shares of the Company held by Woori Bank to a Taiwanese company, Fubon Life Insurance Co., Ltd.

December 6, 2019		Integrated Woori Global Asset Management Corp. as a first-tier subsidiary of the Company

December 30, 2019		Integrated Woori Asset Trust Ltd. as a first-tier subsidiary of the Company

March 25, 2020		Held the first annual general meeting of shareholders of Woori Financial Group; reappointed the Chief Executive Officer



October 26, 2020		Entered into a share purchase agreement to acquire Aju Capital Co., Ltd.

December 10, 2020		Integrated Woori Financial Capital Co., Ltd., (formerly known as Aju Capital Co., Ltd.) as a first-tier subsidiary of the Company

		Integrated Woori Savings Bank (formerly known as Aju Savings Bank) as a second-tier subsidiary of the Company

January 15, 2021		Joined the Carbon Disclosure Project (CDP), announced support for the Task force on Climate related Financial Disclosure (TCFD) and established the ESG management principles of Woori Financial Group

March 5, 2021		Established the Board ESG Management Committee

March 12, 2021		Integrated Woori Savings Bank as a first-tier subsidiary of the Company

April 9, 2021		After-hours trading of a 2% stake in Woori Financial Group held by the Korea Deposit Insurance Corporation

April 15, 2021		Purchased additional equity shares of Woori Financial Capital Co., Ltd., increasing the Company’s equity ownership by 12.9%

May 13, 2021		Participated in the capital increase of Woori Savings Bank (KRW 100 billion)

May 24, 2021		Purchased 3.6% of Woori Financial Capital Co., Ltd. in treasury shares

June 4, 2021		Entered into a stock exchange agreement to acquire the remaining shares of Woori Financial Capital Co., Ltd.

August 10, 2021		Integrated Woori Financial Capital Co., Ltd., as a wholly-owned subsidiary of the Company (Completion of stock exchange)

September 9, 2021		Announcement of contemplated sales of the remaining stake in Woori Financial Group held by the Korea Deposit Insurance Corporation

October 8, 2021		Joined the SBTi (Science Based Targets initiative) as part of the roadmap for achieving carbon neutrality

November 2, 2021		Obtained regulatory approval for using the IRB (Internal Rating Based) approach

November 9, 2021		Obtained ‘AA’ rating from MSCI ESG assessment(2 grades higher than the previous year), ‘A’ rating from KCGS(Korea Corporate Governance Service)(1 grade higher than the previous year)



November 17, 2021		Included newly in Asia Pacific Index of DJSI(Dow Jones Sustainability Indices)

December 9, 2021		Achieved practically full privatization through the decrease of the KDIC’S stake in us from 15.1% to 5.8%, changing the largest shareholder from the KDIC to the Employee Stock Ownership Association of Woori Financial Group

December 26, 2021		Launched the Group integrated car finance platform “Woori WON Car”

January 7, 2022		Officially launched the NPL investment company Woori Financial F&I Inc.

January 13, 2022		Joined the global environment initiative Taskforce on Nature-related Financial Disclosures (TNFD)

February 4, 2022		Recognized as an ‘Industry Mover’ in a sustainability assessment by S&P Global for 2022

February 10, 2022		Disposal by the Korea Deposit Insurance Corporation of a 2.2% stake in Woori Financial Group (reducing the KDIC’s stake in Woori Financial Group from 5.8% to 3.6%)

May 11, 2022		Became the first company in the world to join the launch of the ‘Business for Land (B4L) Initiative’ for the protection of sustainable forests and the recovery of land degradation

May 18, 2022		Disposal by the Korea Deposit Insurance Corporation of a 2.3% stake in Woori Financial Group (reducing the KDIC’s stake in Woori Financial Group from 3.6% to 1.3%)

June 19, 2022		Held the inaugural meeting of Woori Financial Future Foundation

August 22, 2022		Joined the ‘Partnership for Biodiversity Accounting Financials(PBAF)’ as the first Asian company

November 7, 2022		Held the global conference ‘Sustainable Finance for a Better World’

December 14, 2022		Signatory of Statement from the Financial Sector at the Conference of the Parties to the ‘UN Convention on Biological Diversity(UN CBD)’

December 29, 2022		Received ‘AA’ rating from MSCI ESG Research for 2 consecutive years

January 16, 2023		Completed the establishment of the ‘WON Synergy’ system to create effective synergy within group companies

January 26, 2023		Became the first financial company in Korea to join the ‘Finance Leadership Group on Plastics’ hosted by ‘UN Environment Programme Finance Initiative (UNEP FI)’

February 27, 2023		Entered into a stock purchase agreement to acquire DAOL Investment.

b.	Affiliated Companies

(1)

Overview of Business Group

Name of business group: Woori Financial Group Inc.

(2)

Affiliated companies within the business group

As of December 31, 2022


Type		Name of Company
Listed company (4 companies)		Woori Financial Group
		Woori Investment Bank
		PT Bank Woori Saudara Indonesia 1906 Tbk
		PT Woori Finance Indonesia Tbk
Unlisted company (28 companies)		Woori Bank
		Woori Card
		Woori Financial Capital
		Woori Asset Trust
		Woori Savings Bank
		Woori Asset Management
		Woori Financial F&I Inc.
		Woori Credit Information
		Woori Fund Services
		Woori Private Equity Asset Management
		Woori Global Asset Management
		Woori FIS
		Woori Finance Research Institute
		Korea BTL Infrastructure Fund
		Woori America Bank
		Woori Bank China Limited
		AO Woori Bank
		Banco Woori Bank do Brazil S.A.
		Woori Global Markets Asia Limited
		Woori Bank Vietnam Limited
		Wealth Development Bank
		Woori Finance Myanmar Co., Ltd
		Woori Bank Cambodia PLC.
		Woori Bank Europe Gmbh
		Tutu Finance-WCI Myanmar Co., Ltd
		Arden Woori Apparel 1^st Private Equity Fund
		Woori-Dino No.1 PEF
		Green ESG Growth No.1 Private Equity Fund

Note 1)

Includes subsidiaries, etc. under the Financial Holding Company Act as of December 31, 2022

LOGO

2.	Capital Structure (Changes in Capital)

(units: Won, shares)


Date	Item	Type
Date	Item	Common Shares		Preferred Shares		Others
December 31, 2022	Number of issued shares		728,060,549		—		—
	Par Value		5,000		—		—
	Capital Stock		3,640,302,745,000		—		—
December 31, 2021	Number of issued shares		728,060,549		—		—
	Par Value		5,000		—		—
	Capital Stock		3,640,302,745,000		—		—
December 31, 2020	Number of issued shares		722,267,683		—		—
	Par Value		5,000		—		—
	Capital Stock		3,611,338,415,000		—		—
December 31, 2019	Number of issued shares		722,267,683		—		—
	Par Value		5,000		—		—
	Capital Stock		3,611,338,415,000		—		—


Note 1)		Our common shares of 680,164,306 were issued on January 2019 upon establishment and common shares of 42,103,377 were increased on September 2019 due to a comprehensive stock exchange between Woori Financial Group and Woori Card.
Note 2)		Our common shares increased by 5,792,866 shares on August 10, 2021 due to a comprehensive stock exchange to integrate Woori Financial Capital as a wholly-owned subsidiary.


As of December 31, 2022		(units: Won, shares)

Date

Category

Stock Decrease/Increase

Type

Quantity

Par
Value

Issue
price

Note

January 11, 2019

—

Common

680,164,306

5,000

26,415

Establishment

(comprehensive stock transfer)

September 10, 2019

—

Common

42,103,377

5,000

12,350

Comprehensive stock exchange

Stock increase ratio: 6.19018%

August 10, 2021

—

Common

5,792,866

5,000

11,100

Comprehensive stock exchange

Stock increase ratio: 0.80204%


Note 1)		Due to Woori Financial Group’s establishment through a comprehensive stock transfer, the issue price was calculated by dividing the total equity from its financial statements at the time of establishment (KRW 17,966,458,911,689) by the total number of issued shares (680,164,306).
Note 2)		Our capital changed in September 2019 and August 2021 due to a comprehensive stock exchanges. The issue prices were based on the closing stock price of the comprehensive stock exchange date.

3.	Total Number of Authorized Shares


As of December 31, 2022		(unit: shares)


Items	Type				Notes
Items	Common Shares		Total		Notes
Number of authorized shares		4,000,000,000		4,000,000,000		—
Number of issued shares		728,060,549		728,060,549		—
Number of treasury shares		2,324		2,324		Note 1	)
Number of outstanding shares		728,058,225		728,058,225		—


Note 1)		Acquired from the issuance of fractional shares (2,322 new fractional shares were added in August 2021 due to the comprehensive stock exchange between Woori Financial Group and Woori Financial Capital.)

II.

Business Overview

1.	Results of Operations

(unit: billions of Won)


Type	2022		2021		2020
Operating income		4,431		3,660		2,080
Non-operating income		55		89		-79
Income from continuing operations before income tax		4,485		3,749		2,001
Income tax expense from continuing operations		1,161		942		486
Income from discontinued operations		—		—		—
Net income		3,324		2,807		1,515
Controlling Interest		3,142		2,588		1,307
Non-controlling Interest		182		219		208


Note 1)		Based on K-IFRS consolidated financial statements

2.	Funding Sources and Uses of Funds

a.	Sources of Funds


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


Classification	Funding Source	2022						2021						2020
Classification	Funding Source	Average Balance		Interest Rate		Proportion		Average Balance		Interest Rate		Proportion		Average Balance		Interest Rate		Proportion
Source	Deposits		313,019,768		1.45		68.21		291,653,291		0.79		70.88		265,636,358		1.08		71.78
	Borrowings		27,296,742		1.99		5.95		21,628,379		0.98		5.26		19,606,056		1.31		5.30
	Debentures		45,945,392		2.26		10.01		40,901,547		1.78		9.94		32,287,676		2.24		8.73
	Others		42,537,152		—		9.27		29,470,312		—		7.16		26,523,338		—		7.17
	Total Liabilities		428,799,054		—		93.44		383,653,529		—		93.23		344,053,429		—		92.97

Total Equity			30,082,662		—		6.56		27,845,863		—		6.77		25,996,721		—		7.03

Total Liabilities & Equity			458,881,716		—		100.00		411,499,392		—		100.00		370,050,150		—		100.00


Note 1)		Average Balance : simple average of the starting balance for the fiscal year and the balance at the end of each quarter
Note 2)		Based on K-IFRS consolidated financial statements

b.	Use of Funds


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


Type	Managed Item	2022						2021						2020
Type	Managed Item	Average Balance		Interest Rate		Proportion		Average Balance		Interest Rate		Proportion		Average Balance		Interest Rate		Proportion
Use	Cash & Due from Banks		16,097,533		1.52		3.51		13,809,362		0.34		3.36		11,925,297		0.45		3.22
	Marketable securities		68,661,882		1.50		14.96		58,416,310		1.67		14.20		54,474,169		1.87		14.72
	Loans		326,710,683		3.73		71.20		301,849,585		2.79		73.35		269,533,892		2.98		72.84
	Loans in local currency		280,414,033		3.53		61.11		262,010,967		2.59		63.67		233,117,610		2.75		63.00
	Loans in foreign Currency		30,916,107		4.54		6.74		25,104,084		3.58		6.10		22,614,578		3.99		6.11
	Guarantee payments		21,260		2.67		0.00		28,000		2.46		0.01		15,845		4.04		0.00
	Credit card receivables		10,026,037		7.24		2.18		9,196,190		7.42		2.23		8,207,859		7.87		2.22
	Foreign bills bought		5,333,246		2.58		1.16		5,510,344		0.85		1.34		5,578,001		1.53		1.51
	Bad debt expense in local currency (-)		2,128,867		—		0.46		1,878,781		—		0.46		1,708,074		—		0.46
	Others		49,540,485		—		10.80		39,302,917		—		9.55		35,824,866		—		9.68

Total Assets			458,881,716		—		100.00		411,499,392		—		100.00		370,050,150		—		100.00


Note 1)		Average Balance : simple average of the balances at the start of the fiscal year and at the end of each quarter
Note 2)		Based on K-IFRS consolidated financial statements

3.	Other Information Necessary for Making Investment Decisions

a.	Capital Adequacy Ratios

Group BIS Capital Adequacy Ratios


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


Type	2022	2021	2020
Equity capital (A)	31,404	28,980	27,448
Risk weighted assets (B)	205,307	192,503	198,269
BIS(Capital adequacy) ratio (A/B)	15.30	15.05	13.84


Note 1)		BIS (Bank for International Settlements) Capital Adequacy Ratios = Equity capital / Risk weighted assets * 100
Note 2)		Based on K-IFRS consolidated financial statements and Basel III standards ( 2020 figures partially based on IRB Approach / 2021, 2022 figures fully based on IRB Approach)
Note 3)		2022 figures are estimates only and are subject to change

Capital Adequacy Ratios for Significant Subsidiaries and Consolidated Companies


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


Name of Company	Type		2022		2021		2020
Woori Bank Note2)	BIS ratio Note1)	Equity capital (A)		26,119,135		25,473,034		25,269,072
		Risk weighted assets (B)		167,432,214		157,275,764		145,755,395
		Capital adequacy ratio (A/B)		15.60		16.20		17.34
Woori Card Note3)	Adjusted capital ratio			16.54		17.73		19.93
Woori Card Note3)	Tangible common equity ratio			11.28		11.84		13.48
Woori Financial Capital Note3)	Adjusted capital ratio			13.78		13.38		12.17
Woori Financial Capital Note3)	Tangible common equity ratio			12.24		11.70		10.77
Woori Investment Bank Note4)	BIS ratio Note1)	Equity capital (A)		674,082		576,693		491,799
		Risk weighted assets (B)		4,448,524		4,037,822		3,192,245
		Capital adequacy ratio (A/B)		15.15		14.28		15.41
Woori Asset Trust Note5)	Operating capital ratio			1,189.77		1,078.93		1,286.43
Woori Asset Management Note3)	Minimum operating capital ratio			681.18		721.87		754.11
Woori Savings Bank Note6)	BIS Capital adequacy ratio Note1)			18.06		21.47		13.40
Woori Private Equity Asset Management Note3)	Minimum operating capital ratio			8,937.76		3,967.99		3,593.09


Note 1)		BIS (Bank for International Settlements) Capital Adequacy Ratio : Equity capital / Risk weighted assets * 100
Note 2)		Figures for Woori Bank are based on K-IFRS consolidated financial statements and Basel III standards. 2022 figures are estimates only and subject to change
Note 3)		Figures for Woori Card, Woori Financial Capital, Woori Asset Management, Woori Private Equity Asset Management are based on the applicable standards for business reports submitted to the Financial Supervisory Service and our K-IFRS separate financial statements
Note 4)		Figures for Woori Investment Bank are based on the applicable standards for business reports submitted to the Financial Supervisory Service and our K-IFRS consolidated financial statements
Note 5)		Figures for Woori Asset Trust are based on K-IFRS separate financial statements
Note 6)		Figures for Woori Savings Bank are based on K-GAAP

b.	Liquidity Ratio

Won Liquidity Ratios


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


Type	2022						2021						2020
Type	Won Liquidity Assets		Won Liquidity Liabilities		Won Liquidity Ratio		Won Liquidity Assets		Won Liquidity Liabilities		Won Liquidity Ratio		Won Liquidity Assets		Won Liquidity Liabilities		Won Liquidity Ratio
Woori Financial Group Note 1)		316,876		7,656		4,138.9		560,744		5,734		9,779.3		40,308		7,911		509.5
Woori Card Note 2)		8,282,745		1,832,484		452.0		7,455,390		1,419,809		525.1		6,255,965		1,406,387		444.8
Woori Financial Capital Note 2)		2,468,298		1,205,067		204.8		1,531,101		856,736		178.7		1,357,876		616,632		220.2
Woori Investment Bank Note 2)		3,128,499		1,802,149		173.6		2,728,159		2,031,260		134.3		2,166,208		1,555,418		139.3
Woori Asset Trust Note 2)		232,036		32,755		708.4		176,660		25,558		691.2		148,856		16,157		921.3
Woori Savings Bank Note 2), Note3)		534,678		384,493		139.1		292,913		228,445		128.2		267,927		209,712		127.8
Woori Private Equity Asset Management Note 2)		23,226		1,897		1,224.4		8,068		1,539		540.0		17,200		1,175		1,463.2


Note 1)		Based on current assets and liabilities within one month of maturity
Note 2)		Based on current assets and liabilities within 90 days of maturity
Note 3)		Based on K-GAAP

Foreign Currency (FC) Liquidity Ratios


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

Type

2022

2021

2020

FC
Liquidity
Assets

FC
Liquidity
Liabilities

FC
Liquidity
Ratio

FC
Liquidity
Assets

FC
Liquidity
Liabilities

FC
Liquidity
Ratio

FC
Liquidity
Assets

FC
Liquidity
Liabilities

FC
Liquidity
Ratio

Woori Investment Bank

Note 1)

65,102

63,365

102.74

13,583

—

425

—


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

Liquidity Coverage Ratios

(unit: % )


Name of Company	Type	2022		2021		2020
Woori Bank	Liquidity coverage ratio Note 1)		102.40		89.95		92.07
	Foreign currency liquidity coverage ratio Note 1)		143.11		107.40		106.06
	Ratio of business purpose premises and equipment		11.04		11.46		11.68


Note 1)		The method of calculation is based on the business disclosure, and the applicable periods are 2022 4Q, 2021 4Q and 2020 4Q and the liquidity coverage ratio requirements for banks has been reduced from 100% to 92.5% until June 2023

c.	Profitability Ratio Note1), Note2)


Type	2022				2021				2020
Type	ROA		ROE		ROA		ROE		ROA		ROE
Woori Financial Group
Including non-controlling interests		0.70		12.21		0.66		11.48		0.40		6.80
Excluding non-controlling interests		0.66		11.54		0.61		10.58		0.34		5.87
Woori Bank		0.66		11.71		0.60		9.92		0.37		5.95
Woori Card		1.14		7.28		1.10		6.36		0.98		5.29
Woori Financial Capital		1.51		12.53		1.69		15.73		1.53		13.83
Woori Investment Bank		1.74		14.47		1.59		12.89		1.47		13.13
Woori Asset Trust		20.86		29.74		18.64		27.05		22.03		31.51
Woori Asset Management		0.75		0.80		6.82		7.11		5.85		6.12
Woori Savings Bank Note3)		0.41		3.05		1.06		7.95		0.97		10.10
Woori Private Equity Asset Management		2.60		2.75		5.46		5.96		2.16		2.31


Note 1)		Based on the applicable standards for business reports submitted to the Financial Supervisory Service. The figures for Woori Financial Group and Woori Bank are on a consolidated basis and figures for the other subsidiaries are on a non-consolidated basis
Note 2)		Total assets and total equity : simple average of the starting balance for the fiscal year and each quarter’s ending balance
Note 3)		Figures for Woori Savings Bank are based on K-GAAP

d.	Asset Quality

Group Asset Quality

(units: billions of Won, % )


Type	2022		2021		2020
Total loans		343,821		332,797		299,075
Substandard and below loans		1,082		990		1,256
Substandard and below ratio		0.31		0.30		0.42
Non-Performing Loans		997		902		1,149
NPL Ratio		0.29		0.27		0.38
Substandard and below coverage ratio (A/B)		217.6		192.2		153.8
Loan Loss reserve (A)		2,354		1,903		1,932
Substandard and below loans (B)		1,082		990		1,256


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

Asset Quality for Significant Subsidiaries and Consolidated Companies

(units: % )


Type	2022						2021						2020
Type	Substandard and below ratio		NPL ratio		Substandard and below coverage ratio		Substandard and below ratio		NPL ratio		Substandard and below coverage ratio		Substandard and below ratio		NPL ratio		Substandard and below coverage ratio
Woori Bank		0.19		0.16		263.43		0.20		0.18		205.50		0.32		0.30		153.95
Woori Card		0.80		—		104.92		0.41		—		103.21		0.63		—		102.65
Woori Financial Capital		1.22		—		198.56		1.20		—		196.70		1.77		—		140.15
Woori Investment Bank		0.63		0.58		151.81		0.57		0.55		120.05		0.79		0.20		84.78
Woori Asset Trust		32.23		—		—		56.61		—		—		63.64		—		—
Woori Savings Bank Note 2)		3.22		—		97.54		2.32		—		117.37		3.40		—		90.37


Note 1)		Based on the applicable standards for business reports submitted to the Financial Supervisory Service
Note 2)		Based on K-GAAP

III.

Financial Information

1.	Condensed Financial Statements (Consolidated)

Summary Consolidated Statement of Financial Position


(The Company and its Consolidated Subsidiaries, as of the end of the periods indicated)				(unit: millions of Won)


Classification	2022			2021			2020
ASSETS
Cash and cash equivalents		34,219,148			20,613,073			17,343,237
Financial assets at fair value through profit or loss (“FVTPL”)		19,860,573			13,497,234			14,762,941
Financial assets at fair value through other comprehensive income		33,085,080			39,119,789			30,028,929
Securities at amortized cost		28,268,516			17,086,274			17,020,839
Loans and other financial assets at amortized cost		355,760,729			348,885,617			312,753,824
Investments in joint ventures and associates		1,305,636			1,335,167			993,291
Investment properties		387,707			389,495			387,464
Premises and equipment		3,142,930			3,174,720			3,287,198
Intangible assets and goodwill		849,114			785,386			792,077
Assets held for sale		13,772			26,327			60,002
Net defined benefit asset		319,280			21,346			5,658
Current tax assets		53,274			22,598			75,655
Deferred tax assets		109,299			31,131			46,088
Derivative assets (designated for hedging)		37,786			106,764			174,820
Other assets		3,061,552			2,088,950			1,348,994

Total assets		480,474,396			447,183,871			399,081,017

LIABILITIES
Financial liabilities at FVTPL		8,952,399			4,873,458			6,813,822
Deposits due to customers		342,105,209			317,899,871			291,477,279
Borrowings		28,429,603			24,755,459			20,745,466
Debentures		44,198,486			44,653,864			37,479,358
Provisions		545,865			576,134			501,643
Net defined benefit liability		35,202			47,986			52,237
Current tax liabilities		843,555			584,491			370,718
Deferred tax liabilities		31,799			186,946			160,250
Derivative liabilities (designated for hedging)		202,911			27,584			64,769
Other financial liabilities		22,811,868			24,171,030			14,215,817
Other liabilities		690,157			556,853			473,813

Total liabilities		448,847,054			418,333,676			372,355,172

EQUITY
Owners’ equity:		28,761,897			25,842,019			23,053,608
Capital stock		3,640,303			3,640,303			3,611,338
Hybrid securities		3,112,449			2,294,381			1,895,366
Capital surplus		682,385			682,385			626,111
Other equity		(2,423,392	)		(2,167,614	)		(2,347,472	)
Retained earnings		23,750,152			21,392,564			19,268,265
Non-controlling interests		2,865,445			3,008,176			3,672,237

Total equity		31,627,342			28,850,195			26,725,845

Total liabilities and equity		480,474,396			447,183,871			399,081,017

Number of Consolidated Subsidiaries (excluding holding company)		167			152			131

Summary Consolidated Statement of Comprehensive Income


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


Classification	2022			2021			2020
Operating income		4,430,524			3,659,749			2,080,394
Net interest income		8,696,579			6,985,721			5,998,512
Net fees and commissions income		1,710,170			1,470,775			1,014,039
Dividend income		159,982			309,211			138,543
Net gain or loss on financial instruments at FVTPL		238,502			325,751			421,709
Net gain or loss on financial assets at FVTOCI		(21,498	)		32,624			24,138
Net gain or loss arising on financial assets at amortized cost		74,204			107,317			44,443
Impairment losses due to credit loss		(885,272	)		(536,838	)		(784,371	)
General and administrative expenses		(4,529,890	)		(4,147,411	)		(3,956,181	)
Other net operating income (expenses)		(1,012,253	)		(887,401	)		(820,438	)
Non-operating income (expense)		54,850			89,492			(79,143	)
Net income before income tax expense		4,485,374			3,749,241			2,001,251
Income tax expense		(1,161,392	)		(941,870	)		(486,002	)
Net income		3,323,982			2,807,371			1,515,249
Net income attributable to owners		3,141,680			2,587,936			1,307,266
Net income attributable to the non-controlling interests		182,302			219,435			207,983
Other comprehensive income (loss), net of tax		(239,819	)		170,181			(82,207	)
Items that will not be reclassified to profit or loss		216,767			96,529			54,964
Items that may be reclassified to profit or loss		(456,586	)		73,652			(137,171	)
Total comprehensive income		3,084,163			2,977,552			1,433,042
Comprehensive income attributable to the owners		2,909,053			2,745,764			1,233,097
Comprehensive income attributable to non-controlling interests		175,110			231,788			199,945
Net income per share:
Basic and diluted loss per share (in Korean Won)		4,191			3,481			1,742

2.	Condensed Financial Statements (Separate)

Summary Statement of Financial Position


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


Classification	2022			2021			2020
ASSETS
Cash and cash equivalents		313,361			578,725			69,176
Financial assets at fair value through profit or loss		689			—			7,247
Financial assets at fair value through other comprehensive income		312,771			146,294			149,614
Loans and other financial assets at amortized cost		2,041,877			633,110			619,117
Investments in subsidiaries		22,394,915			22,144,915			21,562,229
Premises and equipment		11,052			7,790			12,538
Intangible assets		4,859			5,171			5,282
Net defined benefit asset		5,947			1,516			3,509
Current tax assets		14,350			856			307
Deferred tax assets		13,433			6,454			964
Other assets		322			151			—

Total assets		25,113,576			23,524,982			22,429,983

LIABILITIES
Financial liabilities at fair value through profit or loss		—			329			—
Debentures		1,447,762			1,367,429			1,147,503
Provisions		487			394			782
Current tax liabilities		721,795			468,305			215,071
Other financial liabilities		46,039			22,988			22,085
Other liabilities		591			548			570

Total liabilities		2,216,674			1,859,993			1,386,011

EQUITY
Capital stock		3,640,303			3,640,303			3,611,338
Hybrid securities		3,112,273			2,294,288			1,895,322
Capital surplus		10,909,281			10,909,281			14,874,084
Other equity		(26,186	)		(3,874	)		(1,518	)
Retained Earnings		5,261,231			4,824,991			664,746

Total equity		22,896,902			21,664,989			21,043,972

Total liabilities and equity		25,113,576			23,524,982			22,429,983

Summary Statement of Comprehensive Income


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


Classification	2022			2021			2020
Operating income (expense)		1,185,627			590,550			594,752
Net interest income		(5,030	)		(22,245	)		(12,953	)
Interest income		25,614			4,236			10,082
Interest expense		(30,644	)		(26,481	)		(23,035	)
Net fees and commissions loss		(15,059	)		(12,585	)		(15,394	)
Fees and commissions income		1,596			1,306			805
Fees and commissions expense		(16,655	)		(13,891	)		(16,199	)
Dividend income		1,272,393			692,605			680,375
Net gain (loss) on financial instruments at FVTPL		1,018			(7,576	)		(920	)
Reversal (Provision) of impairment losses due to credit loss		(244	)		76			116
General and administrative expenses		(67,451	)		(59,725	)		(56,472	)
Non-operating income (expense)		(1,363	)		(305	)		(215	)
Net income before income tax expense		1,184,264			590,245			594,537
Income tax income (expense)		(1,015	)		4,607			781
Net income (loss)		1,183,249			594,852			595,318
Other comprehensive income (loss), net of tax		(22,312	)		(2,330	)		(887	)
Items that will not be reclassified to profit or loss		(22,312	)		(2,330	)		(887	)
Net gain (loss) on valuation of equity securities at FVTOCI		(24,676	)		(2,408	)		(280	)
Remeasurement of the net defined benefit liability		2,364			78			(607	)
Total comprehensive Income		1,160,937			592,522			594,431
Net Income per share:
Basic and diluted income per share (in Korean Won)		1,499			730			757

3.	Dividend Information

•

Woori Financial Group’s Shareholder Return Policy and Capital Management Plan In order to improve dividend predictability and enhance shareholder value, Woori Financial Group is delivering Shareholder Return Policy and Capital Management Plan in consideration to the Total Shareholder Return Rate (“TSR”. dividend + share buyback) and will execute as follows. (Please refer to our FY Business Results materials from our homepage (https://www.woorifg.com) for further details)

Until reaching CET1 12%, we will take GDP growth rate into consideration and manage our internal asset growth rate within 4~5% range, while offering TSR level of 30%.

After stably exceeding CET1 12%, we will re-evaluate our mid to long-term Shareholder Return Policy in such a way that it is equal to or above the TSR level of 30%.

Information regarding stock buyback and quarterly dividends will be disclosed after the second quarter of 2023, pursuant to Board of Directors’ resolution and in consideration with our capital ratio status.

TSR is subject to change, due to unprecedented changes in the financial market, such as those caused by COVID 19 re-proliferation or restrictions placed by law or regulations.

•

Plans regarding the amendments to the Articles of Incorporation (“AOI”) related to dividends. (Please refer to our AGM Convocation Notice, March 6, 2023, for further details)

Quarterly dividends : In order to enhance the predictability of dividends and enhance shareholder value, we will be proposing amendments to make the issuance of quarterly dividends possible at the end of March, June, and September. (Interim dividends were made in 2021 and 2022)

Amending the process for determining the dividend record date : In order to implement a dividend procedure in line with global standards, we will allow the setting of the dividend record date after the dividend decision date, so that investors can make investment decisions after confirming the amount of dividend.

•

Specific details regarding future Shareholder Return Policy will be disclosed separately upon resolution by our Board of Directors.


Items		2022		2021		2020
Par value per share (Won)			5,000		5,000		5,000
Net profit (Millions of Won)			3,141,680		2,587,936		1,307,266
Earnings per share (Won)			4,191		3,481		1,742
Total cash dividends (Millions of Won)			822,706		654,384		260,016
Total stock dividends (Millions of Won)			—		—		—
Cash dividend payout ratio (%)			26.19		25.29		19.89
Cash dividend yield (%)	Common Shares		8.8		6.8		3.6
	Preferred Shares		—		—		—
Stock dividend yield (%)	Common Shares		—		—		—
	Preferred Shares		—		—		—
Cash dividend per share (Won)	Common Shares		1,130		900		360
	Preferred Shares		—		—		—
Stock dividend per share (Share)	Common Shares		—		—		—
	Preferred Shares		—		—		—


Note 1)		The dividends for 2022 includes the interim dividends of KRW109,209 million (KRW150 cash dividend per share)
Note 2)		The dividends for 2021 includes the interim dividends of KRW108,340 million (KRW150 cash dividend per share)
Note 3)		Of the total cash dividends for FY2022, the year-end dividends of KRW 713,497 million represents the amount prior to its approval at the annual general meeting of shareholders for FY2022. If the amount is rejected or amended at the annual general meeting, the Company will disclose such changes.

IV.

Independent Auditor’s Opinion

1.	Independent Auditor’s Opinion


	2022	2021	2020
Auditor	Samil PricewaterhouseCoopers	Samil PricewaterhouseCoopers		Samil PricewaterhouseCoopers
Auditor’s Opinion	Note 1)	Note 2)		Note 3)


Note 1)		In its audit report, Samil PricewaterhouseCoopers has stated that the financial statements are presented fairly, in all material respects, in accordance with Korean IFRS.


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


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

2.	Compensation to the Independent Auditor

a.	Audit Services

Term

Auditor

Description

Contract

Actual

Fee

Time

Fee

Time

2022

Samil

PricewaterhouseCoopers

1Q/1H/3Q Review

Closing audit (including internal

accounting management system)

KRW

1,068 million

9,380
hours

KRW

1,068 million

8,714
hours

2021

Samil

PricewaterhouseCoopers

1Q/1H/3Q Review

Closing audit (including internal

accounting management system)

KRW

1,172 million

10,450
hours

KRW

1,172 million

9,962
hours

2020

Samil

PricewaterhouseCoopers

1Q/1H/3Q Review

Closing audit (including internal

accounting management system)

KRW

1,135 million

10,400
hours

KRW

1,135 million

10,514
hours


Note 1)		Fee excludes VAT


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

b.	Other Audit Services

Not Applicable

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


Term	Auditor	Description	Fee
2021	Samil PricewaterhouseCoopers	U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2022)	KRW 2,240 million
2020	Samil PricewaterhouseCoopers	U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2021)	KRW 2,370 million
2020	Samil PricewaterhouseCoopers	U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2020)	KRW 2,280 million


Note 1)		Fee excludes VAT

d.	Non-Audit Services


Term	Date of Execution of Agreement	Description of Service	Service Term	Fees

2022	March 30, 2022	Tax adjustment (including review relating to application of consolidated tax)	April 1, 2022 ~ May 31, 2023	KRW 64 million
2021	March 29, 2021	Tax adjustment (including review relating to application of consolidated tax)	June 1, 2021 ~ May 31, 2022	KRW 61 million
2020	July 9, 2020	Tax adjustment (including review relating to application of consolidated tax)	July 9, 2020 ~ May 31, 2021	KRW 61 million


Note 1)		Fee excludes VAT

V.	Corporate Governance

1.	About the Board of Directors

Composition of the Board of Directors

As of December 31, 2022, the board of directors consists of seven outside directors, one standing director and one non-standing director.

On January 27, 2022, In-Sub Yoon and Yo-Hwan Shin were newly appointed as outside directors at the extraordinary general meeting of shareholders. On February 14, 2022, a non-standing director Hong-Tae Kim resigned for personal reasons. On March 25, 2022, Soo-Young Song was newly appointed and Sung-Tae Ro, Sang-Yong Park, Chan-Hyoung Chung, and Dong-Woo Chang were reappointed as outside directors at the annual general meeting of shareholders for FY2021. On March 23, 2022, Won-Duk Lee resigned as the standing director as he was determined to become the President and CEO of Woori Bank and then newly appointed as a non-standing director at the annual general meeting of shareholders on March 25, 2022.

Committees under the Board of Directors

We currently have the following committees serving under the board of directors:

(a)

Audit Committee

(b)

Board Risk Management Committee

(c)

Compensation Committee

(d)

Committee for Recommending Executive Officer Candidates

(e)

Committee for Recommending Subsidiary Representative Director Candidates

(f)

Committee for Internal Control Management

(g)

Board ESG Management Committee

(As of December 31, 2022)

Name of Committee

Composition

Names of Members

Audit Committee

Three outside directors

(Chairman) Chan-Hyoung Chung (outside director)

Sung-Tae Ro (outside director)

Dong-Woo Chang (outside director)


Name of Committee	Composition	Names of Members
Board Risk Management Committee	Four outside directors	(Chairman) In-Sub Yoon (outside director) Sang-Yong Park (outside director) Yo-Hwan Shin (outside director) Soo-Young Song (outside director)

Compensation Committee	Five outside directors	(Chairman) Yo-Hwan Shin (outside director) Sung-Tae Ro (outside director) Sang-Yong Park (outside director) In-Sub Yoon (outside director) Chan-Hyoung Chung (outside director)

Committee for Recommending Executive Officer Candidates	Seven outside directors	(Chairman) Dong-Woo Chang (outside director) Sung-Tae Ro (outside director) Sang-Yong Park (outside director) In-Sub Yoon (outside director) Chan-Hyoung Chung (outside director) Yo-Hwan Shin (outside director) Soo-Young Song (outside director)

Committee for Recommending Subsidiary Representative Director Candidates	Seven outside directors One standing director	(Chairman) Tae-Seung Son (standing director) Sung-Tae Ro (outside director) Sang-Yong Park (outside director) In-Sub Yoon (outside director) Chan-Hyoung Chung (outside director) Yo-Hwan Shin (outside director) Dong-Woo Chang (outside director) Soo-Young Song (outside director)

Committee for Internal Control Management	Three outside directors One standing director	(Chairman) Sang-Yong Park (outside director) Yo-Hwan Shin (outside director) Soo-Young Song (outside director) Tae-Seung Son (standing director)


Name of Committee	Composition	Names of Members

Board ESG Management Committee	Seven outside directors One standing director One non-standing director	(Chairman) Soo-Young Song (outside director) Sung-Tae Ro (outside director) Sang-Yong Park (outside director) In-Sub Yoon (outside director) Chan-Hyoung Chung (outside director) Yo-Hwan Shin (outside director) Dong-Woo Chang (outside director) Tae-Seung Son (standing director) Won-Duk Lee (non-standing director)

2.	Shareholder’s Meeting

a.	Voting Rights Note 1)

(unit: shares)


Items		Number of shares		Notes
Number of issued shares	Common Shares		728,060,549		—
Number of issued shares	Preferred Shares		—		—
Number of shares without voting rights	Common Shares		343,991		Note 2	)
Number of shares without voting rights	Preferred Shares		—		—
Number of shares for which voting rights are excluded pursuant to the articles of incorporation	Common Shares		—		—
	Preferred Shares		—		—
Number of shares for which voting rights are limited by law	Common Shares		11,437,579		Note 3	)
	Preferred Shares		—		—
Number of shares for which voting rights have been restored	Common Shares		—		—
	Preferred Shares		—		—
Number of shares for which voting rights may be exercised	Common Shares		716,278,979		—
Number of shares for which voting rights may be exercised	Preferred Shares		—		—


Note 1)		As of the annual general meeting of shareholders for 2022 in March 2023
Note 2)		Treasury shares acquired from the issuance of fractional shares and shares in mutual ownership (pursuant to Article 369 of the Commercial Act)
Note 3)		A non-financial business operator is restricted from exercising voting rights in excess of 4% of the total number of outstanding voting shares of a financial holding company (pursuant to Article 8-2 of the Financial Holding Company Act)

b.	Summary of the Minutes of Shareholder’s Meeting


	Agenda	Result
Annual General Meeting of Shareholders for 2019 (March 25, 2020)	1. Approval of financial statements for the fiscal year 2019	Approved as submitted
	2. Approval of amendments to the Articles of Incorporation	Approved as submitted
	3. Appointment of directors (1 outside director, 1 non-standing director, 2 standing directors) - 3-1 Candidate for outside director : Dennis Chan - 3-2 Candidate for non-standing director : Hong-Tae Kim - 3-3 Candidate for standing director : Won-Duk Lee - 3-4 Candidate for standing director : Tae-Seung Son	Approved as submitted
	4. Approval of the maximum limit on directors’ compensation	Approved as submitted
Annual General Meeting of Shareholders for 2020 (March 26, 2021)	1. Approval of financial statements for the fiscal year 2020	Approved as submitted
	2. Approval of amendments to the Articles of Incorporation	Approved as submitted
	3. Approval of reduction of Capital Reserve	Approved as submitted
	4. Appointment of directors (1 standing director, 4 outside directors) - 4-1 Candidate for standing director : Won-Duk Lee - 4-2 Candidate for outside director : Sung-Tae Ro - 4-3 Candidate for outside director : Sang-Yong Park - 4-4 Candidate for outside director : Zhiping Tian - 4-5 Candidate for outside director : Dong-Woo Chang	Approved as submitted
	5. Appointment of outside director who will serve as an Audit Committee Member - Candidate for outside director who will serve as an Audit Committee Member : Chan-Hyoung Chung	Approved as submitted
	6. Appointment of Audit Committee Members who are outside directors - 6-1 Candidate for Audit Committee Member who is an outside director : Sung-Tae Ro - 6-2 Candidate for Audit Committee Member who is an outside director : Dong-Woo Chang	Approved as submitted
	7. Approval of the maximum limit on directors’ compensation	Approved as submitted
Extraordinary General Meeting of Shareholder in 2022 (January 27, 2022)	1. Appointment of directors (2 outside directors) - 1-1 Candidate for outside director : In-Sub Yoon - 1-2 Candidate for outside director : Yo-Hwan Shin	Approved as submitted
Annual General Meeting of Shareholders for 2021 (March 25, 2022)	1. Approval of financial statements for the fiscal year 2021	Approved as submitted
	2. Approval of amendments to the Articles of Incorporation	Approved as submitted


		3. Appointment of directors (4 outside directors, 1 non-standing director) - 3-1 Candidate for outside director : Soo-Young Song - 3-2 Candidate for outside director : Sung-Tae Ro - 3-3 Candidate for outside director : Sang-Yong Park - 3-4 Candidate for outside director : Dong-Woo Chang - 3-5 Candidate for non-standing director : Won-Duk Lee		Approved as submitted
		4. Appointment of outside director who will serve as an Audit Committee Member - Candidate for outside director who will serve as an Audit Committee Member : Chan-Hyoung Chung		Approved as submitted
		5. Appointment of Audit Committee Members who are outside directors - 5-1 Candidate for Audit Committee Member who is an outside director : Sung-Tae Ro - 5-2 Candidate for Audit Committee Member who is an outside director : Dong-Woo Chang		Approved as submitted
		6. Approval of the maximum limit on directors’ compensation		Approved as submitted

III.

Shareholder Information

1.	Share Distribution

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


As of December 31, 2022		(units: shares, %)


Name	Relation		Type		Shares Held								Notes
					Beginning balance				Ending balance
					Number		Share		Number		Share
Employee Stock Ownership Association of Woori Financial Group		The largest shareholder		Common		38,859,717		5.33		41,165,138		5.65		—
Employee Stock Ownership Association of Woori Bank		The related party of the largest shareholder		Common		32,630,581		4.48		28,136,218		3.87		—
Total				Common		71,490,298		9.82		69,301,356		9.52		—
				Others		—		—		—		—		—

Note 1)

Shares in beginning balance is as of December 31, 2021

b.	Changes in the largest shareholder


As of December 31, 2022		(units: shares, %)

Change of Date

Largest Shareholder

Number Held

Share

Notes

January 11, 2019

Korea Deposit Insurance Corporation

124,604,797

18.32

Comprehensive Stock Transfer

(Woori Financial Group) Note 1)

September 10, 2019

Korea Deposit Insurance Corporation

124,604,797

17.25

Issuance of new common shares (42,103,377 shares) Note 2)

April 9, 2021

Korea Deposit Insurance Corporation

110,159,443

15.25

Sales of KDIC’S 14,445,354 shares through after-hours trading Note 3)

August 10, 2021

Korea Deposit Insurance Corporation

110,159,443

15.13

Issuance of new common shares

(5,792,866 shares) Note 4)

December 9, 2021

Employee Stock Ownership Association of Woori Financial Group and others 1

71,346,178

9.80

Bought 1.00% of the KDIC’s remaining shares of Woori Financial Group (8.80% share already held) Note 5)

Note 1)

Woori Financial Group was established pursuant to a comprehensive stock transfer of Woori Bank and five other companies, and the KDIC received new shares of Woori Financial Group in accordance with the stock transfer ratio.

LOGO transfer ratio Woori Bank : Woori Financial Group = 1: 1.0000000

Note 2)

Comprehensive stock exchange between Woori Financial Group and Woori Card.

Note 3)

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

Note 4)

Comprehensive stock exchange between Woori Financial Group and Woori Financial Capital

Note 5)

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

c.	Share Ownership of More Than 5%


As of December 31, 2022		(units: shares, %)

Name

Shares

Notes

No. of shares

Percentage
of
shareholding

Share ownership of more than 5%

National Pension Service

49,834,170

6.84

Note1)

Nobis1, Inc. (IMM PE)

40,560,000

5.57

—

Employee Stock Ownership Association

69,301,356

9.52

The largest
shareholder
Note 2)

Note 1)

Based on the disclosure of the National Pension Service on February 1, 2023

Note 2)

Total shares of the employee stock ownership association of Woori Financial Group and Woori Bank

2.	Stock Price and Stock Market Performance

a.	Domestic Stock Market

(units: Won, shares)


Period		July 2022		August 2022		September 2022		October 2022		November 2022		December 2022
Common Shares	High		12,200		12,450		11,950		12,000		13,000		13,100
	Low		11,000		11,750		10,700		11,100		11,400		11,550
	Average		11,683		12,123		11,498		11,542		12,011		12,710
Monthly Trade Volume	High		4,041,303		5,496,204		4,009,821		4,012,900		6,594,930		6,610,706
	Low		1,361,105		1,345,945		1,203,409		940,751		1,260,692		1,431,662
	Monthly Total		52,669,461		46,727,144		45,895,743		45,059,956		50,542,542		51,933,848

Note 1)

Source: KRX KOSPI Market

Note 2)

Share prices are based on closing prices.

b.	Foreign Stock Market (NYSE)

(units: US Dollars, Won, ADSs)


Period		July 2022		August 2022		September 2022		October 2022		November 2022		December 2022
ADS	High		27.93		28.53		25.48		25.26		30.13		30.63
	Low		25.42		26.35		22.32		22.79		23.97		27.53
	Average		26.86		27.39		24.53		24.24		26.60		29.25
Won Conversion	High		36,303		37,160		35,524		35,821		40,118		39,096
	Low		33,300		35,512		32,025		32,638		33,989		34,889
	Average		35,114		36,118		34,132		34,576		36,287		37,921
Monthly Trade Volume	High		99,681		150,298		107,140		115,138		81,771		70,551
	Low		25,687		24,637		42,219		31,325		9,276		18,147
	Monthly Total		1,093,739		1,366,146		1,432,447		1,349,207		944,971		722,706

Note 1)

Source: standard trading rate (daily and monthly average) (Seoul Money Brokerage, www.smbs.biz)

Note 2)

One ADS represents three common shares.

Note 3)

Share prices are based on closing prices.

IV.

Directors and Employee Information

1.	Directors and Executives

As of March 16, 2023

Position

Name

Common
Shares
Owned

Term

Commencement Date

Expiration of Term

Chief Executive Officer

Registered

Tae-Seung Son

118,127

January 11, 2019 ~

Note 1)

Outside Director

Registered

Sung-Tae Ro

5,000

January 11, 2019 ~

Note 1)

Outside Director

Registered

Sang-Yong Park

1,000

January 11, 2019 ~

Note 1)

Outside Director

Registered

In-Sub Yoon

—

January 27, 2022~

Note 2)

Outside Director

Registered

Chan-Hyoung Chung

10,532

January 11, 2019 ~

Note 1)

Outside Director

Registered

Yo-Hwan Shin

—

January 27, 2022~

Note 2)

Outside Director

Registered

Dong-Woo Chang

—

January 11, 2019 ~

Note 1)

Outside Director

Registered

Soo-Young Song

—

March 25, 2022~

Note 2)

Non-standing Director

Registered

Won-Duck Lee

26,500

March 25, 2022~

~December 31, 2023

Deputy President

Non-Registered

Sung-Wook Lee

15,000

February 25, 2022 ~

~ February 10, 2024

Senior Managing Director

Non-Registered

Il-Jin Ouk

3,000

March 7, 2023~

~ February 24, 2024

Managing Director

Non-Registered

Kon-Ho Kim

9,160

March 7, 2023~

~ March 6, 2025

Managing Director

Non-Registered

Jang-Keun Park

—

March 7, 2023~

~ March 6, 2025

Managing Director

Non-Registered

Jeong-Soo Lee

5,890

March 7, 2023~

~ March 6, 2025

Deputy Managing Director

Non-Registered

Jae-Hwa Jeon

7,872

March 7, 2023~

~ March 6, 2025

Note 1)

End of the annual general meeting of shareholders for FY2022

Note 2)

End of the annual general meeting of shareholders for FY2023

Note 3)

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

Note 4)

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

2.	Employee Status


As of December 31, 2022		(units: persons, millions of Won)

Number of Employees

Average
Tenure

Total
Compensation

Average
Compensation
Per Person

Note

Regular

Contract

Total

(Short time
worker)

Total

(Short time
worker)

Total

111

—

150

2 years 11 months

(15 years 10 months

)

29,242

189

—

Note 1)

18 employees concurrently employed by affiliated companies are excluded

Note 2)

Average tenure: term in ( ) includes tenure at affiliated companies

Note 3)

Contract employees include non-registered executives

3.	Directors’ Compensation


As of December 31, 2022		(units: persons, millions of Won)


Items	Number of Persons		Total Compensation		Average Compensation Per Director		Note
Registered Directors (excludes outside directors and audit committee members)		2		1,475		695		—
Outside Directors (excludes audit committee members)		4		288		79		—
Audit Committee Members		3		166		55		—
Auditor		—		—		—		—

Note 1)

Registered directors and audit committee members include uncompensated directors

Note 2)

Only the compensation amount paid by Woori Financial Group is included for the three executives concurrently employed by Woori Bank

Note 3)

Number of Persons is as of December 31, 2022

Note 4)

Total Compensation is the amount paid until December 31, 2022

Note 5)

Average compensation per director was calculated by dividing the total compensation until December 31, 2022 by the annualized number of persons / The annualized number of persons include newly appointed three outside directors and resigned 1 non-standing director

SIGNATURES

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


	Woori Financial Group Inc.
	(Registrant)

Date: March 16, 2023	By:	/s/ Sung-Wook Lee
	(Signature)

	Name: Sung-Wook Lee
	Title: Deputy President