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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2025
Commission File Number: 001-31811
Woori Financial Group Inc.
(Translation of registrant’s name into English)
51, Sogong-ro, Jung-gu, Seoul, 04632, Korea
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
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Table of Contents
Summary of 2025 First Quarter Business Report
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Table of Contents
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.
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| I. | Introduction of the Company |
This section has been omitted for quarterly business reports, pursuant to Korean regulations (revised in March 2022) that allow for such omissions. For information on this section, please refer to the Form 6-K furnished to the Securities and Exchange Commission on March 18, 2025 under the title “Summary of 2024 Business Report.”
| II. | Business Overview |
| 1. | Results of Operations |
(units: billions of Won)
| Type |
2025 1Q | 2024 | 2023 | |||||||||
| Operating income |
869 | 4,255 | 3,499 | |||||||||
| Non-operating income (expense) |
(5 | ) | (32 | ) | 18 | |||||||
| Income before income tax |
865 | 4,223 | 3,517 | |||||||||
| Income tax expense (-) |
210 | 1,051 | 891 | |||||||||
| Net income |
655 | 3,171 | 2,627 | |||||||||
| Controlling Interest |
617 | 3,086 | 2,506 | |||||||||
| Non-controlling Interest |
38 | 85 | 121 | |||||||||
| 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 |
2025 1Q | 2024 | 2023 | ||||||||||||||||||||||||||||||||||
| Average Balance |
Interest Rate |
Proportion | Average Balance |
Interest Rate |
Proportion | Average Balance |
Interest Rate |
Proportion | ||||||||||||||||||||||||||||||
| Source |
Deposits | 357,995,782 | 2.65 | 68.98 | 351,584,810 | 2.88 | 69.89 | 324,824,465 | 2.83 | 68.98 | ||||||||||||||||||||||||||||
| Borrowings | 27,376,303 | 3.63 | 5.27 | 28,000,803 | 4.09 | 5.57 | 28,052,983 | 4.02 | 5.96 | |||||||||||||||||||||||||||||
| Debentures | 47,579,915 | 3.82 | 9.17 | 43,989,333 | 4.00 | 8.74 | 42,458,653 | 3.55 | 9.02 | |||||||||||||||||||||||||||||
| Others | 50,353,073 | — | 9.70 | 44,591,752 | — | 8.86 | 42,829,998 | — | 9.09 | |||||||||||||||||||||||||||||
| Total Liabilities | 483,305,073 | — | 93.12 | 468,166,698 | — | 93.06 | 438,166,099 | — | 93.05 | |||||||||||||||||||||||||||||
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| Total Equity | 35,709,136 | — | 6.88 | 34,913,425 | — | 6.94 | 32,708,219 | — | 6.95 | |||||||||||||||||||||||||||||
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| Total Liabilities & Equity | 519,014,209 | — | 100.00 | 503,080,123 | — | 100.00 | 470,874,318 | — | 100.00 | |||||||||||||||||||||||||||||
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| 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 |
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| b. | Use of Funds |
| For the periods indicated other than as noted below |
|
(units: millions of Won, %) | ||||||||||||||||||||||||||||||||||||
| Type |
Managed Item |
2025 1Q | 2024 | 2023 | ||||||||||||||||||||||||||||||||||
| Average Balance |
Interest Rate |
Proportion | Average Balance |
Interest Rate |
Proportion | Average Balance |
Interest Rate |
Proportion | ||||||||||||||||||||||||||||||
| Use |
Cash & Due from Banks | 18,050,171 | 3.21 | 3.48 | 18,441,851 | 3.38 | 3.67 | 16,692,268 | 3.26 | 3.54 | ||||||||||||||||||||||||||||
| Marketable securities | 79,387,517 | 4.07 | 15.30 | 76,997,821 | 3.53 | 15.31 | 75,522,522 | 3.61 | 16.04 | |||||||||||||||||||||||||||||
| Loans | 366,916,440 | 4.69 | 70.69 | 360,802,414 | 4.93 | 71.72 | 334,205,508 | 5.08 | 70.98 | |||||||||||||||||||||||||||||
| Loans in local currency |
314,248,802 | 4.39 | 60.55 | 309,771,603 | 4.65 | 61.58 | 287,312,990 | 4.84 | 61.02 | |||||||||||||||||||||||||||||
| Loans in foreign currency |
36,402,846 | 6.06 | 7.01 | 34,224,957 | 6.58 | 6.80 | 31,215,114 | 6.64 | 6.63 | |||||||||||||||||||||||||||||
| Guarantee payments |
9,679 | 0.89 | 0.00 | 11,571 | 1.96 | 0.00 | 14,567 | 2.28 | — | |||||||||||||||||||||||||||||
| Credit card receivables |
12,266,157 | 7.97 | 2.36 | 12,224,048 | 7.33 | 2.43 | 11,215,186 | 6.85 | 2.38 | |||||||||||||||||||||||||||||
| Foreign bills bought |
3,988,956 | 5.55 | 0.77 | 4,570,235 | 5.58 | 0.91 | 4,447,651 | 5.33 | 0.95 | |||||||||||||||||||||||||||||
| Bad debt expense in local currency | 3,434,159 | — | 0.66 | 3,198,795 | — | 0.65 | 2,609,403 | — | 0.55 | |||||||||||||||||||||||||||||
| Others | 58,094,240 | — | 11.19 | 50,036,832 | — | 9.95 | 47,063,423 | — | 9.99 | |||||||||||||||||||||||||||||
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| Total Assets |
519,014,209 | — | 100.00 | 503,080,123 | — | 100.00 | 470,874,318 | — | 100.00 | |||||||||||||||||||||||||||||
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| 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 |
2025 1Q | 2024 | 2023 | |||||||||
| Equity capital (A) |
36,725 | 36,928 | 34,756 | |||||||||
| Risk weighted assets (B) |
233,512 | 235,100 | 219,792 | |||||||||
| BIS(Capital adequacy) ratio (A/B) |
15.73 | 15.71 | 15.81 | |||||||||
| Note 1) | BIS (Bank for International Settlements) Capital Adequacy Ratios = Equity capital / Risk weighted assets * 100 |
| Note 2) | 2025 1Q figures are preliminary and are subject to change |
| Note 3) | Based on K-IFRS consolidated financial statements and Basel III standards |
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Capital Adequacy Ratios for Significant Subsidiaries and Consolidated Companies
| As of the end of the periods indicated | (units: hundreds of millions of Won, %) |
| Name of Company |
Type |
2025 1Q | 2024 | 2023 | ||||||||||||
| Woori Bank Note 2) |
BIS capital adequacy ratio Note 1) | Equity capital (A) | 309,353 | 304,302 | 282,379 | |||||||||||
| Risk weighted assets (B) | 1,905,393 | 1,920,087 | 1,760,737 | |||||||||||||
| Capital adequacy ratio (A/B) | 16.24 | 15.85 | 16.04 | |||||||||||||
| Woori Card Note 3) |
Adjusted capital ratio | 18.35 | 17.70 | 16.03 | ||||||||||||
| Tangible common equity ratio | 12.71 | 12.37 | 10.97 | |||||||||||||
| Woori Financial Capital Note 3) |
Adjusted capital ratio | 15.13 | 15.09 | 14.35 | ||||||||||||
| Tangible common equity ratio | 12.20 | 11.83 | 11.48 | |||||||||||||
| Woori Investment Securities Note 4) |
Net capital ratio | 1,362.94 | 2,098.64 | — | ||||||||||||
| Debt-to-asset ratio | 117.76 | 119.41 | — | |||||||||||||
| Woori Asset Trust Note 5) |
Operating capital ratio | 4,416.31 | 4,057.29 | 1,284.26 | ||||||||||||
| Woori Asset Management Note 3) |
Minimum operating capital ratio | 704.93 | 739.31 | 650.26 | ||||||||||||
| Woori Venture Partners Note 6) |
Tangible common equity ratio | 95.73 | 95.70 | 90.82 | ||||||||||||
| Woori Savings Bank Note 7) |
BIS capital adequacy ratio Note 1) | 17.01 | 16.37 | 13.21 | ||||||||||||
| Woori Private Equity Asset Management Note 3) |
Minimum operating capital ratio | 8,077.19 | 8,161.97 | 8,618.79 | ||||||||||||
| 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. 2025 1Q figures are estimates only and are 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 their respective K-IFRS separate financial statements |
| Note 4) | Figures for Woori Investment Securities (established in August 2024) are calculated as follows: |
| - | Net capital ratio: (net operating capital – total risk amount)/required maintenance capital x 100 // based on the applicable standards for business reports submitted to the Financial Supervisory Service |
| - | Debt-to-asset ratio: (actual assets)/(actual liability) x 100 // based on K-IFRS separate financial statements |
| Note 5) | Woori Asset Trust’s operating capital ratio = (net operating capital – subordinated debt, etc.)/(total risk amount) x 100 // based on K-IFRS separate financial statements |
| Note 6) | Figures for Woori Venture Partners are based on K-IFRS consolidated financial statements |
| Note 7) | Figures for Woori Savings Bank are based on K-GAAP |
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| b. | Liquidity Ratios |
Won Liquidity Ratios
| As of the end of the periods indicated |
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(units: millions of Won, %) | ||||||||||||||||||||||||||||||||||
| 2025 1Q | 2024 | 2023 | ||||||||||||||||||||||||||||||||||
| 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 |
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| Woori Financial Group Note 1) |
2,004,121 | 549,647 | 364.6 | 353,835 | 10,905 | 3,244.7 | 111,895 | 8,155 | 1,372.1 | |||||||||||||||||||||||||||
| Woori Card Note 2) |
8,657,485 | 2,862,498 | 302.4 | 8,722,587 | 2,785,182 | 313.2 | 9,119,265 | 2,454,480 | 371.5 | |||||||||||||||||||||||||||
| Woori Financial Capital Note 2) |
1,911,070 | 1,213,578 | 157.5 | 1,850,758 | 1,317,695 | 140.5 | 1,919,083 | 1,245,067 | 154.1 | |||||||||||||||||||||||||||
| Woori Investment Securities Note 2) |
5,156,806 | 2,532,263 | 203.6 | 4,982,461 | 2,660,153 | 187.3 | 4,032,290 | 1,926,080 | 209.4 | |||||||||||||||||||||||||||
| Woori Asset Trust Note 2) |
230,728 | 7,943 | 2,904.9 | 258,758 | 9,311 | 2,779.2 | 171,860 | 18,555 | 926.2 | |||||||||||||||||||||||||||
| Woori Savings Bank Note 2), Note 3) |
325,799 | 260,411 | 125.1 | 344,437 | 216,143 | 159.4 | 434,495 | 231,003 | 188.1 | |||||||||||||||||||||||||||
| Woori Venture Partners Note 2) |
125,093 | 6,350 | 1,969.9 | 136,198 | 6,877 | 1,980.4 | 103,367 | 7,210 | 1,433.6 | |||||||||||||||||||||||||||
| Woori Private Equity Asset Management Note 2) |
21,200 | 3,100 | 683.9 | 16,011 | 2,912 | 549.8 | 27,506 | 2,396 | 1,147.8 | |||||||||||||||||||||||||||
| 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 |
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(units: millions of Won, %) | ||||||||||||||||||||||||||||||||||
| Type |
2025 1Q | 2024 | 2023 | |||||||||||||||||||||||||||||||||
| 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 |
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| Woori Investment Securities Note 1) |
3,330 | 1,085 | 306.84 | 2,581 | 2,146 | 120.24 | 9,450 | 7,362 | 128.36 | |||||||||||||||||||||||||||
| Note 1) | Based on current assets and liabilities within three months of maturity |
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Liquidity Coverage Ratios (LCR)
(units: %)
| Name of |
Type |
2025 1Q | 2024 | 2023 | ||||||||||
| Woori Bank |
Liquidity coverage ratio Note 1) |
108.56 | 104.79 | 101.26 | ||||||||||
| Foreign currency liquidity coverage ratio Note 2) |
167.96 | 184.29 | 162.75 | |||||||||||
| Ratio of business purpose premises and equipment |
9.70 | 9.95 | 10.20 | |||||||||||
| Note 1) | LCR: Average of daily ratios during a quarter (same as the calculation method used for business disclosure) |
| - | The applicable LCR requirements were 100%, 97.5% and 95% as of March 31, 2025, December 31, 2024 and December 31, 2023, respectively |
| Note 2) | Foreign currency LCR: ratio calculated based on averages of the amount of each category (same as the calculation method used for business disclosure) |
| - | The applicable foreign currency LCR requirement was 80% for all periods after 2022. |
| Note 3) | The applicable periods for LCR and foreign currency LCR are: 1Q 2025, 4Q 2024, and 4Q 2023 |
| c. | Profitability Ratios Note1), Note2) |
| (units: %) | ||||||||||||||||||||||||
| Type |
2025 1Q | 2024 | 2023 | |||||||||||||||||||||
| ROA | ROE | ROA | ROE | ROA | ROE | |||||||||||||||||||
| Woori Financial Group |
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| Including non-controlling interests |
0.49 | 7.72 | 0.61 | 9.60 | 0.54 | 8.65 | ||||||||||||||||||
| Excluding non-controlling interests |
0.47 | 7.27 | 0.60 | 9.34 | 0.52 | 8.25 | ||||||||||||||||||
| Note 1) | Total assets and total equity : simple average of the starting balance for the fiscal year and the ending balance of each quarter |
| Note 2) | On an annualized basis, based on the applicable standards for business reports submitted to the Financial Supervisory Service. |
| d. | Asset Quality |
Group Asset Quality
(units: billions of Won, %)
| Type |
2025 1Q | 2024 | 2023 | |||||||||
| Total loans |
386,061 | 390,066 | 365,780 | |||||||||
| Substandard and below loans |
2,647 | 2,211 | 1,357 | |||||||||
| Substandard and below loans ratio |
0.69 | 0.57 | 0.37 | |||||||||
| Non-Performing Loans (“NPL”) |
2,012 | 1,786 | 1,299 | |||||||||
| NPL ratio |
0.52 | 0.46 | 0.36 | |||||||||
| Substandard and below coverage ratio (A/B) |
132.7 | 153.0 | 220.1 | |||||||||
| Loan loss reserve (A) |
3,513 | 3,382 | 2,986 | |||||||||
| Substandard and below loans (B) |
2,647 | 2,211 | 1,357 | |||||||||
| Note 1) | Based on the applicable standards for financial holding company business reports submitted to the Financial Supervisory Service |
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Asset Quality for Significant Subsidiaries and Consolidated Companies Note1)
(units: %)
| Type |
2025 1Q | 2024 | 2023 | |||||||||||||||||||||||||||||||||
| 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 |
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| Woori Bank |
0.32 | 0.24 | 188.4 | 0.23 | 0.19 | 247.44 | 0.18 | 0.17 | 320.84 | |||||||||||||||||||||||||||
| Woori Card |
1.39 | — | 105.13 | 1.07 | — | 105.46 | 0.97 | — | 104.92 | |||||||||||||||||||||||||||
| Woori Financial Capital |
2.26 | — | 110.24 | 1.91 | — | 134.18 | 2.37 | — | 113.21 | |||||||||||||||||||||||||||
| Woori Investment Securities Note 3) |
10.14 | — | 64.58 | 7.29 | — | 84.37 | 0.55 | — | 578.29 | |||||||||||||||||||||||||||
| Woori Asset Trust |
78.83 | — | — | 77.68 | — | — | 32.11 | — | — | |||||||||||||||||||||||||||
| Woori Savings Bank Note 2) |
8.95 | — | 75.97 | 9.82 | — | 77.43 | 3.53 | — | 101.66 | |||||||||||||||||||||||||||
| Note 1) | Based on the applicable standards for business reports submitted to the Financial Supervisory Service |
| Note 2) | Based on K-GAAP |
| Note 3) | Numbers for 2023 reflect those of Woori Investment Bank. Woori Investment Securities was established in August 2024, following the merger of Korea Foss Securities and Woori Investment Bank. |
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| 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) |
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(units: millions of Won) | ||||||||||
| Classification |
2025 1Q | 2024 | 2023 | |||||||||
| ASSETS |
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| Cash and cash equivalents |
25,607,511 | 27,281,123 | 30,556,618 | |||||||||
| Financial assets at fair value through profit or loss (“FVTPL”) |
23,861,998 | 25,202,672 | 21,544,756 | |||||||||
| Financial assets at fair value through other comprehensive income |
43,011,641 | 43,797,745 | 37,891,495 | |||||||||
| Securities at amortized cost |
19,064,424 | 19,203,177 | 23,996,172 | |||||||||
| Loans and other financial assets at amortized cost |
409,496,153 | 398,471,816 | 373,148,148 | |||||||||
| Investments in joint ventures and associates |
1,748,778 | 1,748,810 | 1,795,370 | |||||||||
| Investment properties |
459,539 | 450,788 | 472,768 | |||||||||
| Premises and equipment |
3,358,169 | 3,370,585 | 3,176,759 | |||||||||
| Intangible assets and goodwill |
1,097,934 | 1,091,402 | 996,842 | |||||||||
| Assets held for sale |
74,123 | 73,989 | 20,345 | |||||||||
| Net defined benefit asset |
2,236 | 146,109 | 240,260 | |||||||||
| Current tax assets |
57,146 | 61,613 | 203,542 | |||||||||
| Deferred tax assets |
34,648 | 72,937 | 93,366 | |||||||||
| Derivative assets (designated for hedging) |
182,420 | 175,191 | 26,708 | |||||||||
| Other assets |
4,639,544 | 4,605,363 | 3,841,787 | |||||||||
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| Total assets |
532,696,264 | 525,753,320 | 498,004,936 | |||||||||
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| LIABILITIES |
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| Financial liabilities at FVTPL |
8,504,791 | 9,896,597 | 6,138,313 | |||||||||
| Deposits due to customers |
368,475,940 | 366,821,156 | 357,784,297 | |||||||||
| Borrowings |
30,378,783 | 30,117,031 | 30,986,746 | |||||||||
| Debentures |
46,952,728 | 48,207,103 | 41,239,245 | |||||||||
| Provisions |
612,004 | 611,428 | 806,031 | |||||||||
| Net defined benefit liability |
39,940 | 5,424 | 6,939 | |||||||||
| Current tax liabilities |
260,508 | 127,126 | 103,655 | |||||||||
| Deferred tax liabilities |
775,165 | 858,822 | 470,311 | |||||||||
| Derivative liabilities (designated for hedging) |
85,618 | 102,815 | 153,007 | |||||||||
| Other financial liabilities |
40,260,070 | 32,314,051 | 26,115,005 | |||||||||
| Other liabilities |
827,715 | 796,498 | 803,897 | |||||||||
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| Total liabilities |
497,173,262 | 489,858,051 | 464,607,446 | |||||||||
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| EQUITY |
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| Owners’ equity: |
33,727,777 | 34,096,836 | 31,666,881 | |||||||||
| Capital stock |
3,802,676 | 3,802,676 | 3,802,676 | |||||||||
| Hybrid securities |
3,411,343 | 3,810,435 | 3,611,129 | |||||||||
| Capital surplus |
934,100 | 934,100 | 935,563 | |||||||||
| Other equity |
(1,402,861 | ) | (1,400,885 | ) | (1,668,957 | ) | ||||||
| Retained earnings |
26,982,519 | 26,950,510 | 24,986,470 | |||||||||
| Non-controlling interests |
1,795,225 | 1,798,433 | 1,730,609 | |||||||||
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| Total equity |
35,523,002 | 35,895,269 | 33,397,490 | |||||||||
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| Total liabilities and equity |
532,696,264 | 525,753,320 | 498,004,936 | |||||||||
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| Number of Consolidated Subsidiaries (excluding holding company) |
183 | 188 | 179 | |||||||||
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Summary Consolidated Statement of Comprehensive Income
| (The Company and its consolidated subsidiaries, for the periods indicated) | (units: millions of Won, except per share amounts) | |||||||||||||||
| Classification |
2025 1Q | 2024 1Q | 2024 | 2023 | ||||||||||||
| Operating income |
869,263 | 1,150,689 | 4,255,190 | 3,499,029 | ||||||||||||
| Net interest income |
2,251,991 | 2,198,203 | 8,886,336 | 8,742,540 | ||||||||||||
| Net fees and commissions income |
511,434 | 502,931 | 2,086,170 | 1,720,481 | ||||||||||||
| Dividend income |
69,824 | 66,782 | 310,320 | 240,293 | ||||||||||||
| Net gain or loss on financial instruments at FVTPL |
202,368 | 515,607 | 1,492,783 | 488,486 | ||||||||||||
| Net gain or loss on financial assets at FVTOCI |
33,257 | 20,476 | 96,620 | (37,641 | ) | |||||||||||
| Net gain or loss arising on financial assets at amortized cost |
19,805 | 46,119 | 286,885 | 203,942 | ||||||||||||
| Impairment losses due to credit loss |
(435,501 | ) | (366,512 | ) | (1,716,295 | ) | (1,894,916 | ) | ||||||||
| General and administrative expenses |
(1,306,172 | ) | (1,031,667 | ) | (4,468,973 | ) | (4,443,433 | ) | ||||||||
| Other net operating expenses |
(477,743 | ) | (801,250 | ) | (2,718,656 | ) | (1,520,723 | ) | ||||||||
| Non-operating income (expense) |
(4,668 | ) | (6,732 | ) | (32,343 | ) | 18,424 | |||||||||
| Net income before income tax expense |
864,595 | 1,143,957 | 4,222,847 | 3,517,453 | ||||||||||||
| Income tax expense |
(210,039 | ) | (305,046 | ) | (1,051,378 | ) | (890,559 | ) | ||||||||
| Net income |
654,556 | 838,911 | 3,171,469 | 2,626,894 | ||||||||||||
| Net income attributable to owners |
616,691 | 824,001 | 3,085,995 | 2,506,296 | ||||||||||||
| Net income attributable to the non-controlling interests |
37,865 | 14,910 | 85,474 | 120,598 | ||||||||||||
| Other comprehensive income (loss), net of tax |
(32,223 | ) | (3,812 | ) | 382,719 | 663,537 | ||||||||||
| Items that will not be reclassified to profit or loss |
(86,879 | ) | (75,240 | ) | (200,341 | ) | 122,334 | |||||||||
| Items that may be reclassified to profit or loss |
54,656 | 71,428 | 583,060 | 541,203 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total comprehensive income |
622,333 | 835,099 | 3,554,188 | 3,290,431 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Comprehensive income attributable to the owners |
588,070 | 816,769 | 3,454,620 | 3,164,464 | ||||||||||||
| Comprehensive income attributable to non-controlling interests |
34,263 | 18,330 | 99,568 | 125,967 | ||||||||||||
| Net income per share: |
||||||||||||||||
| Basic and diluted income per share (in Korean Won) |
781 | 1,056 | 3,950 | 3,230 | ||||||||||||
12
Table of Contents
| 2. | Condensed Financial Statements (Separate) |
Summary Statement of Financial Position
| (The Company, as of the end of the periods indicated) | (units: millions of Won) |
| Classification |
2025 1Q | 2024 | 2023 | |||||||||
| ASSETS |
||||||||||||
| Cash and cash equivalents |
2,109,858 | 1,185,912 | 289,507 | |||||||||
| Financial assets at fair value through other comprehensive income |
557,168 | 553,518 | 539,709 | |||||||||
| Loans and other financial assets at amortized cost |
751,521 | 204,431 | 1,104,815 | |||||||||
| Investments in subsidiaries |
24,206,017 | 24,206,017 | 23,670,476 | |||||||||
| Premises and equipment |
4,986 | 5,304 | 6,609 | |||||||||
| Intangible assets |
3,406 | 3,308 | 4,052 | |||||||||
| Net defined benefit asset |
— | 1,378 | 3,941 | |||||||||
| Current tax assets |
33,120 | 33,120 | 158,951 | |||||||||
| Deferred tax assets |
2,414 | 4,379 | 7,478 | |||||||||
| Other assets |
155,732 | 155,670 | 484 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total assets |
27,824,222 | 26,353,037 | 25,786,022 | |||||||||
|
|
|
|
|
|
|
|||||||
| LIABILITIES |
||||||||||||
| Debentures |
2,437,184 | 2,037,567 | 1,587,659 | |||||||||
| Provisions |
1,855 | 1,252 | 1,227 | |||||||||
| Net defined benefit liability |
823 | — | — | |||||||||
| Current tax liabilities |
216,679 | 84,701 | 32,125 | |||||||||
| Other financial liabilities |
570,225 | 76,382 | 163,621 | |||||||||
| Other liabilities |
2,156 | 404 | 392 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total liabilities |
3,228,922 | 2,200,306 | 1,785,024 | |||||||||
|
|
|
|
|
|
|
|||||||
| EQUITY |
||||||||||||
| Capital stock |
3,802,676 | 3,802,676 | 3,802,676 | |||||||||
| Hybrid securities |
3,411,133 | 3,810,225 | 3,610,953 | |||||||||
| Capital surplus |
8,120,236 | 11,120,236 | 11,120,236 | |||||||||
| Other equity |
(23,556 | ) | (1,189 | ) | (7,871 | ) | ||||||
| Retained Earnings |
9,284,811 | 5,420,783 | 5,475,004 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total equity |
24,595,300 | 24,152,731 | 24,000,998 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total liabilities and equity |
27,824,222 | 26,353,037 | 25,786,022 | |||||||||
|
|
|
|
|
|
|
|||||||
13
Table of Contents
Summary Statement of Comprehensive Income
| (The Company, for the periods indicated) | (units: millions of Won, except per share amounts) |
| Classification |
2025 1Q | 2024 1Q | 2024 | 2023 | ||||||||||||
| Operating income |
1,397,416 | 1,168,850 | 1,123,301 | 1,424,670 | ||||||||||||
| Net interest expense |
(8,203 | ) | 1,319 | 2,128 | 27,495 | |||||||||||
| Interest income |
8,610 | 12,635 | 51,778 | 64,592 | ||||||||||||
| Interest expense |
(16,813 | ) | (11,316 | ) | (49,650 | ) | (37,097 | ) | ||||||||
| Net fees and commissions loss |
(4,781 | ) | (3,845 | ) | (20,319 | ) | (20,097 | ) | ||||||||
| Fees and commissions income |
459 | 407 | 1,625 | 1,625 | ||||||||||||
| Fees and commissions expense |
(5,240 | ) | (4,252 | ) | (21,944 | ) | (21,722 | ) | ||||||||
| Dividend income |
1,429,225 | 1,189,333 | 1,208,522 | 1,482,956 | ||||||||||||
| Net gain (loss) on financial instruments at FVTPL |
— | — | — | 2,023 | ||||||||||||
| Provisions for impairment losses due to credit loss |
(404 | ) | (460 | ) | 608 | (348 | ) | |||||||||
| General and administrative expenses |
(18,421 | ) | (17,497 | ) | (67,638 | ) | (67,359 | ) | ||||||||
| Non-operating income (expense) |
(6 | ) | (18 | ) | (147 | ) | (1,043 | ) | ||||||||
| Net income before income tax expense |
1,397,410 | 1,168,832 | 1,123,154 | 1,423,627 | ||||||||||||
| Income tax income (expense) |
(1,345 | ) | (1,043 | ) | 178 | 881 | ||||||||||
| Net income |
1,396,065 | 1,167,789 | 1,123,332 | 1,424,508 | ||||||||||||
| Other comprehensive income (loss), net of tax |
1,726 | (567 | ) | 9,138 | 18,916 | |||||||||||
| Items that will not be reclassified to profit or loss |
1,726 | (567 | ) | 9,138 | 18,916 | |||||||||||
| Net gain (loss) on valuation of equity securities at FVTOCI |
2,686 | 119 | 10,164 | 19,789 | ||||||||||||
| Remeasurement of the net defined benefit liability |
(960 | ) | (686 | ) | (1,026 | ) | (873 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total comprehensive income |
1,397,791 | 1,167,222 | 1,132,470 | 1,443,424 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income per share: |
||||||||||||||||
| Basic and diluted income per share (in Korean Won) |
1,828 | 1,510 | 1,296 | 1,754 | ||||||||||||
14
Table of Contents
| 3. | Dividend Information |
| Items |
2025 1Q | 2024 | 2023 | |||||||||||
| Par value per share (Won) |
5,000 | 5,000 | 5,000 | |||||||||||
| Net profit (Millions of Won) |
616,691 | 3,085,995 | 2,506,296 | |||||||||||
| Earnings per share (Won) |
781 | 3,950 | 3,230 | |||||||||||
| Total cash dividends (Millions of Won) |
147,428 | 891,045 | 747,302 | |||||||||||
| Total stock dividends (Millions of Won) |
— | — | — | |||||||||||
| Cash dividend payout ratio (%) |
23.91 | 28.87 | 29.82 | |||||||||||
| Cash dividend yield (%) |
Common Shares | 1.2 | 6.9 | 6.7 | ||||||||||
| Preferred Shares | — | — | — | |||||||||||
| Stock dividend yield (%) |
Common Shares | — | — | — | ||||||||||
| Preferred Shares | — | — | — | |||||||||||
| Cash dividend per share (Won) |
Common Shares | 200 | 1,200 | 1,000 | ||||||||||
| Preferred Shares | — | — | — | |||||||||||
| Stock dividend per share (Share) |
Common Shares | — | — | — | ||||||||||
| Preferred Shares | — | — | — | |||||||||||
| Note 1) | The dividends for the first quarter of 2025 KRW 147,428 million (KRW 200 per share). The dividends for the first quarter of 2025 were determined through a board resolution on April 25, 2025. |
| Note 2) | The dividends for FY2024 include quarterly dividends of KRW 133,657 million (KRW 180 per share) for the first quarter, KRW 133,657 million (KRW 180 per share) for the second quarter, and KRW 133,657 million (KRW 180 per share) for the third quarter |
| Note 3) | The dividends for FY2023 include interim dividends of KRW 130,748 million (KRW 180 per share) for the second quarter, and KRW 135,341 million (KRW 180 per share) for the third quarter |
| Note 4) | The cash dividend yield for the first quarter of 2025 is calculated as the percentage of cash dividend per share to the arithmetic average price formed in the stock market during the week starting from the trading day before the date the dividend amount is determined. The percentage is rounded to the first decimal place. |
| Note 5) | The cash dividend yields for FY2023 and FY2024 are calculated as the percentage of cash dividend per share to the arithmetic average price formed in the stock market during the week, starting from two trading days before the record date. The percentage is rounded to the first decimal place. |
15
Table of Contents
IV. Independent Auditor’s Opinion
| 1. | Independent Auditor’s Opinion |
| 2025 1Q |
2024 |
2023 | ||||
| Auditor |
KPMG Samjong Accounting Corp. | KPMG Samjong Accounting Corp. | KPMG Samjong Accounting Corp. | |||
| Auditor’s Opinion |
Note 1) | Note 2) | Note 3) |
| Note 1) | In its review report attached to this report, KPMG Samjong Accounting Corp. has stated that nothing had come to their attention that caused them to believe that the accompanying consolidated and separate interim financial statements of Woori Financial Group are not presented fairly in all material respects, in accordance with Korean IFRS. |
| Note 2) | In its audit report, KPMG Samjong Accounting Corp. has stated that the financial statements are presented fairly, in all material respects, in accordance with Korean IFRS. |
| Note 3) | In its audit report, KPMG Samjong Accounting Corp. 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 |
Contractual |
Actual | ||||||||
| Fee |
Time | Fee | Time | |||||||||
| 2025 1Q | KPMG Samjong Accounting Corp. | 1Q/1H/3Q Review Closing audit (including internal accounting management system) |
KRW 1,065 million | 10,009 hours | KRW 215 million | 1,342 hours | ||||||
| 2024 | KPMG Samjong Accounting Corp. | 1Q/1H/3Q Review Closing audit (including internal accounting management system) |
KRW 1,037 million | 9,930 hours | KRW 1,037 million | 9,937 hours | ||||||
| 2023 | KPMG Samjong Accounting Corp. | 1Q/1H/3Q Review Closing audit (including internal accounting management system) |
KRW 964 million | 9,380 hours | KRW 964 million | 9,613 hours | ||||||
| Note 1) | Fee excludes VAT |
| Note 2) | Time includes planning time up until the commencement of the applicable services |
16
Table of Contents
| 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 | |||||
| 2025 1Q |
KPMG Samjong Accounting Corp. |
U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2025) | KRW 2,028 million | |||||
| 2024 |
KPMG Samjong Accounting Corp. |
U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2024) | KRW 2,015 million | |||||
| 2023 |
KPMG Samjong Accounting Corp. |
U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2023) | KRW 1,891 million | |||||
| Note 1) | Fee excludes VAT |
| d. | Non-Audit Services |
| Term |
Date of Execution of Agreement |
Description of Service |
Service Term |
Fees | ||||
| 2025 1Q |
April 9, 2025 | Tax adjustment (including review relating to application of consolidated tax) | April 9, 2025 ~ June 1, 2026 | KRW 76 million | ||||
| 2024 |
March 31, 2024 | Tax adjustment (including review relating to application of consolidated tax) | April 1, 2024 ~ June 2, 2025 | KRW 68 million | ||||
| 2023 |
March 31, 2023 | Tax adjustment (including review relating to application of consolidated tax) | April 1, 2023 ~ May 31, 2024 | KRW 64 million |
| Note 1) | Fee excludes VAT |
17
Table of Contents
This section has been omitted for quarterly business reports, pursuant to Korean regulations (revised in March 2022) that allow for such omissions. For information on this section, please refer to the Form 6-K furnished to the Securities and Exchange Commission on March 18, 2025 under the title “Summary of 2024 Business Report.”
| 1. | Share Distribution |
| a. | Share Information of the Largest Shareholder and Specially Related Parties |
| As of March 31, 2025 | (units: shares, %) |
| Shares Held | Notes | |||||||||||||||||||||||||
| Name |
Relation |
Type | Beginning balance | Ending balance | ||||||||||||||||||||||
| Number | Share | Number | Share | |||||||||||||||||||||||
| Employee Stock Ownership Association of Woori Financial Group |
The largest shareholder | Common | 44,474,301 | 5.99 | 43,132,460 | 5.81 | — | |||||||||||||||||||
| Employee Stock Ownership Association of Woori Bank |
Specially related party of the largest shareholder | Common | 19,106,955 | 2.57 | 17,659,784 | 2.38 | — | |||||||||||||||||||
| Total |
Common | 63,581,256 | 8.56 | 60,792,244 | 8.19 | — | ||||||||||||||||||||
| Others | — | — | — | — | — | |||||||||||||||||||||
| b. | Changes in the largest shareholder |
| As of March 31, 2025 | (units: shares, %) |
| Change of Date |
Largest Shareholder |
Number Held | Share | Notes | ||||||||
| December 9, 2021 |
Employee Stock Ownership Association of Woori Financial Group and 1 other | 71,346,178 | 9.80 | Bought 1.00% of the KDIC’s remaining shares of Woori Financial Group (8.80% share already held) Note 1) | ||||||||
| Note 1) | Refer to the prior disclosure on the Form 6-K on December 10, 2021, Changes in the Largest Shareholder |
18
Table of Contents
| c. | Share Ownership of More Than 5% |
This section has been omitted for quarterly business reports, pursuant to Korean regulations (revised in March 2022) that allow for such omissions. For information on this section, please refer to the Form 6-K furnished to the Securities and Exchange Commission on March 18, 2025 under the title “Summary of 2024 Business Report.”
| 2. | Stock Price and Stock Market Performance |
This section has been omitted for quarterly business reports, pursuant to Korean regulations (revised in March 2022) that allow for such omissions. For information on this section, please refer to the Form 6-K furnished to the Securities and Exchange Commission on March 18, 2025 under the title “Summary of 2024 Business Report.”
19
Table of Contents
VII. Directors and Employee Information
| 1. | Directors and Executives |
As of March 31, 2025
| Position |
Name |
Common Shares Owned |
Term Commencement Date |
Expiration of Term | ||||||||
| Chief Executive Officer |
Registered | Jong-Yong Yim | 10,000 | March 24, 2023 | Note 1) | |||||||
| Independent Director |
Registered | In-Sub Yoon | — | January 27, 2022 | Note 1) | |||||||
| Independent Director |
Registered | Choon-Soo Kim | — | March 26, 2025 | Note 2) | |||||||
| Independent Director |
Registered | Young-Hoon Kim | — | March 26, 2025 | Note 2) | |||||||
| Independent Director |
Registered | Kang-Haeng Lee | 7,000 | March 26, 2025 | Note 2) | |||||||
| Independent Director |
Registered | Yeong-Seop Rhee | — | March 26, 2025 | Note 2) | |||||||
| Independent Director |
Registered | Eun-Ju Lee | — | March 28, 2024 | Note 1) | |||||||
| Independent Director |
Registered | Sun-Young Park | — | March 26, 2024 | Note 1) | |||||||
| Deputy President |
Non-Registered | Sung-Wook Lee | 16,000 | February 25, 2022 | December 31, 2025 | |||||||
| Deputy President |
Non-Registered | Il-Jin Ouk | 4,000 | December 8, 2023 | November 30, 2025 | |||||||
| Deputy President |
Non-Registered | Jang-Keun Park | 2,000 | December 8, 2023 | March 6, 2027 | |||||||
| Deputy President |
Non-Registered | Jung-Soo Lee | 6,890 | December 8, 2023 | December 31, 2025 | |||||||
| Deputy President |
Non-Registered | Chan-Ho Jeong | 7,492 | December 8, 2023 | November 30, 2025 | |||||||
| Deputy President |
Non-Registered | Kyu-Hwang Jeong | 11,741 | December 8, 2023 | July 4, 2026 | |||||||
| Deputy President |
Non-Registered | Hyeon Gi Jeon | 948 | December 16, 2024 | December 31, 2026 | |||||||
| Managing Director |
Non-Registered | Jung Sup Lee | — | December 16, 2024 | December 31, 2026 | |||||||
| Managing Director |
Non-Registered | Je Seong Park | 5,250 | December 16, 2024 | December 31, 2026 | |||||||
| Note 1) | The terms of Standing Director Jong-Yong Yim and Independent Directors In-Sub Yoon, Eun-Ju Lee, and Sunyoung Park : Until the end of the annual general meeting of shareholders for FY2025. |
| Note 2) | The terms of Independent Directors Choon-Soo Kim, Young-Hoon Kim, Kang-Haeng Lee, Yeong-Seop Rhee: Until the end of the annual general meeting of shareholders for FY2026. |
| 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 the shares owned through the Employee Stock Ownership Association. |
20
Table of Contents
| 2. | Employee Status |
This section has been omitted for quarterly business reports, pursuant to Korean regulations (revised in March 2022) that allow for such omissions. For information on this section, please refer to the Form 6-K furnished to the Securities and Exchange Commission on March 18, 2025 under the title “Summary of 2024 Business Report.”
| 3. | Directors’ Compensation |
This section has been omitted for quarterly business reports, pursuant to Korean regulations (revised in March 2022) that allow for such omissions. For information on this section, please refer to the Form 6-K furnished to the Securities and Exchange Commission on March 18, 2025 under the title “Summary of 2024 Business Report.”
This section has been omitted for quarterly business reports, pursuant to Korean regulations (revised in March 2022) that allow for such omissions. For information on this section, please refer to the Form 6-K furnished to the Securities and Exchange Commission on March 18, 2025 under the title “Summary of 2024 Business Report.”
21
Table of Contents
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: May 15, 2025 | By: | /s/ Sung-Wook Lee | ||||
| (Signature) | ||||||
| Name: Sung-Wook Lee | ||||||
| Title: Deputy President | ||||||
22