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Published: 2022-03-17 08:07:52 ET

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6-K 1 d241093d6k.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 2022

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 2021 Business Report

-	For the Audit Reports of Woori Financial Group for Fiscal Year 2021, please refer to the exhibits to the Form 6-K furnished to the U.S. Securities and Exchange Commission on March 15, 2022.

Summary of 2021 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	25

VI.	SHAREHOLDER INFORMATION		27

	1.	Share Distribution	27

	2.	Stock Price and Stock Market Performance	28

VII.	DIRECTORS AND EMPLOYEE INFORMATION		30

	1.	Directors and Executives	30

	2.	Employee Status	31

	3.	Directors’ Compensation	31

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		Disposal by the Korea Deposit Insurance Corporation of a 2% stake in Woori Financial Group

April 15, 2021		Acquired an additional 12.9% equity interest in Woori Financial Capital Co., Ltd.

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

May 24, 2021		Purchased 3.6% of the treasury stock of Woori Financial Capital Co., Ltd.

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 by the Korea Deposit Insurance Corporation of the contemplated sale of its remaining stake in Woori Financial Group

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

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

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

November 17, 2021		Newly admitted into the Asia Pacific Index of DJSI (Dow Jones Sustainability Indices)

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

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, 2021


Type		Name of Company
Listed company (3 companies)		Woori Financial Group
		Woori Investment Bank
		PT Bank Woori Saudara Indonesia
Unlisted company (26 companies)		Woori Bank
		Woori Card
		Woori Financial Capital
		Woori Asset Trust
		Woori Savings Bank
		Woori Asset Management
		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


Type		Name of Company
		Woori Wealth Development Bank
		Woori Finance Myanmar
		Woori Bank Cambodia PLC.
		Woori Bank Europe Gmbh
		Tutu Finance-WCI Myanmar
		Woori-Hanwha Eureka Private Equity Fund
		Arden Woori Apparel 1^st Private Equity Fund

Note 1)

Includes subsidiaries, etc. under the Financial Holding Company Act as of December 31, 2021

LOGO

2.	Capital Structure (Changes in Capital)

(units: Won, shares)


Date	Item	Type
Date	Item	Common Shares		Preferred Shares		Others
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)		We issued 680,164,306 common shares when we were established in January 2019, and issued an additional 42,103,377 shares in September 2019 through a comprehensive stock exchange between Woori Financial Group and Woori Card.
Note 2)		We issued an additional 5,792,866 common shares on August 10, 2021 through a comprehensive stock exchange to integrate Woori Financial Capital as a wholly-owned subsidiary.


As of December 31, 2021				(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 comprehensive stock exchanges. The issue prices were based on the closing stock price of each respective comprehensive stock exchange date.

3.	Total Number of Authorized Shares


As of December 31, 2021				(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		Note 1	)
Number of treasury shares		2,324		2,324		Note 2	)
Number of outstanding shares		728,058,225		728,058,225		—


Note 1)		Includes 5,792,866 new common shares issued on August 10, 2021 due to a comprehensive stock exchange between Woori Financial Group and Woori Financial Capital.
Note 2)		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	2021		2020		2019
Operating income		3,660		2,080		2,800
Non-operating income		89		-79		-77
Income from continuing operations before income tax		3,749		2,001		2,723
Income tax expense from continuing operations		942		486		685
Income from discontinued operations		—		—		—
Net income		2,807		1,515		2,038
Controlling Interest		2,588		1,307		1,872
Non-controlling Interest		219		208		165


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	2021						2020						2019
Classification	Funding Source	Average Balance		Interest Rate		Proportion		Average Balance		Interest Rate		Proportion		Average Balance		Interest Rate		Propor tion
Source	Deposits		291,653,291		0.79		70.88		265,636,358		1.08		71.78		249,106,041		1.51		71.14
	Borrowings		21,628,379		0.98		5.26		19,606,056		1.31		5.30		18,013,074		1.92		5.14
	Debentures		40,901,547		1.78		9.94		32,287,676		2.24		8.73		30,401,987		2.56		8.68
	Others		29,470,312		—		7.16		26,523,338		—		7.17		28,928,780		—		8.26
	Total Liabilities		383,653,529		—		93.23		344,053,429		—		92.97		326,449,882		—		93.23

Total Equity			27,845,863		—		6.77		25,996,721		—		7.03		23,703,431		—		6.77

Total Liabilities & Equity			411,499,392		—		100.00		370,050,150		—		100.00		350,153,313		—		100.00


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

b.	Use of Funds


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


Type	Managed Item	2021						2020						2019
Type	Managed Item	Average Balance		Interest Rate		Proportion		Average Balance		Interest Rate		Proportion		Average Balance		Interest Rate		Proportion
Use	Cash & Due from Banks		13,809,362		0.34		3.36		11,925,297		0.45		3.22		9,202,054		1.55		2.63
	Marketable securities		58,416,310		1.67		14.20		54,474,169		1.87		14.72		50,396,362		2.29		14.39
	Loans		301,849,585		2.79		73.35		269,533,892		2.98		72.84		254,691,201		3.48		72.74
	Loans in local currency		262,010,967		2.59		63.67		233,117,610		2.75		63.00		219,418,214		3.22		62.66
	Loans in foreign Currency		25,104,084		3.58		6.10		22,614,578		3.99		6.11		20,982,894		4.59		5.99
	Guarantee payments		28,000		2.46		0.01		15,845		4.04		—		12,410		1.48		—
	Credit card receivables		9,196,190		7.42		2.23		8,207,859		7.87		2.22		8,139,789		7.98		2.32
	Foreign bills bought		5,510,344		0.85		1.34		5,578,001		1.53		1.51		6,137,894		2.96		1.75
	Bad debt expense in local currency (-)		1,878,781		—		0.46		1,708,074		—		0.46		1,666,215		—		0.48
	Others		39,302,917		—		9.55		35,824,866		—		9.68		37,529,911		—		10.72

Total Assets			411,499,392				100.00		370,050,150		—		100.00		350,153,313		—		100.00


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

3.	Other Information Necessary for Making Investment Decisions

a.	Capital Adequacy Ratios

Group BIS Capital Adequacy Ratios


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


Type	2021	2020	2019
Equity capital (A)	28,980	27,448	27,115
Risk weighted assets (B)	192,503	198,269	228,046
BIS(Capital adequacy) ratio (A/B)	15.05	13.84	11.89


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 (2019 figures based on Standardized Approach / 2020 figures partially based on IRB Approach / 2021 figures fully based on IRB Approach)
Note 3)		2021 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		2021		2020		2019
Woori Bank Note2)	BIS ratio Note1)	Equity capital (A)		25,473,034		25,269,072		24,314,212
		Risk weighted assets (B)		157,275,764		145,755,395		157,889,535
		Capital adequacy ratio (A/B)		16.20		17.34		15.40
Woori Card Note3)	Adjusted capital ratio			17.73		19.93		18.33
Woori Card Note3)	Tangible common equity ratio			11.84		13.48		14.29
Woori Financial Capital Note3)	Adjusted capital ratio			13.38		12.17		13.46
Woori Financial Capital Note3)	Tangible common equity ratio			11.70		10.77		12.08
Woori Investment Bank Note4)	BIS ratio Note1)	Equity capital (A)		576,693		491,799		338,136
		Risk weighted assets (B)		4,037,822		3,192,245		2,630,349
		Capital adequacy ratio (A/B)		14.28		15.41		12.86
Woori Asset Trust Note5)	Operating capital ratio			1,101.46		1,286.43		1,397.97
Woori Asset Management Note3)	Minimum operating capital ratio			721.87		754.11		655.84
Woori Savings Bank Note6)	BIS Capital adequacy ratio Note1)			21.47		13.40		13.46


Note 1)		BIS (Bank for International Settlements) Capital Adequacy Ratio : Equity capital / Risk weighted assets * 100
Note 2)		Figures for Woori Bank are based on the K-IFRS consolidated financial statements and Basel III standards. 2021 figures are estimates only and are subject to change
Note 3)		Figures for Woori Card, Woori Financial Capital and Woori 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 Ratios

Won Liquidity Ratios


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


Type	2021						2020						2019
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)		560,744		5,734		9,779.3		40,308		7,911		509.5		45,079		7,475		603.1
Woori Card Note 2)		7,455,390		1,419,809		525.1		6,255,965		1,406,387		444.8		5,976,031		1,407,335		424.6
Woori Financial Capital Note 2)		1,531,101		856,736		178.7		1,357,876		616,632		220.2		1,037,894		498,197		208.3
Woori Investment Bank Note 2)		2,728,159		2,031,260		134.3		2,166,208		1,555,418		139.3		1,671,823		1,118,318		149.5
Woori Asset Trust Note 2)		176,660		25,558		691.2		148,856		16,157		921.3		67,555		14,595		462.9
Woori Savings Bank Note 2), Note3)		292,913		228,445		128.2		267,927		209,712		127.8		263,961		228,491		115.5


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

2021

2020

2019

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)

13,583

—

425

—

38,111

34,734

109.7


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

Liquidity Coverage Ratios


				(unit: % )


Name of Company	Type	2021		2020		2019
Woori Bank	Liquidity coverage ratio Note 1)		89.95		92.07		107.27
	Foreign currency liquidity coverage ratio Note 1)		107.40		106.06		110.50
	Ratio of business purpose premises and equipment		11.06		11.68		12.22


Note 1)		The method of calculation is same as the applicable standards for business disclosure of holding company, and the applicable periods are 2021 4Q, 2020 4Q and 2019 4Q
		Under the Plans for Temporary Easing of Financial Regulations in Response to COVID-19 announced by the Financial Services Commission, the liquidity coverage ratio and the foreign currency liquidity coverage ratio requirements for banks has been reduced from 100% to 85% and from 80% to 70%, respectively, until the end of March 2022.

c.	Profitability Ratio Note1), Note2)

(units: % )


Type	2021 Note3)				2020				2019
Type	ROA		ROE		ROA		ROE		ROA		ROE
Woori Financial Group
Including non-controlling interests		0.66		11.48		0.40		6.80		0.57		10.11
Excluding non-controlling interests		0.61		10.58		0.34		5.87		0.52		9.29
Woori Bank		0.60		9.90		0.37		5.95		0.43		6.84
Woori Card		1.10		6.36		0.98		5.29		0.90		5.05
Woori Financial Capital		1.69		15.73		1.53		13.83		1.64		12.64
Woori Investment Bank		1.59		12.89		1.47		13.13		1.69		13.66
Woori Asset Trust		18.64		27.05		22.03		31.51		25.18		37.40
Woori Asset Management		6.82		7.11		5.85		6.12		7.41		7.77
Woori Savings Bank Note4)		1.06		7.95		0.97		10.10		1.05		11.41


Note 1)		Based on the applicable standards for business reports submitted to the Financial Supervisory Service. The figures for Woori Financial Group and Woori bank are on a consolidated basis and the figures for the other subsidiaries are on a non-consolidated basis
Note 2)		Total assets and total equity : the simple average of the balances at the start the fiscal year and at the end of each quarter
Note 3)		On an annualized basis based on the applicable standards for business reports submitted to the Financial Supervisory Service
Note 4)		Figures for Woori Savings Bank are based on K-GAAP

d.	Asset Quality

Group Asset Quality


				(units: billions of Won, except percentages)


Type	2021			2020			2019
Total loans		332,797			299,075			266,432
Substandard and below loans		990			1,256			1,198
Substandard and below loans ratio		0.30	%		0.42	%		0.45	%
Non-Performing Loans		902			1,149			1,068
NPL Ratio		0.27	%		0.38	%		0.40	%
Substandard and below coverage ratio (A/B)		192.2	%		153.8	%		133.6	%
Loan Loss reserve (A)		1,903			1,932			1,600
Substandard and below loans (B)		990			1,256			1,198


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	2021						2020						2019
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		0.20		0.18		205.50		0.32		0.30		153.95		0.40		0.36		121.80
Woori Card		0.41		—		103.21		0.63		—		102.65		0.80		—		102.84
Woori Financial Capital		1.20		—		196.70		1.77		—		140.15		2.28		—		97.86
Woori Investment Bank		0.57		0.55		120.05		0.79		0.20		84.78		0.49		0.21		168.61
Woori Asset Trust		56.61		—		—		63.64		—		—		37.51		—		—
Woori Savings Bank Note 2)		2.32		—		117.37		3.40		—		90.37		3.51		—		79.42


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	2021			2020			2019
ASSETS
Cash and cash equivalents		7,565,818			9,990,983			6,392,566
Financial assets at fair value through profit or loss (“FVTPL”)		13,497,234			14,762,941			8,069,144
Financial assets at fair value through other comprehensive income		39,119,789			30,028,929			27,730,531
Securities at amortized cost		17,086,274			17,020,839			20,320,539
Loans and other financial assets at amortized cost		361,932,872			320,106,078			293,717,693
Investments in joint ventures and associates		1,335,167			993,291			806,360
Investment properties		389,495			387,464			280,239
Premises and equipment		3,174,720			3,287,198			3,364,716
Intangible assets and goodwill		785,386			792,077			844,110
Assets held for sale		26,327			60,002			10,556
Net defined benefit asset		21,346			5,658			2,582
Current tax assets		22,598			75,655			47,367
Deferred tax assets		31,131			46,088			39,544
Derivative assets (designated for hedging)		106,764			174,820			121,131
Other assets		2,088,950			1,348,994			233,646

Total assets		447,183,871			399,081,017			361,980,724

LIABILITIES
Financial liabilities at FVTPL		4,873,458			6,813,822			2,958,302
Deposits due to customers		317,899,871			291,477,279			264,685,578
Borrowings		24,755,459			20,745,466			18,998,920
Debentures		44,653,864			37,479,358			30,858,055
Provisions		576,134			501,643			443,980
Net defined benefit liability		47,986			52,237			92,470
Current tax liabilities		584,491			370,718			182,690
Deferred tax liabilities		186,946			160,250			134,322
Derivative liabilities (designated for hedging)		27,584			64,769			6,837
Other financial liabilities		24,171,030			14,215,817			17,706,767
Other liabilities		556,853			473,813			420,471

Total liabilities		418,333,676			372,355,172			336,488,392

EQUITY
Owners’ equity:		25,842,019			23,053,608			21,510,370
Capital stock		3,640,303			3,611,338			3,611,338
Hybrid securities		2,294,381			1,895,366			997,544
Capital surplus		682,385			626,111			626,295
Other equity		(2,167,614	)		(2,347,472	)		(2,249,322	)
Retained earnings		21,392,564			19,268,265			18,524,515
Non-controlling interests		3,008,176			3,672,237			3,981,962

Total equity		28,850,195			26,725,845			25,492,332

Total liabilities and equity		447,183,871			399,081,017			361,980,724

Number of Consolidated Subsidiaries (excluding holding company)		152			131			102

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	2021			2020			2019
Operating income		3,659,749			2,080,394			2,799,976
Net interest income		6,985,721			5,998,512			5,893,706
Net fees and commissions income		1,470,775			1,014,039			1,102,628
Dividend income		309,211			138,543			107,959
Net gain or loss on financial instruments at FVTPL		325,751			421,709			25,455
Net gain or loss on financial assets at FVTOCI		32,624			24,138			11,015
Net gain or loss arising on financial assets at amortized cost		107,317			44,443			102,115
Impairment losses due to credit loss		(536,838	)		(784,371	)		(374,244	)
General and administrative expenses		(4,147,411	)		(3,956,181	)		(3,766,077	)
Other net operating income (expenses)		(887,401	)		(820,438	)		(302,581	)
Non-operating income (expense)		89,492			(79,143	)		(76,927	)
Net income before income tax expense		3,749,241			2,001,251			2,723,049
Income tax expense		(941,870	)		(486,002	)		(685,453	)
Net income		2,807,371			1,515,249			2,037,596
Net income attributable to owners		2,587,936			1,307,266			1,872,207
Net income attributable to the non-controlling interests		219,435			207,983			165,389
Other comprehensive income (loss), net of tax		170,181			(82,207	)		51,782
Items that will not be reclassified to profit or loss		96,529			54,964			(92,777	)
Items that may be reclassified to profit or loss		73,652			(137,171	)		144,559
Total comprehensive income		2,977,552			1,433,042			2,089,378
Comprehensive income attributable to the owners		2,745,764			1,233,097			1,914,393
Comprehensive income attributable to non-controlling interests		231,788			199,945			174,985
Net income per share:
Basic and diluted loss per share (in Korean Won)		3,481			1,742			2,727

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	2021			2020			2019
ASSETS
Cash and cash equivalents		578,725			69,176			43,670
Financial assets at fair value through profit or loss		—			7,247			9,434
Financial assets at fair value through other comprehensive income		146,294			149,614			—
Loans and other financial assets at amortized cost		633,110			619,117			1,269,203
Investments in subsidiaries		22,144,915			21,562,229			19,873,593
Premises and equipment		7,790			12,538			7,383
Intangible assets		5,171			5,282			3,310
Net defined benefit asset		1,516			3,509			—
Current tax assets		856			307			—
Deferred tax assets		6,454			964			—
Other assets		151			—			—

Total assets		23,524,982			22,429,983			21,206,593

LIABILITIES
Financial liabilities at fair value through profit or loss		329			—			—
Debentures		1,367,429			1,147,503			947,679
Provisions		394			782			600
Net defined benefit liability		—			—			3,482
Current tax liabilities		468,305			215,071			133,526
Deferred tax liabilities		—			—			154
Other financial liabilities		22,988			22,085			10,745
Other liabilities		548			570			4,142

Total liabilities		1,859,993			1,386,011			1,100,328

EQUITY
Capital stock		3,640,303			3,611,338			3,611,338
Hybrid securities		2,294,288			1,895,322			997,544
Capital surplus		10,909,281			14,874,084			14,874,084
Other equity		(3,874	)		(1,518	)		(631	)
Retained Earnings		4,824,991			664,746			623,930

Total equity		21,664,989			21,043,972			20,106,265

Total liabilities and equity		23,524,982			22,429,983			21,206,593

Summary Statement of Comprehensive Income


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


Classification	2021			2020			2019
Operating income		590,550			594,752			629,437
Net interest income (expense)		(22,245	)		(12,953	)		40
Interest income		4,236			10,082			7,741
Interest expense		(26,481	)		(23,035	)		(7,701	)
Net fees and commissions loss		(12,585	)		(15,394	)		(15,833	)
Fees and commissions income		1,306			805			—
Fees and commissions expense		(13,891	)		(16,199	)		(15,833	)
Dividend income		692,605			680,375			676,000
Net gain (loss) on financial instruments at FVTPL		(7,576	)		(920	)		9,434
Reversal (Provision) of impairment losses due to credit loss		76			116			(263	)
General and administrative expenses		(59,725	)		(56,472	)		(39,941	)
Non-operating expense		(305	)		(215	)		(750	)
Net income before income tax expense		590,245			594,537			628,687
Income tax income (expense)		4,607			781			(394	)
Net income		594,852			595,318			628,293
Other comprehensive loss, net of tax		(2,330	)		(887	)		(631	)
Items that will not be reclassified to profit or loss		(2,330	)		(887	)		(631	)
Net gain (loss) on valuation of equity securities at FVTOCI		(2,408	)		(280	)		—
Remeasurement of the net defined benefit liability		78			(607	)		(631	)
Total comprehensive Income		592,522			594,431			627,662
Net Income per share:
Basic and diluted income per share (in Korean Won)		730			757			900

3.	Dividend Information

•

In the mid- to long-term, Woori Financial Group plans to not only increase its dividends per share according to its improvement in net income, but also to gradually increase its dividend payout ratio to around 30% pursuant to the group’s mid- to long-term management plan (as resolved by the board of directors on December 18, 2020). In 2021, the company paid out interim dividends for the first time since its establishment, and determined its year-end dividend based on a level comparable to the dividend payout ratio before the spread of COVID-19. Moreover, in order to improve the predictability of its dividends, the Company plans to make a resolution to amend its articles of incorporation at the 3^rd annual general meeting of shareholders for FY2021 to specify the date of the determination of interim dividend rights as June 30. In the future, the company plans to review various market-friendly shareholder return policies once COVID-19 stabilizes, to improve shareholder value while maintaining capital adequacy.

•

The above plans are subject to change taking into account factors such as the COVID-19 situation and changes in the domestic and overseas business environment. Further details will be separately disclosed after a resolution of the board of directors of our company.


Items		2021		2020		2019
Par value per share (Won)			5,000		5,000		5,000
Net profit (Millions of Won)			2,587,936		1,307,266		1,872,207
Earnings per share (Won)			3,481		1,742		2,727
Total cash dividends (Millions of Won)			654,384		260,016		505,587
Total stock dividends (Millions of Won)			—		—		—
Cash dividend payout ratio (%)			25.29		19.89		27.00
Cash dividend yield (%)	Common Shares		6.8		3.6		5.8
	Preferred Shares		—		—		—
Stock dividend yield (%)	Common Shares		—		—		—
	Preferred Shares		—		—		—
Cash dividend per share (Won)	Common Shares		900		360		700
	Preferred Shares		—		—		—
Stock dividend per share (Share)	Common Shares		—		—		—
	Preferred Shares		—		—		—


Note 1)		The dividends for 2021 includes the interim dividends (as resolved by the board of directors on July 23, 2021) of KRW 108,340 million (KRW 150 cash dividend per share)
Note 2)		Of the total cash dividends for FY2021, the year-end dividends of KRW 546,044 million represents the amount prior to its approval at the annual general meeting of shareholders for FY2021. 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


	2021	2020	2019
Auditor	Samil PricewaterhouseCoopers	Samil PricewaterhouseCoopers		Deloitte Anjin LLC
Auditor’s Opinion	Note 1)	Note 2)		Note 3)


Note 1)		In its audit report, Samil PricewaterhouseCoopers has stated that the financial statements present fairly, in all material respects, the financial position of Woori Financial Group as of December 31, 2021, and its financial performance and its cash flows for the year then ended in accordance with Korean IFRS


Note 2)		In its audit report, Samil PricewaterhouseCoopers has stated that the financial statements present fairly, in all material respects, the financial position of Woori Financial Group as of December 31, 2020, and its financial performance and its cash flows for the year then ended in accordance with Korean IFRS.


Note 3)		In its audit report, Deloitte Anjin LLC has stated that the financial statements present fairly, in all material respects, the financial position of Woori Financial Group as of December 31, 2019 and December 31, 2018, respectively, and its financial performance and its cash flows for the years then ended in accordance with Korean IFRS.

2.	Compensation to the Independent Auditor

a.	Audit Services

Term

Auditor

Description

Contractual

Actual

Fee

Time

Fee

Time

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

2019

Deloitte Anjin LLC

1Q/1H/3Q Review

Closing audit (including internal

accounting management system)

KRW

752 million

7,995 hours

KRW

752 million

10,849
hours


Note 1)		Fee excludes VAT


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

b.	Other Audit Services


Term	Auditor	Description	Fee
2019	Deloitte Anjin LLC	Auditing services provided in connection with the submission of a holding company establishment report to the Fair Trade Commission	KRW 67 million


Note 1)		Fee excludes VAT

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


Term	Auditor	Description	Fee
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
2019	Deloitte Anjin LLC	U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2019)	KRW 1,873 million


Note 1)		Fee excludes VAT

d.	Non-Audit Services


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

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
2019	April 18, 2019	Tax adjustment (including review relating to application of consolidated tax)	April 18, 2019 ~ May 31, 2020	KRW 88 million
2019	May 14, 2019	Issuance of agreed-upon procedure report relating to asset management company establishment registration submitted to the Financial Supervisory Service	May 14, 2019 ~ May 31, 2019	KRW 18 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, 2021, the board of directors consisted of four outside directors, one non-standing director and two standing directors. On March 26, 2021, Sung-Tae Ro, Sang-Yong Park, Chan-Hyoung Chung, Zhiping Tian and Dong-Woo Chang were re-appointed as outside directors, and Won-Duk Lee was reappointed as a standing director, at the annual general meeting of shareholders for FY2020. Two outside directors, Zhiping Tian (on August 31,2021) and Dennis Chan (on September 16, 2021), resigned for personal reasons prior to the expiration of their terms.

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, 2021)


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)

Board Risk Management Committee	Two outside directors One non-standing director	(Chairman) Sang-Yong Park (outside director) Chan-Hyoung Chung (outside director) Hong-Tae Kim (non-standing director)

Compensation Committee	Four outside directors One non-standing director	(Chairman) Chan-Hyoung Chung (outside director) Sung-Tae Ro (outside director) Sang-Yong Park (outside director) Dong-Woo Chang (outside director) Hong-Tae Kim (non-standing director)

Committee for Recommending Executive Officer Candidates	Four outside directors	(Chairman) Dong-Woo Chang (outside director) Sung-Tae Ro (outside director) Sang-Yong Park (outside director) Chan-Hyoung Chung (outside director)

Committee for Recommending Subsidiary Representative Director Candidates	Four outside directors One standing director	(Chairman) Tae-Seung Son (standing director) Sung-Tae Ro (outside director) Sang-Yong Park (outside director) Chan-Hyoung Chung (outside director) Dong-Woo Chang (outside director)

Committee for Internal Control Management	One outside director One non-standing director Two standing directors	(Chairman) Sang-Yong Park (outside director) Hong-Tae Kim (non-standing director) Tae-Seung Son (standing director) Won-Duk Lee (standing director)


Name of Committee	Composition	Names of Members

Board ESG Management Committee	Four outside directors One non-standing director Two standing directors	(Chairman) Sung-Tae Ro (outside director) Sang-Yong Park (outside director) Chan-Hyoung Chung (outside director) Dong-Woo Chang (outside director) Hong-Tae Kim (non-standing director) Tae-Seung Son (standing director) Won-Duk Lee (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 2021 in March 2022
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 Shareholder’s Meeting Minutes


	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 (4 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 the 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 an 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 Shareholders 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

VI.

Shareholder Information

1.	Share Distribution

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


As of December 31, 2021		(units: shares, %)


Name	Relation		Type		Shares Held								Notes
					Beginning balance Note 2)				Ending balance
					Number		Share		Number		Share
Employee Stock Ownership Association of Woori Financial Group		The largest shareholder		Common		23,968,887		3.32		38,859,717		5.33		—
Employee Stock Ownership Association of Woori Bank		Specially related party of the largest shareholder		Common		36,993,413		5.12		32,630,581		4.48		—
Total				Common		60,962,300		8.44		71,490,298		9.82		—
				Others		—		—		—		—		—

Note 1)

The largest shareholder changed on December 9, 2021 due to the Korea Deposit Insurance Corporate’s sale of Woori Financial Group’s equity shares. Refer to the prior disclosure on Form 6-K on December 10, 2021, “Changes in the Largest Shareholder” for further details.

Note 2)

Beginning balance is as of December 31, 2020

b.	Changes in the largest shareholder


As of December 31, 2021		(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

Sale 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

ESOA’s purchase of 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.

• 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” for further details.

Note 4)

Comprehensive stock exchange between Woori Financial Group and Woori Financial Capital

Note 5)

Refer to the prior disclosure on Form 6-K on December 10, 2021, “Changes in the Largest Shareholder” for further details.

c.	Share Ownership of More Than 5%


As of December 31, 2021		(units: shares, %)


	Name	Shares				Notes
	Name	No. of shares		Percentage of shareholding		Notes
Share ownership of more than 5%	National Pension Service		65,479,545		8.99	—
	Korea Deposit Insurance Corporation		42,217,960		5.80	Note 1)
	Nobis1, Inc. (IMM PE)		40,560,000		5.57	—
Employee Stock Ownership Association			71,490,298		9.82	The largest shareholder Note 2)

Note 1)

On February 10, 2022, the KDIC’s percentage of shares held decreased from 5.8% to 2.2% due to its block sales of Woori Financial Group’s shares

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 2021		August 2021		September 2021		October 2021		November 2021		December 2021
Common Shares	High		11,650		11,400		11,650		13,700		13,600		13,550
	Low		10,850		10,550		10,800		11,450		12,600		12,450
	Average		11,305		11,036		11,145		12,292		13,275		13,098
Monthly Trade Volume	High		36,701,721		3,163,116		5,995,776		4,045,228		4,729,690		5,214,031
	Low		998,476		1,536,421		1,305,667		1,717,955		1,400,660		918,487
	Monthly Total		79,894,156		48,611,353		47,086,520		51,032,765		47,940,572		43,878,989

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 2021		August 2021		September 2021		October 2021		November 2021		December 2021
ADS	High		30.96		30.00		29.84		33.93		34.38		33.95
	Low		28.29		27.43		27.52		31.58		31.98		28.65
	Average		29.59		28.92		28.50		33.06		33.58		31.04
Won Conversion	High		35,053		35,124		34,698		40,428		40,606		39,783
	Low		32,460		32,217		32,408		37,508		38,165		34,010
	Average		33,849		33,560		33,337		39,109		39,750		36,718
Monthly Trade Volume	High		48,890		203,792		30,095		31,250		27,610		31,292
	Low		3,676		5,035		6,137		2,599		3,840		3,436
	Monthly Total		235,763		606,675		282,421		298,600		248,354		253,367

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.

VII.

Directors and Employee Information

1.	Directors and Executives

[As of March 17, 2022] [Note to WFG: Please ensure that all of the information below is correct as of this date, since the Korean version presents the information as of December 31, 2021]

Position

Name

Common
Shares
Owned

Term

Commencement Date

Expiration of Term

Chief Executive Officer

Registered

Tae-Seung Son

108,127

January 11, 2019 ~

Note 1)

Standing Director

Registered

Won-Duk Lee

24,500

December 18, 2020 ~

Note 2)

Outside Director

Registered

Sung-Tae Ro

5,000

January 11, 2019 ~

Note 2)

Outside Director

Registered

Sang-Yong Park

1,000

January 11, 2019 ~

Note 2)

Outside Director

Registered

Chan-Hyoung Chung

10,532

January 11, 2019 ~

Note 2)

Outside Director

Registered

Dong-Woo Chang

—

January 11, 2019 ~

Note 2)

Outside Director

Registered

In-Sub Yoon

—

January 27, 2022~

Note 3)

Outside Director

Registered

Yo-Hwan Shin

—

January 27, 2022~

Note 3)

President

Non-Registered

Hwa-Jae Park

8,000

February 25, 2022~

December 31, 2023

President

Non-Registered

Sang-Wook Chun

6,600

February 25, 2022~

December 31, 2023

Senior Deputy President

Non-Registered

Min-Cheol Shin

25,000

December 24, 2020 ~

December 23, 2022

Deputy President

Non-Registered

Jin-Ho Noh

8,000

February 11, 2020 ~

December 17, 2022

Deputy President

Non-Registered

Kyu-Mok Hwang

17,239

December 18, 2020 ~

December 17, 2022

Deputy President

Non-Registered

Seok-Young Chung

22,951

December 18, 2020 ~

January 10, 2023

Deputy President

Non-Registered

Jong-Il Park

16,619

December 18, 2020 ~

February 10, 2023

Deputy President &

Compliance Officer

Non-Registered

Byoung-Kwon Woo

8,500

December 18, 2020 ~

February 10, 2024

Deputy President

Non-Registered

Sung-Wook Lee

14,000

December 18, 2020 ~

February 10, 2023

Senior Managing Director

Non-Registered

Jong-Keun Lee

4,000

December 18, 2020 ~

December 17, 2022

Managing Director

Non-Registered

Il-Jin Ouk

2,000

February 25, 2022~

December 31, 2023

Managing Director

Non-Registered

Tae-Jeong Song

1,000

February 25, 2022~

December 31, 2023


Note 1)		End of the annual general meeting of shareholders for FY2022
Note 2)		End of the annual general meeting of shareholders for FY2021
Note 3)		End of the annual general meeting of shareholders for FY2023
Note 4)		Term commencement date: date of inauguration for registered officers or directors / date of appointment for non-registered officers or directors
Note 5)		Common shares owned are as of the date of submission of this report, and those owned by executives exclude the shares owned through the Employee Stock Ownership Association.

2.	Employee Status


As of December 31, 2021		(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

113

—

149

2 years 5 months (16 years

)

25,772

168

—


Note 1)		26 employees (23 regular employees and 3 contract 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, 2021		(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)		3		1,598		533		—
Outside Directors (excludes audit committee members)		1		161		68		—
Audit Committee Members		3		150		50		—
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, 2021
Note 4)		Total Compensation is the amount paid from January 1, 2021 to December 31, 2021
Note 5)		Average compensation per director was calculated by dividing the total compensation paid from January 1, 2021 to December 31, 2021 by the annualized number of persons*

*	In the third quarter of 2021, two outside directors resigned before the expiration of their terms

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 17, 2022	By:	/s/ Sang-Wook Chun
	(Signature)

	Name: Sang-Wook Chun
	Title: President