Woori Financial 6K Current report | WF 14 Aug 24

Exhibit 99.1

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF AND FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED JUNE 30, 2024 AND 2023

WOORI FINANCIAL GROUP INC.


		Page(s)

Independent Auditor’s Review Report		1-2

Consolidated Interim Financial Statements

Consolidated Interim Statements of Financial Position		4

Consolidated Interim Statements of Comprehensive Income		5-6

Consolidated Interim Statements of Changes in Equity		7

Consolidated Interim Statements of Cash Flows		8-9

Notes to the Consolidated Interim Financial Statements		10-146

Independent Auditor’s Review Report

Based on a report originally issued in Korean

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

Reviewed Financial Statements

We have reviewed the accompanying condensed consolidated interim financial statements of Woori Financial Group Inc. and its subsidiaries (collectively the “Group”), which comprise the consolidated interim statement of financial position as of June 30, 2024, the consolidated interim statements of comprehensive income for the three-month and six-month periods ended June 30, 2024, the consolidated interim statement of changes in equity and cash flows for the six-month periods ended June 30, 2024 and 2023 and notes, comprising of material accounting policy information and other explanatory information.

Management’s Responsibility

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

Auditor’s Review Responsibility

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

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

Conclusion

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

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Other Matters

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

The consolidated statement of financial position of the Group as of December 31, 2023, and the related consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, which are not accompanying this report, were audited by us in accordance with Korean Standards on Auditing and their report thereon, dated March 6, 2024, expressed an unqualified opinion. The accompanying consolidated statement of financial position of the Group as of December 31, 2023, presented for comparative purposes, is not different from that audited by us from which it was derived in all material respects.

/s/ KPMG Samjong Accounting Corp.

Seoul, Korea

August 14, 2024

This report is effective as of August 14, 2024, the review report date. Certain subsequent events or circumstances, which may occur between the review report date and the time of reading this report, could have a material impact on the accompanying condensed consolidated interim financial statements and notes thereto. Accordingly, the readers of the review report should understand that the above review report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF AND FOR THE THREE-MONTH AND SIX-MONTH PERIODS

ENDED JUNE 30, 2024 AND 2023

The accompanying consolidated interim financial statements including

all footnote disclosures were prepared by, and are the responsibility of, the management of

Woori Financial Group Inc.

Jong Yong Yim

President and Chief Executive Officer

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

(Phone Number) 02-2125-2000

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

AS OF JUNE 30, 2024 (UNAUDITED) AND DECEMBER 31, 2023


	June 30, 2024			December 31, 2023
	(Korean Won in millions)
ASSETS
Cash and cash equivalents (Notes 4 and 6)		25,471,632			30,556,618
Financial assets at fair value through profit or loss (“FVTPL”) (Notes 4, 7, 11, and 24)		23,309,282			21,544,756
Financial assets at fair value through other comprehensive income (“FVTOCI”) (Notes 4, 8, and 11)		38,875,628			37,891,495
Securities at amortized cost (Notes 4, 9, and 11)		22,408,759			23,996,172
Loans and other financial assets at amortized cost (Notes 4, 10, 11, and 39)		387,374,084			373,148,148
Investments in joint ventures and associates (Note 12)		1,899,281			1,795,370
Investment properties (Notes 13)		495,032			472,768
Premises and equipment (Notes 14)		3,306,955			3,176,759
Intangible assets (Note 15)		1,025,291			996,842
Assets held for sale (Note 16)		35,333			20,345
Net defined benefit asset (Note 22)		111,599			240,260
Current tax assets		69,325			203,542
Deferred tax assets		49,904			93,366
Derivative assets (Designated for hedging) (Notes 4, 11 and 24)		85,106			26,708
Other assets (Notes 17, 39 and 40)		4,263,954			3,841,787

Total assets		508,781,165			498,004,936

LIABILITIES
Financial liabilities at fair value through profit or loss (“FVTPL”) (Notes 4, 11, 18 and 24)		7,515,789			6,138,313
Deposits due to customers (Notes 4, 11, 19 and 39)		359,302,549			357,784,297
Borrowings (Notes 4, 11 and 20)		30,315,001			30,986,746
Debentures (Notes 4, 11 and 20)		42,102,432			41,239,245
Provisions (Notes 21, 38 and 39)		634,578			806,031
Net defined benefit liability (Note 22)		4,375			6,939
Current tax liabilities		145,887			103,655
Deferred tax liabilities		653,876			470,311
Derivative liabilities (Designated for hedging) (Notes 4, 11 and 24)		150,585			153,007
Other financial liabilities (Notes 4, 11, 23, 39 and 40)		32,033,007			26,115,005
Other liabilities (Notes 23 and 39)		775,472			803,897

Total liabilities		473,633,551			464,607,446

EQUITY
Owners’ equity (Note 26)
Capital stock		3,802,676			3,802,676
Hybrid securities		4,409,042			3,611,129
Capital surplus		937,826			935,563
Other equity		(1,598,997	)		(1,668,957	)
Retained earnings		25,916,022			24,986,470

		33,466,569			31,666,881

Non-controlling interests		1,681,045			1,730,609

Total equity		35,147,614			33,397,490

Total liabilities and equity		508,781,165			498,004,936

The accompanying notes are part of this consolidated financial statements.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED JUNE 30, 2024 AND 2023 (UNAUDITED)


	Periods ended June 30, 2024						Periods ended June 30, 2023
	Three-month			Six-month			Three-month			Six-month
	(Korean Won in millions, except per share data)
Interest income		5,418,375			10,887,876			5,048,739			9,977,877
Financial assets at FVTPL		57,213			114,866			47,642			91,617
Financial assets at FVTOCI		322,136			626,636			228,548			436,796
Financial assets at amortized cost		5,039,026			10,146,374			4,772,549			9,449,464
Interest expense		(3,221,479	)		(6,492,777	)		(2,854,567	)		(5,564,884	)

Net interest income (Notes 11, 28 and 39)		2,196,896			4,395,099			2,194,172			4,412,993
Fees and commissions income		743,509			1,433,183			642,016			1,261,278
Fees and commissions expense		(188,274	)		(375,017	)		(217,845	)		(419,013	)

Net fees and commissions income (Notes 11, 29 and 39)		555,235			1,058,166			424,171			842,265
Dividend income (Notes 11, 30 and 39)		85,956			152,738			42,925			92,005
Net gain on financial instruments at FVTPL (Notes 11, 31 and 39)		386,511			902,118			122,019			360,517
Net gain(loss) on financial assets at FVTOCI (Notes 11 and 32)		18,039			38,515			(729	)		(398	)
Net gain arising on financial assets at amortized cost (Note 11)		119,526			165,645			51,402			115,708
Impairment losses due to credit loss (Notes 11, 33 and 39)		(408,980	)		(775,492	)		(556,242	)		(817,815	)
General and administrative expense (Notes 34 and 39)		(1,069,320	)		(2,100,987	)		(1,020,936	)		(2,057,916	)
Other net operating expense (Notes 11, 24, 34 and 39)		(630,543	)		(1,431,793	)		(361,344	)		(799,921	)

Operating income		1,253,320			2,404,009			895,438			2,147,438
Share of gain of joint ventures and associates (Note 12)		34,122			39,631			63,841			70,983
Other non-operating income and expense		(40,540	)		(52,781	)		(81,067	)		(69,888	)

Non-operating income and expense (Note 35)		(6,418	)		(13,150	)		(17,226	)		1,095
Net income before income tax expense		1,246,902			2,390,859			878,212			2,148,533
Income tax expense (Note 36)		(285,393	)		(590,439	)		(211,022	)		(534,721	)
Net income		961,509			1,800,420			667,190			1,613,812

Net gain (loss) on valuation of equity securities at FVTOCI		(30,182	)		(85,934	)		50,369			130,792
Net gain on credit risk fluctuation of financial liabilities designated to be measured at FVTPL		391			837			—			—
Changes in capital due to equity method		(129	)		(1,562	)		(743	)		2,957
Remeasurement gain (loss) related to defined benefit plan		(30,991	)		(49,492	)		32,137			(61,730	)

Items that will not be reclassified to profit or loss:		(60,911	)		(136,151	)		81,763			72,019

Net gain (loss) on valuation of debt securities at FVTOCI		64,962			45,769			(46,135	)		190,920
Changes in capital due to equity method		875			(4,955	)		(2,055	)		(667	)
Net gain (loss) on foreign currency translation of foreign operations		91,896			219,154			(15,560	)		159,990
Net loss on valuation of hedges of net investments in foreign operations		(26,961	)		(63,449	)		(5,724	)		(28,929	)
Net gain (loss) on valuation of cash flow hedge		549			6,230			(540	)		(10,873	)

Items that may be reclassified to profit or loss:		131,321			202,749			(70,014	)		310,441
Other comprehensive income, net of tax		70,410			66,598			11,749			382,460
Total comprehensive income		1,031,919			1,867,018			678,939			1,996,272

(Continued)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED JUNE 30, 2024 AND 2023 (UNAUDITED)


	Periods ended June 30, 2024				Periods ended June 30, 2023
	Three-month		Six-month		Three-month		Six-month
	(Korean Won in millions, except per share data)
Net income attributable to:		961,509		1,800,420		667,190		1,613,812
Net income attributable to owners		931,495		1,755,496		625,190		1,538,876
Net income attributable to non-controlling interests		30,014		44,924		42,000		74,936
Total comprehensive income attributable to:		1,031,919		1,867,018		678,939		1,996,272
Comprehensive income attributable to owners		1,002,724		1,819,493		635,199		1,907,895
Comprehensive income attributable to non-controlling interests		29,195		47,525		43,740		88,377
Earnings per share (Note 37)
Basic and diluted earnings per share (Unit: In Korean Won)		1,206		2,262		814		2,028

The accompanying notes are part of these consolidated financial statements.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2024 AND 2023 (UNAUDITED)


	Capital Stock		Hybrid securities		Capital surplus			Other equity			Retained earnings			Owners’ equity in total			Non-controlling interests			Total equity
	(Korean Won in millions)
January 1, 2023		3,640,303		3,112,449		682,385			(2,423,392	)		23,750,152			28,761,897			2,865,445			31,627,342
Total comprehensive income
Net income		—		—		—			—			1,538,876			1,538,876			74,936			1,613,812
Net gain on valuation of financial instruments at FVTOCI		—		—		—			321,529			—			321,529			183			321,712
Net gain(loss) due to disposal of equity securities at FVTOCI		—		—		—			(149	)		149			—			—			—
Changes in capital due to equity method		—		—		—			2,321			(50	)		2,271			19			2,290
Gain on foreign currency translation of foreign operations		—		—		—			146,735			—			146,735			13,255			159,990
Loss on valuation of hedges of net investments in foreign operations		—		—		—			(28,929	)		—			(28,929	)		—			(28,929	)
Loss on valuation of cash flow hedge		—		—		—			(10,873	)		—			(10,873	)		—			(10,873	)
Remeasurement loss related to defined benefit plan		—		—		—			(61,714	)		—			(61,714	)		(16	)		(61,730	)
Transactions with owners and others
Dividends to common stocks		—		—		—			—			(713,111	)		(713,111	)		(11,489	)		(724,600	)
Acquisition of treasury stocks		—		—		—			(23,637	)		—			(23,637	)		—			(23,637	)
Issuance of hybrid securities		—		299,227		—			—			—			299,227			—			299,227
Dividends to hybrid securities		—		—		—			—			(63,153	)		(63,153	)		(55,319	)		(118,472	)
Redemption of hybrid securities		—		—		—			(525	)		—			(525	)		(499,287	)		(499,812	)
Changes in subsidiaries’ capital		—		—		(1,869	)		60,491			(60,491	)		(1,869	)		(79,613	)		(81,482	)
Changes in non-controlling interests related to business combinations		—		—		4,911			73,037			—			77,948			138,478			216,426
Others		—		—		—			248			(248	)		—			—			—

June 30, 2023 (Unaudited)		3,640,303		3,411,676		685,427			(1,944,858	)		24,452,124			30,244,672			2,446,592			32,691,264

January 1, 2024		3,802,676		3,611,129		935,563			(1,668,957	)		24,986,470			31,666,881			1,730,609			33,397,490
Total comprehensive income
Net income		—		—		—			—			1,755,496			1,755,496			44,924			1,800,420
Net loss on valuation of financial instruments at FVTOCI		—		—		—			(40,051	)		—			(40,051	)		(114	)		(40,165	)
Net gain(loss) due to disposal of equity securities at FVTOCI		—		—		—			436			(436	)		—			—			—
Net gain on credit risk fluctuation of financial liabilities designated to be measured at FVTPL		—		—		—			837			—			837			—			837
Changes in capital due to equity method		—		—		—			(6,517	)		—			(6,517	)		—			(6,517	)
Gain on foreign currency translation of foreign operations		—		—		—			216,431			—			216,431			2,723			219,154
Loss on valuation of hedges of net investments in foreign operations		—		—		—			(63,449	)		—			(63,449	)		—			(63,449	)
Gain on valuation of cash flow hedge		—		—		—			6,230			—			6,230			—			6,230
Remeasurement loss related to defined benefit plan		—		—		—			(49,484	)		—			(49,484	)		(8	)		(49,492	)
Transactions with owners and others
Dividends to common stocks		—		—		—			—			(612,107	)		(612,107	)		(3,468	)		(615,575	)
Net increase(decrease) of treasury stocks		—		—		993			3,832			(136,688	)		(131,863	)		—			(131,863	)
Issuance of hybrid securities		—		797,913		—			—			—			797,913			—			797,913
Dividends to hybrid securities		—		—		—			—			(75,007	)		(75,007	)		(38,294	)		(113,301	)
Changes in subsidiaries’ capital		—		—		12,256			1,695			(1,695	)		12,256			(12,488	)		(232	)
Others		—		—		(10,986	)		—			(11	)		(10,997	)		(42,839	)		(53,836	)

June 30, 2024 (Unaudited)		3,802,676		4,409,042		937,826			(1,598,997	)		25,916,022			33,466,569			1,681,045			35,147,614

The accompanying notes are part of these consolidated financial statements.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2024 AND 2023 (UNAUDITED)


	For the six-month periods ended June 30
	2024			2023
	(Korean Won in millions)
Cash flows from operating activities :
Net income		1,800,420			1,613,812
Adjustments to net income:
Income tax expense		590,439			534,721
Interest income		(10,887,876	)		(9,977,877	)
Interest expense		6,492,777			5,564,884
Dividend income		(152,738	)		(92,005	)

		(3,957,398	)		(3,970,277	)

Additions of expenses not involving cash outflows:
Loss on financial assets at FVTOCI		345			7,160
Impairment loss due to credit loss		775,492			817,815
Loss on other provisions		20,650			59,768
Retirement benefit		64,350			56,429
Depreciation and amortization		564,151			489,010
Net loss on foreign currency translation		753,333			400,189
Loss on derivatives (designated for hedge)		44,299			31,384
Loss on fair value hedge		29,253			10,033
Loss on valuation of investments in joint ventures and associates		12,250			3,609
Loss on disposal of investments in joint ventures and associates		438			—
Loss on disposal of Premises and equipment, intangible assets and other assets		1,313			1,174
Impairment loss on Premises and equipment, intangible assets and other assets		1,362			6

		2,267,236			1,876,577

Deductions of income not involving cash inflows:
Gain on financial instruments at FVTPL		440,690			366,972
Gain on financial assets at FVTOCI		38,860			6,762
Gain on other provisions		11,893			2,596
Gain on derivatives (designated for hedge)		83,926			62,328
Gain on fair value hedge		42,020			28,071
Gain on valuation of investments in joint ventures and associates		51,881			74,592
Gain on disposal of investments in joint ventures and associates		671			22,985
Gain on disposal of Premises and equipment, intangible assets and other assets		2,611			3,372
Reversal of impairment loss on Premises and equipment, intangible assets and other assets		23			263
Other incomes		—			16,972

		672,575			584,913

Changes in operating assets and liabilities:
Financial instruments at FVTPL		253,255			(499,873	)
Loans and other financial assets at amortized cost		(12,358,725	)		(12,469,043	)
Other assets		(778,289	)		(407,581	)
Deposits due to customers		(1,170,406	)		(9,604,576	)
Provisions		(173,798	)		(9,347	)
Net defined benefit liability		(3,029	)		(118,778	)
Other financial liabilities		4,865,450			8,706,870
Other liabilities		(38,840	)		(31,945	)

		(9,404,382	)		(14,434,273	)

Interest income received		10,801,148			9,843,046
Interest expense paid		(5,817,727	)		(4,409,693	)
Dividends received		137,822			92,229
Income tax paid		(121,314	)		(925,629	)

		4,999,929			4,599,953

Net cash outflow from operating activities		(4,966,770	)		(10,899,121	)

(Continued)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2024 AND 2023 (UNAUDITED)


	For the six-month periods ended June 30
	2024			2023
	(Korean Won in millions)
Cash flows from investing activities
Net cash inflows from acquisition of control		—			(209,643	)
Disposal of financial instruments at FVTPL		6,777,738			5,987,268
Acquisition of financial instruments at FVTPL		(6,681,541	)		(6,860,470	)
Disposal of financial assets at FVTOCI		13,859,312			10,728,661
Acquisition of financial assets at FVTOCI		(14,325,052	)		(11,628,165	)
Redemption of securities at amortized cost		2,245,188			4,842,587
Acquisition of securities at amortized cost		(502,738	)		(2,333,300	)
Net cash outflows from changes in subsidiaries		(307,882	)		(228,760	)
Disposal of investments in joint ventures and associates		823,909			132,913
Acquisition of investments in joint ventures and associates		(740,003	)		(144,822	)
Acquisition of investment properties		—			(99,234	)
Disposal of premises and equipment		2,278			12,399
Acquisition of premises and equipment		(92,039	)		(53,755	)
Disposal of intangible assets		4,205			186
Acquisition of intangible assets		(106,888	)		(109,196	)
Disposal of assets held for sale		3,300			3,238
Net increase in other assets		9,217			7,814

Net cash inflow from investing activities		969,004			47,721

Cash flows from financing activities:
Net cash inflow (outflow) from hedging activities		(17,295	)		200
Net increase(decrease) in borrowings		(1,777,921	)		1,460,163
Issuance of debentures		15,073,775			14,247,045
Redemption of debentures		(14,798,992	)		(16,116,250	)
Redemption of lease liabilities		(115,104	)		(47,793	)
Net increase(decrease) of other liabilities		(17,082	)		423
Acquisition of treasury stocks		(136,711	)		—
Disposal of treasury stocks		4,847			(23,637	)
Dividends paid		(612,107	)		(713,111	)
Issuance of hybrid securities		797,913			299,227
Redemption of hybrid securities		—			(500,011	)
Dividends paid to hybrid securities		(113,301	)		(118,472	)
Dividends paid to non-controlling interest		(3,468	)		(11,489	)
Changes in non-controlling interests		(41,606	)		(180,514	)
Net increase(decrease) in non-controlling equity liabilities		(1,589	)		1,216

Net cash outflow from financing activities		(1,758,641	)		(1,703,003	)

Effects of exchange rate changes on cash and cash equivalents		671,421			25,616
Net decrease in cash and cash equivalents		(5,084,986	)		(12,528,787	)
Cash and cash equivalents, beginning of the period		30,556,618			34,219,148

Cash and cash equivalents, end of the Period (Note 6)		25,471,632			21,690,361

The accompanying notes are part of these consolidated financial statements.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023 (UNAUDITED)

1.	GENERAL

(1)	Summary of the Parent company

Woori Financial Group, Inc. (hereinafter referred to as the “Parent company”) is primarily aimed at controlling subsidiaries that operate in the financial industry or those that are closely related to the financial industry through the ownership of shares and was established on January 11, 2019 under the Financial Holding Company Act through the comprehensive transfer with shareholders of Woori Bank (hereinafter referred to as the “Bank”), Woori FIS Co., Ltd., Woori Finance Research Institute Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund Services Co., Ltd. and Woori Private Equity Asset Management Co. Ltd. The headquarters of the Parent company is located at 51, Sogong-ro, Jung-gu, Seoul, Korea, and the capital stock is 3,802,676 million Won. The Parent company’s stocks were listed on the Korea Exchange on February 13, 2019, and its American Depository Shares (“ADS”) are also being traded as the underlying common stock on the New York Stock Exchange since the same date.

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


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

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

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

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

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

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

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

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

- 10 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023 (UNAUDITED)

As of March 23, 2023, the Parent company acquired a 53.9% interest (excluding treasury stocks, 52.0% interest including treasury stocks) in Woori Venture Partners Co., Ltd. (formerly Daol Investment Co., Ltd.), and added it as a consolidated subsidiary. As of May 30, 2023, the Parent company additionally acquired treasury stock (3.5%) which Woori Venture Partners Co., Ltd. possessed.

As of August 8, 2023, the Parent company paid 22,541,465 new shares of the Parent company to the shareholders of Woori Investment Bank Co., Ltd. (excluding the Parent company) through comprehensive stock exchange and acquired residual interest (41.3%) of Woori Investment Bank Co., Ltd., to make it a wholly owned subsidiary. In addition, on the same day, the Parent company paid 9,933,246 new shares of the Parent company to the shareholders of Woori Venture Partners Co., Ltd. (excluding the Parent company) through comprehensive stock exchange and acquired residual interest (44.5%) of Woori Venture Partners Co., Ltd., to make it a wholly owned subsidiary.

The Parent company’s percentage of ownership in Woori Asset Management Corp. after the merger between Woori Asset Management Corp. (the surviving company) and Woori Global Asset Management Co., Ltd. (the merged company) is 77.5%. On March 29, 2024, the Parent company acquired the remaining shares (22.5%) of Woori Asset Management Corp., pursuant to which Woori Asset Management Corp. became a wholly-owned subsidiary of the parent company.

On March 25, 2024, the Parent company participated in the capital increase amount and acquired the 1,062,045 shares (96.7% after acquiring shares, 79.4% including treasury shares) of Woori Asset Trust Co., Ltd. Additionally, on March 29, 2024, Woori Asset Trust Co., Ltd. conducted a complete retirement of its 738,000 treasury shares. In addition, as of April 8, 2024, the Parent company additionally acquired minority interests (2.0%) of Woori Asset Trust Co., Ltd.

(2)	Details of the Parent company and subsidiaries (hereinafter ‘Group’) as of June 30, 2024 and December 31, 2023 are as follows:

Percentage of ownership
(%)

Location

Financial
statements date

Subsidiaries

Main business

June 30, 2024

December 31,
2023

Held by Woori Financial Group Inc.

Woori Bank

Bank

100.0

Korea

June 30

Woori Card Co., Ltd.

Finance

100.0

Korea

June 30

Woori Financial Capital Co., Ltd.

Finance

100.0

Korea

June 30

Woori Investment Bank Co., Ltd

Other credit finance
business

100.0

Korea

June 30

Woori Asset Trust Co., Ltd (*1)

Real estate trust

98.7

95.3

Korea

June 30

Woori Savings Bank

Mutual saving bank

100.0

Korea

June 30

Woori Financial F&I Co., Ltd.

Finance

100.0

Korea

June 30

Woori Asset Management Corp. (*1)

Finance

100.0

73.0

Korea

June 30

Woori Venture Partners

Other financial services

100.0

Korea

June 30

Woori Global Asset Management Co., Ltd. (*1)

Finance

—

100.0

Korea

—

Woori Private Equity Asset Management Co., Ltd.

Finance

100.0

Korea

June 30

Woori Credit Information Co., Ltd.

Credit information

100.0

Korea

June 30

Woori Fund Service Co., Ltd.

Financial support
service business

100.0

Korea

June 30

Woori FIS Co., Ltd.

System software
development &
maintenance

100.0

Korea

June 30

Woori Finance Research Institute Co., Ltd.

Other service business

100.0

Korea

June 30

Held by Woori Bank

Woori America Bank

Finance

100.0

America

June 30

Woori Global Markets Asia Limited

Finance

100.0

Hong
Kong

June 30

Woori Bank China Limited

Finance

100.0

China

June 30

AO Woori Bank (*7)

Finance

100.0

Russia

June 30

PT Bank Woori Saudara Indonesia 1906 Tbk

Finance

90.8

84.2

Indonesia

June 30

- 11 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023 (UNAUDITED)

Percentage of ownership
(%)

Location

Financial
statements date

Subsidiaries

Main business

June 30, 2024

December 31,
2023

Banco Woori Bank do Brasil S.A.

Finance

100.0

Brazil

June 30

Korea BTL Infrastructure Fund

Finance

99.9

Korea

June 30

Woori Finance Myanmar Co., Ltd.

Finance

100.0

Myanmar

June 30

Wealth Development Bank

Finance

51.0

Philippines

June 30

Woori Bank Vietnam Limited

Finance

100.0

Vietnam

June 30

Woori Bank (Cambodia) PLC

Finance

100.0

Cambodia

June 30

Woori Bank Europe

Finance

100.0

Germany

June 30

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

Asset securitization

15.0

Korea

June 30

Jeonju Iwon Ltd. (*2)

Asset securitization

—

Korea

June 30

Wonju I one Inc. (*2)

Asset securitization

—

Korea

June 30

Heitz Third Co., Ltd. (*2)

Asset securitization

—

Korea

June 30

Woori hansoop ^1st Co., Ltd. (*2)

Asset securitization

—

Korea

June 30

Woori International First Co., Ltd. (*2) (*5)

Asset securitization

—

Korea

—

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

Asset securitization

—

Korea

June 30

Woori Display ²ⁿd Co., Ltd. (*2)

Asset securitization

—

Korea

June 30

Woori Dream ²ⁿd Co., Ltd. (*2)

Asset securitization

—

Korea

June 30

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

Asset securitization

—

Korea

June 30

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

Asset securitization

—

Korea

June 30

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

Asset securitization

—

Korea

June 30

TY ^1st Co., Ltd. (*2) (*5)

Asset securitization

—

Korea

—

Quantum Jump the ²ⁿd Co., Ltd. (*2)

Asset securitization

—

Korea

June 30

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

Asset securitization

—

Korea

June 30

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

Asset securitization

—

Korea

June 30

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

Asset securitization

—

Korea

June 30

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

Asset securitization

—

Korea

June 30

Woori Steel ^1st Co., Ltd (*2) (*5)

Asset securitization

—

Korea

—

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

Asset securitization

—

Korea

June 30

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

Asset securitization

—

Korea

June 30

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

Asset securitization

—

Korea

June 30

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

Asset securitization

—

Korea

June 30

Woori DS ^1st co., Ltd (*2) (*5)

Asset securitization

—

Korea

—

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

Asset securitization

—

Korea

June 30

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

Asset securitization

—

Korea

June 30

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

Asset securitization

—

Korea

June 30

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

Asset securitization

—

Korea

June 30

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

Asset securitization

—

Korea

June 30

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

Asset securitization

—

Korea

June 30

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

Asset securitization

—

Korea

June 30

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

Asset securitization

—

Korea

June 30

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

Asset securitization

—

Korea

June 30

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

Asset securitization

—

Korea

June 30

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

Asset securitization

—

Korea

June 30

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

Asset securitization

—

Korea

June 30

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

Asset securitization

—

Korea

June 30

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

Asset securitization

—

Korea

June 30

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

Asset securitization

—

Korea

June 30

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

Asset securitization

—

Korea

June 30

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

Asset securitization

—

Korea

June 30

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

Asset securitization

—

Korea

June 30

Woori Eco ²ⁿd Co., Ltd. (*2)(*5)

Asset securitization

—

Korea

—

Gangnam Landmark ²ⁿd Co., Ltd(*2)

Asset securitization

—

Korea

June 30

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

Asset securitization

—

Korea

June 30

Woori KF ²ⁿd Co., Ltd.(*2)

Asset securitization

—

Korea

June 30

Woori HD ^1st co., Ltd.(*2)

Asset securitization

—

Korea

June 30

Woori ST ^1st co., Ltd.(*2)

Asset securitization

—

Korea

June 30

Woori High End ^1st co., Ltd.(*2)

Asset securitization

—

Korea

June 30

Woori HW ²ⁿd co., Ltd.(*2)

Asset securitization

—

Korea

June 30

Woori Mirae ^1st co., Ltd.(*2)

Asset securitization

—

Korea

June 30

- 12 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023 (UNAUDITED)

Percentage of ownership
(%)

Location

Financial
statements date

Subsidiaries

Main business

June 30, 2024

December 31,
2023

Woori HR ²ⁿt Co., Ltd. (*2)(*10)

Asset securitization

—

Korea

June 30

Woori QS ²ⁿt Co., Ltd. (*2) (*10)

Asset securitization

—

Korea

June 30

Woori Plasma 1st Co., Ltd. (*2) (*10)

Asset securitization

—

Korea

June 30

Woori EUGENE 1st Co.,Ltd (*2) (*10)

Asset securitization

—

Korea

June 30

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

Securities
investment and
others

98.8

Korea

June 30

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

Securities
investment and
others

97.3

England

June 30

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

Securities
investment and
others

99.0

Korea

June 30

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

Securities
investment and
others

99.4

Korea

June 30

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

Securities
investment and
others

98.6

Korea

June 30

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

Securities
investment and
others

97.0

Korea

June 30

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

Securities
investment and
others

97.3

97.2

Korea

June 30

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

Securities
investment and
others

97.4

Korea

June 30

Kiwoom Harmony Private Placement Investment Trust No. 4 (*3)

Securities
investment and
others

96.2

Korea

June 30

Principal Guaranteed Trust (*4)

Trust

—

Korea

June 30

Principal and Interest Guaranteed Trust (*4)

Trust

—

Korea

June 30

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

Asset securitization

54.6

Luxembourg

June 30

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

Asset securitization

100.0

Belgium

June 30

Held by Woori ESG Infrastructure Development General Private Investment Trust No. 1:

Woori Global Infrastructure Development Co., Ltd. (*10)

Other financial
services

100.0

—

Korea

June 30

Namyangju Resource Circulation Facility Development Co., Ltd. (*10)

Other professional
services

100.0

—

Korea

June 30

Held by Woori Card Co., Ltd.

TUTU Finance –WCI Myanmar Co., Ltd.

Finance

100.0

Myanmar

June 30

PT Woori Finance Indonesia Tbk.

Finance

84.5

Indonesia

June 30

Woori Card 2020-1 Asset Securitization Specialty Co., Ltd. (*2) (*5)

Asset securitization

—

0.5

Korea

—

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

Asset securitization

0.5

Korea

June 30

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

Asset securitization

0.5

Korea

June 30

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

Asset securitization

0.5

Korea

June 30

- 13 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023 (UNAUDITED)

Percentage of ownership
(%)

Location

Financial
statements date

Subsidiaries

Main business

June 30, 2024

December 31,
2023

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

Asset securitization

0.5

Korea

June 30

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

Asset securitization

0.5

Korea

June 30

Held by Woori Financial Capital Co., Ltd.

Specified Money Market Trust

Trust

100.0

Korea

June 30

Held by Woori Investment Bank Co., Ltd.

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

Asset securitization

5.0

Korea

June 30

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

Asset securitization

5.0

Korea

June 30

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

Asset securitization

5.0

Korea

June 30

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

Asset securitization

5.0

Korea

June 30

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

Asset securitization

5.0

Korea

June 30

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

Asset securitization

5.0

Korea

June 30

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

Asset securitization

5.0

Korea

June 30

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

Asset securitization

5.0

Korea

June 30

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

Asset securitization

5.0

Korea

June 30

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

Asset securitization

5.0

Korea

June 30

Held by Woori Asset Management Corp.

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

Securities investment
and others

86.4

84.7

Korea

June 30

Woori Together TDF 2025 (*3) (*5)

Securities investment
and others

—

30.1

Korea

—

Woori Together TDF 2035 (*3)

Securities investment
and others

44.7

48.0

Korea

June 30

Woori Together TDF 2040 (*3)

Securities investment
and others

41.2

49.2

Korea

June 30

Woori Together TDF 2045 (*3)

Securities investment
and others

59.0

61.0

Korea

June 30

Woori Together TDF 2050 (*3)

Securities investment
and others

43.3

48.9

Korea

June 30

Woori K-New Opening Target Return Securities Investment Trust(Equity) (*3) (*10)

Securities investment
and others

40.7

—

Korea

June 30

Woori Franklin Technology Master Fund (USD) (*3) (*5) (*8)

Securities investment
and others

—

67.3

Korea

—

Woori Franklin Technology Feeder Fund (H) (*3) (*5)

Securities investment
and others

—

31.4

Korea

—

Woori High Graded Bond Target Return Fund 1 (*3) (*5)

Securities investment
and others

—

87.4

Korea

—

Woori Global Multi Asset Income Private Placement Investment Trust_Class Cs (*3) (*5)

Securities investment
and others

—

37.7

Korea

—

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

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

Asset securitization

5.0

Korea

June 30

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

Asset securitization

5.0

Korea

June 30

- 14 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023 (UNAUDITED)

Percentage of ownership
(%)

Location

Financial
statements date

Subsidiaries

Main business

June 30, 2024

December 31,
2023

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

Asset securitization

5.0

Korea

June 30

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

Asset securitization

5.0

Korea

June 30

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

Asset securitization

5.0

Korea

June 30

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

Asset securitization

5.0

Korea

June 30

WH2306 Securitization Specialty Co., Ltd.(*2)

Asset securitization

5.0

Korea

June 30

WN2306 Securitization Specialty Co., Ltd.(*2)

Asset securitization

5.0

Korea

June 30

WNKN2309 Securitization Specialty Co., Ltd.(*2)

Asset securitization

5.0

Korea

June 30

WB2309 Securitization Specialty Co., Ltd.(*2)

Asset securitization

5.0

Korea

June 30

WI2311 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

June 30

WSB2312 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

June 30

WK2312 Asset Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

June 30

WBS2312 Securitization Specialty Co., Ltd. (*2)

Asset securitization

5.0

Korea

June 30

WK2403 Asset Securitization Specialty Co., Ltd. (*2) (*10)

Asset securitization

5.0

—

Korea

June 30

WH2403 Securitization Specialty Co., Ltd.(*2) (*10)

Asset securitization

5.0

—

Korea

June 30

WSB2406 Securitization Specialty Co., Ltd.(*2) (*10)

Asset securitization

5.0

—

Korea

June 30

WK2406 Securitization Specialty Co., Ltd.(*2) (*10)

Asset securitization

5.0

—

Korea

June 30

WI2406 Securitization Specialty Co., Ltd.(*2) (*10)

Asset securitization

5.0

—

Korea

June 30

WKN2406 Securitization Specialty Co., Ltd.(*2) (*10)

Asset securitization

5.0

—

Korea

June 30

VOGO DL General Private Equity Investment Trust 1(*3)

Securities investment
and others

99.0

Korea

June 30

WFBS 1st Corporate Recovery Private Equity Fund (*10)

Finance

92.7

—

Korea

June 30

Held by Woori Venture Partners Co.,Ltd. (*1)

Woori Venture Partners US

Other financial
services

100.0

America

June 30

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

Green ESG Growth No.1 Private Equity Fund(*3)

Securities investment
and others

30.3

Korea

June 30

Woori New Growth Credit Fund 1(*3)

Securities investment
and others

100.0

Korea

June 30

Woori PE Secondary Fund 1 (*3)

Securities investment
and others

100.0

Korea

June 30

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

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

Securities investment
and others

100.0

Korea

June 30

- 15 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023 (UNAUDITED)

Percentage of ownership
(%)

Location

Financial
statements date

Subsidiaries

Main business

June 30, 2024

December 31,
2023

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

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

Securities investment
and others

90.0

Korea

June 30

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

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

Securities investment
and others

85.0

Korea

June 30

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

Securities investment
and others

94.3

Korea

June 30

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

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

Securities investment
and others

100.0

Korea

June 30

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

Securities investment
and others

80.0

Korea

June 30

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

Securities investment
and others

100.0

Korea

June 30

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

Securities investment
and others

100.0

Korea

June 30

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

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

Securities investment
and others

70.0

Korea

June 30

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

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

Securities investment
and others

100.0

Korea

June 30

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

Securities investment
and others

100.0

Korea

June 30

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

Securities investment
and others

100.0

Korea

June 30

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

Securities investment
and others

30.1

Korea

June 30

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

Securities investment
and others

100.0

Korea

June 30

Held by Woori bank (*6)

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

Securities investment
and others

92.6

Korea

June 30

- 16 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023 (UNAUDITED)

Percentage of ownership
(%)

Location

Financial
statements date

Subsidiaries

Main business

June 30, 2024

December 31,
2023

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

Securities investment
and others

84.5

84.3

Korea

June 30

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

Securities investment
and others

80.0

Korea

June 30

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

Securities investment
and others

90.9

Korea

June 30

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

Securities investment
and others

87.0

Korea

June 30

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

Securities investment
and others

50.0

Korea

June 30

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

Securities investment
and others

98.8

Korea

June 30

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

Securities investment
and others

99.9

Korea

June 30

WooriG Clean Energy General Type Private Investment Trust No.2 (*3)

Securities investment
and others

30.8

Korea

June 30

Woori Together Institutional USD MMF No.1 C-F(*3)

Securities investment
and others

54.0

63.4

Korea

June 30

Woori ESG Infrastructure Development General Type Private Investment Trust No.2 (*3)

Securities investment
and others

50.0

Korea

June 30

Woori Dongbu Underground Expressway General type Private Special Asset Investment Trust (*3)

Securities investment
and others

—

40.0

Korea

June 30

Woori Partners General Private Investment Trust No. 3 (*3) (*10)

Securities investment
and others

90.9

—

Korea

June 30

Woori General Private Equity Investment Trust 1 (*3) (*5) (*10)

Securities investment
and others

—

Korea

—

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

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

Securities investment
and others

60.0

Korea

June 30

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

Securities investment
and others

100.0

Korea

June 30

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

Securities investment
and others

100.0

Korea

June 30

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

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

Securities investment
and others

63.2

Korea

June 30

Held by Woori Bank and Woori Asset Trust Co., Ltd (*6)

Woori General Type Private Real Estate Investment Trust No.6 (*3)

Securities investment
and others

85.8

Korea

June 30

WooriG Innovation Growth(Infrastructure) General Type Private Investment Trust No.2 (*3)

Securities investment
and others

46.4

Korea

June 30

- 17 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023 (UNAUDITED)

Percentage of ownership
(%)

Location

Financial
statements date

Subsidiaries

Main business

June 30, 2024

December 31,
2023

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

Woori Real Estate Financial Stabilization General Private Investment Trust No. 1 (*3) (*10)

Securities investment
and others

100.0

—

Korea

June 30

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

Woori FG Digital Investment Fund ^1st (*3)

Securities investment
and others

100.0

Korea

June 30

Woori Financial Dino Lab Investment Association No. 1 (*3)(*10)

Securities investment
and others

100.0

—

Korea

June 30

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

Woori Japan Private Placement Real Estate Master Investment Trust No.1 (*3)(*8)

Securities investment
and others

100.0

Korea

June 30

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

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

Securities investment
and others

100.0

Korea

June 30

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

Woori Corporate Turnaround No.1 Private Equity Fund (*3)

Securities investment
and others

36.4

Korea

June 30

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

Woori Japan Private Placement Real Estate Master Investment Trust No.2 (*3) (*8)

Securities investment
and others

100.0

Korea

June 30

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

GK OK Chatan (*3)

Other financial
services

99.0

99.9

Japan

April 30
(*9)

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

Woori Private Placement Investment Trust No. 3 (*3)(*8)

Securities investment
and others

76.5

Korea

June 30

Held by Woori Private Placement Investment Trust No. 3

GK Woorido(*3)

Other financial
services

100.0

Japan

March 31 (*9)

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

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

Securities investment
and others

48.0

Korea

June 30

- 18 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023 (UNAUDITED)

(*1)

The Company acquired additional shares of Woori Asset Management Corp. during the six-month period ended June 30, 2024. Additionally, Woori Asset Management Corp. merged with Woori Global Management Co., Ltd. through a business combination. Additionally, The Company acquired additional shares of Woori Asset Trust Co., Ltd. during the six-month period ended June 30, 2024.

(*2)

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

(*3)

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

(*4)

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

(*5)	Companies are excluded from the consolidation as of June 30, 2024.

(*6)

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

(*7)

The Russia – Ukraine conflict has been escalated in February 2022, and international sanctions were imposed on Russia. Due to the sanctions, the Group may experience situations such as a decrease in value of financial assets or operating assets owned by the Group regarding the conflict, an increase in receivable payment terms, limitation to transfer funds, decrease in the profit. As of June 30, 2024, the Group expects such conflict and sanctions would have financial impacts on the business of AO Woori Bank, one of the subsidiaries, in the future. However, the Group cannot reasonably predict the financial impacts.

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

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

(*10)

Companies are included in the consolidation during the six-month period ended June 30, 2024.

(3)	The Group has not consolidated the following entities as of June 30, 2024 and December 31, 2023 despite having more than 50% ownership interest:


	As of June 30, 2024
Subsidiaries	Location	Main Business	Percentage of ownership (%)
Mirae Asset Maps Clean Water Private Equity Investment Trust ^7th (*1)	Korea	Securities Investment		59.7
Kiwoom Yonsei Private Equity Investment Trust (*1)	Korea	Securities Investment		88.9
IGIS Europe Private Placement Real Estate Fund No. 163-2 (*2)	Korea	Securities Investment		97.8
IGIS Global Private Placement Real Estate Fund No. 148-1 (*1)	Korea	Securities Investment		75.0
IGIS Global Private Placement Real Estate Fund No. 148-2 (*1)	Korea	Securities Investment		75.0
Mirae Asset Seoul Ring Expressway Private Special Asset Fund No. 1 (*1)	Korea	Securities Investment		66.7
Hangkang Sewage Treatment Plant Fund (*1)	Korea	Securities Investment		55.6
Korea Investment Pocheon Hwado Expressway Professional Investment Fund (*1)	Korea	Securities Investment		55.2
Midas Global Private Placement Real Estate Investment Trust No. 7-2 (*1)	Korea	Securities Investment		58.3
Together-Korea Government Private Pool Private Securities Investment Trust No.3 (*3)	Korea	Securities Investment		100.0
INMARK France Private Placement Investment Trust No. 18-1 (*1)	Korea	Securities Investment		93.8
Kiwoom Vibrato Private Placement Investment Trust 1-W(EUR) (*2)	Korea	Securities Investment		99.5
KOTAM Global Infra Private Fund 1-4 (*2)	Korea	Securities Investment		99.7
UBSHana Class 1 Special Asset Investment Trust 3 Class C 2 (*1)	Korea	Securities Investment		51.0
Consus GyeongJu Green Specialized Private Special Asset Investment Trust 1 (*1)	Korea	Securities Investment		50.0
Kiwoom Harmony Private Placement Investment Trust No. 3 (*1)	Korea	Securities Investment		77.4
Consus Solar Energy Private Placement Investment Truns No.1(*1)	Korea	Securities Investment		50.0
IGIS ESG General Private Investment Trust No.1 (*1)	Korea	Securities Investment		60.0
Kiwoom Aurora Geneal Type Private Placement Investment Trust No. 2 (*1)	Korea	Securities Investment		60.0

- 19 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023 (UNAUDITED)


	As of June 30, 2024
Subsidiaries	Location	Main Business	Percentage of ownership (%)
NH-Amundi WSCP VIII Private Fund 2 (*1)	Korea	Securities Investment		65.2
AI Partners Global Infrastructure Specialized Privately Placed Feeder Fund Trust No. 2 (*2)	Korea	Securities Investment		100.0
Hangang new deal infra BTL fund 4 (HNBF4) (*1)	Korea	Securities Investment		60.0
IGIS Global Private Placement Real Estate Fund No. 316-1(*2)	Korea	Securities Investment		99.3
INMARK Spain Private Placement Real Estate Investment Trust No. 26-2 (*2)	Korea	Securities Investment		97.7
Woori Asset Global Partnership Fund No.5(*4)	Korea	Securities Investment		57.7
Kiwoom Harmony Private Placement Investment Trust No. 6 (*1)	Korea	Securities Investment		76.9
Project Chile PMGD Solar (*1)	Korea	Securities Investment		75.2
Rifa Qualified Investors Private Real Estate Investment Trust No.40 (*2)	Korea	Securities Investment		55.0

(*1)

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

(*2)

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

(*3)

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

(*4)	In this fund, one of the parties holds substantive removal rights and can remove the collective investment business operator without any cause. Consequently, the Group have no controls as it exercises decision-making rights as agent.


	As of December 31, 2023
Subsidiaries	Location	Main Business	Percentage of ownership (%)
Mirae Asset Maps Clean Water Private Equity Investment Trust ^7th (*1)	Korea	Securities Investment		59.7
Kiwoom Yonsei Private Equity Investment Trust (*1)	Korea	Securities Investment		88.9
IGIS Europe Private Placement Real Estate Fund No. 163-2 (*2)	Korea	Securities Investment		97.9
IGIS Global Private Placement Real Estate Fund No. 148-1 (*1)	Korea	Securities Investment		75.0
IGIS Global Private Placement Real Estate Fund No. 148-2 (*1)	Korea	Securities Investment		75.0
Mirae Asset Seoul Ring Expressway Private Special Asset Fund No. 1 (*1)	Korea	Securities Investment		66.7
Hangkang Sewage Treatment Plant Fund (*1)	Korea	Securities Investment		55.6
Korea Investment Pocheon Hwado Expressway Professional Investment Fund (*1)	Korea	Securities Investment		55.1
Midas Global Private Placement Real Estate Investment Trust No. 7-2 (*1)	Korea	Securities Investment		58.3
Together-Korea Government Private Pool Private Securities Investment Trust No.3 (*3)	Korea	Securities Investment		100.0
INMARK France Private Placement Investment Trust No. 18-1 (*1)	Korea	Securities Investment		93.8
Kiwoom Vibrato Private Placement Investment Trust 1-W(EUR) (*2)	Korea	Securities Investment		99.5
KOTAM Global Infra Private Fund 1-4 (*2)	Korea	Securities Investment		99.7
UBSHana Class 1 Special Asset Investment Trust 3 Class C 2 (*1)	Korea	Securities Investment		51.0
Consus GyeongJu Green Specialized Private Special Asset Investment Trust 1 (*1)	Korea	Securities Investment		50.0
Kiwoom Harmony Private Placement Investment Trust No. 3 (*1)	Korea	Securities Investment		77.3
Consus Solar Energy Private Placement Investment Truns No.1(*1)	Korea	Securities Investment		50.0
IGIS ESG General Private Investment Trust No.1(*1)	Korea	Securities Investment		60.0
Kiwoom Aurora Geneal Type Private Placement Investment Trust No. 2(*1)	Korea	Securities Investment		60.0
NH-Amundi WSCP VIII Private Fund 2 (*1)	Korea	Securities Investment		65.2
AI Partners Global Infrastructure Specialized Privately Placed Feeder Fund Trust No. 2 (*2)	Korea	Securities Investment		100.0
Hangang new deal infra BTL fund 4 (HNBF4) (*1)	Korea	Securities Investment		60.0
IGIS Global Private Placement Real Estate Fund No. 316-1(*2)	Korea	Securities Investment		99.3
INMARK Spain Private Placement Real Estate Investment Trust No. 26-2 (*2)	Korea	Securities Investment		97.7
Woori Asset Global Partnership Fund No.5(*4)	Korea	Securities Investment		57.7
Kiwoom Harmony Private Placement Investment Trust No. 6 (*1)	Korea	Securities Investment		76.9
Rifa Qualified Investors Private Real Estate Investment Trust No.40 (*2)	Korea	Securities Investment		55.0

(*1)

- 20 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023 (UNAUDITED)

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

(*3)

(*4)	In this fund, one of the parties holds substantive removal rights and can remove the collective investment business operator without any cause. Consequently, the Group have no controls as it exercises decision-making rights as agent.

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


	As of June 30, 2024				For the six-month period ended June 30, 2024
Subsidiaries	Assets		Liabilities		Operating revenue		Net income(loss) attributable to owners			Comprehensive income(loss) attributable to owners
Woori Bank		468,915,086		441,651,445		21,367,085		1,673,512			1,727,153
Woori Card Co., Ltd.		16,571,401		13,852,526		1,124,497		83,807			87,732
Woori Financial Capital Co., Ltd.		12,564,864		10,894,300		861,689		79,854			79,960
Woori Investment Bank Co., Ltd.		6,676,326		5,566,870		215,330		3,822			7,719
Woori Asset Trust Co., Ltd.		524,210		57,052		58,264		9,010			8,959
Woori Savings Bank		1,730,149		1,478,793		69,280		(27,797	)		(27,797	)
Woori Financial F&I Co., Ltd.		1,352,667		1,023,032		34,947		5,367			5,367
Woori Asset Management Corp.		187,452		29,678		28,666		4,743			4,700
Woori Venture Partners Co., Ltd.		375,212		48,006		49,709		29,086			29,413
Woori Private Equity Asset Management Co., Ltd.		99,144		4,347		5,385		3,323			3,209
Woori Credit Information Co., Ltd.		43,420		6,207		21,357		1,205			1,035
Woori Fund Service Co., Ltd.		28,577		2,389		8,929		2,480			2,480
Woori FIS Co., Ltd.		59,170		14,594		90,830		(3,764	)		(3,683	)
Woori Finance Research Institute Co., Ltd.		5,850		2,149		4,248		(125	)		(140	)


	As of December 31, 2023				For the six-month period ended June 30, 2023
Subsidiaries	Assets		Liabilities		Operating revenue		Net income(loss) attributable to owners			Comprehensive income(loss) attributable to owners
Woori Bank		458,017,067		431,313,615		21,251,376		1,471,973			1,852,380
Woori Card Co., Ltd.		17,491,193		14,830,408		1,063,560		81,900			72,280
Woori Financial Capital Co., Ltd.		12,417,338		10,796,683		755,079		71,278			70,838
Woori Investment Bank Co., Ltd.		6,375,625		5,273,890		222,858		12,167			12,162
Woori Asset Trust Co., Ltd.		337,976		79,747		68,778		38,404			38,324
Woori Savings Bank		1,938,948		1,759,489		61,566		(25,955	)		(25,955	)
Woori Financial F&I Co., Ltd.		877,702		673,265		9,939		527			527
Woori Asset Management Corp.		161,868		32,780		22,110		3,806			3,774
Woori Venture Partners Co., Ltd.(*)		328,782		30,190		6,294		2,410			3,052
Woori Global Asset Management Co., Ltd.		37,512		13,526		7,030		369			369
Woori Private Equity Asset Management Co., Ltd.		96,006		4,418		5,236		1,014			976
Woori Credit Information Co., Ltd.		45,662		7,981		21,152		1,968			1,750
Woori Fund Service Co., Ltd.		27,526		2,758		8,416		2,102			2,102
Woori FIS Co., Ltd.		80,563		32,304		161,507		(11,140	)		(11,622	)
Woori Finance Research Institute Co., Ltd.		6,444		2,603		3,447		(40	)		(85	)

(*)	Additional investment occurred and added it as a consolidated subsidiary during the six-month period ended June 30, 2023.

- 21 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023 (UNAUDITED)

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

•

Structured entity for asset securitization

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

•

Structured entity for the investments in securities

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

•

Money trust under the Financial Investment Services and Capital Markets Act

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

As of June 30, 2024 and December 31, 2023, the Group provides 2,540,306 million Won and 2,445,644 million Won of credit facilities, respectively, for the structured entities mentioned above. As of June 30, 2024 and December 31, 2023, the purchase commitment amounts to 2,598,085 million Won and 2,848,921 million Won, respectively.

(6)

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

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

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

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

- 22 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023 (UNAUDITED)

Unconsolidated structured entities classified as ‘investment funds’ include investment trusts and private equity funds. An investment trust orders the investment and operation of funds to the trust manager in accordance with trust contract with profits distributed to the investors. Private equity funds finances money required to acquire equity securities to enable direction of management and/or improvement of ownership structure, with profit distributed to the investors. The Group recognizes pro rata amount of dividend income as an investor in the same way as ‘structured finance’, and may be exposed to losses due to reduction in investment value. Investments in MMF(Money Market Funds) as of June 30, 2024 and December 31, 2023 are 477,977 million Won and 1,451,874 million Won, respectively, and there is no additional commitments for MMF.

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

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


	(unit : Korean Won in millions)
	June 30, 2024
	Asset securitization		Structured Finance		Investment Fund		Real-estate trust
Total asset of the unconsolidated structured entities		12,192,042		116,181,794		251,222,610		1,881,375
Assets recognized in the consolidated financial statements related to the unconsolidated structured entities		8,152,028		5,344,140		7,703,503		138,111
Financial assets at FVTPL		61,486		97,051		6,652,295		12,745
Financial assets at FVTOCI		2,116,399		45,067		—		—
Financial assets at amortized cost		5,974,143		5,201,473		—		125,366
Investments in joint ventures and associates		—		—		1,048,354		—
Derivative assets		—		549		2,854		—
Liabilities recognized in the consolidated financial statements related to the unconsolidated structured entities		448		2,843		—		23,224
Derivative liabilities		—		826		—		—
Other liabilities (provisions)		448		2,017		—		23,224
The maximum exposure to risks		8,260,520		6,250,969		11,933,645		281,794
Investment assets		8,152,028		5,344,140		7,703,503		138,111
Purchase commitment		—		—		4,228,929		—
Credit offerings and others		108,492		906,829		1,213		143,683
Loss recognized on unconsolidated structured entities		—		52,864		20,543		25,995

- 23 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023 (UNAUDITED)


	(unit : Korean Won in millions)
	December 31, 2023
	Asset securitization		Structured Finance		Investment Fund		Real-estate trust
Total asset of the unconsolidated structured entities		14,595,681		99,568,859		189,034,319		1,604,210
Assets recognized in the consolidated financial statements related to the unconsolidated structured entities		9,256,063		5,414,037		6,884,658		93,222
Financial assets at FVTPL		205,449		118,026		6,000,877		8,297
Financial assets at FVTOCI		2,802,592		43,696		—		—
Financial assets at amortized cost		6,248,022		5,252,191		66		84,925
Investments in joint ventures and associates		—		—		881,531		—
Derivative assets		—		124		2,184		—
Liabilities recognized in the consolidated financial statements related to the unconsolidated structured entities		248		3,251		2,006		28,838
Derivative liabilities		—		1,243		2,006		—
Other liabilities (provisions)		248		2,008		—		28,838
The maximum exposure to risks		9,333,448		6,444,559		11,069,599		206,651
Investment assets		9,256,063		5,414,037		6,884,658		93,222
Purchase commitment		—		—		4,181,631		—
Credit offerings and others		77,385		1,030,522		3,310		113,429
Loss recognized on unconsolidated structured entities		149		83,885		63,372		19,337

(7)	As of June 30, 2024 and December 31, 2023, the share of non-controlling interests on the net income and equity of subsidiaries in which non-controlling interests are significant are as follows: (Unit: Korean Won in millions):

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


	June 30, 2024		December 31, 2023
Woori Bank (*1)		1,546,447		1,546,447
Woori Asset Trust Co., Ltd. (*2)		6,149		12,517
Woori Asset Management Corp (*3)		—		35,638
PT Bank Woori Saudara Indonesia 1906 Tbk		93,508		103,176
Wealth Development Bank		22,471		21,142
PT Woori Finance Indonesia Tbk.		14,412		13,631

(*1)	Hybrid securities issued by Woori Bank

(*2)	The non-controlling interests decreased by 6,671 million Won in accordance with paid-in capital increase and stock retirement and additional acquisition of minority interests during the six-month periods ended June 30, 2024.

(*3)	The non-controlling interests decreased by 36,169 million Won in accordance with merger with Woori Global Asset Management Co., Ltd. and acquisition of shares of Yuanta Securities Korea Co., Ltd. during the six-month periods ended June 30, 2024.

- 24 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023 (UNAUDITED)

Net income attributable to non-controlling interests


	For the six-month periods ended June 30
	2024		2023
Woori Bank (*)		38,294		55,320
Woori Investment Bank Co., Ltd.		—		5,255
Woori Asset Trust Co., Ltd.		304		6,144
Woori Asset Management Corp		531		962
Woori Venture Partners Co., Ltd.		—		880
PT Bank Woori Saudara Indonesia 1906 Tbk		4,368		5,449
Wealth Development Bank		919		460
PT Woori Finance Indonesia Tbk.		490		447

(*)	Distribution of the hybrid securities issued by Woori Bank

Dividends to non-controlling interests


	For the six-month periods ended June 30
	2024		2023
Woori Bank (*)		38,294		55,320
Woori Investment Bank Co., Ltd.		—		8,302
Woori Asset Trust Co., Ltd		—		365
PT Bank Woori Saudara Indonesia 1906 Tbk		3,450		2,802
Korea BTL Infrastructure Fund		18		—

(*)	Distribution of the hybrid securities issued by Woori Bank

- 25 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023 (UNAUDITED)

2.	BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICIES

The Group maintains its accounting records in Korean Won and prepares statutory financial statements in the Korean language (Hangul) in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (K-IFRS). The accompanying consolidated interim financial statements have been condensed, restructured and translated into English from the Korean language financial statements. The Group’s condensed consolidated interim financial statements are condensed interim financial statements prepared in applying International Financial Reporting Standards as adopted by the Republic of Korea (“K-IFRS”) 1034 Interim Finance Reporting for some of periods in which the annual consolidated financial statements belong. It is necessary to use the Group’s annual consolidated financial statements for the year ended December 31, 2023 for understanding of the accompanying condensed consolidated interim financial statements.

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

1) Amendments to Korean IFRS 1001 Presentation of Financial Statements – Classification of Liabilities as Current or Non-current, Non-current Liabilities with Covenants

The amendments clarify that liabilities are classified as either current or non-current, depending on the substantive rights that exist at the end of the reporting period. Classification is unaffected by the likelihood that an entity will exercise right to defer settlement of the liability or the expectations of management. Also, the settlement of liability includes the transfer of the entity’s own equity instruments, however, it would be excluded if an option to settle them by the entity’s own equity instruments if compound financial instruments is met the definition of equity instruments and recognized separately from the liability. In addition, covenants that an entity is required to comply with after the end of the reporting period would not affect classification of a liability as current or non-current at the reporting date. When an entity classifies a liability that is subject to the covenants which an entity is required to comply with within twelve months of the reporting date as non-current at the end of the reporting period, the entity shall disclose information in the notes to understand the risk that non-current liabilities with covenants could become repayable within twelve months after the reporting period. The amendments do not have a significant impact on the consolidated interim financial statements.

2) Amendments to Korean IFRS 1007 Statement of Cash Flows, Korean IFRS 1107 Financial Instruments: Disclosures – Supplier finance arrangements

When applying supplier finance arrangements, an entity shall disclose information about its supplier finance arrangements that enables users of financial statements to assess the effects of those arrangements on the entity’s liabilities and cash flows and on the entity’s exposure to liquidity risk. The amendments should be applied for annual periods beginning on or after January 1, 2024, and earlier application is permitted. There is no impact on the consolidated interim financial statements in accordance with the transitional provision that does not require to disclose the relevant information during the interim reporting period within the fiscal year in which these amendments are first applied.

3) Amendments to Korean IFRS 1116 Leases – Lease Liability in a Sale and Leaseback

When subsequently measuring lease liabilities arising from a sale and leaseback, a seller-lessee shall determine lease payments or revised lease payments in a way that the seller-lessee would not recognize any amount of the gain or loss that relates to the right of use retained by the seller-lessee. The amendments do not have a significant impact on the consolidated interim financial statements.

- 26 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023 (UNAUDITED)

4) Amendments to Korean IFRS 1001 Presentation of Financial Statements – Disclosure of Cryptographic Assets

The amendments require an additional disclosure if an entity holds cryptographic assets, or holds cryptographic assets on behalf of the customer, or issues cryptographic assets. The amendments do not have a significant impact on the consolidated interim financial statements.

5) Amendments to K-IFRS No.1012 ‘Income Taxes’ - International Tax Reform – Pillar Two Model Rules

The amendments provide a temporary relief from the accounting for deferred taxes arising from legislation enacted to implement the Pillar Two model rules, which aim to reform international corporate taxation for multinational enterprises, and require disclosure of related current tax effects, etc. The Group applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. The Pillar Two legislation took effect on January 1, 2024. The amendments do not have a significant impact on the consolidated interim financial statements.

(2)	The details of K-IFRSs that have been issued and published since January 1, 2024 but have not yet reached the effective date are as follows:

1) Amendments to Korean IFRS 1021 The Effects of Changes in Foreign Exchange Rates and 1101 First-time Adoption of International Financial Reporting Standards – Lack of Exchangeability

When an entity estimates a spot exchange rate because exchangeability between two currencies is lacking, the entity shall disclose related information. The amendments should be applied for annual periods beginning on or after January 1, 2025, and earlier application is permitted. The Group is in review for the impact of these amendments on the consolidated interim financial statements.

(3)	Material accounting policies and method of computation used in the preparation of the condensed interim financial statements are consistent with those of the annual financial statements for the year ended December 31, 2023, except for the one described below.

•

Income tax expense

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

3.	MATERIAL ACCOUNTING ESTIMATES AND ASSUMPTIONS

Material accounting estimates and assumptions are continuously evaluated based on a number of factors, including historical experience and expectations of future events that are considered reasonably probable. Accounting estimates calculated based on these definitions may not match actual results.

In preparing interim financial statements, management must apply accounting policies and make judgments, estimates and assumptions that affect assets/liabilities and income/expenses. Therefore, actual results may differ from these estimates.

The significant judgments made by management in applying the accounting policies and key sources of estimation uncertainty for the preparation of interim financial statements are consistent with those made for the annual consolidated financial statements for the year ended December 31, 2023.

- 27 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

4.	RISK MANAGEMENT

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

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

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

(1)	Credit risk

Credit risk represents the possibility of financial losses incurred due to the refusal of the transaction or when the counterparty fails to fulfill its contractual obligations. The goal of credit risk management is to maintain the Group’s credit risk exposure to a permissible degree and to optimize its rate of return considering such credit risk.

1) Credit risk management

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

In order to manage credit risk limit, the Group establishes the appropriate credit line per obligor, company or industry by monitoring obligor’s credit line, total exposures and loan portfolios when approving the loan.

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

- 28 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

2) Measurement of expected credit loss

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


Classification	Stage 1	Stage 2	Stage 3
Definition	No significant increase in credit risk after initial recognition (*)	Significant increase in credit risk after initial recognition	Credit- impaired
Loss allowance	12-month expected credit losses:	Lifetime expected credit losses:
Loss allowance	Expected credit losses that result from those default events on the financial instrument that are possible within 12 months after the reporting date	Expected credit losses that result from all possible default events over the life of the financial instrument

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

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

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


Corporate Exposures		Retail Exposures
Asset quality level ‘Precautionary’ or lower		Asset quality level ‘Precautionary’ or lower

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

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

Debtor experiencing financial difficulties (Capital impairment, Adverse opinion or Disclaimer of opinion by external auditors)		Deferment of repayment of principal and interest

Significant decrease in credit rating (*)		Deferment of interest

Deferment of repayment of principal and interest

Deferment of interest

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


	Credit rating	Significant increased indicator of the credit rating
Corporate	AAA ~ A+	More than or equal to 4 steps
	A- ~ BBB	More than or equal to 3 steps
	BBB- ~ BB+	More than or equal to 2 steps
	BB ~ BB-	More than or equal to 1 step
Retail	1 ~ 3	More than or equal to 3 steps
	4 ~ 5	More than or equal to 2 steps
	6 ~ 9	More than or equal to 1 step

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

- 29 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

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

•

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

•

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

•

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

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

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

In measuring the expected credit losses, the Group is also using reasonable and supportable macroeconomic indicators such as GDP growth rate, Personal consumption expenditures increase/decrease rate and Won-dollar exchange rate in order to forecast future economic conditions.

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

•

Development of estimation models by analyzing the correlation between default rates of corporate and retail exposures per year and macroeconomic indicators


Major macroeconomic indicators		Correlation between credit risk and macroeconomic indicators
GDP growth rate		Negative(-) Correlation

Personal consumption expenditures increase/decrease rate		Negative(-) Correlation

Won-dollar exchange rate		Positive(+) Correlation

•

Calculation of estimated default rate incorporating forward looking by applying estimated macroeconomic indicators provided by verified institutions such as Bank of Korea and National Assembly Budget Office to the estimation model developed

•

Forecast of macroeconomic variables

a) Probability weight

As of June 30, 2024, the probability weights applied to the scenarios of the forecasts of macroeconomic variables is as follows (Unit: %):


	Base Scenario		Upside Scenario		Downside Scenario		Worst Scenario
Probability weight		44.36		9.41		26.23		20

- 30 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

Economic forecast of each major macroeconomic variables by scenario (prospect period: 2024) As of June 30, 2024, the forecasts of major macroeconomic variables by scenario is as follows (Unit: Won, %):


	Base Scenario		Upside Scenario		Downside Scenario		Worst Scenario
GDP growth rate		2.1		2.29		1.76		(-) 5.10
Personal consumption expenditures increase/decrease rate		1.9		2.27		1.23		(-) 12.22
Won-dollar exchange rate		1,263		1,255		1,277		1,560

Considering internal and external uncertainties, The Group additionally applied the Worst scenario to the three macroeconomic variable scenarios: Base, Upside, and Downside. If the probability weight of the basic, upside, and downside scenarios excluding the worst scenario is assumed to be 100%, and if the probability weight of the worst scenario is assumed to be 100%, the impact on the expected credit loss allowance is as follows (Unit: Korean Won in millions):


Scenario	Applied probability weight			Difference from book value assuming 100%
Base, Upside, Downside		80.00	%		(444,662	)
Worst		20.00	%		1,778,739

•

The increase rate of the predicted default rate is used as a forward looking adjustment coefficient and reflected to the applicable estimate for the current year.

- 31 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

Maximum exposure

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

The maximum exposure to credit risk as of June 30, 2024 and December 31, 2023 is as follows (Unit: Korean Won in millions):


		June 30, 2024		December 31, 2023
Loans and other financial assets at amortized cost (*1)	Korean treasury and government agencies		1,570,318		2,297,088
	Banks		23,583,349		21,996,558
	Corporates		173,845,415		159,343,530
	Consumers		188,375,002		189,510,972

	Sub-total		387,374,084		373,148,148

Financial assets at FVTPL (*2)	Deposits		49,518		39,241
	Debt securities		5,994,986		6,307,238
	Loans		1,376,768		782,716
	Derivative assets		7,514,608		5,798,329
	Others		2,627		2,585

	Sub-total		14,938,507		12,930,109

Financial assets at FVTOCI	Debt securities and others		37,778,035		36,694,111
Securities at amortized cost	Debt securities		22,408,759		23,996,172
Derivative assets	Derivative assets (Designated for hedging)		85,106		26,708
Off-balance accounts	Payment guarantees (*3)		14,976,801		13,793,301
	Loan commitments		127,594,961		126,829,192

	Sub-total		142,571,762		140,622,493

	Total		605,156,253		587,417,741

(*1)

Cash and cash equivalents are not included.

(*2)

Puttable financial instruments are not included.

(*3)

As of June 30, 2024 and December 31, 2023, the financial guarantee amount of 3,977,082 million Won and 3,661,656 million Won are included, respectively.

- 32 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

Credit risk exposure by geographical areas

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


	June 30, 2024
	Korea		China		USA		UK		Japan		Others (*)		Total
Loans and other financial assets at amortized cost		357,774,757		5,879,619		6,040,327		383,176		671,721		16,624,484		387,374,084
Securities at amortized cost		21,307,387		186,276		605,539		—		—		309,557		22,408,759
Financial assets at FVTPL		11,530,372		40		1,712,224		395,110		252,604		1,048,157		14,938,507
Financial assets at FVTOCI		32,894,778		808,099		2,799,538		121,716		34,422		1,119,482		37,778,035
Derivative assets (Designated for hedging)		81,805		—		—		—		3,301		—		85,106
Off-balance accounts		137,385,863		1,000,044		1,059,199		17,316		13,721		3,095,619		142,571,762

Total		560,974,962		7,874,078		12,216,827		917,318		975,769		22,197,299		605,156,253

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


	December 31, 2023
	Korea		China		USA		UK		Japan		Others (*)		Total
Loans and other financial assets at amortized cost		345,748,021		5,068,801		5,527,208		260,834		617,188		15,926,096		373,148,148
Securities at amortized cost		22,529,414		111,832		1,049,669		—		—		305,257		23,996,172
Financial assets at FVTPL		10,103,182		519		1,507,518		355,478		143,229		820,183		12,930,109
Financial assets at FVTOCI		32,422,652		724,786		2,367,997		7		32,194		1,146,475		36,694,111
Derivative assets (Designated for hedging)		26,010		—		—		—		698		—		26,708
Off-balance accounts		136,287,485		921,904		745,832		20,045		26,351		2,620,876		140,622,493

Total		547,116,764		6,827,842		11,198,224		636,364		819,660		20,818,887		587,417,741

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

- 33 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

Credit risk exposure by industries

The following tables analyze credit risk exposure by industries, which are service, manufacturing, finance and insurance, construction, individuals and others in accordance with the Korea Standard Industrial Classification Code as of June 30, 2024 and December 31, 2023 (Unit: Korean Won in millions):


	June 30, 2024
	Service		Manufacturing		Finance and insurance		Construction		Individuals		Others		Total
Loans and other financial assets at amortized cost		88,793,520		49,870,896		31,466,495		6,377,990		184,289,787		26,575,396		387,374,084
Securities at amortized cost		169,250		—		13,471,935		59,793		—		8,707,781		22,408,759
Financial assets at FVTPL		378,457		94,940		8,831,569		7,909		—		5,625,632		14,938,507
Financial assets at FVTOCI		405,868		408,602		24,295,925		423,877		—		12,243,763		37,778,035
Derivative assets (Designated for hedging)		—		—		85,106		—		—		—		85,106
Off-balance accounts		23,458,940		24,045,256		13,880,455		3,093,437		72,784,984		5,308,690		142,571,762

Total		113,206,035		74,419,694		92,031,485		9,963,006		257,074,771		58,461,262		605,156,253


	December 31, 2023
	Service		Manufacturing		Finance and insurance		Construction		Individuals		Others		Total
Loans and other financial assets at amortized cost		84,704,246		44,591,685		30,388,823		5,583,281		185,083,452		22,796,661		373,148,148
Securities at amortized cost		189,193		—		14,151,799		69,720		—		9,585,460		23,996,172
Financial assets at FVTPL		330,193		233,528		7,184,371		81,731		2,600		5,097,686		12,930,109
Financial assets at FVTOCI		453,694		408,377		25,832,327		290,856		—		9,708,857		36,694,111
Derivative assets (Designated for hedging)		—		—		26,708		—		—		—		26,708
Off-balance accounts		22,561,220		22,897,412		13,804,163		2,826,738		73,042,394		5,490,566		140,622,493

Total		108,238,546		68,131,002		91,388,191		8,852,326		258,128,446		52,679,230		587,417,741

- 34 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

Credit risk exposure

Financial assets

The maximum exposure to credit risk by asset quality, except for financial assets at FVTPL and derivative asset (designated for hedging) as of June 30, 2024 and December 31, 2023 is as follows (Unit: Korean Won in millions):


	June 30, 2024
	Stage 1				Stage 2
	Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Stage 3		Credit impairment model		Total		Loss allowance			Total, net
Loans and other financial assets at amortized cost		333,958,196		26,252,518		13,205,076		13,387,836		2,683,793		1,287,639		390,775,058		(3,400,974	)		387,374,084
Korean treasury and government agencies		1,571,898		18		—		—		—		—		1,571,916		(1,598	)		1,570,318
Banks		23,478,154		107,548		27,023		—		25,355		—		23,638,080		(54,731	)		23,583,349
Corporates		145,219,798		19,120,794		3,135,869		5,692,975		1,494,227		1,287,639		175,951,302		(2,105,887	)		173,845,415
General business		96,992,979		10,272,691		2,366,280		3,810,357		817,269		—		114,259,576		(1,251,035	)		113,008,541
Small- and medium-sized enterprise		37,054,429		8,189,407		614,885		1,595,731		366,079		—		47,820,531		(551,988	)		47,268,543
Project financing and others		11,172,390		658,696		154,704		286,887		310,879		1,287,639		13,871,195		(302,864	)		13,568,331
Consumers		163,688,346		7,024,158		10,042,184		7,694,861		1,164,211		—		189,613,760		(1,238,758	)		188,375,002
Securities at amortized cost		22,421,952		—		—		—		—		—		22,421,952		(13,193	)		22,408,759
Financial assets at FVTOCI (*3)		37,608,775		169,260		—		—		—		—		37,778,035		(27,947	)		37,778,035

Total		393,988,923		26,421,778		13,205,076		13,387,836		2,683,793		1,287,639		450,975,045		(3,442,114	)		447,560,878


	June 30, 2024
	Collateral value
	Stage1		Stage2		Stage3		Credit impairment model		Total
Loans and other financial assets at amortized cost		230,725,916		21,534,440		1,130,747		1,287,372		254,678,475
Korean treasury and government agencies		61,411		—		—		—		61,411
Banks		2,450,339		—		—		—		2,450,339
Corporates		97,589,439		6,527,937		637,753		1,287,372		106,042,501
General business		56,007,014		5,002,325		305,898		—		61,315,237
Small- and medium-sized enterprise		34,332,536		1,482,488		238,825		—		36,053,849
Project financing and others		7,249,889		43,124		93,030		1,287,372		8,673,415
Consumers		130,624,727		15,006,503		492,994		—		146,124,224
Securities at amortized cost		—		—		—		—		—
Financial assets at FVTOCI (*3)		—		—		—		—		—

Total		230,725,916		21,534,440		1,130,747		1,287,372		254,678,475

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

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

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

- 35 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


	December 31, 2023
	Stage 1				Stage 2
	Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Stage 3		Credit impairment model		Total		Loss allowance			Total, net
Loans and other financial assets at amortized cost		321,115,435		26,073,686		12,728,437		13,702,855		1,906,434		768,487		376,295,334		(3,147,186	)		373,148,148
Korean treasury and government agencies		2,299,323		21		—		—		—		—		2,299,344		(2,256	)		2,297,088
Banks		21,880,151		122,383		21,771		—		15,295		—		22,039,600		(43,042	)		21,996,558
Corporates		132,702,723		18,890,349		2,630,918		5,411,611		882,459		768,487		161,286,547		(1,943,017	)		159,343,530
General business		87,551,345		10,147,028		1,773,713		3,150,829		548,169		—		103,171,084		(1,161,824	)		102,009,260
Small- and medium-sized enterprise		36,220,660		8,182,558		753,275		1,587,473		225,463		—		46,969,429		(508,736	)		46,460,693
Project financing and others		8,930,718		560,763		103,930		673,309		108,827		768,487		11,146,034		(272,457	)		10,873,577
Consumers		164,233,238		7,060,933		10,075,748		8,291,244		1,008,680		—		190,669,843		(1,158,871	)		189,510,972
Securities at amortized cost		24,010,113		—		—		—		—		—		24,010,113		(13,941	)		23,996,172
Financial assets at FVTOCI (*3)		36,481,028		213,083		—		—		—		—		36,694,111		(27,379	)		36,694,111

Total		381,606,576		26,286,769		12,728,437		13,702,855		1,906,434		768,487		436,999,558		(3,188,506	)		433,838,431


	December 31, 2023
	Collateral value
	Stage1		Stage2		Stage3		Credit impairment model		Total
Loans and other financial assets at amortized cost		224,611,919		21,235,346		767,731		768,275		247,383,271
Korean treasury and government agencies		39,199		—		—		—		39,199
Banks		2,136,530		—		—		—		2,136,530
Corporates		92,544,712		5,915,710		382,605		768,275		99,611,302
General business		52,951,331		4,058,593		169,855		—		57,179,779
Small- and medium-sized enterprise		33,580,230		1,590,947		112,117		—		35,283,294
Project financing and others		6,013,151		266,170		100,633		768,275		7,148,229
Consumers		129,891,478		15,319,636		385,126		—		145,596,240
Securities at amortized cost		—		—		—		—		—
Financial assets at FVTOCI (*3)		—		—		—		—		—

Total		224,611,919		21,235,346		767,731		768,275		247,383,271

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

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

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

- 36 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

Payment Guarantees and commitments

The credit quality of the payment guarantees and loan commitments as of June 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


	June 30, 2024
Financial assets	Stage 1				Stage 2				Stage3		Total
Financial assets	Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Stage3		Total
Off-balance accounts:
Payment Guarantees		13,919,438		893,337		65,540		77,564		20,922		14,976,801
Loan Commitments		121,563,209		3,134,835		2,266,624		573,074		57,219		127,594,961

Total		135,482,647		4,028,172		2,332,164		650,638		78,141		142,571,762

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

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


	December 31, 2023
Financial assets	Stage 1				Stage 2				Stage3		Total
Financial assets	Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Stage3		Total
Off-balance accounts:
Payment Guarantees		12,515,536		1,150,185		73,192		40,890		13,498		13,793,301
Loan Commitments		120,623,982		3,512,099		2,166,380		496,824		29,907		126,829,192

Total		133,139,518		4,662,284		2,239,572		537,714		43,405		140,622,493

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

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

Collateral and other credit enhancements

For the six-month period ended June 30, 2024 and for the year ended December 31, 2023, there have been no significant changes in the value of collateral or other credit enhancements held by the Group and there have been no significant changes in collateral or other credit enhancements due to changes in the collateral policy of the Group.

(2)	Market risk

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

Market risk management

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

Trading activities

The Group uses the standard method and the internally developed model (the Bank) in measuring market risk for trading positions, and allocates market risk capital through the Risk Management Committee. Risk management departments of the Group and its subsidiaries manage limits in detail including those on risk and loss with their management result regularly reported to the Risk Management Committee.

- 37 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

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

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

Woori Bank, a major subsidiary subject to Basel III standard approach of market risk management, has the following equity capital required for market risk.(Unit : Korean Won in millions)


	Risk Group	June 30, 2024		December 31, 2023
Sensitivity-based risk	General interest rate risk		47,775		37,832
	Equity risk		20,708		9,376
	Commodity risk		15		12
	Foreign exchange risk		296,841		249,044
	Non-securitization credit spread risk		21,159		27,371
	Securitization (excluding CTP (Correlation Trading Portfolio)) credit spread risk		—		—
	CTP credit spread risk		—		—
Default risk	Non-Securitization bankruptcy risk		645		—
	Securitization (excluding CTP) default risk		—		—
	CTP default risk		—		—
Residual risk	Residual risk		1,154		692

Total			388,297		324,327

Non-trading activities

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

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

- 38 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

ΔEVE and ΔNII calculated on interest risk in banking book(IRRBB) basis for assets and liabilities by subsidiary as of June 30, 2024 and December 31, 2023 are as follows(Unit: Korean Won in millions):


	June 30, 2024				December 31, 2023
	ΔEVE (*1)		ΔNII (*2)		ΔEVE (*1)		ΔNII (*2)
Woori Bank		404,585		435,486		683,660		743,489
Woori Card Co., Ltd.		48,734		54,845		80,720		76,846
Woori Financial Capital Co., Ltd.		52,941		2,754		48,523		17,585
Woori Investment Bank Co., Ltd.		9,181		6,605		4,464		15,303
Woori Asset Trust Co., Ltd.		2,701		12,036		1,210		7,018
Woori Asset Management Corp.		506		2,629		832		2,154
Woori Savings Bank		11,774		6,519		7,347		11,077
Woori Private Equity Asset Management Co., Ltd.		56		687		80		775
Woori Global Asset Management Co., Ltd.		—		—		536		269
Woori Financial F&I Co., Ltd.		109,411		7,515		63,852		3,961
Woori Venture Partners Co., Ltd.		859		4,423		340		2,782

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

(*2)	ΔNII: change in Net Interest Income

- 39 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

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


	June 30, 2024
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Asset:
Loans and other financial assets at amortized cost		241,041,908		47,255,466		20,596,576		21,183,139		62,156,126		4,084,328		396,317,543
Financial assets at FVTPL		1,991,214		47,225		55,090		47,899		39,512		49		2,180,989
Financial assets at FVTOCI		4,531,044		2,844,246		2,958,485		4,574,199		23,775,649		1,179,512		39,863,135
Securities at amortized cost		3,788,010		1,485,143		897,562		1,567,579		13,913,577		2,004,784		23,656,655

Total		251,352,176		51,632,080		24,507,713		27,372,816		99,884,864		7,268,673		462,018,322

Liability:
Deposits due to customers		160,184,280		78,270,212		38,880,345		21,975,253		63,650,603		100,242		363,060,935
Borrowings		18,583,361		3,922,182		2,006,155		2,117,566		3,253,818		490,109		30,373,191
Debentures		6,656,948		6,839,242		4,112,885		5,203,094		19,033,724		3,280,636		45,126,529

Total		185,424,589		89,031,636		44,999,385		29,295,913		85,938,145		3,870,987		438,560,655


	December 31, 2023
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Asset:
Loans and other financial assets at amortized cost		245,179,685		55,105,699		17,928,072		12,101,395		55,840,540		3,594,287		389,749,678
Financial assets at FVTPL		2,155,339		178,206		37,672		22,719		52,341		90		2,446,367
Financial assets at FVTOCI		5,976,531		3,489,341		2,425,700		3,008,905		22,852,783		756,272		38,509,532
Securities at amortized cost		1,451,409		1,230,486		3,335,565		1,416,082		15,907,380		2,171,914		25,512,836

Total		254,762,964		60,003,732		23,727,009		16,549,101		94,653,044		6,522,563		456,218,413

Liability:
Deposits due to customers		169,127,109		52,395,270		32,948,424		47,030,448		60,621,757		34,406		362,157,414
Borrowings		20,147,327		5,157,330		1,933,137		2,575,993		4,112,788		437,839		34,364,414
Debentures		7,741,466		5,188,081		4,104,309		5,168,597		18,443,853		3,223,255		43,869,561

Total		197,015,902		62,740,681		38,985,870		54,775,038		83,178,398		3,695,500		440,391,389

2) Currency risk

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

- 40 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

Financial instruments in foreign currencies exposed to currency risk as of June 30, 2024 and December 31, 2023 are as follows (Unit: USD in millions, JPY in millions, CNY in millions, EUR in millions, and Korean Won in millions):


		June 30, 2024
		USD				JPY				CNY				EUR				Others		Total
		Foreign currency		Korean Won equivalent		Foreign currency		Korean Won equivalent		Foreign currency		Korean Won equivalent		Foreign currency		Korean Won equivalent		Korean Won equivalent		Korean Won equivalent
Asset	Cash and cash equivalents		4,433		6,157,816		93,312		806,507		1,355		257,951		247		367,684		1,135,885		8,725,843
	Loans and other financial assets at amortized cost		23,828		33,101,236		117,653		1,016,942		26,906		5,123,800		2,613		3,885,364		8,028,385		51,155,727
	Financial assets at FVTPL		931		1,292,796		3,421		29,565		17		3,318		203		301,839		50,603		1,678,121
	Financial assets at FVTOCI		3,502		4,865,388		—		—		4,224		804,417		12		17,695		701,067		6,388,567
	Securities at amortized cost		691		959,988		—		—		979		186,493		61		91,440		208,806		1,446,727

	Total		33,385		46,377,224		214,386		1,853,014		33,481		6,375,979		3,136		4,664,022		10,124,746		69,394,985

Liability	Financial liabilities at FVTPL		174		242,256		6,413		55,430		—		—		97		143,782		23,602		465,070
	Deposits due to customers		19,750		27,436,047		299,220		2,586,225		30,616		5,830,292		2,416		3,592,229		5,653,028		45,097,821
	Borrowings		8,242		11,449,898		35,425		306,185		912		173,678		533		793,168		2,330,289		15,053,218
	Debentures		4,184		5,812,211		—		—		—		—		195		289,651		—		6,101,862
	Other financial liabilities		4,468		6,207,330		16,057		138,783		2,332		444,086		244		362,954		719,639		7,872,792

	Total		36,818		51,147,742		357,115		3,086,623		33,860		6,448,056		3,485		5,181,784		8,726,558		74,590,763

Off-balance accounts			8,067		11,206,643		23,034		199,081		2,034		387,297		803		1,194,001		1,587,232		14,574,254


		December 31, 2023
		USD				JPY				CNY				EUR				Others		Total
		Foreign currency		Korean Won equivalent		Foreign currency		Korean Won equivalent		Foreign currency		Korean Won equivalent		Foreign currency		Korean Won equivalent		Korean Won equivalent		Korean Won equivalent
Asset	Cash and cash equivalents		8,540		11,011,576		108,421		989,519		1,377		248,965		641		914,960		1,145,464		14,310,484
	Loans and other financial assets at amortized cost		24,463		31,542,764		138,242		1,261,674		30,536		5,522,075		1,791		2,554,897		4,585,588		45,466,998
	Financial assets at FVTPL		884		1,140,110		49,640		453,047		—		—		280		399,828		72,351		2,065,336
	Financial assets at FVTOCI		3,136		4,044,155		—		—		3,882		701,938		6		8,549		738,710		5,493,352
	Securities at amortized cost		1,223		1,576,690		—		—		618		111,839		68		97,393		184,938		1,970,860

	Total		38,246		49,315,295		296,303		2,704,240		36,413		6,584,817		2,786		3,975,627		6,727,051		69,307,030

- 41 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


		December 31, 2023
		USD				JPY				CNY				EUR				Others		Total
		Foreign currency		Korean Won equivalent		Foreign currency		Korean Won equivalent		Foreign currency		Korean Won equivalent		Foreign currency		Korean Won equivalent		Korean Won equivalent		Korean Won equivalent
Liability	Financial liabilities at FVTPL		350		451,700		23,806		217,266		—		—		209		297,521		98,885		1,065,372
	Deposits due to customers		23,962		30,896,247		279,377		2,549,759		23,162		4,188,690		2,122		3,027,521		5,531,242		46,193,459
	Borrowings		9,339		12,041,139		70,741		645,621		1,658		299,748		225		321,529		2,632,379		15,940,416
	Debentures		4,811		6,202,675		—		—		—		—		195		277,871		—		6,480,546
	Other financial liabilities		3,448		4,446,194		26,977		246,206		7,752		1,401,956		99		141,404		387,310		6,623,070

	Total		41,910		54,037,955		400,901		3,658,852		32,572		5,890,394		2,850		4,065,846		8,649,816		76,302,863

Off-balance accounts			7,748		9,990,349		30,143		275,101		2,043		369,483		796		1,135,845		568,935		12,339,713

(3)	Liquidity risk

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

Liquidity risk management

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

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

Maturity analysis of non-derivative financial liabilities

Cash flows of principals and interests by remaining contractual maturities of non-derivative financial liabilities as of June 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


	June 30, 2024
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Financial liabilities at FVTPL		49,773		19,913		14,547		111,442		—		—		195,675
Deposits due to customers		227,265,619		65,905,646		28,313,753		24,192,723		19,090,808		1,552,981		366,321,530
Borrowings		13,064,964		5,184,984		3,532,405		4,647,837		3,659,253		490,110		30,579,553
Debentures		5,653,859		7,709,338		4,114,266		5,354,445		19,033,724		3,280,636		45,146,268
Lease liabilities		55,373		45,787		42,695		35,419		282,016		63,074		524,364
Other financial liabilities(*)		19,925,497		128,152		28,032		88,479		1,085,162		4,124,420		25,379,742

Total		266,015,085		78,993,820		36,045,698		34,430,345		43,150,963		9,511,221		468,147,132


	December 31, 2023
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Financial liabilities at FVTPL		39,524		89,287		—		—		10,256		56,221		195,288
Deposits due to customers		236,125,560		39,103,357		22,776,074		50,089,672		16,898,791		1,549,490		366,542,944
Borrowings		11,415,214		6,626,722		4,345,143		4,579,032		4,331,196		437,839		31,735,146
Debentures		5,510,096		5,328,382		5,383,741		6,035,590		18,439,577		3,223,255		43,920,641
Lease liabilities		74,228		42,106		58,241		33,679		151,127		25,172		384,553
Other financial liabilities(*)		15,059,935		233,081		21,356		26,403		1,025,252		4,195,930		20,561,957

Total		268,224,557		51,422,935		32,584,555		60,764,376		40,856,199		9,487,907		463,340,529

(*)	Lease liabilities are excluded.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

Cash flows of principals and interests by expected maturities of non-derivative financial liabilities as of June 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


	June 30, 2024
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Financial liabilities at FVTPL		49,773		19,913		14,547		111,442		—		—		195,675
Deposits due to customers		233,032,756		65,875,083		27,385,929		22,151,569		16,673,332		567,357		365,686,026
Borrowings		13,064,964		5,184,984		3,532,405		4,647,837		3,659,253		490,110		30,579,553
Debentures		5,653,859		7,709,338		4,114,266		5,354,445		19,033,724		3,280,636		45,146,268
Lease liabilities		56,736		47,165		43,004		36,808		292,562		63,240		539,515
Other financial liabilities(*)		19,925,497		128,152		28,032		88,479		1,085,162		4,124,420		25,379,742

Total		271,783,585		78,964,635		35,118,183		32,390,580		40,744,033		8,525,763		467,526,779


	December 31, 2023
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Financial liabilities at FVTPL		39,524		89,287		—		—		10,256		56,221		195,288
Deposits due to customers		241,935,362		41,132,677		23,468,344		44,082,420		14,717,842		505,146		365,841,791
Borrowings		11,419,501		6,630,868		4,346,740		4,579,314		4,331,196		437,839		31,745,458
Debentures		5,512,545		5,330,733		5,386,014		6,037,688		18,443,853		3,223,255		43,934,088
Lease liabilities		74,228		43,350		59,604		35,057		162,874		25,834		400,947
Other financial liabilities(*)		15,059,935		233,081		21,356		26,403		1,025,252		4,195,930		20,561,957

Total		274,041,095		53,459,996		33,282,058		54,760,882		38,691,273		8,444,225		462,679,529

(*)	Lease liabilities are excluded.

Maturity analysis of derivative financial liabilities

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

The cash flow by the maturity of derivative financial liabilities as of June 30, 2024 and December 31, 2023 is as follows (Unit: Korean Won in millions):


		Remaining maturity
		Within 3 months			4 to 6 months			7 to 9 months			10 to 12 months			1 to 5 years		Over 5 years		Total
June 30, 2024	Cash flow risk hedge		(38	)		24			33			37			—		—		56
	Fair value risk hedge		(4,027	)		59,784			(5,979	)		53,216			54,213		—		157,207
	Trading purpose		6,990,132			—			—			—			—		—		6,990,132
December 31, 2023	Cash flow risk hedge		(1,223	)		(875	)		(590	)		(302	)		13,689		—		10,699
	Fair value risk hedge		29,176			34,370			157			35,272			30,241		—		129,216
	Trading purpose		5,943,024			—			—			—			—		—		5,943,024

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

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

A payment guarantee represents an irrevocable undertaking that the Group should meet a customer’s obligations to third parties if the customer fails to do so. The loan commitment represents the limit if the Group has promised a credit to the customer. Loan commitments include commercial standby facilities and credit lines, liquidity facilities to commercial paper conduits and utilized overdraft facilities. The maximum limit to be paid by the Group in accordance with guarantees and loan commitment only applies to principal amounts. There are contractual maturities for payment guarantees, such as financial guarantees for debentures issued or loans, unused loan commitments, and other credits, however, under the terms of the guarantees and unused loan commitments, funds should be paid upon demand from the counterparty. Details of off-balance accounts as of June 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


	June 30, 2024		December 31, 2023
Payment guarantees		14,976,801		13,793,301
Loan commitments		127,594,961		126,829,192
Other commitments		4,978,395		4,854,099

(4)	Operational risk

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

Operational risk management

The Group has established and operated a group operational risk management system to cope with new Basel III global regulations, which is implemented since 2023, and the management of operational risks follows the procedures for risk recognition, evaluation, measurement, monitoring and reporting, risk control and mitigation.

Operational risk measurement

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

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

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

- 44 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

5.	OPERATING SEGMENTS

In evaluating the results of the Group and allocating resources, the Group’s Chief Operation Decision Maker (“CODM”) utilizes the method of disclosing the financial information of the segments based on the organization of the Group. This financial information of the segments in this note is regularly reviewed by the CODM.

(1)	Segment by type of organization

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


		Operational scope
Banking		Loans/deposits and relevant services for customers of Woori Bank

Credit card		Credit card, cash services, card loans and accompanying business of Woori Card Co., Ltd.

Capital		Installments, loans including lease financing, and accompanying business of Woori Financial Capital Co., Ltd.

Investment Banking		Securities operation, sale of financial instruments, project financing and other related activities for comprehensive financing of Woori Investment bank Co., Ltd.

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

- 45 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

(2)	The composition of each organization’s sectors for the six-month periods ended June 30, 2024 and 2023 are as follows (Unit: Korean Won in millions):


	For the six-month period ended June 30, 2024
	Banking(*1)			Credit card			Capital			Investment banking			Others (*2)			Sub-total			Other adjustments (*3)			Internal adjustments (*4)			Consolidated Adjustments (*5)			Total
Net interest income		3,253,705			335,018			123,355			59,052			58,929			3,830,059			58,989			507,964			(1,913	)		4,395,099
Non-interest income(expense)		1,016,000			85,129			65,238			23,999			1,407,518			2,597,884			57,799			(329,335	)		(1,440,959	)		885,389
Impairment losses due to credit loss		(273,762	)		(168,515	)		(38,943	)		(50,072	)		(65,751	)		(597,043	)		—			(178,993	)		544			(775,492	)
General and administrative expense		(1,761,374	)		(141,517	)		(44,429	)		(27,855	)		(218,004	)		(2,193,179	)		(625	)		—			92,817			(2,100,987	)

Net operating income(expense)		2,234,569			110,115			105,221			5,124			1,182,692			3,637,721			116,163			(364	)		(1,349,511	)		2,404,009

Share of gain of associates		24,387			—			(725	)		117			(3,393	)		20,386			(31	)		—			19,276			39,631
Other non-operating expense		(48,218	)		(2,156	)		(39	)		(278	)		13,401			(37,290	)		1,943			364			(17,798	)		(52,781	)

Non-operating income(expense)		(23,831	)		(2,156	)		(764	)		(161	)		10,008			(16,904	)		1,912			364			1,478			(13,150	)

Net income(expense) before tax		2,210,738			107,959			104,457			4,963			1,192,700			3,620,817			118,075			—			(1,348,033	)		2,390,859
Tax expense		(531,922	)		(23,660	)		(24,603	)		(1,141	)		(11,676	)		(593,002	)		—			—			2,563			(590,439	)

Net income(loss)		1,678,816			84,299			79,854			3,822			1,181,024			3,027,815			118,075			—			(1,345,470	)		1,800,420

Total assets		468,915,086			16,571,401			12,564,864			6,676,326			31,338,220			536,065,897			3,272,162			—			(30,556,894	)		508,781,165

Investment in associate		1,033,906			—			33,988			4,538			24,324,264			25,396,696			24,180			—			(23,521,595	)		1,899,281
Other assets		467,881,180			16,571,401			12,530,876			6,671,788			7,013,956			510,669,201			3,247,982			—			(7,035,299	)		506,881,884

Total liabilities		441,651,445			13,852,526			10,894,300			5,566,870			4,465,747			476,430,888			115,984			—			(2,913,321	)		473,633,551

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

(*2)

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

(*3)	Other segments includes the funds subject to Group’s consolidation not included in the reporting segment.

(*4)

Internal reconciliation includes the adjustment of deposit insurance premiums of 247,185 million Won and fund contribution fees of 261,000 million Won from net interest income expenses to non-interest income expenses in order to present the profit and loss adjustment between reporting divisions in accordance with management accounting standards as profit and loss in accordance with accounting standards.

(*5)	Consolidation adjustments include the elimination of 90,726 million Won of internal transactions between Woori FIS Co., Ltd., the group’s IT service agency, and affiliates, and the removal of 1,195,721 million Won of dividends received by the holding company from its subsidiaries.

- 46 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


	For the six-month period ended June 30, 2023
	Banking(*1)			Credit card			Capital			Investment banking			Others (*2)			Sub-total			Other adjustments (*3)			Internal adjustments (*4)			Consolidated Adjustments (*5)			Total
Net interest income		3,324,229			338,200			169,105			48,129			56,767			3,936,430			38,739			440,929			(3,105	)		4,412,993
Non-interest income(expense)		766,099			51,564			61,015			25,247			1,730,003			2,633,928			6,896			(326,341	)		(1,704,307	)		610,176
Impairment losses due to credit loss		(391,534	)		(145,831	)		(97,705	)		(31,871	)		(36,939	)		(703,880	)		—			(115,072	)		1,137			(817,815	)
General and administrative expense		(1,742,049	)		(138,382	)		(42,097	)		(25,613	)		(274,534	)		(2,222,675	)		(356	)		—			165,115			(2,057,916	)

Net operating income(expense)		1,956,745			105,551			90,318			15,892			1,475,297			3,643,803			45,279			(484	)		(1,541,160	)		2,147,438

Share of gain(loss) of joint ventures and associates		61,878			—			261			124			744			63,007			(125	)		—			8,101			70,983
Other non-operating expense		(67,474	)		(914	)		(14	)		(9	)		941			(67,470	)		1,370			484			(4,272	)		(69,888	)

Non-operating income(expense)		(5,596	)		(914	)		247			115			1,685			(4,463	)		1,245			484			3,829			1,095

Net income(expense) before tax		1,951,149			104,637			90,565			16,007			1,476,982			3,639,340			46,524			—			(1,537,331	)		2,148,533
Tax expense		(473,248	)		(22,289	)		(19,286	)		(3,841	)		(18,089	)		(536,753	)		—			—			2,032			(534,721	)

Net income(loss)		1,477,901			82,348			71,279			12,166			1,458,893			3,102,587			46,524			—			(1,535,299	)		1,613,812

Total assets		445,294,200			16,504,719			12,304,348			5,407,267			28,770,391			508,280,925			2,530,629			—			(27,899,935	)		482,911,619

Investment to joint ventures and associates		977,694			—			37,486			4,065			22,978,920			23,998,165			27,451			—			(22,403,946	)		1,621,670
Other assets		444,316,506			16,504,719			12,266,862			5,403,202			5,791,471			484,282,760			2,503,178			—			(5,495,989	)		481,289,949

Total liabilities		419,597,515			14,050,995			10,733,981			4,740,429			3,602,487			452,725,407			126,621			—			(2,631,673	)		450,220,355

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

(*2)

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

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

(*4)	Internal adjustment includes adjustment of 227,083 million Won in deposit insurance premiums and 214,394 million Won in fund contribution fees from net interest income to non-interest income to present income adjustment between reporting sectors in accordance with management accounting standards.

(*5)	Consolidation adjustments include the elimination of 163,610 million Won of internal transactions between Woori FIS Co., Ltd., the group’s IT service agency, and affiliates, and the removal of 1,472,869 million Won of dividends received by the holding company from its subsidiaries.

- 47 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

(3)	Operating profit or loss from external customers for the six-month periods ended June 30, 2024 and 2023 are as follows (Unit: Korean Won in millions):


	For the six-month periods ended June 30
Details	2024		2023
Domestic		2,162,080		1,911,303
Foreign		241,929		236,135

Total		2,404,009		2,147,438

(4)	Major non-current assets as of June 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


Details (*)	June 30, 2024		December 31, 2023
Domestic		6,093,326		5,804,919
Foreign		633,233		636,820

Total		6,726,559		6,441,739

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

(5)	Information about major customers

The Group does not have any single customer that generates 10% or more of the Group’s total revenue for the six-month periods ended June 30, 2024 and 2023.

- 48 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

6.	CASH AND CASH EQUIVALENTS

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


	June 30, 2024		December 31, 2023
Cash		1,554,682		1,464,606
Foreign currencies		681,727		715,495
Demand deposits		23,139,761		28,248,420
Time deposits		95,462		128,097

Total		25,471,632		30,556,618

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

Counterparty

June 30, 2024

Reason of restriction

Due from banks in local currency:

Due from BOK

BOK

12,819,561

Reserve deposits under the BOK
Act

Due from banks in foreign currencies:

Due from banks on demand

Bank of Japan and others

891,094

Reserve deposits, etc.

Total

13,710,655

Counterparty

December 31, 2023

Reason of restriction

Due from banks in local currency:

Due from BOK

BOK

13,420,310

Reserve deposits under the BOK
Act

Due from banks in foreign currencies:

Due from banks on demand

Bank of Japan and others

957,627

Reserve deposits etc

Total

14,377,937

- 49 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

7.	FINANCIAL ASSETS AT FVTPL

(1)	Details of financial assets at FVTPL as of June 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


	June 30, 2024		December 31, 2023
Financial assets at fair value through profit or loss		23,309,282		21,544,756

(2)	Financial assets at fair value through profit or loss as of June 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


	June 30, 2024		December 31, 2023
Deposits:
Gold banking asset		49,518		39,241
Securities:
Debt securities
Korean treasury and government agencies		4,173,223		4,310,612
Financial institutions		747,364		778,832
Corporates		348,340		433,488
Securities loaned		481,666		625,398
Others		244,393		158,908
Equity securities		444,177		421,989
Capital contributions		2,659,555		2,459,646
Beneficiary certificates		5,033,286		5,509,915
Others		189,069		181,691

Sub-total		14,321,073		14,880,479

Loans		1,376,768		782,716
Derivatives assets		7,514,608		5,798,329
Other financial assets		47,315		43,991

Total		23,309,282		21,544,756

The Group does not have financial assets at fair value through profit or loss designated as upon initial recognition as of June 30, 2024 and December 31, 2023.

- 50 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

8.	FINANCIAL ASSETS AT FVTOCI

(1)	Details of financial assets at FVTOCI as of June 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


	June 30, 2024		December 31, 2023
Debt securities:
Korean treasury and government agencies		8,117,387		5,728,241
Financial institutions		19,536,831		20,885,924
Corporates		3,554,764		3,994,432
Bond denominated in foreign currencies		6,338,147		5,493,295
Securities loaned		180,545		592,219

Sub-total		37,727,674		36,694,111

Equity securities		1,097,593		1,197,384
Loans		50,361		—

Total		38,875,628		37,891,495

(2)	Details of equity securities designated as financial assets at FVTOCI as of June 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


Purpose of acquisition	June 30, 2024		December 31, 2023		Remarks
Investment for strategic business partnership purpose		911,070		1,039,203
Debt-equity swap		186,517		158,175
Others		6		6		Insurance for mutual aid association, etc.

Total		1,097,593		1,197,384

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

Loss allowance


	For the six-month period ended June 30, 2024
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(27,379	)		—		—		(27,379	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Provision of loss allowance		(3,482	)		—		—		(3,482	)
Disposal		2,760			—		—		2,760
Others (*)		154			—		—		154

Ending balance		(27,947	)		—		—		(27,947	)

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


	For the six-month period ended June 30, 2023
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(11,805	)		—		—		(11,805	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Provision of loss allowance		(12,163	)		—		—		(12,163	)
Disposal		432			—		—		432
Others (*)		(1,499	)		—		—		(1,499	)

Ending balance		(25,035	)		—		—		(25,035	)

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

- 51 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

Gross carrying amount


	For the six-month period ended June 30, 2024
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		36,694,111			—		—		36,694,111
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Acquisition		14,525,101			—		—		14,525,101
Disposal / Recovery		(13,971,840	)		—		—		(13,971,840	)
Gain on valuation		58,565			—		—		58,565
Amortization based on effective interest method		67,560			—		—		67,560
Others (*)		404,538			—		—		404,538

Ending balance		37,778,035			—		—		37,778,035

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


	For the six-month period ended June 30, 2023
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		32,145,758			—		—		32,145,758
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Acquisition		11,877,503			—		—		11,877,503
Disposal / Recovery		(10,783,130	)		—		—		(10,783,130	)
Gain (loss) on valuation		248,239			—		—		248,239
Amortization based on effective interest method		80,514			—		—		80,514
Others (*)		222,279			—		—		222,279

Ending balance		33,791,163			—		—		33,791,163

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

(4)

During six-month periods ended June 30, 2024 and 2023, the Group sold its equity securities., designated as financial assets at FVTOCI in accordance with decision of disposal by the creditors, and the fair values at disposal dates were 1,437 million Won and 2,593 million Won respectively, and cumulative gains or losses at disposal dates were (674) million Won and 203 million Won respectively.

- 52 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

9.	SECURITIES AT AMORTIZED COST

(1)	Details of securities at amortized cost as of June 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


	June 30, 2024			December 31, 2023
Korean treasury and government agencies		7,663,921			8,143,585
Financial institutions		6,371,376			6,660,465
Corporates		6,939,928			7,235,202
Bond denominated in foreign currencies		1,446,727			1,970,861
Allowance for credit losses		(13,193	)		(13,941	)

Total		22,408,759			23,996,172

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

Loss allowance


	For the six-month period ended June 30, 2024
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(13,941	)		—		—		(13,941	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Net Reversal of loss allowance		811			—		—		811
Others (*)		(63	)		—		—		(63	)

Ending balance		(13,193	)		—		—		(13,193	)

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


	For the six-month period ended June 30, 2023
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(8,385	)		—		—		(8,385	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Net provision of loss allowance		(6,019	)		—		—		(6,019	)
Others (*)		(18	)		—		—		(18	)

Ending balance		(14,422	)		—		—		(14,422	)

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

- 53 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

Gross carrying amount


	For the six-month period ended June 30, 2024
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		24,010,113			—		—		24,010,113
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Acquisition		502,737			—		—		502,737
Disposal / Recovery		(2,245,188	)		—		—		(2,245,188	)
Amortization based on effective interest method		39,473			—		—		39,473
Others (*)		114,817			—		—		114,817

Ending balance		22,421,952			—		—		22,421,952

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


	For the six-month period ended June 30, 2023
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		28,276,901			—		—		28,276,901
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Acquisition		2,333,300			—		—		2,333,300
Disposal / Recovery		(4,842,587	)		—		—		(4,842,587	)
Amortization based on effective interest method		104,732			—		—		104,732
Others (*)		91,696			—		—		91,696

Ending balance		25,964,042			—		—		25,964,042

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

- 54 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

10.

LOANS AND OTHER FINANCIAL ASSETS AT AMORTIZED COST

(1)	Details of loans and other financial assets at amortized cost as of June 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


	June 30, 2024		December 31, 2023
Due from banks		2,730,581		1,950,573
Loans		370,745,214		358,577,179
Other financial assets		13,898,289		12,620,396

Total		387,374,084		373,148,148

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


	June 30, 2024			December 31, 2023
Due from banks in local currency:
Due from depository banks		347,640			108,344
Due from non-depository institutions		39,526			136
Due from the Korea Exchange		—			68
Others		137,436			135,390
Loss allowance		(173	)		(59	)

Sub-total		524,429			243,879

Due from banks in foreign currencies:
Due from banks on demand		283,591			221,292
Due from banks on time		255,307			366,117
Others		1,682,918			1,135,072
Loss allowance		(15,664	)		(15,787	)

Sub-total		2,206,152			1,706,694

Total		2,730,581			1,950,573

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


	Counterparty	June 30, 2024		Reason of restriction
Due from banks in local currency:
Others	Korea Federation of Savings Bank and others		80,372	Domestic currency exchange and collateral related to promissory notes and others

Sub-total			80,372

Due from banks in foreign currencies:
Due from banks on demand	National Bank of Cambodia and others		275,744	Reserve deposits and others
Due from banks on time	National Bank of Cambodia		333	Usage deposits for fund settlement system
Others	People’s Bank of China and others		885,601	Reserve deposits and others

Sub-total			1,161,678

Total			1,242,050

- 55 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


	Counterparty	December 31, 2023		Reason of restriction
Due from banks in local currency:
Due from KSFC	KB Securities Co., Ltd. and SI SECURITIES CORPORATION		68	Futures margin
Others	Korea Federation of Savings Bank and others		129,974	Domestic currency exchange and collateral related to promissory notes and others

Sub-total			130,042

Due from banks in foreign currencies:
Due from banks on demand	National Bank of Cambodia and others		216,147	Reserve deposits and others
Due from banks on time	National Bank of Cambodia		321	Usage deposits for fund settlement system
Others	People’s Bank of China and others		1,062,130	Reserve deposits and others

Sub-total			1,278,598

Total			1,408,640

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

Allowance for credit losses


	For the six-month period ended June 30, 2024
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(15,846	)		—		—		(15,846	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Reversal for allowance for credit loss		1,335			—		—		1,335
Others (*)		(1,326	)		—		—		(1,326	)

Ending balance		(15,837	)		—		—		(15,837	)

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


	For the six-month period ended June 30, 2023
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(12,317	)		—		—		(12,317	)
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Provision for allowance for credit loss		(5,831	)		—		—		(5,831	)
Others (*)		995			—		—		995

Ending balance		(17,153	)		—		—		(17,153	)

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

- 56 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

2)	Gross carrying amount


	For the six-month period ended June 30, 2024
	Stage 1		Stage 2		Stage 3		Total
Beginning balance		1,966,419		—		—		1,966,419
Transfer to 12-month expected credit losses		—		—		—		—
Transfer to lifetime expected credit losses		—		—		—		—
Transfer to credit-impaired financial assets		—		—		—		—
Net increase		715,187		—		—		715,187
Others (*)		64,812		—		—		64,812

Ending balance		2,746,418		—		—		2,746,418

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


	For the six-month period ended June 30, 2023
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		3,006,989			—		—		3,006,989
Transfer to 12-month expected credit losses		—			—		—		—
Transfer to lifetime expected credit losses		—			—		—		—
Transfer to credit-impaired financial assets		—			—		—		—
Net decrease		(877,876	)		—		—		(877,876	)
Changes due to business combinations		113,000			—		—		113,000
Others (*)		886,826			—		—		886,826

Ending balance		3,128,939			—		—		3,128,939

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

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


	June 30, 2024			December 31, 2023
Loans in local currency		306,750,688			298,157,823
Loans in foreign currencies		32,010,699			28,585,389
Domestic banker’s usance		3,138,909			2,726,633
Credit card accounts		11,893,756			12,531,620
Bills bought in foreign currencies		4,692,681			4,215,956
Bills bought in local currency		167,026			496,148
Factoring receivables		7,863			8,712
Advances for customers on guarantees		30,584			9,996
Private placement bonds		561,063			688,437
Securitized loans		3,817,039			3,203,135
Call loans		2,353,959			2,719,546
Bonds purchased under resale agreements		3,659,420			3,356,392
Financial lease receivables		1,265,177			1,362,279
Installment financial bond		2,732,139			2,635,720
Others		110			119
Loan origination costs and fees		877,934			865,694
Discounted present value		(6,562	)		(11,360	)
Allowance for credit losses		(3,207,271	)		(2,975,060	)

Total		370,745,214			358,577,179

- 57 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

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


	For the six-month period ended June 30, 2024
	Consumers									Corporates
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		(196,845	)		(134,002	)		(220,845	)		(947,688	)		(762,644	)		(363,703	)		(89	)
Transfer to 12-month expected credit losses		(27,353	)		25,393			1,960			(64,492	)		64,102			390			—
Transfer to lifetime expected credit losses		15,387			(19,003	)		3,616			37,586			(40,216	)		2,630			—
Transfer to credit-impaired financial assets		5,986			21,917			(27,903	)		47,005			128,542			(175,547	)		—
Net reversal(provision) of allowance for credit losses		3,645			(25,332	)		(205,013	)		(43,224	)		(74,014	)		(232,323	)		(612	)
Recovery		—			—			(35,896	)		—			—			(18,356	)		—
Charge-off		—			—			140,360			—			—			110,062			178
Disposal		9			314			34,047			17			1,981			121,409			256
Interest income from impaired loans		—			—			7,343			—			—			10,839			—
Others		(944	)		280			23,850			(4,104	)		462			432			—

Ending balance		(200,115	)		(130,433	)		(278,481	)		(974,900	)		(681,787	)		(544,167	)		(267	)


	For the six-month period ended June 30, 2024
	Credit card accounts									Total
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		(97,734	)		(118,112	)		(133,398	)		(1,242,267	)		(1,014,758	)		(717,946	)		(89	)
Transfer to 12-month expected credit losses		(28,441	)		28,352			89			(120,286	)		117,847			2,439			—
Transfer to lifetime expected credit losses		9,527			(10,164	)		637			62,500			(69,383	)		6,883			—
Transfer to credit-impaired financial assets		2,340			10,118			(12,458	)		55,331			160,577			(215,908	)		—
Net reversal(provision) of allowance for credit losses		13,723			(27,166	)		(174,691	)		(25,856	)		(126,512	)		(612,027	)		(612	)
Recovery		—			—			(13,339	)		—			—			(67,591	)		—
Charge-off		—			—			125,773			—			—			376,195			178
Disposal		—			—			27,823			26			2,295			183,279			256
Interest income from impaired loans		—			—			—			—			—			18,182			—
Others		—			—			—			(5,048	)		742			24,282			—

Ending balance		(100,585	)		(116,972	)		(179,564	)		(1,275,600	)		(929,192	)		(1,002,212	)		(267	)

- 58 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


	For the six-month period ended June 30, 2023
	Consumers									Corporates
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		(147,876	)		(128,089	)		(241,942	)		(453,621	)		(818,234	)		(241,465	)		(27	)
Transfer to 12-month expected credit losses		(22,606	)		21,968			638			(71,867	)		71,114			753			—
Transfer to lifetime expected credit losses		10,968			(13,300	)		2,332			25,444			(34,718	)		9,274			—
Transfer to credit-impaired financial assets		4,167			21,237			(25,404	)		7,385			28,537			(35,922	)		—
Net reversal(provision) of allowance for credit losses		(44,811	)		(40,932	)		(146,892	)		(222,927	)		14,917			(164,241	)		(711	)
Recovery		—			—			(31,758	)		—			—			(28,827	)		—
Charge-off		—			—			130,288			—			—			107,439			457
Disposal		3,823			6,505			54,858			262			152			52,793			—
Interest income from impaired loans		—			—			10,233			—			—			9,340			—
Others		7,607			(8	)		1,603			(25,166	)		(1,911	)		25			—

Ending balance		(188,728	)		(132,619	)		(246,044	)		(740,490	)		(740,143	)		(290,831	)		(281	)


	For the six-month period ended June 30, 2023
	Credit card receivables									Total
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		(71,139	)		(127,814	)		(103,946	)		(672,636	)		(1,074,137	)		(587,353	)		(27	)
Transfer to 12-month expected credit losses		(29,518	)		29,464			54			(123,991	)		122,546			1,445			—
Transfer to lifetime expected credit losses		7,031			(7,557	)		526			43,443			(55,575	)		12,132			—
Transfer to credit-impaired financial assets		960			4,554			(5,514	)		12,512			54,328			(66,840	)		—
Net reversal(provision) of allowance for credit losses		12,570			(8,793	)		(167,464	)		(255,168	)		(34,808	)		(478,597	)		(711	)
Recovery		—			—			(19,146	)		—			—			(79,731	)		—
Charge-off		—			—			158,963			—			—			396,690			457
Disposal		—			—			27,840			4,085			6,657			135,491			—
Interest income from impaired loans		—			—			—			—			—			19,573			—
Others		(2	)		—			—			(17,561	)		(1,919	)		1,628			—

Ending balance		(80,098	)		(110,146	)		(108,687	)		(1,009,316	)		(982,908	)		(645,562	)		(281	)

- 59 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

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


	For the six-month period ended June 30, 2024
	Consumers									Corporates
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		132,812,981			14,714,396			642,086			188,612,028			10,621,387			856,844			768,487
Transfer to 12-month expected credit losses		4,345,099			(4,334,165	)		(10,934	)		2,227,211			(2,225,117	)		(2,094	)		—
Transfer to lifetime expected credit losses		(5,638,033	)		5,670,778			(32,745	)		(4,086,235	)		4,093,977			(7,742	)		—
Transfer to credit-impaired financial assets		(177,639	)		(204,885	)		382,524			(516,214	)		(624,092	)		1,140,306			—
Charge-off		—			—			(140,360	)		—			—			(110,062	)		(178	)
Disposal		(35	)		(9,139	)		(136,405	)		(82	)		(8,197	)		(396,057	)		(112,665	)
Net increase(decrease)		2,049,586			(1,160,853	)		37,799			13,541,684			(1,119,187	)		(35,816	)		631,995

Ending balance		133,391,959			14,676,132			741,965			199,778,392			10,738,771			1,445,379			1,287,639


	For the six-month period ended June 30, 2024
	Credit card accounts									Total
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		11,287,068			983,611			253,351			332,712,077			26,319,394			1,752,281			768,487
Transfer to 12-month expected credit losses		303,339			(303,209	)		(130	)		6,875,649			(6,862,491	)		(13,158	)		—
Transfer to lifetime expected credit losses		(545,213	)		546,135			(922	)		(10,269,481	)		10,310,890			(41,409	)		—
Transfer to credit-impaired financial assets		(76,382	)		(55,380	)		131,762			(770,235	)		(884,357	)		1,654,592			—
Charge-off		—			—			(125,773	)		—			—			(376,195	)		(178	)
Disposal		—			—			(53,742	)		(117	)		(17,336	)		(586,204	)		(112,665	)
Net increase(decrease)		(436,667	)		(115,285	)		99,685			15,154,603			(2,395,325	)		101,668			631,995
Changes due to business combinations		—			—			—			—			—			—			—

Ending balance		10,532,145			1,055,872			304,231			343,702,496			26,470,775			2,491,575			1,287,639

- 60 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


	For the six-month period ended June 30, 2023
	Consumers									Corporates
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		131,328,377			14,020,582			564,057			179,552,435			9,486,297			625,998			313,717
Transfer to 12-month expected credit losses		3,612,969			(3,605,588	)		(7,381	)		1,691,048			(1,682,828	)		(8,220	)		—
Transfer to lifetime expected credit losses		(5,726,077	)		5,742,982			(16,905	)		(3,797,604	)		3,818,983			(21,379	)		—
Transfer to credit-impaired financial assets		(180,533	)		(172,537	)		353,070			(333,745	)		(253,004	)		586,749			—
Charge-off		—			—			(130,288	)		—			—			(107,439	)		(457	)
Disposal		(35,722	)		(16,354	)		(113,596	)		(18,132	)		(475	)		(251,831	)		(32,074	)
Net increase(decrease)		(781,825	)		(1,473,186	)		46,978			10,693,140			(1,352,834	)		(165,483	)		107,880
Changes due to business combinations		1,144			—			—			—			—			—			—

Ending balance		128,218,333			14,495,899			695,935			187,787,142			10,016,139			658,395			389,066


	For the six-month period ended June 30, 2023
	Credit card receivables									Total
	Stage 1			Stage 2			Stage 3			Stage 1			Stage 2			Stage 3			Credit impairment model
Beginning balance		9,115,460			1,066,380			179,410			319,996,272			24,573,259			1,369,465			313,717
Transfer to 12-month expected credit losses		349,541			(349,465	)		(76	)		5,653,558			(5,637,881	)		(15,677	)		—
Transfer to lifetime expected credit losses		(357,592	)		358,354			(762	)		(9,881,273	)		9,920,319			(39,046	)		—
Transfer to credit-impaired financial assets		(41,753	)		(34,059	)		75,812			(556,031	)		(459,600	)		1,015,631			—
Charge-off		—			—			(158,963	)		—			—			(396,690	)		(457	)
Disposal		—			—			(54,403	)		(53,854	)		(16,829	)		(419,830	)		(32,074	)
Net increase(decrease)		866,202			(136,480	)		160,252			10,777,517			(2,962,500	)		41,747			107,880
Changes due to business combinations		—			—			—			1,144			—			—			—

Ending balance		9,931,858			904,730			201,270			325,937,333			25,416,768			1,555,600			389,066

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

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


	June 30, 2024			December 31, 2023
Cash Management Account asset (CMA asset)		110,000			91,000
Receivables		10,415,048			9,061,936
Accrued income		2,138,612			1,972,330
Telex and telephone subscription rights and refundable deposits		794,956			793,510
Domestic exchange settlement debit		176,750			446,570
Other assets		440,790			411,330
Allowance for credit losses		(177,867	)		(156,280	)

Total		13,898,289			12,620,396

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


	For the six-month period ended June 30, 2024
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		(9,019	)		(17,062	)		(130,199	)		(156,280	)
Transfer to 12-month expected credit losses		(464	)		445			19			—
Transfer to lifetime expected credit losses		293			(343	)		50			—
Transfer to credit-impaired financial assets		1,711			6,463			(8,174	)		—
Provision of loss allowance		(184	)		(1,837	)		(13,753	)		(15,774	)
Charge-off		—			—			2,447			2,447
Disposal		—			—			1,115			1,115
Others		24			(4	)		(9,395	)		(9,375	)

Ending balance		(7,639	)		(12,338	)		(157,890	)		(177,867	)


	For the six-month period ended June 30, 2023
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		(4,178	)		(9,133	)		(125,869	)		(139,180	)
Transfer to 12-month expected credit losses		(291	)		273			18			—
Transfer to lifetime expected credit losses		194			(228	)		34			—
Transfer to credit-impaired financial assets		94			716			(810	)		—
Provision of loss allowance		(1,696	)		(701	)		(2,555	)		(4,952	)
Charge-off		—			—			1,429			1,429
Disposal		—			—			906			906
Others		(1,511	)		9			(248	)		(1,750	)

Ending balance		(7,388	)		(9,064	)		(127,095	)		(143,547	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

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


	For the six-month period ended June 30, 2024
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		12,510,625			111,898			154,153			12,776,676
Transfer to 12-month expected credit losses		18,447			(18,413	)		(34	)		—
Transfer to lifetime expected credit losses		(30,468	)		30,533			(65	)		—
Transfer to credit-impaired financial assets		(7,344	)		(19,533	)		26,877			—
Charge-off		—			—			(2,447	)		(2,447	)
Disposal		—			(3	)		(1,497	)		(1,500	)
Net increase		1,270,544			17,653			15,230			1,303,427

Ending balance		13,761,804			122,135			192,217			14,076,156


	For the six-month period ended June 30, 2023
	Stage 1			Stage 2			Stage 3			Total
Beginning balance		8,886,721			21,454			78,502			8,986,677
Transfer to 12-month expected credit losses		13,297			(13,277	)		(20	)		—
Transfer to lifetime expected credit losses		(24,835	)		24,878			(43	)		—
Transfer to credit-impaired financial assets		(1,804	)		(3,011	)		4,815			—
Charge-off		—			—			(1,429	)		(1,429	)
Disposal		—			—			(1,044	)		(1,044	)
Net increase		6,130,974			87,621			171,248			6,389,843
Changes due to business combinations		13,240			—			—			13,240

Ending balance		15,017,593			117,665			252,029			15,387,287

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

11.

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

(1)	The fair value hierarchy

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

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

•

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

•

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

•

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

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

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

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


	June 30, 2024
	Level 1 (*)		Level 2 (*)		Level 3		Total
Financial assets:
Financial assets at FVTPL
Deposits		49,518		—		—		49,518
Debt securities		4,344,243		1,649,364		1,379		5,994,986
Equity securities		39,181		—		404,996		444,177
Capital contributions		—		—		2,659,555		2,659,555
Beneficiary certificates		157,079		2,932,388		1,943,819		5,033,286
Loans		—		1,328,282		48,486		1,376,768
Derivative assets		—		7,507,788		6,820		7,514,608
Other financial assets in foreign currency		—		—		45,689		45,689
Others		—		—		190,695		190,695

Sub-total		4,590,021		13,417,822		5,301,439		23,309,282

Financial assets at FVTOCI
Debt securities		15,142,169		22,585,505		—		37,727,674
Equity securities		574,237		—		523,356		1,097,593
Loans		—		—		50,361		50,361

Sub-total		15,716,406		22,585,505		573,717		38,875,628

Derivative assets (designated for hedging)		—		85,106		—		85,106

Total		20,306,427		36,088,433		5,875,156		62,270,016

Financial liabilities:
Financial liabilities at FVTPL
Deposits due to customers		49,773		—		—		49,773
Derivative liabilities		—		6,973,140		16,991		6,990,131
Securities sold		145,902		—		—		145,902

Sub-total		195,675		6,973,140		16,991		7,185,806
Financial instruments designated to be measured at FVTPL
Deposits due to customers		—		329,983		—		329,983
Derivative liabilities (designated for hedging)		—		150,585		—		150,585

Total		195,675		7,453,708		16,991		7,666,374

(*)	There were no transfers between Level 1 and Level 2 of financial assets and liabilities measured at fair value. The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


	December 31, 2023
	Level 1 (*)		Level 2 (*)		Level 3		Total
Financial assets:
Financial assets at FVTPL
Deposits		39,241		—		—		39,241
Debt securities		4,414,956		1,888,052		4,230		6,307,238
Equity securities		68,691		19		353,279		421,989
Capital contributions		—		—		2,459,646		2,459,646
Beneficiary certificates		169,012		3,634,938		1,705,965		5,509,915
Loans		—		726,714		56,002		782,716
Derivative assets		113		5,669,078		129,138		5,798,329
Other financial assets in foreign currency		—		—		42,408		42,408
Others		—		—		183,274		183,274

Sub-total		4,692,013		11,918,801		4,933,942		21,544,756

Financial assets at FVTOCI
Debt securities		12,392,117		24,301,994		—		36,694,111
Equity securities		649,220		—		548,164		1,197,384

Sub-total		13,041,337		24,301,994		548,164		37,891,495

Derivative assets (designated for hedging)		—		26,708		—		26,708

Total		17,733,350		36,247,503		5,482,106		59,462,959


Financial liabilities:
Financial liabilities at FVTPL
Deposits due to customers		39,524		—		—		39,524
Derivative liabilities		8,303		5,932,727		1,994		5,943,024
Securities sold		155,765		—		—		155,765

Sub-total		203,592		5,932,727		1,994		6,138,313

Derivative liabilities (designated for hedging)		—		153,007		—		153,007

Total		203,592		6,085,734		1,994		6,291,320

(*)	Among financial assets and financial liabilities measured at fair value, There is no amount transferred between Level 2 and Level 1. The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

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

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

Valuation methods and input variables for each type of financial instrument classified into level 2 as of June 30, 2024 and December 31, 2023 are as follows:


	Valuation methods	Input variables
Debt securities	Fair value is measured by discounting the future cash flows of debt securities applying the risk-free market rate with credit spread and LSMC and Hull-White model.	Risk-free market rate, credit spread, discount rate originated from credit grade, volatility of stock and volatility of interest rate

Equity securities and beneficiary certificates	The beneficiary certificates are measured at net asset value method, DCF model(Discounted Cash Flow Model), Binomial Tree model and T-F model.	Values of underlying assets such as bond, discount rate, volatility of stock, terminal growth rate etc.

Derivatives	Fair value is measured by models such as option model.	Discount rate, volatility, exchange rate, stock prices, fair value originated from forward price etc.

Loans	The future cash flows of debt instruments are measured at a discount by applying the market interest rate applied to entities with similar creditworthiness to the debtor.	Risk-free market rate and credit spread

Deposits due to customers	Fair value is measured by Hull-White model.	Swaption Volume etc.

Valuation methods and input variables for each type of financial instrument classified into level 3 as of June 30, 2024 and December 31, 2023 are as follows:


	Valuation methods	Input variables
Loans	Fair value is measured by using the DCF model (Discounted Cash Flow Model) and LSMC(Hull-White) etc. which is a valuation technique commonly used in the market taking into account values and volatility of underlying assets.	Values of underlying assets, volatility, discount rate, volatility of stock, volatility of interest rate

Debt securities	Fair value is measured by models such as LSMC(Least-Squares Monte Carlo), Hull-White model.	Discount rate originated from credit grade, volatility of stocks , volatility of interest rate etc.

Stocks, capital contributions and Beneficiary certificates	Among DCF (Discounted Cash Flow) Model, FCFE (Free Cash Flow to Equity) Model, Comparable Company Analysis, Dividend Discount Model, Risk-adjusted Rate of Return Method, Net Asset Value Method, LSMC, Binomial Tree Model, Hull-White and Precedent Transactions model, one or more methods are used given the characteristic of the subject of fair value measurement.	Risk-free market rate, market risk premium, corporate Beta, stock prices, volatility of underlying asset, discount rate originated from credit grade, volatility of interest rate, volatility of real estate value, terminal growth rate, PBR, PSR etc.

Derivatives	Fair value is measured by models such as option model.	Correlation, etc.

Others	The fair value of the underlying asset, after calculating the fair value using the DCF model, etc., considering the price and volatility of the calculated underlying asset, is calculated using the binomial tree, which is commonly used valuation techniques in the market.	Stock price, volatility of underlying assets, etc.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

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


			June 30, 2024
	Fair value measurement technique	Type	Significant unobservable inputs	Range	Impact of changes in significant unobservable inputs on fair value measurement
Loans	DCF model and others		Discount rate	0.70%~6.46%	Fair value increases as discount rate decreases.
	LMSC(Hull-White)		Volatility of index	14.08%~24.11%	Variation of fair value increases as volatility increases.
Derivative assets	Option valuation model and others	Equity related	Correlation coefficient	0.29~0.60	Variation of fair value increases as correlation coefficient increases.
Derivative liabilities	Option valuation model and others	Equity related	Correlation coefficient	0.29~0.60	Variation of fair value increases as correlation coefficient increases.
Stocks, capital contributions, and Beneficiary certificates	Binomial Tree		Stock prices, Volatility of underlying asset	18.52%~25.16%	Variation of fair value increases as volatility of underlying asset and stock price increases.
	DCF model and others		Discount rate	5.14%~24.03%	Fair value increases as discount rate decreases.
			Terminal growth rate	0.00%~2.00%	Fair value increases as terminal growth rate increases.
			Liquidation value	-1.00%~1.00%	Fair value increases as liquidation value increases.
	LMSC(Hull-White)		Volatility	11.82%~19.33%	Variation of fair value increases as volatility increases.
			Discount rate	7.01%	Fair value increases as discount rate decreases.
Others	Binomial Tree		Stock prices, Volatility of underlying asset	18.14%~53.77%	Variation of fair value increases as volatility of underlying asset and stock price increases.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


			December 31, 2023
	Fair value measurement technique	Type	Significant unobservable inputs	Range	Impact of changes in significant unobservable inputs on fair value measurement
Loans	DCF model and others		Discount rate	4.05%~6.58%	Fair value increases as discount rate decreases.
	LSMC(Hull-White)		Volatility of stock	0.19%~0.24%	Fair value increases as volatility of stock increases.
			Volatility of interest rate	0.47%~0.91%	Fair value increases as volatility of interest rate increases.
			Volatility of index	13.78%~21.92%	Variation of fair value increases as volatility increases.
Derivative assets	Option valuation model and others	Equity related	Correlation coefficient	0.32~0.68	Variation of fair value increases as correlation coefficient increases.
Derivative liabilities	Option valuation model and others	Equity related	Correlation coefficient	0.32~0.68	Variation of fair value increases as correlation coefficient increases.
Stocks, capital contributions, and beneficiary certificates	Binomial Tree		Discount rate	3.58%	Fair value increases as discount rate decreases.
			Stock prices, Volatility of underlying asset, Volatility of stocks	27.34%~76.22%	Variation of fair value increases as volatility of underlying asset and stock price increases.
	Risk-adjusted discount rate method (Tsiveriotis-Fernandes)		Discount rate	6.98%	Fair value increases as discount rate decreases.
			Volatility of stock	34.6%	Variation of fair value increases as volatility of stock increases.
	DCF model and others		Discount rate	5.08%~19.90%	Fair value increases as discount rate decreases.
			Terminal growth rate	0.00%, 1.00%	Fair value increases as terminal growth rate increases.
			Liquidation value	-1.00%~1.00%	Fair value increases as liquidation value increases.
	LSMC(Hull-White)		Discount rate	5.06%~6.86%	Fair value increases as discount rate decreases.
Others	Binomial Tree		Stock prices, Volatility of underlying asset	15.48%~76.22%	Variation of fair value increases as volatility of underlying asset and stock price increases.
			Discount rate	10.42%	Fair value increases as discount rate decreases.
			Growth rate	0.00%	Fair value increases as terminal growth rate increases

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

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

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


	For the six-month period ended June 30, 2024
	Beginning balance		Net income (loss) (*1)			Other comprehensive income			Purchases/ issuances		Disposals / settlements			Transfer to or out of Level 3 (*2)			Ending balance
Financial assets:
Financial assets at FVTPL
Debt securities		4,230		(251	)		—			—		(2,600	)		—			1,379
Equity securities		353,279		5,219			—			44,875		(324	)		1,947			404,996
Capital contributions		2,459,648		54,051			—			269,666		(123,810	)		—			2,659,555
Beneficiary certificates		1,705,966		31,503			—			213,549		(1,596	)		(5,603	)		1,943,819
Loans		56,002		497			—			324,502		(332,515	)		—			48,486
Derivative assets		129,136		(5,296	)		—			275		(117,295	)		—			6,820
Other foreign currency financial assets		42,406		3,283			—			—		—			—			45,689
Others		183,274		4,267			—			9,565		(6,411	)		—			190,695

Sub-total		4,933,941		93,273			—			862,432		(584,551	)		(3,656	)		5,301,439

Financial assets at FVTOCI
Equity securities		548,164		—			(28,348	)		76		—			3,464			523,356
Loans		—		—			41			204,666		(154,346	)		—			50,361

Sub-total		548,164		—			(28,307	)		204,742		(154,346	)		3,464			573,717

Total		5,482,105		93,273			(28,307	)		1,067,174		(738,897	)		(192	)		5,875,156


Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities		1,994		16,315			—			—		(1,318	)		—			16,991

Total		1,994		16,315			—			—		(1,318	)		—			16,991

(*1)

For financial liabilities, positive numbers represent losses that increase balance and negative numbers represent gains that decrease balance. The gain amounting to 84,063 million Won for the six-month period ended June 30, 2024, which is from financial assets and liabilities that the Group holds as at the end of the year.

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

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


	For the six-month period ended June 30, 2023
	Beginning balance		Business combination		Net income (loss) (*1)			Other comprehensive income			Purchases/ issuances		Disposals / settlements			Transfer to or out of Level 3 (*2)			Ending balance
Financial assets:
Financial assets at FVTPL
Debt securities		1,078		—		(1	)		—			4,000		—			—			5,077
Equity securities		307,851		8,334		5,346			—			38,185		(31,964	)		—			327,752
Capital contributions		1,976,474		11,503		66,249			—			292,880		(130,977	)		—			2,216,129
Beneficiary certificates		1,458,776		—		43,391			—			154,783		(29,149	)		—			1,627,801
Loans		104,505		—		747			—			327,789		(363,636	)		—			69,405
Derivative assets		93,970		—		(9,139	)		—			10		(4,449	)		—			80,392
Other foreign currency financial assets		41,679		—		1,496			—			—		—			—			43,175
Others		144,840		—		7,321			—			18,038		(997	)		—			169,202

Sub-total		4,129,173		19,837		115,410			—			835,685		(561,172	)		—			4,538,933

Financial assets at FVTOCI
Equity securities		557,065		—		—			(14,306	)		138		(2,086	)		(23	)		540,788
Loans		—		—		—			—			39,698		(8,891	)		—			30,807
Sub-total		557,065		—		—			(14,306	)		39,836		(10,977	)		(23	)		571,595

Total		4,686,238		19,837		115,410			(14,306	)		875,521		(572,149	)		(23	)		5,110,528


Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities		9,450		—		2,859			—			10		(9,449	)		—			2,870

Total		9,450		—		2,859			—			10		(9,449	)		—			2,870

(*1)

For financial liabilities, positive numbers represent losses that increase balance and negative numbers represent gains that decrease balance. The gain amounting to 162,982 million Won for the six- month period ended June 30, 2023, which is from financial assets and liabilities that the Group holds as at the end of the year.

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

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

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

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

Meanwhile, among the financial instruments that are classified as Level 3 amounting to 5,892,145 million Won and 5,484,098 million Won as of June 30, 2024 and December 31, 2023, respectively, equity instruments of 4,676,686 million Won and 4,704,747 million Won whose carrying amount are considered to represent the reasonable approximation of fair value are excluded from the sensitivity analysis.

The sensitivity on fluctuation of input variables by financial instruments as of June 30, 2024 and December 31, 2023 is as follows (Unit: Korean Won in millions):


	June 30, 2024
	Net income (loss)					Other comprehensive income (loss)
	Favorable		Unfavorable			Favorable		Unfavorable
Financial assets:
Financial assets at FVTPL
Derivative assets (*1)		38		(38	)		—		—
Loans (*2)		146		(144	)		—		—
Equity securities (2) (3) (4) (5)		10,350		(8,584	)		—		—
Beneficiary certificates (*5)		722		(722	)		—		—
Others (3) (5)		4,283		(4,042	)		—		—
Financial assets at FVTOCI
Equity securities (4) (5) (*6)		—		—			25,373		(20,611	)

Total		15,539		(13,530	)		25,373		(20,611	)

Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities (*1)		—		(10	)		—		—

Total		—		(10	)		—		—

(*1)	Fair value changes of equity related derivatives assets and liabilities and equity-linked securities are calculated by increasing or decreasing correlation, which is major unobservable variables, by 10%, respectively.

(*2)	Fair value changes of equity securities are calculated by increasing or decreasing growth rate (0%p~1%p) and discount rate or liquidation value (-1%p~1%p), which are major unobservable variables.

(*3)	Fair value changes of equity securities are calculated by increasing or decreasing stock price (-10%p~10%p) and volatility (-10%p~10%p), which are major unobservable variables.

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

(*5)

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

(*6)	Fair value changes of equity securities are calculated by increasing or decreasing correlation between growth rate and discount rate, which are major unobservable variables.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


	December 31, 2023
	Net income (loss)					Other comprehensive income (loss)
	Favorable		Unfavorable			Favorable		Unfavorable
Financial assets:
Financial assets at FVTPL
Derivative assets (*1)		88		(95	)		—		—
Loans (*2)		202		(199	)		—		—
Debt securities		21		(22	)		—		—
Equity securities (2) (3) (*4)		11,562		(8,953	)		—		—
Beneficiary certificates (*4)		722		(722	)		—		—
Others (*2)		4,098		(3,921	)		—		—
Financial assets at FVTOCI
Equity securities (3) (4)		—		—			28,020		(22,302	)

Total		16,693		(13,912	)		28,020		(22,302	)

Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities (*1)		10		(7	)		—		—

Total		10		(7	)		—		—

(*1)

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

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

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

(*4)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

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


	June 30, 2024
	Fair value								Carrying amount
	Level 1		Level 2		Level 3		Total		Carrying amount
Financial assets:
Securities at amortized cost		1,908,201		20,266,833		—		22,175,034		22,408,759
Loans and other financial assets at amortized cost		—		11,581,462		378,612,474		390,193,936		387,374,084
Financial liabilities:
Deposits due to customers		—		359,930,084		—		359,930,084		359,302,549
Borrowings		—		29,074,526		1,219,693		30,294,219		30,315,001
Debentures		—		41,866,751		—		41,866,751		42,102,432
Other financial liabilities (*)		—		30,112,561		706,487		30,819,048		31,536,943

(*)	Lease liabilities are excluded as of June 30, 2024.


	December 31, 2023
	Fair value								Carrying amount
	Level 1		Level 2		Level 3		Total		Carrying amount
Financial assets:
Securities at amortized cost		2,361,627		21,303,099		—		23,664,726		23,996,172
Loans and other financial assets at amortized cost		—		9,905,518		364,211,207		374,116,725		373,148,148
Financial liabilities:
Deposits due to customers		—		360,186,521		—		360,186,521		357,784,297
Borrowings		—		31,065,237		87,342		31,152,579		30,986,746
Debentures		—		40,504,019		—		40,504,019		41,239,245
Other financial liabilities (*)		—		24,584,447		609,620		25,194,067		25,780,550

(*)	Lease liabilities are excluded as of December 31, 2023

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


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

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

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

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

(6)	Financial instruments by category

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


	June 30, 2024
Financial assets	Financial assets at FVTPL		Financial assets at FVTOCI		Financial assets at amortized cost		Derivatives assets (designated for hedging)		Total
Deposits		49,518		—		2,730,581		—		2,780,099
Securities		14,321,073		38,825,267		22,408,759		—		75,555,099
Loans		1,376,768		50,361		370,745,214		—		372,172,343
Derivative assets		7,514,608		—		—		85,106		7,599,714
Other financial assets		47,315		—		13,898,289		—		13,945,604

Total		23,309,282		38,875,628		409,782,843		85,106		472,052,859


	June 30, 2024
Financial liabilities	Financial liabilities at FVTPL		Financial liabilites designated to be measured at FVTPL		Financial assets at amortized cost		Derivatives liabilities (designated for hedging)		Total
Deposits due to customers		49,773		329,983		359,302,549		—		359,682,305
Borrowings		145,902		—		30,315,001		—		30,460,903
Debentures		—		—		42,102,432		—		42,102,432
Derivative liabilities		6,990,131		—		—		150,585		7,140,716
Other financial liabilities (*)		—		—		31,536,943		—		31,536,943

Total		7,185,806		329,983		463,256,925		150,585		470,923,299

(*)	Lease liabilities are excluded as of June 30, 2024.


	December 31, 2023
Financial assets	Financial assets at FVTPL		Financial assets at FVTOCI		Financial assets at amortized cost		Derivatives assets (designated for hedging)		Total
Deposits		39,241		—		1,950,573		—		1,989,814
Securities		14,880,479		37,891,495		23,996,172		—		76,768,146
Loans		782,716		—		358,577,179		—		359,359,895
Derivative assets		5,798,329		—		—		26,708		5,825,037
Other financial assets		43,991		—		12,620,396		—		12,664,387

Total		21,544,756		37,891,495		397,144,320		26,708		456,607,279


	December 31, 2023
Financial liabilities	Financial liabilities at FVTPL		Financial liabilities at amortized cost		Derivatives liabilities (designated for hedging)		Total
Deposits due to customers		39,524		357,784,297		—		357,823,821
Borrowings		155,765		30,986,746		—		31,142,511
Debentures		—		41,239,245		—		41,239,245
Derivative liabilities		5,943,024		—		153,007		6,096,031
Other financial liabilities (*)		—		25,780,550		—		25,780,550

Total		6,138,313		455,790,838		153,007		462,082,158

(*)	Lease liabilities are excluded as of December 31, 2023.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

(7)	Income or expense from financial instruments by category

Income or expense from financial assets and liabilities by each category during the six-month periods ended June 30, 2024 and 2023 are as follows (Unit: Korean Won in millions):


	For the six-month period ended June 30, 2024
	Interest income (expense)			Fees and commissions income (expense)		Reversal (provision) of credit loss			Gain or loss on transactions and valuation			Dividends, etc.		Total
Financial instruments at FVTPL		114,866			755		—			903,237			137,721		1,156,579
Financial instruments designated to be measured at FVTPL (*)		—			—		—			(1,119	)		—		(1,119	)
Financial assets at FVTOCI		626,636			694		(3,482	)		38,515			15,017		677,380
Securities at amortized cost		343,472			—		811			—			—		344,283
Loans and other financial assets at amortized cost		9,802,902			279,110		(779,448	)		165,645			—		9,468,209
Financial liabilities at amortized cost		(6,483,393	)		51		—			—			—		(6,483,342	)
Net derivatives (designated for hedging)		—			—		—			52,394			—		52,394

Total		4,404,483			280,610		(782,119	)		1,158,672			152,738		5,214,384

(*)	The amounts recognized in profit or loss and other comprehensive income related to financial liabilities designated to be measured at FVTPL are 837 million Won during the six-month periods ended June 30, 2024.


	For the six-month period ended June 30, 2023
	Interest Income (expense)			Fees and Commissions Income (expense)			Provision of credit loss			Gain or loss on transactions and valuation			Dividends, etc.		Total
Financial instruments at FVTPL		91,617			(63	)		—			360,517			78,299		530,370
Financial assets at FVTOCI		436,796			456			(12,163	)		(398	)		13,706		438,397
Securities at amortized cost		405,262			—			(6,019	)		—			—		399,243
Loans and other financial assets at amortized cost		9,044,202			299,513			(780,194	)		115,708			—		8,679,229
Financial liabilities at amortized cost		(5,559,178	)		694			—			—			—		(5,558,484	)
Net derivatives (designated for hedging)		—			—			—			48,982			—		48,982

Total		4,418,699			300,600			(798,376	)		524,809			92,005		4,537,737

- 76 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

12.

INVESTMENTS IN JOINT VENTURES AND ASSOCIATES

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


		Percentage of ownership (%)
Joint ventures and associates	Main business	June 30, 2024		December 31, 2023		Location		Financial statements as of
Woori Bank
W Service Networks Co., Ltd. (1)(4)	Freight & staffing services		4.9		4.9		Korea		2024-05-31
Korea Credit Bureau Co., Ltd. (*2)	Credit information		9.9		9.9		Korea		2024-06-30
Korea Finance Security Co., Ltd. (2) (4)	Security service		15.0		15.0		Korea		2024-05-31
Wongwang Co., Ltd. (*3)	Wholesale and real estate		29.0		29.0		Korea		—
Sejin Construction Co., Ltd. (*3)	Construction		29.6		29.6		Korea		—
ARES-TECH Co., Ltd. (*3)	Electronic component manufacturing		23.4		23.4		Korea		—
Beomgyo., Ltd. (*3)	Telecommunication equipment retail sales		23.1		23.1		Korea		—
NK Eng Co., Ltd. (*3)	Manufacturing		23.1		23.1		Korea		—
K BANK Co., Ltd. (2)(4)	Finance		12.6		12.6		Korea		2024-05-31
Partner One Value Up I Private Equity Fund	Other financial services		23.3		23.3		Korea		2024-06-30
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership	Other financial services		20.0		20.0		Korea		2024-06-30
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund	Other financial services		25.0		25.0		Korea		2024-06-30
LOTTE CARD Co., Ltd. (*4)	Credit card and installment financing		20.0		20.0		Korea		2024-03-31
Union Technology Finance Investment Association	Other financial services		29.7		29.7		Korea		2024-06-30
Dicustody Co., Ltd.(*2)	Other information technology and computer operation related services		1.0		1.0		Korea		2024-06-30
Orient Shipyard Co., Ltd. (3)(4)	Manufacture of sections for ships		22.7		22.7		Korea		2024-03-31
Joongang Network Solution Co., Ltd. (3)(4)	Other information technology and computer operation related services		25.3		25.3		Korea		2024-03-31
Win Mortgage Co., LTd. (1)(4)	Other financial services		4.5		4.5		Korea		2024-03-31
Together-Korea Government Private Pool Private Securities Investment Trust No. 3	Other financial services		100.0		100.0		Korea		2024-06-30
BTS 2nd Private Equity Fund	Other financial services		20.0		20.0		Korea		2024-06-30
STASSETS FUND III	Other financial services		28.3		28.3		Korea		2024-06-30
SF CREDIT PARTNERS, LLC(*2)	Other financial services		10.0		10.0		Korea		2024-06-30
Woori Bank (*5)
Japanese Hotel Real Estate Private Equity Fund No.2	Other financial services		19.9		19.9		Korea		2024-06-30

- 77 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


		Percentage of ownership (%)
Joint ventures and associates	Main business	June 30, 2024		December 31, 2023		Location		Financial statements as of
Woori Seoul Beltway Private Special Asset Fund No.1	Trust and collective investment		25.0		25.0		Korea		2024-06-30
Woori General Private Securities Investment Trust (Bond) No.1 (*7)	Collective investment business		—		25.0		Korea		—
Woori Short-term Bond Securities Investment Trust (Bond) Class C-F	Collective investment business		7.2		15.0		Korea		2024-06-30
Woori Safe Plus General Type Private Investment Trust S-8 (Bond) (*7)	Collective investment business		—		9.1		Korea		—
Woori General Private Securities Investment Trust (Bond) No.2 (*7)	Collective investment business		—		27.3		Korea		—
Woori Smart General Private Equity Investment Trust 1 (Bond)	Collective investment business		28.6		28.6		Korea		2024-06-30
Woori General Private Securities Investment Trust (Bond) No.3	Collective investment business		29.3		27.8		Korea		2024-06-30
Woori Asset Global Partnership Fund No. 5	Collective investment business		57.7		57.7		Korea		2024-06-30
Woori Short Term Government and Special Bank Bond Active ETF(*7)	Collective investment business		—		20.8		Korea		—
Woori 25-09 Corporate Bond(AA- or higher) Active ETF	Collective investment business		29.0		29.3		Korea		2024-06-30
Woori General Private Securities Investment Trust No. 5 (Bond) (*11)	Collective investment business		28.6		—		Korea		2024-06-30
Woori Big Satisfaction General Private Securities Investment Trust No. 3 (Bond) (*11)	Collective investment business		9.1		—		Korea		2024-06-30
Woori General Private Securities Investment Trust No. 6 (Bond) (*11)	Collective investment business		28.6		—		Korea		2024-06-30
Woori Big Satisfaction Corporation MMF No. 1 (Government Bond) (*11)	Collective investment business		1.8		—		Korea		2024-06-30
Woori General Private Securities Investment Trust No. 7 (Bond) (*11)	Collective investment business		28.6		—		Korea		2024-06-30
Woori Financial Capital Co., Ltd.
WOORI TAERIM 1st Fund	Other financial services		25.6		25.6		Korea		2024-06-30
Portone-Cape Fund No.1	Other financial services		20.0		20.0		Korea		2024-06-30
DeepDive WOORI 2021-1 Financial Investment Fund (*6)	Other financial services		11.9		11.9		Korea		2024-06-30
Darwin Green Packaging Private Equity Fund	Other financial services		20.4		20.4		Korea		2024-06-30
Koreawide partners 2nd Private Equity Fund	Other financial services		26.7		26.7		Korea		2024-06-30
Woori Investment Bank Co., Ltd.
Woori FirstValue Private Real Estate Fund No.2	Real estate business		12.0		12.0		Korea		2024-06-30
WooriG Real Infrastructure Blind General Type Private Placement Investment Trust (*7)	Investment trust and discretionary investment business		—		0.1		Korea		—

- 78 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


			Percentage of ownership (%)
Joint ventures and associates	Main business		June 30, 2024		December 31, 2023		Location		Financial statements as of
Woori Asset Management Co. Ltd.
Woori Together TDF 2025(*11)		Collective investment business		28.6		—		Korea		2024-06-30
Woori Together TDF 2030		Collective investment business		26.8		28.0		Korea		2024-06-30
Woori Together OCIO Target Return Feeder fund (Balance Bond) (*7)		Collective investment business		—		20.4		Korea		—
Woori Private Equity Asset Management Co., Ltd.
Australia Green Energy 1st PEF(*2)		Other financial services		4.0		4.0		Korea		2024-06-30
Aarden Woori Apparel 1st Private Equity Fund (*2)		Other financial services		0.5		0.5		Korea		2024-06-30
Woori Dyno 1st Private Equity Fund (*2)		Other financial services		19.6		19.6		Korea		2024-06-30
Woori Venture Partners Co., Ltd.
KTB-KORUS FUND (*8)		Asset Management		37.5		37.5		Korea		2024-06-30
KTB China Platform Fund (7)(10)		Asset Management		—		18.7		Korea		—
KTBN Venture Fund No.7 (7)(9)		Asset Management		—		20.1		Korea		—
KTBN Venture Fund No.8 (*9)		Asset Management		21.7		21.7		Korea		2024-06-30
KTBN Digital Contents Korea Fund No.9 (*9)		Asset Management		30.0		30.0		Korea		2024-06-30
KTBN Media Contents Fund (*10)		Asset Management		15.0		15.0		Korea		2024-06-30
KTB China Synergy Fund (*10)		Asset Management		15.1		15.1		Korea		2024-06-30
NAVER-KTB Audio Contents Fund (*10)		Asset Management		1.0		1.0		Korea		2024-06-30
KTBN Venture Fund No.13 (*10)		Asset Management		19.6		19.6		Korea		2024-06-30
KTBN Future Contents Fund (*10)		Asset Management		13.3		13.3		Korea		2024-06-30
KTBN Venture Fund No.16 (*10)		Asset Management		10.3		10.3		Korea		2024-06-30
KTBN Venture Fund No.18 (*10)		Asset Management		10.1		10.1		Korea		2024-06-30
KB-KTB Technology Venture Fund (*10)		Asset Management		18.2		18.2		Korea		2024-06-30
Woori 2022 Scaleup Venture Fund		Asset Management		20.0		20.0		Korea		2024-06-30
Woori 2022 Start-up Venture Fund		Asset Management		30.1		30.1		Korea		2024-06-30
KTB-NHN China Private Equity Fund (*7)		Asset Management		—		33.3		Korea		—
KTBN GI Private Equity Fund (*10)		Asset Management		5.0		5.0		Korea		2024-06-30
Chirochem (*4)		Medical material Manufacturing		28.6		28.6		Korea		2023-12-31
Daishin Balance No.18 Special Purpose Acquisition Company (*11)		Other financial services		42.6		—		Korea		2024-06-30
Japanese Hotel Real Estate Private Equity Fund 1
Godo Kaisha Oceanos 1 (*4)		Other financial services		47.8		47.8		Japan		2024-04-30

- 79 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


		Percentage of ownership (%)
Joint ventures and associates	Main business	June 30, 2024		December 31, 2023		Location		Financial statements as of
Woori G Japan Private Placement Real Estate Master Investment Trust No.2
Woori Zip 1(*4)	Other financial services		62.3		62.4		Japan		2024-03-31
Woori Zip 2 (*4)	Other financial services		62.7		62.8		Japan		2024-03-31
Woori bank and Woori card Co., Ltd. (*5)
Dongwoo C & C Co., Ltd. (*3)	Construction		24.5		24.5		Korea		—
SJCO Co., Ltd. (*3)	Aggregate transportation and wholesale		29.8		29.8		Korea		—
G2 Collection Co., Ltd. (*3)	Wholesale and retail sales		29.2		29.2		Korea		—
KG Fashion Co., Ltd. (3) (4)	Manufacturing		20.8		20.8		Korea		2024-05-31
Kyesan Engineering Co., Ltd. (*3)	Construction		23.3		23.3		Korea		—
Good Software Lap Co., Ltd. (*3)	Service		29.4		29.4		Korea		—
DAEA SNC Co., Ltd. (*3)	Wholesale and retail sales		25.5		25.5		Korea		—
PREXCO Co., Ltd. (*3)	Manufacturing		28.1		28.1		Korea		—
JiWon Plating Co., Ltd. (*3)	Plating		20.8		20.8		Korea		—
Youngdong Sea Food Co., Ltd. (*3)	Processed sea food manufacturing		24.5		24.5		Korea		—
KUM HWA Co., Ltd. (*3)	Telecommunication equipment retail sales		20.1		20.1		Korea		2024-06-30
Jinmyung Plus Co., Ltd. (3) (4)	Manufacturing		21.3		21.3		Korea		2024-03-31
Rea Company (*3)	Other financial services		26.1		24.5		Korea		—
ARAM CMC Co.,Ltd. (3) (4)	Other financial services		20.1		20.0		Korea		2024-05-31
Woori bank and Woori Financial Capital Co., Ltd. (*5)
JC Assurance No.2 Private Equity Fund	Other financial services		23.4		23.5		Korea		2024-06-30
Dream Company Growth no.1 PEF (*7)	Other financial services		—		27.8		Korea		—
HMS-Oriens 1st Fund	Other financial services		22.8		22.8		Korea		2024-06-30
Woori Senior Loan Private Placement Investment Trust No.1	Collective investment business		21.6		21.7		Korea		2024-06-30
Genesis Eco No.1 Private Equity Fund	Other financial services		29.0		29.0		Korea		2024-06-30
Paratus Woori Material Component Equipment joint venture company	Other financial services		29.9		29.9		Korea		2024-06-30
Midas No. 8 Private Equity Joint Venture Company	Other financial services		28.5		28.5		Korea		2024-06-30
Orchestra Private Equity Fund IV	Other financial services		28.2		28.2		Korea		2024-06-30
Synaptic Green No.1 PEF	Other financial services		21.1		21.1		Korea		2024-06-30
IGEN2022No. 1 Private Equity Fund	Other financial services		24.8		24.8		Korea		2024-06-30
PCC-Woori LP Secondary Fund	Other financial services		38.8		38.9		Korea		2024-06-30

- 80 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


		Percentage of ownership (%)
Joint ventures and associates	Main business	June 30, 2024		December 31, 2023		Location		Financial statements as of
Synaptic Future Growth Private Equity Fund 1	Other financial investment		23.8		23.8		Korea		2024-06-30
Woori Bank and Woori Asset Management Co. Ltd. (*5)
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)	Collective investment business		8.4		14.1		Korea		2024-06-30
Woorinara New Growth TOP 20 Securities Investment Trust No. 1 (Stocks) (7)(11)	Collective investment business		—		—		Korea		—
Woorinara Short-Term Bond Securities Investment Trust (Bond) (*11)	Collective investment business		17.5		—		Korea		2024-06-30
Woori Investment Bank Co., Ltd. and Woori Asset Management Co., Ltd. (*5)
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2 (*11)	Collective investment business		2.1		—		Korea		2024-06-30
Woori Bank and Woori Private Equity Asset Management Co., Ltd. (*5)
Woori-Q Corporate Restructuring Private Equity Fund(*12)	Other financial services		34.2		32.4		Korea		2024-06-30
Woori Bank, Woori Financial Capital Co., Ltd., Woori Investment Bank Co., Ltd. and Woori Private Equity Asset Management Co., Ltd. (*5)
Woori-Shinyoung Growth-Cap Private Equity Fund I	Other financial services		35.0		35.0		Korea		2024-06-30
NH Woori Newdeal Growth Alpha Private Equity Fund 1	Other financial services		33.0		32.7		Korea		2024-06-30

(*1)	Most of the significant business transactions of associates are with the Group as of June 30, 2024 and December 31, 2023.

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

(*3)	There is no investment balance as of June 30, 2024 and December 31, 2023.

(*4)

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

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

(*6)	The Group can participate as a co-operator to exert significant influence.

(*7)	It was excluded from associates in current period.

(*8)	It has been liquidating as of June 30, 2024.

(*9)	It was excluded from associates during the period.

(*10)

The Group classified it as an associate because it has significant influence as a general partner of the investment association.

(*11)

It was added to associates in current period.

(*12)

It was classified as an associate due to holding of voting rights according to the initial investment agreement ratio.

- 81 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

(2)	Changes in the carrying value of investments in joint ventures and associates accounted for using the equity method of accounting are as follows (Unit: Korean Won in millions):


	For the six-month period ended June 30, 2024
	Acquisition cost		January 1, 2024		Share of profits(losses) and others			Acquisition		Disposal/ Reclassification			Dividends			Change in capital			June 30, 2024
W Service Networks Co., Ltd.		108		216		(32	)		—		—			(5	)		—			179
Korea Credit Bureau Co., Ltd.		3,313		6,433		1,425			—		—			(90	)		—			7,768
Korea Finance Security Co., Ltd.		3,267		3,285		220			—		—			—			—			3,505
K BANK Co., Ltd.		236,232		260,052		5,052			—		—			—			802			265,906
Partner One Value Up I Private Equity Fund		5,039		3,230		334			—		—			—			—			3,564
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		3,396		8,247		1,254			—		(960	)		—			—			8,541
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		4,482		4,437		—			45		—			—			—			4,482
LOTTE CARD Co., Ltd.		346,810		587,392		4,807			—		—			(15,591	)		(8,566	)		568,042
Union Technology Finance Investment Association		13,449		12,270		(310	)		—		—			—			—			11,960
Dicustody Co., Ltd.		1		1		—			—		—			—			—			1
Orient Shipyard Co., Ltd.(*)		—		—		—			—		—			—			—			—
Joongang Network Solution Co., Ltd.		—		88		95			—		—			—			(87	)		96
Win Mortgage Co., LTd.		23		105		(7	)		—		—			(2	)		—			96
Together-Korea Government Private Pool Private Securities Investment Trust No.3		10,000		10,540		155			—		—			—			—			10,695
BTS 2nd Private Equity Fund		8,146		4,838		2			2,920		—			—			—			7,760
STASSETS FUND III		10,500		8,406		(130	)		1,500		—			—			—			9,776
SF CREDIT PARTNERS, LLC		13,059		12,845		737			—		—			—			975			14,557
ARAM CMC Co., Ltd. (*)		—		—		—			—		—			—			—			—
Japanese Hotel Real Estate Private Equity Fund No.2		3,174		2,688		82			—		—			(90	)		(143	)		2,537
Woori Seoul Beltway Private Special Asset Fund No.1		14,179		12,590		270			1,724		—			(268	)		—			14,316
Woori General Private Securities Investment Trust(Bond) No.1		—		51,686		586			—		(50,102	)		(2,170	)		—			—
Woori Short-term Bond Securities Investment Trust(Bond) Class C-F		100,000		105,564		345			—		—			(4,202	)		—			101,707
Woori Safe Plus General Type Private Investment Trust S-8(Bond)		—		10,330		102			—		(10,003	)		(429	)		—			—
Woori General Private Securities Investment Trust(Bond) No.2		—		30,829		370			—		(31,199	)		—			—			—
Woori Smart General Private Equity Investment Trust 1(Bond)		40,000		41,135		1,273			—		—			(1,795	)		—			40,613
Woori General Private Securities Investment Trust(Bond) No.3		28,988		51,205		626			—		(21,510	)		—			—			30,321
Woori Asset Global Partnership Fund No.5		37,500		22,071		527			15,000		—			—			—			37,598
WOORI TAERIM 1st Fund		1,100		988		—			—		—			—			—			988
Portone-Cape Fund No.1		340		445		(210	)		—		—			—			—			235
DeepDive WOORI 2021-1 Financial Investment Fund		8		1,236		(543	)		—		(214	)		(325	)		—			154
Darwin Green Packaging Private Equity Fund		4,000		3,957		(33	)		—		—			—			—			3,924
Koreawide partners 2nd Private Equity Fund		20,000		19,235		—			—		—			—			—			19,235
Woori FirstValue Private Real Estate Fund No.2		9,000		560		3			—		—			—			—			563
WooriG Real Infrastructure Blind General Type Private Placement Investment Trust		—		55		—			—		(55	)		—			—			—
Woori Together TDF 2025		3,000		—		151			—		3,245			—			—			3,396
Woori Together TDF 2030		3,000		3,324		195			—		—			—			—			3,519
Woori Together OCIO Target Return Feeder fund (Balance Bond)		—		10,376		—			—		(10,376	)		—			—			—
Australia Green Energy 1st PEF		4,913		4,811		(22	)		—		—			—			—			4,789
Aarden Woori Apparel 1st Private Equity Fund		100		133		(38	)		—		—			—			—			95
Woori Dyno 1st Private Equity Fund		2,000		2,358		(2	)		—		—			—			—			2,356
KTB-KORUS FUND		3,626		3,359		—			—		—			—			—			3,359
KTB China Platform Fund		17,023		16,059		(2,164	)		—		—			(13,895	)		—			—
KTBN Venture Fund No.7		16,972		16,044		(2,641	)		—		—			(13,403	)		—			—
KTBN Venture Fund No.8		194		2,511		(145	)		—		—			(569	)		—			1,797
KTBN Digital Contents Korea Fund No.9		5,329		5,597		(26	)		—		—			—			—			5,571
KTBN Media Contents Fund		330		283		1			—		—			—			—			284
KTB China Synergy Fund		21,629		20,405		(1,167	)		—		—			(3,296	)		—			15,942
NAVER-KTB Audio Contents Fund		284		288		—			—		—			—			—			288

- 82 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


	For the six-month period ended June 30, 2024
	Acquisition cost		January 1, 2024		Share of profits(losses) and others			Acquisition		Disposal/ Reclassification			Dividends			Change in capital			June 30, 2024
KTBN Venture Fund No.13		13,279		14,158		(122	)		—		—			(1,801	)		—			12,235
KTBN Future Contents Fund		3,892		4,561		(29	)		—		—			—			—			4,532
KTBN Venture Fund No.16		17,546		18,561		(403	)		—		—			(4,200	)		—			13,958
KTBN Venture Fund No.18		26,308		26,970		(197	)		—		—			—			—			26,773
KB-KTB Technology Venture Fund		7,755		7,600		(56	)		—		—			—			—			7,544
WOORI 2022 Scaleup Venture Fund		14,000		13,578		(237	)		—		—			—			—			13,341
WOORI 2022 Start-up Venture Fund		7,804		2,433		(86	)		5,240		—			—			—			7,587
KTB-NHN China Private Equity Fund		1,272		3		(1	)		—		—			(2	)		—			—
KTBN GI Private Equity Fund		189		617		138			—		—			(718	)		(36	)		1
Chirochem		102		102		2			—		—			—			—			104
Daishin Balance No.18 Special Purpose Acquisition Company		600		—		(10	)		600		—			—			105			695
Godo Kaisha Oceanos 1		10,800		7,978		15			—		—			(320	)		(75	)		7,598
Woori Zip 1		8,445		7,629		(38	)		—		(262	)		—			(415	)		6,914
Woori Zip 2		11,641		10,695		(8	)		—		(443	)		—			(576	)		9,668
KG Fashion Co., Ltd.(*)		—		—		—			—		—			—			—			—
KUM HWA Co., Ltd. (*)		—		—		—			—		—			—			—			—
Jinmyung Plus Co., Ltd.		—		14		(4	)		—		—			—			—			10
JC Assurance No.2 Private Equity Fund(*)		29,349		—		—			—		—			—			—			—
Dream Company Growth no.1 PEF		—		7,809		(1	)		—		(7,551	)		(257	)		—			—
HMS-Oriens 1st Fund		12,000		14,030		424			—		—			—			—			14,454
Woori Senior Loan Private Placement Investment Trust No.1		31,004		75,590		1,349			—		(44,509	)		(1,516	)		—			30,914
Genesis Eco No.1 Private Equity Fund		12,000		10,942		173			—		—			—			—			11,115
Paratus Woori Material Component Equipment joint venture company		17,700		16,979		(133	)		—		—			—			—			16,846
Midas No. 8 Private Equity Joint Venture Company		18,419		18,465		403			—		—			(530	)		—			18,338
Orchestra Private Equity Fund IV		9,700		9,555		125			—		—			—			—			9,680
Synaptic Green No.1 PEF		8,000		7,611		(38	)		—		—			—			—			7,573
IGEN2022No. 1 Private Equity Fund		7,422		7,983		231			—		—			(151	)		—			8,063
PCC-Woori LP Secondary Fund		10,435		10,530		(150	)		—		—			—			—			10,380
Synaptic Future Growth Private Equity Fund		6,437		7,069		6,174			970		(1,657	)		(3,867	)		—			8,689
Woori-Q Corporate Restructuring Private Equity Fund		25,890		20,283		229			8,449		—			—			—			28,961
Woori-Shinyoung Growth-Cap Private Equity Fund I		17,018		33,481		(3,090	)		—		—			(197	)		—			30,194
NH Woori Newdeal Growth Alpha Private Equity Fund 1		29,807		32,987		17,638			—		(4,303	)		(9,078	)		—			37,244
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)		3,200		2,543		(111	)		1,005		229			(70	)		—			3,596
Woori Short Term Government and Special Bank Bond Active ETF		—		12,286		118			—		(12,404	)		—			—			—
Woori 25-09 Corporate Bond(AA- or higher) Active ETF		29,001		29,821		799			—		—			—			—			30,620
Woori General Private Securities Investment Trust No. 5 (Bond)		60,000		—		1,473			60,000		—			—			—			61,473
Woori Big Satisfaction General Private Securities Investment Trust No. 3 (Bond)		10,000		—		212			10,000		—			—			—			10,212
Woori General Private Securities Investment Trust No. 6 (Bond)		40,000		—		847			40,000		—			—			—			40,847
Woori Big Satisfaction Corporation MMF No. 1 (Government Bond)		100,000		—		2,261			500,000		(397,238	)		—			—			105,023
Woorinara New Growth TOP 20 Securities Investment Trust No. 1 (Stocks)		—		—		31			1,000		(1,031	)		—			—			—
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2		2,847		—		63			1,355		1,493			(3	)		—			2,908
Woorinara Short-Term Bond Securities Investment Trust (Bond)		50,200		—		341			50,200		—			—			—			50,541
Woori General Private Securities Investment Trust No. 7 (Bond)		40,000		—		135			40,000		—			—			—			40,135

		1,688,576		1,795,370		39,609			740,008		(588,850	)		(78,840	)		(8,016	)		1,899,281

(*)

The amount for which no loss was recognized for associates due to discontinuation of the equity method was zero for KUM HWA Co., Ltd., 10 million Won for Orient Shipyard Co.,Ltd., 20 million Won in KG FASHION CO., LTD., 19 million Won in ARAM CMC Co.,Ltd., 289 million Won in JC Assurance No.2 Private Equity Fund and the accumulated amount is 4 million Won for KUM HWA Co., Ltd., 38 million Won for Orient Shipyard Co.,Ltd., 140 million Won in KG FASHION CO., LTD., 19 million Won in ARAM CMC Co.,Ltd., 660 million Won in JC Assurance No.2 Private Equity Fund.

- 83 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


	For the six-month period ended June 30, 2023
	Acquisition cost		January 1, 2023		Share of profits(losses) and others			Acquisition		Business combination		Disposal/ Reclassification			Dividends			Change in capital			June 30, 2023
W Service Networks Co., Ltd.		108		208		(1	)		—		—		—			(5	)		—			202
Korea Credit Bureau Co., Ltd.		3,313		5,709		1,284			—		—		—			(90	)		(429	)		6,474
Korea Finance Security Co., Ltd.		3,267		2,374		(113	)		—		—		—			—			1,010			3,271
Woori Growth Partnerships New Technology Private Equity Fund		12,942		10,889		(51	)		—		—		—			—			—			10,838
2016KIF-IMM Woori Bank Technology Venture Fund		—		9,474		111			—		—		(9,585	)		—			—			—
K BANK Co., Ltd.		236,232		247,789		1,486			—		—		—			—			4,558			253,833
Woori Bank-Company K Korea Movie Asset Fund		—		239		31			—		—		—			—			—			270
Partner One Value Up I Private Equity Fund		5,039		4,278		(3	)		—		—		—			—			—			4,275
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		7,556		10,285		456			—		—		—			—			—			10,741
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		4,392		4,355		—			38		—		—			—			—			4,393
LOTTE CARD Co., Ltd.		346,810		514,131		58,988			—		—		—			(13,199	)		(3,600	)		556,320
Force TEC Co., Ltd.		—		—		—			—		—		—			—			—			—
Together-Korea Government Private Pool Private Securities Investment Trust No.3		10,000		10,243		142			—		—		—			—			—			10,385
Union Technology Finance Investment Association		13,449		14,462		(260	)		—		—		(1,188	)		—			—			13,014
KUM HWA Co., Ltd. (*)		—		—		—			—		—		—			—			—			—
Dicustody Co., Ltd.		1		1		—			—		—		—			—			—			1
Jinmyung Plus Co., Ltd.		—		10		4			—		—		—			—			—			14
Orient Shipyard Co., Ltd.(*)		—		—		—			—		—		—			—			—			—
BTS 2nd Private Equity Fund		5,226		2,881		(130	)		2,200		—		—			—			—			4,951
Joongang Network Solution Co., Ltd.		—		—		17			—		—		—			—			87			104
STASSETS FUND III		1,500		1,230		(159	)		—		—		—			—			—			1,071
KG Fashion Co., Ltd.(*)		—		—		—			—		—		—			—			—			—
Win Mortgage Co., LTd.		23		—		70			23		—		—			(2	)		—			91
NH Woori Newdeal Growth Alpha Private Equity Fund 1		10,692		—		(167	)		10,692		—		—			—			—			10,525
Woori-Q Corporate Restructuring Private Equity Fund		27,063		27,536		1,160			—		—		—			—			—			28,696
Aarden Woori Apparel 1st Private Equity Fund		100		97		36			—		—		—			—			—			133
Woori Dyno 1st Private Equity Fund		2,000		1,994		—			—		—		—			—			—			1,994
Australia Green Energy 1st PEF		4,913		4,858		(24	)		—		—		—			—			—			4,834
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)		1,700		1,074		95			1,000		—		(443	)		—			—			1,726
Woori Together TDF 2030		2,000		2,033		138			—		—		—			—			—			2,171
Woori Together TDF 2025		2,000		1,990		120			—		—		—			—			—			2,110
Woori Star50 feeder fund(H)		200		126		7			—		—		—			—			—			133
Portone-Cape Fund No.1		340		464		(181	)		—		—		—			—			—			283
WOORI TAERIM 1st Fund		1,100		988		—			—		—		—			—			—			988
KIWOOM WOORI Financial 1st Fund		545		953		(8	)		—		—		(455	)		—			—			490
DeepDive WOORI 2021-1 Financial Investment Fund		327		878		225			—		—		(574	)		(74	)		—			455
PCC-Woori LP Secondary Fund		10,435		12,984		59			—		—		(4	)		—			—			13,039
DS Power Semicon Private Equity Fund		3,000		2,976		211			—		—		—			(218	)		—			2,969
Koreawide partners 2nd Private Equity Fund		20,000		20,000		(244	)		—		—		—			—			—			19,756
Darwin Green Packaging Private Equity Fund		4,000		3,945		123			—		—		—			(80	)		—			3,988

- 84 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


	For the six-month period ended June 30, 2023
	Acquisition cost		January 1, 2023		Share of profits(losses) and others			Acquisition		Business combination		Disposal/ Reclassification			Dividends			Change in capital			June 30, 2023
Japanese Hotel Real Estate Private Equity Fund No.2		3,174		2,855		28			—		—		—			(77	)		(135	)		2,671
Woori Seoul Beltway Private Special Asset Fund No.1		10,925		9,874		208			1,158		—		—			(203	)		—			11,037
Woori Short-term Bond Securities Investment Trust(Bond) ClassC-F		110,000		112,025		4,511			—		—		—			(3,779	)		—			112,757
Woori Safe Plus General Type Private Investment Trust S-8(Bond)		10,000		10,182		261			—		—		—			(359	)		—			10,084
Woori General Private Securities Investment Trust(Bond) No.2		30,000		—		56			30,000		—		—			—			—			30,056
Woori Smart General Private Equity Investment Trust 1(Bond)		40,000		—		86			40,000		—		—			—			—			40,086
Woori FirstValue Private Real Estate Fund No.2		9,000		558		(1	)		—		—		—			—			—			557
WooriG Real Infrastructure Blind General Type Private Placement Investment Trust		100		102		2			—		—		(48	)		(2	)		—			54
JC Assurance No.2 Private Equity Fund		29,349		—		—			—		—		—			—			—			—
Dream Company Growth no.1 PEF		7,412		7,861		(26	)		—		—		—			—			—			7,835
HMS-Oriens 1st Fund		12,000		13,252		386			—		—		—			—			—			13,638
Woori G Senior Loan Private Placement Investment Trust No.1		77,505		81,861		1,829			—		—		(2,218	)		(1,829	)		—			79,643
Genesis Eco No.1 Private Equity Fund		12,000		11,216		(91	)		—		—		—			—			—			11,125
Paratus Woori Material Component Equipment joint venture company		17,700		17,250		(132	)		—		—		—			—			—			17,118
Midas No. 8 Private Equity Joint Venture Company		18,537		18,713		409			—		—		—			(530	)		—			18,592
Orchestra Private Equity Fund IV		9,878		9,698		(73	)		—		—		—			—			—			9,625
Synaptic Green No.1 PEF		8,000		7,793		(109	)		—		—		—			—			—			7,684
Woori-Shinyoung Growth-Cap Private Equity Fund I		17,018		43,274		(1,380	)		—		—		—			—			—			41,894
IGEN2022No. 1 Private Equity Fund		7,822		8,010		398			—		—		—			(363	)		—			8,045
Woori General Private Securities Investment Trust(Bond) No.1		50,000		—		446			50,000		—		—			—			—			50,446
KTB-KORUS FUND		3,626		—		—			—		3,626		—			—			—			3,626
KTB China Platform Fund		17,023		—		—			—		17,023		—			—			—			17,023
KTBN Venture Fund No.7		16,972		—		(44	)		—		16,972		—			(703	)		—			16,225
KTBN Venture Fund No.8		3,325		—		35			—		3,325		—			—			—			3,360
KTBN Digital Contents Korea Fund No.9		5,329		—		32			—		5,329		—			—			—			5,361
KTBN Media Contents Fund		330		—		12			—		330		—			—			—			342
KTB China Synergy Fund		21,629		—		77			—		21,629		—			—			—			21,706
NAVER-KTB Audio Contents Fund		284		—		(2	)		—		284		—			—			—			282
KTBN Venture Fund No.13		13,279		—		45			—		13,279		—			—			—			13,324
KTBN Future Contents Fund		3,892		—		1			—		3,892		—			—			—			3,893
KTBN Venture Fund No.16		17,546		—		800			—		17,546		—			—			—			18,346
KTBN Venture Fund No.18		23,458		—		(101	)		2,850		23,458		—			—			—			26,207
KB-KTB Technology Venture Fund		5,755		—		(48	)		—		5,755		—			—			—			5,707
DAOL 2022 Scaleup Venture Fund		355		—		(175	)		6,861		355		—			—			—			7,041
DAOL 2022 Start-up Venture Fund		2,564		—		(42	)		—		2,564		—			—			—			2,522
KTB-NHN China Private Equity Fund		1,272		—		(37	)		—		1,272		—			—			44			1,279

- 85 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


	For the six-month period ended June 30, 2023
	Acquisition cost		January 1, 2023		Share of profits(losses) and others			Acquisition		Business combination		Disposal/ Reclassification			Dividends			Change in capital			June 30, 2023
KTBN GI Private Equity Fund		189		—		155			—		189		—			—			46			390
Chirochem		102		—		—			—		102		—			—			—			102
Woori Zip 1		9,021		8,690		(83	)		—		—		(234	)		—			(425	)		7,948
Woori Zip 2		12,518		12,180		(64	)		—		—		(410	)		—			(593	)		11,113
Godo Kaisha Oceanos 1		10,800		8,788		21			—		—		—			(330	)		(91	)		8,388

		1,389,962		1,305,636		70,812			144,822		136,930		(15,159	)		(21,843	)		472			1,621,670

(*)

The amount for which no loss was recognized for associates due to discontinuation of the equity method was 2 million Won for KUM HWA Co., Ltd., 6 million Won for Orient Shipyard Co.,Ltd., 34 million Won in KG FASHION CO., LTD. and the accumulated amount is 4 million Won for KUM HWA Co., Ltd., 6 million Won for Orient Shipyard Co.,Ltd., 34 million Won in KG FASHION CO., LTD.

- 86 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

(3)	Summary financial information relating to investments in joint ventures and associates accounted for using the equity method of accounting is as follows (Unit: Korean Won in millions):


	June 30, 2024
	Assets		Liabilities		Operating revenue		Net income (loss)			Other comprehensive income(loss)			Total comprehensive income(loss)
W Service Networks Co., Ltd.		6,181		2,529		7,865		245			—			245
Korea Credit Bureau Co., Ltd.		140,253		64,380		85,000		14,148			—			14,148
Korea Finance Security Co., Ltd.		36,301		12,939		19,907		952			—			952
K BANK Co., Ltd.		24,624,702		22,682,508		449,353		77,215			(1,959	)		75,256
Partner One Value Up I Private Equity Fund		15,813		488		1,640		1,438			—			1,438
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		43,027		328		6,885		6,270			—			6,270
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		15,737		94		—		(191	)		—			(191	)
LOTTE CARD Co., Ltd.(*)		23,353,857		20,090,529		705,059		24,194			7,091			31,285
Union Technology Finance Investment Association		40,274		7		9		(7	)		—			(7	)
Dicustody Co., Ltd.		92		—		—		—			—			—
Orient Shipyard Co., Ltd.		7,064		23,626		—		(37	)		—			(37	)
Joongang Network Solution Co., Ltd.		1,370		2,648		1,463		48			—			48
Win Mortgage Co., LTd.		3,840		1,735		3,674		119			—			119
Together-Korea Government Private Pool Private Securities Investment Trust No.3		10,698		1		72		71			—			71
BTS 2nd Private Equity Fund		39,299		494		—		(662	)		—			(662	)
STASSETS FUND III		34,728		185		9		(455	)		—			(455	)
SF CREDIT PARTNERS, LLC		150,296		10,010		19,897		8,423			6,931			15,354
ARAM CMC Co., Ltd.		541		453		717		(31	)		—			(31	)
Japanese Hotel Real Estate Private Equity Fund No.2		12,783		12		55		411			(718	)		(307	)
Woori Seoul Beltway Private Special Asset Fund No.1		57,268		2		1,111		1,080			—			1,080
Woori Short-term Bond Securities Investment Trust(Bond) Class C-F		1,607,402		194,630		27,102		23,585			—			23,585
Woori Smart General Private Equity Investment Trust 1(Bond)		250,310		108,162		6,790		4,456			—			4,456
Woori General Private Securities Investment Trust(Bond) No.3		300,902		197,381		6,618		2,584			—			2,584
Woori Asset Global Partnership Fund No.5		65,979		810		1,722		913			—			913
WOORI TAERIM 1st Fund		4,045		183		—		—			—			—
Portone-Cape Fund No.1		1,327		150		—		97			—			97
DeepDive WOORI 2021-1 Financial Investment Fund		1,296		5		2,718		(3,988	)		—			(3,988	)
Darwin Green Packaging Private Equity Fund		19,229		—		—		(161	)		—			(161	)
Koreawide partners 2nd Private Equity Fund		75,026		2,894		—		—			—			—
Woori FirstValue Private Real Estate Fund No.2		67,051		62,357		28		28			—			28
Woori Together TDF 2025		13,190		1,309		552		546			—			546
Woori Together TDF 2030		13,121		13		731		723			—			723
Australia Green Energy 1st PEF		120,886		23		279		(568	)		—			(568	)
Aarden Woori Apparel 1st Private Equity Fund		20,251		95		—		(7,973	)		—			(7,973	)
Woori Dyno 1st Private Equity Fund		12,058		42		115		29			—			29
KTB-KORUS FUND		8,957		1		—		—			—			—
KTBN Venture Fund No.8		8,266		—		16		(668	)		—			(668	)
KTBN Digital Contents Korea Fund No.9		20,202		1,630		275		(86	)		—			(86	)
KTBN Media Contents Fund		1,896		—		9		9			—			9
KTB China Synergy Fund		115,328		9,474		1,007		(7,751	)		—			(7,751	)
NAVER-KTB Audio Contents Fund		29,413		649		2		(4	)		—			(4	)
KTBN Venture Fund No.13		62,729		330		230		(625	)		—			(625	)
KTBN Future Contents Fund		34,223		231		13		(218	)		—			(218	)
KTBN Venture Fund No.16		136,907		813		7,116		(3,931	)		—			(3,931	)
KTBN Venture Fund No.18		265,239		1,269		1,127		(1,940	)		—			(1,940	)
KB-KTB Technology Venture Fund		41,861		371		64		(310	)		—			(310	)
WOORI 2022 Scaleup Venture Fund		67,427		811		429		(1,184	)		—			(1,184	)
WOORI 2022 Start-up Venture Fund		25,355		160		27		(286	)		—			(286	)
KTBN GI Private Equity Fund		30		4		3,369		2,746			(712	)		2,034
Chirochem		556		190		226		8			—			8
Daishin Balance No.18 Special Purpose Acquisition Company		2,391		759		—		(23	)		—			(23	)
Godo Kaisha Oceanos 1		60,975		45,083		1,298		32			—			32
Woori Zip 1		41,655		30,032		1,003		(62	)		—			(62	)
Woori Zip 2		58,675		42,664		1,508		(9	)		—			(9	)
KG Fashion Co., Ltd.		2,250		2,810		312		(108	)		—			(108	)
KUM HWA Co., Ltd.		4		167		—		—			—			—
Jinmyung Plus Co., Ltd.		510		465		42		(28	)		—			(28	)
JC Assurance No.2 Private Equity Fund		121,557		986		—		(621	)		—			(621	)
HMS-Oriens 1st Fund		63,365		6		—		1,861			—			1,861
Woori Senior Loan Private Placement Investment Trust No.1		142,803		8		6,641		6,253			—			6,253
Genesis Eco No.1 Private Equity Fund		38,662		313		—		(321	)		—			(321	)
Paratus Woori Material Component Equipment joint venture company		58,288		1,944		—		(445	)		—			(445	)
Midas No. 8 Private Equity Joint Venture Company		64,619		244		1,893		1,414			—			1,414
Orchestra Private Equity Fund IV		34,363		—		700		444			—			444
Synaptic Green No.1 PEF		35,975		6		1		351			—			351

- 87 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


	June 30, 2024
	Assets		Liabilities		Operating revenue		Net income (loss)			Other comprehensive income(loss)		Total comprehensive income(loss)
IGEN2022No. 1 Private Equity Fund		32,462		7		1,055		931			—		931
PCC-Woori LP Secondary Fund		27,061		343		41		(310	)		—		(310	)
Synaptic Future Growth Private Equity Fund		36,863		294		24,397		23,826			—		23,826
Woori-Q Corporate Restructuring Private Equity Fund		85,544		981		78		(517	)		—		(517	)
Woori-Shinyoung Growth-Cap Private Equity Fund I		86,485		140		2,678		(8,836	)		—		(8,836	)
NH Woori Newdeal Growth Alpha Private Equity Fund 1		113,898		3,096		40,663		38,993			—		38,993
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)		42,546		51		2,572		2,572			—		2,572
Woori 25-09 Corporate Bond(AA- or higher) Active ETF		126,616		20,923		3,215		2,783			—		2,783
Woori General Private Securities Investment Trust No. 5 (Bond)		366,637		151,483		6,917		5,154			—		5,154
Woori Big Satisfaction General Private Securities Investment Trust No. 3 (Bond)		151,076		38,749		2,758		2,327			—		2,327
Woori General Private Securities Investment Trust No. 6 (Bond)		319,729		176,765		4,457		2,964			—		2,964
Woori Big Satisfaction Corporation MMF No. 1 (Government Bond)		5,800,137		48		127,888		127,282			—		127,282
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2		137,165		—		2,783		2,780			—		2,780
Woorinara Short-Term Bond Securities Investment Trust (Bond)		288,031		2		1,528		1,467			—		1,467
Woori General Private Securities Investment Trust No. 7 (Bond)		140,485		11		485		473			—		473

(*)	The amount is after reflecting the fair value adjustment that occurred when acquiring the shares and the adjustments that occurred by difference of accounting policies with the Group.


	December 31, 2023
	Assets		Liabilities		Operating revenue			Net income (loss)			Other comprehensive income(loss)			Total comprehensive income(loss)
W Service Networks Co., Ltd.		6,887		2,496		19,350			1,069			—			1,069
Korea Credit Bureau Co., Ltd.		131,164		68,756		163,707			8,012			—			8,012
Korea Finance Security Co., Ltd.		36,185		14,287		44,709			(464	)		6,730			6,266
K BANK Co., Ltd.		20,799,599		18,903,298		826,894			49,853			47,885			97,738
Partner One Value Up I Private Equity Fund		14,182		293		(4,107	)		(4,505	)		—			(4,505	)
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		41,533		305		6,501			5,823			—			5,823
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		15,754		100		2			(388	)		—			(388	)
LOTTE CARD Co., Ltd. (*)		22,329,308		19,191,007		1,937,383			363,673			(19,888	)		343,785
Union Technology Finance Investment Association		41,543		233		2,261			(838	)		—			(838	)
Dicustody Co., Ltd.		92		—		—			(3	)		—			(3	)
Orient Shipyard Co., Ltd.		10,708		27,225		—			(124	)		—			(124	)
Joongang Network Solution Co., Ltd.		1,505		3,156		5,758			5			—			5
Win Mortgage Co., LTd.		3,518		1,197		9,309			378			—			378
Together-Korea Government Private Pool Private Securities Investment Trust No. 3		10,543		1		227			222			—			222
BTS 2nd Private Equity Fund		25,030		837		4			(1,213	)		—			(1,213	)
STASSETS FUND III		30,014		312		95			(1,145	)		—			(1,145	)
SF CREDIT PARTNERS, LLC		149,157		25,996		7,618			(4,610	)		(2,819	)		(7,429	)
Rea Company		2,248		3,736		802			(694	)		—			(694	)
ARAM CMC Co., Ltd.		669		485		1,005			(254	)		—			(254	)
Japanese Hotel Real Estate Private Equity Fund No.2		13,541		12		54			46			(602	)		(556	)
Woori Seoul Beltway Private Special Asset Fund No.1		50,362		2		1,858			1,805			—			1,805
Woori General Private Securities Investment Trust(Bond) No.1		414,760		208,014		12,617			6,746			—			6,746
Woori Short-term Bond Securities Investment Trust(Bond) Class C-F		828,793		126,879		34,607			31,283			—			31,283
Woori Safe Plus General Type Private Investment Trust S-8(Bond)		113,413		6		4,774			4,542			—			4,542
Woori General Private Securities Investment Trust(Bond) No.2		224,205		111,165		5,767			3,040			—			3,040

- 88 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


	December 31, 2023
	Assets		Liabilities		Operating revenue		Net income (loss)			Other comprehensive income(loss)			Total comprehensive income(loss)
Woori Smart General Private Equity Investment Trust 1(Bond)		289,553		145,580		7,373		3,973			—			3,973
Woori General Private Securities Investment Trust(Bond) No.3		532,139		347,809		9,304		4,342			—			4,342
Woori Asset Global Partnership Fund No.5		38,537		281		—		(744	)		—			(744	)
WOORI TAERIM 1st Fund		4,045		183		—		—			—			—
Portone-Cape Fund No.1		2,324		100		—		(103	)		—			(103	)
DeepDive WOORI 2021-1 Financial Investment Fund		10,400		19		9,607		9,467			—			9,467
Darwin Green Packaging Private Equity Fund		19,390		—		759		451			—			451
Koreawide partners 2nd Private Equity Fund		75,064		2,931		—		(2,831	)		—			(2,831	)
Woori FirstValue Private Real Estate Fund No.2		67,024		62,357		32		18			—			18
WooriG Real Infrastructure Blind General Type Private Placement Investment Trust		114,909		92		6,053		4,892			—			4,892
Woori Together TDF 2030		11,944		61		2,528		1,017			—			1,017
Woori Together OCIO Target Return Feeder fund (Balance Bond)		50,831		1		2,446		2,444			—			2,444
Australia Green Energy 1st PEF		121,454		24		508		(1,189	)		—			(1,189	)
Aarden Woori Apparel 1st Private Equity Fund		28,219		90		1		(332	)		—			(332	)
Woori Dyno 1st Private Equity Fund		12,068		43		2,053		1,886			—			1,886
KTB-KORUS FUND		8,957		1		127		(712	)		—			(712	)
KTB China Platform Fund		85,909		13		2,411		(5,160	)		—			(5,160	)
KTBN Venture Fund No.7		79,871		—		6,420		508			—			508
KTBN Venture Fund No.8		11,758		207		2,359		(4,559	)		—			(4,559	)
KTBN Digital Contents Korea Fund No.9		20,257		1,599		3,030		(1,142	)		—			(1,142	)
KTBN Media Contents Fund		1,887		—		199		(35	)		—			(35	)
KTB China Synergy Fund		145,464		9,977		23,055		(8,686	)		—			(8,686	)
NAVER-KTB Audio Contents Fund		29,419		652		1,017		237			—			237
KTBN Venture Fund No.13		72,943		737		21,662		18,507			—			18,507
KTBN Future Contents Fund		34,696		486		7,394		4,776			—			4,776
KTBN Venture Fund No.16		182,850		1,875		40,201		11,133			—			11,133
KTBN Venture Fund No.18		268,437		2,526		31,543		8,036			—			8,036
KB-KTB Technology Venture Fund		42,046		246		2,055		(1,076	)		—			(1,076	)
WOORI 2022 Scaleup Venture Fund		68,626		826		504		(2,758	)		—			(2,758	)
WOORI 2022 Start-up Venture Fund		8,237		156		42		(576	)		—			(576	)
KTB-NHN China Private Equity Fund		16		7		946		(315	)		(319	)		(634	)
KTBN GI Private Equity Fund		12,391		45		—		7,146			712			7,858
Chirochem		732		375		4,215		148			—			148
Godo Kaisha Oceanos 1		62,021		45,334		2,765		192			—			192
Woori Zip 1		44,448		31,702		2,066		(198	)		—			(198	)
Woori Zip 2		62,642		45,012		3,023		(167	)		—			(167	)
KG Fashion Co., Ltd.		2,559		3,022		943		(569	)		—			(569	)
KUM HWA Co., Ltd.		4		167		—		—			—			—
Jinmyung Plus Co., Ltd.		519		454		146		(3	)		—			(3	)
JC Assurance No.2 Private Equity Fund		121,596		8		—		(628	)		—			(628	)
Dream Company Growth no.1 PEF		28,366		255		1,490		1,300			—			1,300
HMS-Oriens 1st Fund		61,498		1		3,957		3,408			—			3,408
Woori G Senior Loan Private Placement Investment Trust No.1		349,154		22		17,759		16,726			—			16,726
Genesis Eco No.1 Private Equity Fund		38,064		314		—		(947	)		—			(947	)
Paratus Woori Material Component Equipment joint venture company		58,298		1,510		—		(906	)		—			(906	)
Midas No. 8 Private Equity Joint Venture Company		65,063		242		1,956		1,002			—			1,002
Orchestra Private Equity Fund IV		34,041		122		1,680		1,172			—			1,172
Synaptic Green No.1 PEF		36,325		175		4		(867	)		—			(867	)
IGEN2022No. 1 Private Equity Fund		32,255		124		1,847		1,350			—			1,350
PCC-Woori LP Secondary Fund		27,773		668		908		(6,350	)		—			(6,350	)

- 89 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


	December 31, 2023
	Assets		Liabilities		Operating revenue			Net income (loss)			Other comprehensive income(loss)		Total comprehensive income(loss)
Synaptic Future Growth Private Equity Fund 1		30,049		301		2			(951	)		—		(951	)
Woori-Q Corporate Restructuring Private Equity Fund		63,265		456		4,945			3,018			—		3,018
Woori-Shinyoung Growth-Cap Private Equity Fund I		97,265		1,522		(26,435	)		(27,768	)		—		(27,768	)
NH Woori Newdeal Growth Alpha Private Equity Fund 1		100,215		1,588		2			(3,605	)		—		(3,605	)
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)		16,630		5		1,383			1,383			—		1,383
Woori 25-09 Corporate Bond(AA- or higher) Active ETF		133,729		32,028		3,006			2,831			—		2,831
Woori Short Term Government and Special Bank Bond Active ETF		62,185		3,212		1,222			978			—		978

(*)	The amount is after reflecting the fair value adjustment that occurred when acquiring the shares and the adjustments that occurred by difference of accounting policies with the Group

(4)	The entities that the Group has not applied equity method of accounting although the Group’s ownership interest is more than 20% as of June 30, 2024 and December 31, 2023 are as follows:


	June 30, 2024
Associate (*)	Number of shares owned		Ownership (%)
CL Tech Co., Ltd.		10,191		28.6
Market & Farm Co., Ltd.		14,694		23.7
SAMJI TEXTILE CO., LTD.		61,559		29.4
TH International Co., Ltd.		31,618		21.3

(*)	Although the Group’s ownership interest of the entity is more than 20%, the Group does not have significant influence over the entity since it is going through work-out process under receivership, accordingly it is excluded from the investment in joint ventures and associates.


	December 31, 2023
Associate (*)	Number of shares owned		Ownership (%)
CL Tech Co., Ltd.		10,191		28.6

(*)	Although the Group’s ownership interest of the entity is more than 20%, the Group does not have significant influence over the entity since it is going through work-out process under receivership, accordingly it is excluded from the investment in joint ventures and associates.

- 90 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

(5)	As of June 30, 2024 and December 31, 2023, the reconciliations from the net assets of the associates to the book value of the shares of the investment in joint ventures and associates are as follows (Unit: Korean Won in millions except for ownership):


	June 30, 2024
	Total net asset			Ownership (%)		Ownership portion of net assets			Basis difference		Impairment		Intercompany transaction			Book value
W Service Networks Co., Ltd.		3,653			4.9		179			—		—		—			179
Korea Credit Bureau Co., Ltd.		75,873			9.9		7,521			247		—		—			7,768
Korea Finance Security Co., Ltd.		23,362			15.0		3,505			—		—		—			3,505
K BANK Co., Ltd. (*)		1,940,343			12.6		244,012			21,894		—		—			265,906
Partner One Value Up I Private Equity Fund		15,325			23.3		3,564			—		—		—			3,564
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		42,699			20.0		8,541			—		—		—			8,541
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		15,643			25.0		3,911			—		—		571			4,482
LOTTE CARD Co., Ltd.(*)		2,840,220			20.0		568,042			—		—		—			568,042
Union Technology Finance Investment Association		40,267			29.7		11,960			—		—		—			11,960
Dicustody Co., Ltd.		92			1.0		1			—		—		—			1
Orient Shipyard Co., Ltd.		(16,561	)		22.7		(3,764	)		—		—		3,764			—
Joongang Network Solution Co., Ltd.		(1,277	)		25.3		(324	)		—		—		420			96
Win Mortgage Co., LTd.		2,105			4.5		96			—		—		—			96
Together-Korea Government Private Pool Private Securities Investment Trust No.3		10,697			100.0		10,695			—		—		—			10,695
BTS 2nd Private Equity Fund		38,804			20.0		7,760			—		—		—			7,760
STASSETS FUND III		34,543			28.3		9,776			—		—		—			9,776
SF CREDIT PARTNERS, LLC		140,285			10.0		14,028			—		—		529			14,557
ARAM CMC Co., Ltd.		88			20.1		18			—		—		(18	)		—
Japanese Hotel Real Estate Private Equity Fund No.2		12,771			19.9		2,537			—		—		—			2,537
Woori Seoul Beltway Private Special Asset Fund No.1		57,265			25.0		14,316			—		—		—			14,316
Woori Short-term Bond Securities Investment Trust(Bond) Class C-F		1,412,772			7.2		101,707			—		—		—			101,707
Woori Smart General Private Equity Investment Trust 1(Bond)		142,147			28.6		40,613			—		—		—			40,613
Woori General Private Securities Investment Trust(Bond) No.3		103,521			29.3		30,321			—		—		—			30,321
Woori Asset Global Partnership Fund No.5		65,169			57.7		37,598			—		—		—			37,598
WOORI TAERIM 1st Fund		3,862			25.6		988			—		—		—			988
Portone-Cape Fund No.1		1,177			20.0		235			—		—		—			235
DeepDive WOORI 2021-1 Financial Investment Fund		1,291			11.9		154			—		—		—			154
Darwin Green Packaging Private Equity Fund		19,229			20.4		3,924			—		—		—			3,924
Koreawide partners 2nd Private Equity Fund		72,132			26.7		19,235			—		—		—			19,235
Woori FirstValue Private Real Estate Fund No.2		4,694			12.0		563			—		—		—			563
Woori Together TDF 2025		11,881			28.6		3,396			—		—		—			3,396
Woori Together TDF 2030		13,108			26.8		3,519			—		—		—			3,519

- 91 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


	June 30, 2024
	Total net asset			Ownership (%)		Ownership portion of net assets			Basis difference		Impairment		Intercompany transaction		Book value
Australia Green Energy 1st PEF		120,862			4.0		4,789			—		—		—		4,789
Aarden Woori Apparel 1st Private Equity Fund		20,156			0.5		95			—		—		—		95
Woori Dyno 1st Private Equity Fund		12,016			19.6		2,356			—		—		—		2,356
KTB-KORUS FUND		8,957			37.5		3,359			—		—		—		3,359
KTBN Venture Fund No.8		8,266			21.7		1,797			—		—		—		1,797
KTBN Digital Contents Korea Fund No.9		18,571			30.0		5,571			—		—		—		5,571
KTBN Media Contents Fund		1,896			15.0		284			—		—		—		284
KTB China Synergy Fund		105,853			15.1		15,942			—		—		—		15,942
NAVER-KTB Audio Contents Fund		28,764			1.0		288			—		—		—		288
KTBN Venture Fund No.13		62,398			19.6		12,235			—		—		—		12,235
KTBN Future Contents Fund		33,992			13.3		4,532			—		—		—		4,532
KTBN Venture Fund No.16		136,093			10.3		13,958			—		—		—		13,958
KTBN Venture Fund No.18		263,970			10.1		26,773			—		—		—		26,773
KB-KTB Technology Venture Fund		41,490			18.2		7,544			—		—		—		7,544
WOORI 2022 Scaleup Venture Fund		66,616			20.0		13,341			—		—		—		13,341
WOORI 2022 Start-up Venture Fund		25,195			30.1		7,587			—		—		—		7,587
KTBN GI Private Equity Fund		27			5.0		1			—		—		—		1
Chirochem		365			28.6		104			—		—		—		104
Daishin Balance No.18 Special Purpose Acquisition Company		1,632			42.6		695			—		—		—		695
Godo Kaisha Oceanos 1		15,893			47.8		7,598			—		—		—		7,598
Woori Zip 1		11,622			62.3		6,914			—		—		—		6,914
Woori Zip 2		16,011			62.7		9,668			—		—		—		9,668
KG Fashion Co., Ltd.		(560	)		20.8		(116	)		—		—		116		—
KUM HWA Co., Ltd.		(163	)		20.1		(33	)		—		—		33		—
Jinmyung Plus Co., Ltd.		44			21.3		10			—		—		—		10
JC Assurance No.2 Private Equity Fund		120,571			23.4		—			—		—		—		—
HMS-Oriens 1st Fund		63,358			22.8		14,454			—		—		—		14,454
Woori Senior Loan Private Placement Investment Trust No.1		142,795			21.6		30,914			—		—		—		30,914
Genesis Eco No.1 Private Equity Fund		38,348			29.0		11,115			—		—		—		11,115
Paratus Woori Material Component Equipment joint venture company		56,343			29.9		16,846			—		—		—		16,846
Midas No. 8 Private Equity Joint Venture Company		64,375			28.5		18,338			—		—		—		18,338
Orchestra Private Equity Fund IV		34,363			28.2		9,680			—		—		—		9,680
Synaptic Green No.1 PEF		35,969			21.1		7,573			—		—		—		7,573
IGEN2022No. 1 Private Equity Fund		32,455			24.8		8,063			—		—		—		8,063
PCC-Woori LP Secondary Fund		26,719			38.8		10,380			—		—		—		10,380
Synaptic Future Growth Private Equity Fund		36,569			23.8		8,689			—		—		—		8,689
Woori-Q Corporate Restructuring Private Equity Fund		84,563			34.2		28,961			—		—		—		28,961

- 92 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


	June 30, 2024
	Total net asset		Ownership (%)		Ownership portion of net assets		Basis difference		Impairment		Intercompany transaction		Book value
Woori-Shinyoung Growth-Cap Private Equity Fund I		86,345		35.0		30,194		—		—		—		30,194
NH Woori Newdeal Growth Alpha Private Equity Fund 1		110,802		33.0		37,244		—		—		—		37,244
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)		42,495		8.4		3,596		—		—		—		3,596
Woori 25-09 Corporate Bond(AA- or higher) Active ETF		105,693		29.0		30,620		—		—		—		30,620
Woori General Private Securities Investment Trust No. 5 (Bond)		215,154		28.6		61,473		—		—		—		61,473
Woori Big Satisfaction General Private Securities Investment Trust No. 3 (Bond)		112,327		9.1		10,212		—		—		—		10,212
Woori General Private Securities Investment Trust No. 6 (Bond)		142,964		28.6		40,847		—		—		—		40,847
Woori Big Satisfaction Corporation MMF No. 1 (Government Bond)		5,800,089		1.8		105,023		—		—		—		105,023
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2		137,165		2.1		2,908		—		—		—		2,908
Woorinara Short-Term Bond Securities Investment Trust (Bond)		288,354		17.5		50,541		—		—		—		50,541
Woori General Private Securities Investment Trust No. 7 (Bond)		140,473		28.6		40,135		—		—		—		40,135

(*)	Total net asset and ownership portion of net assets amount is after the non-controlling etc.

- 93 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


	December 31, 2023
	Total net asset			Ownership (%)		Ownership portion of net assets			Basis difference		Impairment		Intercompany transaction			Book value
W Service Networks Co., Ltd.		4,391			4.9		216			—		—		—			216
Korea Credit Bureau Co., Ltd.		62,408			9.9		6,186			247		—		—			6,433
Korea Finance Security Co., Ltd.		21,898			15.0		3,285			—		—		—			3,285
K BANK Co., Ltd. (*)		1,893,785			12.6		238,158			21,894		—		—			260,052
Partner One Value Up I Private Equity Fund		13,889			23.3		3,230			—		—		—			3,230
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		41,228			20.0		8,247			—		—		—			8,247
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		15,654			25.0		3,914			—		—		523			4,437
LOTTE CARD Co., Ltd. (*)		2,936,964			20.0		587,392			—		—		—			587,392
Union Technology Finance Investment Association		41,310			29.7		12,270			—		—		—			12,270
Dicustody Co., Ltd.		92			1.0		1			—		—		—			1
Orient Shipyard Co., Ltd.		(16,517	)		22.7		(3,754	)		—		—		3,754			—
Joongang Network Solution Co., Ltd.		(1,651	)		25.3		(419	)		—		—		507			88
Win Mortgage Co., LTd.		2,321			4.5		105			—		—		—			105
Together-Korea Government Private Pool Private Securities Investment Trust No. 3		10,542			100.0		10,540			—		—		—			10,540
BTS 2nd Private Equity Fund		24,193			20.0		4,838			—		—		—			4,838
STASSETS FUND III		29,702			28.3		8,406			—		—		—			8,406
SF CREDIT PARTNERS, LLC		123,161			10.0		12,316			—		—		529			12,845
Rea Company		(1,488	)		24.5		(365	)		—		—		365			—
ARAM CMC Co., Ltd.		184			20.0		37			—		—		(37	)		—
Japanese Hotel Real Estate Private Equity Fund No.2		13,529			19.9		2,688			—		—		—			2,688
Woori Seoul Beltway Private Special Asset Fund No.1		50,360			25.0		12,590			—		—		—			12,590
Woori General Private Securities Investment Trust(Bond) No.1		206,746			25.0		51,686			—		—		—			51,686
Woori Short-term Bond Securities Investment Trust(Bond) ClassC-F		701,914			15.0		105,564			—		—		—			105,564
Woori Safe Plus General Type Private Investment Trust S-8(Bond)		113,407			9.1		10,330			—		—		—			10,330
Woori General Private Securities Investment Trust(Bond) No.2		113,040			27.3		30,829			—		—		—			30,829
Woori Smart General Private Equity Investment Trust 1(Bond)		143,973			28.6		41,135			—		—		—			41,135
Woori General Private Securities Investment Trust(Bond) No.3		184,330			27.8		51,205			—		—		—			51,205
Woori Asset Global Partnership Fund No.5		38,256			57.7		22,071			—		—		—			22,071
WOORI TAERIM 1st Fund		3,862			25.6		988			—		—		—			988
Portone-Cape Fund No.1		2,224			20.0		445			—		—		—			445
DeepDive WOORI 2021-1 Financial Investment Fund		10,381			11.9		1,236			—		—		—			1,236
Darwin Green Packaging Private Equity Fund		19,390			20.4		3,957			—		—		—			3,957
Koreawide partners 2nd Private Equity Fund		72,133			26.7		19,235			—		—		—			19,235

- 94 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


	December 31, 2023
	Total net asset			Ownership (%)		Ownership portion of net assets			Basis difference		Impairment			Intercompany transaction		Book value
Woori FirstValue Private Real Estate Fund No.2		4,667			12.0		560			—		—			—		560
WooriG Real Infrastructure Blind General Type Private Placement Investment Trust		114,817			0.1		55			—		—			—		55
Woori Together TDF 2030		11,894			28.0		3,324			—		—			—		3,324
Woori Together OCIO Target Return Feeder fund (Balance Bond)		50,837			20.4		10,376			—		—			—		10,376
Australia Green Energy 1st PEF		121,430			4.0		4,811			—		—			—		4,811
Aarden Woori Apparel 1st Private Equity Fund		28,129			0.5		133			—		—			—		133
Woori Dyno 1st Private Equity Fund		12,025			19.6		2,358			—		—			—		2,358
KTB-KORUS FUND		8,956			37.5		3,359			—		—			—		3,359
KTB China Platform Fund		85,895			18.7		16,059			—		—			—		16,059
KTBN Venture Fund No.7		79,871			20.1		16,044			—		—			—		16,044
KTBN Venture Fund No.8		11,551			21.7		2,511			—		—			—		2,511
KTBN Digital Contents Korea Fund No.9		18,658			30.0		5,597			—		—			—		5,597
KTBN Media Contents Fund		1,887			15.0		283			—		—			—		283
KTB China Synergy Fund		135,487			15.1		20,405			—		—			—		20,405
NAVER-KTB Audio Contents Fund		28,767			1.0		288			—		—			—		288
KTBN Venture Fund No.13		72,206			19.6		14,158			—		—			—		14,158
KTBN Future Contents Fund		34,210			13.3		4,561			—		—			—		4,561
KTBN Venture Fund No.16		180,975			10.3		18,561			—		—			—		18,561
KTBN Venture Fund No.18		265,911			10.1		26,970			—		—			—		26,970
KB-KTB Technology Venture Fund		41,800			18.2		7,600			—		—			—		7,600
WOORI 2022 Scaleup Venture Fund		67,800			20.0		13,578			—		—			—		13,578
WOORI 2022 Start-up Venture Fund		8,081			30.1		2,433			—		—			—		2,433
KTB-NHN China Private Equity Fund		9			33.3		3			—		—			—		3
KTBN GI Private Equity Fund		12,346			5.0		617			—		—			—		617
Chirochem		357			28.6		102			—		—			—		102
Godo Kaisha Oceanos 1		16,687			47.8		7,978			—		—			—		7,978
Woori Zip 1		12,746			62.4		7,629			—		—			—		7,629
Woori Zip 2		17,630			62.8		10,695			—		—			—		10,695
KG Fashion Co., Ltd.		(463	)		20.8		(96	)		—		—			96		—
KUM HWA Co., Ltd.		(163	)		20.1		(33	)		—		—			33		—
Jinmyung Plus Co., Ltd.		65			21.3		14			—		—			—		14
JC Assurance No.2 Private Equity Fund		121,588			23.5		28,610			—		(28,610	)		—		—
Dream Company Growth no.1 PEF		28,111			27.8		7,809			—		—			—		7,809
HMS-Oriens 1st Fund		61,497			22.8		14,030			—		—			—		14,030
Woori G Senior Loan Private Placement Investment Trust No.1		349,132			21.7		75,590			—		—			—		75,590
Genesis Eco No.1 Private Equity Fund		37,750			29.0		10,942			—		—			—		10,942
Paratus Woori Material Component Equipment joint venture company		56,788			29.9		16,979			—		—			—		16,979
Midas No. 8 Private Equity Joint Venture Company		64,821			28.5		18,465			—		—			—		18,465

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


	December 31, 2023
	Total net asset		Ownership (%)		Ownership portion of net assets		Basis difference		Impairment		Intercompany transaction		Book value
Orchestra Private Equity Fund IV		33,919		28.2		9,555		—		—		—		9,555
Synaptic Green No.1 PEF		36,150		21.1		7,611		—		—		—		7,611
IGEN2022No. 1 Private Equity Fund		32,131		24.8		7,983		—		—		—		7,983
PCC-Woori LP Secondary Fund		27,105		38.9		10,530		—		—		—		10,530
Synaptic Future Growth Private Equity Fund 1		29,748		23.8		7,069		—		—		—		7,069
Woori-Q Corporate Restructuring Private Equity Fund		62,809		32.4		20,283		—		—		—		20,283
Woori-Shinyoung Growth-Cap Private Equity Fund I		95,743		35.0		33,481		—		—		—		33,481
NH Woori Newdeal Growth Alpha Private Equity Fund 1		98,627		32.7		32,987		—		—		—		32,987
Woori BIG2 Plus Securities Investment Trust(Balanced Bond)		16,625		14.1		2,543		—		—		—		2,543
Woori 25-09 Corporate Bond (AA- or higher) Active ETF		101,701		29.3		29,821		—		—		—		29,821
Woori Short Term Government and Special Bank Bond Active ETF		58,973		20.8		12,286		—		—		—		12,286

(*)	The net asset equity amount is after the debt-for-equity swap, non-controlling etc.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

13.

INVESTMENT PROPERTIES

(1)	Details of investment properties are as follows (Unit: Korean Won in millions):


	June 30, 2024			December 31, 2023
Acquisition cost		538,662			510,990
Accumulated depreciation		(43,544	)		(38,136	)
Accumulated impairment losses		(86	)		(86	)

Net carrying value		495,032			472,768

(2)	Changes in investment properties are as follows (Unit: Korean Won in millions):


	For the six-month periods ended June 30
	2024			2023
Beginning balance		472,768			387,707
Acquisition		—			99,234
Depreciation		(5,332	)		(2,580	)
Transfer		33,514			(1,730	)
Foreign currencies translation adjustments		(5,918	)		(8,298	)

Ending balance		495,032			474,333

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

14.

PREMISES AND EQUIPMENT

(1)	Details of premises and equipment as of June 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


	June 30, 2024
	Land		Building		Properties for business use		Leasehold improvement		Construction in progress		Structures		Total
Premises and equipment (owned)		1,679,798		692,052		270,716		62,454		54,092		—		2,759,112
Right-of-use asset		—		522,886		24,957		—		—		—		547,843

Carrying value		1,679,798		1,214,938		295,673		62,454		54,092		—		3,306,955


	December 31, 2023
	Land		Building		Properties for business use		Leasehold improvement		Construction in progress		Structures		Total
Premises and equipment (owned)		1,709,712		719,738		265,064		61,369		37,194		—		2,793,077
Right-of-use asset		—		362,702		20,980		—		—		—		383,682

Carrying value		1,709,712		1,082,440		286,044		61,369		37,194		—		3,176,759

(2)	Details of premises and equipment (owned) as of June 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


	June 30, 2024
	Land			Building			Properties for business use			Leasehold improvement			Construction in progress		Structures			Total
Acquisition cost		1,680,458			1,085,597			1,265,362			492,806			54,092		20			4,578,335
Accumulated depreciation		—			(393,545	)		(994,646	)		(430,352	)		—		(20	)		(1,818,563	)
Accumulated impairment losses		(660	)		—			—			—			—		—			(660	)

Net carrying value		1,679,798			692,052			270,716			62,454			54,092		—			2,759,112


	December 31, 2023
	Land			Building			Properties for business use			Leasehold improvement			Construction in progress		Structures			Total
Acquisition cost		1,710,372			1,098,682			1,229,740			486,763			37,194		20			4,562,771
Accumulated depreciation		—			(378,944	)		(964,676	)		(425,394	)		—		(20	)		(1,769,034	)
Accumulated impairment losses		(660	)		—			—			—			—		—			(660	)

Net carrying value		1,709,712			719,738			265,064			61,369			37,194		—			2,793,077

(3)	Details of changes in premises and equipment (owned) are as follows (Unit: Korean Won in millions):


	For the six-month period ended June 30, 2024
	Land			Building			Properties for business use			Leasehold improvement			Construction in progress			Structures		Total
Beginning balance		1,709,712			719,738			265,064			61,369			37,194			—		2,793,077
Acquisitions		—			10,366			52,567			10,091			19,032			—		92,056
Disposals		(344	)		—			(1,566	)		(849	)		—			—		(2,759	)
Depreciation		—			(16,406	)		(49,371	)		(10,766	)		—			—		(76,543	)
Classified as held-for-sale		(9,530	)		(9,200	)		—			—			—			—		(18,730	)
Transfer		(20,397	)		(13,117	)		2,082			384			(2,466	)		—		(33,514	)
Foreign currencies translation adjustments		357			121			1,794			1,686			332			—		4,290
Others		—			550			146			539			—			—		1,235

Ending balance		1,679,798			692,052			270,716			62,454			54,092			—		2,759,112

- 98 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


	For the six-month period ended June 30, 2023
	Land			Building			Properties for business use			Leasehold improvement			Construction in progress			Structures		Total
Beginning balance		1,695,357			730,676			261,278			58,352			32,184			—		2,777,847
Acquisitions		124			4,468			36,436			10,469			2,291			—		53,788
Disposals		(14	)		(11	)		(12,476	)		(401	)		(200	)		—		(13,102	)
Depreciation		—			(16,318	)		(49,817	)		(10,363	)		—			—		(76,498	)
Classified as held-for-sale		(1,356	)		(2,886	)		—			—			—			—		(4,242	)
Transfer		5,147			(3,417	)		—			—			—			—		1,730
Foreign currencies translation adjustments		1,575			768			1,417			685			58			—		4,503
Changes due to business combinations		9,530			9,530			318			—			—			—		19,378
Others		3			(80	)		6			(88	)		(111	)		—		(270	)

Ending balance		1,710,366			722,730			237,162			58,654			34,222			—		2,763,134

(4)	Details of right-of-use assets as of June 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


	June 30, 2024
	Building			Properties for business use			Total
Acquisition cost		954,689			42,834			997,523
Accumulated depreciation		(431,803	)		(17,877	)		(449,680	)

Net carrying value		522,886			24,957			547,843


	December 31, 2023
	Building			Properties for business use			Total
Acquisition cost		735,396			40,389			775,785
Accumulated depreciation		(372,694	)		(19,409	)		(392,103	)

Net carrying value		362,702			20,980			383,682

(5)	Details of changes in right-of-use assets for the six-month periods ended June 30, 2024 and 2023 are as follows (Unit: Korean Won in millions):


	For the six-month period ended June 30, 2024
	Building			Properties for business use			Total
Beginning balance		362,702			20,980			383,682
New contracts		263,121			10,632			273,753
Changes in contract		18,741			2			18,743
Termination		(8,269	)		(1,434	)		(9,703	)
Depreciation		(115,073	)		(6,711	)		(121,784	)
Changes due to business combinations		—			—			—
Others		1,664			1,488			3,152

Ending balance		522,886			24,957			547,843


	For the six-month period ended June 30, 2023
	Building			Properties for business use			Total
Beginning balance		349,494			15,589			365,083
New contracts		104,162			8,063			112,225
Changes in contract		6,162			68			6,230
Termination		(15,529	)		(639	)		(16,168	)
Depreciation		(99,044	)		(5,935	)		(104,979	)
Changes due to business combinations		674			272			946
Others		6,277			467			6,744

Ending balance		352,196			17,885			370,081

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

15.

INTANGIBLE ASSETS

(1)	Details of intangible assets are as follows (Unit: Korean Won in millions):


	June 30, 2024
	Goodwill		Industrial property rights			Development cost			Other intangible assets			Membership deposit			Construction in progress		Total
Acquisition cost		451,766		2,342			907,081			1,420,946			55,008			19,497		2,856,640
Accumulated amortization		—		(1,880	)		(650,427	)		(1,142,403	)		—			—		(1,794,710	)
Accumulated impairment losses		—		—			—			(33,552	)		(3,087	)		—		(36,639	)

Net carrying value		451,766		462			256,654			244,991			51,921			19,497		1,025,291


	December 31, 2023
	Goodwill		Industrial property rights			Development cost			Other intangible assets			Membership deposit			Construction in progress		Total
Acquisition cost		445,093		2,292			859,678			1,388,397			50,857			8,142		2,754,459
Accumulated amortization		—		(1,783	)		(617,587	)		(1,101,688	)		—			—		(1,721,058	)
Accumulated impairment losses		—		—			—			(33,553	)		(3,006	)		—		(36,559	)

Net carrying value		445,093		509			242,091			253,156			47,851			8,142		996,842

(2)	Details of changes in intangible assets are as follows (Unit: Korean Won in millions):


	For the six-month period ended June 30, 2024
	Goodwill		Industrial property rights			Development cost			Other intangible assets			Membership deposit			Construction in progress			Total
Beginning balance		445,093		509			242,091			253,156			47,851			8,142			996,842
Acquisitions		—		16			51,025			34,113			6,598			15,956			107,708
Disposal		—		—			(113	)		(1,681	)		(2,464	)		—			(4,258	)
Amortization(*)		—		(97	)		(36,347	)		(44,635	)		—			—			(81,079	)
Impairment losses		—		—			—			—			(209	)		—			(209	)
Transfer		—		34			—			2,129			—			(2,163	)		—
Foreign currencies translation adjustments		6,673		—			(2	)		1,732			162			385			8,950
Others		—		—			—			177			(17	)		(2,823	)		(2,663	)

Ending balance		451,766		462			256,654			244,991			51,921			19,497			1,025,291

(*)	Amortization of other intangible assets amounting to 13,080 million Won is included in other operating expenses.


	For the six-month period ended June 30, 2023
	Goodwill		Industrial property rights			Development cost			Other intangible assets			Membership deposit			Construction in progress			Total
Beginning balance		397,527		643			212,627			192,373			42,917			3,027			849,114
Acquisitions		—		33			47,825			92,814			279			4,397			145,348
Disposal		—		—			—			—			(177	)		—			(177	)
Amortization(*)		—		(105	)		(43,175	)		(41,828	)		—			—			(85,108	)
Reversal of impairment losses		—		—			—			—			157			—			157
Transfer		—		—			—			289			—			(289	)		—
Changes due to business combinations		41,527		—			—			18,882			2,565			—			62,974
Foreign currencies translation adjustments		14,517		—			—			2,660			22			147			17,346
Others		—		—			—			709			(25	)		(862	)		(178	)

Ending balance		453,571		571			217,277			265,899			45,738			6,420			989,476

(*)	Amortization of other intangible assets amounting to 10,093 million Won is included in other operating expenses.

- 100 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

16.

ASSETS HELD FOR SALE

Assets held for sale are as follows (Unit: Korean Won in millions):


Assets(*)	June 30,2024		December 31, 2023
Premises and equipment		11,573		11,573
Others		23,760		8,772

Total		35,333		20,345

(*)	The Group classifies assets as held for sale that are highly likely to be sold within one year from June 30, 2024, and December 31, 2023.

The Group measured assets held for sale at the lower of fair value less costs to sell and carrying amount.

The Group has decided to sell some of the premises and equipment through internal consultation during the current period and classifies the premises as non-current assets held for sale. On the other hand, other assets that are expected to be sold as of the end of the current period are classified as assets that are expected to be sold within one year due to the possibility of being sold as buildings and land acquired through auction.

17.

OTHER ASSETS

Details

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


	June 30, 2024		December 31, 2023
Lease assets		3,752,538		3,306,464
Prepaid expenses		373,627		345,202
Advance payments		57,973		95,025
Assets for non-business use		42,122		34,625
Others		37,694		60,471

Total		4,263,954		3,841,787

18.

FINANCIAL LIABILITIES AT FVTPL

(1)	Financial liabilities at FVTPL are as follows (Unit: Korean Won in millions):


	June 30, 2024		December 31, 2023
Financial instruments at fair value through profit or loss		7,185,806		6,138,313
Financial liabilities designated to be measured at FVTPL		329,983		—

Total		7,515,789		6,138,313

(2)	Financial liabilities at fair value through profit or loss are as follows (Unit: Korean Won in millions):


	June 30, 2024		December 31, 2023
Deposits due to customers
Gold banking liabilities		49,773		39,524
Borrowings
Securities sold		145,902		155,765
Derivative liabilities		6,990,131		5,943,024

Total		7,185,806		6,138,313

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

(3)	Financial liabilities designated to be measured at FVTPL are as follows (Unit: Korean Won in millions):


	June 30, 2024		December 31, 2023
Deposits due to customers
Time deposits		329,983		—

These contracts are designated as financial liabilities at fair value through profit or loss because these contracts contain one or more embedded derivatives and are hybrid (combined) contracts in accordance with K-IFRS 1109 Financial Instrument

(4)	Changes in fair value due to change in credit risk reflected in financial liabilities designated to be measured at FVTPL are as follows (Unit: Korean Won in millions):


	For the six-month period ended June 30, 2024		For the six-month period ended June 30, 2023
Financial liabilities designated to be measured at FVTPL as of June 30, 2024		329,983		—
Changes in fair value due to change in credit risk		1,137		—
Accumulated change in fair value due to change in credit risk		1,137		—

The adjustment to reflect Group’s credit risk is considered in measuring the fair value of Deposits due to customers. The Group’s credit risk is determined by adjusting credit spread observed in credit rating of Group.

(5)	The difference between carrying amount and nominal amount at maturity of financial liabilities designated to be measured at FVTPL are as follows (Unit: Korean Won in millions):


	June 30, 2024			December 31, 2023
Carrying amount		329,983			—
Nominal amount at maturity		330,000			—
Difference		(17	)		—

19.

DEPOSITS DUE TO CUSTOMERS

Details of deposits due to customers by type are as follows (Unit: Korean Won in millions):


	June 30, 2024			December 31, 2023
Deposits in local currency:
Deposits on demand		8,831,752			8,803,962
Deposits at termination		287,565,223			282,846,971
Mutual installment		21,004			21,602
Deposits on notes payables		4,258,668			4,119,801
Deposits on Cash Management Account		110,433			95,237
Certificate of deposits		12,468,733			14,767,307
Other deposits		1,072,860			1,117,673

Sub-total		314,328,673			311,772,553

Deposits in foreign currencies:
Deposits in foreign currencies		45,101,511			46,196,650
Present value discount		(127,635	)		(184,906	)

Total		359,302,549			357,784,297

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

20.

BORROWINGS AND DEBENTURES

(1)	Details of borrowings are as follows (Unit: Korean Won in millions):


	June 30, 2024
	Lenders	Interest rate (%)		Amount
Borrowings in local currency
Borrowings from BOK	BOK		2.0		2,381,377
Borrowings from government funds	Small Enterprise And Market Service and others		0.0 ~ 3.5		2,176,393
Others	The Korea Development Bank and others		0.0 ~ 5.9		9,618,715

Sub-total					14,176,485

Borrowings in foreign currencies
Borrowings in foreign currencies	Export-Import Bank of Korea and others		0.0 ~ 10.6		13,726,098
Bills sold	Others		0.0 ~ 2.7		3,797
Call money	Bank and others		1.9 ~ 6.6		1,436,641
Bonds sold under repurchase agreements	Other financial institutions		1.0 ~ 10.4		985,707
Present value discount					(13,727	)

Total					30,315,001

- 103 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


	December 31, 2023
	Lenders	Interest rate (%)		Amount
Borrowings in local currency:
Borrowings from The BOK	The BOK		2.0		1,565,444
Borrowings from government funds	Small Enterprise and Market Service and others		0.0 ~ 3.4		1,996,579
Others	The Korea Development Bank and others		0.0 ~ 6.7		11,206,471

Sub-total					14,768,494

Borrowings in foreign currencies:
Borrowings in foreign currencies	The Export-Import Bank of Korea and others		0.0 ~ 10.0		14,006,644
Bills sold	Others		0.0 ~ 2.7		6,325
Call money	Bank and others		4.1 ~ 6.6		1,115,923
Bonds sold under repurchase agreements	Other financial institutions		1.0 ~ 11.7		1,119,991
Present value discount					(30,631	)

Total					30,986,746

(2)	Details of debentures are as follows (Unit: Korean Won in millions):


	June 30, 2024					December 31, 2023
	Interest rate (%)		Amount			Interest rate (%)		Amount
Face value of bond (*):
Ordinary bonds		0.8 ~ 7.5		36,132,241			0.8 ~ 7.5		34,393,418
Subordinated bonds		1.9 ~ 5.1		4,394,860			1.9 ~ 5.1		5,241,848
Other bonds		3.7 ~ 17.0		1,716,581			1.6 ~ 17.0		1,667,895

Sub-total				42,243,682					41,303,161

Discounts on bonds				(141,250	)				(63,916	)

Total				42,102,432					41,239,245

(*)

Included debentures under fair value hedge amounting to 3,834,069 million Won and 3,943,224 million Won as of June 30, 2024 and December 31, 2023 respectively. Also, debentures under cash flow hedge amounting to 941,712 million Won and 932,392 million Won are included as of June 30, 2024 and December 31, 2023 respectively.

- 104 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

21.

PROVISIONS

(1)	Details of provisions are as follows (Unit: Korean Won in millions):


	June 30, 2024		December 31, 2023
Asset retirement obligation		96,393		95,179
Provisions for guarantees(*1)		77,199		80,703
Provisions for unused loan commitments		135,144		135,335
Other provisions(*2)		325,842		494,814

Total		634,578		806,031

(*1)	Provisions for guarantees includes provision for financial guarantee of 51,994 million Won and 50,125 million Won as of June 30, 2024 and December 31, 2023, respectively.

(*2)	Other provisions consist of provision for litigation, loss compensation and others.

(2)	Changes in provisions for guarantees and unused loan commitments are as follows (Unit: Korean Won in millions):

Provisions for guarantees


	For the six-month period ended June 30, 2024
	Stage1			Stage2			Stage3		Total
Beginning balance		70,678			2,800			7,225		80,703
Transfer to 12-month expected credit loss		428			(428	)		—		—
Transfer to expected credit loss for the entire period		(313	)		313			—		—
Transfer to credit-impaired financial assets		(22	)		—			22		—
Net provision(reversal)		(6,783	)		209			1,110		(5,464	)
Others(*)		1,956			3			1		1,960

Ending balance		65,944			2,897			8,358		77,199

(*)	Effect of initial recognition of new financial guarantee contract that is measured at fair value.


	For the six-month period ended June 30, 2023
	Stage1			Stage2			Stage3		Total
Beginning balance		44,496			24,327			7,685		76,508
Transfer to 12-month expected credit loss		19,568			(19,568	)		—		—
Transfer to expected credit loss for the entire period		(564	)		564			—		—
Transfer to credit-impaired financial assets		(30	)		(4	)		34		—
Net provision(reversal)		(2,813	)		162			1,117		(1,534	)
Others(*)		3,520			(2	)		—		3,518

Ending balance		64,177			5,479			8,836		78,492

(*)	Effect of initial recognition of new financial guarantee contract that is measured at fair value.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

2)	Provisions for unused loan commitment


	For the six-month period ended June 30, 2024
	Stage1			Stage2			Stage3			Total
Beginning balance		108,775			26,328			232			135,335
Transfer to 12-month expected credit loss		9,023			(9,002	)		(21	)		—
Transfer to expected credit loss for the entire period		(3,135	)		3,144			(9	)		—
Transfer to credit-impaired financial assets		(290	)		(377	)		667			—
Net provision(reversal)		(9,288	)		8,135			(10	)		(1,163	)
Others		631			133			208			972

Ending balance		105,716			28,361			1,067			135,144


	For the six-month period ended June 30, 2023
	Stage1			Stage2			Stage3			Total
Beginning balance		67,640			38,188			205			106,033
Transfer to 12-month expected credit loss		14,241			(14,197	)		(44	)		—
Transfer to expected credit loss for the entire period		(2,228	)		2,229			(1	)		—
Transfer to credit-impaired financial assets		(140	)		(249	)		389			—
Net provision(reversal)		17,027			4,153			(207	)		20,973
Others		121			—			—			121

Ending balance		96,661			30,124			342			127,127

(3)	Changes in asset retirement obligation for the six-month periods ended June 30, 2024 and 2023, are as follows (Unit: Korean Won in millions):


	For the six-month periods ended June 30
	2024			2023
Beginning balance		95,179			82,717
Provisions provided		3,584			3,099
Provisions used		(3,303	)		(1,187	)
Reversal of provisions unused		(839	)		(118	)
Amortization		729			707
Increase in restoration costs and others		1,043			5,685

Ending balance		96,393			90,903

The amount of the asset retirement obligation is the present value of the best estimate of future expected expenditure to settle the obligation – arising from leased premises as of June 30, 2024, discounted by appropriate discount rate. The restoration cost is expected to occur by the end of each premise’s lease period, and the Group has used average lease period of each category of leases terminated during the past years in order to rationally estimate the lease period. In addition, the Group used average amount of actual recovery cost for the past 3 years and the inflation rate for last year in order to estimate future recovery cost.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

(4)	Changes in other provisions for the six-month periods ended June 30, 2024 and 2023, are as follows (Unit: Korean Won in millions):


	For the six-month periods ended June 30
	2024			2023
Beginning balance		494,814			280,607
Provisions provided		14,178			59,272
Provisions used		(176,461	)		(25,079	)
Reversal of provisions unused		(11,054	)		(2,596	)
Foreign currencies translation adjustments		90			563
Others		4,275			22

Ending balance		325,842			312,789

(5)

Others

The Group recognized the estimated amount of compensation related to incomplete sales of Derivative Linked Fund (DLF) in 2019 and provisions for fines expected to be imposed by the Financial Services Commission as the best estimate of expenditure required to fulfil its current obligations at the end of the period.

The Group recognized provisions for estimated compensation amounts related to the prepayment arising from the delay in the redemption of funds in prior fiscal year and the dispute settlement as the best estimate of the expenditure amounting to 237.8 billion Won. In addition, The Group recognized provision amounting to 3.1 billion Won for estimated compensation of expected customer loss related to equity-linked securities during the current period.

- 107 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

22.

NET DEFINED BENEFIT LIABILITY(ASSET)

The retirement benefit of the consolidated company is based on the defined benefit retirement pension plan. Employees and directors with one or more years of service are entitled to receive a payment upon termination of their employment, based on their length of service and rate of salary at the time of termination. The assets of the plans are measured at their fair value at the end of reporting date. The plan liabilities are measured using the projected unit method, which takes account of projected earnings increases, using actuarial assumptions that give the best estimate of the future cash flows that will arise under the plan liabilities.

The Group is exposed to various risks through defined benefit retirement pension plan, and the most significant risks are as follows:


		Volatility of asset		The defined benefit obligation was estimated with an discount rate calculated based on blue chip corporate bonds earnings. A deficit may occur if the rate of return of plan assets falls short of the discount rate.

		Decrease in profitability of high quality bonds		A decrease in profitability of blue chip bonds will be offset by some increase in the value of debt securities that the employee benefit plan owns but will bring an increase in the defined benefit obligation.

		Risk of inflation		Defined benefit obligations are related to inflation rate; the higher the inflation rate is, the higher the level of liabilities. Therefore, deficit occurs in the system if an inflation rate increases.

(1)	Details of net defined benefit liability(asset) are as follows (Unit: Korean Won in millions):


	June 30, 2024			December 31, 2023
Present value of defined benefit obligation		1,650,905			1,574,087
Fair value of plan assets		(1,758,129	)		(1,807,408	)

Net defined benefit liabilities(asset)(*)		(107,224	)		(233,321	)

(*)

Net defined benefit asset amount of 107,224 million Won as of June 30, 2024 is net amount of defined benefit liability of 4,375 million Won and defined benefit asset of 111,599 million Won. Also, net defined benefit assets of 232,321 million Won as of December 31, 2023 are the subtracted amount of the net defined benefit liability of 6,939 million Won from the net defined benefit assets of 240,260 million Won.

(2)	Changes in the carrying value of defined benefit obligation are as follows (Unit: Korean Won in millions):


		For the six-month periods ended June 30
		2024			2023
Beginning balance			1,574,087			1,377,545
Current service cost			71,314			65,858
Interest cost			35,499			36,333
Remeasurements	Financial assumption		19,769			20,488
	Demographic assumptions		(42	)		—
	Experience adjustments		39,141			47,060
Retirement benefit paid			(84,447	)		(81,596	)
Foreign currencies translation adjustments			68			15
Others			(4,484	)		(759	)

Ending balance			1,650,905			1,464,944

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

(3)	Changes in the plan assets are as follows (Unit: Korean Won in millions):


	For the six-month periods ended June 30
	2024			2023
Beginning balance		1,807,408			1,661,623
Interest income		42,464			45,762
Remeasurements		(8,875	)		(16,325	)
Employer’s contributions		251			122,126
Retirement benefit paid		(81,171	)		(84,943	)
Others		(1,948	)		(441	)

Ending balance		1,758,129			1,727,802

(4)	Fair value of plan assets as of June 30, 2024 and December 31, 2023 is as follows (Unit: Korean Won in millions):


	June 30, 2024		December 31, 2023
Cash and due from banks, etc.		1,758,129		1,807,408

Meanwhile, among plan assets, realized returns on plan assets amount to 33,589 million Won and 29,437 million Won for the six-month periods ended June 30, 2024 and 2023, respectively.

(5)	The amounts recognized in net income and total comprehensive income in relation to defined benefit plans are as follows:(Unit: Korean Won in millions):


	For the six-month periods ended June 30
	2024			2023
Current service cost		71,314			65,858
Net interest income		(6,964	)		(9,429	)

Cost recognized in net income		64,350			56,429
Remeasurements(*)		67,742			83,873

Cost recognized in total comprehensive income		132,092			140,302

(*)	Amount before tax

Meanwhile, retirement benefits related to defined contribution plans recognized as expenses are 2,644 million Won and 2,605 million Won for the six-month periods ended June 30, 2024 and 2023, respectively.

- 109 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

23.

OTHER FINANCIAL LIABILITIES AND OTHER LIABILITIES

Other financial liabilities and other liabilities are as follows (Unit: Korean Won in millions):


	June 30, 2024			December 31, 2023
Other financial liabilities:
Accounts payable		11,552,919			10,188,192
Accrued expenses		4,587,957			4,339,314
Borrowings from trust accounts		5,840,199			5,207,791
Agency business revenue		357,906			271,946
Foreign exchange payables		611,497			887,817
Domestic exchange settlement credits		5,089,114			1,386,697
Lease liabilities		496,063			334,456
Other miscellaneous financial liabilities		3,514,093			3,520,039
Present value discount		(16,741	)		(21,247	)

Sub-total		32,033,007			26,115,005

Other liabilities:
Unearned income		404,320			390,455
Other miscellaneous liabilities		371,152			413,442

Sub-total		775,472			803,897

Total		32,808,479			26,918,902

- 110 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

24.

DERIVATIVES

(1)	Derivative assets and derivative liabilities are as follows (Unit: Korean Won in millions):


			June 30, 2024
			Assets						Liabilities
	Nominal amount		For cash flow hedge		For fair value hedge		For trading		For cash flow hedge		For fair value hedge		For trading
Interest rate:
Futures		404,925		—		—		—		—		—		—
Forwards		3,910,000		—		—		107,286		—		—		129,840
Swaps		143,694,699		—		3,301		335,452		53		150,532		230,725
Purchase options		50,000		—		—		146		—		—		—
Written options		290,000		—		—		—		—		—		7,963
Currency:
Futures		292		—		—		—		—		—		—
Forwards		108,700,988		—		—		3,357,480		—		—		946,967
Swaps		84,174,821		81,805		—		3,450,572		—		—		5,294,708
Purchase options		381,792		—		—		3,295		—		—		—
Written options		530,557		—		—		—		—		—		3,600
Equity:
Futures		78,841		—		—		—		—		—		—
Forwards		489		—		—		316		—		—		—
Swaps		158,562		—		—		2,900		—		—		16,991
Purchase options		4,442,927		—		—		257,161		—		—		—
Written options		4,483,130		—		—		—		—		—		359,337

Total		351,302,023		81,805		3,301		7,514,608		53		150,532		6,990,131


			December 31, 2023
			Assets						Liabilities
	Nominal amount		For cash flow hedge		For fair value hedge		For trading		For cash flow hedge		For fair value hedge		For trading
Interest rate:
Futures		317,018		—		—		—		—		—		—
Forwards		3,960,000		—		—		83,198		—		—		169,527
Swaps		138,734,758		—		698		367,333		512		135,263		213,885
Purchase options		150,000		—		—		6,556		—		—		—
Written options		400,000		—		—		—		—		—		15,359
Currency:
Futures		1,728		—		—		—		—		—		—
Forwards		97,713,561		—		—		1,935,832		—		—		885,870
Swaps		79,160,356		26,010		—		2,669,550		17,232		—		3,643,463
Purchase options		139,309		—		—		1,500		—		—		—
Written options		122,696		—		—		—		—		—		585
Equity:
Futures		480,311		—		—		—		—		—		—
Forwards		137		—		—		36		—		—		—
Swaps		461,112		—		—		126,028		—		—		1,994
Purchase options		16,444,709		—		—		608,296		—		—		—
Written options		16,887,247		—		—		—		—		—		1,012,341

Total		354,972,942		26,010		698		5,798,329		17,744		135,263		5,943,024

Derivatives held for trading are classified into financial assets at FVTPL (Note 7) and financial liabilities at FVTPL (Note 18), and derivatives designated for hedging are presented as a separate line item in the consolidated statements of financial position.

- 111 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

(2)	Overview of the Group’s hedge accounting

Fair value hedge

As of June 30, 2024, the Group has applied fair value hedge on fixed interest rate foreign currency denominated debentures amounting to 3,531,468 million Won, and local currency debentures amounting to 302,601 million Won. The purpose of the hedging is to avoid fair value volatility risk of fixed interest rate foreign and local currency denominated debentures derived from fluctuations of market interest rate, and as such the Group entered into interest rate swap agreements designated as hedging instruments.

Pursuant to the interest rate swap agreement, by swapping the calculated difference between the fixed interest rate and floating interest rate applied to the nominal value, the fair value fluctuation risk is hedged as the foreign currency denominated debentures fixed interest rate terms are converted to floating interest rate. Pursuant to the interest rate swap agreement, hedge ratio is determined by matching the nominal value of hedging instrument to the face value of the hedged item.

In this hedging relationship, only the market interest rate fluctuation, which is the most significant part of the fair value change of the hedged item, is designated as the hedged risk, and other risk factors including credit risk are not included in the hedged risk. Therefore, the ineffective portion of the hedge could arise from fluctuations in the timing of the cash flow of the hedged item, price margin set by counterparty of hedging instrument, and unilateral change in credit risk of any party of hedging instrument.

The interest rate swap agreements and the hedged items are subject to fluctuations in the underlying market rate of interest and the Group expects the fair value of the interest rate swap contract and the value of the hedged item to generally change in the opposite direction.

The fair value of the interest rate swap at the end of the reporting period is determined by discounting future cash flows estimated by using the yield curve at the end of the reporting period and the credit risk embedded in the contract and the average interest rate is determined based on the outstanding balance at the end of the reporting period. The variable interest rate applied to the interest rate swap is Compounding SOFR and CD plus spread. In accordance with the terms of each interest rate swap contract designated as a hedging instrument, the Group receives interest at a fixed interest rate and pays interest at a variable interest rate.

- 112 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

Cash Flow Hedge

As of the June 30, 2024, the Group has applied cash flow hedge debentures on local currency amounting to 139,966 million Won, debentures on foreign currency amounting to 801,746 million Won. The Group’s hedging strategies are to ① Mitigate risks of cash flow fluctuation from variable interest rate debentures on local currency due to changes in market interest rate by entering into an interest rate swap contract and thereby designating it as hedging instrument; ② Mitigate the risks of cash flow fluctuation from principal and interest of variable interest rate debentures denominated in foreign currency due to changes in foreign exchange rates and interest rates; ③ Mitigate the risks of cash flow fluctuation from principal and interest of fixed interest rate debentures denominated in foreign currency due to changes in foreign exchange rates and ④ Mitigate the risks of cash flow fluctuation in variable interest rate foreign currency borrowings resulting from changes in market interest rates and designate it as a hedging instrument through entering into currency swap contracts and interest rate swap contracts.

This means exchanging a predetermined nominal amount as set forth in the interest rate swap contract adjusted by the differences between the fixed and variable interest rates, which results in the conversion of interest rates of debentures in local currency from variable interest into fixed interest, eliminating the cash flow fluctuation risk.

In addition, this also means a payment of predetermined principal amount as set forth in the currency swap adjusted by fixed interest rate, an exchange of an amount calculated by applying variable interest rate to USD or applying fixed interest rate to USD, and an exchange of the principal denominated in KRW and principal denominated in foreign currency at maturity eliminating cash flow fluctuation risk on principal and interest.

The hedge ratio is determined by matching the nominal amount of the hedging instrument to the face amount of the hedged item in accordance with interest rate swap and currency swap.

Only interest rate and foreign exchange rate fluctuation risks, which are the most significant factor in the cash flow fluctuation of the hedged item, are addressed in this hedging relationship, and other risk factors such as credit risk are not subject to hedging.

Accordingly, hedge ineffectiveness may arise from price margin set by the counterparty of hedging instruments and unilateral change in credit risk of any party in the transaction.

The interest rate swap, currency swap contract and the hedged item are all affected by the changes in market interest rate and foreign exchange rates which are basic factors. The Group expects that the value of interest rate swap contract, currency swap contract and value of the hedged item will generally fluctuate in opposite direction.

Hedges of Net Investment in Foreign Operations

Foreign currency exposure arises from the Group’s net investments in Woori America Bank, Woori Bank(Cambodia) PLC. Woori Global Markets Asia Limited, which use USD as their functional currency. The risk arises from fluctuations in the spot exchange rate between USD and KRW. This may result in different net investment amounts.

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

A portion of the Group’s net investments in Woori America Bank, Woori Bank(Cambodia) PLC. and Woori Global Markets Asia Limited are hedged in USD denominated foreign currency bonds(Carrying amount as of June 30, 2024: USD 863,959,317) and mitigate foreign exchange risk arising from the net assets of subsidiaries. The loan has been designated as a hedging instrument for the value change of net investments, which arises from fluctuation in the spot exchange rate between USD and KRW.

- 113 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

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

(3)	The nominal amounts of the hedging instrument are as follows (Unit: USD, EUR and Korean Won in millions):


	June 30, 2024
	1 year or less		1 year to 5 years		More than 5 years		Total
Fair value hedge
Interest rate risk
Interest rate swap (USD)		25,000,000		2,650,000,000		—		2,675,000,000
Interest rate swap (KRW)		140,000		—		160,000		300,000
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)		140,000		—		—		140,000
Foreign currencies translation risk and interest rate risk
Currency swap (USD)		—		470,000,000		—		470,000,000
Foreign currencies translation risk
Currency swap (USD)		—		100,000,000		—		100,000,000
Currency swap (EUR)		—		194,780,000		—		194,780,000
Hedges of net investment in foreign operations
Foreign exchange risk
Foreign currency denominated debentures (USD)		191,568,880		672,390,437		—		863,959,317


	December 31, 2023
	1 year or less		1 year to 5 years		More than 5 years		Total
Fair value hedge
Interest rate risk
Interest rate swap (USD)		1,000,000,000		1,975,000,000		—		2,975,000,000
Interest rate swap (KRW)		240,000		—		20,000		260,000
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)		—		140,000		—		140,000
Foreign currencies translation risk and interest rate risk
Currency swap (USD)		—		270,000,000		—		270,000,000
Foreign currencies translation risk
Currency swap (USD)		—		100,000,000		—		100,000,000
Currency swap (EUR)		—		194,780,000		—		194,780,000
Hedges of net investment in foreign operations
Exchange risk
Foreign currency denominated debentures (USD)		400,000,000		463,959,317		—		863,959,317

- 114 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

(4)	The average interest rate and average currency rate of the hedging instrument as of June 30, 2024 and December 31, 2023 are as follows:


		June 30, 2024
		Average interest rate and average exchange rate
Fair value hedge
Interest rate risk
Interest rate swap (USD)		Fixed 3.47% receipt and (C.SOFR) + 1.06% paid
Interest rate swap (KRW)		Fixed 4.39% receipt and CD 3M paid
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)		KRW CMS 5Y+0.46% receipt, KRW 3.65% paid
Foreign currencies translation risk and interest rate risk
Currency swap (USD)		USD 1M SOFR+1.12% receipt, KRW 4.37% paid, USD/KRW = 1,293.97
Foreign currencies translation risk
Currency swap (USD)		USD 1.75% receipt, KRW 1.63% paid, USD/KRW = 1,138.50
Currency swap (EUR)		EUR 1.98% receipt, KRW 3.40% paid, EUR/KRW = 1,344.08
Hedges of net investment
Foreign exchange risk
Foreign currency denominated debentures(USD/KRW)		1,349.49


		December 31, 2023
		Average interest rate and average exchange rate
Fair value hedge
Interest rate risk
Interest rate swap (USD)		Fixed 3.60% receipt and (C.SOFR) + 1.47% paid
Interest rate swap (KRW)		Fixed 4.13% receipt and CD 3M paid
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)		KRW CMS 5Y+0.46% receipt, 3.65% paid
Foreign currencies translation risk and interest rate risk
Currency swap (USD)		USD 1M SOFR+1.12% receipt, KRW 4.37% paid, USD/KRW = 1,293.97
Foreign currencies translation risk
Currency swap (USD)		USD 1.75% receipt, KRW 1.63% paid, USD/KRW = 1,138.50
Currency swap (EUR)		EUR 1.98% receipt, KRW 3.40% paid, EUR/KRW = 1,344.08
Hedges of net investment
Exchanging rate risk
Foreign currency denominated debentures(USD/KRW)		1,306.12

- 115 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

(5)	The amounts related to items designated as hedging instruments are as follows (Unit: USD, AUD, EUR and Korean Won in millions):


	June 30, 2024
	Nominal amounts of the hedging instrument		Carrying amount of the hedging instrument				Line item in the statement of financial position where the hedging instrument is located		Changing in fair value used for calculating hedge ineffectiveness
	Nominal amounts of the hedging instrument		Assets		Liabilities
Fair value hedge
Interest rate risk
Interest rate Swap(USD)		2,675,000,000						Derivative assets (designated for hedging)
Interest rate Swap(KRW)		300,000		3,301		150,532		Derivative liabilities (designated for hedging)		(42,098	)
Cash flow hedge
Interest rate risk
Interest rate swap(KRW)		140,000		—		53		Derivative assets (designated for hedging)		338
Foreign currency translation risk and interest rate risk
Currency swap(USD)		470,000,000		42,498		—		Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)		49,780
Foreign currency translation risk
Currency swap(USD)		100,000,000		20,500		—		Derivative assets (designated for hedging)		9,191
Currency swap(EUR)		194,780,000		18,807		—		Derivative assets (designated for hedging)		10,086
Hedges of net investment in foreign operations
Exchange rate risk
Foreign currency denominated debentures (USD)		863,959,317		—		1,200,212		Foreign currency denominated debentures		(86,208	)

- 116 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


	December 31, 2023
	Nominal amounts of the hedging instrument		Carrying amount of the hedging instrument				Line item in the statement of financial position where the hedging instrument is located	Changing in fair value used for calculating hedge ineffectiveness
	Nominal amounts of the hedging instrument		Assets		Liabilities
Fair value hedge
Interest rate risk
Interest rate Swap(USD)		2,975,000,000					Derivative assets (designated for hedging)
Interest rate Swap(KRW)		260,000		698		135,263	Derivative liabilities (designated for hedging)		55,651
Cash flow hedge
Interest rate risk
Interest rate swap(KRW)		140,000		—		512	Derivative liabilities (designated for hedging)		(2,433	)
Foreign currency translation risk and interest rate risk
Currency swap(USD)		270,000,000		7,356		17,232	Derivative assets (designated for hedging) Derivative liabilities (designated for hedging)		(913	)
Foreign currency translation risk
Currency swap(USD)		100,000,000		10,956		—	Derivative assets (designated for hedging)		(5,644	)
Currency swap(EUR)		194,780,000		7,698		—	Derivative assets (designated for hedging)		19,063
Hedges of net investment in foreign operations
Exchange rate risk
Foreign currency denominated debentures (USD)		863,959,317		—		1,113,989	Foreign currency denominated debentures		(19,088	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

(6)	Details of carrying amount to hedge and amount due to hedge accounting are as follows (Unit: Korean Won in millions):


	June 30, 2024
	Carrying amount of the hedged item				Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying amount of the hedged item				Line item in the statement of financial position in which the hedged item is included		Changing in fair value used for calculating hedge ineffectiveness			hedge reserve (*2)
	Assets		Liabilities		Assets		Liabilities							hedge reserve (*2)
Fair value hedge
Interest rate risk
Debentures(*1)		—		3,834,069		—		169,507		Debentures		35,463			—
Cash flow hedge
Interest rate risk
Debentures		—		139,966		—		—		Debentures		(338	)		(40	)
Foreign currencies translation risk and interest rate risk
Debentures		—		373,744		—		—		Debentures		(49,780	)		(3,352	)
Foreign currencies translation risk
Debentures		—		428,002		—		—		Debentures		(19,277	)		(12,408	)
Hedges of net investment in foreign operations
Exchange rate risk
Foreign operations net asset		—		1,200,212		—		—		Foreign operations net asset		86,208			(98,199	)

(*1)	The accumulated profit on debentures on foreign currency amounted to 166,906 million Won, and the accumulated loss on debentures on local currency amounted to 2,601 million Won, as of June 30, 2024.

(*2)	After tax amount.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


	December 31, 2023
	Carrying amount of the hedged item				Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying amount of the hedged item				Line item in the statement of financial position in which the hedged item is included	Changing in fair value used for calculating hedge ineffectiveness			Cash flow hedge reserve (*2)
	Assets		Liabilities		Assets		Liabilities						Cash flow hedge reserve (*2)
Fair value hedge
Interest rate risk
Debentures(*1)		—		3,943,224		—		142,902	Debentures		(58,306	)		—
Cash flow hedge
Interest rate risk
Debentures		—		179,945		—		—	Debentures		2,433			25
Foreign currencies translation risk and interest rate risk
Debentures		—		346,388		—		—	Debentures		22,914			(8,819	)
Foreign currencies translation risk
Debentures		—		406,059		—		—	Debentures		(13,419	)		(11,416	)
Hedges of net investment in foreign operations
Exchange rate risk
Foreign operations net asset		—		1,113,989		—		—	Foreign operations net asset		19,088			(34,750	)

(*1)	The accumulated profit on debentures on foreign currency amounted to 141,818 million Won, and the accumulated loss on debentures on local currency amounted to 1,084 million Won, as of December 31, 2023.

(*2)	After tax amount.

(7)	Amounts recognized in profit or loss due to the ineffective portion of fair value hedges are as follows (Unit: Korean Won in millions):


		For the six-month period ended June 30, 2024
		Hedge ineffectiveness recognized in profit or loss			Line item in the profit or loss that includes hedge ineffectiveness
Fair value hedge	Interest rate risk		(6,635	)	Other net operating income


		For the six-month period ended June 30, 2023
		Hedge ineffectiveness recognized in profit or loss			Line item in the profit or loss that includes hedge ineffectiveness
Fair value hedge	Interest rate risk		(4,611	)	Other net operating expense

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

(8)	Reclassification of profit or loss from other comprehensive income and equity related to cash flow hedges are as follows (Unit: Korean Won in millions):


		For the six-month period ended June 30, 2024
		Changes in the value of hedging instruments recognized in OCI		Hedge ineffectiveness recognized in profit or loss		Changes in the value of foreign basis spread recognized in OCI		Line item recognized in the profit or loss	Amounts reclassified from cash flow hedge reserve to profit or loss			Line item affected in profit or loss due to reclassification
Cash flow hedge	Interest rate risk		338		—		—	Other net operating income(expense)		—		Other net operating income(expense)
	Foreign currencies translation risk and interest rate risk		49,780		—		2,593	Other net operating expense		(46,906	)	Other net operating expense
	Foreign currencies translation risk		19,277		—		1,376	Other net operating expense		(21,760	)	Other net operating expense


		For the six-month period ended June 30, 2023
		Changes in the value of hedging instruments recognized in OCI			Hedge ineffectiveness recognized in profit or loss		Changes in the value of foreign basis spread recognized in OCI			Line item recognized in the profit or loss	Amounts reclassified from cash flow hedge reserve to profit or loss			Line item affected in profit or loss due to reclassification
Cash flow hedge	Interest rate risk		(1,071	)		—		—		Other net operating income(expense)		—		Other net operating income(expense)
	Foreign currencies translation risk and interest rate risk		27,858			—		(4,582	)	Other net operating expense		(30,726	)	Other net operating expense
	Foreign currencies translation risk		20,484			—		(416	)	Other net operating expense		(22,867	)	Other net operating expense

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

(9)	The amounts recognized in profit or loss and other comprehensive income related to the hedging of net investments in foreign operations are as follows. (Unit: Korean Won in millions):


		For the six-month period ended June 30, 2024
		Profit or loss recognized in OCI			Hedge ineffectiveness recognized in profit or loss		Line item which recognized the hedge ineffectiveness
Hedges of net investment in foreign operation	Exchange rate risk		(86,208	)		22,759		(63,449	)


		For the six-month period ended June 30, 2024
		Hedge ineffectiveness recognized in profit or loss		Account recognized for Hedge ineffectiveness
Hedges of net investment in foreign operation	Exchange rate risk		—		—


		For the six-month period ended June 30, 2023
		Profit or loss recognized in OCI			Hedge ineffectiveness recognized in profit or loss		Line item which recognized the hedge ineffectiveness
Hedges of net investment in foreign operation	Exchange rate risk		(39,305	)		10,377		(28,928	)


		For the six-month period ended June 30, 2023
		Hedge ineffectiveness recognized in profit or loss		Account recognized for Hedge ineffectiveness
Hedges of net investment in foreign operation	Exchange rate risk		—		—

No amount was reclassified from reserve of hedges of net investment in foreign operations to profit or loss.

25. DEFERRED DAY 1 PROFITS OR LOSSES

Changes in deferred day 1 profits or losses are as follows (Unit: Korean Won in millions):


	For the six-month periods ended June 30
	2024			2023
Beginning balance		7,848			17,964
Amounts recognized in losses		(6,860	)		(4,956	)

Ending balance		988			13,008

In case some variables to measure fair values of financial instruments are not observable in the market, valuation methods are utilized to evaluate such financial instruments. Those financial instruments are recorded the transaction price as at the time of acquisition, even though there are difference noted between the transaction price and the fair value. The table above presents the difference yet to be realized as profit or loss for the six-month periods ended June 30, 2024 and 2023.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

26.

EQUITY

(1)	Details of equity as of June 30, 2024 and December 31, 2023 are as follows (Unit: Korean Won in millions):


	June 30, 2024			December 31, 2023
Capital
Common stock capital		3,802,676			3,802,676
Hybrid securities		4,409,042			3,611,129
Capital surplus
Capital in excess of par value		854,499			854,499
Others		83,327			81,064

Sub-total		937,826			935,563

Capital adjustments
Treasury stocks		(35,517	)		(39,348	)
Other adjustments(*1)		(1,646,839	)		(1,648,535	)

Sub-total		(1,682,356	)		(1,687,883	)

Accumulated other comprehensive income
Net gain on credit risk fluctuation of financial liabilities designated to be measured at FVTPL		837			—
Financial assets at FVTOCI		40,079			79,694
Changes in capital due to equity method		(3,046	)		3,471
Gain (loss) on foreign currency translation of foreign operations		232,010			15,579
Gain (loss) on hedges of net investment in foreign operations		(98,199	)		(34,750	)
Remeasurements of defined benefit plan		(73,746	)		(24,262	)
Loss on valuation of cash flow hedge		(14,576	)		(20,806	)

Sub-total		83,359			18,926

Retained earnings(2)(3)		25,916,022			24,986,470
Non-controlling interest(*4)		1,681,045			1,730,609

Total		35,147,614			33,397,490

(*1)	Included 178,060 million Won in capital transaction gains and losses recognized by Woori Bank and (formerly) Woori Financial Group in 2014 and 2,238,228 million Won due to the spin-off of Kyongnam Bank and Gwangju Bank.

(*2)	The regulatory reserve for credit losses in retained earnings amounted to 2,392,542 million Won and 2,839,475 million Won as of June 30, 2024 and December 31, 2023, respectively in accordance with the relevant article.

(*3)	The earned surplus reserve in retained earnings amounted to 442,650 million Won and 300,190 million Won as of June 30, 2024 and December 31, 2023 in accordance with the Article 53 of the Financial Holding Company Act.

(*4)

The hybrid securities issued by Woori Bank amounting to 1,546,447 million Won and 1,546,447 million Won as of June 30, 2024 and December 31, 2023, respectively, are recognized as non-controlling interests. 38,294 million Won and 55,320 million Won of dividends for the hybrid securities issued by Woori Bank are allocated to net profit and loss of the non-controlling interests for the six-month periods ended June 30, 2024 and 2023.

(2)	The number of authorized shares and others of the Group are as follows:


	June 30, 2024		December 31, 2023
Shares of common stock authorized		4,000,000,000 Shares		4,000,000,000 Shares
Par value		5,000 Won		5,000 Won
Shares of common stock issued		742,591,501 Shares		751,949,461 Shares
Capital stock(*)		3,802,676 million Won		3,802,676 million Won

(*)	The capital stock is not equal to the total face value of issued shares due to the retirement of earnings.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

(3)	Hybrid securities

The bond-type hybrid securities classified as owner’s equity are as follows (Unit: Korean Won in millions):


	Issue date		Maturity		Interest rate (%)		June 30, 2024			December 31, 2023
Securities in local currency		2019-07-18		—		3.49		500,000			500,000
Securities in local currency		2019-10-11		—		3.32		500,000			500,000
Securities in local currency		2020-02-06		—		3.34		400,000			400,000
Securities in local currency		2020-06-12		—		3.23		300,000			300,000
Securities in local currency		2020-10-23		—		3.00		200,000			200,000
Securities in local currency		2021-04-08		—		3.15		200,000			200,000
Securities in local currency		2021-10-14		—		3.60		200,000			200,000
Securities in local currency		2022-02-17		—		4.10		300,000			300,000
Securities in local currency		2022-07-28		—		4.99		300,000			300,000
Securities in local currency		2022-10-25		—		5.97		220,000			220,000
Securities in local currency		2023-02-10		—		4.65		300,000			300,000
Securities in local currency		2023-09-07		—		5.04		200,000			200,000
Securities in local currency		2024-02-07		—		4.49		400,000			—
Securities in local currency		2024-06-19		—		4.27		400,000			—
Issuance cost								(10,958	)		(8,871	)

Total								4,409,042			3,611,129

The hybrid securities mentioned above do not have maturity date but are redeemable after 5 years from date of issuance.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

(4)	Accumulated other comprehensive income

Changes in the accumulated other comprehensive income are as follows (Unit: Korean Won in millions):


	For the six-month period ended June 30, 2024
	Beginning balance			Increase (decrease) (*)			Reclassification adjustments			Income tax effect			Ending Balance
Net gain(loss) on valuation of financial assets at FVTOCI		79,694			(75,615	)		12,594			23,406			40,079
Net gain on credit risk fluctuation of financial liabilities designated to be measured at FVTPL		—			1,137			—			(300	)		837
Changes in capital due to equity method		3,471			(8,873	)		—			2,356			(3,046	)
Gain(loss) on foreign currency translation of foreign operations		15,579			224,035			—			(7,604	)		232,010
Gain(loss) on hedges of net investment in foreign operations		(34,750	)		(86,208	)		—			22,759			(98,199	)
Remeasurement gain(loss) related to defined benefit plan		(24,262	)		(67,743	)		—			18,259			(73,746	)
Gain(loss) on valuation of derivatives designated as cash flow hedges		(20,806	)		7,079			(461	)		(388	)		(14,576	)

Total		18,926			(6,188	)		12,133			58,488			83,359

(*)

The increase and decrease of financial asset valuation profit or loss at fair value through other comprehensive income is a change due to the period evaluation, and the reclassification adjustments to retained earnings, amounting to 436 million Won are due to disposal of equity securities at FVTOCI, are included.


	For the six-month period ended June 30, 2023
	Beginning balance			Increase (decrease) (*)			Reclassification adjustments			Income tax effect			Ending balance
Net gain(loss) on valuation of financial assets at FVTOCI		(645,731	)		434,400			398			(113,419	)		(324,352	)
Changes in capital due to equity method		475			(2,427	)		—			4,748			2,796
Gain(loss) on foreign currency translation of foreign operations		(24,202	)		152,117			—			(5,382	)		122,533
Gain(loss) on hedges of net investment in foreign operations		(20,701	)		(39,306	)		—			10,377			(49,630	)
Remeasurement gain(loss) related to defined benefit plan		55,235			(83,917	)		—			22,203			(6,479	)
Gain(loss) on valuation of derivatives designated as cash flow hedges		(4,282	)		(10,743	)		(476	)		346			(15,155	)

Total		(639,206	)		450,124			(78	)		(81,127	)		(270,287	)

(*)

The increase and decrease of financial asset valuation profit or loss at fair value through other comprehensive income and capital related to noncurrent assets held for sale is a change due to the period evaluation and the reclassification adjustments to retained earnings, amounting to 149 million Won, (50) million Won are due to disposal of equity securities at FVTOCI and assets held for sale, are included.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

(5)	Regulatory Reserve for Credit Loss

In accordance with Article 26 ~ 28 of the Financial Holding Company Supervision Regulations, the Group calculates and discloses the regulatory reserve for credit loss.

Balance of the regulatory reserve for credit loss

Balance of the planned regulatory reserve for credit loss is as follows (Unit: Korean Won in millions):


	June 30, 2024		December 31, 2023
Beginning balance		2,392,542		2,839,475
Planned provision(reversal) of regulatory reserve for credit loss		150,244		(446,933	)

Ending balance		2,542,786		2,392,542

Provision of regulatory reserve for credit loss, adjusted income after the provision of regulatory reserve and others

Planned reserves provided, adjusted net income after the planned reserves provided and adjusted EPS after the planned reserves provided are as follows (Unit: Korean Won in millions, except for EPS amount):


	Period ended June 30, 2024						Period ended June 30, 2023
	Three-month			Six-month			Three-month			Six-month
Net income before regulatory reserve		961,509			1,800,420			667,190			1,613,812
Provision(reversal) of regulatory reserve for credit loss		94,286			150,244			(212,909	)		(268,122	)
Adjusted net income after the provision of regulatory reserve		867,223			1,650,176			880,099			1,881,934
Dividends to hybrid securities		(39,748	)		(75,007	)		(32,738	)		(63,152	)
Adjusted net income after regulatory reserve and dividends to hybrid securities		827,475			1,575,169			847,361			1,818,782
Adjusted EPS after regulatory reserve and the dividends to hybrid securities (Unit: Korean Won)		1,119			2,120			1,165			2,500

(6)	Details of changes in treasury stock are as follows (Unit: Korean Won in millions, number of shares):


	For the six-month period ended June 30, 2024
	Beginning balance		Acquisition		Retirement			Ending balance
Number of shares		3,427,497		9,359,792		(9,705,025	)		3,082,264
Book value		39,348		136,711		(140,542	)		35,517


	For the six-month period ended June 30, 2023
	Beginning balance		Acquisition		Retirement		Ending balance
Number of shares		343,991		1,981,565		—		2,325,556
Book value		3,819		23,637		—		27,456

27.

DIVIDENDS

(1)

Dividends per share and the total dividends for the fiscal year ending December 31, 2023 were 640 Won and 481,213 million Won, respectively, and the dividends were approved at the regular general shareholders’ meeting held on March 22, 2024 and fixed record date as February 29, 2024. Dividends were paid in April 2024.

(2)

At the Board of Directors meeting held on April 26, 2024, it was approved to pay a quarterly dividend of 180 Won per share (total dividends are 133,657 million Won) with a record date of March 31, 2024. The dividends were paid in May 2024.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

28.

NET INTEREST INCOME

(1)	Details of interest income recognized are as follows (Unit: Korean Won in millions):


	Period ended June 30, 2024				Period ended June 30, 2023
	Three-month		Six-month		Three-month		Six-month
Financial assets at FVTPL		57,213		114,866		47,642		91,617
Financial assets at FVTOCI		322,136		626,636		228,548		436,796
Financial assets at amortized cost
Securities at amortized cost		169,068		343,472		200,056		405,262
Loans and other financial assets at amortized cost
Interest on due from banks		139,911		306,611		134,011		265,158
Interest on loans		4,704,327		9,446,138		4,418,333		8,741,473
Interest of other receivables		25,720		50,153		20,149		37,571

Subtotal		4,869,958		9,802,902		4,572,493		9,044,202

Total		5,418,375		10,887,876		5,048,739		9,977,877

(2)	Details of interest expense recognized are as follows (Unit: Korean Won in millions):


	Period ended June 30, 2024				Period ended June 30, 2023
	Three-month		Six-month		Three-month		Six-month
Interest on deposits due to customers		2,348,884		4,720,103		2,086,270		4,084,520
Interest on borrowings		339,039		705,604		318,066		605,529
Interest on debentures		428,125		856,906		367,334		701,589
Other interest expense		99,663		201,487		80,258		168,239
Interest on lease liabilities		5,768		8,677		2,639		5,007

Total		3,221,479		6,492,777		2,854,567		5,564,884

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

29.

NET FEES AND COMMISSIONS INCOME

(1)	Details of fees and commissions income recognized are as follows (Unit: Korean Won in millions):


	Period ended June 30, 2024				Period ended June 30, 2023
	Three-month		Six-month		Three-month		Six-month
Fees and commission received for brokerage		35,515		84,374		35,376		77,040
Fees and commission received related to credit		45,254		89,743		49,903		94,658
Fees and commission received for electronic finance		31,890		63,424		31,006		62,129
Fees and commission received on foreign exchange handling		14,592		28,721		13,832		27,435
Fees and commission received on foreign exchange		28,496		56,145		26,759		46,599
Fees and commission received for guarantee		23,961		47,729		21,783		41,148
Fees and commission received on credit card		160,568		311,277		159,642		308,833
Fees and commission received on securities business		15,314		30,140		16,859		31,753
Fees and commission from trust management		65,612		126,327		68,936		133,465
Fees and commission received on credit information		2,559		5,174		2,931		5,406
Fees and commission received related to lease		218,374		424,081		168,020		331,756
Other fees		101,374		166,048		46,969		101,056

Total		743,509		1,433,183		642,016		1,261,278

(2)	Details of fees and commissions expense incurred are as follows (Unit: Korean Won in millions):


	Period ended June 30, 2024				Period ended June 30, 2023
	Three-month		Six-month		Three-month		Six-month
Fees and commissions paid		80,403		156,166		86,521		165,514
Credit card commission		102,663		209,803		126,845		244,986
Brokerage commission		276		596		436		780
Others		4,932		8,452		4,043		7,733

Total		188,274		375,017		217,845		419,013

30.

DIVIDEND INCOME

(1)	Details of dividend income recognized are as follows (Unit: Korean Won in millions):


	Period ended June 30, 2024				Period ended June 30, 2023
	Three-month		Six-month		Three-month		Six-month
Dividend income related to financial assets at FVTPL		83,357		137,721		40,534		78,299
Dividend income related to financial assets at FVTOCI		2,599		15,017		2,391		13,706

Total		85,956		152,738		42,925		92,005

(2)	Details of dividends related to financial assets at FVTOCI are as follows (Unit: Korean Won in millions):

Period ended June 30, 2024

Period ended June 30, 2023

Three-month

Six-month

Three-month

Six-month

Dividend income recognized from assets held

Equity securities

2,599

15,017

2,391

13,706

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

31.

NET GAIN OR LOSS ON FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS MANDATORILY MEASURED AT FAIR VALUE

(1)	Details of gain or loss related to financial instruments at FVTPL are as follows (Unit: Korean Won in millions):


	Period ended June 30, 2024						Period ended June 30, 2023
	Three-month			Six-month			Three-month		Six-month
Gain on financial instruments at FVTPL		387,185			903,237			122,019		360,517
Loss on financial instruments designated to be measured at FVTPL		(674	)		(1,119	)		—		—

Total		386,511			902,118			122,019		360,517

(2)	Details of net gain or loss on financial instruments at fair value through profit or loss and financial instruments held for trading are as follows (Unit: Korean Won in millions):


			Period ended June 30, 2024						Period ended June 30, 2023
			Three-month			Six-month			Three-month			Six-month
Financial assets at FVTPL	Securities	Gain on transactions and valuation		159,677			317,636			(2,725	)		287,207
		Loss on transactions and valuation		27,989			(240,587	)		(33,925	)		(102,508	)

		Sub-total		187,666			77,049			(36,650	)		184,699

	Loans	Gain on transactions and valuation		12,241			13,754			710			4,562
		Loss on transactions and valuation		168			(587	)		(42	)		(1,742	)

		Sub-total		12,409			13,167			668			2,820

	Other financial assets	Gain on transactions and valuation		2,713			6,436			4,023			7,207
		Loss on transactions and valuation		(4,755	)		(8,091	)		(2,184	)		(7,398	)

		Sub-total		(2,042	)		(1,655	)		1,839			(191	)

		Sub-total		198,033			88,561			(34,143	)		187,328

Derivatives (Held for trading)	Interest rates derivatives	Gain on transactions and valuation		593,467			1,389,936			2,103,949			3,399,512
		Loss on transactions and valuation		(627,745	)		(1,145,697	)		(1,773,604	)		(3,223,790	)

		Sub-total		(34,278	)		244,239			330,345			175,722

	Currency derivatives	Gain on transactions and valuation		3,370,956			7,770,653			1,666,912			5,255,412
		Loss on transactions and valuation		(3,158,942	)		(7,191,586	)		(1,739,004	)		(5,147,724	)

		Sub-total		212,014			579,067			(72,092	)		107,688

	Equity derivatives	Gain on transactions and valuation		118,035			1,076,504			985,723			2,073,732
		Loss on transactions and valuation		(106,619	)		(1,085,139	)		(1,087,820	)		(2,183,928	)

		Sub-total		11,416			(8,635	)		(102,097	)		(110,196	)

	Other derivatives	Gain on transactions and valuation		—			5			—			—
		Loss on transactions and valuation		—			—			6			(25	)

		Sub-total		—			5			6			(25	)

		Sub-total		189,152			814,676			156,162			173,189

Net, total				387,185			903,237			122,019			360,517

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

(3)	Details of loss on financial instruments designated to be measured at FVTPL are as follows (Unit: Korean Won in millions):


	Period ended June 30, 2024						Period ended June 30, 2023
	Three-month			Six-month			Three-month		Six-month
Net loss on Deposits due to customers
Net loss on valuation of Time Deposits		(674	)		(1,119	)		—		—

32.

NET GAIN OR LOSS ON FINANCIAL ASSETS AT FVTOCI

Details of net gain or loss on financial assets at FVTOCI recognized are as follows (Unit: Korean Won in millions):


	Period ended June 30, 2024				Period ended June 30, 2023
	Three-month		Six-month		Three-month			Six-month
Gain(loss) on redemption of securities		—		—		67			105
Gain(loss) on transactions of securities		18,039		38,515		(796	)		(503	)

Total		18,039		38,515		(729	)		(398	)

33.

REVERSAL OF (PROVISION FOR) IMPAIRMENT LOSSES DUE TO CREDIT LOSS

Reversal of (provision for) impairment losses due to credit loss are as follows (Unit: Korean Won in millions):


	Period ended June 30, 2024						Period ended June 30, 2023
	Three-month			Six-month			Three-month			Six-month
Provision for impairment loss due to credit loss on financial assets at FVTOCI		(3,741	)		(3,482	)		(11,750	)		(12,163	)
Reversal of (provision for) impairment loss due to credit loss on securities at amortized cost		283			811			(6,143	)		(6,019	)
Provision for impairment loss due to credit loss on loan and other financial assets at amortized cost		(416,020	)		(779,448	)		(517,794	)		(780,194	)
Reversal of (provision for) provision on guarantee		7,911			5,464			(865	)		1,534
Reversal of (provision for) unused loan commitment		2,587			1,163			(19,690	)		(20,973	)

Total		(408,980	)		(775,492	)		(556,242	)		(817,815	)

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

34.

GENERAL AND ADMINISTRATIVE EXPENSES AND OTHER NET OPERATING INCOME(EXPENSES)

(1)	Details of general and administrative expenses recognized are as follows (Unit: Korean Won in millions):


			Period ended June 30, 2024					Period ended June 30, 2023
			Three-month		Six-month			Three-month		Six-month
Employee benefits	Short-term employee benefits	Salaries		443,845		878,236			431,716		850,340
		Employee fringe benefits		156,346		319,745			156,230		307,757
	Share based payment			3,527		12,283			3,829		3,460
	Retirement benefit service costs			33,523		66,994			29,633		59,034
	Termination			—		(3,503	)		—		6,488

		Sub-total		637,241		1,273,755			621,408		1,227,079

Depreciation and amortization				136,440		266,324			124,927		256,566
Other general and administrative expenses	Rent			27,430		58,707			29,682		58,476
	Taxes and public dues			59,727		113,882			60,441		108,466
	Service charges			63,971		124,658			61,316		120,254
	Computer and IT related			32,861		61,861			35,780		66,476
	Telephone and communication			21,774		43,775			20,904		41,809
	Operating promotion			12,080		24,299			11,572		23,843
	Advertising			41,861		65,949			30,083		45,481
	Printing			1,153		2,435			1,251		2,532
	Traveling			3,317		6,323			3,162		6,220
	Supplies			1,810		4,063			1,841		3,787
	Insurance premium			3,203		6,901			3,363		7,056
	Maintenance			5,951		11,999			5,382		11,433
	Water, light, and heating			4,149		9,775			3,809		9,658
	Vehicle maintenance			3,644		7,083			3,636		6,877
	Others(*)			12,708		19,198			2,379		61,903

		Sub-total		295,639		560,908			274,601		574,271

	Total			1,069,320		2,100,987			1,020,936		2,057,916

(*)	It includes 40,047 million Won in in-house welfare fund contributions for the six-month periods ended June 30, 2023.

(2)	Details of other operating income recognized are as follows (Unit: Korean Won in millions):


	Period ended June 30, 2024				Period ended June 30, 2023
	Three-month		Six-month		Three-month			Six-month
Gain(loss) on transactions of foreign exchange		95,066		163,320		205,189			635,264
Gain(loss) related to derivatives (Designated for hedging)		37,138		83,926		(7,552	)		62,328
Gain(loss) on fair value hedged items		2,130		42,020		22,431			28,071
Others		88,869		161,590		64,136			154,247

Total		223,203		450,856		284,204			879,910

(3)	Details of other operating expenses recognized are as follows (Unit: Korean Won in millions):


	Period ended June 30, 2024				Period ended June 30, 2023
	Three-month		Six-month		Three-month			Six-month
Loss on transactions of foreign exchange		278,705		748,355		208,060			790,825
KDIC deposit insurance premium		126,317		247,185		115,023			227,083
Contribution to miscellaneous funds		126,492		261,000		110,503			214,394
Loss on derivatives (Designated for hedging)		983		44,299		25,975			31,384
Loss(Gain) on fair value hedged items		20,305		29,253		(18,173	)		10,033
Others (*)		300,944		552,557		204,160			406,112

Total		853,746		1,882,649		645,548			1,679,831

(*)	Other expense includes 13,080 million Won and 10,093 million Won for intangible asset amortization cost and 279,416 million Won and 219,772 million Won for lease depreciation cost for the six-month periods ended June 30, 2024 and 2023, respectively.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

(4)	Share-based payment

Details of performance condition share-based payment granted to executives as of June 30, 2024 and December 31, 2023 are as follows.

Performance condition share-based payment


Subject to		Shares granted for the year 2020(*3)
Type of payment		Cash-settled
Vesting period		January 1, 2020 ~ December 31, 2023
Date of payment		2024-01-01
Fair value (*1)		—
Valuation method		—
Expected dividend rate		—
Expected maturity date		—
Number of shares remaining	As of June 30, 2024	—
	As of December 31, 2023	944,343 shares
Number of shares granted (*2)	As of June 30, 2024	—
	As of December 31, 2023	944,343 shares
Subject to		Shares granted for the year 2021
Type of payment		Cash-settled
Vesting period		January 1, 2021 ~ December 31, 2024
Date of payment		2025-01-01
Fair value (*1)		13,921 Won
Valuation method		Black-Scholes Model
Expected dividend rate		6.48%
Expected maturity date		0.50 years
Number of shares remaining	As of June 30, 2024	1,105,292 shares
	As of December 31, 2023	1,105,515 shares
Number of shares granted (*2)	As of June 30, 2024	1,105,292 shares
	As of December 31, 2023	1,105,515 shares
Subject to		Shares granted for the year 2022
Type of payment		Cash-settled
Vesting period		January 1, 2022 ~ December 31, 2025
Date of payment		2026-01-01
Fair value (*1)		13,049 Won
Valuation method		Black-Scholes Model
Expected dividend rate		6.48%
Expected maturity date		1.50 years
Number of shares remaining	As of June 30, 2024	960,777 shares
	As of December 31, 2023	968,119 shares
Number of shares granted (*2)	As of June 30, 2024	960,777 shares
	As of December 31, 2023	968,119 shares
Subject to		Shares granted for the year 2023
Type of payment		Cash-settled
Vesting period		January 1, 2023 ~ December 31, 2026
Date of payment		2027-01-01
Fair value (*1)		12,231 Won
Valuation method		Black- Scholes Model
Expected dividend rate		6.48%
Expected maturity date		2.50 years
Number of shares remaining	As of June 30, 2024	916,849 shares
	As of December 31, 2023	924,077 shares
Number of shares granted (*2)	As of June 30, 2024	916,849 shares
	As of December 31, 2023	924,077 shares

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023


Subject to		Shares granted for the year 2024
Type of payment		Cash-settled
Vesting period		January 1, 2024 ~ December 31, 2027
Date of payment		2028-01-01
Fair value (*1)		11,464 Won
Valuation method		Black-Scholes Model
Expected dividend rate		6.48%
Expected maturity date		3.50 years
Number of shares remaining	As of June 30, 2024	702,609 shares
	As of December 31, 2023	—
Number of shares granted (*2)	As of June 30, 2024	702,609 shares
	As of December 31, 2023	—

(*1)

As the amount of payment varies according to the base price (the arithmetic average of the weighted average stock price of transactions in the past one week, the past one month, and the past two months) at the date of payment, the fair value is calculated to measure the liability according to the Black Scholes model based on the base price at the time of each settlement.

(*2)

The number of payable stocks is granted at the initial contract date and the payment rate is determined based on the achievement of the pre-determined performance targets. Performance is evaluated as long-term performance indication including relative shareholder return, net income, return on equity (ROE), C/I ratio, non-performing loan ratio and job performance.

(*3)	Payment was completed in current period.

The Group accounts for performance condition share-based payments according to the cash-settled method and the fair value of the liabilities is reflected in the compensation costs by re-measuring every closing period. As of June 30, 2024 and December 31, 2023, the carrying amount of the liabilities related to the performance condition share-based payments recognized by the Group amounts to 47,193 million Won and 46,741 million Won, respectively, including the carrying amount of liabilities related to key management of 10,481 million Won and 19,924 million Won, respectively.

- 132 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

35.

NON-OPERATING INCOME(EXPENSES)

(1)	Details of gains or losses on valuation of investments in joint ventures and associates are as follows (Unit: Korean Won in millions):


	Period ended June 30, 2024						Period ended June 30, 2023
	Three-month			Six-month			Three-month			Six-month
Gain on valuation of investments in joint ventures and associates		37,032			51,881			64,571			74,592
Loss on valuation of investments in joint ventures and associates		(2,910	)		(12,250	)		(731	)		(3,609	)

Total		34,122			39,631			63,840			70,983

(2)	Details of other non-operating income and expenses recognized are as follows (Unit: Korean Won in millions):


	Period ended June 30, 2024						Period ended June 30, 2023
	Three-month			Six-month			Three-month			Six-month
Other non-operating income		17,850			29,596			39,182			60,755
Other non-operating expenses		(58,390	)		(82,377	)		(120,249	)		(130,643	)

Total		(40,540	)		(52,781	)		(81,067	)		(69,888	)

(3)	Details of other non-operating income recognized are as follows (Unit: Korean Won in millions):


	Period ended June 30, 2024				Period ended June 30, 2023
	Three-month		Six-month		Three-month		Six-month
Rental fee income		5,065		9,446		6,122		10,554
Gain on disposal of investments in joint ventures and associates		359		671		22,985		22,985
Gain on disposal of premises and equipment, intangible assets and other assets		2,312		2,611		3,135		3,372
Reversal of impairment loss of premises and equipment, intangible assets and other assets		3		23		126		263
Others (*)		10,111		16,845		6,814		23,581

Total		17,850		29,596		39,182		60,755

(*)	Other special gains related to other provisions for the six-month period ended June 30, 2024 and 2023 are 2,517 million Won and 158 million Won, respectively.

(4)	Details of other non-operating expenses recognized are as follows (Unit: Korean Won in millions):


	Period ended June 30, 2024				Period ended June 30, 2023
	Three-month		Six-month		Three-month		Six-month
Depreciation on investment properties		1,553		5,332		1,431		2,580
Operating expenses on investment properties		531		1,142		496		974
Losses on disposal of investments in joint ventures and associates		429		438		—		—
Losses on disposal of premises and equipment, intangible assets and other assets		470		1,313		735		1,174
Impairment losses of premises and equipment, intangible assets and other assets		91		1,362		6		6
Donation		40,086		42,259		9,331		10,897
Others (*)		15,230		30,531		108,250		115,012

Total		58,390		82,377		120,249		130,643

(*)	Other special losses related to other provisions for the six-month periods ended June 30, 2024 and 2023 are 17,846 million Won and 55,460 million Won, respectively.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

36.

INCOME TAX EXPENSE

Details of income tax expenses are as follows (Unit: Korean Won in millions):


	For the six-month periods ended June 30
	2024			2023
Current tax expense
Current tax expense with respect to the current period		338,908			258,528
Adjustments recognized in the current period in relation to the tax expense of prior periods		(35,023	)		(19,816	)
Income tax expense directly attributable to other equity		22,760			7,295

Sub-total		326,645			246,007

Deferred tax expense
Change in deferred tax assets (liabilities) due to temporary differences		227,027			384,870
Income tax expense (income) directly attributable to equity		35,729			(96,769	)
Others		1,038			613

Sub-total		263,794			288,714

Income tax expense		590,439			534,721

Income tax expense was recognized based on the best estimate of the weighted average annual effective tax rate expected for the interim period. The weighted average annual effective tax rate for the June 30, 2024, is 24.7% (The weighted average annual effective tax rate for the June 30, 2023, is 24.9%).

The Group is conducting an impact analysis on corporate taxes in relation to the global minimum tax regime. It is anticipated that there will be no significant impact on the current corporate tax expense of the Group as of June 30, 2024.

- 134 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

37.

EARNINGS PER SHARE (“EPS”)

(1)	Basic EPS is calculated by dividing net income attributable to common shareholders by weighted-average number of common shares outstanding (Unit: Korean Won in millions, except for EPS and number of shares):


	Period ended June 30, 2024						Period ended June 30, 2023
	Three-month			Six-month			Three-month			Six-month
Net profit attributable to Owners		931,495			1,755,496			625,190			1,538,876
Dividends to hybrid securities		(39,748	)		(75,007	)		(32,738	)		(63,152	)
Net income attributable to common shareholders		891,747			1,680,489			592,452			1,475,724
Weighted average number of common shares outstanding (Unit: million shares)		739			743			728			728
Basic EPS (Unit: Korean Won)		1,206			2,262			814			2,028

(2)	The weighted average number of common shares outstanding is as follows (Unit: number of shares, days)


	For the period ended June 30, 2024
	Number of shares			Accumulated number of shares outstanding during period
Common shares issued at the beginning of the period		751,949,461			136,854,801,902
Treasury stocks		(3,427,497	)		(623,804,454	)
Acquisition and retirement of treasury stock		(9,359,792	)		(1,020,278,209	)
Disposal of treasury stock		347,065			25,555,012

Sub-total (①)					135,236,274,251

Weighted average number of common shares outstanding (②=①/182)					743,056,452


	For the period ended June 30, 2023
	Number of shares			Accumulated number of shares outstanding during period
Common shares issued at the beginning of the period		728,060,549			131,778,959,369
Treasury stocks		(343,991	)		(62,262,371	)
Acquisition of treasury stock		(1,981,565	)		(28,658,738	)

Sub-total (①)					131,688,038,260

Weighted average number of common shares outstanding (②=①/181)					727,558,222

Diluted EPS is equal to basic EPS because there is no dilution effect for the six-month periods ended June 30, 2024 and 2023.

- 135 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

38.

CONTINGENT LIABILITIES AND COMMITMENTS

(1)	Details of guarantees are as follows (Unit: Korean Won in millions):


	June 30, 2024 (*)		December 31, 2023 (*)
Confirmed guarantees Guarantee for loans		60,344		58,205
Acceptances		511,917		467,964
Guarantees in acceptances of imported goods		57,545		74,916
Other confirmed guarantees		9,187,804		8,050,815

Sub-total		9,817,610		8,651,900

Unconfirmed guarantees Local letters of credit		205,068		161,608
Letters of credit		2,999,162		2,873,350
Other unconfirmed guarantees		1,357,425		1,516,585

Sub-total		4,561,655		4,551,543

Commercial paper purchase commitments and others		597,536		589,858

Total		14,976,801		13,793,301

(*)	Includes financial guarantees of 3,977,082 million Won and 3,661,656 million Won as of June 30, 2024 and December 31, 2023, respectively.

(2)	Details of loan commitments and others are as follows (Unit: Korean Won in millions):


	June 30, 2024		December 31, 2023
Loan commitments		127,594,961		126,829,192
Other commitments (*)		8,567,687		7,339,952

(*)	As of June 30, 2024 and December 31, 2023, the amount of unsecured bills (purchase bills sales) and discounts on electronic short-term bond sales (purchase) are 3,589,292 million Won and 2,485,853 million Won, respectively.

(3)	Litigation case

As of June 30, 2024 and December 31, 2023, the contents of the litigation case are as follows.

Litigation case that the key Group is a defendant in a lawsuit pending (excluding fraud lawsuits and those lawsuits that are filed only to extend the statute of limitation, etc.) are 716 cases (litigation value of 661,843 million Won) and 603 cases (litigation value of 513,863 million Won) as of June 30, 2024 and December 31, 2023 respectively, and provisions for litigations are 27,381 million Won and 28,581 million Won.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

(4)	Other commitments

As of As of June 30, 2024, Woori FIS Co., Ltd, a subsidiary, has been provided with a payment guarantee limit of 6,457 million Won in relation to bid guarantees and contract/defect guarantees from the Korean Software Financial Cooperative, but there is no committed amount. In relation to the guarantee, the capital contributions to the Korean Software Financial Cooperative are provided as collateral.

As of June 30, 2024, Woori FIS Co., Ltd, a subsidiary agreed with Shinhan Bank for short-term borrowings of 20 billion Won for one year (2023.11.16.~2024.11.16.), and balance of short-term borrowings is 6.5 billion Won as of June 30, 2024.

As of June 30, 2024, Woori Savings bank is provided with a guarantee of 2,838 million Won from Seoul Guarantee Insurance Company in relation to provisional attachment for recovery of loans, etc.

As of June 30, 2024, Woori Asset Trust, a subsidiary, has committed to fulfill responsibility for the completion of 24 projects, including a Urban Residential Housing in Daechi-dong, Gangnam-gu, Seoul. Responsible completion type management land trust is a trust that bears the obligation of responsible completion when the construction company fails to fulfill the obligation of responsible completion, and the obligation to compensate losses to the lending financial institution if Woori Asset Trust fails to fulfill the obligation of responsible completion. As of June 30, 2024, the total amount of PF(Project Financing) loans from PF lending financial institutions invested in the responsible completion type management land trust business is 1,320,082 million Won. Meanwhile, Woori Asset Trust Co., Ltd. has failed to fulfill the responsibility of the completion of 7 projects including the Officetel in Hwagok-dong, Gangseo-gu, Seoul. The total amount of PF limit from PF lending financial institutions invested in projects is 485,900 million Won and the amount of PF loans is 282,263 million Won. The PF limit may be subject to change during the project progress due to reasons such as limit deductions. As of June 30, 2024, Woori Asset Trust has two cases, such as the commercial facility in Gyeongan-dong, Gwangju, Gyeonggi, where our company’s guaranteed completion deadlines have passed. Although additional losses may occur in relation to these contracts for liability obligations, these effects were not reflected in the financial statements at the end of the current period because the possibility is not high and the amount of losses cannot be reliably estimated. As of June 30, 2024, the total PF limit of the PF loan financial institutions invested in the concerned project is 88,500 million Won and the PF loan amount is 27,500 million Won. The PF limit may be subject to change during the project progress due to reasons such as limit deductions.

Also, as of June 30, 2024, Woori Asset Trust, a subsidiary, may lend a trust account for a part of the total project cost in relation to 28 debt-type land trust contracts including Busan Haeundae Udong Beautique Terrace Hotel and responsible completion management land trust contracts in Gyeongseo-dong, Seo-gu, Incheon, and additional business sites in progress. The maximum loan amount (unused limit) is 143,683 million Won. Whether or not Woori Asset Trust lends a trust account in relation to the relevant businesses is not an unconditional payment obligation, and it is determined by considering overall matters such as the unique account and the fund balance plan of each trust business.

Pursuant to some contracts related to asset securitization, as of June 30, 2024, Woori Card, a subsidiary, utilizes various prerequisites as triggering events causing early redemption, limiting risks that investors bear due to change in asset quality. Breach of such triggering clause leads to an early redemption of the securitized bonds.

During the prior period, there was an investigation by Fair Trade Commission regarding Loan-To-Value ratio. Woori Bank, a subsidiary, received the review report in January 2024, but cannot reasonably estimate its impact on consolidated interim financial statements.

- 137 -

WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

39.

RELATED PARTY TRANSACTIONS

Related parties of the Group as of June 30, 2024 and December 31, 2023, and assets and liabilities recognized, guarantees and commitments, major transactions with related parties and compensation to key management for the six-month periods ended June 30, 2024 and 2023 are as follows. Please see Note 12 for the details of joint ventures and associates.

(1)	Assets and liabilities from transactions with related parties are as follows (Unit: Korean Won in millions):


Related parties		Account title	June 30, 2024			December 31, 2023
Associates	W Service Networks Co., Ltd.	Loans		26			108
		Deposits due to customers		2,973			3,245
		Accrued expenses		7			7
		Other liabilities		50			100
	Korea Credit Bureau Co., Ltd.	Loans		—			1
		Deposits due to customers		934			771
		Accrued expenses		2			1
	Korea Finance Security Co., Ltd.	Loans		2,326			3,228
		Loss allowance		(34	)		(71	)
		Deposits due to customers		1,119			1,323
		Other liabilities		10			6
	LOTTE CARD Co. Ltd.	Loans		163,892			12,209
		Account receivables		39			31
		Loss allowance		(341	)		(269	)
		Other assets		112			2
		Deposits due to customers		66,360			62,587
		Other liabilities		210			289
	K BANK Co., Ltd.	Loans		21			54
		Account receivables		13			13
		Other assets		22			18
		Other liabilities		135,276			214,135
	Others (*1)	Loans		61,764			65,558
		Loss allowance		(260	)		(61	)
		Other assets		63,474			47,828
		Deposits due to customers		18,917			4,212
		Other liabilities		1,551			992

(*1)	Others include IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership and etc., as of June 30, 2024 and December 31, 2023.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

(2)	Major gain or loss from transactions with related parties are as follows (Unit: Korean Won in millions):


			For the six-month periods ended June 30
Related parties		Account title	2024			2023
Associates	W Service Network Co., Ltd.	Interest expenses		19			14
		Fees expenses		264			266
		Other expenses		527			869
	Korea Credit Bureau Co., Ltd.	Interest expenses		—			9
		Fees expenses		2,047			1,881
		Other expenses		79			73
	Korea Finance Security Co., Ltd.	Interest income		72			105
		Interest expenses		2			1
		Provision (Reversal) of allowance for credit loss		(34	)		14
		Other expenses		13			18
	LOTTE CARD Co., Ltd.	Interest income		459			7
		Fees income		2,058			2,108
		Interest expenses		2,179			2,892
		Provision (Reversal) of allowance for credit loss		(8	)		153
	K BANK Co., Ltd.	Fees income		97			109
		Fees expenses		—			248
	Others (*)	Interest income		416			339
		Fees income		47,468			2,613
		Dividend income		3,192			372
		Other income		1,298			632
		Interest expenses		7,334			8
		Other expenses		(777	)		—
		Reversal of allowance for credit loss		199			16

(*)	Others include IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership and etc., as of June 30, 2024 and 2023.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

(3)	Major loan transactions with related parties for the six-month periods ended June 30, 2024 and 2023 are as follows (Unit: Korean Won in millions):


		For the six-month period ended June 30, 2024
Related parties		Beginning balance		Loan		Collection		Foreign currency exchange, etc.			Ending balance (*)
Associates	W Service Network Co., Ltd.		108		260		342		—			26
	Korea Credit Bureau Co., Ltd.		1		—		1		—			—
	Korea Finance Security Co., Ltd.		3,228		1,096		1,998		—			2,326
	LOTTE CARD Co., Ltd.		12,209		263,306		112,209		586			163,892
	K BANK Co., Ltd.		54		172		205		—			21
	Win Mortgage Co., Ltd.		15		106		109		—			12
	ARAM CMC CO.LTD		41		—		—		—			41
	Godo Kaisha Oceanos 1		38,121		—		—		(2,339	)		35,782
	Woori ZIP 1		11,317		—		—		(600	)		10,717
	Woori ZIP 2		16,063		—		—		(851	)		15,212

(*)	Payments that occurred for business reasons among related parties are excluded and net increase or decrease was used for limited credit loan.


		For the six-month period ended June 30, 2023
Related parties		Beginning balance		Loan		Collection		Foreign currency exchange, etc.			Ending balance (*)
Associates	W Service Network Co., Ltd.		120		147		240		—			27
	Korea Credit Bureau Co., Ltd.		2		6		4		—			4
	Korea Finance Security Co., Ltd.		3,433		225		1,023		—			2,635
	LOTTE CARD Co., Ltd.		50,000		—		50,000		—			—
	K BANK Co., Ltd.		3		11		13		—			1
	Win Mortgage Co., Ltd.		—		139		128		—			11
	Godo Kaisha Oceanos 1		39,814		—		—		(1,930	)		37,884
	Woori ZIP 1		11,819		—		—		(573	)		11,246
	Woori ZIP 2		16,776		—		—		(813	)		15,963
	Joongang Network Solution Co.,Ltd.		251		—		—		—			251

(*)	Payments that occurred for business reasons among related parties are excluded and net increase or decrease was used for limited credit loan.

(4)	Details of changes in major deposits due to customers with related parties for the six-month periods ended June 30, 2024 and 2023 are as follows (Unit: Korean Won in millions):


		For the six-month period ended June 30, 2024
Related parties		Beginning balance		Increase		Decrease		Ending balance (*)
Associates	W Service Networks Co., Ltd		1,000		1,000		1,000		1,000
	Win Mortgage Co., Ltd.		600		500		600		500

(*)	Details of payment between related parties, demand deposit due to customers and etc. are excluded.


		For the six-month period ended June 30, 2023
Related parties		Beginning balance		Increase		Decrease		Ending balance (*)
Associates	W Service Networks Co., Ltd		1,200		1,000		1,200		1,000
	Partner One Value Up I Private Equity Fund		100		—		100		—
	Korea Credit Bureau Co., Ltd.		3,000		—		3,000		—
	Win Mortgage Co., Ltd.		—		600		300		300

(*)	Details of payment between related parties, demand deposit due to customers and etc. are excluded.

(5)	There are no major borrowing transactions with related parties for the six-month periods ended June 30, 2024 and 2023.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

(6)	Guarantees provided to the related parties are as follows (Unit: Korean Won in millions):


Warrantee	June 30, 2024		December 31, 2023		Warranty
Korea Finance Security Co., Ltd.		1,534		632	Unused loan commitment
Korea Credit Bureau Co., Ltd.		35		34	Unused loan commitment
W Service Network Co., Ltd.		154		72	Unused loan commitment
K BANK Co., Ltd.		279		246	Unused loan commitment
LOTTE CARD Co. Ltd.		348,400		498,400	Unused loan commitment
Win Mortgage Co., Ltd.		38		34	Unused loan commitment

As of June 30, 2024 and December 31, 2023, the Provisions recognized are 219 million Won and 294 million Won, respectively, in relation to the guarantees provided to the related parties above.

(7)	Amount of commitments with the related parties


Warrantee	June 30, 2024		December 31, 2023		Warranty
IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership		4,664		4,664	Securities purchase commitment
Woori Seoul Beltway Private Special Asset Fund No.1		32,713		34,437	Securities purchase commitment
Woori-Q Corporate Restructuring Private Equity Fund		3,737		12,186	Securities purchase commitment
JC Assurance No.2 Private Equity Fund		1,351		1,351	Securities purchase commitment
Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund		198		243	Securities purchase commitment
Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2		1,005		—	Securities purchase commitment
BTS 2nd Private Equity Fund		1,854		4,774	Securities purchase commitment
STASSETS FUND III		4,500		6,000	Securities purchase commitment
Together Korea Government Private Securities Investment Trust No.3		990,000		990,000	Securities purchase commitment
NH Woori Newdeal Growth Alpha Private Equity Fund 1		36,941		36,941	Securities purchase commitment
Synaptic Future Growth Private Equity Fund 1		4,736		4,389	Securities purchase commitment
Woori Asset Global Partnership Fund No.5		112,500		127,500	Securities purchase commitment
Korea Investment 2022 Fund		1,286		—	Securities purchase commitment

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

(8)	Major investment and Recovery transactions

There are no major investment and recovery transactions with related parties for the six-month periods ended 2024 and 2023. Investment and recovery transactions of associates that are not treated as financial assets at fair value through profit or loss are described in Note 12.(2)

(9)	Compensation for key management is as follows (Unit: Korean Won in millions):


	For the six-month periods ended June 30
	2024		2023
Short-term employee salaries		11,917		10,734
Retirement benefit service costs		653		519
Share-based compensation		4,330		1,445

Total		16,900		12,698

Key management includes executives and directors of Woori Financial Group and major subsidiaries, and also includes CEO of other subsidiaries. Outstanding assets from transactions with key management amount to 3,280 million Won and 3,932 million Won, as of June 30, 2024 and December 31, 2023, respectively and with respect to the assets, the Group has not recognized any allowance nor related impairment loss due to credit losses. Also, liabilities from transaction with key management amount to 75,938 million Won and 34,054 million Won, respectively, as of June 30, 2024 and December 31, 2023.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

40.

LEASES

(1)

Lessor

Finance lease

①

The total investment in finance lease and the present value of the minimum lease payments to be recovered are as follows (Unit: Korean Won in millions):


	June 30, 2024
	Total investment in lease		Net investment in lease
Within one year		254,851		236,441
After one year but within two years		386,022		360,540
After two years but within three years		417,370		382,015
After three years but within four years		210,997		186,764
After four years but within five years		114,054		98,954
After five years		—		—

Total		1,383,294		1,264,714


	December 31, 2023
	Total investment in lease		Net investment in lease
Within one year		226,242		208,121
After one year but within two years		330,524		308,793
After two years but within three years		446,742		412,015
After three years but within four years		364,917		323,331
After four years but within five years		127,001		109,675
After five years		24		24

Total		1,495,450		1,361,959

②

The unrealized interest income of the finance lease is as follows (Unit: Korean Won in millions):


	June 30, 2024		December 31, 2023
Total investment in lease		1,383,294		1,495,450
Net investment in lease		1,264,714		1,361,959
Present value of minimum lease payments		1,264,714		1,361,959

Unearned interest income		118,580		133,491

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

Operating lease

①

The details of prepaid lease assets and operating lease assets are as follows (Unit: Korean Won in millions):


	June 30, 2024			December 31, 2023
Prepaid lease assets		27,454			20,538
Operating lease assets
Acquisition cost		4,785,154			4,199,535
Accumulated depreciation		(1,060,070	)		(913,609	)
Net carrying value		3,725,084			3,285,926

Total		3,752,538			3,306,464

②

The details of changes in operating lease assets for the six-month periods ended June 30, 2024 and 2023 are as follows (Unit: Korean Won in millions):


	For the six-month periods ended June 30
	2024			2023
Beginning balance		3,285,926			2,590,457
Acquisition		808,004			443,068
Disposal		(115,520	)		(101,538	)
Depreciation		(279,416	)		(219,772	)
Others		26,090			(4,350	)

Ending balance		3,725,084			2,707,865

③

The future lease payments to be received under the lease contracts are as follows (Unit: Korean Won in millions):


	June 30, 2024		December 31, 2023
Within one year		829,067		748,283
After one year but within two years		739,210		681,591
After two years but within three years		536,790		517,967
After three years but within four years		272,924		286,677
After four years but within five years		30,681		121,621

Total		2,408,672		2,356,139

④

There are no adjusted lease payments recognized as profit or loss for the six-month periods ended June 30, 2024 and 2023.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

(2)

Lessee

The future lease payments under the lease contracts are as follows (Unit: Korean Won in millions):


	June 30, 2024		December 31, 2023
Lease payments
Within one year		177,635		206,798
After one year but within five years		278,370		146,755
After five years		63,074		25,356

Total		519,079		378,909

Total cash outflows from lease are as follows (Unit: Korean Won in millions):


	For the six-month periods ended June 30
	2024		2023
Total cash outflows from lease		115,841		104,691

Details of lease payments that are not included in the measurement of lease liabilities due to the fact that they are short-term leases or leases for which the underlying asset is of low value are as follows (Unit: Korean Won in millions):


	For the six-month periods ended June 30
	2024		2023
Lease payments for short-term leases		169		429
Lease payments for which the underlying asset is of low value		568		704

Total		737		1,133

Variable lease payments that were not included in the measurement of lease liabilities for the periods ended June 30, 2024 and 2023 were 12,525 million Won and 15,030 million Won.

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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND 2023

41.

EVENTS AFTER THE REPORTING PERIOD

(1)

On May 3, 2024, Woori Investment Bank Co., Ltd. (dissolution company), the subsidiary of the Company, and Korea Foss Securities Co., Ltd. (surviving company) entered into a merger agreement. Accordingly, on August 1, 2024, Woori Investment Bank Co., Ltd. was merged into Korea Foss Securities Co., Ltd., and was included as a subsidiary of the holding company. The name of merged company was changed to Woori Investment Securities Co., Ltd.

(2)	On July 25, 2024, the Group’s board of directors resolved to pay a quarterly dividend of 180 Won per share (total dividend of 133,657 million Won) with the record date set as June 30, 2024. Dividends were paid in August 2024.

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Woori Financial (WF) 6-KCurrent report (foreign)