Woori Financial 6K Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2024

Commission File Number: 001-31811

Woori Financial Group Inc.

(Translation of registrant’s name into English)

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

(Address of principal executive office)

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

Form 20-F ☒ Form 40-F ☐

Index


1.		Summary of 2024 Third Quarter Business Report

2.		Exhibit 99.1 Woori Financial Group Review Report for 2024 3Q (Consolidated)

3.		Exhibit 99.2 Woori Financial Group Review Report for 2024 3Q (Separate)

Summary of 2024 Third Quarter Business Report

Table of Contents


I.	INTRODUCTION OF THE COMPANY		5

II.	BUSINESS OVERVIEW		5

	1.	Results of Operations	5

	2.	Funding Sources and Uses of Funds	5

	3.	Other Information Necessary for Making Investment Decisions	6

III.	FINANCIAL INFORMATION		11

	1.	Condensed Financial Statements (Consolidated)	11

	2.	Condensed Financial Statements (Separate)	13

	3.	Dividend Information	15

IV.	INDEPENDENT AUDITOR’S OPINION		16

	1.	Independent Auditor’s Opinion	16

	2.	Compensation to the Independent Auditor	16

V.	CORPORATE GOVERNANCE		18

VI.	SHAREHOLDER INFORMATION		18

	1.	Share Distribution	18

	2.	Stock Price and Stock Market Performance	19

VII.	DIRECTORS AND EMPLOYEE INFORMATION		20

	1.	Directors and Executives	20

	2.	Employee Status	21

	3.	Directors’ Compensation	21

	4.	Stock-based Compensation	21

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

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

I.	Introduction of the Company

This section has been omitted for quarterly business reports, pursuant to revised Korean regulations. For information on this section, please refer to the Form 6-K furnished to the Securities and Exchange Commission on August 14, 2024 under the title “Summary of 2024 First Half Business Report.”

II.

Business Overview

1.	Results of Operations


	(unit: billions of Won)
Type	2024 3Q		2023		2022
Operating income		3,581		3,499		4,431
Net non-operating income (expense)		11		18		55
Income before income tax		3,591		3,517		4,485
Income tax expense		874		891		1,161
Net income		2,717		2,627		3,324
Controlling Interest		2,660		2,506		3,142
Non-controlling Interest		57		121		182

Note 1) Based on K-IFRS consolidated financial statements

2.	Funding Sources and Uses of Funds

a.	Sources of Funds


For the periods indicated other than as noted below														(units: millions of Won, %)
Classification	Funding Source	2024 3Q						2023						2022
Classification	Funding Source	Average Balance		Interest Rate		Proportion		Average Balance		Interest Rate		Proportion		Average Balance		Interest Rate		Proportion
Source	Deposits		350,221,938		2.88		70.05		324,824,465		2.83		68.98		313,019,768		1.45		68.21
	Borrowings		28,160,435		4.19		5.63		28,052,983		4.02		5.96		27,296,742		1.99		5.95
	Debentures		42,934,890		4.03		8.59		42,458,653		3.55		9.02		45,945,392		2.26		10.01
	Others		44,002,505		—		8.80		42,829,998		—		9.09		42,537,152		—		9.27
	Total Liabilities		465,319,768		—		93.07		438,166,099		—		93.05		428,799,054		—		93.44
Total Equity			34,667,963		—		6.93		32,708,219		—		6.95		30,082,662		—		6.56
Total Liabilities & Equity			499,987,731		—		100.00		470,874,318		—		100.00		458,881,716		—		100.00

Note 1) Average Balance : the simple average of the balances at the start of the fiscal year and at the end of each quarter

Note 2) Based on K-IFRS consolidated financial statements

b.	Use of Funds


For the periods indicated other than as noted below								(units: millions of Won, %)
Type	Managed Item	2024 3Q						2023						2022
Type	Managed Item	Average Balance		Interest Rate		Proportion		Average Balance		Interest Rate		Proportion		Average Balance		Interest Rate		Proportion
Use	Cash & Due from Banks		18,360,557		3.27		3.67		16,692,268		3.26		3.54		16,097,533		1.52		3.51
	Marketable securities		76,339,846		3.67		15.27		75,522,522		3.61		16.04		68,661,882		1.50		14.96
	Loans		358,885,613		4.95		71.78		334,205,508		5.08		70.98		326,710,683		3.73		71.20
	Loans in local currency		308,292,103		4.67		61.66		287,312,990		4.84		61.02		280,414,033		3.53		61.12
	Loans in foreign currency		33,788,510		6.66		6.76		31,215,114		6.64		6.63		30,916,107		4.54		6.74
	Guarantee payments		12,675		1.77		0.00		14,567		2.28		0.00		21,260		2.67		0.00
	Credit card receivables		12,161,632		7.19		2.43		11,215,186		6.85		2.38		10,026,037		7.24		2.18
	Foreign bills bought		4,630,693		5.49		0.93		4,447,651		5.33		0.95		5,333,246		2.58		1.16
	Bad debt expense (Δ)		3,156,769		—		0.63		2,609,403		—		0.55		2,128,867		—		0.46
	Others		49,558,484		—		9.91		47,063,423		—		9.99		49,540,485		—		10.79
Total Assets			499,987,731		—		100.00		470,874,318		—		100.00		458,881,716		—		100.00

Note 1) Average Balance : the simple average of the balances at the start of the fiscal year and at the end of each quarter

Note 2) Based on K-IFRS consolidated financial statements

3.	Other Information Necessary for Making Investment Decisions

a.	Capital Adequacy Ratios

Group BIS Capital Adequacy Ratios


As of the end of the period indicated	(units: billions of Won, %)
Type	2024 3Q		2023		2022
Equity capital (A)		37,251		34,756		31,404
Risk weighted assets (B)		238,294		219,792		205,307
BIS(Capital adequacy) ratio (A/B)		15.63		15.81		15.30

Note 1) BIS (Bank for International Settlements) Capital Adequacy Ratios = Equity capital / Risk weighted assets * 100

Note 2) Based on K-IFRS consolidated financial statements and Basel III standards

Note 3) 2024 3Q figures are estimates only and are subject to change

Capital Adequacy Ratios for Significant Subsidiaries and Consolidated Companies


As of the end of the periods indicated					(units: millions of Won, %)
Name of Company	Type		2024 3Q		2023		2022
Woori Bank Note 2)	BIS ratio Note 1)	Equity capital (A)		31,837,291		28,237,929		26,119,135
		Risk weighted assets (B)		194,206,194		176,073,743		167,432,214
		Capital adequacy ratio (A/B)		16.39		16.04		15.60
Woori Card Note 3)	Adjusted capital ratio			17.33		16.03		16.54
Woori Card Note 3)	Tangible common equity ratio			11.78		10.97		11.28
Woori Financial Capital Note 3)	Adjusted capital ratio			13.98		14.35		13.78
Woori Financial Capital Note 3)	Tangible common equity ratio			11.49		11.48		10.66
Woori Investment Securities Note 4)	Net capital ratio			2,215.21		—		—
Woori Investment Securities Note 4)	Debt-to-asset ratio			117.51		—		—
Woori Asset Trust Note 5)	Net operating capital ratio			3,564.66		1,284.26		1,189.77
Woori Asset Management Note 3)	Minimum operating capital ratio			721.61		650.26		681.18
Woori Venture Partners Note 6)	Tangible common equity ratio			92.46		90.82		90.92
Woori Savings Bank Note 7)	BIS Capital adequacy ratio Note 1)			17.76		13.21		18.06
Woori Private Equity Asset Management Note 3)	Minimum operating capital ratio			8,542.36		8,618.79		8,937.76

Note 1) BIS (Bank for International Settlements) Capital Adequacy Ratio : Equity capital / Risk weighted assets * 100

Note 2) Figures for Woori Bank are based on the K-IFRS consolidated financial statements and Basel III standards. 2024 3Q figures are estimates only and are subject to change

Note 3) Figures for Woori Card, Woori Financial Capital, Woori Asset Management and Woori Private Equity Asset Management are based on the applicable standards for business reports submitted to the Financial Supervisory Service and their K-IFRS separate financial statements

Note 4) Woori Investment Securities was established in August 2024 through the merger of Korea Foss Securities and Woori Investment Bank, and its figures were calculated as follows:

•

Net capital ratio = (Net operating capital – gross risks) / required capital x 100 (based on business reports submitted to the Financial Supervisory Service)

•

Debt-to-asset ratio = Real assets / Real debt x 100 (based on K-IFRS consolidated financial statements)

Prior to the merger, in 2022 and 2023, Woori Investment Bank had a BIS capital adequacy ratio of 15.15% and 24.17% respectively, based on K-IFRS consolidated financial statements.

Note 5) Figures for Woori Asset Trust were calculated as follows:

•

Net operating capital ratio = (Net operating capital – subordinated borrowings and etc.) / Gross risks (market risk + credit risk + operational risk) (based on K-IFRS separate financial statements)

Note 6) Figures for Woori Venture Partners are based on K-IFRS consolidated financial statements

Note 7) Figures for Woori Savings Bank are based on K-GAAP

b.	Liquidity Ratios

Won Liquidity Ratios


As of the end of the periods indicated															(units: millions of Won, %)
	2024 3Q						2023						2022
Type	Won Liquidity Assets		Won Liquidity Liabilities		Won Liquidity Ratio		Won Liquidity Assets		Won Liquidity Liabilities		Won Liquidity Ratio		Won Liquidity Assets		Won Liquidity Liabilities		Won Liquidity Ratio
Woori Financial Group Note 1)		818,440		4,849		16,878.5		111,895		8,155		1,372.1		316,876		7,656		4,138.9
Woori Card Note 2)		9,029,853		3,464,038		260.7		9,119,265		2,454,480		371.54		8,282,745		1,832,484		452.0
Woori Financial Capital Note 2)		1,995,988		1,570,877		127.1		1,919,083		1,245,067		154.1		2,468,298		1,205,067		204.8
Woori Investment Securities Note 2)		5,759,686		3,413,025		168.8		4,032,290		1,926,080		209.4		3,128,499		1,802,149		173.6
Woori Asset Trust Note 2)		312,112		6,918		4,511.4		171,860		18,555		926.2		232,036		32,755		708.4
Woori Savings Bank Note 2), Note 3)		487,040		363,950		133.82		434,495		231,003		188.09		534,678		384,493		139.1
Woori Venture Partners Note 2)		161,039		21,732		741.0		103,367		7,210		1,433.6		109,432		10,707		1,022.1
Woori Private Equity Asset Management Note 2)		25,482		1,221		2,087.0		27,506		2,396		1,147.8		23,226		1,897		1,224.4

Note 1) Based on current assets and liabilities within one month of maturity

Note 2) Based on current assets and liabilities within 90 days of maturity

Note 3) Based on K-GAAP

Foreign Currency (FC) Liquidity Ratios

As of the end of the periods indicated

(units: millions of Won, %)

Type

2024 3Q

2023

2022

FC
Liquidity
Assets

FC
Liquidity
Liabilities

FC
Liquidity
Ratio

FC
Liquidity
Assets

FC
Liquidity
Liabilities

FC
Liquidity
Ratio

FC
Liquidity
Assets

FC
Liquidity
Liabilities

FC
Liquidity
Ratio

Woori Investment Securities

Note 1)

2,259

277

815.10

9,450

7,362

128.36

65,102

63,365

102.74

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

Liquidity Coverage Ratios (LCR)


						(unit: %)
Name of Company	Type	2024 3Q		2023		2022
Woori Bank	Liquidity coverage ratio Note 1)		102.63		101.26		102.40
	Foreign currency liquidity coverage ratio Note 2)		153.55		162.75		143.11
	Ratio of business purpose premises and equipment		9.46		10.20		11.04

Note 1) The LCR is calculated as the average of daily ratios during the applicable period (same as the calculation method used for business disclosures). The applicable LCR requirements for banks were 97.5%, 95.0%, and 92.5% as of September 30, 2024, December 31, 2023, and December 31, 2022, respectively.

Note 2) The foreign currency LCR is calculated based on averages of the amount of each category (same as the calculation method used for business disclosures). The applicable foreign currency LCR requirements for banks were 80% for all applicable periods.

c.	Profitability Ratio


Type	2024 3Q				2023				2022
Type	ROA		ROE		ROA		ROE		ROA		ROE
Woori Financial Group
Including non-controlling interests		0.71		11.05		0.54		8.65		0.70		12.21
Excluding non-controlling interests		0.69		10.82		0.52		8.25		0.66		11.54

Note 1) On an annualized basis based on the applicable standards for business reports submitted to the Financial Supervisory Service.

Note 2) Total assets and total equity : the simple average of the balances at the start of the fiscal year and at the end of each quarter

d.	Asset Quality

Group Asset Quality


	(units: billions of Won, %)
Type	2024 3Q		2023		2022
Total loans		397,346		365,780		343,821
Substandard and below loans		2,176		1,357		1,082
Substandard and below loans ratio		0.55		0.37		0.31
Non-performing loans		1,772		1,299		997
NPL ratio		0.45		0.36		0.29
Substandard and below coverage ratio (A/B)		152.4		220.1		217.6
Loan loss reserve (A)		3,317		2,986		2,354
Substandard and below loans (B)		2,176		1,357		1,082

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

Asset Quality for Significant Subsidiaries and Consolidated Companies


																	(units: %)
Type	2024 3Q						2023						2022
Type	Substandard and below ratio		NPL ratio		Substandard and below coverage ratio		Substandard and below ratio		NPL ratio		Substandard and below coverage ratio		Substandard and below ratio		NPL ratio		Substandard and below coverage ratio
Woori Bank		0.21		0.17		270.23		0.18		0.17		320.84		0.19		0.16		263.43
Woori Card		1.47		—		105.13		0.97		—		104.92		0.80		—		104.92
Woori Financial Capital		2.13		—		108.36		2.37		—		113.21		1.22		—		198.56
Woori Investment Securities		6.51		—		79.37		0.55		0.55		578.29		0.63		0.58		151.81
Woori Asset Trust		76.38		—		—		32.11		—		—		32.23		—		—
Woori Savings Bank		11.19		—		62.32		3.53		—		101.66		3.22		—		97.54

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

Note 2) The 2023 and 2022 figures for Woori Investment Securities represent the figures for Woori Investment Bank figures. Woori Investment Securities was established in August 2024 through the merger of Korea Foss Securities and Woori Investment Bank.

Note 3) Figures for Woori Savings Bank are based on K-GAAP

III.

Financial Information

1.	Condensed Financial Statements (Consolidated)

Summary Consolidated Statement of Financial Position


(The Company and its Consolidated Subsidiaries, as of the end of the periods indicated)					(unit: millions of Won)
Classification	2024 3Q			2023			2022
ASSETS
Cash and cash equivalents		33,485,919			30,556,618			34,219,148
Financial assets at fair value through profit or loss (“FVTPL”)		22,124,297			21,544,756			19,860,573
Financial assets at fair value through other comprehensive income		36,699,049			37,891,495			33,085,080
Securities at amortized cost		19,169,176			23,996,172			28,268,516
Loans and other financial assets at amortized cost		420,559,585			373,148,148			355,760,729
Investments in joint ventures and associates		1,843,741			1,795,370			1,305,636
Investment properties		438,753			472,768			387,707
Premises and equipment		3,385,919			3,176,759			3,142,930
Intangible assets and goodwill		1,067,763			996,842			849,114
Assets held for sale		48,022			20,345			13,772
Net defined benefit asset		104,419			240,260			319,280
Current tax assets		64,227			203,542			53,274
Deferred tax assets		69,078			93,366			109,299
Derivative assets (designated for hedging)		69,673			26,708			37,786
Other assets		4,575,576			3,841,787			3,061,552

Total assets		543,705,197			498,004,936			480,474,396

LIABILITIES
Financial liabilities at FVTPL		5,562,845			6,138,313			8,952,399
Deposits due to customers		383,063,074			357,784,297			342,105,209
Borrowings		31,496,518			30,986,746			28,429,603
Debentures		46,702,167			41,239,245			44,198,486
Provisions		621,504			806,031			545,865
Net defined benefit liability		7,175			6,939			35,202
Current tax liabilities		336,849			103,655			843,555
Deferred tax liabilities		672,961			470,311			31,799
Derivative liabilities (designated for hedging)		91,960			153,007			202,911
Other financial liabilities		38,107,983			26,115,005			22,811,868
Other liabilities		839,756			803,897			690,157

Total liabilities		507,502,792			464,607,446			448,847,054

EQUITY
Owners’ equity:		33,752,942			31,666,881			28,761,897
Capital stock		3,802,676			3,802,676			3,640,303
Hybrid securities		3,910,294			3,611,129			3,112,449
Capital surplus		935,620			935,563			682,385
Other equity		(1,534,504	)		(1,668,957	)		(2,423,392	)
Retained earnings		26,638,856			24,986,470			23,750,152
Non-controlling interests		2,449,463			1,730,609			2,865,445

Total equity		36,202,405			33,397,490			31,627,342

Total liabilities and equity		543,705,197			498,004,936			480,474,396

Number of Consolidated Subsidiaries (excluding holding company)		188			179			167

Summary Consolidated Statement of Comprehensive Income


(The Company and its Consolidated Subsidiaries, for the periods indicated)	(unit: millions of Won, except per share amounts)
Classification	2024 3Q			2023 3Q			2023			2022
Operating income		3,581,030			3,365,684			3,499,029			4,430,524
Net interest income		6,614,592			6,599,947			8,742,540			8,696,579
Net fees and commissions income		1,586,802			1,277,648			1,720,481			1,710,170
Dividend income		203,493			152,758			240,293			159,982
Net gain or loss on financial instruments at FVTPL		782,001			704,326			488,486			238,502
Net gain or loss on financial assets at FVTOCI		81,727			(1,868	)		(37,641	)		(21,498	)
Net gain or loss arising on financial assets at amortized cost		265,129			170,754			203,942			74,204
Impairment losses due to credit loss		(1,253,770	)		(1,078,580	)		(1,894,916	)		(885,272	)
General and administrative expenses		(3,158,105	)		(3,055,487	)		(4,443,433	)		(4,529,890	)
Other net operating expenses		(1,540,839	)		(1,403,814	)		(1,520,723	)		(1,012,253	)

Non-operating income		10,539			29,628			18,424			54,850

Net income before income tax expense		3,591,569			3,395,312			3,517,453			4,485,374

Income tax expense		(874,171	)		(863,384	)		(890,559	)		(1,161,392	)

Net income		2,717,398			2,531,928			2,626,894			3,323,982

Net income attributable to owners		2,659,867			2,438,182			2,506,296			3,141,680
Net income attributable to the non-controlling interests		57,531			93,746			120,598			182,302

Other comprehensive income (loss), net of tax		131,758			496,607			663,537			(239,819	)

Items that will not be reclassified to profit or loss		(140,526	)		194,164			122,334			216,767
Items that may be reclassified to profit or loss		272,284			302,443			541,203			(456,586	)

Total comprehensive income		2,849,156			3,028,535			3,290,431			3,084,163

Comprehensive income attributable to the owners		2,785,167			2,923,229			3,164,464			2,909,053
Comprehensive income attributable to non-controlling interests		63,989			105,306			125,967			175,110
Net income per share:
Basic and diluted loss per share (in Korean Won)		3,424			3,204			3,230			4,191

2.	Condensed Financial Statements (Separate)

Summary Statement of Financial Position


(The Company, as of the end of the period indicated)	(unit: millions of Won)
Classification	2024 3Q			2023			2022
ASSETS
Cash and cash equivalents		264,553			289,507			313,361
Financial assets at fair value through profit or loss		—			—			689
Financial assets at fair value through other comprehensive income		551,251			539,709			312,771
Loans and other financial assets at amortized cost		1,377,310			1,104,815			2,041,877
Investments in subsidiaries		24,200,367			23,670,476			22,394,915
Premises and equipment		3,438			6,609			11,052
Intangible assets		3,495			4,052			4,859
Net defined benefit asset		—			3,941			5,947
Current tax assets		33,122			158,951			14,350
Deferred tax assets		4,432			7,478			13,433
Other assets		155,982			484			322

Total assets		26,593,950			25,786,022			25,113,576

LIABILITIES
Debentures		1,737,746			1,587,659			1,447,762
Provisions		1,241			1,227			487
Net defined benefit liability		1,096			—			—
Current tax liabilities		285,509			32,125			721,795
Other financial liabilities		122,053			163,621			46,039
Other liabilities		859			392			591

Total liabilities		2,148,504			1,785,024			2,216,674

EQUITY
Capital stock		3,802,676			3,802,676			3,640,303
Hybrid securities		3,910,084			3,610,953			3,112,273
Capital surplus		11,120,236			11,120,236			10,909,281
Other equity		(1,805	)		(7,871	)		(26,186	)
Retained Earnings		5,614,255			5,475,004			5,261,231

Total equity		24,445,446			24,000,998			22,896,902

Total liabilities and equity		26,593,950			25,786,022			25,113,576

Summary Statement of Comprehensive Income


(The Company, for the period indicated)	(unit: millions of Won, except per share amounts)
Classification	2024 3Q			2023 3Q			2023			2022
Operating income:		1,144,086			1,436,887			1,424,670			1,185,627
Net interest expense		6,329			23,246			27,495			(5,030	)
Interest income		42,235			49,360			64,592			25,614
Interest expense		(35,906	)		(26,114	)		(37,097	)		(30,644	)
Net fees and commissions loss		(13,312	)		(13,466	)		(20,097	)		(15,059	)
Fees and commissions income		1,219			1,197			1,625			1,596
Fees and commissions expense		(14,531	)		(14,663	)		(21,722	)		(16,655	)
Dividend income		1,202,111			1,476,550			1,482,956			1,272,393
Net gain or loss on financial instruments at FVTPL		—			2,023			2,023			1,018
Reversal of (Provisions for) impairment losses due to credit loss		6			(703	)		(348	)		(244	)
General and administrative expenses		(51,048	)		(50,763	)		(67,359	)		(67,451	)
Non-operating income (expense)		(161	)		26			(1,043	)		(1,363	)
Net income before income tax expense		1,143,925			1,436,913			1,423,627			1,184,264
Income tax benefit (expense)		(435	)		271			881			(1,015	)

Net income		1,143,490			1,437,184			1,424,508			1,183,249

Other comprehensive income (loss), net of tax		7,283			8,299			18,916			(22,312	)
Items that will not be reclassified to profit or loss		7,283			8,299			18,916			(22,312	)
Net gain or loss on valuation of equity securities at FVTOCI		8,496			8,860			19,789			(24,676	)
Remeasurement of the net defined benefit liability		(1,213	)		(561	)		(873	)		2,364

Total comprehensive income		1,150,773			1,445,483			1,443,424			1,160,937

Net income per share:
Basic and diluted income per share (in Korean Won)		1,375			1,832			1,754			1,499

3.	Dividend Information


Items		2024 3Q		2023		2022
Par value per share (Won)			5,000		5,000		5,000
Net profit (Millions of Won)			2,659,867		2,506,296		3,141,680
Earnings per share (Won)			3,424		3,230		4,191
Total cash dividends (Millions of Won)			400,970		747,302		822,706
Total stock dividends (Millions of Won)			—		—		—
Cash dividend payout ratio (%)			15.07		29.82		26.19
Cash dividend yield (%)	Common Shares		3.4		6.7		8.8
Cash dividend yield (%)	Preferred Shares		—		—		—
Stock dividend yield (%)	Common Shares		—		—		—
Stock dividend yield (%)	Preferred Shares		—		—		—
Cash dividend per share (Won)	Common Shares		540		1,000		1,130
Cash dividend per share (Won)	Preferred Shares		—		—		—
Stock dividend per share (Share)	Common Shares		—		—		—
Stock dividend per share (Share)	Preferred Shares		—		—		—

Note 1) The dividends for 2024 3Q include first, second, and third quarter dividends of Won 133,657 million (Won 180 per share) each. The dividends for the third quarter of 2024 were decided through a board resolution on October 18, 2024.

Note 2) The dividends for FY2023 include second quarter dividends of Won 130,748 million (Won 180 per share) and third quarter dividends of Won 135,341 million (Won 180 per share)

Note 3) The dividends for FY2022 include an interim dividend of Won 109,209 million (Won 150 per share)

Note 4) The above cash dividend yield is calculated as the percentage of dividend per share to the arithmetic average price formed in the stock market during the past week, starting from two trading days before the record date. The percentage is rounded to the first decimal place.

IV.

Independent Auditor’s Opinion

1.	Independent Auditor’s Opinion


	2024 3Q	2023	2022
Auditor	KPMG Samjong Accounting Corp.	KPMG Samjong Accounting Corp.		Samil PricewaterhouseCoopers
Auditor’s Opinion	Note 1)	Note 2)		Note 3)

Note 1) In its review report attached to this report, KPMG Samjong Accounting Corp. has stated that nothing had come to their attention that caused them to believe that the accompanying consolidated and separate interim financial statements of Woori Financial Group are not presented fairly in all material respects, in accordance with Korean IFRS.

Note 2) In its audit report, KPMG Samjong Accounting Corp. has stated that the financial statements present fairly, in all material respects, the financial position of Woori Financial Group as of December 31, 2023, and its financial performance and its cash flows for the year then ended in accordance with Korean IFRS

Note 3) In its audit report, Samil PricewaterhouseCoopers has stated that the financial statements present fairly, in all material respects, the financial position of Woori Financial Group as of December 31, 2022, and its financial performance and its cash flows for the year then ended in accordance with Korean IFRS.

2.	Compensation to the Independent Auditor

a.	Audit Services

Term

Auditor

Description

Contract

Actual

Fee

Time

Fee

Time

2024 3Q

KPMG Samjong Accounting Corp.

1Q/1H/3Q Review

Closing audit (including internal

accounting management system)

KRW 1,037 million

9,930 hours

KRW 583 million

5,869 hours

2023

KPMG Samjong Accounting Corp.

1Q/1H/3Q Review

Closing audit (including internal

accounting management system)

KRW 964 million

9,380 hours

KRW 964 million

9,613 hours

2022

Samil

PricewaterhouseCoopers

1Q/1H/3Q Review

Closing audit (including internal

accounting management system)

KRW 1,068 million

9,380 hours

KRW 1,068 million

8,714 hours

Note 1) Fee excludes VAT

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

b.	Other Audit Services

None.

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


Term	Auditor	Description	Fee
2024 3Q	KPMG Samjong Accounting Corp.	U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2024)	KRW 2,015 million
2023	KPMG Samjong Accounting Corp.	U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2023)	KRW 1,891 million
2022	Samil PricewaterhouseCoopers	U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2022)	KRW 2,240 million

Note 1) Fee excludes VAT

d.	Non-Audit Services

Term

Date of
Execution of
Agreement

Description of Service

Service Term

Fees

2023 3Q

March 31, 2024

Tax adjustment (including review relating to application of consolidated tax)

April 1, 2024 ~ June 2, 2025

KRW 68 million

2023

March 31, 2023

Tax adjustment (including review relating to application of consolidated tax)

April 1, 2023 ~ May 31, 2024

KRW 64 million

2022

March 30, 2022

Tax adjustment (including review relating to application of consolidated tax)

April 1, 2022 ~ May 31, 2023

KRW 64 million

Note 1) Fee excludes VAT

V.	Corporate Governance

VI.

Shareholder Information

1.	Share Distribution

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


As of September 30, 2024				(units: shares, %)
Name	Relation		Type	Shares Held								Notes
				Beginning balance				Ending balance
				Number		Share		Number		Share
Employee Stock Ownership Association of Woori Financial Group		The largest shareholder	Common		43,990,091		5.85		44,690,661		6.02		—
Employee Stock Ownership Association of Woori Bank		Specially related party of the largest shareholder	Common		25,040,007		3.33		20,182,543		2.72		—
Total			Common		69,030,098		9.18		64,873,204		8.74		—
Total			Others		—		—		—		—		—

b.	Changes in the largest shareholder

As of September 30, 2024

(units: shares, %)

Change of Date

Largest Shareholder

Number Held

Share

Notes

December 9, 2021

Employee Stock Ownership Association
of Woori Financial Group and 1
other

71,346,178

9.80

Purchased 1.00% of the KDIC’s remaining shares of Woori Financial Group (8.80% shares already held) Note 1)

Note 1) Refer to the prior disclosure on Form 6-K on December 10, 2021, “Changes in the Largest Shareholder” for further details.

c.	Share Ownership of More Than 5%

2.	Stock Price and Stock Market Performance

VII.

Directors and Employee Information

1.	Directors and Executives

As of September 30, 2024

Position

Name

Common
Shares
Owned

Term
Commencement Date

Expiration of Term

Chief Executive Officer

Registered

Jong-Yong Yim

10,000

March 24, 2023

Note 1)

Outside Director

Registered

In-Sub Yoon

—

January 27, 2022

Note 2)

Outside Director

Registered

Chan-Hyoung
Chung

10,532

January 11, 2019

Note 2)

Outside Director

Registered

Su-Young Yun

—

March 24, 2023

Note 2)

Outside Director

Registered

Yo-Hwan Shin

—

January 27, 2022

Note 2)

Outside Director

Registered

Sung-Bae Ji

—

March 24, 2023

Note 2)

Outside Director

Registered

Eun-Ju Lee

—

March 28, 2024

Note 1)

Outside Director

Registered

Sunyoung Park

—

March 26, 2024

Note 1)

Deputy President

Non-Registered

Sung-Wook Lee

16,000

February 25, 2022

February 10,2025

Deputy President

Non-Registered

Gwang-Ik Jang

1,200

April 3, 2023

April 2, 2025

Deputy President

Non-Registered

Il-Jin Ouk

4,000

December 8, 2023

November 30, 2024

Deputy President

Non-Registered

Jang-Keun Park

2,000

December 8, 2023

March 6, 2025

Deputy President

Non-Registered

Jung-Soo Lee

6,890

December 8, 2023

March 6, 2025

Deputy President

Non-Registered

Chan-Ho Jeong

7,492

December 8, 2023

November 30, 2025

Deputy President

Non-Registered

Yoon-Hong Song

—

December 8, 2023

November 30, 2025

Deputy President

Non-Registered

Kyu-Hwang Jeong

11,741

December 8, 2023

July 4, 2026

Managing Director

Non-Registered

Hae-Kwang Lee

—

December 8, 2023

December 22, 2024

Note 1) Until the end of the annual general meeting of shareholders for FY2025.

Note 2) Until the end of the annual general meeting of shareholders for FY2024.

Note 3) Term commencement date: date of inauguration for registered officers or directors / date of appointment for non-registered officers or directors

Note 4) Common shares owned are as of the date of submission of this report, and those owned by executives exclude the shares owned through the Employee Stock Ownership Association.

2.	Employee Status

3.	Directors’ Compensation

4.	Stock-based Compensation

SIGNATURES

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


	Woori Financial Group Inc.
	(Registrant)

Date: November 14, 2024	By:	/s/ Sung-Wook Lee
	(Signature)
	Name: Sung-Wook Lee
	Title: Deputy President

Woori Financial (WF) 6-KCurrent report (foreign)