CUSTOMERS
EXPERTISE
TRUST
INNOVATION
INNOVATE
TODAY,
CREATE
TOMORROW
WOORI FINANCIAL GROUP ANNUAL REPORT 2022
CONTENTS
01
WOORI OVERVIEW
02
ESG REPORT
03
STRATEGY
REPORT
04
BUSINESS REPORT
01 WOORI OVERVIEW
04 BUSINESS REPORT
MESSAGE FROM THE CEO
BOARD OF DIRECTORS
FINANCIAL HIGHLIGHTS
KEY FIGURES
02 ESG REPORT
ESG MANAGEMENT
SOCIAL RESPONSIBILITY
GOVERNANCE
03 STRATEGY REPORT
GROUP VISION & STRATEGY
GROUP-WIDE SYNERGIES
DIGITAL INNOVATION
GLOBAL BUSINESS
RISK MANAGEMENT
004
005
006
007
009
012
015
018
020
022
024
027
GROUP BUSINESS PORTFOLIO
WOORI BANK
WOORI CARD
WOORI FINANCIAL CAPITAL
WOORI INVESTMENT BANK
WOORI ASSET TRUST
WOORI SAVINGS BANK
WOORI FINANCIAL F&I
WOORI ASSET MANAGEMENT
WOORI VENTURE PARTNERS
WOORI GLOBAL ASSET MANAGEMENT
WOORI PRIVATE EQUITY ASSET MANAGEMENT
WOORI CREDIT INFORMATION
WOORI FUND SERVICES
WOORI FIS
WOORI FINANCE RESEARCH INSTITUTE
APPENDIX
ORGANIZATIONAL CHART
GLOBAL NETWORK
2022 AUDITED FINANCIAL
STATEMENTS
002
031
032
041
043
044
045
046
047
048
049
050
051
052
053
054
055
056
057
064
003
01
WOORI
OVERVIEW
MESSAGE FROM THE CEO
BOARD OF DIRECTORS
FINANCIAL HIGHLIGHTS
KEY FIGURES
004
005
006
007
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT Message from the CEO
004
Dear Valued Customers and Shareholders,
Secondly, WFG will enhance its risk management capacity
I am Jong-Yong Yim, the recently appointed Chairman of Woori
Financial Group (WFG), and I am greatly honored to extend my
sincerest greetings to our esteemed customers and shareholders.
Throughout 2022, the global economy experienced volatile
market conditions, largely influenced by the repercussions from
the pandemic and steep interest rate hikes.
While the rate hikes did improve the net interest margin of
Korean banks, Korean Financial Institutions encountered much
uncertainty throughout the year. These uncertainties were
compounded by notable concerns over financial instabilities,
which were particularly evident within the non-banking financial
sector.
and establish robust internal controls. WFG will prioritize sound
management and will strive to enhance capital adequacy, aiming
for a higher level of stability to effectively address potential
market downturns.
Thirdly, WFG will advance its digital competitiveness and actively
pursue growth opportunities in the non-financial sector. In
doing so, WFG will embrace the convergence of the financial
industry with other sectors as a favorable opportunity, rather
than a challenge, with the goal of enhancing our long-term
competitiveness.
Lastly, WFG will intensify its efforts to serve and create more
value for society and customers. We will strive to provide tangible
support to marginalized companies and financially distressed
Despite these challenges, WFG delivered outstanding results in
2022 with a net income of 3.14 trillion won. This milestone was
groups.
made possible through the preservation of high asset quality
Respected customers and valued shareholders,
backed by robust risk management strategies. However, the
As the newly appointed Chairman, I am committed to establishing
foundation of our success lies in our esteemed customers and
a new corporate culture and driving bold organizational
shareholders. Their unwavering support has been instrumental
innovations to showcase the transformative journey of Woori
in our achievements, and on behalf of WFG, I wish to express my
Financial Group. As we set out on this journey, we aspire to
sincere gratitude.
consistently earn your trust and confidence.
This year, we anticipate heightened global macro headwinds,
In addition, Woori Financial Group will make every efforts to
notable shifts in the regulatory environment, and a greater
enhance shareholder value. We genuinely seek your ongoing
emphasis on social responsibilities from financial institutions.
support and encouragement.
With these dynamics in mind, I will steer with prudence in my
capacity as the newly appointed Chairman, aiming to secure
stable financial performance, foster potential growth, and drive
Yours truly,
bold organizational innovations.
Firstly, WFG will continue to enhance the competitiveness of the
non-banking sector. Through portfolio diversification, exemplified
by the recent acquisition of a Venture Capital firm, WFG will
diligently lay ground for a well-balanced profit structure.
Jong-Yong Yim
Chairman & CEO
Woori Financial Group
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT Board of Directors
Jong-Yong Yim
Woori Financial Group Chairman & CEO
Chan-Hyoung Chung
Independent Director
In-Sub Yoon
Independent Director
005
•B.A in Economics, Yonsei University
•M.A. in Economics, University of Oregon
•Senior Secretary to the President for Economic Affairs
•Deputy Minister, Prime Minister’s Office
•Chairman & CEO, NongHyup Financial Group
•Chairman, Financial Services Commission
Su-Young Yun
Independent Director
•Economics, Seoul National University
•Master of Economics, Seoul National University
•Head of Management Planning Office, and General
Senior Vicepresident of Sales Support Division and
Asset Management Division, Kiwoom Securities Co.,
Ltd.
•CEO, Kiwoom Asset Management
•Senior Executive Vice President, Kiwoom Securities
Co., Ltd.
Soo-Young Song
Independent Director
•French Language and Literature, Business Administra-
tion, and Law, Seoul National University
•Executive MBA, Seoul National University Business
School
•Advisory Lawyer, Creative Economy Innovation Center,
Ministry of Justice
•Member of Steering Committee for ESG Support
Projects for Partners, Korea Commission for Corporate
Partnership
•Business Administration, Korea University
•Master of Finance, Korea University Business School
•Senior Vice President, Management Planning Office,
Korea Investment & Securities
•CEO and President, Korea Investment Management
Co., Ltd.
•CEO, POSCO Venture Capital Co., Ltd.
Yo-Hwan Shin
Independent Director
•Business Administration, Korea University
•Master of Science in Financial Engineering, Illinois
State University
•Head of Retail Sales Division, Shinyoung Securities
•General Management Executive, Shinyoung Securities
•CEO, Shinyoung Securities
Won-Duk Lee
Non-Standing Director
Chairman and CEO, Woori Bank
•Agricultural Economics, Seoul National University
•Master of Economics, Seoul National University
•Head of Management Planning Group, Woori Bank
(Vice President)
•Vice Chairman, Management Planning Group, Woori
Bank
•Senior Executive Vice President, Woori Financial Group
•Applied Statistics, Yonsei University
•Master of Accounting, Yonsei University Business
School
•CEO and President, Korea ING Life Insurance Co., Ltd.
•CEO and President, Hana HSBC Life Insurance Co., Ltd.
•General Representative Director, Korea Ratings
•Chairman of the Board of Fubon Hyundai Life Insurance
Sung-Bae Ji
Independent Director
•Business Administration, Seoul National University
•Master of Business Administration, Seoul National Uni-
versity Business School
•Samil Accounting Firm
•CEO, IMM Co., Ltd.
•14th Chairman of Korea Venture Capital Association
•Current CEO, IMM Investment
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT Financial Highlights
006
Growth
Assets
Loan Portfolio
(Unit: KRW in trillions)
■ Loans in Won ■ Total Assets (Including AUM)
■ Large Corp. ■ SME ■ Retail ■ Public & Others
2022
2021
2020
Profitability
NIM
■ Bank+Card
■ Bank
Asset Quality
NPL Ratio
282.7
273.3
249.3
1.57%
1.62%
1.33%
1.37%
640.3
594.4
525.9
1.84%
1.59%
2022
2021
2020
36.9
36.4
35.7
ROE & ROA
■ ROE
■ ROA
121.0 133.9
110.4 138.8
95.8
130.4
2.5
3.9
2.5
296
288
265
10.58%
11.54%
0.66%
0.70%
5.87%
0.40%
2020
2021
2022
2020
2021
2022
0.42%
0.30%
0.31%
Capital Adequacy
Capital Adequacy Ratio
13.8%
11.8%
10.0%
■ BIS Ratio
■ Tier1 Ratio
■ CET1 Ratio
15.1%
13.3%
11.4%
15.3%
13.6%
11.6%
1) Net income, ROE : Based on Controlling interests
2) Cost-to-Income Ratio : Excluding ERP expense
3) ROA : Including non-controlling interests
2020
2021
2022
2020
2021
2022
202020212022YoYGrowth (KRW in trillions)Total Assets including AUM 525.9 594.4 640.3 7.7%Loans in Won 249.3 273.3 282.7 3.4%Total Equity 26.7 28.9 31.6 9.6%Profitability (KRW in billions)Net Interest Income 5,999 6,986 8,697 24.5%Non-Interest Income 822 1,358 1,149 -15.4%Net Income1) 1,307 2,588 3,142 21.4%NIM(Bank)(%) 1.33 1.37 1.59 0.22%pNIM(Bank+Card)(%) 1.57 1.62 1.84 0.22%pCost-to-Income Ratio(%)2) 55.0 47.5 44.4 -3.1%pROE(%)1) 5.87 10.58 11.54 0.96%pROA(%)3) 0.40 0.66 0.70 0.04%pAsset QualityNPL Ratio(%) 0.42 0.30 0.31 0.01%pCredit Cost Ratio(%) 0.28 0.17 0.26 0.09%pCoverage Ratio(%) 153.8 192.2 217.6 25.4%pCapital AdequacyCommon Equity Capital Ratio(%) 10.0 11.4 11.6 0.2%pTier1 Ratio(%) 11.8 13.3 13.6 0.3%pBIS Total Capital Ratio(%) 13.8 15.1 15.3 0.2%pSTRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT Key Figures
Key Statistics
Customers
(Woori Bank)
SME/SOHOs
(Woori Bank)
25.1 million
1.93 million
11
Out of 38 Large Enterprises
(Total number of large enterprises where
Woori Bank is the major creditor bank)
Domestic Branches
Global Network
Employees
(Woori Bank)
713 branches
24
countries
569
network
27
thousand employees
Assets
Loans
Deposits
KRW
640.3 trillion
(Including AUM)
KRW
343.8 trillion
KRW
342.1 trillion
007
ESG Ratings
Received "AA"rating from MSCI
Received "A"rating from KCGS
Credit Ratings
International Ratings
Woori
Bank
A1
A+
A
Republic
of Korea
Aa2
AA
AA-
Moody's
S&P
Fitch
Domestic Ratings
Woori Financial Group
AAA
AAA
AAA
NICE Investors Service
Korea Ratings Corporation
Korea Investors Service
(as of Dec. 2022)
ConglomeratesSTRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT 008
02
ESG
REPORT
ESG MANAGEMENT
SOCIAL RESPONSIBILITY
GOVERNANCE
009
012
015
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT ESG
Management
ESG is not just a trend; it is the very core of modern business values.
Beyond financial outcomes, non-financial accomplishments in en-
vironmental preservation, social responsibility, and transparency in
governance are now integral measures of corporate value. This new
paradigm has resonated globally, with ESG considerations becom-
ing important investment decision factors for many international
institutional investors. At Woori Financial Group, we have not simply
adapted to this trend, but have proactively embraced it. We took
the initiative to establish our ESG management system in 2021 and
ESG Highlights
Environment
subsequently expanded and improved our ESG management prac-
Responding to climate change
tices in 2022.
Now, we are not just taking steps but making strides towards solid-
ifying our ESG management system. Our objective is to secure our
position as a global top-tier ESG company by the end of 2023.
We will achieve Carbon Net-Zero within
the Group and across our asset portfolio
by 2050.
2022 ESG Evaluations
009
Restoring nature and
Conservation of biodiversity
•The first domestic company to join TNFD
(Jan. 22)
•The first Asian company to join PBAF
(Aug. 22)
•Promoting REDD+, a carbon reduction
project, through forest conservation in
developing countries
Social
Governance
Advancing ESG Governance
•Appointment of female indepen-
dent director(ESG expert) & ESG
Committee Chair (Mar.22)
•Establish Group ESG strategies
and policies, ect.(Committee
consists of all 9 directors)
•Communication and cooperation
on ESG management activities
between group companies
Expanding social contribution
Group’s 5 core areas
Woori Multicultural Scholarship Foundation,
Woori Financial Group Future Foundation
contributed
KRW 20 billion
newly established in 2022
Linked to the UN SDGs
•Protecting Nature
•Supporting Vulnerable Groups
•Providing Support for arts and culture
•Fostering Future Talent
•Creating jobs
202020212022KCGSB+AAMSCIBBBAAAADJSI-Inclusion to theAsia-Pacific IndexInclusion to theAsia-Pacific Index STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT 010
Engagement
in Global
Initiatives
Jan. 2021
TCFD
(Taskforce on Climate-related Financial
Disclosures)
Feb. 2021
CDP (Carbon Disclosure Project)
Mar. 2006
UN Global Compact
Nov. 2019
UNEP FI
(UN Environment Programme
Finance Initiative)
Jan. 2020
UNEP FI PRB
(UNEP FI Principles for Responsible
Banking)
2022 ACHIEVEMENTS
Underpinning ESG Governance
The ESG Management Committee of Woori Financial Group (a committee within the
Board) has been receiving reports on and reviewing and managing the overall progress
and plans related to the group's ESG management, including climate risk, biodiversity
conservation, and mutual growth management with stakeholders.
In March 2022, the Group appointed an ESG expert as its first female independent direc-
tor since the foundation of the holding company. She also chairs the ESG Management
Committee. This appointment is part of our ongoing efforts to increase gender diver-
sity and specialized knowledge within the board of directors. It also contributes to the
strengthening of our governance structure, which is geared towards sustainable growth
through adherence to ESG management practices.
Promoting Social Responsibility Management
Taking ESG to the Global Front
In August 2022, Woori Financial Group co-hosted the Circular Economy Conference
2022 with the World Wide Fund for Nature (WWF) in Seoul, marking the first occasion for
a Korean financial company to host such an event. The conference addressed the tran-
sition to a circular economy and win-win management with stakeholders. In October, the
Group received invitations from several international ESG organizations, including the UN-
CCD (UN Convention to Combat Desertification), UNEP FI (UN Environment Programme
Finance Initiative), IUCN (International Union for Conservation of Nature), and WWF, to
engage in discussions on international cooperation in response to the climate crisis and
natural recovery. Shortly thereafter, the Group joined the Net Zero Banking Alliance (NZBA),
an international interbank leadership alliance composed of 117 banks from 41 countries
committed to achieving net-zero emissions by 2050.
Later, in November, the Group held an international conference on the theme of “Sustain-
able Finance for a Better World: Natural Recovery and a Circular Economy to Open a New
Era” to respond to complex crises going on around the world and to spread ESG manage-
Woori Financial Group established the Woori Financial Group Future Foundation in July
ment. The conference featured top ESG scholars and global financial experts from Korea
2022 with the goal of helping vulnerable and underprivileged people stand on their own
and many other countries, including Henry Fernandez, Chairman of MSCI, economist
and supporting the growth of future generations. As a public interest foundation estab-
Anne O. Krueger, Elizabeth Maruma Mrema, Executive Secretary of the Convention on
lished jointly by all 15 Group affiliates, it will continue to engage in a wide variety of public
Biological Diversity, and Andrea Meza Murillo, Deputy Executive Secretary of the UNCCD.
benefit projects to fulfill the social responsibilities and roles of the Group.
The conference also featured discussions on “Sustainable Growth Solutions Beyond the
Challenges Facing the World Economy” between economist Anne O. Krueger, former
Deputy Managing Director of the IMF and the World Bank, and Sung Tae-yoon, a profes-
sor at Yonsei University, as well as in-depth discussions on efforts to achieve the mission
of protecting natural ecosystems and achieving a circular economy.
Aug. 2021
Aug. 2021
Equator Principles(EP)
PCAF
Sep. 2021
SBTi
Sep. 2021
Jan. 2022
May. 2022
Aug. 2022
Business Ambition for 1.5℃
TNFD
Business for Land(B4L)
PBAF
Oct. 2022
NZBA
(Partnership for Carbon
Accounting Financials)
(Science Based Targets initiative)
(Taskforce on Nature-related
Financial Disclosures)
(Partnership for Biodiversity
Accounting Financials)
(Net Zero Banking Alliance)
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT Woori Financial Group's
ESG Vision & Strategy
Good Finance for the Next
VISION
SLOGAN
Woori Financial Group’s mission is to become the financial group that
customers trust and love the most by maintaining its legacy as “the
first bank under the sky in Korea.”
Top 3 Strategies
011
Promoting ESG Management within the Group
2023 PLANS
In July 2022, Woori Financial Group declared its commitment to 'Stakeholder Co-Pros-
Growing Participation in Global Initiatives
perity Management,' underscoring its respect for stakeholders (shareholders, customers,
employees, partner companies, and local communities) in corporate activities. The com-
mitment is aimed at protecting their rights and interests and creating long-term value for
all involved. To bring this commitment into practical execution, the Group launched the
'Stakeholder Co-Prosperity Management Task Force Team (TFT)' in August 2022. Since
its inception, the TFT has identified key tasks and completed 19 detailed tasks (approx-
imately 61%) across ten primary sectors. These tasks include establishing a corporate
culture of mutual respect and generating inclusive and societal value.
Committed to environmental protection as part of its ESG commitment, Woori Financial Group
became the first Korean company to join the TNFD (Task Force on Nature-related Financial
Disclosures) in January 2022. In March, it was the only Korean company to participate in the
Circular Economy Working Group of the UNEP FI (UN Environment Programme Finance
Initiative). In May, the Group became the first company in the world to officially support the
B4L (Business for Land) initiative, which aims to protect sustainable forests and improve land
degradation. The Group subsequently signed an MOU with AFoCO (Asian Forest Cooperation
Woori Financial Group plans to upgrade the three major environmental protection proj-
ects—climate, biodiversity, and circular economy—that it has been promoting to achieve
natural recovery and a circular economy transition. The Group is faithfully completing its
environmental and social responsibilities by participating in and collaborating on initiatives
to establish global environmental policies and standards, such as the International Plastics
Agreement, the Global Biodiversity Framework, and the TNFD framework.
Strengthening Climate Risk Responses
Following its joining the NZBA in 2022, Woori Financial Group has been working on the
details of its Net Zero Roadmap 2050. To begin, it is setting a target of reducing its fi-
nanced emissions according to the global standards methodology, specifically the SBTi.
In line with the TCFD (Task Force on Climate-related Financial Disclosures) recommen-
dations, the Group will manage and monitor any risks and opportunities that may arise
due to climate change, upgrading its climate risk management system by increasing the
Organization) and conducted a feasibility study on REDD+ (Reducing Emissions from Defor-
disclosure of relevant information.
estation and Forest Degradation in Developing Countries) in Cambodia. This positioned Woori
Financial Group as the first company in Korea's financial sector to address the climate crisis
and preserve biodiversity through such sustainable forest management strategies.
Certifications and Awards
Apr. 2022
Promoting Stakeholder Rights Management
Woori Financial Group prioritizes protecting and promoting the human rights of stake-
holders. Led by Woori Bank, the Group is establishing and improving its human rights
management process and systems so that it can establish comprehensive Group-wide
human rights management practices. In this context, the Group is defining the human
rights policies applicable to customers, partner companies, and local communities. Ulti-
mately, it will draw upon its human rights management implementation and risk assess-
ment to obtain new safety, health, and compliance management certifications.
Expanding Eco-friendly
Management
Creating Social Value
Enhancing Transparent
Management
Grand Prize in the Financial Holdings (Banking Sector) category at the
2022 Korea Leading Finance ESG Awards
Top 9 Strategic Challenges
• Promoting green
finance
•Establishing a climate
change response
system
•Strengthening environ-
mental management
system
• Expanding social
finance
• Enhancing financial
consumers’ rights
• Establishing a culture
that respects human
rights and diversity
•Strengthening ESG
finance management
system
•Disclosing ESG infor-
mation tranparently
•Advancing ESG gover-
nance
Nov. 2022
National Assembly Policy Committee Chair’s Award at the 2022 Korea
Establishing and Expanding Diversity Goals
ESG Communication Awards
Mar. 2023
Woori Financial Group plans to establish, disclose and implement mid- to long-term goals
for the culture of DEI (diversity, equity, and inclusion) and the systematic management
of all goals. In addition, the Group will spread its culture of diversity and gender equality
National Assembly Policy Committee Chair’s Award at the 2022 Korea
by joining diversity-related indices (BGEI) and initiatives (WEP), as well as operating pro-
Green Climate Awards
grams to foster female leaders.
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT Social
Responsibility
Woori Financial Group is taking part in a wide range of social con-
tribution activities to realize its ESG vision of “Good Finance for the
Next.”
Fostering Future Generations
Fostering Future IT Leaders
Woori Financial Group runs annual educational programs for underprivileged students
attending vocational high schools in an effort to help them with their digital and IT learn-
ing plans and career development. In 2021, 150 students were selected from low-income
SOHO business owners to receive online lectures on API, web development, AI, big data,
and digital security. In particular, employees of Woori FIS, a Group affiliate specializing in
To help achieve this goal, the Group has established five key cor-
total financial ICT services, imparted their profound knowledge from firsthand field expe-
porate social responsibility (CSR) strategies in line with the United
rience as part of this mentoring service. At the same time, diverse programs such as lec-
Nations Sustainable Development Goals (UNSDGs) and its own
tures from celebrities in the areas of digital and IT guided future generations with career
industrial prudence. The five CSR strategies provide the roadmap
exploration and skill development.
as to how the Group will fulfill its systematic CSR activities and proj-
ects. Under the firm belief that employees who are both happy and
fulfilled can serve customers wholeheartedly, Woori Bank has es-
tablished an Employee Satisfaction Center and is operating a wide
range of programs to improve employee satisfaction.
Woori Financial Group's Five CSR Strategies
Fostering future generations: Promoting equitable opportunities for edu-
cation, including finance education, and lifelong learning opportunities
Inclusive finance: Encouraging inclusive and sustainable economic
growth and creating jobs
Protecting the environment: Responding to climate change and pursu-
ing the sustainable protection and restoration of ecosystems
Mécénat programs: Spreading the enrichment of values through sup-
port for culture, art, and sports
Supporting the underprivileged: Reducing inequality within and among
1 Company-1 School Finance Education
countries and contributing to social integration
012
Woori Multicultural Scholarship Foundation
Woori Multicultural Scholarship Foundation
In 2022, the Woori Multicultural Scholarship Foundation provided 500 students from
low-income multicultural homes with a number of different scholarships for the develop-
ment of their specialties and talents, as well as their academic accomplishments. In addi-
tion, the foundation gave out special scholarships to 100 children of pandemic-stricken
SOHO business owners. All in all, a total of 600 students were granted scholarships total-
ing KRW 830 million. Moreover, the foundation expanded its tailored support programs,
including choirs, orchestras, and eco-friendly creative arts education, for multicultural
children and families in support of social inclusion.
In celebration of its 10th anniversary in 2022, the foundation actively publicized its suc-
cessful programs and increased communication with multicultural families via social me-
dia. It also organized a number of different competitions and events.
As a result, the foundation earned the highest rating in all categories, including transpar-
ency, accountability, and efficiency, in Korea GuideStar’s 2022 Comprehensive Evaluation
of Non-profit Foundations. It was also singled out as the top non-profit foundation for
three consecutive years in the same evaluation, solidifying its position as a highly respect-
ed public organization dedicated to supporting multicultural families.
0102030405STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT 013
Fostering Future Financial Leaders
Resource Circulation Campaign
Woori Bank is actively participating in a financial education program under the 1 Compa-
From April to September 2022, students from 35 elementary schools nationwide and
ny-1 School program operated by the Financial Supervisory Service to instill and improve
Woori Financial Group employees participated in the Act for Nature with WOORI cam-
the financial literacy of youth. As of 2022, 520 elementary, middle, and high schools were
paign, where participants collected non-recyclable plastic from household items and up-
in sisterhood ties with Woori Bank branches nationwide, providing a total of 550 in-per-
cycled them into garden planters. The campaign collected and upcycled a total of 927 kg
son and contactless sessions to 22,895 students from 154 schools. Furthermore, the
of non-recyclable plastics into 1,000 planters, which were subseqently donated to create
Woori Bank Museum runs the WOORI School of Economics for children from community
indoor gardens inside the classrooms of participating elementary schools.
childcare centers. In 2022, it offered 63 sessions to 992 future leaders.
Through the Fostering Future Financial Leaders at Rural Vocational High School Project,
Charity Walk Campaign
the bank also subsidized 108 vocational high school students for obtaining financial
certificates. On top of that, it provided them with career counseling and guidance for their
financial careers.
The “Let's Walk Together like Tiger” is an online-based charity walk campaign involving
Woori Bank employees. In 2022, all the steps accumulated during the campaign were
converted into a donation amounting to KRW 123 million and then given to social con-
Since 1995, Woori Bank has been hosting the Woori Art Contest under the theme “Let's
tribution projects. Woori Bank will continue the campaign in 2023, as it effectively serves
Paint Together the World We Want” To date, a total of 6,279 children and teens, from pre-
two causes—it addresses the carbon emissions issue and helps the underprivileged
Woori Employee Charity Walk:
“Let's Walk Together like Tiger”
school to high school, have participated in this contest.
through social contribution projects.
Protecting the Environment
expand the use of green renewable energy while reducing carbon emissions. Additionally,
Woori Financial Group Future Foundation
the revenue from solar power generation has contributed to job creation for the under-
In 2022, all of Woori Financial Group’s subsidiaries came together and chipped in to cre-
Subsidies for Solar Powerplants in Rural Areas
Woori Bank has been promoting the construction of solar powerplants for social and
economic communities in agricultural and fishery villages. The initiative entails efforts to
Supporting the Underprivileged
Woori Finance Forest of Life
privileged and to local economic development.
In September 2022, Woori Financial Group initiated the fourth forestation campaign, “Woori
Finance Forest of Life,” at Bugu Middle School in Uljin, a rural area of the country that
suffered significant damage from a massive forest fire in March. The reforested area was
filled with local indigenous tree species and other species of trees with a high efficacy of
reducing fine dust and cooling the urban heat island effect, offering shelter for students
and local residents, and ultimately contributing to the healthier development of local
communities. Another fire-damaged area measuring about 5,000 m2 in Okgye-myeon,
a township near Gangneung, Gangwon-do province, had 700 pine tree saplings plant-
ed there. During the tree-planting event called “Let’s Plant Together with our Heart and
Earth!”, the bank donated firefighting equipment and supplies for fire prevention, including
fire trucks. Woori Bank will continue its efforts for environmental protection through myriad
eco-friendly social contribution activities in the future.
ate a KRW 20 billion fund and establish the Woori Financial Group Future Foundation.
This was done as part of the Group’s fulfillment of its social responsibilities as a financial
company. The foundation spent the year working on its operational structure and organiz-
ing teams and the workforce.
In collaboration with the Seoul Metropolitan government and Doctors in Action, the Woori
Financial Group Future Foundation opened the Woori Community Oral Health Center in the
Donui-dong Cell Room Counselling Center, providing oral health improvement support to
around 20 residents every week. On top of that, the foundation sponsored winter supplies
to about 2,500 residents of the community. Group-wide donation events also took place,
where subsidiaries donated Woori Future-Sharing Packages that consisted of ready-to-
cook food and groceries to 5,400 low-income elderly citizens in the run-up to the Chuseok
holidays. During the festive New Year season, Dream Support Boxes containing school sup-
plies and toys were delivered to over 3,900 children from low-income families.
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT
014
The Woori Financial Group Future Foundation is spearheading the Group’s commitment
to supporting the underprivileged get by on their own two feet and improve the quality of
Supporting Damage Restoration Efforts from Forest Fires and Torrential
Downpours
their life, thereby contributing to a better future for all.
Holiday Grocery Gifts
In January 2022, Woori Financial Group produced Woori Happy Boxes that contained an
assortment of groceries. Employees at Woori Bank branches nationwide later delivered
them to the Korea Association of Social Welfare Centers (KASWC), which then distributed
the boxes to the underprivileged through its network around the country. The boxes were
replete with significance, as they consisted of domestic products by social enterprises and
SMEs, helping not only the underprivileged but also many pandemic-stricken SOHOs.
Woori Financial Group donated KRW 1 billion to support the recovery from forest fires and
provided assistance to affected residents in the Gangwon and Gyeongbuk provinces.
In addition, major subsidiaries of the Group, including the holding company, bank, credit
card company, and capital company, donated a total of KRW 2 billion to support recovery
efforts for flood survivors and their livelihoods. After the outbreak of the forest fires and
the heavy rainfall, the Group distributed emergency relief kits produced in collaboration
with the Korean Red Cross. Food trucks capable of preparing 450 servings per meal were
sent to feed refugees and volunteer workers in heavily affected areas as well. Woori Bank
also opened the Woori Won Click Donation Box in online banking system to raise funds
for disaster relief and recovery efforts for affected residents. The campaign raised a total
of KRW 250 million from 7,383 donations to support disaster relief and recovery efforts,
Energy Bill Subsidies for the Energy Poor
ranging from forest fires on the country’s east coast in February 2022 and the torrential
A Woori Financial Group Food Truck
Woori Financial Group always does its best to help the energy poor prepare themselves
downpours in August, to typhoon Hinnamno in September and the devastating earth-
against heatwaves and cold snaps in various ways. In collaboration with 25 districts in
quakes in Turkey and Syria in 2023.
Seoul, social welfare workers associations, and local council offices, the Group delivered
winter suppliers to 2,000 select households. The Group also subsidizes the energy poor
so that they can catch up on their overdue electricity and water bills, enabling them to get
through periods of extreme heat and cold healthy and sound.
Employee Volunteer Activities
Woori Bank actively engages in corporate social responsibility through regular volunteer
activities and donation drives to support the underprivileged. For instance, the Woori
Love Sharing Center program maintains sisterhood ties between the Group’s nationwide
branches and local social welfare facilities in order to carry out regular volunteer services
and make donations to local communities. In 2022, a total of 5,955 employees partici-
pated in 629 volunteer sessions, donating approximately KRW 490 million in total. Addi-
tionally, Woori Bank employees voluntarily donate a portion of their monthly paychecks to
the Woori Love Fund, which had raised a total of KRW 380 million to deliver assistance to
marginalized corners of our society in 2022.
WOORI Senior IT Learning Center
WOORI Senior IT Learning Center
Delivery of Woori Happy Boxes on Lunar New Year’s Eve
In addressing the social issue concerning the digital divide among the elderly population,
Woori Bank established its first IT educational facility called WOORI Senior IT learning
Center within a community center for elderly citizens located in an area with a high senior
population in 2022. The program provides seniors with individualized IT training programs
that cater to a wide array of daily needs for digital literacy. The first center opened in 2022
with five more centers scheduled to open in 2023.
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT Governance
Governance Highlights
As of the end of March 2023, the Board consists of a total of eight members (six independent directors, one standing director, and one non-standing director). The board, including the Audit com-
mittee, is operating a total of six committees. Particularly, in order to preemptively implement ESG management strategy and execution framework, and to strengthen the group’s ESG governance, we
have set up a ESG Management Committee since March 2021.
015
Woori Financial Group is committed to promoting sus-
tainable growth to safeguard the interests of stakehold-
ers such as shareholders and financial consumers, and
we are doing our utmost to maintain a stable, efficient,
and transparent governance structure. As a result, in
2022, Woori Financial Group earned an 'A' grade in the
ESG assessment conducted by the Korea Corporate
Governance Service, and an 'AA' grade in the MSCI as-
sessment. Moreover, we achieved the accomplishment
of being included in the Dow Jones Sustainability Indi-
ces (DJSI) Asia-Pacific Index for two consecutive years.
Governance Structure
General
Shareholders’
Meeting
Board
of Directors
(8 directors)
CEO
Board Officer Candidates
Recommendation Committee
(All independent directors)
• Tasks related to the recommendation of candidates for Executive Direc-
tor, Independent Directors, and members of the Audit Committee
• Fair verification of the qualifications of executive candidates as defined
by relevant laws, regulations, and internal rules
Strategy & Planning
Department
(BOD Office)
Board Audit Committee
(4 independent directors)
• Supervision of the duties of directors and management
•Appointment of external auditor and request for dismissal
Audit
Department
Board Risk Management Committee
(3 independent directors)
Board Compensation Committee
(4 independent directors)
• Establishment of fundamental policies and strategies for risk manage-
ment
•Determination of an acceptable level of risk
•Approval of appropriate investment limits and loss tolerance limits
•Establishment and amendment of risk management standards
• Assessment of the adequacy of the design and operation of the perfor-
mance compensation system
•Independently establish compensation policies and carry out duties
•Determination of management candidates
•Performance evaluation and compensation of executives
•Managing annual reports disclosures and performance compensation
updates
Risk Management
Department
Management
Support Department
Board Group CEO Candidates
Committee for Recommending Subsidiary
Recommendation Committee
Representative Director Candidates
(8 directors)
(7 directors)
• Tasks related to the recommendation of subsidiary Executive Director
candidates
•Role in the establishment and modification of subsidiary management
succession plans
Board ESG Management Committee
(All directors)
• Matters related to the establishment of ESG management strategic di-
rection and policy
•Matters concerning important decision-making related to ESG manage-
ment
ESG Management
Department
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT Diversity and Expertise of the Board
Board Composition
Diversity
Woori Financial Group has constituted its board of directors, the supreme decision-making body, with experts from various fields who pos-
Independent Director Candidate Pool
sess a diverse range of experiences and knowledge, ensuring that it is not biased towards a specific background or profession.
Director’s Key Expertise
9(9%)
Others
12(12%)
ESG
24(24%)
Digital
8(8%)
Consumer Protection
Female Independent Director Candidate Pool
○ Male ● Female
100
Total
016
24(24%)
Financial/Economics/
Business Management
23(23%)
Law/Accounting
(Unit: people)
30.5%
41.0%
50
2022
114
41
2023
59
YoY
+10.5%p
(As of Mar. 2023)
DirectorFinancialEconomicsFinanceAccountingLegalESGChan-Hyoung Chung● ● In-Sub Yoon● ● Su-Young Yun● ● Yo-Hwan Shin● Sung-Bae Ji● ● Soo-Young Song●●Jong-Yong Yim●● Won-Duk Lee● DirectorIndependenceGenderKey ExpertiseDirector SinceChan-Hyoung ChungIndpendentMFinancial, Finance Jan. 2019In-Sub YoonIndpendentMFinancial, Accounting Jan. 2022Su-Young YunIndpendentMFinancial, EconomicsMar. 2023Yo-Hwan ShinIndpendentMFinancialJan. 2022Sung-Bae JiIndpendentMFinancial, Accounting Mar. 2023Soo-Young SongIndpendentFLegal, ESGMar. 2022Jong-Yong YimStandingMFinancial, EconomicsMar. 2023Won-Duk Lee Non-StandingMFinancialMar. 2022STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT 017
03
STRATEGY
REPORT
GROUP VISION & STRATEGY
GROUP-WIDE SYNERGIES
DIGITAL INNOVATION
GLOBAL BUSINESS
RISK MANAGEMENT
018
020
022
024
027
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT Group Vision
& Strategy
Vision
The Group's vision, "Innovate Today, Create Tomorrow,” delivers its commitment to pro-
heritage from its parent bank, Daehan Cheonil Bank—established in the late Joseon
viding better value to customers by concentrating all resources and expertise as a mar-
period and meaning “The First Bank under the Sky”—and become the most trusted
ket leader on innovation for tomorrow to ensure better value for customers. The Group’s
financial group for customers. To that end, Woori Financial Group has defined its four
slogan, “The First Choice in Finance," embodies its determination to inherit the Group’s
core values as customers, trust, expertise, and innovation.
018
Despite challenging market conditions, Woori Financial group was
able to post strong performance in 2022. Under the 2022 manage-
ment goal of completing its framework to become a digital-based
comprehensive financial group, the Group surpassed its previous
year’s annual net income within the third quarter of 2022, with its
financial soundness ranking atop the industry. Its bold investments
and promotion of digital innovation and ESG management have also
boosted its brand value and reputation. In 2023, the Group set its
management goal of maintaining a competitive edge and enhancing
its corporate value. To attain this goal and to consolidate its market
position as a leading financial group, it plans to pursue seven strate-
gies that will be outlined in the following page.
VISION
Innovate Today, Create Tommorrow
Concentrating its resources and expertise as a market leader on
innovating for today to deliver greater value to customers tomorrow
SLOGAN
The First Choice in Finance
Inheriting a legacy of being the “First Bank under the Sky,” we are determined to become
the most trusted and respected financial institution for customers
CORE VALUE
CUSTOMERS
TRUST
EXPERTISE
INNOVATION
Woori thinks of its customers
Woori builds customer trust
Woori Financial Group has the
Woori shapes the future
and the community first.
based on principles.
expertise to lead the market.
through innovation.
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT 019
Woori Financial Group is pursuing the following seven strategies, firmly anchored in comprehensive risk management, to achieve robust and sustainable growth
2023 GROUP STRATEGY
01
Value-up of Business Core Competency
03
Expanding Customer-Centric
Digital Platform
06
Rising to the Top of the Industry’s
ESG Leadership Ladder
Group subsidiaries will upgrade their profit bases by growing their customer bases so as to im-
As it moves forward, Woori Financial Group will expand the customer base of its
The Group will also spur up its ESG performance outcomes. To that end, it will take
prove market positions in their respective industries. In the meantime, the Group will augment its
banking credit card apps while also reinforcing its financial platform competitiveness
the lead in ESG management with green businesses concerning climate change
business portfolios in securities and insurance, where high growth potential is expected, while
streamlining existing business lines, particularly asset management. In addition, it will maximize
Group-wide synergies by increasing these types of business activities and developing a joint
marketing system. Simultaneously, it will uncover a wide array of new business opportunities
from the convergence between finance and non-finance operations stemming from the in-
no-vation and financial deregulation measures that lifted the ban on the mingling of industrial
and financial capital.
so that it can get ahead of the pack in the digital innovation drive. At the same time,
and circular economy issues and upgrade its win-win management practices for
it is working on internalizing data and AI technology competitiveness and escalating
shared growth with stakeholders. In the meantime, the Group is supporting the
its expertise within its digital organization and its foundation of technology innovation
government’s ESG policies by scaling up its ESG finance size and scope while
through collaborations with startups.
continuing external communication efforts to promote ESG management.
02
Promoting Differentiated Future Growth
04
Responsiveness to Uncertainties
through Risk Management
07
Group System Level-up
The Group is set to elevate its asset management operations. This upgrade will be fa-
In addressing the macroeconomic uncertainties arising from interest rate hikes
Lastly, the Group will prioritize the acceleration of innovation in its organiza-
cilitated by achieving economies of scale through the strategic selection of products
and a worldwide economic slowdown, the Group will keep the pace of its asset
tional culture. This involves implementing strategic changes and advance-
offered by the asset management firms and strengthening group-level support systems.
Alongside, the Group plans to manage relationships with wealthy customers, and con-
currently develop innovative new business models. Included in this initiative is a focus
on enhancing the retirement pension business, aligning it with customer-driven asset
management trends to secure a competitive stance in the pension market. Within the
Corporate and Investment Banking (CIB) sector, there is an intent to adjust asset and rev-
enue structures to cater to changes in both domestic and international IB environments,
alongside expanding the Group's CIB collaboration. Globally, the strategy encompasses
increasing profits by customizing business strategies based on regional characteristics,
augmenting digital competitiveness in Southeast Asia, and bolstering global risk man-
agement capabilities.
growth under control as it also advances the quality of its asset portfolios. In
ments based on individuals' abilities and expertise, while simultaneously
ad-dition to preemptive management of the Group’s capital adequacy, it will fur-
fostering a more innovative and creative corporate culture to enhance work
ther tighten up the management of potential risks and upgrade the risk manage-
efficiency. Additionally, the Group is actively developing a comprehensive
ment system in preparation for the introduction of Basel III regulations.
education program to empower its workforce and strengthen their competen-
cies. Finally, the Group will persist in engaging in social contribution activities
through Group PR campaigns and sports marketing to further enhance its
brand value and reputation.
05
Fortifying the Internal Control System
The Group will upgrade its internal control management system by improving work
processes for preventing financial incidents, strengthening the internal control
inspection system, and enhancing the expertise of the compliance monitoring or-
ganization and personnel. Additionally, the Group will prioritize the enhancement of
management to improve convenience and protect the rights of financial consumers.
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT
Group-wide
Synergies
Since its establishment in January 2019, Woori Financial Group
2022 ACHIEVEMENTS
Enhanced Group-wide Synergies
Woori Financial Group celebrated its fourth anniversary in 2022. Throughout the year, all
14 subsidiaries worked together on 30 synergy projects and generated tangible results
from cross-selling and affiliate marketing campaigns. For the systematic addressing
of synergy issues and initiatives, different levels of meetings are convened according
New Opportunities Captured and Growth Base Established
The holding company’s role does not stop at merely providing support to the promotion
of Group-wide synergies. In fact, it fine-tunes the details to facilitate the implementation
of the unit tasks derived from the overseeing organization while also backstopping ex-
cellent projects developed at the sales organization level to be turned into Group-wide
initiatives.
to the importance of the agenda: subsidiary CEOs participate in the Group Business
As a result, a Group-wide collaboration network has been established for corporate
Growth Support Meeting; the Group Synergy Council consists of all the executives in
lending operations, with new Group synergy effects being created in the due diligence
charge of initiatives; and unit meetings are held in the presence of working-level staff of
work of banking operations. At the same time, the Group synergy base became consol-
has expanded the scope of its synergies through the successive
relevant projects.
incorporation of additional subsidiaries. To strengthen its position
as a comprehensive financial group, the Group has fostered in-
Furthermore, the Group Synergy Bulletin Board and Group Synergy Idea Competition
are instrumental in keeping employees active in synergy-creation activities and explor-
idated upon a joint marketing system being completed, thus enabling interactive com-
munication and stronger performance management with respect to inter-affiliate joint
marketing efforts.
ter-subsidiary collaborations across various business areas, lever-
ing new business opportunities. These synergy systems have helped foster profit-gen-
The Group has maximized its performance results on the back of synergistic strategies
020
aging these synergies to create new business opportunities. This
approach has advanced its financial services and maximized profits.
The Synergy Council, consisting of the holding company and all 15
subsidiaries, leads the way in Group-wide collaborations and com-
munication, effectively generating tangible and practical synergy
effects.
erating models that focus on the Group’s core businesses.
and projects, which were led by its flagship subsidiaries—Woori Bank, Woori Card,
Woori Investment Bank, and Woori Financial Capital. Close communication and mutual
understanding among subsidiaries have helped enhance the driving force behind the
Group’s collaborations and affiliate projects.
15
subsidiaries
Woori Bank
Woori Card
Woori Financial Capital
Woori Investment Bank
Woori Asset Trust
Woori Savings Bank
Woori Financial F&I
Woori Asset Management
Woori Venture Partners
Woori Global Asset Management
Woori Private Equity Asset Management
Woori Credit Information
Woori Fund Services
Woori FIS
Woori Finance Research Institute
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT Existing Subsidiaries (as of Jan. 11, 2019)
Mar. 2023
Sustainable Growth
021
Newly acquired and established non-bank subsidiaries
Continued efforts to grow the non-banking sector
2019
2020
2022
2023
SECURITIES
LIFE
INSURANCE
PROPERTY
INSURANCE
Expand existing industries simultaneously
GROUP-WIDE SYNERGY PLAN
As part of this effort to strengthen the Group’s position as a comprehensive financial group,
The Group is now poised to bring this about through inter-affiliate collaboration efforts so
In 2023, Woori Financial Group will support its subsidiaries as they heighten their sales
competencies so that they can all maximize the synergistic effects.
The Group will also increase its support to subsidiaries in developing business strat-
egies, selecting and systematically managing key sales projects. In addition, it will
establish an organic collaboration system to concentrate synergies between key sales
organizations of subsidiaries and between newly incorporated subsidiaries and existing
peers, thereby further increasing performance-based compensation.
Woori Venture Partners will receive all-out support at the Group-wide level as a new subsidiary
as to raise the market share of both the banking and non-banking sectors for sustainable
so that it can solidify its position within the Group and more effectively raise its market position.
growth.
Currently, without securities firms or insurance companies under its umbrella, Woori
Any acquisition procedures will only proceed forward when they are certain to increase
Financial Group is determined to bring them in through future mergers and acquisitions.
the corporate and shareholder value of Woori Financial Group. Additional M&A oppor-
The Group envisions utilizing these M&As to further strengthen its corporate subsid-
tunities in the businesses of existing subsidiaries are also open for consideration if it is
iaries by incorporating entities in the securities and insurance sectors. This strategic
deemed necessary to strengthen their competitiveness and provide a chance for them
approach aims to establish Woori Financial Group as Korea's most successful compre-
to climb up the market ranking ladder.
hensive financial group.
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT Digital
Innovation
2022 ACHIEVEMENTS
Enhancing Data/AI Competitiveness
In February 2022, the Group appointed an external expert as its chief digital officer
In January 2022, Woori Bank became the first Korean financial institution to introduce
(CDO). It then established and pushed a Group-wide digital strategy that focuses on
a mobile driver’s license using DID (decentralized identity) technology, the first govern-
boosting the number of monthly active users (MAUs) of its main platforms, building a
ment-linked financial institution blockchain. This allowed the Group to preempt the digi-
highly personalized data infrastructure, establishing a large-scale AI infrastructure, and
tal-based business as a first mover and use it for financial transactions. In addition, Woori
enhancing the development and management of digital experts.
Financial Group is also working on an industry-first integrated customer data platform
022
The shift in financial consumption patterns—from visiting physical
Reinforcing Group Platform Competencies
branches to using virtual channels—has expedited digital transfor-
Group platform competencies have been significantly enhanced, mainly through dig-
mation efforts in the financial sector. Every market player is now ap-
plying multifaceted steps towards digital transformation recognizing
the significance of the digital landscape.
Woori Financial Group set its strategic direction for Group-wide dig-
ital transformation at strengthening its customer-centered platform
ital-oriented, fundamental improvements, which included personalized marketing and
digital product lineups. As a result, the combined MAUs of the Woori Bank and Woori
Card apps surpassed the 10 million milestone by the end of 2022. On top of that, the
Group serves its corporate clients with customized financial products through its WON
Biz Plaza, which was launched in September 2022, and is Korea’s first digital platform
dedicated to financial management on corporate supply chains. Also, the Group is
and pursuing new businesses and technologies under a first-mover
working on developing and constructing the strategies and systems required to make
strategy. In line with this goal, the Group is working hard to become
its banking app a universal banking app that can go into service in 2024.
the No. 1 customer-oriented digital finance platform provider.
based on its analysis of real-time offerings and the completion of development of its per-
sonalized marketing tools. Furthermore, Woori Financial Group is one of the leaders in the
generative AI model market, such as ChatGPT, as it is developing a finance-specialized
language model in partnership with LG AI Research's super-giant AI "EXAONE."
In November 2022, the Data Intelligence Planning Department was created to simulta-
neously serve the holding company and Woori Bank, establishing a Group-wide data/
innovative technology governance and implementation system. Each subsidiary is
urged to upgrade its competencies to realize a Group-wide standard and integrated
data/AI competencies. Building the infrastructure that is so critical for Group-wide data
sharing/integration and scaling up the affiliation within and outside the Group will gen-
erate tangible outcomes from a high-quality data and system integration environment.
Growing Digital Experts’ HRD and HRM
Woori Financial Group has developed its career development program (CDP) guidelines
and digital competency assessment criteria for the Group-wide systematic and integrat-
ed management of the digital workforce and their competency-building. In particular,
Woori Bank set up a designated team to further its bank-wide integrated digital marketing
approach.
MAUs of Digital Channels
Woori WON Banking
Woori WON Card
over 10 million users
(As of the end of 2022)
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT In 2023, one of the important goals set by Woori Financial Group is to ensure the integrity of the Group platform, discover new business opportunities, and standardize and integrate
the Group's data/AI competencies. Aligned with this goal, the Group will pursue the following five key initiatives to take the lead in its full-scale digital innovation.
DIGITAL STRATEGIES FOR 2023
023
01
Quantitative/Qualitative Growth of
Group's Flagship Digital Platform
First, the Group is simultaneously promoting the quantitative and
qualitative growth of its flagship platform to exceed 15 million
MAUs at the Group-wide level so that it can complete its traf-
fic-centered Platform 2.0. This, in turn, will allow for the transition
to a value-creating Platform 3.0 by establishing the following
platform base that contributes to attracting new customers and
generating profits.
02
Seamless Integration for
Customer-Centric Financial Platform
Second, in a bid to offer the right financial platform that custom-
ers need, Woori Financial Group is currently working to open a
universal banking app in 2024 that will seamlessly incorporate
the core services of Group subsidiaries on the bank’s flagship
app, Woori WON Banking, which will also serve as the Group’s
flagship platform, offering comprehensive services that range
from the financial to the non-financial.
04
Proactive Response to Innovation and
Regulatory Reforms for Future Growth
Fourth, to ensure future growth engines, the Group will discover new
industry opportunities that are free from compliance issues by pre-
emptively responding to innovative technologies and the continuous
monitoring of financial regulatory innovations. At the same time, it will
increase its search for external growth opportunities through practical
collaboration cases, such as strategic partnerships with tech firms
that show potential technological prowess and investment value.
05
Strengthening Group-wide
Digital Talent
Finally, the main channel shift to digital has made a highly skilled dig-
ital workforce the key success factor in the immediate future. There-
fore, the Group is developing an integrated management systems
guideline which will include flexibly hiring external digital experts, fos-
tering new professionals to heighten digital core competencies, and
creating a digital career development path for digital job duty analysis
and management. Down the road, this will ultimately be promoted to a
Group-wide integrated management system for the digital workforce.
03
Establishing Data/AI Governance and
Driving Mega Value
Third, the Group will create mega value through upward standardization and
integration of its Group-wide data/AI competencies by establishing Group-
wide data/AI governance and the necessary infrastructure. This will give the
Group a differentiated competitive edge in the data/AI market by constructing
a customer data platform and Hyper-Scale AI-based “AI Banker“ service.
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT
024
Global
Business
Total Assets
(As of the end of 2022)
USD 38.4 billion
Operating Revenue
(As of 2022)
USD 853 million
Overseas subsidiaries
Overseas branches
Representative offices
Woori Financial Group has expanded its presence in the high-profit and high-growth South Asian market, strengthened its digital channels, enhanced risk management, and established a
global footprint in 24 countries across 569 locations.
Woori America Bank
AO Woori Bank (Russia)
Woori Bank China Limited
London
Poland
Hungary
Tutu Finance-WCI Myanmar
Woori Finance Myanmar
WB Finance Co., Ltd.(Cambodia)
New York
Los Angeles
Woori Bank
Europe Gmbh
(Germany)
Banco Woori Bank
do Brazil S.A.
Bahrain
UAE
India
Bangladesh
Yangon
Malaysia
Singapore
Woori Global Markets Asia
Limited (Hong Kong)
Seoul
Japan
Woori Wealth Development
Bank (Philippines)
Woori Bank Vietnam
Limited
PT Bank Woori Saudara
Indonesia
Sydney
569
Total Networks
(in 24 countries)
13
Overseas
Subsidiaries
14
Overseas
Branches
8
Overseas
Sub-branches
6
Representative
Offices
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT 2022 ACHIEVEMENTS
Expanding Global Networks as Sustainable Growth Drivers
Increasing Import/Export Financing
Key FOREX Performance Results
Woori Bank was the first Korean bank to open an overseas branch, which it did in Tokyo
In order to build up import and export finance support, Woori Bank adopted new prod-
Import/Export
(Unit: USD billion)
025
in November 1968. Since then, the bank has constantly broadened its global network.
ucts, including the Import/Export Finance Package for Excellent Companies, and im-
In fact, it achieved another first as a Korean bank in 2014 when it acquired a listed bank
proved its non-insurance guarantee system to boost the number of corporate clients for
overseas and launched Bank Woori Saudara in Indonesia. In 2016, it then acquired a
its trade finance services. The bank also supported on-site inspections at companies in
savings bank in the Philippines, and has since worked on synergies with its partner
the aerospace/defense industries to strengthen the marketing of these national growth
company, Vicsal Development Group. Not long after this, in 2018, Woori Bank Europe
industries.
4
5
5
4
.
3
9
3
5
.
3
1
6
6
.
GmbH commenced operations in Germany, and in 2021 the bank’s Cambodian sub-
sidiary converted into a commercial bank, bringing the bank’s global network to 464
offices by the end of 2022.
In addition, Woori Bank is building solid partnerships and collaborative ties with lead-
ing global banks. Through the stable management of its credit lines, the bank supplies
financial support to Korean companies and local companies in overseas markets as it
also facilitates import and export transactions between international companies with
its trade finance techniques in L/C transactions, purchased foreign exchange, banker’s
usance, and payment guarantees.
While simultaneously carrying out its capital increase and substantial growth cen-
tered on high-yield quality assets, the bank has implemented a two-way strategy in
Heightening Compliance & Internal Controls
Post-pandemic volatility led to risks abounding in global financial markets. In response,
2020
2021
2022
Woori Bank preemptively tightened up its asset quality control to minimize its non-per-
forming loans (NPLs). All related departments at the headquarters jointly operate the
Working-level Council to share major issues requiring countermeasures and checks for
Remittance
any possible support or resources available at the headquarters level to enhance their
global compliance capabilities. Additionally, the bank also provides its compliance per-
sonnel with outsourced education programs to help them develop job expertise.
2
8
8
7
.
1
9
3
0
.
1
4
3
0
.
2020
2021
2022
YoY
+15.7%
(Unit: USD billion)
YoY
+49.5%
embracing global markets. Whereas it strategically localizes its marketing approach to
Upgrading Digital FOREX Products/Services
emerging markets by bolstering its retail banking product lineups targeting local retail
customers, it focuses on reinforcing corporate finance competencies, such as IB and
foreign exchange, in developed markets.
In 2022, Woori Bank upgraded the convenience in the entire process of online out-
bound remittance and foreign currency deposits to enhance the business infrastructure
of its retail FOREX products/services. It installed unmanned currency exchange ATMs
at Incheon International Airport and virtual channels for foreign exchange declaration
Fortifying the Bank’s Global Digital Banking Infrastructure
In coping with global financial market changes, as well as to take the lead in global fi-
nancial market trends, Woori Bank continues to heighten its digital channel competitive-
ness. Today, its key retail banking subsidiaries in Southeast Asia—Vietnam, Indonesia,
and Cambodia—are developing diverse digital banking products tailored to local market
demand. At the same time, these local subsidiaries continue to enhance their conve-
nience with their digital channels by introducing affiliate services with market-leading
local fintech firms, corporate digital finance services, and new life-embedded services,
including recharge and payments with e-wallets.
while also upgrading its authentication processes. Furthermore, the bank institutional-
F/C Exchange
(Unit: USD billion)
ized an on-site due diligence regulation for first transactions of import/export remittanc-
es to expand its marketing opportunities and attract new regular clients. At the same
time, it advanced the filtering and computer control systems for crypto asset trading
exchanges and for counterpart banks to establish a preventive process and internal
control of abnormal overseas remittances.
2
0
.
1
5
.
0
9
.
2020
2021
2022
Note) 2022 net income attributable to controlling interest
YoY
+118.4%
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT 026
GLOBAL STRATEGIES FOR 2023
01
Core Competency-Building and
Digital Innovation
02
Increasing Trade Finance Support to
SMEs and to New Growth Sectors
04
System Upgrades to Provide Greater
Customer Convenience
In the high-growth, high-profit Southeast Asian markets, local subsidiaries will
Woori Bank is developing big data-based product marketing strategies cus-
Woori Bank is planning to upgrade its Woori Global Banking app for foreign
increase their marketing to local customers by broadening their retail products
tomized to the particular needs of profit-generating SME and ME exporters.
customers, with increased language support aimed at making the digital plat-
and regional sales force to meet local demands as well as by upgrading their
For instance, the bank has already launched a usance remittance service to
form more convenient for foreign customers. Furthermore, the bank is devel-
digital platforms. And while small-sized local subsidiaries will improve their as-
timely finance importer corporate clients. While expanding its direct import/
oping a solution to adapt to the new platform for external payment settlements
sets through capital increases and further entry into growth potential markets,
export marketing campaigns on key new growth sector businesses, such as
and text message exchanges by converting its MT-based SWIFT message
overseas branches will concentrate their marketing resources not only on ex-
in defense, pharma-bio, rechargeable batteries, gaming, and IT (platform), the
into an MX-based format. It is also broadening its service coverage on digital
panding transactions with local branches’ corporate clients and trading firms
bank also has plans to set up a special program to help working-level staff of
channels by establishing a virtual process for F/C payment guarantees.
but also on boosting their ability to make significant IB deals. On top of that,
corporate clients build their capabilities in import/export businesses.
the bank plans to make intensive investments centered on building IT infra-
structure in high-growth markets to fortify its digital channel competitiveness.
Woori Bank is also exploring a wide range of options for entry into new local
markets, such as M&As, equity investments, or strategic alliances with local
internet-only banks. Its channel efficiency drive will remain on course, as it
currently plans to close and integrate more branches to achieve profitability.
For Korean employees, they will receive intensive training before they leave for
03
Strengthening the Competitiveness of
FOREX Platforms
05
Solid Risk Management & Internal Controls
their assigned overseas offices, which will also hire local employees for local-
In 2023, Woori Bank will reinforce its FOREX platform competencies. To begin,
In the aftermath of the pandemic, the bank has been preemptively managing
ized marketing activities.
it launched the Woori WING outbound remittance service through a business
its asset quality to prevent insolvencies on the part of its corporate clients
alliance with Cambodia’s WING Bank for real-time, small-amount outbound
while also upgrading its internal control systems, including those related to
remittances. In addition, the bank is constantly taking its FOREX retail platform
anti-money laundering and operational risks. At the same time, Woori Bank
competitiveness to new heights with various services: a payment platform
has become the first Korean commercial bank to institutionalize an on-site
for overseas payments based on an F/C exchange purse service; a digital F/
due diligence regulation on businesses prior to their first import/export trans-
C deposit service that is linked to securities firms to keep up with the growing
actions, which will help the bank establish a genuine and legitimate FOREX
trend of overseas investments by retail investors; a digital F/C deposit service
sales practice in the long run. The bank is also building up its internal controls
in alliance with airlines to serve the growing demand of overseas travelers; an
through a scoring system for risk assessment of corporate clients’ remittances,
increase in the outbound remittance service coverage to promote affordable
systematizing the data management process as it monitors all these activities
and swift small-amount remittance services; and an enhanced FOREX retail
through the Working-Level Council for Preventing Abnormal Transactions.
platform that is more competitive through affiliated remittance services in alli-
ance with global fintech firms.
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT
027
Risk
Management
2022 ACHIEVEMENTS
Woori Financial Group
Woori Bank
In 2022, the U.S. Fed aggressively raised its interest rates, with cen-
tral banks around the world following suit. Consequently, instability
In the second half of 2022, the Group implemented a Group-level risk management
Woori Bank upgraded its corporate early warning system and retail alternative credit
enhancement plan to strengthen its financial soundness and capital adequacy man-
rating model to constantly reduce potential risky loans and expanded credit monitor-
spread across financial markets across the globe, drawing down
agement. The plan consists of three key tasks: 1) slowing down the excessive asset
ing, such as conducting a special review of susceptible sectors in 2023. Due to the
economic growth worldwide. Potential credit risks were looming
growth rate of non-bank subsidiaries, whose clients are largely composed of marginal
post-pandemic effect, industries subject to expanded credit monitoring grew by 2.5%p
from falling asset values and surging interest payment burdens.
Against this backdrop, Woori Financial Group prioritized enhancing
its total loss-absorbing capacity (TLAC) and established the Group-
wide Crisis Response Council to keep its Group-wide risk manage-
ment under control.
customers; 2) limited handling of high-RWA, high-risk large-scale exposures (PI, PF,
from the previous year, consequently improving the quality of the bank’s loan portfolio.
and builder-guarantee trusts); and 3) absorbing the shocks from fluctuating foreign ex-
Then, in a bid to upgrade the customer asset management system, the bank strength-
change (F/X) rates, such as foreign currency (F/C) assets and derivatives. These tasks
ened the monitoring of non-deposit products and established a financial investment
were carried out under the supervision of the Group Crisis Response Council—a crisis
product risk management system. Furthermore, the Bank-wide Crisis Response Council
response organization attended by the Group’s chief risk officer (CRO). As a result, the
began looking into major issues, such as BIS ratio liquidity and real estate PF, and later
Group was able to tame the asset growth rate and proactively control high-risk assets
developed and implemented countermeasures.
and F/C assets, thereby partially absorbing the adverse impact of the BIS ratio stem-
ming from intensifying market volatility.
In 2022, Woori Financial Group was singled out as one of the “systematically important
financial institutions” under the Act on the Structural Improvement of the Financial In-
dustry, and subsequently submitted a government-mandated recovery plan. In prepa-
ration for the Basel III liquidity requirements, the Group has also completed its liquidity
coverage ratio (LCR) calculation system. Accordingly, all non-bank subsidiaries—Woori
Card, Woori Capital, Woori Financial Investment, and Woori Savings Bank—can obtain
and calculate their daily LCR data.
By the end of September 2022, Woori Financial Group had safely met all of the Finan-
cial Supervisory Service’s requirements, with its independent audit’s IFRS upgrade ratio
standing below 9% and its FX GAAP PSI ratio at less than 12%. The Group also partici-
pated in the FSS’s Internal Control Improvement Task Force Project. Under the program,
the Group developed internal control innovation tasks to prevent any potentially damag-
ing financial incidents and regain market confidence through such measures as tight-
ening controls over susceptible parts of its asset portfolio, enhancing internal control
capabilities, establishing a sound internal control culture, and augmenting its accident
prevention monitoring systems.
ㅍ
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT Risk Management Governance
The Group’s risk management organization comprises the holding company and sub-
sidiaries sharing authorities and functions. While each subsidiary independently oper-
ates risk management committees, the holding company’s risk management committee
is the highest decision-making body for the Group-wide risk management policies.
Board of Directors
CEO
Risk Management Committee
Risk Management Division
Group Risk Management Council
Risk Management Department
Risk Model Validation Department
028
GROUP-WIDE RISK MANAGEMENT STRATEGIES
In the face of turbulent macroeconomic landscape, Woori Financial Group has set its goals to become more resilient to
crises. reflecting in our strategic goals to : 1) Building a solid crisis-resilient portfolio, 2) Prioritizing capital adequacy and
liquidity management, 3) Managing credit risk of vulnerable sectors, and 4) Upgrading the Group risk management system
01
Building a Solid Crisis-Resilient
Portfolio
03
Manage Credit Risk of Vulnerable
Sectors
First, in order to build a crisis-resistant Group portfolio, it will improve the quality
Third, the Group will manage credit risks in vulnerable sectors. The deterio-
of the Group portfolio so that it will remain unswayed by any significant shifts in
rating macro indicators in 2022 can develop into deteriorating the real econ-
the financial paradigm. Departing from a short-sighted performance-driven ap-
omy in 2023, giving rise to concerns over surging insolvencies. The Group
proach, the Group will also tightly distribute the risk limits and controls to avoid
will strive to cut the potential insolvency of marginal borrowers at source
any short-term performance-driven business activities.
through measures such as intensive monitoring of marginal borrowers and
tighter management of a potential insolvency monitoring system. In addition,
the Group will prudently handle and manage high-risk assets, such as PIs
and PFs, to minimize the potential adverse impact on its asset quality.
02
Prioritizing Capital Adequacy and
Liquidity Management
04
Upgrading the Group Risk
Management System
Second, capital adequacy and liquidity management will remain at the top
Fourth, the Group risk management system will be upgraded. In preparation
of the risk management priority list. Until financial markets are stabilized, the
for a series of new regulations, including the Basel III final reform package
Group will focus on maintaining capital adequacy through a prudent asset
(market/operational risks) and those related to climate risks, the Group will
growth strategy centered on low-risk assets while also minimizing its asset
preemptively uncover potential risk factors and take appropriate counter-
growth. In preparation for intensifying competition in funding markets, the
measures as it proactively meets the new requirements.
Group will upgrade the Group liquidity risk management system and preemp-
tively secure liquidity sources to augment its funding capacity.
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT
RISK MANAGEMENT STRATEGIES FOR 2023 : WOORI BANK
Woori Bank’s risk management goal is centered around comprehensive risk management to ensure robust preparedness against crises.
In order to achieve this goal, the bank will be diligently advancing the following four strategies :
029
01
Preemptive management of potential insol-
vency risks
03
Strategic response to risk regulations
At the same time, Woori Bank will establish a bank-wide legal compliance cul-
ture that is based on improved accident prevention programs and customized
inspection systems.
First, it will preemptively manage potential insolvency risks. In particular, the
Third, it will strategically respond to risk regulations. As a result, the bank will
bank will tighten up its credit risk management of the vulnerable sectors in its
strategically manage its liquidity and interest rate risk indicators to optimize
retail and corporate assets. In dealing with post-pandemic economic uncer-
its assets and liabilities at each interest rate level. Further to that, it will bolster
tainties, the bank is also optimizing its loan portfolio and improving its global
its market and operational risk management systems to safely introduce all
To begin, the bank will tighten up its program for preventing any unforeseeable
financial incidents. As it continues to implement the required tasks under the FSS’s
Internal Control Improvement TF Project, the bank will also check its implementa-
tion of accident prevention improvement tasks, revamp and stabilize the mandato-
and IB exposure management processes to reinforce its control over high-risk,
the new regulations while developing a suitable framework for measuring and
ry leave system, and systemize all accident prevention measures.
high-growth sectors.
managing its climate risks.
02
Risk management for capital adequacy
04
Risk management coverage expansion
Second, capital adequacy will be at the center of the bank’s risk management.
Fourth, risk management coverage will be expanded. As it reinforces its gov-
Second, in order to establish a customized monitoring system, the bank will
advance the inspection method at the department and division levels. While
strengthening the inspection of the DT/IT departments at the bank’s headquarters,
the bank will use RPA and AI technology to enhance the efficiency of monitoring
the sales network. On top of that, anti-money laundering (AML) procedures and
functions will be upgraded to establish advanced AML practices within the bank.
It will also improve its global legal compliance monitoring system to conduct joint
due diligence on the global network as well as to reinforce cross-border AML sys-
As such, it will refine the calculation criteria and standardize the analysis and
ernance of operational risk management to enhance its management system,
tem verification.
monitoring system for methodical management of risk-weighted assets while
the bank will also establish a well-organized controlling structure. Additionally,
Finally, the bank will establish a more robust legal compliance culture. As part of
also building and managing its positions to minimize its market sensitivity.
it plans to heighten the risk management related to IT and outsourcing proj-
this effort, it will re-establish a legal compliance reporting and management system
Moreover, to achieve appropriate growth, it will effectively distribute and timely
ects to refine its digital finance risk management system. By upgrading its
manage its internal risk-weighted capital.
customer investment product risk management, the bank will enhance its risk
management capacity, including its asset allocation strategy.
that includes a compliance program and legal procedures management system.
Also, the bank plans to introduce a training curriculum for compliance monitoring,
add a financial law training course to its law school curriculum, and is even consid-
ering a mandatory internal training course on internal controls customized to job
ranks and duties.
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT 030
04
BUSINESS
REPORT
GROUP BUSINESS PORTFOLIO
WOORI BANK
WOORI CARD
WOORI FINANCIAL CAPITAL
WOORI INVESTMENT BANK
WOORI ASSET TRUST
WOORI SAVINGS BANK
WOORI FINANCIAL F&I
WOORI ASSET MANAGEMENT
WOORI VENTURE PARTNERS
WOORI GLOBAL ASSET MANAGEMENT
WOORI PRIVATE EQUITY ASSET MANAGEMENT
WOORI CREDIT INFORMATION
WOORI FUND SERVICES
WOORI FIS
WOORI FINANCE RESEARCH INSTITUTE
031
032
041
043
044
045
046
047
048
049
050
051
052
053
054
055
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT Group Business
Portfolio
Since the launch of its holding company in 2019, Woori Financial
Group has continued to expand its non-bank business portfolio
through back-to-back mergers and acquisitions of Woori Asset
Management, Woori Global Asset Management, Woori Asset Trust,
Woori Financial Capital, and Woori Savings Bank.
In January 2022, the Group invested KRW 200 billion capital and launched
Woori Financial F&I, an NPL investment subsidiary. After a preliminary review
for acquisition of a venture capital (VC) company, the Group selected Daol
Investment as its new acquisition target. As Korea’s first-generation VC, Daol
Woori Savings Bank
Investment was operating the market’s fifth-largest VC AUM before the acqui-
sition. In December 2022, Woori Financial Group’s board of directors approved
the acquisition proposal, with the subsequent legal procedures quickly gaining
momentum and moving forward. In February 2023, the Group signed a share
purchase agreement with Daol Investment & Securities to acquire a 52% stake
in Daol Investment. As soon as the deal closed in March 2023, Daol Investment
Woori Financial F&I
Woori Asset Management
became the 15th subsidiary of Woori Financial Group and now operates under
Woori Venture Partners
its new name, Woori Venture Partners.
2022 Synergy Milestones
Jan. 7. 2022
Woori Financial F&I launched
Dec. 16. 2022
BOD approved the proposal of acquiring
Daol Investment
Feb. 27. 2023
Signed a stock purchase agreement to
acquire a stake in Daol Investment
Mar. 23. 2023
Incorporated into the Group under the new
Woori Global Asset Management
Woori Private Equity Asset Management
Woori Credit Information
Woori Fund Services
Woori FIS
name Woori Venture Partners
Woori Finance Research Institute
Woori Bank
Woori Card
Woori Financial Capital
Woori Investment Bank
100%
100%
100%
58.7%
Korea BTL Infrastructure Fund
Woori America Bank
Woori Bank China Limited
PT Bank Woori Saudara Indonesia
AO Woori Bank (Russia)
Banco Woori Bank do Brazil S.A.
Woori Global Markets Asia Limited (Hong Kong)
Woori Bank Vietnam Limited
Woori Asset Trust
72.27%
Woori Wealth Development Bank (Philippines)
031
99.88%
100%
100%
84.20%
100%
100%
100%
100%
51%
100%
100%
100%
84.51%
100%
100%
33.33%
5%
0.47%
19.61%
6.05%*
15
20
(As of Mar. 2023)
Woori Finance Myanmar
Woori Bank Cambodia PLC
Woori Bank Europe Gmbh (Germany)
Woori Finance Indonesia Tbk
Tutu Finance-WCI Myanmar
Woori Venure Partners US
KTB NHN China Private Equity Fund
KTBN GI Private Equity Fund
Arden Woori Apparel 1st Private Equity Fund
Woori-Dino No.1 PEF
Green ESG Growth No.1 Private Equity Fund
*30.26%(including shares held by Group Companies)
First-level Subsidiary
Second-level Subsidiary
100%
100%
73.0%
52%
100%
100%
100%
100%
100%
100%
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT
Woori Bank
www.wooribank.com
Retail Banking
2022 ACHIEVEMENTS
Plan pegged its interest rates to fluctuating market base rates, which kept rising at an
abrupt pace over the past year. As consumers could take full advantage of the ever-ris-
ing interest rates at a secured pace with that product, the savings plan had made KRW
21 trillion in sales by the end of 2022. Given that it was launched in July 2022, this was
Digital Marketing Aimed at Expanding the Customer Base
a remarkable sales record in just a six-month period.
032
Founded in 1899, Woori Bank stands as Korea's pioneering domestic
in-person marketing and sales activities at branches, the bank switched its marketing
commercial bank. Throughout its history, Woori Bank has weathered a
base to its WON Banking mobile app and engaged in online retail marketing strategies.
2023 PLANS
Headquarters-Led Digital Marketing to Attract New Customers
As a result, retail customers found it easier to access Woori Bank’s extensive content
In order to secure new customers, the bank’s future growth drivers, Woori Bank estab-
Woori Bank’s retail customer base grew by 390,000 people from the previous year
to reach 24.53 million in 2022. With the prolonged pandemic essentially cutting off
number of turbulent periods, such as the Japanese colonial era, the Kore-
an War, and the 1997 Asian financial crisis, thanks in large measure to the
unwavering support of its dedicated customers. In the current landscape,
which is marked by heightened volatility in financial markets and intense
competition in the realm of financial platforms, Woori Bank is committed
to the implementation of customer-centric business practices. Its central
aim is to bring forth innovative financial services that seamlessly con-
and financial products on the virtual platform.
Woori Bank has been channeling its bank-wide resources into becoming the No. 1
financial platform company. These efforts paid off when its WON Banking mobile app
reached 7.19 million MAUs as of 2022. This marked an impressive increase of 1.55 mil-
lion MAUs, or 27.5%, from 5.64 million at the end of 2021. To further promote use of the
app, the bank launched new services, such as a retail loan interest rate inquiry service,
a stock trading service, and a one-stop affiliate loan service. The bank also mounted a
nect with all aspects of its customers' lives. Looking ahead, Woori Bank
number of different events and marketing campaigns to attract more customers to its
will continue to prioritize customer satisfaction as their bank of choice,
services, including an event called “Salary Up for Employees.”
attentively listening to their needs, and remaining attuned to the evolving
Through its consistent efforts to understand market needs based on its powerful mobile
market landscape as it strives to foster mutual growth.
platform, Woori Bank’s financial products were well received by the market, with some
of them even taking home industry-linked prizes. For example, the WON Plus Savings
lished a strategy that takes full advantage of its marketing channels. As such, the head-
quarters will control the bank-wide digital marketing campaign to attract new custom-
ers, while retention and expansion of transactions with existing customers will be led by
branches and concierge channels.
Strengthening Content-Based Marketing
Woori Bank established a strategy to utilize new non-financial services, such as cultural
content, to attract customers through the WON Banking platform. In fact, the bank has
set up its own cultural content called WON THE WORD, which will host mega-size con-
certs and musical performances targeting Gen MZers. At the same time, the bank plans
on running seasonal events based on its LCK sponsorship and affiliate marketing with
the Woori Bank Cup LOL League competition.
No. of Retail Banking Customers
(Unit: 1,000 persons)
Total Retail Banking Deposits
(Unit: KRW trillion)
Total Retail Banking Loans
(Unit: KRW trillion)
,
2
3
8
3
5
,
2
4
1
4
5
,
2
4
5
3
3
1
0
9
4
.
1
1
3
6
.
1
2
4
7
.
1
3
1
6
.
1
3
9
9
.
1
3
5
0
.
YoY
+388(+1.6%)
+11.1(+9.8%)
YoY
YoY
△4.9(△3.5%)
2020
2021
2022
2020
2021
2022
2020
2021
2022
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT 033
Corporate & Institutional Banking
Corporate Banking
2022 ACHIEVEMENTS
2023 PLANS
In 2022, Woori Bank broadened its corporate banking operations. The bank tapped into
In 2023, Woori Bank Corporate Banking Group will strive to achieve excellent results
the captive network of its large-corporate clients to reach their employees and partner
befitting its reputation as a leading financial institution by providing financial products
companies as it actively sought out CIB/global and DT, as well as cross-industry alli-
and services tailored to the needs of the market and customers, thereby dramatically
ances to expand its corporate client base. It also unearthed new funding needs for large
increasing both its asset portfolio and its profits.
corporations and MEs and achieved significant growth both qualitatively and quantita-
tively, while preemptively managing potential non-performing assets to enhance asset
soundness. As a result, its total asset size grew by KRW 4.7 trillion, or 3.6%, over the
previous year to reach KRW 135.2 trillion, with a record-high net operating revenue of
KRW 933.2 billion, a whopping growth of KRW 292.1 billion, or 45.6%, over the previ-
ous year. Specifically, its net interest income showed strong growth, jumping 74.6% to
First, it will increase loans to outstanding corporate clients to assist their growth and act
as a stepping stone for the development of the Korean economy.
Second, it will provide financial products that cater to specific customer needs, such as
foreign exchange/derivatives, electronic finance, and retirement pensions, while also
carrying out customer-centric business activities.
reach KRW 706.9 billion by the end of 2022.
Third, it will tap into its captive network of large corporate clients to conduct total mar-
keting initiatives targeted at their employees and SME partners by offering a range of
financial solutions.
Institutional Banking
2022 ACHIEVEMENTS
Finally, it will continue its efforts in contributing to establishing ESG management prac-
Woori Bank is actively expanding its transactions with governmental agencies, local gov-
tices among large corporations. Recently, ESG management has become the new norm
ernments, and major public institutions. It has established itself as a locally engaged fi-
at top businesses. Woori Bank will support corporate clients with their ESG efforts by
nancial institution through various social contribution projects for the development of local
signing ESG agreements with large corporate clients.
communities where it operates. Since March 2018, it has been the primary bank for the
This is one way that Woori Bank serves its social responsibility and continues to build
new cases ensuring win-win growth for both the bank and customers alike.
Corporate Clients’ Transactions and Net Operating Profit
Total Deposits/Loans
(Unit: KRW billion)
Net Operating Profit
(Unit: KRW billion)
1
3
0
5
2
1
,
1
3
5
2
2
1
,
1
1
8
6
1
2
,
+4,700(+3.6%)
YoY
9
3
3
6
4
1
5
5
4
+292(+45.6%)
YoY
2020
2021
2022
2020
2021
2022
National Pension Service Fund (NPSF), one of the world’s top three pension funds. In fact,
its AUM amounts to KRW 938.3 trillion. In 2022, Woori Bank succeeded in retaining the
primary bank contract with the NPSF. That same year, it also offered institutional banking
services as the primary bank for 107 out of 350 public institutions, as designated by the
Ministry of Economy and Finance. As of FY 2022, Woori Bank was conducting transac-
tions with over 5,000 institutions, with a total AUM amounting to KRW 29.6 trillion.
Today, Woori Bank operates a professional team of system operations specialists under
its Institutional Public Funds Customer Department, providing best-in-class financial
solutions to carry out governmental and public institutions' policies and projects. In
2022, the bank supported a number of government policy-related projects, such as
the jobseeker allowances program for the Ministry of Employment and Labor, while
also serving as the primary bank for emergency job security grant payments and the
integrated Ezbaro Bank of the National Research Foundation of Korea. Leveraging its
expertise in differentiated cash management systems, the bank entered into MOUs
with several institutions, including Sports Toto and the SME Corporate Pension Fund,
proving its successful function as a specialized bank for a wide range of institutions.
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT Woori Bank’s Institutional Banking Group began as a national bank in 1915 and has since
become the undisputed top local government bank in Korea. Going beyond mere budget
management, it also serves as a partner for key regional development projects. In partic-
ular, its distinctive fund management system know-how has established entry barriers to
becoming a primary bank for institutions in Korea. In 2022, despite aggressive bidding by
contenders for the Seoul Metropolitan government’s vault bank, Woori Bank successfully
landed the vault bank service for Seoul’s 14 district offices, reaffirming its unparalleled
market position as a bank with the world’s very best vault computer system.
SME Banking
2022 ACHIEVEMENTS
As of the end of 2022, Woori Bank was serving 1.93 million SME customers, including
SOHOs and SMEs, and handling a total of KRW 118.1 trillion in loans and KRW 77.3
trillion in deposits. Its total assets grew by KRW 7.1 trillion from the previous year, and
were mainly centered on high-profit blue-chip companies. By strategically expanding
loans to prime SME borrowers and preemptively reducing potential NPLs worth KRW 1.2
Pioneering New SME Markets
In June 2022, Woori Bank successfully launched the International Air Transport Asso-
ciation (IATA) clearing bank service, tapping into affiliate member companies for main
banking partnerships. In September 2022, it became the first Korean bank to open a
digital supply chain platform, WON Biz Plaza, encompassing all SME financing support
and digital transportation through an e-procurement process, as well as financial and
business support services via corporate internet banking services. As part of an MOU
with Seoul Guarantee Insurance, the bank also launched the Woori SGI Agreement
Working Capital Loan, which utilizes non-financial data from the WON Biz Plaza plat-
2023 PLANS
The year 2023 is expected to present significant challenges for financial institutions,
primarily due to the absence of the favorable impact of interest rate hikes that con-
trillion, the bank’s prime asset ratio stood at 86.7%. New loans increased to businesses
in the Green New Deal Project and energy industry, as did microfinance loans to small
form.
business owners. In total, the bank provided KRW 3.1 trillion in new funds as part of the
tributed to banks' profitability in 2022. As the global tapering process takes effect this
Korean New Deal and ESG financing.
Leading the Digital Corporate Finance Market
034
year, following the quantitative easing measures implemented during the pandemic,
financial institutions are likely to encounter increased difficulties. In response to these
circumstances, Woori Bank, as the leading bank in Korea with a substantial number of
Tightening the Safety Net for SMEs and SOHOs
institutional clients, has developed strategic plans to expand its liquidity provision to
institutions and local governments. Moreover, Woori Bank aims to enhance its digital
financial services to better serve an even greater number of public officials, ensuring an
optimal and convenient customer experience for their financial requirements.
To further its profitability, the bank will carry out a wide array of strategic operations,
such as bidding strategically for municipal treasury services, bidding for a court escrow
bank service, and engaging in strategic marketing campaigns to attract more institu-
tions, cooperatives, and associations.
Major Partners
Major Local Government Partners
14 District Offices in Seoul, and Gwangmyeong City
Major Ministry/Public Institution Partners
Ministry of Land, Infrastructure and Transport, Korea Disease Control & Preven-
tion Agency, Korea Post, National Pension Service, National Health Insurance
Service, Korea Housing Finance Corporation, Korea Land & Housing Corporation,
Seoul Housing and Communities Corporation, Korea Electric Power Corporation,
KOTRA, Korea Railroad Corporation, Korea Exchange, Korea Securities Deposi-
tory, Korea Public Finance Information Service, Korea Workers’ Compensation &
Welfare Service, Korea Transportation Safety Authority
To supply liquidity to SMEs and SOHOs suffering from the economic slowdown, Woori
Bank contributed a total of KRW 65.7 billion in special funds to the Korea Credit Guar-
antee Fund, Korea Technology Guarantee Fund, and regional credit guarantee foun-
dations, giving preferential guarantee fees and ratios to all recipients of the funds. The
In order to lead the digital corporate finance market, Woori Bank partnered with big
tech firms and launched new tailor-made products. One example of this was the Naver
Smart Place Loan, a digital secured loan for Naver Smart Place tenants. It also devel-
oped a stronger platform and service capabilities by renewing its corporate internet
banking platform and digital authentication services for corporate clients. To enhance
the marketing capabilities of its sales force, the bank also released the RM WON mobile
marketing app, an instrumental marketing tool for all branch managers, relationship
bank also lent a total of KRW 3.7 trillion in guarantee loans to the underfinanced, many
managers, and corporate service staff.
of whom lack decent valued collateral of any kind. In support of SOHOs faced with dif-
ficulties from the COVID-19 pandemic, the bank also set up and operated nine SOHO
Support Centers across the nation. The centers provided comprehensive financial
and non-financial consulting services, such as crisis management consulting on sales
recovery and online market entry, startup consulting on market research and startup
procedures, and financial consulting that includes policy finance.
Total SME Loans
(Unit: KRW trillion)
Prime Asset Ratio (SMEs)
(As of the end of 2022)
86.7%
9
7
9
.
1
1
0
5
.
1
1
8
1
.
No. of SOHO & SME Customers
(As of the end of 2022)
1.93million
2020
2021
2022
YoY
+7.6(+6.9%)
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT
035
Digital Banking
2022 ACHIEVEMENTS
A Customer-Oriented Financial Platform
In April 2022, the Woori WON Banking app redesigned its UX/UI, including a person-
alized home screen, and in November adopted a simpler sign-up process than before,
thereby enhancing the overall mobile banking customer experience. Its new life con-
venience features include Gifting (October), virtual assistant service(November), and
Pedometer (December). In addition, more participatory and game-play events were
launched to increase traffic on the app during this time as well. In particular, the new
Daily Walk Savings Plan, which was launched as part of the bank’s ESG initiative, was
linked to the Pedometer service and offers up to 11% interest rates to subscribers who
walk 10,000 steps or more every day, which made it an instant hit product.
At the same time, Woori Bank is broadening its platform business areas based on
cross-industry partnerships. In August 2022, the bank opened a stock trading service in
alliance with a securities firm, allowing app users to trade stocks without installing a sep-
arate mobile trading system. It is also seeking to expand customer touchpoints through
constant marketing and service partnerships with major platform players in Korea.
Responding to Government Policies and Win-Win Financing
Woori Bank conscientiously follows government policies and practices its social re-
sponsibility through win-win financial support to the underfinanced. New programs/
products will be launched, such as the Loan Principal Automatic Deduction Program
and the Safe Fixed-Rate Special Loan, to help relieve the financial burden of marginal
SMEs. Furthermore, the Woori Boss Blooming Savings Plan will offer high interest rates
for SOHO owners to assist them in building business funds to more effectively practice
win-win cooperation. Woori Bank will continue with practical and consistent financial
aid through its special contribution of KRW 68.7 billion to guarantor institutions for
In 2022, Woori Bank mobilized a number of bank-wide resources to maintain its status
guarantee fee exemption benefits to marginal SOHOs and a special reduction of delin-
as a customer-oriented top financial platform company. As a result, its Woori WON
quency interest payments for SMEs.
Support for ESG Efforts at SMEs
In 2023, Woori Bank started business consulting services for SMEs to aid them in es-
tablishing a sustainable business environment and ESG management systems. More
specifically, the Woori ESG self-check service assists SMEs to quickly diagnose their
E (environment), S (social), and G (governance) grades and preparedness level online.
Through partnerships with specialized consulting agencies, the bank also supports
SMEs with their ESG management introduction and strategy-building via the Woori
ESG consulting service. Further to that, new products will be released, including the
Woori ESG Practice Partner Company Win-Win Loan, as part of the bank’s participation
in the government’s ESG and win-win growth policies. At the same time, the bank will
lead the shared growth of large and small businesses as well as ESG management es-
tablishment.
Banking app drew one step closer to its vision when it achieved 7.32 million monthly
active users (MAU), an increase of 1.68 million, or 30%, from the previous year’s 5.64
million MAUs.
Woori WON Banking MAU
(Unit: thousand users)
,
7
3
1
6
,
5
1
9
0
,
5
6
4
5
2020
2021
2022
+1,671(+29.6%)
YoY
2023 PLANS
Expanding Support to New Growth Industries
In 2023, Woori Bank plans to increase its support for new growth industries so as to
create future growth drivers from industries displaying high technological prowess and
growth potential, and to strengthen its role as a corporate financier. On top of that, the
bank is setting up its New Growth Corporate Sales Divisions 1 and 2 as organizations
dedicated to discovering new growth companies. This is being done in a bid to induce
sales opportunities through hybrid support of investments and finance to new growth
companies while promoting network-based direct marketing, such as PE and VC. In ad-
dition, the bank will support companies with advanced technology that lack creditwor-
thiness through another new product, the Woori New Growth Engine Loan. It will also
become the first Korean commercial bank to adopt the Innovation Growth Intelligence
System (IGS) to assist branches in their target marketing activities with the data of new
growth companies who are benefitting from the government’s policy financing.
Reinforcing Asset Quality Management
Woori Bank’s COVID-19 Financial Relief Programs, which had deferred both principal and
interest payments, came to an end in September 2022. Inevitably, the possible insolvency
of some companies is growing, and the delinquency rate has increased due to the three
highs—high interest rates, high inflation, and high exchange rates. In response, Woori Bank is
stepping up its asset quality management with increased monitoring of borrowers in indus-
tries more likely to go insolvent, as well as borrowers who deferred any repayments under the
COVID-19 relief program. Any sign (event) of insolvency kicks in immediate organization of
response programs at related branch(es) to preemptively deal with the borrowers according
to their degree of insolvency (delinquency). The prime goal is to prevent the delinquency from
developing into insolvency through individualized soft-landing programs.
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT IT Workforce & Expertise Augmentation
To enhance its IT capabilities and internalize its IT development capacity, Woori Bank
2023 PLANS
A New Tech Standard Framework
036
expanded its existing program of dispatching bankers to the development departments
of Woori FIS. The bank recruited 46 volunteers through an internal company-wide re-
cruitment process and hired an additional 50 new employees on the condition that they
would be dispatched to the development departments of the information technology
outsourcing (ITO) affiliate. These personnel are currently involved in IT-related duties.
Once their dispatch service concludes, they will be assigned to Woori Bank’s IT/digital
planning departments. There, they can apply the development skills they have acquired
during their dispatch and develop into versatile talents with expertise in both finance
and IT. Furthermore, to enhance their capacity for swift, data-based decision-making
and assume a leading role in today’s rapidly changing financial markets, the bank en-
sures that its headquarters' workforce participates in data expert training programs.
These programs help them maintain the highest level of skills in data collection, analy-
sis, and utilization.
Work process innovation is also imperative to lead financial markets with speedy and
flexible IT development projects. Recognizing this, Woori Bank established a DevOps
system within the bank in 2022. Under the bank’s platform department responsible
for digital channels, three digital-oriented teams were created: Retail Digital, Corporate
Digital, and D&A Platform agile core teams (ACT). Woori FIS's development personnel
were invited to join these teams. By applying the Agile development methodology, the
ACT teams are highly expected to bring about process innovation that will maximize
collaboration efforts between the bank’s business operations and IT functions.
Revamping the Woori WON Banking App
Woori Bank will concentrate its digital resources on revamping the Woori WON Banking
app, the Group’s flagship platform. The new Woori WON Banking app—to be launched
in the second half of 2024—will be a financial platform that seamlessly combines finan-
cial and non-financial services, including ① personalized finance management (PFM)
services, ② essential non-financial services for daily life, and ③ the seamless provision
of core services from Group subsidiaries. To that end, Woori Bank will rebuild the plat-
form from a customer’s perspective and expand the platform ecosystem through active
cross-industry partnerships, including those with education, mobility, and healthcare
businesses.
The latest next-generation accounts/information system building project in May 2018
did not include non-face-to-face channels, which means it is now using an outdated
framework. While a future advanced development environment will be laid out so that
it can be quickly developed (after careful reflection on the various requirements from
the field), the channel architecture will be standardized to ensure efficiency and con-
sistency in the development outcomes. A new independent operation/management
team will also be created to internalize the core IT technology of the rebuilt framework.
Additionally, the team will be assigned with roles that shoulder the responsibility for the
source technology and common functions, thereby preventing any wasted resources
from overlapping in development tasks among individual business development teams,
while also securing its internal IT development capabilities.
Innovative Technology from a Digital Banking Leader
Woori Bank continues to march forward with its digital innovation, which is driven by
cutting-edge technology. In February 2022, the bank developed a blockchain platform
as the foundation for innovative blockchain services. Additionally, in June 2022, the
bank implemented a real-time system for personalized marketing, further establishing
its innovative technology base. In 2023, the bank plans to ① develop an AI banker
based on generative AI technology through a collaboration with a specialized AI re-
search institute and ② establish a customer data platform to lay the foundation for
ultra-personalized services. Upon completion, the customer data platform will enable
real-time analysis of all customer behavior data on each of Woori Bank’s channels, from
branches and customer centers to its mobile banking app, allowing the bank to offer
more sophisticated and customized financial services.
Woori Bank's digital strategy also includes plans to implement My Personal Financial
Assistant, a service that offers business affairs processing and financial counseling
anytime and anywhere. Through the upcoming digital universal banking system and
integration of cutting-edge technology, Woori Bank will become a leading digital bank
Global ACT Team to Support Global IT Initiatives
The support provided by Woori FIS to its international subsidiaries is limited to the
boundaries defined in the Information Technology Outsourcing (ITO) contracts. This ar-
rangement can inevitably lead to gaps in comprehensive IT assistance across the bank,
as it would infringe on the principle of equitable transactions if IT support is extended to
any group subsidiary not included in the ITO contracts. This concern can be mitigated
by the formation of a worldwide Advanced Customer Technology (ACT) team, where
Woori FIS staff would serve simultaneously in banking business functions. In this setup,
the support would not be seen as IT assistance, but rather as a banking upkeep service.
In particular, the international subsidiaries are currently the entities requiring the bank's
sophisticated IT framework the most. Proactive involvement by a global ACT team
could address this concern by taking a proactive stance on potential IT risks. This would
subsequently strengthen the self-maintenance abilities of international subsidiaries
while ensuring the stable operation of the IT infrastructure.
that offers an unrivaled customer experience.
Advancement of IT Quality Control
To meet the growing demand for various developments, the bank plans to adopt an
IT testing model that aligns with global standards. Also, to secure systematic and ad-
vanced testing capabilities, it will establish a system that detects signs of abnormality in
advance and a monitoring environment without any blind spots. By combining a global
standard IT testing model, the bank will establish an advanced quality control system
that meets international certifications.
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT 037
IB & Asset Management
2022 ACHIEVEMENTS
Stable Liquidity Management
Enhancing Foreign Exchange and Derivatives Business Competitiveness
By bolstering sales of core derivative products, particularly interest rate swaps, Woori
Bank ensures that customers receive uniquely tailored funding solutions that align with
the prevailing interest rate hikes in major economies. On top of that, Woori Bank is con-
sistently expanding its scope of derivatives trading by engaging in bond forward sales
In 2022, Woori Bank sustained robust liquidity ratios, surpassing the Korean regulatory
to insurance companies, effectively adapting to ever-evolving global market dynamics
benchmarks across key metrics, namely its loan-to-deposit ratio (LDR: below 100%),
and adeptly managing risks at an optimal level.
liquidity coverage ratio (LCR: minimum 92.5%), foreign currency LCR (minimum 80%),
net stable funding ratio (NSFR: minimum 100%), and mid- and long-term foreign cur-
rency funding ratio (minimum 100%).
Moreover, Woori Bank actively engaged in preemptive funding strategies and inves-
tor relations initiatives, successfully securing investments from many distinguished
stakeholders. Notably, the bank issued subordinated bonds totaling KRW 400 billion
(at a rate of 4.46%) in July and hybrid bonds amounting to KRW 350 billion (KRW 320
billion at a rate of 5.20% and the remaining KRW 30 billion at a rate of 5.45%) in Sep-
tember, fortifying its operational stability and foundation for sustained success.
F/X Dealing Division•In the F/X Dealing Division, Woori Bank demonstrated a pro-
active and agile approach in navigating the fluctuations witnessed in both domestic
and international foreign exchange markets through in-depth market analysis. Notably,
Woori Bank's robust presence as a market maker enabled it to achieve a commendable
market share in the Seoul foreign exchange market in 2022, with USD/KRW and CNY/
KRW market shares standing at 6.3% and 11.5%, respectively.
Derivatives Division•In the Derivatives Division, the bank works tirelessly to manage
its positions by proactively responding to various market variables, including exchange
Furthermore, Woori Bank strategically capitalized on the burgeoning demand for en-
rates, interest rate fluctuations, and liquidity trends. Through this proactive approach,
vironmentally conscious and socially responsible investments and issued sustainable
Woori Bank established a secure foundation for its derivative trading activities. Also, the
bonds amounting to KRW 400 billion in Korean won and USD 500 million in foreign
bank caters to the needs of SME customers who may lack expertise in risk manage-
currency. This proactive step not only contributed to enhancing the bank's corporate
ment. Through comprehensive foreign exchange and interest rate risk management
image by driving the bank’s tangible social impact but also facilitated cost reduction in
consulting services, Woori Bank offers tailored and optimized solutions that address the
the realm of funding, rendering it a prudent financial decision.
unique requirements of each individual client.
LCR (Liquidity Coverage Ratio)
(Unit: %)
Securities Division•Woori Bank's Securities Division is an integral component of
its overall strategy, generating stable interest income by adopting a proactive stance
in response to domestic and international interest rate hikes. To diversify its revenue
143.1
streams, Woori Bank has established a dedicated beneficiary certificate management
Strengthening IB Market Dominance and Innovative Venture Investment
(CIB Business Division)
In 2022, Woori Bank's IB Group fortified its financial arrangements for M&A acquisition
finance and power plants/infrastructure/real estate project financing. Through astute fi-
nancial orchestration and active principal investments, the bank successfully amplified
its non-interest income, while also broadening its global presence through the prolifera-
tion of its global IB desks. By leveraging its competitive edge in the fiercely competitive
M&A and equity investment markets, Woori Bank's IB Group was particularly deft at
navigating challenging market conditions, as well as securing commendable levels of
operating income and non-interest profits. Distinguished as the clear leader among do-
mestic banks, Woori Bank operates an impressive network of seven prominent global IB
desks, continually propelling its global IB assets and profit growth to new heights.
Foreign Currency
109.5
107.3
Liquidity Coverage Ratio
93.2
93.2
110.0
97.2
102.4
22.1Q
22.2Q
22.3Q
22.4Q
team and fully commenced its business operations. Additionally, the bank underscores
As of 2022, Woori Bank had strategically established and was diligently operating
its commitment to corporate social responsibility by actively investing in ESG bonds,
global IB desks in influential financial hubs that included New York, London, Germany,
thereby heightening its reputation as a socially responsible financial institution.
Singapore, Sydney, Vietnam, and Dubai. By drawing on its extensive global network, the
bank consistently generates substantial IB business opportunities across international
borders. Building upon this robust foundation, the IB Group achieved a remarkable mile-
stone in 2022, with operating-related revenue surpassing KRW 316 billion.
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT In addition to its global reach, Woori Bank augmented its portfolio with superior invest-
Delivering Competitive Investment Products
2023 PLANS
038
ments through strategic collaborations with top-tier global asset management firms.
Also, the bank actively engaged in aircraft financing, overseas infrastructure and devel-
opment projects, and the expansion of structured finance offerings. At the same time,
the establishment of real estate PF loan funds and the issuance of floating rate notes
(FRNs) via its Hong Kong IB subsidiary reinforced both short-term profitability and the
pursuit of forward-looking investments in prospective growth avenues.
global market volatility, unveiling a comprehensive array of investment offerings. This
encompassed a diverse range of 56 domestic and international mutual funds, as well as
13 exchange-traded funds (ETFs). Anchoring its operations around 289 flagship funds
(as of December 2022), the bank fastidiously managed client assets. Specifically, Woori
Bank prioritized greater stability throughout the year while also satisfying the augment-
Moreover, Woori Bank remained at the forefront of fostering innovation-driven financial
ed demand for customer-centric products. It achieved this objective by introducing trust
ecosystems and propelling the growth of pioneering enterprises.
products, such as equity-linked trusts (ELTs), which featured secure revenue structures
Since its inception at the end of 2018, the bank's groundbreaking Innovation Venture
and diversified underlying assets, thus optimizing the interests of its clientele.
In 2023, the Funding Market Group is working hard to stay focused on effectively man-
aging key liquidity indicators, including LDR, LCR, and NSFR, to navigate the heightened
volatility of the global financial landscape. By adopting a proactive approach to liquidity
management, the group aims to minimize the impact of funding volatility and strategi-
cally prepare for the eventual conclusion of financial regulatory easing. On top of that,
the group is committed to reinforcing stability by augmenting retail deposits and issuing
marketable certificates of deposit (CDs) to shore up pre-emptive liquidity measures. In
addition, it is actively securing committed lines of credit to ensure a consistent flow of
In 2022, Woori Bank proactively adjusted its product lineup in response to amplified
Proactive Liquidity Management for Greater Stability
Finance team has continued to spearhead investments in cutting-edge companies,
In the domain of bancassurance, Woori Bank responded adeptly to the need for yield
funding. The group is also strengthening funding and portfolio management capabilities
enhancing the government's ambitious vision for innovation-led growth. Remarkably,
preservation during interest rate upswings by promptly launching fixed-rate products
to optimize profitability.
through ten highly successful rounds of public offerings, Woori Bank has executed a to-
and augmenting its portfolio. In particular, it catered to customer needs by boosting the
tal of 90 direct investments in transformative, forward-thinking enterprises, showcasing
competitiveness of its guaranteed investment options.
In the Trading Division, the group is well attuned to the evolving dynamics of the global
market environment and is poised to pursue stable foreign exchange and derivatives
its unwavering commitment to shaping the future of finance.
Total Assets of Investment Banking Operations in 2022
(Unit: KRW trillion)
Through the leveraging of its digital channels, Woori Bank expanded the scope of in-
operations. By strengthening its digital prowess in FX trading and expanding the client
vestment strategy reports available within its online banking platform, WON Banking.
base in foreign exchange and derivatives, it is striving to establish a resilient business
Encompassing four distinct types of reports, these offerings aimed to furnish customers
environment that fosters sustainable growth and amplifies non-interest income.
with regular and insightful investment information. Furthermore, the bank introduced a
subscription feature, ensuring consistent access to valuable market insights. By rein-
forcing its non-face-to-face trust services, including the bolstering of dedicated video
conferencing personnel, Woori Bank sought to amplify customer accessibility. Simulta-
neously, it revitalized its non-face-to-face bancassurance products, aligning them with
evolving market demands.
In the Securities Management Division, thorough market analysis is drawn upon to
swiftly adapt to domestic and international market conditions, thereby generating stable
returns. The group's forward-looking risk management practices are geared towards
establishing a robust foundation for sustainable profitability. Through the continuous
diversification of managed assets, which encompasses beneficiary certificates and
exchange-traded and OTC derivatives, the group also aims to expand its non-interest
As part of its commitment to consumer protection and the eradication of misselling
income streams, increasing its overall financial performance.
practices, Woori Bank effectively refined its AI-driven call recording system, which
significantly contributed to mitigating instances of misselling practices and upholding
regulatory compliance. Additionally, the bank expanded its non-face-to-face fund
trading hours, enabling round-the-clock transactions. In short, Woori Bank consistently
pursued process innovations, streamlining investor risk profiling procedures and imple-
menting automated form completion for fund subscriptions, culminating in an enriched
customer experience.
* Data from Korea Financial Investment Association e-Disclosure Service (as of Dec. 31, 2022, based
on 14 trust companies)
2022Ratio (%)Total Assets23.2100Balance Sheet Assets15.566.8Loans8.034.7Securities7.431.9Others0.00.2Off-balance Sheet Assets7.733.2Loans and Securities Commitments7.231.2Payment Guarantees0.31.3Others0.10.6STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT Maximizing Group-wide Synergies to Strengthen the Investment Banking
Division
In 2023, the Investment Banking (IB) Group is poised to embark on a transformative
Security
2022 ACHIEVEMENTS
2023 PLANS
journey, playing a pivotal role in Woori Financial Group’s synergies.
Advanced Persistent Threat (APT) Response System Upgrade
Document-Embedded Malware Detection System
With a resolute focus on establishing an enduring foundation for long-term profitability,
Woori Bank has built and operates an APT detection solution to prepare for potential infiltra-
Woori Bank’s APT Response System effectively detects and blocks newly patterned mal-
the group's strategic business objectives revolve around the core tenets of efficient
tion of malicious code. It uses an E-mail APT to detect and block malicious emails and at-
ware that cannot be detected by vaccines. However, there is the possibility that non-ex-
capital management and robust revenue base construction. This entails a concerted
tachments that are spread through emails, with a File APT activated to detect and block ma-
ecutable document files, including MS Office, Hangul, PDF, and other such software, can
effort to expand the portfolio of premier loan assets, sharpen financial arrangement
licious codes when files are transferred from external sources to the bank’s intranet. Starting
bypass behavior-based analysis of the system, with the Document File Malware Detec-
capabilities, and amplify collaboration and cooperation across group affiliates in CIB
in 2022, the bank is further enhancing its APT responsiveness so that it can more precisely
tion program able to close that loophole by identifying the vulnerabilities of non-execut-
operations.
block any detected malicious codes by using dynamic analysis and behavior analysis.
able document files by using reverse engineering and multi-scanning technologies. Woori
039
Cloud International Security Standard ISO 27017
Woori Bank became the first Korean financial institution to obtain the international standard
security certification (BS7799) for its internet banking service. It is also the first Korean bank
to obtain the country’s national information protection certification, the Information Security
Management System (ISMS). With the rising demand for protecting personal information,
Woori Bank became the first bank in the financial sector to obtain both international (ISO
27701) and national certifications (ISMS-P) for its privacy information management system.
In 2022, it was also the first Korean bank to obtain international standard certification for
cloud service information protection (ISO 27017). As such, the bank is leading by example
when it comes to meeting domestic and international standards of information security,
while at the same time paving the way for the industry’s customer information protection
and information security management systems to be elevated to an even higher level.
Bank plans to eradicate the blind spots susceptible to malware attacks through multiple
defenses that involve the frontline’s vaccine software, APT response system on the sec-
ondary line, and Document Malware Detection System on the final line of defense.
Public Cloud Security Standards
In the second phase of its cloud advancement plan, the Group-wide cloud operation
will expand as public, hybrid, and other cloud operating models, such as Software as
a Service (SaaS). In 2023, the bank will preemptively establish its security standards
for public clouds to prepare for cloud expansion. Going forward, Woori Bank will set up
cloud service information security guidelines, reflect key content regarding supervisory
regulations in internal regulations, and create a security zone. This will all be carried out
to centralize the account administration, access control, security control, and more in
order to prepare for multi-cloud usage environments, building an integrated security
environment between the data center and the cloud.
In an era marked by escalating global capital market volatility, the group recognizes the
critical need to carry out meticulous risk management and shore up internal control
systems. By prioritizing these crucial aspects, it increases resilience and proactively
paves the way for sustainable growth, thus positioning itself as a stalwart in the face of
market uncertainties.
Lastly, the group fervently seeks to augment CIB competencies by fostering seamless
collaboration among diverse subsidiaries, encompassing investment bank/capital/
asset management/venture capital in consistent pursuit of synergies. At the same time,
it remains steadfast in its quest for maximum synergy realization by exploring avenues
for potential integration of additional financial subsidiaries in the Group down the road,
such as securities and insurance.
Securing Persistent Competitiveness in Investment Product Sales
Woori Bank's Investment Products Strategy Group is committed to establishing a re-
silient business foundation through a customer-centric sales support system, moving
beyond individual product sales. Its aim is to facilitate a progressive transition towards a
sustainable asset management framework. Moreover, the group will introduce well-de-
fined asset allocation proportions and product offerings tailored to diverse customer
segments, implementing rigorous processes to ensure the stable and efficient man-
agement of customer assets. To achieve this, it will hone the expertise of its investment
product-focused headquarters and sales personnel, while bolstering its platforms and
digital capabilities to solidify its sustainability competitive edge. Additionally, the group
will intensify its monitoring efforts pertaining to investment product launches, simul-
taneously enhancing internal control processes through the integration of automated
workflows.
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT 040
Furthermore, Woori Bank has taken significant steps towards process innovation with the
While reinforcing its product competitiveness with advanced product lineups, Woori Bank
full integration of the online data submission (ODS) system for mortgage originators, in-
also promoted its signature brand, Woori Parental Love Trust Service, which offers total
creasing customer convenience in the process. The bank's commitment to digitalization
wealth management services through trusts, in a bid to reach as many new customers as
was exemplified by the fact that it was the first Korean bank to perform the government's
possible. The promotional campaign also paved the way for providing total care services for
3rd Secure Conversion Loan program online, thus reinforcing its position as a leader in the
customer assets.
digital banking arena.
2023 PLANS
2023 STRATEGIES
In 2023, Woori Bank’s Trust Department plans to lead the market with a business model
With the Real Estate Financial Group's notable achievements in digital banking opera-
that can continuously satisfy the needs of customers for asset management in response
tions over the past year, the focus for 2023 is on the complete digitization of real estate
to the rapidly changing market environments. In particular, the trust business will drive
finance. This strategic move involves enabling customers to conveniently apply for and
the bank’s non-interest income on the back of steadily growing sales of special money
manage both the bank's real estate financial products and NHUF offerings through online
trust products. On top of that, the department will offer various new products and diversify
channels. The group is also diligently constructing a user-friendly digital infrastructure to
product lineups corresponding to changing market environments, while also suggesting
strengthen customer value and satisfaction.
customer-oriented portfolio investment strategies to help play a leading role in the man-
At the same time, Woori Bank remains in step with all related government policies and is
agement of customers’ valuable assets.
actively implementing environmental, social, and governance (ESG) initiatives. As part of
Furthermore, the Trust Department will upgrade the contracts and services of its total
an industry-wide effort to address the pressing issue of fraudulent housing lease con-
wealth trusts to expand the scope of its coverage into wealth management and inter-gen-
tracts, the bank is also participating in the refinancing of loans for victims of this fraud.
erational wealth transfer, as well as the basic function of asset building. This will allow us
Additionally, it provides support for relocation deposits to assist individuals residing in
to build long-term partnerships with customers and their offspring, providing stable com-
irregular housing, allowing the bank to contribute to housing stability for low-income indi-
plex financial services based on these trust accounts.
viduals. Going forward, the Real Estate Finance Business Group will continue to be a lead-
er by offering products and services that address pertinent social issues as a committed
partner in supporting the government's policies.
Certifications and Awards
Oct. 2022
Woori Parental Love Trust Service won the Excellence
Award at the 11th Centenarian Era Finance Awards*
* The Centenarian Era Finance Awards reviews and awards financial products for
retirement planning, and is co-organized by Money Today Network and the Korean
Academy of Financial Consumers, and sponsored by the Financial Services
Commission and the Financial Supervisory Service
Real Estate
2022 ACHIEVEMENTS
In 2022, Woori Bank's Real Estate Finance Business Group performed remarkably by secur-
ing the second position in domestic mortgage loans while maintaining its predominant top
spot in the National Housing and Urban Fund (NHUF) market share. This accomplishment
not only aligns with the bank's commitment to supporting the government's policy financ-
ing drive but also underscores its pivotal role in ensuring stability with respect to the housing
needs of customers. Moreover, Woori Bank has consistently demonstrated its proactive ap-
proach in adapting to market dynamics, thereby emerging as a frontrunner in the domestic
real estate financial market.
Trust & Pension
Having served as the entrusted bank for the NHUF for over 14 years, Woori Bank has gar-
nered widespread recognition for its operational excellence, solidifying its reputation as a
2022 ACHIEVEMENTS
leading provider of various real estate financial products. This was further substantiated in
In dealing with the volatile market environment in 2022, Woori Bank introduced new prod-
2021, when the bank achieved the highest performance evaluation by the government in
ucts focused on the stable management of customer assets. The bank flexibly adapted to
the NHUF treasury bank category for the third consecutive year.
the rapidly changing financial environment by widening the low-barrier mechanism of eq-
In addition to its product offerings, the Real Estate Finance Business Group has remained
dedicated to enhancing the customer experience by embracing changes in the financial
landscape. One noteworthy initiative was the launch of the comprehensive real estate
platform WONTHELAND. This innovative platform amalgamates real estate and financial
product information, offering users a convenient and streamlined avenue to access relevant
resources, making it a trailblazer in the real estate financial market.
uity-linked (ELT) products and offering portfolios for installment/diversified investments. In
addition, Trust Product Team 2 was created after a reorganization and is now fully dedicated
to fixed-income investments. The team not only provided personalized products custom-
ized to individual needs but also regularly released new products, such as derivatives-linked
bonds (DLB) and hybrid bonds, thereby contributing to popularizing fixed-income trust
products.
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT
Woori Card
www.wooricard.com
Woori Card was established following its spin-off from Woori Bank
in April 2013 to strengthen the Group’s credit card operations as well
2022 ACHIEVEMENTS
Transaction Value
(Unit: KRW billion)
041
Woori Card has experienced constant growth in its credit card transaction volume
thanks to the increased number of memberships, affiliate marketing with Woori Bank,
and its active entry into the digital payment market. At the same time, the company
continuously grows its financial assets (long-term credit card loans) with its prime cus-
tomer base. Additionally, it has been engaged in installment payment, lease, and credit
loan businesses since 2016 as it continues to expand its long-term revenue base.
In 2022, Woori Card's total assets grew by KRW 2 trillion from the previous year due to an
increase in revenue-generating financial assets and the expansion of its auto finance busi-
,
8
5
0
3
6
7
.
,
9
2
8
5
0
1
.
,
9
8
2
4
5
5
.
YoY
+5.8%
as the competitiveness of its non-bank sector. Taking full advantage
ness. Despite the post-pandemic unfavorable business environment, which resulted from
of being a subsidiary of a financial group, Woori Card has devised
sagging consumption and falling merchant fee rates, Woori Card worked hard to achieve
2020
2021
2022
the optimal business strategies based on the extensive network and
customer base of Woori Bank, and is now actively exploring new
business opportunities in pursuit of future growth drivers. Customer
value is the overarching priority in all its business activities as the
company constantly develops products and services to meet cus-
tomer needs. Indeed, it is currently expanding its business through
signature product lineups and cross-selling with peer subsidiaries,
stable growth in its financial assets and improve the delinquency rate through active risk
management. As a result, the company achieved a net profit of KRW 204.4 billion in 2022.
Woori Card proactively and systematically adapts to the changing business environ-
ment by developing distinctive products and enhancing its competitiveness through
cross-selling with Group subsidiaries and strengthening its digital/global capabilities.
Furthermore, it is preparing itself for the entry of big tech firms into the payment market
with its own settlement platform, Woori Pay, which will enhance the company's digital
platform capabilities. The company also quickly adapted to the fast-changing data
while also reinforcing its digital and global capabilities.
platform market by launching its MyData Service soon after obtaining a service license.
Additionally, Woori Card launched a local subsidiary called Woori Finance Indonesia in
September 2022 to broaden its global reach in Southeast Asian markets.
Operating Revenue
(Unit: KRW billion)
,
1
3
8
7
5
.
,
1
5
2
8
7
.
,
1
8
3
6
8
.
YoY
+20.2%
2020
2021
2022
Net Profit
(Unit: KRW billion)
2
0
0
7
.
2
0
4
4
.
1
2
0
2
.
2020
2021
2022
Note) 2022 net income attributable to controlling interest
YoY
+1.8%
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT 042
2023 PLANS
In 2022, the lifting of pandemic social distancing restrictions allowed daily life to return
to some sense of normalcy, leading to consumption picking up quickly in the private
sector. This also boosted the overall credit card transaction value by 12.3% from the
previous year to KRW 1,097.7 trillion. Although credit sales are expected to continue
Certifications and Awards
Dec. 20. 2022
Grand prize winner in the financial sector at the 2022
Web i-Awards
increasing in 2023, rising interest rates and the resultant higher consumer prices are
Oct. 26. 2022
First anniversary ceremony of the Korea Platform &
forecast to undermine the credit sales growth trend. Furthermore, the global economic
Freelancer Workers’ Mutual-Aid Foundation
slowdown and the triple-highs of interest/FX rates and inflation are expected to push
up funding costs and credit loss costs, which will only add more acute pressure on the
credit card business than the previous year.
In dealing with this situation, Woori Card is preparing several countermeasures. While
readying itself against an unstable economic environment by diversifying its funding
sources in addition to preemptive risk management, the company is seeking new
Aug. 4. 2022
Grand prize winner in the credit card category at the
JoongAng DailyS' 2022 Customer Reliability No. 1 Pre-
mium Brand Awards
July 26. 2022
Grand Prize winner in the service innovation category
at the 2022 Social i-Awards
growth momentum by differentiating its customer-oriented platform content and ex-
July 22. 2022
Winner of the environmental ESG Award at the Dong-A
panding into new business portfolios.
Ilbo’s 2022 K-ESG Management Awards
For this purpose, improving profitability will be at the top of the priority list. Woori Card will
Apr. 20. 2022
Best award winner in the credit card category at Money
S’s 2022 Korea Leading Finance ESG Awards
achieve its goal through rigorous profit management of each business sector and efficient
cost management. The company will also reinforce its data analysis and marketing capa-
bilities to increase profitable assets, mainly with prime members, and readjust new mem-
ber recruitment portfolios and the business expense structure. The resultant efficiency in
company-wide business operations is expected to contribute to cost savings.
In coping with the fast-evolving digital market, Woori Card is leveraging its big data
model-based personalized marketing integration platform to enhance its marketing effi-
ciency. As the company is developing a consumption prediction model that applies dif-
ferent strategies to customers at each stage of their lives, target marketing will become
more sophisticated in order to increase the card’s usage share within each customer’s
wallet. In search of new growth drivers, the company is also more aggressively pursuing
the auto installment finance market and diversifying into new business areas, while also
expanding its business in Myanmar and Indonesia to reinforce its differentiated global
competitiveness.
Woori Card Net Profit
(As of the end of 2022)
Woori Card Transaction Value
(As of the end of 2022)
KRW 204.4 billion
KRW 98,245.5 billion
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT 043
Woori Financial Capital
www.woorifcapital.com
2022 ACHIEVEMENTS
Net Income
(Unit: KRW million)
Korea’s credit finance industry is facing limited growth and inten-
Woori Financial Capital set up a company-wide decision-making body and imple-
sifying competition in the auto finance market, which demands
mented 27 digital transformation projects to establish an integrated digital governance
exploring new sources of revenue while also keeping up with the
system in 2022. In order to expedite its growth, the company diversified sales channels
new trend of contactless marketing and growing digital finance
competition. In response to these challenges, Woori Financial Capi-
tal has designated its management goal as "Rising to Crisis, Reboot
2023." To realize this ambition, the company has outlined four key
strategies aimed at facilitating qualitative growth and bolstering its
revenue base, thus paving the way for sustainable future growth.
Certifications and Awards
Woori WON Car won the 2022 Korea Consumers
Awards (auto financing sector)
Woori Financial Capital’s Financial Performance
(Unit: KRW million, %p)
by expanding partnerships with imported car dealers, prestige fleets, and used car mar-
kets while broadening its commercial non-captive market operations. To secure sus-
tainable growth drivers, the company also established a CVC fund GP (general partner)
organization and launched a number of funds, increased partnerships with electric car
companies, upgraded its computer system, and reduced the lead time for loans.
As a result, the company’s total assets on a consolidated basis reached KRW 12.6
trillion at the end of 2022, an increase of 23% from the previous year, with net income
increasing by roughly 30% year on year to KRW 183.3 billion.
2023 PLANS
Woori Financial Capital plans to build a sustainable growth path based on four manage-
ment strategies.
First, it will increase the core competitiveness of its main businesses. To this end, the
company plans to consolidate the partnerships in its core businesses and expand the
scope of the automation process while seizing upon Group synergies.
Second, the company will secure new growth engines by strengthening its value chain
and strategic investments in CVCs while entering into the green mobility and consumer
finance markets.
Third, the company will enhance its digital leadership. Thus, it will expand the digital
process, build a platform-based one-stop financial service, bolster the self-reliance
of the Woori WON Car platform, adopt the public MyData service, and enter the plat-
1
8
3
3
2
8
,
1
4
0
5
7
9
,
,
5
8
9
8
0
2020
2021
2022
+42,749(+30.4%)
YoY
Social Contribution Activities
Donations to Support Monsoon Damage Recovery
•Purpose: Cash donations to support victims of the monsoons in August 2022
(as part of our ESG-related social contribution activities)
•Total donation amount: KRW 90 million
•Recipient: Hope Bridge National Disaster Relief Association
COVID-19 Relief Finance
•Deferrals on the principal and interest for SOHOs affected by the pandemic
•Total amount: KRW 153,826 million (as of Dec. 2022)
form-based new market and loan rollover business market.
* Based on the principal amount (not including re-deferrals)
Lastly, the company will heighten its internal management capabilities. To accomplish
this, it will apply company-wide integrated risk management, strengthen gatekeeping
and post-management, establish an innovative corporate culture, improve operational
efficiency and productivity, and heighten its internal controls.
202020212022YoY ChangeTotal Assets8,880,11710,259,86812,581,473+2,321,605Net Income58,980140,579183,328+42,749NPL Ratio(%)1.771.201.22+0.02ROA(%)1.531.691.51-0.18ROE(%)13.8315.7412.53-3.21STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT Woori Investment Bank
www.wooriib.com
Woori Investment Bank provides 'One-Stop' total financial services
Woori Investment has been striving to branch out with its IB operations so as to diver-
Woori Investment Bank is laying the foundation for sustainable growth as a competitive
including investment banking and commercial banking services.
sify its revenue sources. In April 2022, the company set up a Project Finance Division
non-banking subsidiary of Woori Financial Group.
2022 ACHIEVEMENTS
2023 PLANS
044
The bank's services include deposits, loans, foreign exchange, letter
of credit, lease finance, securities dealing, and Investment banking
services. The bank has been strengthening its investment banking
operations, such as corporate and real estate finance to expand the
proportion of non-interest incomes. Additionally, Woori Investment
Bank continues to diversify its revenue streams by leveraging
synergies within the Group, through initiatives like joint corporate
and investment banking (CIB) investments and cross-selling loan
due to its capital increase in 2022 and its stable funding through deposit-taking and
products.
liquidity responsiveness.
from A0 (positive) to A+ (stable) by Korea Ratings and Korea Investors Service in 2022.
This was the result of the company’s improved earning power on the back of increased
operating assets and business diversification, as well as improved capital adequacy
as a dedicated team to reinforce IB profits and strengthen marketing on developers
and builders while also making efforts to diversify its revenue sources into securities
investments. As a result, its IB fee income reached a record-high KRW 70.9 billion, an
increase of 47% from the previous year, in 2022.
In 2023, the company set its goal at sustainable growth to become a robust investment
bank. To attain that goal, the company laid out four management strategies to focus
on with respect to its qualitative growth and risk management of its core businesses:
strengthening its core business, generating future revenue sources, making risk man-
On top of that, Woori Investment Bank’s corporate bond credit ratings were upgraded
agement and internal control a top priority, and enhancing management efficiency.
To this end, the company will expand its quality assets and revenue sources by height-
ening its corporate finance competencies while also pursuing new opportunities to
generate fee income, such as market sales. At the same time, the company is working
hard to maintain its asset soundness and liquidity through proactive risk management.
For instance, it is building a monitoring system that increases on-site due diligence with
project financing as it also develops systematic risk management through ALM risk
management and monitoring.
IB Fee Income
(Unit: KRW billion)
Net income
(Unit: KRW billion)
7
0
9
.
4
8
2
.
3
3
1
.
9
1
8
.
7
9
9
.
6
2
9
.
+22.7(+47.1%)
YoY
+11.9(+14.9%)
YoY
2020
2021
2022
2020
2021
2022
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT 045
Maximizing Group Synergies•Woori Asset Trust will tap into its inter-affiliate syner-
gies in pursuit of greater business opportunities and a stronger revenue base by con-
ducting joint marketing through the Group network and joint development of Group-
owned real estate.
Selective Increase of Core Products•In consideration of relevant market develop-
ments, the company will opt to diversify its business portfolio on selective order proj-
Woori Asset Trust
www.wooriat.com
In 2022, Woori Asset Trust delivered outstanding financial
In 2022, Woori Asset Trust achieved historic-high performance results, with trust de-
performance underpinned by its industry-leading risk management
posits exceeding KRW 51 trillion and generating an operating profit of KRW 80.7 billion.
2022 ACHIEVEMENTS
system. The company is also securing competitiveness in new
business areas, such as REITs, policy projects, and innovative
financial services.
Financial Performance
(Unit: KRW billion, %)
Its successful bids for the first and second land development REITs and logistics REITs
marked its successful entry into the REITs market, along with the successful issuance
of innovative real estate digital securities. Its competitiveness was also reinforced in
new business areas when it expanded orders for urban redevelopment projects in step
ects, mainly in profitable projects with secured business feasibility and marketability,
with government-led projects.
At the same time, the company bolstered its internal controls and risk management
system in preparation for a potential real estate market crisis. In fact, company-wide in-
novation took place not only to increase on-site monitoring but also to implement a task
force for proactive innovation of the internal control process.
As a result, new contracts reached KRW 112.5 billion, with an operating profit of KRW
80.7 billion (up 44.6% YoY) and a net income of KRW 60.3 billion (up 49.7% YoY). ROE
and ROA stood at 30.5% and 20.9%, respectively, putting the company at an indus-
rather than just aggressively taking orders.
Taking off as a Late Starter•Woori Asset Trust will widen its pool of investor networks
to ensure competitiveness in the fluctuating REITs market. Thus, it plans on continuing
to expand the land compensation REITS and public-support private rental housing RE-
ITs, while also promoting large-scale office REITs.
IT Corporate Culture Innovation•The company is presently wrapping up the second
phase of its operational system upgrade project, which will enhance user convenience
and facilitate downtime-free/error-free services to promote work efficiency.
try-top level of efficiency.
2023 PLANS
Key Financial Indicators by Trust Company
(Unit: %)
Woori Asset Trust put forth the following six business strategies to attain its goal for
2023 of achieving sustainable growth while maintaining an effective balance between
Total Equity
(Unit: KRW billion)
risk and return.
2
2
7
5
.
1
6
8
4
.
1
2
9
2
.
+59.1(+35.1%)
YoY
Zero Risks and Accidents•A dim outlook on the real estate market has given rise to
the need for tighter risk control. Accordingly, the company will keep up with its real-time
monitoring of each risk factor while increasing the frequency of on-site project moni-
toring and strengthening daily audit functions to achieve an exhaustive internal control
system.
Finding Niche Markets•The company will also unearth NPL properties that will be set
to emerge from a falling real estate market and actively cash in on public auctions and
disposal trusts on these properties. It will also diversify its revenue stream by continuing
2020
2021
2022
to list innovative financial products, such as digital asset securities, and make PFV in-
* Data from Korea Financial Investment Association e-Disclosure Service (as of Dec. 31, 2022, based
vestments in promising businesses.
on 14 trust companies)
ROEROANCRWoori Asset Trust30.520.91,190KB Real Estate Trust17.313.3912Hana Asset Trust18.715.7856Shinhan Asset Trust25.618.21,108Korea Asset Investment Trust9.47.7511Korea Real Estate Investment and Trust4.82.8341Daehan Real Estate Trust9.16.21,105KORAMCO REITs and Trust16.811.3679Mugunghwa Trust15.58.8473Korea Trust1813.8946Kyobo Asset Trust9.27.71,039Shinyoung Real Estate Trust17.1141,446Daeshin Asset Trust5.14.61,401Korea Investment Real Estate Trust8.27.71,76620212022YoYNet Operating Revenue92.7132.7+40.0 (43.2%)Operating Profit55.880.7+24.9 (44.6%)Net Income40.360.3+20.0 (49.7%)Total Equity168.4227.5+59.1 (35.1%)STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT Woori Savings Bank
046
www.woorisavingsbank.com
As a financial institution catering to the general public and small-
to-medium-sized enterprises, Woori Savings Bank focuses on
enhancing financial convenience and boosting savings through its
core services such as deposits and loans. The bank joined Woori
Financial Group in March 2021. Since then, it has been striving
On top of that, the bank completed an integrated digital banking platform for both de-
Total Assets (consolidated)
(Unit: KRW billion)
posit-taking and lending in July 2022 that was the result of its digital innovation drive to
secure digital competencies and a stronger future growth foundation. In the latter half
of 2022, the bank expanded its non-face-to-face transactions and secured 4,652 new
accounts in digital deposit-taking.
to solidify its position as a leading savings bank in Korea through
2023 PLANS
robust growth in both scope and capacity.
2022 ACHIEVEMENTS
In 2022, Woori Savings Bank concentrated on stable asset growth in retail credit loans
and on expanding its sound corporate loans. To that end, the bank strategically bol-
stered credit loan product lineups on digital channels that are based on an advanced
CSS model and diversified its sales channels through partnerships with innovative
channels. Despite the deteriorating economic conditions due to unstable financial mar-
Amid the expected tightening of regulations in the near future by financial supervisory
authorities, the ongoing deterioration of market conditions, and the intensifying digital
drive competition, Woori Savings Bank will remain focused on its substantial manage-
ment and strengthen its foundation for future growth.
To begin, the bank will upgrade its risk management system so that it can preemptively
respond to potential crises.
While advancing its retail credit evaluation model, it will step up its monitoring of corpo-
rate borrowers who face potential insolvency. In addition to the preemptive monitoring
of vulnerable groups and tightened responsiveness systems, the bank will focus on its
preemptive management of risks by applying stricter standards to large exposures and
kets, the bank strategically adjusted its portfolio and selectively marketed, mainly, qual-
real estate project finance.
,
1
7
8
6
5
.
,
1
4
4
4
5
.
,
1
1
9
1
4
.
YoY
+342.0
2020
2021
2022
Total Loans (consolidated)
(Unit: KRW billion)
,
1
2
5
5
1
.
,
1
0
2
6
4
.
,
1
4
7
2
5
.
YoY
+217.4
ity loans. As a result, its total loan balance grew by KRW 217.4 billion from the previous
While continuing to broaden support for the policies towards the general public and
year, with KRW 15.6 billion in year-on-year growth of net interest income—and all in the
SMEs, the bank will also strive to improve profits through future revenue-driven selec-
2020
2021
2022
midst of the higher interest expenses arising from every base rate hike.
At the same time, Woori Savings Bank tightened up its risk management system for retail
and corporate clients by upgrading its fraudulent loan prevention system and setting up a
tive asset growth based on a tighter risk management system. Retail credit loans and
corporate loans are subject to our intensive monitoring in order to increase performing
assets concentrated on high-credit borrowers.
Group-shared corporate credit rating system. As a result of its preemptive risk management
Moreover, Woori Savings Bank plans to integrate its distributed digital channels to build
measures, the bank’s NPL ratio (3.2%) was lower than the industry average (4.1%) at the
an integrated administration system that will give it the ability to move to a self-man-
end of 2022, indicating its stable asset management was above the industry average.
agement system. By doing this, the bank expects that it will ultimately enhance cus-
As a financial institution promoting financial inclusion, Woori Savings Bank extended
support by providing KRW 301.2 billion in policy financial products to individuals with
limited access to traditional banking services. Moreover, the bank facilitated KRW 137.0
tomer accessibility and security, while the electronic form-based digital platform is ex-
pected to further customer convenience. Also, the bank will develop a next-generation
integrated lending system to expedite its digital transformation and solidify its financial
billion in mid-rate retail credit loans, contributing to the financial empowerment of indi-
service platform.
viduals seeking responsible credit options.
NPL Ratio (separate)
(Unit: %)
3
4
.
3
2
.
2
3
.
2020
2021
2022
YoY
+0.9%p
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT 047
Woori Financial F&I
www.woorifni.co.kr
Woori Financial F&I was established in January 2022 as a special-
In 2022, Woori Financial F&I focused on strengthening its organizational structure and
2023 PLANS
2022 ACHIEVEMENTS
ized investment company for NPLs (Non-Performing Loans) and CR
securing stable investment assets.
(Corporate Restructuring), with the aim of enhancing the Group’s
non-banking business portfolio and capitalizing on the NPL market,
which is highly expected to grow significantly in the future.
Currently, the company is expanding its business portfolio through
continuous investments in NPL assets and by maintaining a stable
Securing stable investment assets through aggressive investments
Despite being in its first year of operation, the company secured an investable credit
rating (A-/stable) early on and investment funds totaling KRW 105.0 billion. At the
same time, it cashed in on the Group synergies in structured financing to secure a total
revenue base. It is also emerging as a leading player in the industry,
of KRW 389.8 billion in investment assets (KRW 384.8 billion in NPLs and KRW 5.0
leveraging cross-subsidiary synergies and accomplishing strong
billion in AIs). As a result, the company successfully entered the market and ended up
competency-building accomplishments.
with the second-largest NPL public bidding market share as of 2022.
To broaden its investment portfolios, the company also received a PEF general partner’s
license for institutional investors and obtained the qualifications required for becoming
an investor partner of general private placement funds.
Early setup of organizational system
In 2023, the company will work on a mid to long-term growth foundation by reinforcing
its NPL market competitiveness and revenue base and upgrading its substantial man-
agement and business management system.
To begin, the investment sector will continue collecting stable investment assets
through aggressive participation in NPL public bidding while reinforcing its profitability
through internalizing its asset management and developing differentiated disposition
strategies by investment asset type. In order to diversify its revenue base, the company
will actively seek alternative investments, including NPLs from the non-bank financial
sector, non-performing real estate PFs, and NPL indirect investments. To that end, the
company is actively considering stable and competitive funding sources, such as up-
grading its credit ratings and issuing corporate bonds.
Another focus will be on the overall management of the business. The company will
continue recruiting experts in relative fields for its asset growth and AIs, enhance effi-
ciency in its human resource management, expand its ESG management practices, and
set up a dedicated team for refining its internal controls and risk management system.
The company has completed an early setup of its management system, laying the
In the future, the company will devote itself to fair and transparent investment activities
foundation for its transformation into an investment specialized company. It has already
as an industry leader, thereby contributing to the advanced soundness and stability of
accomplished the establishment of articles of incorporation and internal regulations,
financial markets.
the implementation of business processes, the construction and stabilization of IT
systems, the establishment of internal control and risk management systems, and the
continuous recruitment of exceptional talents.
Credit Rating
(As of the end of 2022)
A- stable
Korea Investors Service, Issuer Credit Rating
Total Investment Assets
(As of the end of 2022)
KRW 389.8 billion
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT Woori Asset Management
www.wooriam.kr
Woori Asset Management (WAM) is a comprehensive asset man-
As of the end of 2022, total assets under management (AUM) reached KRW 30,710.6
agement company offering services related to fund management,
billion, showing an growth of 12.1% (KRW 3,229 billion) compared to the previous year.
2022 ACHIEVEMENTS
Financial Performance
(Unit: KRW trillion)
048
investment consulting, discretionary investments, and more. The
company is preparing to make significant progress as a well bal-
anced comprehensive asset management company by leveraging
the synergy and network of Woori Financial Group. With leading
expertise in domestic bond management, the company aims to ex-
pand into domestic equities and global operations.
As one of the leading ESG asset management companies, WAM is
entrusted with discretionary investment funds from various institu-
tions such as pension funds, insurance companies, banks, and mu-
WAM's FY 2022 market share in AUM stands at 2.13%, which represents a 0.25%p
increase from the previous year(1.88%). The significant changes in AUM came from
its money market fund (MMF), which grew by 49.9% YoY to reach KRW 4.0 trillion, and
global fund of funds, which recorded a growth of KRW 200.9 billion by 41.9% YOY.
Due to it's excellent performance. In 2022, the company ventured into various new
businesses such as ETF, TRF, ELS, global investments, and pension business to secure
balanced growth and future growth drivers. In June 2022, WAM became the first Kore-
an Asset Management company to obtain FNGuide's ESG Fund certification, consoli-
AUM
(Unit: KRW trillion)
dating its brand recognition as a leading ESG Asset Management company.
tual finance.
2023 PLANS
Social Contribution Activities
group.
Woori Asset Management aims to improve profitability and expand AUM through di-
versifying investment strategies by asset class and strengthening synergy within the
Money Today’s 2022 Korea Funds Awards
•ESG Fund of the Year
Seoul Economic Daily’s 2022 Korea Securities Awards
•Best ESG Fund Award
2022 MK Securities Awards
•Best Domestic Bond-type Funds Award
2022 Korea Wealth Management Awards
•Bond-type management of the Year
We will persistently strive to expand our market share and increase the scale in the
rapidly growing retirement pension market by enhancing the competitiveness of our
pension fund products and broaden our network through customized sales strategies
for individual customers.
Additionally, as a late starter in the fast-growing ETF market, WAM will develop unique
products to gain a competitive edge in the market, while also expanding its AUM
through systematic marketing and sales network growth based on reinforced digital
marketing capabilities.
This year, we will establish dedicated divisions for our key growth businesses, including
retirement pension funds and ETFs. Through proactive talent acquisition, our aim is to
lay the foundation for long-term growth. By expanding group synergies, we will enhance
product competitiveness and strengthen our capabilities in product development and
sourcing. This strategic approach will enable us to establish a virtuous cycle structure
for sustained growth.
3
0
7
1
.
2
7
3
9
.
2
1
1
5
.
2020
2021
2022
+3.32(+12.1%)
YoY
Market Share
(Unit: %)
.
2
1
3
.
1
8
8
.
1
6
0
2020
2021
2022
YoY
+0.25%p
202020212022AUM21.1527.3930.71Domestic Equities1.422.332.03Domestic Bonds12.5014.5813.90MMF5.057.9611.94Offshore/Fund of Funds1.962.192.84STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT Woori Venture Partners
www.woorivp.com
Woori Venture Partners is a leading venture capital (VC) firm with a
legacy spanning over 40 years since its establishment in 1981. Its
current assets under management (AUM) amounts to KRW 1.5 trillion.
2022 ACHIEVEMENTS
Pre-Integration Highlights
As of the end of 2022, Woori Venture Partners was managing a total of 18 funds, with
a total committed capital of KRW 1.5 trillion. Over 40 domestic and international insti-
Following its successful privatization, the company was renamed KTB
tutions are participating as limited partners (LPs) in our managed funds. Despite the
Network in 2000 and gained its current name in 2023 when it joined
challenging funding environment for venture capital firms due to the rapid increase in
Woori Financial Group. This strategic integration has set the stage for
a new chapter in the company’s history, one marked by new begin-
nings and heightened ambitions.
Today, its main business line is venture investment in accordance with
the Act on the Promotion of Venture Investment. In addition, the com-
interest rates following the post-pandemic period in 2022, we successfully launched
a new fund totaling KRW 304.8 billion. The first closing of the scale-up fund, which
raised KRW 261.3 billion, attracted investments from prestigious domestic institutional
investors, such as the National Pension Fund, Korea Venture Investment Corp., Korean
Teachers’ Credit Union, Korea Scientists and Engineers Mutual-aid Association (SEMA),
and the National Agricultural Cooperative Federation. The fund size will grow further
pany actively participates in some of the world's most noteworthy
through a second closing, which is scheduled to take place by the end of June 2023.
049
2023 PLANS
Since it joined Woori Financial Group in March 2023, Woori Venture Partners has been
actively pursuing value creation, strict compliance, prevention of moral hazards, and
the promotion of shared goals among fund participants as its operational philosophy.
As the leading venture capital firm in the Korean VC industry, the company is preparing
for a new chapter in its history to become a top-of-top VC. It is currently working on
the multi-closing of a scale-up fund that had a first closing of KRW 261.3 billion. With
the aim of growing the fund size to over KRW 350 billion, and if it successfully closes
the fund, it will become one of the top three VC funds in Korea based on its total com-
mitted amount. The company is also preparing to expand its investments beyond the
traditional venture capital domain, including secondary investments and growth capital.
At present, it has more than KRW 400 billion in dry powder, providing the company
with sufficient investment capabilities. Moving forward, the company plans to engage
in proactive investment activities to support the growth of venture companies facing
challenging business environments due to the impact of higher interest rates from the
post-pandemic period.
investment hubs, including Silicon Valley, Shanghai, and Singapore.
Milestones & Awards
1981
Founded as Korea Technology Development Inc.
2000
Renamed KTB Network
2008
Captive spinoff of VC Division from KTB Network
2011
Business license for SME Startup Investment
2021
Listed on KOSDAQ
2022
Renamed Daol Investment
2023
Incorporated into Woori Financial Group
(renamed Woori Venture Partners)
Additionally, the company has established a new startup fund totaling KRW 43.5 billion
to expand investments in early-stage firms. These days, the company is investing in
startups from different sectors, including ICT, bio/healthcare, deep tech, and consumer
tech. Since the company’s foundation, its portfolio has accumulated over 2,000 in-
vestee firms. Among them, 314 companies from the portfolio have been listed on stock
exchanges.
Growth of Committed Amount
(Unit: KRW billion)
Committed Amount
(Unit: KRW billion)
8
5
3
5
.
8
8
3
5
.
,
1
1
1
9
5
.
CAGR : 14.3%
,
1
4
5
9
3
.
,
1
1
5
4
5
.
Winner of the Best Loan Officer Award (awarded by the Minister of SMEs &
Startups) at the 2022 Korea VC Awards : Park Seon-bae, Executive Director
2018
2019
2020
2021
2022
202020212022YoYVC1,079.51,114.51,419.3+304.8PEF40.040.040.00Total 1,119.51,154.51,459.3+304.8STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT
050
Woori Global Asset Management
www.wooriglobalam.com
Woori Global Asset Management (WGAM) is the Group’s leading
Founded in December 2000, WGAM has its roots in the advanced investment tech-
In 2023, WGAM plans to significantly grow its AI business areas into renewable energy,
comprehensive asset management company specializing in both
niques it gained through as part of the Allianz Group and An Bang Insurance Group.
environmental projects, and data centers, while also concentrating its resources on off-
2022 ACHIEVEMENTS
2023 PLANS
traditional investments and alternative investments (AI). Today,
WGAM is strategically expanding its products and investments in
AI which includes Infrastructure, renewable energy, real estate, cor-
porate acquisition financing and Private Debt Funds (PDF). Moving
forward, WGAM will focus maintaining its strong track record in tra-
ditional investments (equities and bonds) and continue to acceler-
ate on its AI expansion to become not only a leading comprehensive
asset manager but also a leading AI specialist.
And it has Joined Woori Financial Group in August 2019. As a member one of the larg-
shore FoFs and bond-type PEF/discretionary investment management.
est and oldest financial groups in Korea, the company is accelerating expansion in AI
and overseas Fund of Funds investments.
With respect to AIs, it will create blind funds and project funds that will invest in the
energy and infrastructure sectors, as well as debt funds and mezzanines (CBs) for real
Korea’s AI market abruptly deteriorated after a series of disruptions in the bond and
estate and properties. It will also expand indirect investments that invest in advanced
project finance markets in the second half of 2022. Global financial markets have also
markets to broaden its business scope into overseas AI.
been experiencing similar situations during the same period. Against this backdrop, the
company achieved KRW 1.9 trillion of new commitments for its AI funds in 2022, with
its AI AUM reaching KRW 3.3 trillion, an increase of KRW 800 billion YoY.
In terms of traditional investment vehicles, the company is preparing to reopen and
market its overseas FoFs as it leverages the know-how it has accumulated with the
PIMCO Overseas Fund of Funds, which managed an AUM of more than KRW 1 trillion,
More importantly, the company continued its growth in infrastructure investments, as
a rare size as a single fund. Bond-type funds, which excelled in 2022, will attract addi-
it was renamed a trustee in the Innovation Growth New Deal Fund once again in 2022,
tional funds from existing institutional clients while recruiting new institutional clients as
following its original designation in 2021. This allowed the company to establish the
well.
Policy-Type New Deal Fund No. 2, which includes policy funds.
As such, WGAM is taking a differentiated approach with its growth strategies for AI and
Moreover, despite the harsh bond market, the company’s fund managers recorded
traditional investment vehicles. It will also commercialize AI products for retail custom-
excellent investment performance results in the management of bond-type funds. As a
ers and launch a mixed fund that carries both AIs and traditional investment vehicles
result, WGAM was singled out as an excellent investment partner by its biggest institu-
as underlying assets, while exploring synergy opportunities with its overseas indirect
tional client, Korea’s National Health Insurance Service.
investments, which has a relatively high market reputation.
Certifications and Awards
AUM Size Growth in Alternative Investments
(Unit: KRW billion)
Dec. 23. 2022
Selected as an excellent trading partner in 2022 by
the National Health Insurance Service (absolute re-
turn-seeking bond-type fund)
* Data from Korea Financial Investment Association’s stats
Assets Under Management
(As of the end of 2022)
KRW 8.3 trillion
202020212022YoYReal Estate 404.9853.51,192.8+339.3Special Asset 599.21,213.81,773.0+559.2Total 1,004.12,067.32,965.8+898.5STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT 051
Woori Private Equity Asset Management
www.wooripe.com
Established in October 2005, Woori Private Equity Asset
In the face of harsh economic conditions domestically and internationally, the company
Woori Private Equity Asset Management aims to maintain both qualitative and quanti-
Management is a first-generation private equity management
achieved quantitative and qualitative growth in 2022. By seeking new investment op-
tative growth in 2023, with the goal of securing a competitive edge through substantial
2022 ACHIEVEMENTS
2023 PLANS
company in Korea. Having first started as a private equity fund (PEF)
management company, Woori Private Equity Asset Management
extended its services to include the management of hedge funds
(alternative investments) in July 2016. Today, the company supports
the Group’s scale-out efforts in its IB operations.
Certifications and Awards
Mar. 8. 2022
Named as a fund manager of the
Korea Growth Finance Policy-type New Deal Fund
(carbon neutrality, green industry)
Oct. 20. 2022
Named as a fund manager
of the Export-Import Bank of Korea
portunities with both stability and profitability guaranteed to the highest degree possi-
management and core competency-building.
ble, the company launched new funds totaling KRW 643.1 billion (KRW 519.4 billion in
PEFs and KRW 123.7 billion in AIs).
For its part, the PEF division plans to maximize its return on investments (ROI) through
extensive “Value-Up” initiatives with the companies in its investment portfolio while
As of the end of 2022, the PEF division had a total of 7 funds under its management,
also generating strong ROI performance from investments on the two new blind funds
with a total commitment of KRW 858.7 billion.
it launched in 2022. In addition, it will focus on discovering new investment opportuni-
In 2022, the company achieved remarkable growth in its PEF operations, launching
several major blind funds. In May 2022, the Green ESG Growth No. 1 PEF was es-
ties from among large-cap and middle-sized enterprises to establish new mega-sized
project funds. As such, it plans to firmly solidify its leading position in the PEF market.
tablished as a KRW 165.2 billion-worth blind fund focusing on investments in ESG
With the AI division, it will focus on bringing about stable performance results through
industries, such as green businesses. The primary funding source was mega-sized
comprehensive follow-up management of existing investment projects as it continues
institutional investors. A month later, the NH Woori New Deal Growth Alpha No. 1 PEF
with its scale-out efforts into corporate investments—on top of its traditional real estate,
was also created as a KRW 220.0 billion blind fund to invest in the Fourth Industrial
infrastructure, and indirect investments—to reinforce profitability.
Revolution sector, including the digital industry. Additionally, a KRW 124.0 billion project
fund was launched to invest in Korean conglomerates’ overseas subsidiaries operating
in eco-friendly energy businesses. At the same time, the company carried out ex-
haustive monitoring and value-up activities to its existing funds under management in
dealing with the adverse market environment. In particular, the Woori Hanhwa Eureka
PEF, a KRW 43.5 billion project fund that was launched in 2018, generated an excellent
gross internal rate of return (IRR) at 15% in November 2022, despite the difficult market
conditions.
Concerning the alternative investment division, it operated a total of 16 funds with a
cumulative commitment amount valued at KRW 1,215.2 billion as of the end of 2022.
In the face of the many challenging market developments in 2022, the division con-
Financial Performance
(Unit: KRW billion)
Year-end Balance
centrated on finding profitable investment opportunities and created a domestic SOC
Cumulative Commitment Amount (including dissolved funds)
investment fund worth KRW 87.7 billion. It also established a KRW 36.0 billion equity
investment fund that invests in the overseas subsidiaries of Korean conglomerates,
thereby expanding its business portfolio from its previous focus on real estate, infra-
structure, and indirect investments to corporate investments. Indeed, the AI division has
steered clear of any losses on investments since its launch in July 2016, thanks in no
small part to its prudent and preemptively pre-/post-risk management practices.
202020212022YoYPEF361.6382.8858.7+475.9AI1,359.31,192.61,215.2+22.6Total1,720.91,575.42,073.9+498.5202020212022YoYPEF1,372.91,394.11,913.5+519.4AI1,509.31,667.81,791.5+123.7Total2,882.23,061.93,705.0+643.1STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT
Woori Credit Information
www.wooricredit.com
Woori Credit Information’s main lines of business consist of debt col-
As of 2022, Woori Credit Information has maintained a debt-free status, highlighting its
lection, credit research, and asset management. Since its establish-
strong financial position. Moreover, the company has consistently generated profits since
ment as a credit information company in Korea, it has established itself
its establishment, demonstrating its sustained financial success. Additionally, the company
4
2
2
.
4
2
8
.
2022 ACHIEVEMENTS
Total Assets
(Unit: KRW billion)
052
as a frontrunner in the industry. Throughout the years, the company
has demonstrated consistent financial stability, boasting the lowest
level of liabilities and the largest asset size among all credit information
firms in Korea affiliated with financial holding companies. Presently,
Woori Credit Information is expanding its revenue streams beyond the
cross-selling effect within the Group, aiming to strengthen its indepen-
dent capabilities and effectively prepare for any unforeseen market
has upheld its stable financial soundness by maintaining the lowest level of liabilities and
the largest asset size among all Korean credit information firms associated with financial
3
1
4
.
holding companies.
As the pie graph on the right shows, Woori Credit Information earns the largest percentage
of revenue from its non-affiliates relative to its competitors, further proving its high level of
Comapny A
Comapny B
Woori
competitiveness. The company has long reinforced its business viability by sustaining a di-
versified clientele list outside the holding company and by expanding its business domains.
KRW 42.8billion
uncertainties. Moving forward, the company will maintain its market
2023 PLANS
leadership by leveraging its strong marketing capabilities and excep-
tional management efficiency.
Woori Credit Information set its management goal for 2023 at strengthening core compe-
tencies and expanding its future growth foundation. To that end, the company is pursuing
the following strategies:
First, the company aims to generate a stable source of revenue. It will begin by marketing
its existing clients, such as public organizations and financial companies, to increase its
sales and induce long-term contracts from new major clients, such as credit card compa-
nies and banks, so as to contribute to the sales growth from its non-affiliate clients.
Second, the company is set on securing unrivaled competitiveness. By consolidating
its competitive edge in credit research and asset management industries, the company
will reinforce its competitiveness outside of debt collection operations in a bid to diversify
its revenue streams, which have traditionally been concentrated on debt collection.
Third, the company is focusing on enhancing its management system. It will revise its
bylaws per the latest updates to all relative laws and operational guidelines. It will also
streamline its sales and general administrative expenses by zeroing unnecessary and
redundant costs as well as rationally allocating and operating its budget.
Lastly, the company will continue to contribute to social value. In order to enhance its
Debt-to-equity Ratio
(Unit: %)
59.0% 33.4% 21.6%
Comapny A
Comapny B
Woori
Non-affiliate Sales Contribution
(Unit: %)
Comapny A
Comapny B
Woori
1.7%
18.5%
29.1%
Certifications and Awards
Winner in the social welfare category for the sixth straight year at the Digital
Chosun Ilbo’s 11th Corporate Social Responsibility Awards
cooperation with the Group’s ESG management initiative, the company will seek to di-
Industry-Leading Percentage of Revenue from Non-affiliates
versify the direction of its practical and effective ESG management practices while also
doing its best to increase debt restructuring support for financially vulnerable customers.
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT Woori Fund Service
www.woorifs.co.kr
Woori Fund Service provides diverse administrative services and
Despite the difficult market environment in 2022, Woori Fund Service successfully
In addition, the company has plans to carry out full-fledged marketing activities for
has been established under Article 254 of the Financial Investment
expanded its customer base as a result of its stable operating system, which helped it
its digital asset administrative management services based on its own digital asset
Services and Capital Markets Act. These services encompass fund
surpass KRW 150 trillion in assets under management (AUM) by the end of the year.
business accounting solution (DABAS), which will serve investors with fair and reliable
accounting, establishing reference prices for collective investment
In 2022, the company concentrated on improving its internal controls and system up-
information on digital assets.
2022 ACHIEVEMENTS
nance.
053
vehicles, and offering general administrative support for real estate
investment trusts (REITs). After the successful development of
the next-generation FundOne system, the company continues
to innovate by creating new systems and nurturing talented
individuals. These efforts aim to enhance the quality of services
provided, reinforcing Woori Fund Service's pride as a member of
Woori Financial Group.
grades. While developing a synergy framework through collaborations with Group affil-
As of the end of 2022, the company was also working on an integrated cryptocurrency
iates, it also strived to enhance employees’ job satisfaction, which included adopting a
disclosure service platform through multi-party agreements, with related services slat-
“work-life balance leave” to induce the long-term employment of professional person-
ed for launch in the near future as well. This will contribute to protecting customer as-
nel and implementing systematic job training.
sets and improving the soundness in cryptocurrency trading markets while generating
In fact, Woori Fund Service successfully harnessed some of the Group’s synergies to
expand its business operations. First, the company had its peer affiliate Woori Asset
Management test the ETF accounting system, which was developed as a requisite for
its new venture into the ETF administration management business. It also worked with
Woori Global Asset Management to develop an alternative investment management
system. Furthermore, the company successfully landed an office management service
order from Woori Asset Trust for new REITs.
new revenue streams for the company at the same time.
Net Income
(Unit: KRW billion)
3
9
.
3
6
.
Additionally, Woori Fund Service successfully completed the trademark registration
and patent application for its Digital Asset Administrative Management service, which
it launched in 2021 for the first time in the industry. This has secured the intellectual
2
6
.
property rights for the administrative management of digital assets, giving Woori Fund
2020
2021
2022
Service a springboard to become the market leader in the general administrative man-
YoY
+0.3
agement industry.
2023 PLANS
Shareholder’s Equity
(Unit: KRW billion)
Before Woori Fund Service entered the market, the KRW 80 trillion ETF administrative
management market was split up between just two companies that could provide the
necessary services. As of April 7, 2023, Woori Fund Service began challenging the oth-
er two market players with the launch of its ETF administrative management service—
and its first client was Woori Asset Management.
2
2
2
0
1
7
Drawing on its high technology in system integration, the company will engage in an
aggressive marketing campaign to outstrip the limited competition of their market domi-
2020
2021
2022
YoY
+2
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT 054
Woori FIS
www.woorifis.com
Woori FIS serves as the group's dedicated IT subsidiary, overseeing
Guided by its management goal for 2022, leading the financial IT sector through the
comprehensive IT outsourcing for the major affiliates. Its responsi-
convergence of innovation and stability, Woori FIS pursued four management strat-
bilities encompass maintaining the stable operation of core systems
egies: reinforcing digital services, improving customer-centric services, enhancing
2022 ACHIEVEMENTS
for Woori Bank and Woori Card, as well as driving digital transfor-
mation. Woori FIS strategically directs its organizational capabilities
towards innovative initiatives across all IT domains, with the ultimate
goal of supporting the group in achieving its strategic objectives.
Certifications and Awards
June 24. 2022
Korea’s first financial IT service provider to obtain internationally
stability and internal controls, and strengthening efficiency-oriented business manage-
ment.
The key tasks supporting these strategies included supporting all the Group-wide dig-
ital transformation synergies through digital education programs and adoption of RPAs
at individual Group subsidiaries; expanding BA support and competency-building for
the higher satisfaction of its customer-oriented services; broadening the application of
its IT failure prevention system to the Group-wide level; and securing an organizational
system for smoother IT-Biz collaboration between the business divisions and IT devel-
opers.
2023 PLANS
recognized ESG certifications,
Woori FIS set its management goal for 2023 at Culture Change, Technology Challenge.
the ISO 14001 (environmental management system) /
In line with this goal, it has developed five business strategies. It has implemented di-
ISO 45001 (occupational health & safety management system)
verse tasks in order to: lead futuristic technology, enhance customer service, broaden
Oct. 28. 2022
Korea’s first financial holding
company subsidiary to
obtain the ISO 27017
(international cloud
security standards)
its growth foundation, innovate its corporate culture, and upgrade its risk management.
The key tasks will be: optimizing the environment for developing future technologies,
such as establishing the latest channel framework and open source sharing portals;
stepping up its support of Group-wide IT projects, including rebuilding the WON
Banking platform and installing an independent merchant network for Woori Card; un-
covering digital business models to internalize innovative technological competencies;
realizing a corporate culture that puts core values into action; and completing down-
time-free/failure-free IT systems.
In the future, Woori FIS will stand by the Group as its most reliable IT and digital partner,
working tirelessly to support the enhancement of the Group’s business competencies.
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT
Woori Finance Research Institute
www.wfri.re.kr
The Woori Finance Research Institute (WFRI) was founded on De-
In 2022, Woori Financial Research Institute strived to support the Group’s formation of
Woori Finance Research Institute has set its management goal for 2023 to take the
cember 26, 2012 under the vision of innovating today to create
digital portfolios, establish the Group business support process, strengthen the role of
next step forward to become a leader in financial group strategy consulting. To attain
tomorrow. Committed to the stable growth of Woori Financial Group
the mobile app-based knowledge platform, and upgrade its research output.
this goal, WFRI devised four management strategies: 1) strengthening its responsive-
2022 ACHIEVEMENTS
2023 PLANS
055
and the development of Korea’s financial industry, WFRI carries out
WFRI published 417 research reports throughout the year, up from the 412 reports in
research activities in all aspects of finance and economic affairs,
2021. In addition, the institute studied and reported on the best digital innovation prac-
tices by global financial companies in support of the Group’s digital platform competen-
ness to changes in the internal and external business environment; 2) upgrading its in-
house consulting competencies; 3) supporting the Group to reinforce global network
competitiveness; and 4) upgrading its research output and utilization.
such as the business strategies of financial companies, the financial
sector, and financial markets, as well as macroeconomic issues. The
institute is positioning itself as a trusted opinion leader in the Ko-
rean financial industry by supporting relevant insights for effective
management decisions and setting the best direction for pertinent
cy-building. It also provided consulting services for Group subsidiaries and the global
In 2023, WFRI will concentrate its research capacity on supporting the Group’s strate-
network, contributing to growing the Group network and revenue base. WFRI also pre-
gic decision-making so that it can preemptively and effectively respond to the rapidly
sided over the Group-wide Macroeconomic and Financial Market Indicators Forecast-
changing market environment both at home and abroad. To help each Group subsid-
ing Council, where experts from inside and outside the Group supported the Group’s
iary reinforce its competitiveness in core businesses, the institute will provide regular
risk management and asset management businesses. For example, its case study on
consulting services on their business operations at least once a year. By expanding
financial policies.
the ESG management practices of global financial companies helped establish the
its scope of research into wealth management, CIB, and digital, WFRI aims to contrib-
Group’s ESG management system that is now on par with the most respected global
ute to bolstering the Group’s future growth drivers. It will also continue carrying out its
standards. Furthermore, the institute provided research report subscription services to
consulting services on the Group’s global network and research on the global business
Group employees and the public in general while also holding conferences and special
strategies of leading global banks to support reinforcing the competitiveness of the
lectures by experts to build and promote its financial and economic content.
Group’s overseas network.
On top of these efforts, the institute will keep upgrading its qualitative and quantitative
research output so that it can play an essential role in the Group-wide promotion of
knowledge management practices and enhancement of its brand value.
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT Organizational Chart
056
General
Shareholders Meeting
Board of Directors
CEO
Board Officer Candidates
Recommendation Committee
Board Audit Committee
Audit Unit
Board Risk Management Committee
Board Compensation Committee
Board Group CEO Candidates
Recommendation Committee
Coporate Culture
Innovation TF
Board ESG Management Committee
Strategy Planning Unit
Future Business Unit
Finance Planning Unit
Digital / IT Unit
Brand Unit
Risk Management Unit
Management
Support Unit
Compliance Officer
Strategy & Planning
Department
ESG Management
Department
Finance & Management
Department
Digital Innovation
Department
Public Relations
Department
Risk Management
Department
Management Support
Department
Compliance
Department
Audit
Department
Synergy Management
Department
Business Portfolio
Department
Future Finance
Department
Accounting
Department
IR
Department
Data Intelligence Planning
Department
Brand Strategy
Depatment
Risk Model Validation
Department
ICT Planning
Department
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT 057
GLOBAL NETWORK
Woori Bank
Head Office
The 20th and 21st Floor of Woori Bank Main Office, 51, Sogong-ro (203, Hoehyeon-dong 1-ga), Jung-gu, Seoul, 100-792, Korea
Phone: +82-2-2125-2000
Swift: HVBKKRSE
Overseas Branch
Company
Phone
Address
Company
Phone
Address
New York Agency
1-212-949-1900
245, Park Ave. 43rd Floor, New York, NY 10167, USA
LA Br.
London Br.
Tokyo Br.
Hong Kong Br.
Singapore Br.
Bahrain Br.
Dhaka Br.
1-213-620-0747~8
3360, Wwest Olympic Blvd. Suite 300, LA, CA90019, USA
44-207-680-0680
9th Floor, 71 Fenchurch Street, London, EC3M 4BR,UK
81-3-6891-5600
Shiodome City Center 10th Floor, 5-2 Higashi-Shimbashi 1-Chome, Minato-ku, Tokyo,
105-7110 Japan
852-2521-8016
Suite 1401, Two Pacific Place, 88 Queensway, Hongkong
65-6422-2000
10 Marina Boulevard #13-05 MBFC Tower 2, Singapore 018983
973-17-223503
P.O. Box 1151, 4th Floor, Entrance 1, Manama Centre Building, Manama, Bahrain
88-02-5881-3270~3
Suvastu Imam Square (1st & 4th Fl.) 65 Gulshan Avenue, Dhaka, Bangladesh
DEPZ Customer Service Center
880-2778-8030
Dhaka Export Processing Zone(Old Area), Ganakbari, Ssvar, Dhaka-1349, Bangladesh
Woori Bank Chittagong Sub-Branch
880-931-728221~4
Woori Bank Uttara Sub-Branch
880-2896-2125~6
Ayub Trade Center, Holding # 1269/B, Sheikh Mujib Road, Agrabad Commercial Area,
Gosaildanga, Ward #36, Double Mooring, Chattogram, Bangladesh
Paradise Tower(Ground Floor) Plot 11, Sector 3, Uttara Model Town,Uttara, Dhaka 1230,
Bangladesh
Woori Bank Mirpur Sub-Branch
880-2902-1061~2
Padma Bhaban(First Floor), 1/9 Mirpur Road Pallabi, Mirpur-12, Dhaka-1216, bangladesh
Woori Bank Narayanganj Sub-Branch
880-2769-2031~34
Adamjee Export Processing zone, Shiddhirganj, Narayanganj-1431 Bangladesh
Woori Bank Motijheel Sub-Branch
880-2471-21001~04
AA Tower, 23, Ground Floor, Motijheel C/A, Dhaka
Woori Bank Kawranbazar Sub-Branch
880-2446-12238~41
A.H.N Tower, Ground Floor, 13 Biponon C/A, Sonargaon Road, Bagla Motor, Dhaka
Chittagong Customer Service Center
880-3133-3340362
BEPZA Building, 1st floor of Zone Services Complex in Chattogram EPZ(CEPZ)
Gaeseong Br.
Sydney Br.
001-8585-2300~2
Gaesong Industrial District Phase 1, 25 - 1 Business Support Center, 1st Floor 103 1st Floor,
Bongdong-Ri, Gaeseong, Hwanghae-Do, North Korea*
61-2-8222-2200
Suite 21.02, 126 Phillip Street, Sydney, NSW, Australia
Woori Bank Dubai Br.
971- 4-325-8365
Woori Bank India Regional Headquarters 91-22-6263-8100
1102A, Level 11, The Gate Building, East Wing, P.O. Box 506760, DIFC, Dubai, United Arab
Emirates
Unit 601, 6th floor, Birla Centurion, Century Mills Compound, Pandurang Budhkar Marg,
Worli, Mumbai, Maharashtra-400030, India
* Due to the shutdown of the Gaeseong Industrial Complex in February 2016, the Gaeseong Branch is currently located at our corporate headquarters in Seoul
Woori Bank Chennai Br.
91-44-3346-6900
Woori Bank Mumbai Br.
91-22-6263-8100
Lotte India, 2nd Floor, No.4/169, Rajiv Gandhi Salai(OMR), Kandhanchavadi, Perungudi
Taluk, Chennai-600096, Tamil Nadu, India
Unit 601, 6th floor, Birla Centurion, Century Mills Compound, Pandurang Budhkar Marg,
Worli, Mumbai, Maharashtra-400030, India
Overseas Branch
Company
Phone
Address
USA
Woori America Bank
Woori America Bank, Manhattan Br.
Woori America Bank, Flushing Br.
Woori America Bank, Fort Lee Br.
Woori America Bank, Woodside Br.
Woori America Bank, Ridgefield Br.
Woori America Bank, Palisades Park Br.
Woori America Bank, Closter Br.
Woori America Bank, Elkins Park Br.
Woori America Bank, Annandale Br.
Woori America Bank, Bayside Br.
Woori America Bank, Ellicott City Br.
Woori America Bank, Wilshire Br.
Woori America Bank, Olympic Br.
Woori America Bank, Fullerton Br.
Woori America Bank, Buena Park Br.
Woori America Bank, Centreville Br.
Woori America Bank, Irvine Br.
Woori America Bank, Torrance Br.
Woori America Bank, San Jose LPO
1-212-244-3000
1-212-244-1500
1-718-886-1988
1-201-363-9300
1-718-429-1900
1-201-941-9999
1-201-346-0055
1-201-784-7012
1-215-782-1100
1-703-256-7633
1-718-224-3800
1-443-973-3690
1-213-382-8700
1-213-738-1100
1-714-521-3100
1-714-534-6300
1-703-988-9555
1-949-885-3760
1-310-974-1880
1-415-652-9476
330 5th Avenue New York, NY 10001, USA
330 5th Avenue New York, NY 10001
136-88 39th Avenue Flushing New York, NY 11354, USA
2053 Lemoine Avenue Fort Lee, NJ 07024, USA
43-22 50th St. Woodside, NY 11377, USA
321 Broad Avenue #104 Ridgefield, NJ 07657, USA
225 Broad Avenue Palisades Park, NJ 07650, USA
234 Closter Dock Road Closter, NJ 07624, USA
7300 Old York Rd Elkins Park, PA 19027
Seoul Plaza 4231 Markeham St. Annandale, VA 22003, USA
215-10 Northern Blvd. Bayside, NY 11361, USA
100352 Baltimore National Pike Ellicott City, MD 21042, USA
3540 Wilshire Blvd. Unit 104, Los Angeles, CA 90010, USA
3360, West Olympic Blvd. Suite #300, LA, CA90019, USA
5731 Beach Blvd., Buena Park, CA 90621, USA
6940 Beach Blvd #D-124, Buena Park, CA
13832 Braddock Road. Centreville, VA 20121, USA
14252 Culver Dr. #G, Irvine, CA 92604
2390 Crenshaw Boulevard, Units C Torrance CA 90501 USA
2328 Walsh Ave, Santa Clara CA 95051 USA
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT Company
Phone
Address
Company
Phone
Address
058
Woori America Bank. Northern
1-929-362-3330
164-25 Northern Blvd. Flushing NY 11358, USA
Woori America Bank. Dallas LPO
1-972-810-0166
1028 MacArthur Dr.Suite #108, Carrollton, TX, 75007
Woori America Bank. Chicago LPO
1-224-938-9553
1247 Milwaukee Ave, Suite 207, Glenview, Illinois, 60025
Woori America Bank. Seattle LPO
1-206-948-6691
19401 40th Avenue West, Lynnwood, Washington, 98504
Woori America Bank, Dallas Br.
2405 S. Stemmons FWY, Lewisville, TX 75067
Woori America Bank, Duluth Br.
1-770-624-5930
3360 Satellite Blvd., Suite 14, Duluth, GA 30096
CHINA
Woori Bank (China) Ltd.
86-010-8412-3000
Woori Bank (China) Ltd. Head office busi-
ness department
Woori Bank (China) Ltd. Beijing Br.
86-010-8441-7771
86-010-8453-8880
Woori Bank (China) Ltd. Shanghai Br.
86-021-5081-0707
Woori Bank (China) Ltd. Shenzhen Br.
86-0755-3338-1234
Woori Bank (China) Ltd. Suzhou Br.
86-0512-6295-0777
Woori Bank (China) Ltd. TianJin Br.
86-022-2338-8008
Floor 11-12, Block A Building 13, District4, Wangjing East Park, Chaoyang District Beijing
China 100102
Floor1 Block B Building 13 District4 Wangjing East Park Chaoyang District Beijing China
100102
1801-3, 1801-4, Samsung Building, No.31, Jinghui Street, Chaoyang District, Beijing, China
104B,502, Dongfangchunyi Building 1, 5F, Eshan Avenue 505 Pudong New Area, Shang-
hai,200122, China
1001,1002,1003,1004,1008 ,Hon Kwok City Commercial Center, Fuming Road, Futian
District, Shenzhen, China
6F Building #58 Suzhou Center, Suxiu Road,Suzhou Industrial Park, Jiangsu, China
NO.1 Building, Aocheng Commercial Square, Binshui West Road, Nankai District, Tianjin,
300381 CHINA
Woori Bank (China) Ltd.
Shanghai Puxi Sub-Br.
Woori Bank (China) Ltd. Beijing Wangjing
Sub-Br.
Woori Bank (China) Ltd. Shanghai
Wuzhonglu Sub-Br.
Woori Bank (China) Ltd. Shenzhen Futian
Sub-Br.
Woori Bank (China) Ltd.
Shanghai Jinxiujiangnan Sub-Br.
Woori Bank (China) Ltd.
Beijing Shunyi Sub-Br.
86-021-5208-1000
1F, Maxdo Center, NO.8 Xingyi Road, Changning District, Shanghai, 200336, China
86-010-8471-8866
1F,NO.10, FURONG STREET, CHAOYANG DISTRICT, BEIJING 100102, CHINA
86-021-6446-7887
1C, Liaoshen Building, 1068 Wuzhong Road, Minhang District, Shanghai, 201103, China
86-0755-8826-9000
Room 107, Daqing Building, NO.6027 Shennan Road, Futian District, Shenzhen 518040, China
86-021-3432-1116
No.101-1, 102 MT BLDG, 3999 Hongxin Road, Minhang District, Shanghai,China, 201101
86-010-8945-2220
1-107A GangXin JiaYuan Shunyi District Beijing 101300 China
Woori Bank (China) Ltd. DaLian Br.
86-0411-8765-8000
Woori Bank (China) Ltd.
Zhangjiagang Sub-Br.
86-0512-5636-6696
Woori Bank (China) Ltd. Chengdu Br.
86-512-028-6557-2336
Woori Bank (China) Ltd. Weihai Br.
86-0631-599-6000
Woori Bank (China)Ltd.
Tianjin Dongmalu Sub-Br
86-022-8776-9000
WooriBank (China) Ltd. Chongqing Br.
86-023-6152-2222
Wooribank (China) Ltd.
Shanghai Jinqiao Sub-Br.
Wooribank (China) Ltd.
Beijing Sanyuanqiao Sub-Br.
86-021-6882-0608
86-010-8440-7177
Wooribank (China) Ltd, Shenyang Branch 86-024-8186-0808
Wooribank (China) Ltd.
Shenzhen Qianhai Sub-Br.
86-755-3683-0888
2F-218, Yoma IFC, NO.128 Jinma Road, Dalian Development Area, Dalian, P.R. China
116600
B104/B205 Huachang Oriental Plaza, 11 Renmin East Road, Zhangjiagang Jiangsu,
215600 China
No.302-306, 3F, Ping'an Fortune Center, No.1, Renmin South Road(Section 3), Chengdu,
Sichuan,China,610041
1801, 18th Floor, Building A3, Wisdom Valley, No. 17-5 Hong Kong Road, Economic and
Technological Development Zone, Weihai City, Shandong Province, China
1-2F, No. 4 of TowerC, Yuding Plaza(Qixiang Street), Dongma Road, Nankai District, Tianjin,
300090, China
Shop 2, First Floor, Jinjia International Building, No.10, GuiHua Street Branch Road, JiangBei
District, ChongQing, China, 400000
Room 202, 2 / F, Building B1, Shanghai International Trade Center, No. 1599 New Jinqiao
Road, Pudong, Shanghai, China
26F, Tower A, Tianyuangang Center, C2, North Road, East Third Ring Road, Chaoyang
District, Beijing, China
Room 2605-2608, Office Tower 1, Forum 66, No.1-1 Qingnian Street, Shenhe District,
Shenyang City, Liaoning, China
1 Unit 07, 21/F, Qianhai Shimao Financial Center, No.3040 Xinghai Avenue, Qianhai Shen-
zhen-Hong Kong Coorperation Zone, Shenzhen,China
62 285 4460505
62 351 4773000
62266-6251906
62711-315828
6221-7821756
62281-622212
62265-2351906
62341-421906
6231-5041906
62361-263755
62231-242006
6224-3521906
62271-633600
62274-549280
6221-50871888
62251-8377887
6221-50871906
6222-87241326
6221-29951906
6221-29529226
6222-87831906
Indonesia
Bank Woori Saudara Head Office
Corporate Branch
Diponegoro Branch
Cirebon Branch
Bogor Branch
Surapati Core Branch
Surabaya Branch
Semarang Branch
Tasikmalaya Branch
Yogyakarta Branch
Denpasar Branch
The Gedung Energy Branch
Ampera Branch
Purwokerto Branch
Malang Branch
Solo Branch
Tangerang city Branch
Pelembang Branch
Sukabumi Branch
Pekalongan Branch
Madiun Branch
Jamber Branch
Kediri Branch
Purwakarta Branch
Subang Branch
Karawaci Tangerang Branch
Garut Branch
Medan Branch
Makassar Branch
Bandar Lampung Branch
Buah Batu Sub-Branch
Kopo Sub-Branch
Cimahi Sub-Branch
Sukajadi Sub-Branch
Soekarno Hatta Sub-Branch
Pemuda/Rawamangun Sub-Branch
Sumedang Sub-Branch
Serang Sub-Branch
Commercial Center Cikarang Sub-Branch 6221-89328838
Kramat Jati Sub-Branch
Kebon Jeruk Sub-Branch
Pajajaran Sub-Branch
Lembang Sub-Branch
Deltamas Cikarang Sub-Branch
Majalengka Sub-Branch
Kuningan Sub-Branch
Indramayu Sub-Branch
6221-89972635
6221-53660160
62264-8227474
6221-47862070
6221-55772345
6261-42007100
6272-15604961
6241-18001859
6222- 7306347
6222-6634656
6222-5436802
6222-7509905
62262-544672
62 354 526726
62234-276236
6221-8002895
6222-2784797
62261-206527
62254-224142
62260-421014
62 331 421648
6222-2021761
6222-20565353
62233-8285460
62232- 8880938
Cibubur Sub-Branch
6221-84305050
Treasury Tower 26th, 27th FL. District 8 SCBD Lot 28 JI.Jend. Sudirman Kav. 52-53, Jakarta 12190
Treasury Tower 26th, 27th FL. District 8 SCBD Lot 28 JI.Jend. Sudirman Kav. 52-53, Jakarta 12190
JL. Diponegoro No,. 28, Bandung, West Java
Komplek Cirebon Super Blok (CSB) Mall Office Park Kav. No. 11 Jl. Cipto
Jl. Pangkalan Raya No. 8, Warung Jambu - Bogor/16151
Komp Surapati Core F-01-02 Bandung
Jl. Raya Darmo No.89, Surabaya, East Java
Ruko Imam Bonjol Square Kav 4 - Kota. Semarang
Ruko Plaza Asia Blok A5-A6, Jl. HZ. Mustofa No. 326 - Tasikmalaya/46126
Jl. Mangkubumi No. 45 - Yogyakarta/55232
Ruko Griya Alamanda blok 3-4,Jl. Cok Agung Tresna Renon-Denpasar/80235
Gd The Energy Lot 11 A SCBD, Jl. Jendral Sudirman Kav 52 - 53, Jakarta/12190
Jl. Ampera Raya No. 20 Gd.Medco III/12560
Jl. Jenderal gatot Subroto No.78 Purwokerto - Jawa Tengah/53116
Jl. Letjen Sutoyo No. 27 Malang- Jawa Timur/65141
Jl. Ronggo Warsito No. 53 Kota, Solo - Jawa Tengah/57131
Tangerang City Business park Blok F/50 Jl. Jend. Sudirman No.1 Tangerang/15118
Jl. Basuki Rahmat No. 886 A - Palembang/30127
Jl. Jenderal Sudirman No. 31-Sukabumi/43111
Jl. KH. Mansyur No.64, Perkalongan
Jl. Diponegoro No. 110, Madiun
Jl. Gajah Made No. Ruko Gajah Mada Square Block A2-3
JL. Brawijaya No. 34 A, Kediri, East Java
Jl. Basuki Rahmat No. 94, Purwakarta/41114
JL. Ahmad Yani No. 36/41211
Ruko Pinangsia Blok H No. 1 Lippo Karawaci Kel. Cibodas Tangerang/15139
Jl. Ahmad Yani No.33/44117
Jl. Zainul Arifin No. 53A
Jl. Gunung Latimojong, Ruko Metro Square Blok E No. 1
Jl.. Raden Intan No. 80 D-E, Bandar Lampung , Lampung
Jl. Buah Batu No. 58 Bandung/40265
Komp Ruko Mas J-9 Jl. Kopo Cirangrang/40225
Jl. Raya Cibabat No. 310 Cimahi/40213
Jl. Prof. Dr. Surya Sumantri Kav. 6, Bandung, West Java
Jl. Soekarno Hatta No. 618 F/40286
Jalan Paus No 91F, Pulogadung, Jakarta Timur
Jl. Prabu Geusan Ulun No.76/45311
Jl. KH. Abdul fatah Hasan No.53 Kel. Cipare Serang/42124
Ruko The Capitol, Kawasan Industri JABABEKA, Jl. Niaga Raya Blok 2 C, Bekasi, West Java
Jl. Pondok Gede Raya No. 12
Jl. Kelapa Dua Raya(RayaPanjang) No.2, Rt 008, Rw 002 Kel. Kelapa Dua Kec. Kebon Jeruk/12130
Jl. Pajajaran no. 85, Bandung, West Java
Jl. Grand Hotel Lembang No.25 Bandung/40391
Ruko Palais De Paris Blok. D
Jl. KH. Abdul Halim No.447 Majalengka/45411
Jl. Dewi Sartika No.4/45512
Jl. DI. Panjaitan No.103/45212
Cibubur Times Square Blok B1/1 Jl. Alternatif Cibubur KM 3 Kel. Jatiraya, Kec. Jastisampur-
na Bekasi/17435
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT Address
Company
Phone
Address
059
Phone
62264-8385171/
8385172
6221-7522091
62298-311828
6231-8922842
62321-383444
Jl. Terusan Sudirman No. 6B(Sudirman Center)/41373
JL. Margonda raya Ruko Aarden, Depok, West Java
Ruko Wijaya Square B5 Jl.Diponegoro No. 110 Salatiga/50711
JL. H. Sunandar 6 No. 1, Sidoarjo, East Java
Jl. Gajah Mada No.85B/60319
62263- 260941, 260943 Jl. Abdulah Bin Nuh No.15/43253
6221-7403205,7443335
Jl. RE. Martadinata No. 167 B RT.03 RW. 05 Cipayung, Ciputat, Kota Tangerang Selatan
62231-8330618
62274-367514
6221-29015618
6221-7330545
Jl. Dewi Sartika No. 57 Sumber/45611
Jl. Jenderal Sudirman No. 130 Kabupaten Bantul/55713
Komplek Ruko Balaraja Center Blok A No.2 Jl. Raya Serang Km. 24 Talaga Sari Balara-
ja-tangerang/15610
Ruko Dian Plaza Jl. Raden Fatah No. 8A Kelurahan Sudirman Selatan,Ciledug/15225
62293-326498/326499
Ruko Metro Square Blok F No.25/56172
6222-6803940/41
Jl. Raya Padalarang No.463 H/40553
Company
Cikampek Sub-Branch
Depok Sub-Branch
Salatiga Sub-Branch
Sidoarjo Sub-Branch
Mojokerto Sub-Branch
Cianjur Sub-Branch
Pamulang/Ciputat Sub-Branch
Sumber Sub-Branch
Bantul Sub-Branch
Balaraja Sub-Branch
Ciledug Sub-Branch
Magelang Sub-Branch
Padalarang Sub-Branch
Patrol Sub-Branch
Gianyar Sub-Branch
Gresik Sub-Branch
Karawang Sub-Branch
62234-5613627
62361-8958295
6231-3981758
62267-8407706
62231- 8832738-39
6221-82611045-46
62265-543111-3
62265-772221
62260-551773
62274-865922
62291-4249241
6221-87904397
Cibinong Sub-Branch
Singaparna Sub-Branch
Ciamis Sub-Branch
Sleman Sub-Branch
Losari Sub-Branch
Bekasi/Pondok Gede Sub-Branch
Kudus Sub-Branch
Pamanukan Sub-Branch
Majalaya Sub-Branch
Pangalengan Sub-Branch
Megablock Cilegon Sub-Branch
Rangkasbitung Sub-Branch
Tabanan Sub-Branch
Surabaya /Darmo Boulevard Sub-Branch
Soreang Sub-Branch
Ujung Berung Sub-Branch
6222-7834128
Jemur Sari/Surabaya selatan Sub-Branch 6231-8480454
Luragung Sub-Branch
62223-2870016
Pangandaran Sub-Branch
Purwodadi Sub-Branch
Leuwiliang Sub-Branch
6222-5896880
62292-423399
6222-5979222
62252-203612
6231-7381906
62251-8640297
62361-814160
62254-8484772
6222-85963799
62265-630400,630010
Ciawi Tasikmalaya Sub-Branch
62265-455163,455167
Cilacap Sub-Branch
Jombang Sub-Branch
Banjar Sub-Branch
Boyolali Sub-Branch
Radio dalam Sub-Branch
Singaraja Sub-Branch
Manonjaya Sub-Branch
62282-534474
62321-878906
62265-740838
62276-323655
6221-7211005
62362-25098
62265-380510
Jl. Raya Patrol Anjatan Blok Bunder No. 52/45256
Jl. By.Pass Dharma Giri No.99/80511
Ruko KIG Jl. Tri Dharma Kav. A-14/61117
Perumahan Galuh Mas Ruko Street Festival Blok 3 No. H-9, Jl. Galuh mas Raya, Karawang,
West Java
Jl. Mayor Oking No 122, Kel. Cirimekar, Kec. Cibinong, Kabupaten Bogor
Jl. Raya Timur No.45 Singaparna/46416
Ruko Jl Pasar Manis No. 35 -Kab. Ciamis
Jl. Magelang KM 12.8 No.200/55514
Jl. Letjen S. Parman No. 20 Kecamatan Pabuaran , Kab. Cirebon Jawa Barat
Jl Raya Jatimakmur Blok A No. 20 Pondok Gede, Kota Bekasi Ruko Taman Jatimakmur Indah
JL. AKPB Agil Kusumadya No. 104 A, Kudus, Central Java
Jl. Eyang Tirtapraja No.54 Kab.Subang/41254
Jl. Alun-alun utara/Jl. Tengah komp ruko permata majalaya Blok C6/40382
Jl. Raya Pintu Pangalengan KM-1/40378
Jl. Raya Ahmad Yani Komp. Cilegon Green Megablock D3 No. 17 - Kota. Cilegon
Jl Hardiwangun No.6 B Rangkasbitung - Kab. Lebak
Jl. Bypass Insinyur Soekarno No 17, Tabanan, bali
Office Park II B.2 No.11
Jl. Raya Soreang No.412/40900
Jl AH Nasution No. 28 - Kota.Bandung
Jl. Raya Jemursari No. 15C Surabaya/60237
Jl. Siliwangi No. 62, Ds. Luragungtonggoh, Kec. Luragung, Kab. Kuningan
Jl. Parapat, Desa Pangandaran, kec pangandaran kab ciamis/46396
JL. Ahmad Yani No. 223, Grobogan, Central Java
Jl. Raya Jasinga 11A Kel. Cibeber, Kec. Leuwiliang Kab Bogor/16640
Jl. Perjuangan No.80 Kp.Karanganyar Rt. 04 Rw. 05 Desa Pakemitan Kec Ciawi Kab. Tasik-
malaya/46156
JL. Letjen Suprapto No.4, Cilacap, Central Java
Ruko Cempaka Mas Regency Block B-2. JL Soekarno Hatta Kel Kepuhkembeng Kec
Peterongan. Jombang, East Java
JL. Letjen Soewarto No.160, Banjar, West Java
Jl. Pandanaran No.179 B Kab.Boyolali/57313
JL. Radio dalam raya No.4 Kel. Gandaria Utara Kec. Kebayoran baru Jakarta selatan/12160
Jl. Ngurah Rai No. 16 Singaraja Kelurahan Kendran Kecamatan Buleleng/81112
Jl. RTA. Prawira Adiningrat No.214 A Desa Manonjaya kec.Manonjaya-Tasikmalaya
Surabaya Utara /kertajaya Sub-Branch
Batu Sub-Branch
Palimanan Sub-Branch
cibadak Sub-Branch
Kemang Pratama Bekasi Sub-branch
Wates Sub-Branch
Karangnunggal Sub-Branch
Wonogiri Sub-Branch
Kawali Sub-Branch
Kepanjen Sub-Branch
Pamekasan Sub-Branch
Kebumen Sub-Branch
Mangga Dua Sub-Branch
Kelapa Gading Sub-Branch
Kayu Agung Sub-Branch
Klaten Sub-Branch
Pasuruan Sub-Branch
Pati Sub-Branch
Sumenep Sub-Brancch
Pelabuhan Ratu Sub-Branch
Posco Cilegon Sub-branch
Union Square Cikarang Sub-branch
Sadang Sub-Branch
Cikajang Sub-branch
Kendal Sub-branch
Wonosari Sub-branch
Purbalingga Sub-branch
Sragen Sub-branch
Bintaro Sub-branch
KCP PROBOLINGGO
KCP PANDEGLANG
KCP PASAR ATOM
KCP CITRA RAYA
KCP CAKUNG
Pondok Kelapa Sub-branch
Ciracas Sub-branch
KCP JEPARA
KCP BANJARNEGARA
Purworejo Sub-branch
Brebes Sub-branch
Karanganyar Sub-branch
Ungaran Sub-branch
Gading Serpong Sub-branch
Dalem Kaum Sub-branch
Pasar anyar Sub-branch
Asabri Bandung Sub-branch
Cililitan Asabri Sub-branch
Asabri Sub-branch
6231-99452669
JL. Raya Gubeng No. 68 Ruko 21 , Surabaya, East Java
62341-513709
62231-343950
6266-531915
62254-369755
62274-6657325
62265 -
2584571/2584572
62271-633600
Jl. Brantas No.49 Batu-Malang/65314
Jl. Otto Iskandardinata No.503 Palimanan
Jl. Raya Suryakencana RT 03 RW 08, Cibadak - Kab. Sukabumi
Jl. Niaga Raya Blok P No.22C RT 001/021 Kel. Bekasi
Jl. Kolonel Sugiyono No.3-Wates
Jl. Raya Karangnunggal KP.Karangmekar RT/RW 03/09 Desa Hegarwangi Kec. Bantarka-
long Kab.
Jalan Ahmad Yani No 66, Wonogiri
62265 791560
Jl. Siliwangi No.262, Desa Kawali mukti
6234 1-379840
62324 333905/62324
333906
62287 3878168
6221 62306495
62 21 29364053
62-711-315828
JL. Kawi No.22, Malang, East Java
Jl. Kabupaten No.114
Jl. Ahmad Yani No.20, Kubumen
Ruko Harco Mangga Dua Blok L. No.5
Jl. Boulevard Barat Ruko MOI Blok I No.15
Jl. Letnan Muthtar Saleh, Kayuagung, Palembang, South Sumatra
62-272-3359557
JL. Pemuda No. 254, Klaten , Central Java
62-343-561-4700
JL.. Pahlawan No 44, Pasuruan, East Java
6229-5410-1614
Jl. Diponegoro No. 53, Pati, Central Java
62-3428-6762234
JI. Trunouyo No. 244 Sumenep
62-266-6249715
Jl. Siliwangi Rt/Rw 02/18, Desa Pelabuhan Ratu
62254-369755
6221-89909797
62264-8220180
6262-576094
62294-644704
Annex Building Lt. 1 Jl. Afrika No.2 Krakatau Posco Cilegon/42435
Ruko Union Square Blok A No.6 Lippo Cikarang, Cikarang Selatan
Sadang Terminal Square No.07,08,25 Jl. Raya Sadang Purwakarta/41181
Jl. Raya Cikajang No. 80 Garut
Jl. Raya Utama No.9 weleri kendal
62274-3950673
Jl. KH. Agus Salim No.71A Wonosari - Kab Gunungkidul
62281-895553
62271-895015
6221-7374685
6233-54491787
6225-35554739
6231-3503350
6212-9014270
6214-84556
6221-86941678
6221-87735005
6291-4290507
6286-5963716
62-75-321457
6288-34511421
62-271-6882712
6224-76510787
62-21-5421-2159
6222-4211906
62251-8574423
6222-7279740
6221-80876494
62-31-82517971
JL. Letkol Isdiman No. 4, Purbalingga, Central Java
Jl. Sukowati No.156 Sragen
Jl. Veteran Raya no 42D, Bintaro, South Jakarta
Ruko Manunggal No. 2, Jl. Soekarno Hatta
Jl. Raya Labuan KM 1
Jl. Pangampon No. 75
Ruko Cikupa Niaga Mas Blok A No. 12
Jl. Jawa Raya Blok A 14 No. 7 (Kawasan Berikat Nusantara)
JL. Inspeksi Kali Malang Komplek Billy & moon MLBZ Kav No. 3F, Duren sawit, East Jakarta
JL. Raya Lapangan Tembak No. 63 , Cibubur, East Jakarta
Jl. Pemuda No. 21 D-E
Jl. Letjend S Parman No. 29
JI. Ahmad Yani no.93, Purworejo
Jl. Jenderal Ahmad Yani No 26 F
Jalan Raya Palur Jurug RT 004/RW 001 Desa Ngringo, Kec. Jaten, Kab. Karanganyar
Jl. Diponegoro No. 79 Kelurahan Ungaran, Kecamatan Ungaran Barat, Semarang, Central
Java, 50511
Jl. Boulevard Raya Gading Sepong, Ruko Alexandrite 3, No.21, Kabupaten Tangerang
Jl Dalam Kaum No. 5 - Kota.Bandung
Jl. Sawojajar No.12 B, Kota. Bogor
Jl. Citarum No.6, Bandung, West Java
Jl. Mayjen Sutoyo No.11 Gedung PT Asabri (persero) Jl. Cililitan - jakarta Timur/13630
Jl. Gayungan PTT, No. 43, Surabaya – 60235, Gedung Kantor Asabri Surabaya
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT 060
Phone
95 9 975 890019
95 9 960996083
95 9 960996092
95 9 960996099
95 9 960996089
95 9 961010611
95 9 961010611
95 9 961010511
95 9 950311093
95 9 950311096
95 9 764433931
95 9 764433932
95 9 764433935
95 9 764433936
95 9 780 113417
95 9 780114012
95 9 780114068
95 9 402187901
95 9 402187923
95 9 402187924
95 9 441580466
95 9 441580468
Address
No 540, Yadanar Pone 2nd St, Kangyi / Magyi Ward, Kungyangon Township, Yangon, Myanmar
Bogyok St. Nyaung Pin Zay Ward, Zalun Township, Ayeyarwady, Myanmar
No. 101, Tha Yet Taw(3) Upper St. Tha Yet Taw Ward, Kyimyindaing Township, Yangon, Myan-
mar
No. 49, U Wisarra St. Pha Tar Gyi Ward, Hinthada Township, Ayeyardady, Myanmar
No. 101, Tha Yet Taw(3) Upper St. Tha Yet Taw Ward, Kyimyindaing Township, Yangon, Myanmar
No. 93, Nat Maw St. Panbetan Ward, Hinthada Township, Ayeyarwady, Myanmar
No. 93, Nat Maw St. Panbetan Ward, Hinthada Township, Ayeyarwady, Myanmar
No. 49, Bo Kyoke St. Kon Gyan(Middle) Ward, Twantay Township, Yangon, Myanmar
No. 18C, 8th St. 9th Ward, Pyapon Township, Ayeyarwady
No. 18C, 8th St. 9th Ward, Pyapon Township, Ayeyarwady
No. 1, Sel Myaung St. Myo Kwet Thit 1, Pantanaw Township, Ayeyarwady, Myanmar
No. 1, Sel Myaung St. Myo Kwet Thit 1, Pantanaw Township, Ayeyarwady, Myanmar
No. 154, Ashay Myopat St. Pan Tin Ward, Gyobingauk Township, Bago, Myanmar
No. 154, Ashay Myopat St. Pan Tin Ward, Gyobingauk Township, Bago, Myanmar
Hlaing Htate Khaung Tin St. No. 1 Ward, Zigon Township, Bago, Myanmar
Plot No. 79, Shwetaung Street, Min Kwet 3, Ward, Paungde Township, Bago, Myanmar
Plot No. 79, Shwetaung Street, Min Kwet 3, Ward, Paungde Township, Bago, Myanmar
No. 17 Plot, Min Wine Yat, No. 4 Ward, Lewe Township, Nay Pyi Taw, Myanmar
No. 181, Yarza Htarni St. Aung Thar Yar Ward, Pobbathiri Township, Nay Pyi Taw, Myanmar
No. 181, Yarza Htarni St. Aung Thar Yar Ward, Pobbathiri Township, Nay Pyi Taw, Myanmar
No. 241, Office Street, Min Wine Yat, No. 4 Ward, Lewe Township, Nay Pyi Taw, Myanmar
Plot No. Da/32470, Yati 14th street, Dekkhinathiri(South)Ward, Dekkhinathiri Township, Nay Pyi Taw
95 9 403663020
No. 241, Office Street, Min Wine Yat, No. 4 Ward, Lewe Township, Nay Pyi Taw, Myanmar
95 9 441473341
95 9 441481276
95 9 893642032
95-9-773579731
No. (ma-127), Yin Mar Street, Area (3), Mya Waddy Ward, Takkon Township, Nay Pyi Taw
No. 93, Thatoeminsaw Yat, Aung Zaya Ward, Takkon Township, Nay Pyi Taw
No. Ou-1513, Shwe Nant Thar Ward, Ottarathiri Township, Nay Pyi Taw
No.52, Apyin Tharzi Street, Tharzi Ward, Nattalin Township, Bago
95-9-692687628
No. 174, Ohntaw No. 2 Ward, Taungdwingyi Township, Magwey
95-9-891504155
No.22, Plot U Paing No.105, East Aung San Ward, Natmauk Township, Magway
Company
Phone
Address
62247-6403870
JL Perintis Kemerdekaan No3. Kel Pudakpayung Kec Banyumanik. Semarang, Central Java
Jl. Untung Suropati Ruko Adipura Block A-11
Company
Kungyangon Branch
Zalun Branch
Jl. Raya Darmaraja No.253 desa Darmaraja, Kec Darmaraja Kab.Sumedang/45372
Kyimyindaing Branch
Hinthada I Branch
Hlaing Branch
Hinthada II Branch
Hinthada III Branch
Twantay Branch
Pyapon I Branch
Pyapon II Branch
Pantanaw I Branch
Pantanaw II Branch
Gyobingauk I Branch
Gyobingauk I Branch
Zigon Branch
Paungde I Branch
Paungde II Branch
Lewe I Branch
Pyinmana I Branch
Pyinmana II Branch
Lewe II Branch
Dekkhinathiri Branch
Lewe Ⅲ Branch
TakkonⅠBranch
TakkonⅡBranch
Ottarathiri Branch
Nattalin Branch
Taungwingyi Branch
Natmauk Branch
Asabri Semarang Sub-branch
Bojonergoro Sub-branch
Darmaraja Sub-branch
Jatinangor Sub-branch
Jatibarang Sub-branch
Kemang Sub-branch
Cikande Sub-branch
62-353-311271
62262-
429000,429069,428478
6222-87834401
62834-352911
6221-22716210
6225-47951546
Panglima Cilegon Sub-branch
62254-222133
Kalasan Sub-branch
6227-44332487
6272-5800-1701
62622-7253-499
Pematang Siantar Sub-branch
Metro Sub-branch
Klungkung Sub-branch
Banyuwangi Sub-branch
Ponorogo Sub-branch
6235-2359-7288
Jakarta Pusat Sub-branch (Salemba Sub-branch) 6221-2962-7877
Blitar Sub-branch
6234-2818-0338
Rembang Sub-branch
Asabri Makassar Sub-branch
6233-3289-1660
6241-1896-1360
6236-6558-2906
6229-5698-4906
JL. Raya Cipacing No. 78, Bandung, West Java
Jl. Letnan Joni No.178 Kec. Jatibarang - Kab Indramayu/45273
Kemang Square Lt 2, Unit I-11 & I-12, Jl. Kemang Raya No. 3 A
Jl. Raya Jakarta - Serang KM 68, Ruko Grand Permata No. 10
Jl. Raya Serang- pandeglang KM 11 Lingkungan waru Lor,Desa/kel. Kamanisa Kec Curug
Kota serang/42117
JL. Laksda Adisucipto KM.10, Ruko Airport Square RT.001 RW.001 Purwomartani, Kalasan,
Sleman, D.I Yogyakarta 55281
Jl. Sangnawukuh blok A-40 Kompek Megaland, Pemantang Siantar, North Sumatra
JL. Jend. Sudirman No. 78F, Metro, Lampung
JL. Diponegoro No.45, Klungkung, Bali
JL. S. Parman No. 111, Banyuwangi, East Java
JL. Soekarno Hatta No. 222, Ponorogo
Jl. Salemba Raya No. 22, District Senen, Central Jakarta
Jl. Tentara Genie Pelajar No.4, District Pare, Kediri, East Java
Jl. Jendral Sudirman No. 158, District Rembang, Central Java
Jl. 1896. P Pettarani No. 21, Tamamaung, Panakkukang, Kota Makassar, Sulawesi Selatan.
Hong Kong
Woori Global Markets Asia Limited
852-3763-0888
Rooms 1907-1909, 19/F, Gloucester Tower, The Landmark, 15 Queen's Road Central,
Hong Kong
Russia
AO Woori Bank
AO Woori Bank Saint-Petersburg Br.
AO Woori Bank Vladivostok Representative
Office
7-495-783-9787
7-812-327-9787
7-423-240-7014
Brasil
8th floor., Lotte Plaza, 8, Novinsky Boulevard, Moscow, 121099, Russia
1st Floor, Atlantic City, 126 Savushkina Street, Saint-Petersburg, 197374, Russia
Vladivostok Business-Center Office No. 614, 29, Semenovskaya Str. Vladivo-
stok, 690091, Russia
Woori Bank Brasil
55-11-3511-3300
Woori Bank Brasil Bom Retiro Branch
55-11-3511-3350
Avenida das Nacoes Unidas, 14,171, Crystal Tower, Conj.803, Vila Gertrudes, 04794-000,
Sao Paulo-SP,Brasil
Rua Tres Rios, 261 Andar 2, Bom Retiro, Sao Paulo SP, Brasil
Myanmar
Woori Finance Myanmar Plc.
Mingaladon I Branch
NorthOkkalapa Branch
Mingaladon II Branch
Nyaungdon Branch
Taikkyi Branch
Hmawbi I Branch
Hmawbi II Branch
Maubin I Branch
Maubin II Branch
Kawhmu Branch
Insein Branch
95-99-6889-2300
No. M(56), Thiriyadanar Wholesale Market NorthOkkalapa Township, Yangon, Myanmar
95-1-643798
4F, 115/A Pyay Road, Saw Bwar Gyee Kone Ward(10miles), lnsein Township, Yangon Myanmar
95-99-7674-7709
Room No. 103, 1st Street, 5 Quarter, Nyaungdon Township, Ayarwaddy, Myanmar
95-9-7717-81028
Room No.9, Natsinkone Road, Ohtan Ward, Taikkyi Township, Yangon, Myanmar
95-9-974563586
2F No(26) Tatkyee Kone village, Hmawbi Township, Yangon, Myanmar
95-9-97456395
95 9 9712 25895
95 9 9616 12763
95 9 9742 91112
95 1 643798
1F No(26) Tatkyee Kone village, Hmawbi Township, Yangon, Myanmar
Plot No(34), No(396), Building 01, Yei Le road, Ward 7, Maubine Township, Ayeyarwaddy,
Myanmar (2F)
Plot No(34), No(396), Building 01, Yei Le road, Ward 7, Maubine Township, Ayeyarwaddy,
Myanmar (1F)
No 192/B, Bogyoke St. South Wd Kawhmu Townshop, Yangon
115/A, Pyay Road, Saw Bwar Gyee Kone Ward(10 miles), Insein Township Yangon, Myanmar
95-01-643798
95-01-643798
115/A, Pyay Road, Saw Bwar Gyee Kone Ward(10 miles), Insein Township Yangon, Myanmar
115/A, Pyay Road, Saw Bwar Gyee Kone Ward(10 miles), Insein Township Yangon, Myanmar
LUCENA PACIFIC MALL BRANCH
63-42-795-3771
Philippines
Wealth Development Bank
ALABANG BRANCH
63-32-415-5265
63-2-801-5335
ANGELES MARQUEE MALL BRANCH
63-45-624-0072
LEGAZPI PACIFIC MALL BRANCH
63-52-480-0038
TAGUIG MARKET MARKET BRANCH
63-02-889-0275
CEBU AYALA BRANCH
CEBU RAMOS BRANCH
CEBU CARBON BRANCH
CEBU MANDAUE BRANCH
CEBU TABUNOK BRANCH
CEBU MANDAUE PACIFIC MALL METRO
BRANCH
63-32-415-4888
63-32-412-6302
63-32-416-9077
63-343-8144
63-32-239-1072
CEBU MAMBALING BRANCH
63-414-4233
Taft Financial Center, Cardinal Rosales Avenue, Cebu Business Park, Cebu City, Cebu
Unit 103, South Center Tower Condominium 2206 Market Street, Madrigal Business Par
Alabang, Muntinlupa City
Ground Floor , Marquee Mall, Don Bonifacio St., Pulung Maragul Angeles City, Pampanga
G/F Expansion II, Pacific Mall Legazpi, Landco Business Park, F. Imperial Street Cor. Cir-
cumferential Road, Legazpi City 4500
Ground Floor L 1-26, Pacific Mall, M.L. Tagarao St. Landco Business Park, Brgy. III , Lucena
City, Quezon
Ground Floor, Play Ground Zone, Metro Market Market Mall, Mckinley Parkway, Fort Bonifa-
cio Global City, Taguig City
Ground Floor, Taft Financial Center, Cardinal Rosales Avenue, Cebu Business Park, Brgy.
Luz, Cebu City
Ground Floor, Hilario Chu Bldg., No. 148 F. Ramos St. Santa Cruz, Cebu City
Ground Floor, M.C. Briones & Plaridel Sts., Cebu City
Ground Floor, G/F Meritz Building, A.C. Cortes Ave. Ibabao, Mandaue City, Cebu
Ground Floor, Mandaue Pacific Mall Metro National Highway corner M.B. Fernan Ave.
Estancia, Ibabao, Mandaue City, Metro Cebu
G/F Metro Store Mambaling, Cebu, N. Bacalso Avenue corner F. Llamas Street, Basak San
Nicolas, Cebu City
63-32-272-2955
Ground Floor, AGSy Bldg., National Hi-Way, Tabunok Talisay City, Cebu
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT Company
Phone
Address
Company
Phone
Address
061
TAGBILARAN BANKING CENTER
ILOILO BANKING CENTER
63-411-4860
63-338-4419
CAGAYAN DE ORO BANKING CENTER
63-88-856-8974
Ground Floor, No. 15 JS Torralba St., Poblacion 2, Tagbilaran City, Bohol
Ground Floor, ACCE Bldg., Mabini Ledesma St., Liberation, Iloilo City
Ground Floor, Jammin Lui Bldg., corner A. Velez & Gomez Sts. Poblacion, Cagayan de Oro
City, Misamis Oriental
Ground Floor, Door 8, 9 & 10 Grand MenSeng Hotel Pichon St., 1-E Poblacion, Davao City,
Davao del Sur
Real Street Corner Perichon Barangay 54, Tacloban City, Leyte
63-82-225-3318
63-053-832-3436
63-0917-870-7335
Rizal Avenue Extension, East Grace Park, Caloocan 1400, Metro Manila
63-083-250-1238
Gaisano mall, Jose Catolico Sr. Avenue, General Santos City, South Cotabato
63-035-523-5532
1F Jose Building South Road Calindagan, Dumaguete City
63-034-447-0227
Lacson-Luzuriaga Streets, Bacolod City, Negros Occidental
63-0917-870-7390
JC Aquino Ave, corner, Pareja Subdivision, Butuan City, Mindanao
63-054-881-2836
Ground Floor, Super Metro Camarines Sur, Panganiban Drive, Naga City, Casmarines Sur
63-074-665-2394
NRC Building, Abanao Street, Baguio City, Benguet, Cordillera Administrative Region
Lucky Chinatown Mall, Reina Regente St. Binondo, Manila, National Capital Region
84-04-7300-6802
34F, Keangnam Landmark 72, E6 Pham Hung Road, Tu Liem District. Hanoi, Vietnam
DAVAO BRANCH
TACLOBAN BRANCH
CALOOCAN BRANCH
GENSAN BRANCH
DUMAGUETE BRANCH
BACOLOD BRANCH
BUTUAN BRANCH
NAGA BRANCH
BAGUIO BRANCH
BINONDO BRANCH
Vietnam
Wooribank Vietnam
Hanoi Branch
Hochiminh Branch
84-4-3831-5281
84-8-3821-9839
Bac Ninh Branch
84-22-2390-8460
Hai Phong Branch
84-255-730-0101
Thai Nguyen Branch
84-208-730-0010
Binh Duong Branch
84-274-222-2631
Phu My Hung Branch
84-28-7303-0510
Dong Nai Branch
84-251-730-0370
Ha Nam Branch
Da Nang Branch
84-266-730-0020
84-236-730-0321
Bien Hoa Branch
84-251-730-0270
Sai Gon Branch
84-28-7300-2710
Vinh Phuc Branch
84-211-730-0010
Hoan Kiem Branch
84-24-3204-5203
Samsung Electronics Transaction Office
84-22-2369-9431
Trang Due Transaction Office
84-22-5730-4868
Vinhomes Central Park Transaction Office 84-28-3535-4900
Charmvit Tower Transaction Office
84-24-7306-9568
Ha Dong Transaction Office
84-24-7302-1899
24F, Keangnam Landmark 72, E6 Pham Hung Road, Tu Liem District. Hanoi, Vietnam
No. 7,8,9, 2nd Floor, Mplaza Saigon, 39 Le Duan St., Ben Nghe Ward, Dist. 1, HCMC, Viet-
nam
1st and 3rd Floor, Vincom plaza Bac Ninh, Ly Thai To Street, Suoi Hoa Ward, Bac Ninh City,
Bac Ninh Province, Vietnam
NO. 4, Lot 22A, Le Hong Phong Street (Cat Bi Airport New Urban Area), Dong Khe Ward,
Ngo Quyen District, Hai Phong City, Vietnam
2nd Floor, Gate 1, Samsung Electronics Vietnam Co.,Ltd. Thai Nguyen, Yen Binh Industiral
Zone, Dong Tien ward, Pho Yen town, Thai Nguyen Province, Vietnam
10th Floor, Becamex Building, No.230, Binh Duong boulevard, Thu Dau Mot City, Binh
Duong Province, Vietnam
Unit SA-01, Riverpark Residence Complex, 341 Ha Huy Tap Street, Tan Phong Ward,
District 7, Ho Chi Minh City, Vietnam
Ton Duc Thang road, Nhon Trach 3 Industrial Zone, Phase1, Hiep Phuoc, ward, Nhon Trach
district, Dong Nai Provincem Vietnam
1st and 2nd floor, Tien Loc Building, Commercial Service Zone 4, Thanh Chau ward, Phu Ly
City, Ha Nam Province, Vietnam
2nd floor, Phi Long Technology Building, 52 Nguyen Van Linh Road, Nam Duong Ward, Hai
Chau District, Da Nang City, Vietnam
5th Floor, Sonadezi Building, No 1, Road 1, Bien Hoa 1 Industrial Zone, An Binh Ward, Bien
Hoa City, Dong Nai Province, Vietnam
Ground floor and 8th Floor, E-Town 1 Building, no. 364 Cong Hoa St. Ward 13, Tan Binh
District, Ho Chi Minh City, Vietnam
1st and 2nd Floor, Bao Quan Hotel, 396 Me Linh Street, Lien Bao ward, Vinh Yen City, Vinh
Phuc Province, Vietnam
1st and 5th Floor, Asia Tower Building, No.6, Nha Tho street, Hang Trong ward, Hoan Kiem
district, Hanoi city, Vietnam
1st and 2nd Floor, Halla building, Lot CC2, Yen Phong Industrial Zone, Yen Trung Commune,
Yen Phong District, Bac Ninh Province, Vietnam
1F, Youngjin E&C Vina Hai Phong, Lot CC3-2.1, Trang Due Industrial Park Phase 2, Hong Phong
Commune, An Duong District, Dinh Vu - Cat Hai Economic Zone, Hai Phong City, Vietnam
P6-0.14 Park 6 (P6 SH.07), Vinhomes Central Park, 720A Dien Bien Phu Street, 22 Ward,
Binh Thanh District, Hochiminh City
01st Floor, Grand Plaza Shopping Center Building, No 117 Tran Duy Hung, Trung Hoa Ward,
Cau Giay District, Hanoi
Part of Ground Floor of V2, V3 Building, Van Phu Victoria – CT9, Van Phu New Urban Area,
Phu La Ward, Ha Dong District, Hanoi
Thao Dien Transaction Office
84-28-3636-9280
01-TMDV Luxury Apartments, No.179 Xa Lo Ha Noi Street, Thao Dien Ward, Thu Duc City,
Ho Chi Minh City
Cambodia
WOORI BANK (CAMBODIA) PLC.
023963333
Phnom Penh Head Office
Kandal Regional Office
Sa'ang Branch Office
Kien Svay Branch Office
Kandal Stueng Branch Office
Leuk Daek (Kampong Phnom) Branch
Office
Prey Veng Branch Office
Sithor Kandal Branch Office
023969269
087777525
087777993
087800578
087777132
087777279
010855644
010855492
0886450320
0889204613
010855188
Svay Rieng and Svay Chrom Regional Office 068855973
Preah Sdech Branch Office
0889201571
Kampong Trabaek Branch Office
Mesang Branch Office
Chantrea Branch Office
Romeashek Branch Office
Kampong Rou Branch Office
Rumduol Branch Office
Takeo Regional Office
Bati Branch Office
Tramkok Branch Office
Kirivong Branch Office
Koh Andaet Branch Office
Samraong Branch Office
Prey Kabas Branch Office
060855699
060855886
060855822
087555395
0884839711
060855213
0888551219
0884831787
0889204641
0884839823
Kampot (Chhouk) Regional Office
0974855014
Banteay Meas Branch Office
Angkor Chey Branch Office
0884844237
060855085
Kampong Trach Branch Office
060855075
Kampong Som Branch Office
Srae Ambel Branch Office
Basedth Branch Office
068855997
087555484
0884874229
Kampong Speu Regional Office
066746666
Korng Pisey Branch Office
068855662
Ponhea Lueu Tumnob Thum Branch Office 068855991
Odongk Krang Chek Branch Office
060855995
Thporng Branch Office
Oral Branch Office
Phnum Sruoch Branch Office
Tuek Phors Branch Office
087555484
066574593
087777010
0884837957
Kampong Chhnang Regional Office
0974855006
Buliding 398, Preah Monivong Blvd, Sangkat Boeun Keng Kang 1, Khan Chamkarmon,
Phnom Penh 12302, Kingdom of Cambodia
Lot No. 398, Monivong Blvd., Sangkat Beung Keng Kang 1, khan Chamkar Mon, Phnom Penh.
No. 240, National Road No. 2, Krapeu Ha Village, Sangkat Prek Ruessey, Ta Khmau Munici-
pality, Kandal Province
National Road no.21, Preaek Run village, Preaek Koy commune, S'ang district, Kandal province
National road No 1, Phumi Boeng Chhuk, Sangkat Nirouth, Khan Chbar Ampov, Phnom Penh
#86, National Road no. 2, Preaek Roka village, Preaek Roka Commune, Kandal Stueng
district, Kandal province
National Road No. 1, Ampil Tuek village, Kampong Phnum commune, Leuk Daek district,
Kandal province
National Road No 11. Village 8, Sangkat Kampong Leav, Prey Veng city, Prey Veng province
Preaek Sandaek Village, Preaek Changkran Commune, Sithor Kandal District, Prey Veng
Province
Keansang Village, Svay Rieng Commune, Svay Rieng City, Svay Rieng Province
Krasang Tong village, Angkor Reach commune, Preah Sdach district, Prey Veng province
Doun Tong village, Prasat commune, Kampong Trabaek district, Prey Veng province
Vang Villege Chiphouch Commune, Mesang District, Prey veng Provinece,
Thnal Cheat Village, Sangkat Chrok Mates, Bavith City, Svay Rieng province,
Tatrav Village, Kampong Trach Commune, Romeashek District, Svayreing province,
Rou Village, Nhor Commune, Kampong Rou District, Svay Reang Province
Chak Village, Kampong Chak commune Rumduol District Svay Rieng Province
National Road 2, Phum Thnal Baek, Sangkat Roka Krau, Krong Doun Kaev, Takeo Province
National Road no. 2, Smau Khnhei village, Trapeang Sab commune, Bati district, Takeo province
Prey Rumdeng Village, Angk Ta Saom Commune, Tram Kak District, Takeo province
Po Khvet Village, Phrah Bat Choan Chum Commune, Kirivong District, Takeo Province
Prey Malong Khang Tbong Village, Prey Khla commune, Koh Andaet district, Takeo province
Krang Lang Village, Cheung Kuon Commune,Samraong District, Takeo province
Lvea Tnaot Village, Prey Lvea Commune, Prey Krabbas District, Takeo Province
National Road no. 3, Damnak Toap Khang Tboung village, Krang Snay commune, Chhuk
district, Kampot province
Samrong village, Samrong Krom commune, Banteay Meas district, Kampot province
Pral Village, Tani Commune, Angkor Chey District,Kampot Province
Kampong Trach Ti Muoy Village, Kampong Trach Khang Kaeut Commune, Kampong Trach
District, Kampot Province
Village no. 03, Sangkat Lak 02, Quarter, Metapheap Ward, Preah Sihanouk City
Plot No. 449, Trapeang Village, Srae Ambel Commune, Srae Ambel District, Koh Kong Province
Slab Leaeng village, Svay Rompea commune, Basedth district, Kampong Speu province
# 85, national road #04, Borei Kammeakkar Village, Rokar Thum Commune/Sangkat,
Chbar Mon Municipality/District/Khan, Kampong Speu Province
Tuol Ta Sokh Village, Saen Die Commune, Samraong Tong District, Kampong Speu Province
Srae Ta Meaeng Village, Tumnob Thum Commune, Ponhea Lueu District, Kandal Province
Krang Chongruk Village, Krang Chek Commune, Odongk District, Kampong Speu Province
Anlong Chrey Village, Prambei Mum Commune, Thpong District, Kampong Speu Province
Phsar Kontourt village, Sangkea Sartorb Commune, Oral district, Kampong Speu province.
Krang Khcheay village, Tang Sya commune, Phnum Sruoch district, Kampong Speu province
Srae Ta Chey Vallage, Akphivoadth Communce, Tuek Phos District, Kampong Chhnang Province
National Road no.5, Tuol Kralanh village, Sangkat Kampong Chhnang , Kampong Chhnang
city, Kampong Chhnang province
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT Company
Phone
Address
Company
Phone
Address
062
Kampong Leaeng Branch Office
090855763
Kampong Tralach Branch Office
Boribour Branch Office
Pursat Branch Office
Krakor Branch Office
Phnum Kravanh Branch Office
Veal Veaeng Branch Office
090855820
0886007498
0886007540
0884838011
0884845057
0884845556
Kampong Thom Regional Office
067855333
Kampong Boeng village, Kampong Hau commune, Kampong Leng district, Kampong
Chhnang province
Soben Village, Peani Commune, Kampong Tralach District, Kampong Chhnang Province
Cheung Khnar Village, Ponley Communce, Boribour District, Kampong Chhnang Province
#475, National Road 5, Krang Pophleak Village, Svay At Commune, Pursat District, Pursat
province
National Road 5, Phsar village, Anlong Tnaot commune, Krakor district, Pursat province
Pich Ban Village, Leach Commune, Phnum Kravanh District, Pursat Province
Pramaoy village, Pramaoy commune, Veal Veaeng district, Pursat province
House #009 Group 01 National Road no. 6, Stueng Saen Village, Sangkat Kampong
Krabao,Stoung Sen City and Kampong Thom Province
Romlong Branch Office
060855388
Rom Chek Village,Treal Commune, Baray District, Kompong Thom Province,
National Road no. 6, Leap Tong village, Kampong Chen Tboung commune, Stoung district,
Kampong Thom province
Prey Ta Trav Village, Ballangk Commune, Baray District, Kompong Thom Province
Toekmleang village, Sandan commune, Sandan district, Kampong Thom province
Sambo Village ,Sambo commune, Prasat Sambour district, Kampong Thom province
Thnol Bek Lech Village, Svay Tearb Commune, Chamkar Loeu District, Kampong Cham Province.
#99, No. 03, Mphey Osakphea village, Sangkat Svay Pao, Battambang city, Battambang
province
Banan Village Kantueu Pir Commune, Banan District, Battambang Province
#34, Sdau village, Sdau Commune, Rotonak Mondol distrcit, Battambang province
Pou Muoy Village,Kear Commune, Moung Ruessei District, Battambang Province
Paoy Paet Branch Office
Thma Puok Branch Office
Bavel Branch Office
Phnom Proek Branch Office
Siem Reap Regional Office
Puok Branch Office
Srey Snom Branch Office
Angkor Chum Branch Office
Samraong Chong Kal Branch Office
Chi Kraeng Branch Office
010855492
0884839749
090281942
090855342
0884845477
0884836879
060270442
0713339463
087666741
087555484
Preah Netr Preah Branch Office
Phnom Penh (Tuol Kork) Regional Office
090855995
0719833384
Stueng Mean Chey Branch Office
087888277
Ponhea Lueu - Vihear Luing Branch Office 0884843228
Mukh Kampoul Branch Office
Khsach Kandal (Preaek Tameak) Branch
Office
Svay Pak Branch Office
0884842169
087088019
0884845604
Khnach Romeas Village, Beung Khnar Commune, Bakan District, Pursat Province
Pur SenChey - Chaom Chau 3 Branch
087555484
O'Tapuk Le village, Pailin commune, Pailin city, Pailin province
Ou Tontuem village, Ta sanh commune, Samlout district, Battambang province
Dong Village, Boeng Reang Commune, Kamrieng District, Battambang Province
Lor Et village, Sangkat Kampong Branak, Preah Vihea city, Preah Vihea province
Kuleaen Tboung Village, Kuleaen Tboung Commune, Kuleaen District, Preah Vihear Province
Tbeang Village, Chamraeun commune, Sangkom Thmei district, Preah Vihear province
Tang Trak Village, Robieb commune, Rovieng District, Preah Vihear Province
Trapeang Prasat Village, Trapeang Prasat commune, Trapeang Prasat District, Oddar
Meanchey Province
Choam Ksant Village, Choam Ksant Commune, Choam Ksant District, Preah Vihear Province
National Road 7, village Boeng Snay, Kampong Cham city, Kampong Cham province
Doun Die village, Chrey Vean commune, Prey Chhor district, Kampong Cham province
Tnaot Ta Say Village, Preak Kak Commune, Stueng Trang District, Kampong Cham Province.
Chruoy Changvar Branch Office
0884841986
Srey Sonthor Branch Office
Ratanakiri Regional Office
Stoeung Treng Branch Office
Kaoh Nheaek Branch Office
Bar Kaev Branch Office
Mondul Kiri Branch Office
Kampot Branch
Kamchaymear Branch
Thmakoul Branch
0884845245
0884830845
0713261010
0713260707
0713492929
0978550241
855-68-435555
855-10-855747
855-69-855755
Prey Kri Tboung Village, Prey Kri Commune, Chol Kiri District, Kampong Chhnang Province
Khemarak Phoumin Branch
855-88-8558025
National Road no. 7, Cheung Lang village, Sangkat Suong, Suong city, Kampong Cham province
Phsar Thmey Village, Pearm Pror Thnours Commune, Koh Sotin District, Kampong Cham Prov-
ince
Kandaol Kaong Village, Kaong Kang Commune, Ponhea Kraek District, Tboung Khmum Provinc
Oreussey Village, Kratie Ward, Kratie City, Kratie Province,
Chrouy Thma Kraom village, Chhloung commune, Chhloung district, Kratie province
Kbal Snuol Village, Snuol Commune, Snuol District, Kratie Province
Ou Arm Village, Sre Khtom Commune, Keo Sema District, Mondol Kiri Province
National Road no. 73,Thnal village, Dambae commune, Dambae district, Kampong Cham
province
Cheungprey Branch
Krolkor Branch
Peraing Branch
Prey Nop Branch
Baphnom Branch
Koh Thom Branch
Chamkarmon Branch
Russey Keo Branch
855-97-6447373
855-87-666945
855-81-709967
855-68-855997
855-93-855773
855-87-777985
855-23-999-661
855-23-999-664
Memot Branch Office
0884381224
Masin Tuek Village, Memot Cummune, Memot District, Kampong Cham Province
Banteay Mean Chey Regional Office
060855567
Phumi Kourothan, Sangkat Ou Ambel, Serei Saophoan Municipality, Banteay Meanchey
Province.
Pursenchey Branch
855-23-999-803
Stoung Branch Office
Baray Branch Office
Sandan Branch Office
Prasat Sambour Branch Office
Chamka Loeu Branch Office
Battambang Regional Office
Banan Branch Office
Ratanak Mondul Branch Office
Moung Ruessei Branch Office
Bakan Branch Office
Pailin Branch Office
Samlout Branch Office
Kamrieng Branch Office
Preah Vihear Regional Office
Kuleaen Branch Office
Sangkum Thmey Satellite Office
Rovieng Branch Office
Trapaing Prasat Branch Office
Choam Khsant Branch Office
Kampong Cham Regional Office
Prey Chhor Branch Office
Stoeung Trang Branch Office
Chol Kiri Branch Office
Tbong Khmom Branch Office
Koh Sotin Branch Office
Ponhea Kraek Branch Office
Kratie Regional Office
Chhloung Branch Office
Snuol Branch Office
Keo Sema Branch Office
Dambae Branch Office
0884836778
060855148
0884827690
0884836883
0888472236
066855022
010855775
010855977
069855585
0886007538
0884873724
0884873767
090309180
0884488844
090855156
060855749
0884845242
0884845248
0975578782
0884840089
0884842218
0884842804
087777151
0886007526
0883031098
068855962
0888848041
0888816546
0884818019
0884818026
0884843373
Oh Chrov village, Paoy Paet District, Paoy Paet Municipality, Banteay Meanchey Province
Kasen village, Thma Puok commune, Thma Puok district, Bantey Mean Chey province
#15, st. Aksor Te, Bavel 1village, Bavel commune, Bavel district, Battambang province
Phnum Toch village, Pech Chenda commune, Phnum Proek district, Battambang province
#76, National Road no. 6, Chong Kao Sou village, Sangkat Slor Kram, Siem Reap city, Siem
Reap province
Puok Chas Village, Puok Commune, Puok District, Siem Reap Province
Chroy Neang Nguon village, Chroy Neang Nguon commune, Srey Snam district, Siem
Reap province
Pram Damloeng Village, Ta saom Commune, Angkor chum District, Sirem reap Province
at Doun Kaen Village, Samraong Commune, Samraong District, Oddar Meanchey province
National Road No. 6, Kampong Kdei Muoy Village, Kampong Kdei Commune, Chi Kraeng
District, Siemreap
Chob Village, Chob Veari Commune, Preah Netr Preah District, Banteay Meanchey Province
#152B2, St 516, 13 Village, Sangkat Boeung Kork 1, Khan Toulkork, Phnom Penh.
No. 19 and 21 EoE1, Street Veng Sreng, Group 1, Ruessei .... Commune, Sangkat Stueng
Mean Chey, Khan Mean Chey, Phnom Penh
#87, National Road No. 5, Tep Pranom village, Vihea Luong commune, Ponhea Lueu
district, Kandal province
La Edth Village, Preaek Dambang Commune, Mukh Kampul District, Kandal Province
House No 76, Road No.380, Preaek Lvea Village , Preaek Ta Kov Commune , Khsach
Kandal District, Kandal Province.
National Road No. 5, Lu Village Svay Pak, Khan Russey Keo, Phnom Penh
No. 295, National Road No. 4, Chumpu Voan 2 Village, Sangkat Chaom Chau 3, Khan Pur
Sen Chey, Phnom Penh
lot No. A-01, Street 6A, Phum 3, Sangkat Chrouy Chang Var, Khan Chroy Chang Var, Phom
Penh City
Santey village, Preaek Po commune, Srey Sonthor district, Kampong Cham
Chey Chumnas Village, sangkat Labanseak, City Banlung, Ratanakiri Province
Spean Thmor Village, Stoeung Treng Commune, Stoeung Treng District Stoeung Treng Province
Reangsei Village, Srae Sangkum Commune, Kaoh Nheaek District, Mondul Kirni Province,
Phum Muoy, La Minh Commune, Bar Kaev District, Ratanak Kiri Province
Kandal Village, Spean Mean Chey Commune, Saen Monourom municipality, Mondul Kiri Province
Kampong Bay Khang Cheung Village, Kampong Bay Sangkat, Kampot City, Kampot Province
National Road No. 8, Tean Phleung Village, Smaong Khang Cheung Commune, Kamchay
Mear District, Prey Veng Province
National Road No. 5, Paoy Yong Village, Ta Pung Commune, Thma Koul District, Battam-
bang Province
Street Khemara Phoumin, Group 7, Phum Ti Pir Village, Sangkat Smach Mean Chey, Khe-
mara Phoumin Municipality, Koh Kong Province
National Road No.6 Skon Village, Soutlib Commune, Cheung Prey District, Kampong Cham
Province
St 1 Thlok Village, Kraol kou Commune, Svay Chrum District, Svay Rieng Province
National Road No.8, Snay Pol Village, Roka Commune, Pea Reang District, PreyVeng Provice
Road No.4 Veal Meas Village, Veal Renh Commune, Prey Nop District, Preah Sihanouk
Province
#022 St317 Chheu Kach Village, Chheu Kach Commune, Ba phnom Distirict, Prey Veng
Province
Kampong Svay Kraom Village, Preaek Thmei Commune, Koh Thom District, Kandal Province
Building No. 119B, Street271, Sangkat Phsar Doeum Thkov Khan Chamkarmon, Phnom Penh.
House No 1A, National Road 5, Phum Kraol Kou, Sangkat Kilomet Lekh Prammuoy, Khan
Russey Keo, Phnom Penh.
House No 6A, Russian Federation Blvd, Phum Ta Ngoun, Sangkat Kakab, Khan Pur
Senchey, Phnom Penh.
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT Company
Phone
Address
Woori Card (Tutu Finance_WCI Myanmar)
063
House No. 330, National Road 1, Toul Tnaot village, Korkir Communce, Kien Svay district,
Kandal province
Building No. 31, National Road 2, Ta Khmau village, Sangkat Ta Khmau, Krong Ta Khmau,
Kandal Province.
National Road 5, Phum Kandal, Sangkat Preaek Phnov, Khan Preae Phnov, Phnom Penh.
House No 183, National Road 4, Trapeang Krasang Village, Baek Chan Commune, Angk
Snuol District, Kandal Province.
House No 138D, St 215, Sangkat Veal Vong, Khan Prampir Meakkakra, Phnom Penh
House No 76, Road No.380, Preaek Lvea Village , Preaek Ta Kov Commune , Khsach
Kandal District, Kanda! Province.
House No 154, National Road 21, Preaek Khsev Village, Rokar Khpos Commune, S'ang
District, Kandal Province.
House No 19A, Samdech Preah Monireth Blvd, Phum Domnak Thum, Sangkat Stueng
Meanchey 2, Khan Meanchey, Phnom Penh
House No 4A, Veng Sreng Blvd, Phum Chrey Kaong, Sangkat Chaom Chau 2, Khan Pur
Senchey, Phnom Penh
House No 610B, National road No 1, Deum Slaeng Village, Sangkat Chbar Ampov Ti Pir,
Khan Chbar Ampov, Phnom Penh
House No 1C, St 355, Phum 1, Sangkat Boeng Kak Ti Muoy, Khan Tuol Kouk, Phnom Penh
House No 2039, St 217, Ta lei Village, Sangkat Dangkao, Khan Dangkao, Phnom Penh
House No 751, National Highway No 4, Chambak Village, Voa Sar Commune, Samraong
Tong District, Kampong Speu Province.
House No. 11, Phnom Penh-Hanoi Friendship Blv (1019), Roung Chakr Village , Sangkat
Kouk Kleang, Khan Saensokh, Phnom Penh.
Land No. 5, St. 38, Svay Ming Village, Barku Commune, Kandal Stueng District, Kandal Province
National Road No. 5, Mlu Meun Village, Phsar Daek Commune, Ponhea Lueu District,
Kandal Province
House No 271, National Road 6A, Kraom Village, Preaek Anhchanh Commune, Mukh Kam-
pul District,Kandal Province.
# 70 Eo, Street 136, Phum 1 , Sangkat Phsar Thmei Ti Bei, Khan Doun Penh, Phom Penh
# 131, Samdech Monireth Blvd. (St. 217), corner of St. 310, Phum 10, Sangkat Tuol Svay
Prey Ti Pir, Khan Boeng Keng Kang, Phnom Penh
No. 387, Preah Sisovath Blvd, Sangkat Chey Chummeah, Khan Doun Penh, Phnom Penh.
Building No. 104, Russian Federation Blvd, Sangkat Tuek Thla, Khan Saensokh, Phnom
Penh Capital
Head Office
Room 8, Block 6, Mingalar Mandalay, Between Thazin Street and Ngu Shwe Wah Street, 73rd Street, Chanmyatharsi Township, Mandalay
Phone: +95-22000219
Overseas Office
PT Woori Finance Indonesia Tbk(Operate 72 networks)
Chase Plaza Lantai 12 & 15 Jl. Jend Sudirman Kav. 21, Jakarta Indonesia
Woori Asset Management
Overseas Office
Woori Asset Management Ho Chi Minh Office
615-4, 6FLOOR ME LINH POINT TOWER, 2 NGO DUC KE ST, DIST.1, HCMC, VIETNAM
Phone: (84-28-3520-2811
Woori Venture Partners
Overseas Office
Woori Venture Partners Singapore Br.
1 Raffles Quay #09-02 North Tower Singapore 048583
Kean svay Branch
855-23-720-632
Takhmao Branch
PrekPhnov Branch
Ang Snoul Branch
Phsar Depo Branch
AreyKshat Branch
855-24-998-333
855-23-900-345
855-023-999-355
855-23-900-455
855-24 900-488
S'ang Brancch
855-24 901-455
Steung Meanchey Branch
855 23 901 345
Pur SenChey - Chaom Chau 2 Branch
855 23 901 355
Char Ampov Branch
Toul Kork Branch
Chamkar Doung Branch
Kampongspeu Branch
Pshar Dey Huy Branch
Kandal Stueng Branch
Odongk Branch
Mukh Kampul Branch
Phsar Thmei Ti Bei Branch
855 023 999 026
855 023 999 025
855 023 999 027
855 025 900 555
855 023 900 466
855 024 900 066
855 024 900 077
855 024 900 099
855 089 767 579
Tuol Svay Prey Ti Pir Branch
855 098 786 996
Doun Penh - Chey Chummeah Branch(Riverside)
Saensokh - Tuek Thla Branch
Europe
Woori Bank Europe
Woori Bank Europe GmbH Hungary Repre-
sentative Office
Overseas Office
+49(0)69 299 254 0
MesseTurm, 29th floor, Friedrich-Ebert-Anlage 49, 60308, Frankfurt am Main, Germany
Phone: (84-28)-3520-2811
Woori Venture Partners Shanghai Office.
Room 2806, L'Avenue 99 Xianxia Road, Changning Districe, Shanghai (200051)
Phone: 86-216-067-1778
Woori Venture Partners US
350 Cambridge Ave. Suite 350, Palo Alto CA 94306
Phone: 1-650-324-4681
Company
Phone
Address
Woori Bank Kuala Lumpur Representative Office 60-3-2163-8288
Woori Bank Yangon, Myanmar Office
Woori bank Iran Representative Office
Woori Bank Poland Representative Office 48-323-076-417
95-01-646951
32F, Menara Prestige, Jalan Pinang, 50450, Kuala Lumpur, Malaysia
No.115(A) First Floor), Pyay Road, 10 Miles, Insein Township, Yangon, Myanmar
Dormant
Uniwersytecka 13, 40-007, Katowice, Poland
STRATEGY REPORTWOORI OVERVIEWESG REPORTBUSINESS REPORTAPPENDIXFINANCIAL STATEMENT WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021
WOORI FINANCIAL GROUP INC.
Page(s)
Independent Auditor’s Report…..………......................................................
1-5
Consolidated Financial Statements
Consolidated Statements of Financial Position...............................................
Consolidated Statements of Comprehensive Income....…...…………..………
Consolidated Statements of Changes in Equity..............................................
7
8-9
10
Consolidated Statements of Cash Flows………………………..……...............
11-12
Notes to the Consolidated Financial Statements……...……………...……
13-195
- 2 -
Independent Auditor’s Report
(English Translation of a Report Originally Issued in Korean)
To the Board of Directors and Shareholders of Woori Financial Group Inc.
Opinion
We have audited the accompanying consolidated financial statements of Woori Financial Group Inc.
and its subsidiaries (collectively referred to as the “Group”), which comprise the consolidated statements
of financial position as at December 31, 2022 and 2021, and the consolidated statements of
comprehensive income, consolidated statements of changes in equity and consolidated statements of
cash flows for the years then ended, and notes to the consolidated financial statements, including a
summary of significant accounting policies.
In our opinion, the accompanying consolidated financial statements present fairly, in all material
respects, the consolidated financial position of the Group as at December 31, 2022 and 2021, and its
consolidated financial performance and its consolidated cash flows for the years then ended in
accordance with International Financial Reporting Standards as adopted by the Republic of Korea
(Korean IFRS).
Basis for Opinion
We conducted our audits in accordance with Korean Standards on Auditing. Our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated
Financial Statements section of our report. We are independent of the Group in accordance with the
ethical requirements of the Republic of Korea that are relevant to our audit of the consolidated financial
statements and we have fulfilled our other ethical responsibilities in accordance with the ethical
requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
Key Audit Matter
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the consolidated financial statements of the current period. These matters were addressed in the
context of our audit of the consolidated financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.
Expected Credit Losses on Loans Measured at Amortized Cost
Why it is determined to be a key audit matter:
The impairment guidance under Korean IFRS 1109 Financial Instruments requires determination of
significant increases in credit risk and measurement of expected credit losses using forward-looking
information and others. Accordingly, the Group developed a measurement model that encompasses
probability of default, loss given default and forward-looking information utilizing various types of
information, which requires a higher level of management’s interpretation and judgment.
The Group measures expected credit losses on loans measured at amortized cost based on both
individual and collective assessments. Individual assessment of expected credit losses is performed
based on estimation of future forecast cash flow with a relatively high degree of management’s
- 1 -
estimation and judgment, and collective assessment of expected credit losses involves a variety of
complex variables and assumptions that require management’s estimation and judgment. Due to these
facts, expected credit losses of loans measured at amortized costs are determined as a key audit matter.
As described in Note 10, loans measured at amortized cost subject to individual or collective assessments
amount to 346,252,713 million won, with allowances for credit losses of 2,334,153 million won as of
December 31, 2022. Significantly affected subsidiary is Woori Bank.
How our audit addressed the key audit matter:
(1) Assessment of expected credit losses on an individual basis
We obtained an understanding and evaluated the processes and controls relating to the assessment of
expected credit losses on an individual basis. In particular, we focused our effort on the assumptions
used in estimating future cash flows. We evaluated whether management’s estimation was reasonable
and we assessed the key assumptions in the cash flow projection including growth rate of entities subject
to individual assessment and collateral valuation. As part of these procedures, we assessed whether sales
growth rate, operating income ratio, and assumptions on investment activities were consistent with
historical operating performance and current market conditions. Additionally, we assessed the
appropriateness of collateral valuation by conducting our own research on recent property prices and
engaged independent appraisal specialists in assessing reasonableness of appraisal reports, models and
methodologies used by management.
(2) Assessment of expected credit losses on a collective basis
We obtained an understanding and evaluated the processes and controls relating to management’s
calculation of expected credit losses on a collective basis in accordance with impairment requirements
under Korean IFRS 1109 Financial Instruments. As explained in Note 2, management assessed credit
ratings to recognize lifetime expected credit losses on loans with significant increase in credit risk and
impaired loans. Other than these cases, management recognized 12-months of expected credit losses.
To calculate expected credit losses, management applied forward-looking information, probability of
default and loss given default, etc., estimated through its internal procedures and controls implemented
for various assumptions.
We assessed the design and operating effectiveness of controls relating to credit ratings that reasonably
reflected both qualitative and quantitative information. Our testing over the accuracy and reliability of
the information included agreeing qualitative and quantitative information with relevant evidence.
We reviewed the appropriateness of management policies and procedures to determine significant
increases in credit risk, and tested reasonableness of expected credit loss model applied by each of the
three stages(Stage 1, 2 and 3) depending on how significantly credit risk was increased.
- 2 -
We used risk specialists to test the appropriateness of management's methodologies of reflecting
forward-looking information in the estimation of expected credit loss by adjusting the probability of
default and loss given default after statistically analyzing the correlation between forward-looking
information and probability of default or loss given default. Moreover, we tested the reasonableness and
mathematical accuracy of the result through recalculation and examination of supporting data.
We reviewed the methodologies used by management to verify that probability of default and loss given
default were calibrated using sufficient and reasonable historical data. We determined that the default
and loss data used were appropriately gathered and applied in accordance with internal control
procedures. In addition, we tested reasonableness and accuracy of probability of default and loss given
default through procedures including recalculation, and tested management’s default and loss data by
agreeing them with relevant evidence.
Furthermore, we tested reasonableness of stage allocation of loans subject to COVID-19 payment relief
attributable to significant increase in credit risk. We also tested key assumptions used in calculation of
probability of default and required disclosures. We verified accuracy and completeness of aggregation
of loans subject to the deferral, and accuracy of calculation of loss allowances.
Other Matter
Auditing standards and their application in practice vary among countries. The procedures and practices
used in the Republic of Korea to audit such consolidated financial statements may differ from those
generally accepted and applied in other countries.
Responsibilities of Management and Those Charged with Governance for the Consolidated
Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial
statements in accordance with Korean IFRS, and for such internal control as management determines is
necessary to enable the preparation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the Group’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless management either intends to liquidate the Group or
to cease operations.
Those charged with governance are responsible for overseeing the Group’s financial reporting process.
- 3 -
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with Korean Standards on Auditing will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions
of users taken on the basis of these consolidated financial statements.
As part of an audit in accordance with Korean Standards on Auditing, we exercise professional judgment
and maintain professional skepticism throughout the audit. We also:
●Identify and assess the risks of material misstatement of the consolidated financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
●Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity's internal control.
●Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
●Conclude on the appropriateness of management’s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to
the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Group to cease to continue as a
going concern.
●Evaluate the overall presentation, structure and content of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
●Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial statements. We
are responsible for the direction, supervision and performance of the Group audit. We remain solely
responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
- 4 -
From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the consolidated financial statements of the current period and
are therefore the key audit matters. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences of
doing so would reasonably be expected to outweigh the public interest benefits of such communication.
The engagement partner on the audit resulting in this independent auditor’s report is Sung-jae Lim,
Certified Public Accountant.
/s/ Samil PricewaterhouseCoopers
Seoul, Korea
March 7, 2023
This report is effective as of March 7, 2023, the audit report date. Certain subsequent events or
circumstances, which may occur between the audit report date and the time of reading this report, could
have a material impact on the accompanying consolidated financial statements and notes thereto.
Accordingly, the readers of the audit report should understand that there is a possibility that the above
audit report may a to be revised to reflect the impact of such subsequent events or circumstances, if
any.
- 5 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021
The accompanying consolidated financial statements including
all footnote disclosures were prepared by, and are the responsibility of, the management of
Woori Financial Group Inc.
Tae Seung Son
President and Chief Executive Officer
Main Office Address: (Address) 51, Sogong-ro, Jung-gu, Seoul
(Phone Number) 02-2125-2000
- 6 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS OF DECEMBER 31, 2022 AND 2021
Cash and cash equivalents (Note 2 and 6)
Financial assets at fair value through profit or loss (“FVTPL”)
(Notes 4, 7, 11, 12, 18 and 26)
ASSETS
Financial assets at fair value through other comprehensive income (“FVTOCI”)
(Notes 4, 8, 11, 12, and 18)
Securities at amortized cost (Notes 4, 9, 11, 12 and 18)
Loans and other financial assets at amortized cost (Notes 4, 10, 11, 12, 18 and 41)
Investments in joint ventures and associates (Note 13)
Investment properties (Notes 14 and 18)
Premises and equipment (Notes 15 and 18)
Intangible assets (Note 16)
Assets held for sale (Note 17)
Net defined benefit asset (Note 24)
Current tax assets (Note 38)
Deferred tax assets (Note 38)
Derivative assets (Designated for hedging) (Notes 4,11,12 and 26)
Other assets (Notes 19 and 41)
Total assets
LIABILITIES
Financial liabilities at fair value through profit or loss (“FVTPL”)
(Notes 4, 11, 12, 20 and 26)
Deposits due to customers (Notes 4,11,21 and 41)
Borrowings (Notes 4, 6, 11, 12 and 22)
Debentures (Notes 4, 6, 11 and 22)
Provisions (Notes 23, 40 and 41)
Net defined benefit liability (Note 24)
Current tax liabilities (Note 38)
Deferred tax liabilities (Note 38)
Derivative liabilities (Designated for hedging) (Notes 4,11,12 and 26)
Other financial liabilities (Notes 4, 6, 11, 12, 25 and 41)
Other liabilities (Notes 6, 25 and 41)
Total liabilities
EQUITY
Owners’ equity (Note 28)
Capital stock
Hybrid securities
Capital surplus
Other equity
Retained earnings
Non-controlling interests
Total equity
Total liabilities and equity
December 31,
2022
December 31,
2021
(Korean Won in millions)
34,219,148
20,613,073
19,860,573
13,497,234
33,085,080
28,268,516
355,760,729
1,305,636
387,707
3,142,930
849,114
13,772
319,280
53,274
109,299
37,786
3,061,552
480,474,396
8,952,399
342,105,209
28,429,603
44,198,486
545,865
35,202
843,555
31,799
202,911
22,811,868
690,157
448,847,054
3,640,303
3,112,449
682,385
(2,423,392)
23,750,152
28,761,897
2,865,445
31,627,342
480,474,396
39,119,789
17,086,274
348,885,617
1,335,167
389,495
3,174,720
785,386
26,327
21,346
22,598
31,131
106,764
2,088,950
447,183,871
4,873,458
317,899,871
24,755,459
44,653,864
576,134
47,986
584,491
186,946
27,584
24,171,030
556,853
418,333,676
3,640,303
2,294,381
682,385
(2,167,614)
21,392,564
25,842,019
3,008,176
28,850,195
447,183,871
The accompanying notes are part of this consolidated financial statements.
- 7 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021
Interest income
Financial assets at FVTPL
Financial assets at FVTOCI
Financial assets at amortized cost
Interest expense
Net interest income (Notes 11, 30 and 41)
Fees and commissions income
Fees and commissions expense
Net fees and commissions income (Notes 11, 31 and 41)
Dividend income (Notes 11, 32 and 41)
Net gain on financial instruments at FVTPL (Notes 11, 33 and 41)
Net gain(loss) on financial assets at FVTOCI (Notes 11 and 34)
Net gain arising on financial assets at amortized cost (Note 11)
Impairment losses due to credit loss (Notes 35 and 41)
General and administrative expense (Notes 36 and 41)
Other net operating expense (Notes 11, 26, 36 and 41)
Operating income
Share of gain of joint ventures and associates (Note 13)
Other non-operating expense
Non-operating expense (Note 37)
Net income before income tax expense
Income tax expense (Note 38)
Net income
Net gain(loss) on valuation of equity securities at FVTOCI
Changes in capital due to equity method
Remeasurement gain(loss) related to defined benefit plan
Items that will not be reclassified to profit or loss:
Net gain(loss) on valuation of debt securities at FVTOCI
Changes in capital due to equity method
Net gain(loss) on foreign currency translation of foreign operations
Net gain(loss) on valuation of hedges of net investments in foreign operations
Net gain(loss) on valuation of cash flow hedge
Items that may be reclassified to profit or loss:
2022
2021
(Korean Won in millions)
14,654,549
106,698
632,615
13,915,236
(5,957,970)
8,696,579
2,499,700
(789,530)
1,710,170
159,982
238,502
(21,498)
74,204
(885,272)
(4,529,890)
(1,012,253)
4,430,524
69,996
(15,146)
54,850
9,894,749
45,803
381,814
9,467,132
(2,909,028)
6,985,721
2,171,705
(700,930)
1,470,775
309,211
325,751
32,624
107,317
(536,838)
(4,147,411)
(887,401)
3,659,749
62,196
27,296
89,492
4,485,374
3,749,241
(1,161,392)
(941,870)
3,323,982
2,807,371
(30,146)
(4,527)
251,440
216,767
(463,725)
5,139
32,536
(20,701)
(9,835)
(456,586)
34,069
(2,607)
65,067
96,529
(184,396)
4,133
246,808
-
7,107
73,652
Other comprehensive income (loss), net of tax
(239,819)
170,181
Total comprehensive income
3,084,163
2,977,552
(Continued)
- 8 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (CONTINUED)
Net income attributable to:
Net income attributable to owners
Net income attributable to non-controlling interests
Total comprehensive income attributable to:
Comprehensive income attributable to owners
Comprehensive income attributable to non-controlling interests
Earnings per share (Note 39)
2022
2021
(Korean Won in millions)
3,323,982
3,141,680
182,302
3,084,163
2,909,053
175,110
2,807,371
2,587,936
219,435
2,977,552
2,745,764
231,788
Basic and diluted earnings per share (Unit: In Korean Won)
4,191
3,481
The accompanying notes are part of this consolidated financial statements.
- 9 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021
January 1, 2021
Total comprehensive income
Net income
Net gain(loss) on valuation of financial
instruments at FVTOCI
Net gain(loss) due to disposal of equity
securities at FVTOCI
Changes in capital due to equity method
Gain on foreign currency translation of
foreign operations
Gain on valuation of cash flow hedge
Capital related to non-current assets held
for sale
Remeasurement gain related to defined
benefit plan
Transactions with owners
Comprehensive stock exchange
Dividends to common stocks
Acquisition of treasury stocks
Issuance of hybrid securities
Dividends to hybrid securities
Redemption of hybrid securities
Changes in subsidiaries’ capital
Others
December 31, 2021
January 1, 2022
Total comprehensive income
Net income
Net loss on valuation of financial
instruments at FVTOCI
Net gain(loss) due to disposal of equity
securities at FVTOCI
Changes in capital due to equity method
Gain(loss) on foreign currency translation
of foreign operations
Loss on valuation of hedges of net
investments in foreign operations
Loss on valuation of cash flow hedge
Capital related to non-current assets held
for sale
Remeasurement gain related to defined
benefit plan
Transactions with owners
Dividends to common stocks
Issuance of hybrid securities
Dividends to hybrid securities
Redemption of hybrid securities
Changes in subsidiaries’ capital
Changes in non-controlling interests
related to business combinations
December 31, 2022
Capital
Stock
Hybrid
securities
Capital
surplus
Other
equity
Retained
earnings
(Korean Won in millions)
Owners’
equity in
total
Non-
controlling
interests
Total
equity
3,611,338 1,895,366
626,111 (2,347,472) 19,268,265
23,053,608
3,672,237 26,725,845
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- 2,587,936
2,587,936
219,435 2,807,371
(150,470)
-
(150,470)
143
(150,327)
(2,220)
2,472
2,220
(946)
-
1,526
-
-
-
1,526
234,583
6,938
-
-
234,583
6,938
12,225
169
246,808
7,107
(947)
947
-
-
-
65,251
-
65,251
(184)
65,067
28,965
-
-
-
-
-
-
-
-
-
-
399,015
-
-
-
-
3,640,303 2,294,381
35,197
-
-
-
-
-
9,382
11,695
-
-
(368,357)
-
-
(3,819)
-
-
(66,250)
-
-
(27,365)
(31,251)
32,445
-
22,990
682,385 (2,167,614) 21,392,564
64,162
(368,357)
(3,819)
399,015
(66,250)
(27,365)
10,576
34,685
25,842,019
64,162
-
(377,748)
(9,391)
(3,819)
-
399,015
-
(211,173)
(144,923)
(577,269)
(549,904)
(720)
(11,296)
(180,335)
(145,650)
3,008,176 28,850,195
3,640,303 2,294,381
682,385 (2,167,614) 21,392,564 25,842,019
3,008,176 28,850,195
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
818,068
-
-
-
-
-
3,640,303 3,112,449
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,141,680
3,141,680
182,302 3,323,982
(493,462)
-
(493,462)
(409)
(493,871)
10,254
612
(10,254)
-
-
612
-
-
-
612
39,579
(7,043)
32,536
39,579
(20,701)
(9,835)
-
-
-
(20,701)
(9,835)
(279)
279
-
-
-
-
(20,701)
(9,835)
-
251,180
-
251,180
260
251,440
-
-
-
(60,491)
27,365
(654,996)
-
(91,756)
-
(27,365)
(654,996)
818,068
(91,756)
(60,491)
-
(664,945)
(9,949)
349,215 1,167,283
(205,751)
(620,056)
-
(113,995)
(559,565)
-
-
-
682,385 (2,423,392) 23,750,152 28,761,897
-
-
16,453
16,453
2,865,445 31,627,342
The accompanying notes are part of this consolidated financial statements.
- 10 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021
Cash flows from operating activities (Note 2):
Net income
Adjustments to net income:
Income tax expense
Interest income
Interest expense
Dividend income
Additions of expenses not involving cash outflows:
Loss on financial instruments at FVTPL
Loss on financial assets at FVTOCI
Impairment loss due to credit loss
Loss on other provisions
Retirement benefit
Depreciation and amortization
Net loss on foreign currency translation
Loss on derivatives (designated for hedge)
Loss on fair value hedge
Loss on valuation of investments in joint ventures and associates
Loss on disposal of investments in joint ventures and associates
Loss on disposal of premises and equipment, intangible assets and other assets
Impairment loss on premises and equipment, intangible assets and other assets
Other loss
Deductions of income not involving cash inflows:
Gain on financial assets at FVTOCI
Gain on other provisions
Net profit on foreign currency translation
Gain on derivatives (designated for hedge)
Gain on fair value hedge
Gain on valuation of investments in joint ventures and associates
Gain on disposal of investments in joint ventures and associates
Gain on disposal of premises and equipment, intangible assets and other assets
Reversal of impairment loss on premises and equipment, intangible assets and other assets
Other income
Changes in operating assets and liabilities:
Financial instruments at FVTPL
Loans and other financial assets at amortized cost
Other assets
Deposits due to customers
Provisions
Net defined benefit liability
Other financial liabilities
Other liabilities
Interest income received
Interest expense paid
Dividends received
Income tax paid
Net cash inflow from operating activities
(Continued)
2022
2021
(Korean Won in millions)
3,323,982
2,807,371
1,161,392
(14,654,549)
5,957,970
(159,982)
(7,695,169)
941,870
(9,894,749)
2,909,028
(309,211)
(6,353,062)
815,706
23,836
885,272
37,493
165,063
929,311
-
250,268
-
28,861
3,690
3,177
260
62,196
3,205,133
2,338
55,327
3,180
71,179
257,910
98,858
599
55,852
310
15,879
561,432
(1,647,572)
(5,986,828)
(1,314,877)
23,536,088
(24,041)
(133,421)
(2,514,238)
83,559
11,998,670
14,189,016
(4,965,594)
159,993
(1,030,480)
8,352,935
18,624,119
16,869
15,812
536,838
85,690
177,303
791,896
109,668
93,084
1,947
19,816
174
3,354
656
-
1,853,107
48,436
1,591
-
61,271
106,253
82,012
70,834
51,083
166
35,717
457,363
42,498
(32,419,399)
(983,680)
23,830,469
(12,278)
(109,778)
9,456,310
67,802
(128,056)
9,351,055
(3,016,841)
309,071
(565,539)
6,077,746
3,799,743
- 11 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 (CONTINUED)
Cash flows from investing activities
Cash in-flows from investing activities:
Disposal of financial instruments at FVTPL
Disposal of financial assets at FVTOCI
Redemption of securities at amortized cost
Disposal of investments in joint ventures and associates
Disposal of investment properties
Disposal of premises and equipment
Disposal of intangible assets
Disposal of assets held for sale
Net increase of other assets
Cash out-flows from investing activities:
Net cash out-flows from obtaining control
Acquisition of financial instruments at FVTPL
Acquisition of financial assets at FVTOCI
Acquisition of securities at amortized cost
Acquisition of investments in joint ventures and associates
Acquisition of premises and equipment
Acquisition of intangible assets
Changes in subsidiaries
Net cash outflow from investing activities
Cash flows from financing activities:
Cash in-flows from financing activities:
Net cash in-flows from hedging activities
Net increase in borrowings
Issuance of debentures
Net increase of other liabilities
Issuance of hybrid securities
Paid-in capital increase on non-controlling interests
Net increase in non-controlling equity liabilities
Cash out-flows from financing activities:
Redemption of debentures
Redemption of lease liabilities
New stock issue cost
Acquisition of treasury stocks
Dividends paid
Redemption of hybrid stocks
Dividends paid to hybrid securities
Dividends paid to non-controlling interest
Changes in non-controlling interests
Net cash inflow from financing activities
2022
2021
(Korean Won in millions)
ㅜ
9,502,271
21,717,266
5,872,961
249,763
2,061
44,839
978
52,417
62,386
37,504,942
378,394
10,274,187
16,110,501
16,873,194
143,345
172,876
174,749
346,386
44,473,632
(6,968,690)
54,569
2,881,675
23,402,694
513
1,167,283
-
1,847
27,508,581
23,887,568
187,531
-
-
654,996
643,000
205,751
9,949
-
25,588,795
1,919,786
10,361,751
21,645,907
6,425,062
195,758
-
2,890
846
93,756
66,305
38,792,275
1,638
11,840,524
30,522,971
6,435,692
400,172
119,255
138,882
-
49,459,134
(10,666,859)
6,987
3,199,712
32,674,966
3,488
399,016
1,623
10,685
36,296,477
25,781,305
177,593
140
3,757
368,357
587,650
211,173
9,391
81,410
27,220,776
9,075,701
Effects of exchange rate changes on cash and cash equivalents
30,860
1,061,251
Net increase in cash and cash equivalents
13,606,075
3,269,836
Cash and cash equivalents, beginning of the period
20,613,073
17,343,237
Cash and cash equivalents, end of the Period (Note 6)
34,219,148
20,613,073
The accompanying notes are part of this consolidated financial statements.
- 12 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
1. GENERAL
(1) Summary of the Parent company
Woori Financial Group, Inc. (hereinafter referred to 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
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 3,640,303
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
Woori Bank
Woori FIS Co., Ltd.
Woori Finance Research Institute Co., Ltd.
Woori Credit Information Co., Ltd.
Woori Fund Service Co., Ltd.
Woori Private Equity Asset Management Co., Ltd.
Total number of
issued shares
Exchange ratio
per share
676,000,000
4,900,000
600,000
1,008,000
2,000,000
6,000,000
1.0000000
0.2999708
0.1888165
1.1037292
0.4709031
0.0877992
Number of Parent
company’s stocks
676,000,000
1,469,857
113,289
1,112,559
941,806
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.
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
- 13 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(2) Details of the Parent company and subsidiaries (hereinafter ‘Group’) as of December 31, 2022 and 2021
are as follows:
Subsidiaries
Main business
Percentage of ownership
(%)
December 31,
2022
December 31,
2021
Financial
statements date
of use
Location
Held by Woori Financial Group Inc.
Woori Bank
Woori Card Co., Ltd.
Woori Financial Capital Co., Ltd.
Woori Investment Bank Co., Ltd.
Bank
Finance
Finance
Other credit finance
business
Real estate trust
Woori Asset Trust Co., Ltd.
Woori Savings Bank (*7)
Woori Asset Management Corp.
Woori Financial F&I Co., Ltd.
Woori Credit Information Co., Ltd. Credit information
Financial support
Woori Fund Service Co., Ltd.
service business
Mutual saving bank
Finance
Finance
Woori Private Equity Asset
Management Co., Ltd.
Woori Global Asset Management
Co., Ltd.
Woori FIS Co., Ltd.
Finance
Finance
System software
development &
maintenance
Woori Finance Research Institute
Co., Ltd.
Other service business
Held by Woori Bank
Woori America Bank(*1)
Woori Global Markets Asia
Limited
Woori Bank China Limited
AO Woori Bank (*10)
PT Bank Woori Saudara Indonesia
1906 Tbk(*1)
Banco Woori Bank do Brasil S.A.
Korea BTL Infrastructure Fund
Woori Finance Myanmar Co., Ltd.
Wealth Development Bank
Woori Bank Vietnam Limited
Woori Bank (Cambodia) PLC (*9)
Woori Bank Europe(*1)
Kumho Trust First Co., Ltd. (*2)
Asiana Saigon Inc. (*2)
KAMCO Value Recreation First
Securitization Specialty Co.,
Ltd. (*2)
Deogi Dream Fourth Co., Ltd. (*2)
(*5)
Jeonju Iwon Ltd. (*2)
Wonju I one Inc. (*2)
Heitz Third Co., Ltd. (*2)
Woorihansoop 1st Co., Ltd. (*2)
Woori International First Co., Ltd.
(*2)
Wibihansoop 1st Co., Ltd. (*2)
Woori QS 1st Co., Ltd. (*2)
Woori Display 1st Co., Ltd. (*2)
(*5)
Tiger Eyes 2nd Co., Ltd. (*2) (*5)
Woori Display 2nd Co., Ltd. (*2)
Woori Dream 2nd Co., Ltd. (*2)
Woori H 1st Co., Ltd. (*2)
Woori K 1st Co., Ltd. (*2)
Woori S 1st Co., Ltd. (*2)
Woori Display 3rd Co., Ltd. (*2)
TY 1st Co., Ltd. (*2)
Woori-HJ 3rd Co., Ltd. (*2) (*5)
Finance
Finance
Finance
Finance
Finance
Finance
Finance
Finance
Finance
Finance
Finance
Finance
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
- 14 -
100.0
100.0
100.0
58.7
67.2
100.0
73.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
84.2
100.0
99.9
100.0
51.0
100.0
100.0
100.0
0.0
0.0
100.0
100.0
100.0
58.7
67.2
100.0
73.0
-
100.0
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
100.0
Korea
December 31
100.0
Korea
December 31
100.0
Korea
December 31
100.0
Korea
December 31
100.0
Korea
December 31
100.0 America
December 31
100.0 Hong Kong
100.0
100.0
China
Russia
December 31
December 31
December 31
84.2
100.0
99.9
Indonesia
Brazil
Korea
100.0 Myanmar
51.0 Philippines
100.0 Vietnam
100.0 Cambodia
100.0 Germany
0.0
0.0
Korea
Korea
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
15.0
15.0
Korea
December 31
-
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-
-
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
-
December 31
December 31
December 31
December 31
December 31
December 31
December 31
-
-
December 31
December 31
December 31
December 31
December 31
December 31
December 31
-
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
Percentage of ownership
(%)
December 31,
2022
December 31,
2021
Subsidiaries
Woori K 2nd Co., Ltd. (*2) (*5)
Woori KC No.1 Co., Ltd. (*2)
Quantum Jump the 2nd Co., Ltd.
(*2)
Quantum Jump the 1st Co., Ltd.
(*2) (*5)
Woori BK the 1st Co., Ltd. (*2)
(*5)
Woori-HC 1st Co., Ltd. (*2) (*5)
Wivi Synergy 1st Co., Ltd.
(*2)(*5)
ATLANTIC
TRANSPORTATION 1 S.A.
(*2)
Woori Gongdeok First Co., Ltd.
(*2)
HD Project Co., Ltd. (*2)
Woori HW 1st Co., Ltd. (*2)
Woori HC 2nd Co., Ltd. (*2)
Woori Dream 3rd Co., Ltd. (*2)
Woori SJS 1st Co., Ltd. (*2)
Woori Steel 1st Co., Ltd (*2)
SPG the 1st Co., Ltd. (*2)
Woori-HWC 1st Co., Ltd. (*2)
Woori HC 3rd Co., Ltd. (*2).
Woori Park I 1st co., Ltd (*2)
Woori DS 1st co., Ltd (*2)
Woori HC 4th Co., Ltd. (*2).
Woori SKR 1st Co., Ltd. (*2).
Woori H chemical 1st Co.,Ltd (*2)
HE the 1st Co.,Ltd. (*2)
Woori Hub The 1st Co., Ltd. (*2)
Woori K The 3rd Co., Ltd. (*2)
Woori KF 1st Co., Ltd. (*2)
WooriI TS 1st Co., Ltd. (*2)
Woori H Square 1st Co., Ltd. (*2)
Woori L Yongsan 1st Co., Ltd.
(*2)
Woori HC 5th Co., Ltd. (*2)
Woori Ladena 1st Co., Ltd. (*2)
Woori HR 1st Co., Ltd. (*2)
Woori Lotte Dongtan 1st Co., Ltd.
(*2)
Woori HC 6th Co., Ltd. (*2)
Woori ECO 1st Co., Ltd. (*2)
Woori HO 1th Co., Ltd. (*2)
Woori ESG 1st Co.,Ltd. (*2)
Woori Osiria 1st Co.,Ltd. (*2)
Woori Eco 2nd Co.,Ltd. (*2)
Gangnam Landmark 2nd Co.,
Ltd(*2)
Woori HP the 1st co.,Ltd. (*2)
G5 Pro Short-term Bond
Investment Fund 13 (*3) (*5)
Heungkuk Global Private
Placement Investment Trust
No. 1 (*3)
AI Partners UK Water Supply
Private Placement Investment
Trust No.2 (*3)
Multi Asset Global Real Estate
Investment Trust No. 5-2 (*3)
IGIS Australia Investment Trust
No. 209-1 (*3)
INMARK Spain Private
Placement Real Estate
Investment Trust No. 26-2 (*3)
Main business
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Securities investment
and others
Securities investment
and others
Securities investment
and others
Securities investment
and others
Securities investment
and others
Securities investment
and others
- 15 -
Financial
statements date
of use
-
December 31
Location
Korea
Korea
Korea
December 31
0.0
0.0
0.0
0.0
Korea
0.0
0.0
Korea
Korea
0.0
Korea
-
-
-
-
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-
-
-
-
-
-
Marshall
islands
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Korea
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
December 31
-
0.0
0.0
-
-
-
-
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-
100.0
Korea
-
98.8
98.8
Korea
December 31
97.3
99.0
99.4
97.3 England
December 31
99.0
Korea
December 31
99.4
Korea
December 31
97.7
97.7
Korea
December 31
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
Subsidiaries
Main business
Woori G Japan General Type
Private Real Estate Feeder
Investment Trust No.1-2 (*3)
IGIS Global Private Placement
Real Estate Fund No. 316-1
(*3)
Woori G Secondary Private
Placement Investment Trust
No. 1 (*3)
Woori G Japan Blind General
Type Private Real Estate Feeder
Investment Trust No.1 (*3)
JB Airline Private Placement
Investment Trust No.8 (*3)
Kiwoom Harmony Private
Placement Investment Trust
No. 2 (*3)
Kiwoom Harmony Private
Placement Investment Trust
No. 1 (*3)
Kiwoom Frontier Private
Investment Trust No.23[Bond]
(*3)
Principal Guaranteed Trust (*4)
Principal and Interest Guaranteed
Trust (*4)
Securities investment
and others
Securities investment
and others
Securities investment
and others
Securities investment
and others
Securities investment
and others
Securities investment
and others
Securities investment
and others
Securities investment
and others
Trust
Trust
Percentage of ownership
(%)
December 31,
2022
December 31,
2021
Financial
statements date
of use
Location
98.8
98.8
Korea
December 31
99.3
99.3
Korea
December 31
98.3
98.1
Korea
December 31
99.9
97.0
99.8
Korea
December 31
97.0
Korea
December 31
97.1
97.1
Korea
December 31
97.2
96.0
Korea
December 31
99.8
0.0
0.0
-
0.0
Korea
Korea
December 31
December 31
0.0
Korea
December 31
Held by Multi Asset Global Real
Estate Investment Trust No. 5-2
MAGI No.5 LuxCo S.a.r.l.
Held by MAGI No.5 LuxCo S.a.r.l.
Asset securitization
54.6
54.6 Luxembourg December 31
ADP 16 Brussels
Asset securitization
99.9
99.9 Belgium
December 31
Held by Woori Card Co., Ltd.
TUTU Finance –WCI Myanmar
Co., Ltd.
PT Woori Finance Indonesia Tbk.
Woori Card 2018-1 Securitization
Specialty Co., Ltd. (*2) (*5)
Woori Card 2019-1 Asset
Securitization Specialty Co.,
Ltd. (*2)
Woori Card 2020-1 Asset
Securitization Specialty Co.,
Ltd. (*2)
Woori Card 2021-1 Asset
Securitization Specialty Co.,
Ltd. (*2)
Woori Card 2022-1 Asset
Securitization Specialty Co.,
Ltd. (*2)
Woori Card 2022-2 Asset
Securitization Specialty Co.,
Ltd. (*2)
Woori Card 2023-1 Asset
Securitization Specialty Co.,
Ltd. (*2)
Held by Woori Financial Capital Co.,
Ltd.
ACE Auto Invest the 48th
Securitization Specialty Co.,
Ltd. (*2) (*5)
ACE Auto Invest the 49th
Securitization Specialty Co.,
Ltd. (*2) (*5)
Specified Money Market Trust
Finance
Finance
100.0
82.0
100.0 Myanmar
Indonesia
-
December 31
December 31
Asset securitization
-
0.5
Korea
-
Asset securitization
0.5
0.5
Korea
December 31
Asset securitization
0.5
0.5
Korea
December 31
Asset securitization
0.5
0.5
Korea
December 31
Asset securitization
Asset securitization
Asset securitization
0.5
0.5
0.5
-
Korea
December 31
-
Korea
December 31
-
Korea
December 31
Asset securitization
-
1.0
Korea
-
Asset securitization
Trust
-
100.0
1.0
-
Korea
Korea
-
December 31
- 16 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
Subsidiaries
Main business
Held by Woori Investment Bank Co.,
Ltd.
Seari First Securitization
Specialty Co., Ltd. (*2) (*5)
Asset securitization
Seari Second Securitization
Specialty Co., Ltd. (*2)
Namjong 1st Securitization
Specialty Co., Ltd. (*2)
Bukgeum First Securitization
Specialty Co., Ltd. (*2)
Bukgeum Second Securitization
Specialty Co., Ltd. (*2)
WS1909 Securitization Specialty
Co., Ltd. (*2)
WS2003 Securitization Specialty
Co., Ltd. (*2)
WS2006 Securitization Specialty
Co., Ltd. (*2)
WJ2008 Securitization Specialty
Co., Ltd. (*2)
WH2103 Securitization Specialty
Co., Ltd. (*2)
WN2103 Securitization Specialty
Co., Ltd. (*2)
WH2106 Securitization Specialty
Co., Ltd. (*2)
One Punch Korea the 1st Co., Ltd.
(*2) (*5).
One Punch blue the 1st Co., Ltd.
(*2) (*5)
One Punch red the 1st Co., Ltd.
(*2) (*5)
Held by Woori Asset Management
Corp.
Woori China Convertible Bond
Hedging feeder Investment
Trust H (debt-oriented hybrid)
(*3)
Woori Together TDF 2025
(*3)(*5)
Woori Together TDF 2030
(*3)(*5)
Woori Together TDF 2035 (*3)
Woori Together TDF 2040 (*3)
Woori Together TDF 2045 (*3)
Woori Together TDF 2050 (*3)
Woori Star50 Feeder Fund(H)
(*3) (*5)
Woori BIG2 Plus Securities
Investment Trust (Balanced
Bond) (*3) (*5)
Woori Franklin Technology
Master Fund (USD) (*3) (*11)
Woori Franklin Technology
Feeder Fund (H) (*3)
Woori Together OCIO Target
Return Master fund (*3) (*11)
Woori Together OCIO Target
Return Feeder fund (*3)
Woori High Graded Bond Target
Return Fund 1 (*3)
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Securities investment
and others
Securities investment
and others
Securities investment
and others
Securities investment
and others
Securities investment
and others
Securities investment
and others
Securities investment
and others
Securities investment
and others
Securities investment
and others
Securities investment
and others
Securities investment
and others
Securities investment
and others
Securities investment
and others
Securities investment
and others
- 17 -
Percentage of ownership
(%)
December 31,
2022
December 31,
2021
Financial
statements date
of use
Location
-
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.0
-
-
-
5.0
Korea
-
5.0
Korea
December 31
5.0
Korea
December 31
5.0
Korea
December 31
5.0
Korea
December 31
5.0
Korea
December 31
5.0
Korea
December 31
5.0
Korea
December 31
5.0
Korea
December 31
5.0
Korea
December 31
5.0
Korea
December 31
5.0
Korea
December 31
0.0
Korea
0.0
Korea
0.0
Korea
-
-
-
88.0
93.6
Korea
December 31
-
-
57.1
58.3
69.3
66.3
-
-
91.1
71.8
100.0
81.2
77.0
34.1
Korea
32.3
Korea
-
-
56.0
Korea
December 31
55.7
Korea
December 31
65.2
Korea
December 31
63.6
Korea
December 31
44.8
Korea
40.8
Korea
-
-
-
-
-
-
-
Korea
December 31
Korea
December 31
Korea
December 31
Korea
December 31
Korea
December 31
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
Subsidiaries
Woori Multi Return Private
Equity 2(*3)
Main business
Securities investment
and others
Percentage of ownership
(%)
December 31,
2022
December 31,
2021
Financial
statements date
of use
Location
30.9
-
Korea
December 31
Held by Woori Financial F&I Co.,
Ltd.
WI2203 Securitization Specialty
Co., Ltd. (*2)
WM2203 Asset Securitization
Specialty Co., Ltd. (*2)
WNI2206 Asset Securitization
Specialty Co., Ltd. (*2)
WI2209 Securitization Specialty
Co., Ltd. (*2)
WN2212 Asset Securitization
Specialty Co., Ltd. (*2)
WK2212 Asset Securitization
Specialty Co., Ltd. (*2)
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)
Held by Woori Global Asset
Management Co., Ltd.
Woori G Global Multi Asset Income
Private Placement Investment
Trust_Class Cs (*3)
Woori G Happy Retirement Lifetime
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
Asset securitization
5.0
5.0
5.0
5.0
5.0
5.0
-
-
-
-
-
-
Korea
December 31
Korea
December 31
Korea
December 31
Korea
December 31
Korea
December 31
Korea
December 31
Securities investment
and others
100.0
100.0
Korea
December 31
Securities investment
and others
37.9
37.9
Korea
December 31
Income TIF Mixed Asset
Investment Trust[FoF] C(Y) (*3)
Securities investment
and others
99.3
-
Korea
December 31
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)
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)
Woori Innovative Growth New
Deal Private Investment Trust
No.3 (*3)
Held by Woori Bank, Woori
Financial Capital Co., Ltd., and
Woori Investment Bank Co., Ltd.
(*6)
Woori G GP Commitment Loan
Securities investment
and others
90.0
90.0
Korea
December 31
Securities investment
and others
Securities investment
and others
85.0
85.0
Korea
December 31
94.3
94.3
Korea
December 31
General Type Private
Investment Trust No.1 (*3)
Woori G Equity Bridge Loan
General Type Private
Investment Trust No.1 (*3)
Securities investment
and others
Securities investment
and others
100.0
100.0
Korea
December 31
80.0
80.0
Korea
December 31
- 18 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
Subsidiaries
Woori G GP Commitment Loan
General Type Private
Investment Trust No.2 (*3)
Main business
Securities investment
and others
Percentage of ownership
(%)
December 31,
2022
December 31,
2021
Financial
statements date
of use
Location
100.0
-
Korea
December 31
Held by Woori Bank, Woori
Financial Capital Co., Ltd., and
Woori Global Asset Management
Co., Ltd. (*6)
Woori G New
Deal(Infrastructure) Policy
Fund No.1(*3)
Securities investment
and others
70.0
-
Korea
December 31
Held by Woori bank and Woori
Investment Bank Co., Ltd. (*6)
Heungkuk Woori Tech Company
Private Placement Investment
Trust No. 1 (*3) (*5)
Woori Global Development
Infrastructure Synergy
Company Private Placement
Investment Trust No.1 (*3)
Woori G NorthAmerica Infra
Securities investment
and others
Securities investment
and others
-
100.0
Korea
-
100.0
100.0
Korea
December 31
Private Placement Investment
Trust No. 1 (*3)
Securities investment
and others
100.0
100.0
Korea
December 31
Woori G Infrastructure New Deal
Specialized Investment Private
Equity Investment Trust No. 1
(*3)
Woori G General Type Private
Real Estate Investment Trust
No.2 (*3)
Woori G ESG Infrastructure
Development General Type
Private Investment Trust No.1
(*3)
Held by Woori bank (*6)
Woori G WooriBank Partners
General Type Private
Investment Trust No.1 (*3)
Woori G General Type Private
Real Estate Investment Trust
No.1 (*3)
Woori G Global Mid-market
Secondary General Type
Private Investment Trust
No.1(EUR) (*3)
Woori G Woori Bank Partners
Professional Type Private
Investment Trust No. 2 (*3)
Woori G General Type Private
Real Estate Investment Trust
No.5 (*3)
Woori G Senior Loan General
Type Private Investment Trust
No.2(*3)
Woori G Government Bond MMF
C/I (*3)
Held by Woori Bank and Woori
Financial Capital Co., Ltd.(*6)
Woori G Renewable New Deal
Fund No.1 (*3)
Woori G Equity Investment
General Type Private
Investment Trust No.1 (*3)
Securities investment
and others
Securities investment
and others
Securities investment
and others
Securities investment
and others
Securities investment
and others
Securities investment
and others
Securities investment
and others
Securities investment
and others
Securities investment
and others
Securities investment
and others
Securities investment
and others
Securities investment
and others
- 19 -
100.0
100.0
Korea
December 31
30.1
30.1
Korea
December 31
100.0
100.0
Korea
December 31
92.6
92.6
Korea
December 31
80.0
80.0
Korea
December 31
80.0
80.0
Korea
December 31
90.9
90.9
Korea
December 31
86.8
87.0
Korea
December 31
50.0
46.0
-
-
Korea
December 31
Korea
December 31
60.0
-
Korea
December 31
100.0
-
Korea
December 31
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
Subsidiaries
Main business
Woori Busan Logistics Infra
Private Placement Special
Asset Investment Trust (*3)
Securities investment
and others
Percentage of ownership
(%)
December 31,
2022
December 31,
2021
Financial
statements date
of use
Location
100.0
-
Korea
December 31
December 31
Held by Woori Financial Capital
Co., Ltd.(*6)
Woori G Japan Private Placement
Real Estate Feeder Investment
Trust No.1-1 (*3)
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)
Held by Woori G Japan Private
Placement Real Estate Feeder
Investment Trust No.1-1 and
Woori G Japan Investment Trust
No. 1-2(*6)
Woori G Japan Private Placement
Real Estate Master Investment
Trust No.1 (*3)
Held by Woori Financial Capital
Co., Ltd. and Woori Investment
Bank Co., Ltd. (*6)
Woori G Japan Private Placement
Real Estate Master Investment
Trust No.2-1 (*3)
Held by Woori G Japan Private
Placement Real Estate Master
Investment Trust No.1 and Woori
G Japan Private Placement Real
Estate Master Investment Trust
No.2-1(*6)
Woori G Japan Private Placement
Real Estate Master Investment
Trust No.2 (*3)
Held by Woori G Japan Private
Placement Real Estate Master
Investment Trust No.1
GK OK Chatan (*3)
Held by Woori G Japan Blind
General Type Private Real Estate
Feeder Investment Trust No.1
(*6)
Woori G Private Placement
Investment Trust No. 3 (*3)
Held by Woori G Private Placement
Investment Trust No. 3
GK Woorido
Held by Woori G 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
63.2
63.2
Korea
December 31
Securities investment
and others
100.0
-
Korea
December 31
Securities investment
and others
100.0
100.0
Korea
December 31
Securities investment
and others
100.0
100.0
Korea
December 31
Securities investment
and others
100.0
100.0
Korea
December 31
Other financial services
99.9
99.9
Japan
October 31 (*8)
Securities investment
and others
76.5
-
Korea
December 31
Other financial services
100.0
-
Japan
December 31
Securities investment
and others
48.0
-
Korea
December 31
- 20 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(*1) Additional investment occurred made for year ended December 31, 2021.
(*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 December 31, 2022.
(*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) During March 2021, the Parent company acquired a 100% equity of Woori Financial Savings Bank from the Parent
company's subsidiary Woori Financial Capital Co., Ltd.
(*8) 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.
(*9) The Parent company's subsidiary WB Finance Co., Ltd. has changed the name to WOORI BANK (CAMBODIA) PLC.
(*10) The Russia – Ukraine conflict has been escalated in February 2022, Russia is imposed to the international sanctions. Due
to the sanctions, the lack of liquidity in the Russian foreign exchange market as well as the significant decline in value of
the Rubles and the decline in value of Russian companies’ securities are in progress. As a result, 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 December 31, 2022, 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 because it is very uncertain
to estimate the impact on the Group’s financial position and business performance.
(*11) As a master-feeder fund, it is the percentage of the feeder fund's ownership in the master fund.
- 21 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(3) The Group has not consolidated the following entities as of December 31, 2022 and 2021 despite having
more than 50% ownership interest:
As of December 31, 2022
Subsidiaries
Mirae Asset Maps Clean Water Private Equity Investment Trust 7th (*1)
Kiwoom Yonsei Private Equity Investment Trust (*1)
IGIS Europe Private Placement Real Estate Fund No. 163-2 (*2)
IGIS Global Private Placement Real Estate Fund No. 148-1 (*1)
IGIS Global Private Placement Real Estate Fund No. 148-2 (*1)
Mirae Asset Seoul Ring Expressway Private Special Asset Fund No. 1 (*1)
Hangkang Sewage Treatment Plant Fund (*1)
Korea Investment Pocheon Hwado Expressway Professional Investment Fund
(*1)
Midas Global Private Placement Real Estate Investment Trust No. 7-2 (*1)
Together-Korea Government Private Pool Private Securities Investment Trust
No.3 (*3)
INMARK France Private Placement Investment Trust No. 18-1 (*1)
Kiwoom Vibrato Private Placement Investment Trust 1-W(EUR) (*2)
KOTAM Global Infra Private Fund 1-4 (*2)
UBSHana Class 1 Special Asset Investment Trust 3 Class C 2 (*1)
Consus GyeongJu Green Specialized Private Special Asset Investment Trust 1
(*1)
Kiwoom Harmony Private Placement Investment Trust No. 3 (*1)
Consus Solar Energy Private Placement Investment Truns No.1(*1)
IGIS ESG General Private Investment Trust No.1(*1)
Kiwoom Aurora Geneal Type Private Placement Investment Trust No. 2(*1)
NH-Amundi WSCP VIII Private Fund 2 (*1)
AI Partners Global Infrastructure Specialized Privately Placed Feeder Fund
Trust No. 2 (*2)
Hangang new deal infra BTL fund 4 (HNBF4) (*1)
Rifa Qualified Investors Private Real Estate Investment Trust No.40 (*2)
Location Main Business
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Securities Investment
Securities Investment
Securities Investment
Securities Investment
Securities Investment
Securities Investment
Securities Investment
Korea
Korea
Securities Investment
Securities Investment
Korea
Korea
Korea
Korea
Korea
Securities Investment
Securities Investment
Securities Investment
Securities Investment
Securities Investment
Korea
Korea
Korea
Korea
Korea
Korea
Securities Investment
Securities Investment
Securities Investment
Securities Investment
Securities Investment
Securities Investment
Korea
Korea
Korea
Securities Investment
Securities Investment
Securities Investment
Percentage of
ownership (%)
57.6
88.9
97.8
75.0
75.0
66.7
55.6
55.2
58.3
100.0
93.8
99.5
99.7
51.0
50.0
77.4
50.0
60.0
60.0
65.2
100.0
60.0
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.
(*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.
As of December 31, 2021
Subsidiaries
Location Main Business
Korea
Mirae Asset Maps Clean Water Private Equity Investment Trust 7th (*1)
Korea
Kiwoom Yonsei Private Equity Investment Trust (*1)
Korea
IGIS Europe Private Placement Real Estate Fund No. 163-2 (*2)(*4)
Korea
IGIS Global Private Placement Real Estate Fund No. 148-1 (*1)(*4)
IGIS Global Private Placement Real Estate Fund No. 148-2 (*1)(*4)
Korea
Mirae Asset Seoul Ring Expressway Private Special Asset Fund No. 1 (*1)(*4) Korea
Korea
Hangkang Sewage Treatment Plant Fund (*1)(*4)
Korea Investment Pocheon Hwado Expressway Professional Investment Fund
Securities Investment
Securities Investment
Securities Investment
Securities Investment
Securities Investment
Securities Investment
Securities Investment
Percentage of
ownership (%)
59.7
88.9
97.9
75.0
75.0
66.7
55.6
(*1)(*4)
Korea
Midas Global Private Placement Real Estate Investment Trust No. 7-2 (*1)(*4) Korea
Together-Korea Government Private Pool Private Securities Investment Trust
Securities Investment
Securities Investment
No.3 (*3)(*4)
INMARK France Private Placement Investment Trust No. 18-1 (*1)(*4)
Kiwoom Vibrato Private Placement Investment Trust 1-W(EUR) (*2)(*4)
KOTAM Global Infrastructure Private Equity Investment Trust No. 1-4 (*2)
Hana UBS Class One Private Equity No. 3 C2 (*1)
Consus Gyeongju Green Private Equity Investment Trust No. 1 (*1) (*4)
Kiwoom Harmony Private Placement Investment Trust No. 3 (*1) (*4)
Korea
Korea
Korea
Korea
Korea
Korea
Korea
Securities Investment
Securities Investment
Securities Investment
Securities Investment
Securities Investment
Securities Investment
Securities Investment
55.2
58.3
100.0
93.8
99.5
99.7
51.0
50.0
77.4
- 22 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
Consus Solar Energy Private Placement Investment Truns No.1(*1)
Subsidiaries
As of December 31, 2021
Location Main Business
Korea
Securities Investment
Percentage of
ownership (%)
50.0
(*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.
(*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 accordance with the amendment to the Capital Market Act, a specialized investment type private equity fund has been changed
to a general private equity fund during the prior period.
- 23 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(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):
Subsidiaries
Woori Bank
Woori Card Co., Ltd.
Woori Financial Capital Co., Ltd.
Woori Investment Bank Co., Ltd.
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 Global Asset Management Co., Ltd.
Woori FIS Co., Ltd.
Woori Finance Research Institute Co., Ltd.
Assets
443,340,979
16,118,967
12,581,473
5,657,191
322,098
1,786,495
185,389
336,141
42,832
25,094
94,434
34,988
112,117
6,456
As of and for the year ended December 31, 2022
Net income
(loss)
attributable to
owners
2,892,165
204,385
183,328
91,794
60,319
10,607
1,259
867
1,784
3,917
1,902
211
1,069
46
Comprehensiv
e income (loss)
attributable to
owners
2,651,873
199,397
189,765
92,379
60,316
10,998
1,314
867
2,083
3,917
1,872
211
11,559
245
Operating
revenue
38,656,623
1,845,296
1,323,574
406,157
137,114
110,868
35,019
8,086
38,549
16,337
7,830
13,711
296,235
7,006
Liabilities
417,583,793
13,692,456
11,040,754
4,982,410
94,573
1,556,679
62,568
135,562
9,240
2,691
4,672
7,090
54,645
2,604
As of and for the year ended December 31, 2021
Net income
(loss)
attributable to
owners
2,375,525
200,726
140,579
79,924
40,300
8,244
15,315
1,563
3,570
2,209
(441)
1,587
57
Comprehensive
income (loss)
attributable to
owners
2,523,846
210,316
141,275
79,747
40,263
8,458
14,926
1,513
3,570
2,113
(441)
8,010
64
Subsidiaries
Woori Bank
Woori Card Co., Ltd.
Woori Financial Capital Co., Ltd.
Woori Investment Bank Co., Ltd.
Woori Asset Trust Co., Ltd.
Woori Asset Management Corp.
Woori Savings Bank
Woori Credit Information Co., Ltd.
Woori Fund Service Co., Ltd.
Woori Private Equity Asset Management Co., Ltd.
Woori Global Asset Management Co., Ltd.
Woori FIS Co., Ltd.
Woori Finance Research Institute Co., Ltd.
Assets
415,976,627
14,116,832
10,259,868
5,159,742
254,773
151,651
1,444,508
40,510
22,168
42,790
35,265
105,138
5,864
Liabilities
391,315,108
11,858,065
9,073,104
4,559,856
86,418
30,144
1,222,888
8,532
2,582
4,652
7,579
59,225
2,257
Operating
revenue
24,311,964
1,528,680
997,655
303,253
94,228
33,343
85,813
37,507
15,618
4,230
11,785
270,393
6,812
- 24 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(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 December 31, 2022 and 2021, the Group provides 231,309 million won and 2,480,131 million won of
credit facilities, respectively, for the structured entities mentioned above. As of December 31, 2022 and 2021,
the purchase commitment amounts to 2,545,164 million won and 2,263,387 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.
- 25 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
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 December 31, 2022 and 2021 are
875,470 million won and 853,140 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.
- 26 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
Total asset of the unconsolidated
structured entities
Assets recognized in the consolidated
financial statements related to the
unconsolidated structured entities
Financial assets at FVTPL
Financial assets at FVTOCI
Financial assets at amortized cost
Investments in joint ventures and
associates
Derivative assets
Liabilities recognized in the
consolidated financial statements
related to the unconsolidated
structured entities
Derivative liabilities
Other liabilities (provisions)
The maximum exposure to risks
Investment assets
Purchase commitment
Credit offerings and others
Loss recognized on unconsolidated
structured entities
Total asset of the unconsolidated
structured entities
Assets recognized in the consolidated
financial statements related to the
unconsolidated structured entities
Financial assets at FVTPL
Financial assets at FVTOCI
Financial assets at amortized cost
Investments in joint ventures and
associates
Derivative assets
Liabilities recognized in the
consolidated financial statements
related to the unconsolidated
structured entities
Derivative liabilities
Other liabilities (provisions)
The maximum exposure to risks
Investment assets
Credit offerings and others
Loss recognized on unconsolidated
structured entities
Asset securitization Structured Finance
Investment Fund Real-estate trust
December 31, 2022
(unit : Korean Won in millions))
14,856,750
82,724,618
132,264,383
1,316,930
8,051,144
258,552
3,213,331
4,579,261
-
-
824
729
95
8,153,111
8,051,144
-
101,967
5,537,836
6,642
45,735
5,485,336
-
123
6,606
4,975
1,631
6,086,831
5,537,836
-
548,995
4,964,712
4,397,416
-
31,124
535,427
745
2,091
2,091
-
9,322,308
4,964,712
4,352,518
5,078
-
17,388
113,976
40,073
10,480
-
29,593
-
-
5,760
-
5,760
92,856
40,073
-
52,783
1,040
Asset securitization Structured Finance
Investment Fund Real-estate trust
December 31, 2021
(unit : Korean Won in millions))
15,640,521
94,969,317
94,675,732
1,398,508
8,518,101
374,423
3,878,882
4,264,626
-
170
677
-
677
8,739,034
8,518,101
220,933
4,633,475
5,021
46,478
4,579,367
-
2,609
1,536
673
863
5,728,977
4,633,475
1,095,502
4,214,747
3,550,532
-
71,662
592,553
-
-
-
-
4,221,072
4,214,747
6,325
54,662
10,665
-
43,997
-
-
2,964
-
2,964
115,212
54,662
60,550
183
11,872
71,309
282
- 27 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(7) As of December 31, 2022 and 2021, 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):
1) Accumulated non-controlling interests at the end of the reporting period
Woori Bank (*)
Woori Investment Bank Co., Ltd.
Woori Asset Trust Co., Ltd.
Woori Asset Management Corp
PT Bank Woori Saudara Indonesia 1906 Tbk
Wealth Development Bank
PT Woori Finance Indonesia Tbk.
(*) Hybrid securities issued by Woori Bank
December 31, 2022
December 31, 2021
2,344,816
283,221
78,434
34,073
92,118
20,759
13,964
2,555,166
251,879
60,726
33,768
87,741
20,835
-
2) Net income attributable to non-controlling interests
Woori Bank (*)
Woori Financial Capital Co., Ltd.
Woori Investment Bank Co., Ltd.
Woori Asset Trust Co., Ltd.
Woori Asset Management Corp
PT Bank Woori Saudara Indonesia 1906 Tbk
Wealth Development Bank
PT Woori Finance Indonesia Tbk.
(*) Distribution of the hybrid securities issued by Woori Bank
3) Dividends to non-controlling interests
For the years ended December 31
2021
2022
113,995
-
38,319
18,074
290
10,806
401
379
For the years ended December 31
2022
2021
Woori Bank (*)
Woori Financial Capital Co., Ltd.
Woori Investment Bank Co., Ltd.
Woori Asset Trust Co., Ltd
PT Bank Woori Saudara Indonesia 1906 Tbk
113,995
-
7,219
365
2,330
(*) Distribution of the hybrid securities issued by Woori Bank
144,923
17,949
33,274
11,366
2,341
8,619
928
-
144,923
4,121
3,610
365
1,262
- 28 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
2. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
(1) Basis of presentation
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 financial statements have been condensed,
restructured and translated into English from the Korean language financial statements.
Certain information attached to the Korean language financial statements, but not required for a fair
presentation of the Group's financial position, financial performance or cash flows, is not presented in the
accompanying consolidated financial statements.
The consolidated financial statements of the Group have been prepared in accordance with K-IFRS. These
are the standards, subsequent amendments and related interpretations issued by the International Accounting
Standards Board (IASB) that have been adopted by the Republic of Korea.
The principal accounting policies applied in the preparation of these consolidated financial statements are set
out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
The consolidated financial statements, as described in following paragraphs of accounting policy, are prepared
at the end of each reporting period in historical cost basis, except for certain non-current assets and financial
assets that are either revalued or measured in fair value. Historical cost is generally measured at the fair value
of consideration given to acquire assets.
Meanwhile, the consolidated financial statements of the Group were initially approved by the Board of
Directors on February 8, 2023, and were revised and approved on March 3, 2023, and the final approval will
be made in the annual general shareholders’ meeting on March 24, 2023.
1) The standards and interpretations that are newly adopted by the Group during the current period,
and the changes in accounting policies thereof are as follows:
i) K-IFRS 1007‘Statement of cash flow’ - Cash and cash equivalents
The Group did not classify deposits with restrictions under relevant regulations, such as reserve deposits,
as cash and cash equivalents. However, in accordance of the IFRS Interpretation Committee's agenda
decision in April 2022 'Demand deposits restricted on use under contracts with third parties' and reply
to K-IFRS inquiries 'whether the reserve deposit should be classified as cash and cash equivalents' the
policy was changed to classifying the reserve deposits with restrictions under relevant regulations which
meet the criteria of demand deposits as cash and cash equivalent and applied the modification
retrospectively. The impact of this change in accounting policy is as follows:
a)
Impact on the statements of financial position
Increase in cash and cash
equivalents
Decrease in loans and other
financial assets at
amortized cost
December 31, 2022 December 31, 2021
January 1, 2021
22,965,162
13,047,255
7,352,253
(22,965,162)
(13,047,255)
(7,352,253)
- 29 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
b) Impact on the statements of cash flow
December 31, 2022 December 31, 2021
Increase in cash flows from operating activities
Increase in exchange rate changes on cash and cash
equivalents denominated in foreign currencies
Net increase in cash and cash equivalents
Increase in cash and cash equivalents, the beginning of
the year
Increase in cash and cash equivalents, the end of the
year
9,981,310
5,600,710
(63,403)
9,981,310
13,047,255
94,292
5,600,710
7,352,253
22,965,162
13,047,255
ii) Amendments to K-IFRS 1103 ‘Business Combination’ – Reference to the Conceptual
Framework
The amendments update a reference of definition of assets and liabilities qualify for recognition in
revised Conceptual Framework for Financial Reporting. However, the amendments add an exception
for the recognition of liabilities and contingent liabilities within the scope of K-IFRS 1037 Provisions,
Contingent Liabilities and Contingent Assets, and K-IFRS 2121 Levies. The amendments also
confirm that contingent assets should not be recognized at the acquisition date. The amendment does
not have a significant impact on the financial statements.
ⅲ) Amendments to K-IFRS 1037 ‘Provisions, Contingent Liabilities and Contingent Assets’ –
Onerous Contracts: Cost of Fulfilling a Contract’
The amendments clarify that the direct costs of fulfilling a contract include both the incremental costs
of fulfilling the contract and an allocation of other costs directly related to fulfilling contracts when
assessing whether the contract is onerous. The amendment does not have a significant impact on the
financial statements.
ⅳ) Amendments to K-IFRS 1016 ‘Property, Plant and Equipment’ – Proceeds before intended use
The amendments prohibit an entity from deducting from the cost of an item of property, plant and
equipment any proceeds from selling items produced while the entity is preparing the asset for its
intended use. Instead, the entity will recognize the proceeds from selling such items, and the costs of
producing those items, in profit or loss. The amendment does not have a significant impact on the
financial statements.
ⅴ) Annual Improvements to K-IFRS 2018-2020
The annual improvement includes some amendments to K-IFRS 1101 ‘First time Adoption of Korean
International Financial Reporting Standards’, K-IFRS 1109 ‘Financial Instrument’s, K-IFRS 1116
‘Lease’, K-IFRS 1041 ‘Agriculture’.
These amendments do not have a significant impact on the consolidated financial statements.
- K-IFRS 1101 ‘First time Adoption of Korean International Financial Reporting Standards’-
Subsidiaries that are first-time adopters
- K-IFRS 1109 ‘Financial Instrument’s - Fees related to the 10% test for derecognition of
financial liabilities
- K-IFRS 1116 ‘Lease’- Delete the contents of the lease improvement reimbursement amount.
- K-IFRS 1041 ‘Agriculture’ - Measuring fair value
- 30 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
2) The details of K-IFRSs that have been issued and published as of December 31,2022 but have not
yet reached the effective date, and which the Group have not been early adopted by the Group are
as follows:
i) Amendments to K-IFRS 1001 ‘Presentation of Financial Statements’ – Classification of
Liabilities as Current or Non-current
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 include 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. The amendments should be applied for annual periods
beginning on or after January 1, 2024, and earlier application is permitted. The Group does not
expect that these amendments have a significant impact on the financial statements.
ii) Amendments to K-IFRS 1001 ‘Presentation of Financial Statements and IFRS Practice
Statement 2 Making Materiality Judgements’ - Disclosure of Accounting Policy
'IFRS Practice Statement 2' has been amended to define and disclose important accounting policies
and to provide guidance on how to apply the concept of importance. These amendments apply for
annual periods beginning on or after January 1,2023, and early application is permitted. The Group
does not expect that these amendments have a significant impact on the financial statements.
ⅲ) Amendments to K-IFRS 1001 ‘Presentation of Financial Statements’ - Disclosure of valuation
gains or losses on financial liabilities with condition to adjust exercise price
The amendments require disclosure of valuation gains or losses (limited to those recognized in the
profit or loss) of the conversion options or warrants (or financial liabilities including them), if all or
part of the financial instrument with exercise price that is adjusted depending on the issuer’s share
price change is classified as financial liability as defined in paragraph 11 (2) of K-IFRS 1032. These
amendments apply for annual periods beginning on or after January 1, 2023, and early application is
permitted. The Group does not expect that these amendments have a significant impact on the
financial statements.
ⅳ) Amendments to K-IFRS 1008 ‘Accounting Policies, Changes in Accounting Estimates and
Errors’ - Definition of Accounting Estimates
The amendments have defined accounting estimates and clarified how to distinguish them from
changes in accounting policies. These amendments apply for annual periods beginning on or after
January 1, 2023, and early application is permitted. The Group does not expect that these
amendments have a significant impact on the financial statements.
ⅴ) Amendments to K-IFRS 1012 ‘Income Taxes’ - deferred tax related to assets and liabilities
arising from a single transaction
Additional phrase 'the temporary difference to be added and the temporary difference to be
deducted do not occur in the same amount' has been added to initial recognition exception for a
transaction in which an asset or liability is initially recognized. These amendments apply for annual
periods beginning on or after January 1, 2023, and early application is permitted. The Group does
not expect that these amendments have a significant impact on the financial statements.
The above enacted or amended standards will not have a significant impact on the Group.
- 31 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(2) Basis of consolidated financial statement presentation
The consolidated financial statements consist of the financial statements of the parent company and the
entities (including structured entities) controlled by the parent company (or its subsidiaries, which is the
“Group”). Control is achieved where the Group 1) has the power over the investee, 2) is exposed, or has
rights, to variable returns from its involvement with the investee, and 3) able to use its power to affect its
returns. The Group reassesses whether it controls an investee if facts and circumstances indicate that there are
changes to one or more of the three elements of control listed above.
When the Group has less than most of the voting rights of an investee, it has power over the investee when
the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee
unilaterally. The Group considers all relevant facts and circumstances in assessing whether the Group's
voting rights in an investee are enough to give it power, including:
-
The relative size of the Group's holding of voting rights and dispersion of holdings of the other
vote holders;
Potential voting rights held by the Group, other vote holders or other parties;
-
-
- Any additional facts and circumstances that indicate that the Group has, or does not have, the
Rights arising from other contractual arrangements;
current ability to direct the relevant activities at the time that decisions need to be made, including
voting patterns at previous shareholders' meetings.
Income and expenses of subsidiaries acquired or disposed of during the year are included in the consolidated
statement of comprehensive income from the date the Group gains control until the date when the Group
ceases to control the subsidiary. The carrying amount of the non-controlling interest after the acquisition is
the amount initially recognized plus the amount of proportionate interest of the non-controlling interest in the
changes in equity since the acquisition. Total comprehensive income of subsidiaries is attributed to the owner
of the Group and to the non-controlling interests even if this results in the non-controlling interests having a
negative (-) balance.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting
policies into line with the Group’s accounting policies.
All intra-group transactions and, related assets and liabilities, income and expenses are eliminated in full on
consolidation.
Changes in the Group’s ownership interests in subsidiaries that do not result in the Group losing control over
the subsidiaries are accounted for as equity transactions. The carrying amount of the Group’s interests and
the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries.
Any difference between the amount by which the non-controlling interests are adjusted and the fair value of
the consideration paid or received is recognized directly in equity and attributed to the owner of the parent
company.
When the Group loses control of a subsidiary, a gain or loss on disposal is calculated as the difference
between (i) the aggregate of the fair value of the consideration received and the fair value of any retained
interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the
subsidiary and any non-controlling interests. When assets of the subsidiary are carried at revalued amounts or
fair values and the related cumulative gain or loss has been recognized in other comprehensive income and
accumulated in equity, the amounts previously recognized in other comprehensive income and accumulated
in equity are accounted for as if the Group had directly disposed of the relevant assets (i.e. reclassified to
profit or loss or transferred directly to retained earnings). The fair value of any investment retained in the
former subsidiary at the date when control is lost is recognized as the fair value on initial recognition for
subsequent accounting under K-IFRS 1109 Financial Instruments or, when applicable, the cost on initial
recognition of an investment in an associate or a joint venture.
- 32 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(3) Business combinations
Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration
transferred in a business combination is measured as the sum of the acquisition-date fair values of the assets
transferred by the Group in exchange for control of the acquiree, liabilities assumed by the Group for the
former owners of the acquiree and the equity interests issued by the Group. Acquisition-related costs are
generally recognized in profit or loss as incurred.
At the acquisition date, the acquiree’s identifiable acquires assets, liabilities and contingent liabilities are
recognized at their fair value, except for the followings:
- Deferred tax assets or liabilities and assets or liabilities related to employee benefit arrangements
are recognized and measured in accordance with K-IFRS 1012 Income Taxes and K-IFRS 1019
Employee Benefits, respectively;
-
Liabilities or equity instruments related to share-based payment arrangements of the acquiree or
share-based payment arrangements of the Group entered into to replace share-based payment
arrangements of the acquiree are measured in accordance with K-IFRS 1102 Share-based Payment
at the acquisition date; and
- Non-current assets (or disposal groups) that are classified as held for sale are measured in
accordance with K-IFRS 1105 Non-current Assets Held for Sale and Discontinued Operations
Any excess of the sum of the consideration transferred, the amount of any non-controlling interest in the
acquiree and the fair value of the Group’s previously held equity interest (if any) in the acquiree over the net
of identifiable assets and liabilities assumed of the acquiree at the acquisition date is recognized as goodwill.
If, after reassessment, the Group’s interest in the fair value of the acquiree’s identifiable net assets exceeds
the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the
fair value of the acquirer’s previously held equity interest in the acquiree (if any), the excess is recognized
immediately in net income as a bargain purchase gain.
The subsidiary's non-controlling interests are identified separately from the Group's equity. If the element of
the non-controlling interest in the acquiree is the current interest at the acquisition date and the holder is
entitled to a proportional share of the entity's net assets, the non-controlling interest can be measured in 1)
fair value or 2) proportionate share of the current equity instrument of the amount recognized for the
acquiree's identifiable net assets at the acquisition date. The selection of these metrics is made for each
acquisition transaction. All other non-controlling interests are measured at fair value at the acquisition date.
The carrying amount of the non-controlling interest after acquisition reflects the proportional interest of the
non-controlling interest in changes in equity after acquisition in the initial recognition amount. Even if the
non-controlling interest is a negative (-) balance, total comprehensive income is attributed to the non-
controlling interest.
When the consideration transferred by the Group in a business combination includes assets or liabilities
resulting from a contingent consideration arrangement, the contingent consideration is measured at its
acquisition-date fair value and included as part of the consideration transferred in a business combination.
Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are
adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments
are adjustments that arise from additional information obtained during the ‘measurement period’ (which
cannot exceed one year from the acquisition date) about facts and circumstances that existed at the
acquisition date.
The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as
measurement period adjustments depends on how the contingent consideration is classified. Contingent
consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent
settlement is accounted for within equity. Contingent consideration other than the above is remeasured at
subsequent reporting dates as appropriate, with the corresponding gain or loss being recognized in profit or
loss.
- 33 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
When a business combination is achieved in stages, the Group's previously held equity interest in the
acquiree is remeasured at fair value at the acquisition date (i.e., the date when the Group obtains control) and
the resulting gain or loss, if any, is recognized in net income(or other comprehensive income, if applicable).
Amounts arising from changes in value of interests in the acquiree prior to the acquisition date that have
previously been recognized in other comprehensive income are recognized, identical to the treatment
assuming interests are sold directly.
If the initial accounting for a business combination is not completed by the end of the reporting period in
which the business combination occurred, the Group reports in consolidated financial statements the
provisional amount of items that have not been accounted for. If there is new information about the facts and
circumstances that existed as of the acquisition date during the measurement period (see above), the Group
retrospectively adjusts the provisional amounts recognized at the acquisition date or recognizes additional
assets and liabilities to reflect the information that would have affected the measurement of the amount
recognized at the acquisition date if it had already known at the acquisition date.
- 34 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(4) Investments in joint ventures and associates
An associate is an entity over which the Group has significant influence, and that is not a subsidiary or a joint
venture. Significant influence is the power to participate in making decision on the financial and operating
policy of the investee but is not control or joint control over those policies.
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have
rights to net assets relating to the arrangement. Joint control is the contractually agreed sharing of control of
an arrangement, which exists only when decisions about the relevant activities require the unanimous consent
of the parties sharing control.
The net income of current period and the assets and liabilities of the joint ventures and associates are
incorporated in these consolidated financial statements using the equity method of accounting, except when
the investment is classified as held for sale, in which case it is accounted for in accordance with K-IFRS 1105
Non-current Assets Held for Sale and Discontinued Operations. Under the equity method, an investment in
the joint ventures and associates is initially recognized in the consolidated statements of financial position at
cost and adjusted thereafter to recognize the Group's share of the net assets of the joint ventures and
associates and any impairment. When the Group's share of losses of the joint ventures and associates exceeds
the Group's interest in the associate, the Group discontinues recognizing its share of further losses. Additional
losses are recognized only to the extent that the Group has incurred legal or constructive obligations or made
payments on behalf of the joint ventures and associates.
Investment in joint ventures and associates are accounted for and applied with the equity method from the
time the investee becomes an associate or a joint venture.
Any excess of the cost of acquisition over the Group's share of the net fair value of the identifiable assets,
liabilities and contingent liabilities of the joint ventures and associates recognized at the date of acquisition is
recognized as goodwill, which is included within the carrying amount of the investment. Any excess of the
Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost
of acquisition exists after the review, it is recognized immediately in net income.
The requirements of K-IFRS 1028 - Investments in Associates and Joint Ventures to determine whether there
has been a loss event are applied to identify whether it is necessary to recognize any impairment loss with
respect to the Group’s investment in the joint ventures and associates. When necessary, the entire carrying
amount of the investment (including goodwill) is tested for impairment in accordance with K-IFRS 1036 -
Impairment of Assets as a single asset by comparing its recoverable amount (higher of value in use and fair
value less costs to sell) with its carrying amount. Any impairment loss recognized is not allocated to any
asset (including goodwill), which forms part of the carrying amount of the investment. Any reversal of that
impairment loss is recognized in accordance with K-IFRS 1036 to the extent that the recoverable amount of
the investment subsequently increases.
The Group ceases to use the equity method from the time it fails meet the definition of an associate or a joint
venture. Upon a loss of significant influence over the joint ventures and associates, the Group discontinues
the use of the equity method and measures at fair value of any investment that the Group retains in the former
joint ventures and associates from the date when the Group loses significant influence. The fair value of the
investment is regarded as its fair value on initial recognition as a financial asset in accordance with K-IFRS
1109 Financial Instruments; Recognition and Measurement. The Group recognized differences between the
carrying amount and fair value in net income and it is included in determination of the gain or loss on
disposal of joint ventures and associates. The Group accounts for all amounts recognized in other
comprehensive income in relation to that joint ventures and associates on the same basis as would be required
if the joint ventures and associates had directly disposed of the related assets or liabilities. Therefore, if a gain
or loss previously recognized in other comprehensive income by an associate or a joint venture would be
reclassified to net income on the disposal of the related assets or liabilities, the Group reclassifies the gain or
loss from equity to net income as a reclassification adjustment.
- 35 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
When the Group’s ownership of interest in an associate or a joint venture decreases but the Group continues
to maintain significant influence over an associate or a joint venture, the Group reclassifies to profit or loss
the proportion of the gain or loss that had previously been recognized in other comprehensive income relating
to that decrease in ownership interest if the gain or loss would be reclassified to profit or loss on the disposal
of the related assets or liabilities. Meanwhile, if interest on associate or joint venture meets the definition of
non-current asset held for sale, it is accounted for in accordance with K-IFRS 1105.
The Group continues to use the equity method when an investment in an associate becomes an investment in
a joint venture or an investment in a joint venture becomes an investment in an associate. There is no
remeasurement to fair value upon such changes in ownership interests.
When the Group transacts with an associate or a joint venture of the Group, profits and losses resulting from
the transactions with the associate or joint venture are recognized in the Group's consolidated financial
statements only to the extent of interests in the associate or joint venture that are not related to the Group.
The Group applies K-IFRS 1109 Financial Instruments, including the impairment requirements, to its long-
term investment interests in associates and joint ventures that form part of its net investment without applying
the equity method. In addition, when applying K-IFRS 1109 to long-term investments, the Group does not
consider adjustments to the carrying amount required by K-IFRS 1028. Examples of such adjustments
include an impairment assessment or an adjustment to the carrying amount of the long-term investment
interest resulting from the allocation of losses to the investee in accordance with K-IFRS 1028.
(5) Investment in joint operation
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have
rights to the assets, and obligations for the liabilities, relating to the arrangement. Joint control is the
contractually agreed sharing of control of an arrangement, which exists only when decisions about the
relevant activities require the unanimous consent of the parties sharing control.
When the Group operates as a joint operator, it recognizes in relation to its interest in a joint operation:
-
-
-
-
-
its assets, including its share of any assets held jointly;
its liabilities, including its share of any liabilities incurred jointly;
its revenue from the sale of its share of the output arising from the joint operation;
its share of the revenue from the sale of the output by the joint operation;
its expenses, including its share of any expenses incurred jointly.
The Group accounts for the assets, liabilities, revenues and expenses that correspond to its interest in a joint
operation in accordance with the K-IFRSs applicable to the specific assets, liabilities, revenues and expenses.
When the Group enters into a transaction with a joint operation in which it is a joint operator, such as a sale
or contribution of assets, it is conducting the transaction with the other parties to the joint operation and, as
such, the Group recognizes gains and losses resulting from such a transaction only to the extent of the other
parties’ interests in the joint operation.
When the Group enters a transaction with a joint operation in which it is a joint operator, such as a purchase
of assets, it does not recognize proportional share of profit or loss until the asset is sold to a third party.
- 36 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(6) Revenue recognition
K-IFRS 1115 requires the recognition of revenues based on transaction price allocated to the performance
obligation when or as the Group performs that obligation to the customer. Revenues other than those from
contracts with customers, such as interest revenue and loan origination fee (cost), are recognized through
effective interest rate method.
1) Revenues from contracts with customers
The Group recognizes revenue when the Group satisfies a performance obligation by transferring a
promised good or service to a customer. When a performance obligation is satisfied, the Group shall
recognize as a revenue the amount of the transaction price that is allocated to that performance
obligation. The transaction price is the amount of consideration to which the Group expects to be
entitled in exchange for transferring promised goods or services to a customer, excluding amounts
collected on behalf of third parties.
The Group is recognizing revenue by major sources as shown below:
① Fees and commission received for brokerage
The fees and commission received for agency are the amount of consideration or fee expected to
be entitled to receive in return for providing goods or services to the other parties with the Group
acting as an agency, such as in the case of sales of bancassurance and beneficiary certificates.
Most of these fees and commission received for brokerage are from the business activities
relevant to Banking segment.
② Fees and commission received related to credit
The fees and commission received related to credit mainly include the lending fees received from
the loan activity and the fees received in the L/C transactions. Except for the fees and
commission accounted for in calculating the effective interest rate, it is generally recognized
when the performance obligation has been performed. Most of these fees and commission
received related to credit are from the business activities relevant to Banking, Credit card and
Investment banking segment.
③ Fees and commission received for electronic finance
The fees and commission received for electronic finance include fees received in return for
providing various kinds of electronic financial services through firm-banking and CMS. These
fees are recognized as revenue immediately upon the completion of services. Most of these fees
and commission received for electronic finance are from the business activities relevant to
Banking and Investment banking segment.
④ Fees and commission received on foreign exchange handling
The fees and commission received on foreign exchange handling consist of various fees incurred
when transferring foreign currency. The point of processing the customer's request is the time
when performance obligation is satisfied, and revenue is immediately recognized when fees and
commission are received after requests are processed. The business activities relevant to these
fees and commission received on foreign exchange handling are substantially attributable to
Banking segment.
- 37 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
⑤ Fees and commission received on foreign exchange
The fees and commission received on foreign exchange consist of fees related to the issuance of
various certificates, such as exchange, import and export performance certificates, purchase
certificates, etc. The point of processing the customer's request is the time when performance
obligation is satisfied, and revenue is immediately recognized when fees and commission are
received after requests are processed. The business activities relevant to these fees and
commission received on foreign exchange are substantially attributable to Banking segment.
⑥ Fees and commission received for guarantee
The fees and commission received for guarantee include the fees received for the various
warranties. The activities related to the warranty consist mainly of performance obligations
satisfied over time and fees and commission are recognized over the guarantee period. The
business activities relevant to these fees and commission received for guarantee are substantially
attributable to Banking segment.
⑦ Fees and commission received on credit card
The fees and commission received on credit card consist mainly of merchant account fees and
annual fees.
The Group recognizes merchant account fees by multiplying agreed commission rate to the
amount paid by using the credit card. The annual fees are performance obligation satisfied over
time and are recognized over agreed periods after the annual fees are paid in advance. The
business activities relevant to these fees and commission received on credit card are substantially
attributable to Credit cards segment.
⑧ Fees and commission received on securities business
The fees and commission received on securities business consist mainly of fees and commission
for the sale of beneficiary certificates, and these fees are recognized when the beneficiary
certificates are sold to customers. The business activities relevant to these fees and commission
received on securities business are substantially attributable to Banking and Investment banking
segment.
⑨ Fees and commission from trust management
The fees and commission from trust management consist of fees and commission received in
return for the operation and management services for entrusted assets. These operation and
management services are performance obligations satisfied over time, and revenue is recognized
over the service period. Among the fees and commission from trust management, variable
considerations such as profit commission that are affected by the value of entrusted assets and
base return of the future periods are recognized as revenue when limitations to the estimates are
lifted. Most of these fees and commission received for brokerage are from the business activities
relevant to Banking segment.
⑩ Fees and commission received on credit Information
The fees and commission received on credit Information are composed of the fees and
commission received by performing credit investigation and proxy collection services. Credit
investigation fees and commission are the amount received in return for verifying the information
requested by the customer and are recognized as revenue at the time the verification is
completed. Proxy collection service fees are recognized by rying the applicable rate to the
collected amount at the time when collection services are completed. Most of these fees and
commission received for brokerage are from the business activities relevant to other segments.
- 38 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
⑪ Other fees
Other fees are usually fees related to remittances, but include fees related to various other
services provided to customers by the Group. These fees are recognized when transactions occur
at the customers' request and services are provided, at the same time when commission are
received. These other fees occur across all operating segments.
2) Revenues from sources other than contracts with customers
①
Interest income
Interest income on financial assets measured at FVTOCI and financial assets at amortized costs is
measured using the effective interest method.
The effective interest method is a method of calculating the amortized cost of a debt instrument
and of allocating the interest income over the expected life of the asset. The effective interest rate
is the rate that exactly discounts estimated future cash flows to the instrument's initial
unamortized cost over the expected period, or shorter if appropriate. Future cash flows include
commissions and cost of reward points(limited to the primary component of effective interest
rate) and other premiums or discounts that are paid or received between the contractual parties
when calculating the effective interest rate, but does not include expected credit losses. All
contractual terms of a financial instrument are considered when estimating future cash flows.
For purchased or originated credit-impaired financial assets, interest revenue is recognized by
applying the credit-adjusted effective interest rate to the amortized cost of the financial asset
from initial recognition. Even if the financial asset is no longer impaired in the subsequent
periods due to credit improvement, the basis of interest revenue calculation is not changed from
amortized cost to unamortized cost of the financial assets.
② Loan origination fees and costs
The commission fees earned on loans, which is part of the effective interest of loans, is accounted
for as deferred origination fees. Incremental costs related to the origination of loans are
accounted for as deferred origination fees and is being added or deducted to/from interest income
on loans using effective interest rate method.
3) Dividend income
Dividend income is recognized when the right to receive dividends as a shareholder is confirmed.
Dividend income is recognized as an appropriate item of profit or loss in the statement of
comprehensive income according to the classification of financial instruments.
- 39 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(7) Accounting for foreign currencies
The Group’s consolidated financial statements are presented in Korean Won, which is the functional
currency of the Group. At the end of each reporting period, monetary assets and liabilities denominated in
foreign currencies are translated to the functional currency at its prevailing exchange rates at the date. The
effective portion of the changes in fair value of a derivative that qualifies as a cash flow hedge and the
foreign exchange differences on monetary items that form part of net investment in foreign operations are
recognized in equity.
Assets and liabilities of the foreign operations subject to consolidation are translated into Korean Won at
foreign exchange rates at the end of the reporting period. Except for situations in which it is required to use
exchange rates at the date of transaction due to significant changes in exchange rates during the period, items
that belong to profit or loss shall be measured by average exchange rate, with foreign exchange differences
recognized as other comprehensive income and added to equity (allocated to non-controlling interests, if
appropriate). When foreign operations are disposed, the controlling interest’s share of accumulated foreign
exchange differences related to such foreign operations will be reclassified to profit or loss, while non-
controlling interest’s corresponding share will not be reclassified.
Adjustments to fair value of identifiable assets and liabilities, and goodwill arising from the acquisition of
foreign operations will be treated as assets and liabilities of the corresponding foreign operation, and
translated using foreign exchange rates at the end of the period. The foreign exchange differences are
recognized in other comprehensive income.
(8) Cash and cash equivalents
The Group is classifying cash on hand, demand deposits, interest-earning deposits with original maturities of
up to three months on acquisition date, and highly liquid investments that are readily convertible to known
amounts of cash and subject to an insignificant risk of changes in value as cash and cash equivalents.
- 40 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(9) Financial assets and financial liabilities
1) Financial assets
A regular way purchase or sale of financial assets is recognized or derecognized on the trade or
settlement date. A regular way purchase or sale is a purchase or sale of a financial asset under a
contract whose term requires delivery of the asset within the time frame established generally by
regulation or convention in the marketplace concerned.
On initial recognition, financial assets are classified into financial assets at FVTPL, financial assets
at FVTOCI, and financial assets at amortized cost according to its business model and contractual
cash flows.
a) Business model
The Group evaluates the way business is being managed, and the purpose of the business model for
managing a financial asset best reflects the way information is provided to the management at its
portfolio level. Such information considers the following:
-
-
-
-
-
The accounting policies and purpose specified for the portfolio, the actual operation of such
policies. This includes strategy of the management focusing on the receipt of contractual
interest revenue, maintaining a certain level of interest income, matching the duration of
financial assets and the duration of corresponding liabilities to obtain the asset, and outflow or
realization of expected cash flows from disposal of assets
The way the performance of a financial asset held under the business model is evaluated, and
the way such evaluation is being reported to the management
The risk affecting the performance of the business model (and financial assets held under the
business model), and the way such risk is being managed
The compensation plan for the management (e.g. whether the management is being
compensated based on the fair value of assets or based on contractual cash flows received)
Frequency, amount, timing and reason for sale of financial assets in the past, and forecast of
future sale activities.
b) Contractual cash flows
The principal is defined to be the fair value of a financial assets at initial recognition. Interest is not
only composed of consideration for the time value of money, consideration for the credit risk
related to remaining principal at a certain period of time, and consideration for other cost (e.g.
liquidity risk and cost of operation) and fundamental risk associated with lending, but also profit.
When evaluating whether contractual cash flows are solely payments of principal and interests, the
Group considers the contractual terms of the financial instrument. When a financial asset contains
contractual conditions that modify the timing and amount of contractual cash flows, it is required to
determine whether contractual cash flows that arise during the remaining life of the financial
instrument due to such contractual condition are solely payments of principal and interest. The
Group considers the following elements when evaluating the above:
-
-
-
-
Conditions that lead to modification of timing or amount of cash flows
Contractual terms that adjust contractual nominal interest, including floating rate features
Early payment features and maturity extension features
Contractual terms that limit the Group’s claim on cash flows arising from certain assets
- 41 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
① Financial assets at FVTPL
The Group is classifying those financial assets that are not classified as either financial assets at
amortized cost or financial assets at FVTOCI, and those designated to be measured at FVTPL, as
financial assets at FVTPL. Financial assets at FVTPL are measured at fair value, and related
profit or loss is recognized in net income. Transaction costs related to acquisition at initial
recognition is recognized in net income immediately upon its occurrence.
It is possible to designate a financial asset as financial asset at FVTPL if at initial recognition: (a)
it is possible to remove or significantly reduce recognition or measurement mismatch that may
otherwise have occurred if not for its designation as financial asset at FVTPL; (b) the financial
asset forms part of the Group’s financial instrument group (a group composed of a combination
of financial asset or liability), is measured at fair value and is being evaluated for its
performance, and such information is provided internally; and (c) the financial asset is part of a
contract that contains one or more of embedded derivatives, and is a hybrid contract in which
designation as financial asset at FVTPL is allowed under K-IFRS 1109 Financial Instruments.
However, the designation is irrevocable.
② Financial assets at FVTOCI
When financial assets are held under a business model whose objective is achieved by both
collecting contractual cash flows and selling financial assets, and when contractual cash flows
from such financial assets are solely payments of principal and interest, the financial assets are
classified as financial assets at FVTOCI. Also, for investments in equity instruments that are not
held for short-term trade, an irrevocable election is available at initial recognition to present
subsequent changes in fair value as other comprehensive income.
At initial recognition, financial assets at FVTOCI is measured at its fair value plus any direct
transaction cost, and is subsequently measured in fair value. However, for equity instruments that
do not have a quotation in an active market and in which fair value cannot be measured reliably,
they are measured at cost. The income tax effects related to the changes in fair value except for
profit or loss items such as impairment losses (reversals), interest revenue calculated by using
effective interest method, and foreign exchange gain or loss about debt instrument are recognized
as other comprehensive income until the asset’s disposal. Upon derecognition, the accumulated
other comprehensive income is reclassified from equity to net income for FVTOCI (debt
instrument), and reclassified within the equity for FVTOCI (equity instruments).
③ Financial assets at amortized cost
When financial assets are held under a business model whose objective is to hold financial assets
in order to collect contractual cash flows, and when contractual cash flows from such financial
assets are solely payments of principal and interest, the financial assets are classified as financial
assets at amortized cost. At initial recognition, financial assets at amortized cost are recognized at
fair value plus any direct transaction cost. Financial assets at amortized cost is presented at
amortized cost using effective interest method, less any loss allowance.
- 42 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
2) Financial liabilities
At initial recognition, financial liabilities are classified into either financial liabilities at FVTPL or
financial liabilities at amortized cost.
Financial liabilities are usually classified as financial liabilities at FVTPL when they are acquired
with a purpose to repurchase them within a short period of time, when they are part of a certain
financial instrument portfolio that is actually and recently being managed with a purpose of short-
term profit and joint management by the Group at initial recognition, and when they are derivatives
that do not qualify as hedging instruments. Financial liabilities at FVTPL are measured at fair value
plus direct transaction cost at initial recognition, and are subsequently measured at fair value. Profit
or loss arising from financial liabilities at FVTPL is recognized in net income when occurred.
It is possible to designate a financial liability as financial liability at FVTPL if at initial recognition:
(a) it is possible to remove or significantly reduce recognition or measurement mismatch that may
otherwise have occurred if not for its designation as financial liability at FVTPL; (b) the financial
asset forms part of the Group’s financial instrument group (a group composed of a combination of
financial asset or liability) according to the Group’s documented risk management or investment
strategy, is measured at fair value and is being evaluated for its performance, and such information
is provided internally; and (c) the financial liability is part of a contract that contains one or more of
embedded derivatives, and is a hybrid contract in which designation as financial liability at FVTPL
is allowed under K-IFRS 1109 Financial Instruments.
Financial liabilities designated as at FVTPL are initially recognized at fair value, with any direct
transaction cost recognized in profit or loss, and are subsequently measured at fair value. Any profit
or loss from financial liabilities at FVTPL are recognized in profit or loss.
Financial liabilities not classified as financial liabilities at FVTPL are measured at amortized cost.
3) Reclassification
Financial assets are not reclassified after initial recognition unless the Group modifies the business
model used to manage financial assets. When the Group modifies the business model used to
manage financial assets, all affected financial assets are reclassified on the first day of the first
reporting period after the modification.
4) Derecognition
Financial assets are derecognized when contractual rights to cash flows from the financial assets are
expired, or when substantially all of risk and reward for holding financial assets is transferred to
another entity as a result of a sale of financial assets. If the Group does not have and does not
transfer substantially all of the risk and reward of holding financial assets with control of the
transferred financial assets retained, the Group recognizes financial assets to the extent of its
continuing involvement. If the Group holds substantially all the risk and reward of holding a
financial asset, it continues to recognize that asset and proceeds are accounted for as collateralized
borrowings.
When a financial asset is fully derecognized, the difference between the carrying amount and the
sum of proceeds and accumulated other comprehensive income is recognized as profit or loss in
case of FVTOCI (debt instruments), and as retained earnings for FVTOCI (equity instruments).
- 43 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
In case when a financial asset is not fully derecognized, the Group allocates the carrying amount
into amounts retained in the books and removed from the books, based on the relative fair value of
each portion at the date of sale, and based on the degree of continuing involvement. For the
derecognized portion of the financial assets, the difference between its carrying amount and the sum
of proceeds and the portion of accumulated other comprehensive income attributable to that portion
will be recognized in profit or loss in case of debt instruments and recognized in retained earnings
in case of equity instruments. The accumulated other comprehensive income is distributed to the
portion of carrying amount retained in the books, and to the portion of carrying amount removed
from the books.
The Group derecognizes financial liabilities when, and only when, the Group’s obligations are
discharged, cancelled or have expired. The difference between the carrying amount of the financial
liability derecognized and the consideration paid and payable is recognized in profit or loss.
When the Group exchanges with the existing lender one debt instrument into another one with the
substantially different terms, such exchange is accounted for as an extinguishment of the original
financial liability and the recognition of a new financial liability. Similarly, the Group accounts for
substantial modification of terms of an existing liability or part of it as an extinguishment of the
original financial liability and the recognition of a new liability. It is assumed that the terms are
substantially different if the discounted present value of the cash flows under the new terms,
including any fees paid net of any fees received and discounted using the original effective rate is at
least 10 percent different from the discounted present value of the remaining cash flows of the
original financial liability.
5) Fair value of financial instruments
Financial assets at FVTPL and financial assets at FVTOCI are measured and presented in
consolidated financial statements at their fair values, and all derivatives are also subject to fair value
measurement.
Fair value is defined as the price that would be received to exchange an asset or paid to transfer a
liability in a recent transaction between independent parties that are reasonable and willing. Fair
value is the transaction price of identical financial assets or financial liabilities generated in an
active market. An active market is a market where trade volume is sufficient and objective price
information is available due to the fact that bid and ask price differences are small.
When trade volume of a financial instrument is low, when transaction prices within the market
show large differences among them, or when it cannot be concluded that a financial instrument is
being traded within an active market due to disclosures being extremely shallow, fair value is
measured using valuation techniques based on alternative market information or using internal
valuation techniques based on general and observable information obtained from objective sources.
Market information includes maturity and characteristics, duration, similar yield curve, and
variability measurement of financial instruments of similar nature. Fair value amount contains
unique assumptions on each entity (the Group concluded that it is using assumptions applied in
valuing financial instruments in the market, or risk-adjusted assumptions in case marketability does
not exist).
The market approach and income approach, which are valuation techniques used to estimate the fair
value of financial instruments, both require significant judgment. Market approach measures fair
value using either a recent transaction price that includes the financial instrument, or observable
information on comparable firm or assets. Income approach measures fair value through
discounting future cash flows with a discount rate reflecting market expectations, and revenue,
operating income, depreciation, capital expenditures, income tax, working capital and estimated
residual value of financial investments are being considered when deriving future cash flows.
Valuation techniques such as the above include estimates based on the financial instruments’
complexity and usefulness of observable information in the market.
The valuation techniques used in the evaluation of financial instruments are explained below.
- 44 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
a) Financial assets at FVTPL and Financial assets at FVTOCI
The fair value of equity securities included in financial assets at FVTPL and financial assets at
FVTOCI category is recognized in the statement of financial position at its available market price.
Debt securities traded in the over-the-counter market are generally recognized at an amount
computed by an independent appraiser. When the Group uses the fair value determined by
independent appraisers, the Group usually obtains three values from three different appraisers for
each financial instrument, and selects the minimum amount without making additional adjustments.
For equity securities without marketability, the Group uses the amount determined by the
independent appraiser. The Group verifies the prices obtained from appraisers in various ways,
including the evaluation of independent appraisers’ competency, indirect verification through
comparison between appraisers’ price and other available market information, and reperformed by
employees who have knowledge of valuation models and assumptions that appraisers used.
b) Derivatives
The Group’s transactions involving derivatives such as futures and exchange traded options are
measured at market value. For exchange traded derivatives classified as level 2 in the fair value
hierarchy, the fair value is estimated using internal valuation techniques. If there are no publicly
available market prices because they are traded over-the-counter, fair value is measured through
internal valuation techniques. When using internal valuation techniques to derive fair value, the
types of derivatives, base interest rate or characteristics of prices, or stock market indices are
considered. When variables used in the internal valuation techniques are not observable information
in the market, such variables may contain significant estimates.
c) Adjustment of valuation amount
The Group is exposed to credit risk when a counterparty to a derivative contract does not perform
its contractual obligation, and the exposure amount is equal to the amount of derivative asset
recognized in the statement of financial position. When the Group earns income through valuation
of derivatives, such income is recognized as derivative asset in the statement of financial position.
Some of the derivatives are traded in the market, but most of the derivatives are measured at
estimated fair value derived from internal valuation models that use observable information in the
market. As such, in order to estimate the fair value there should be an adjustment made to
incorporate counterparty’s credit risk, and credit risk adjustment is being considered when valuing
derivative assets such as over-the counter derivatives. The amount of financial liabilities is also
adjusted by the Group’s own credit risk when valuing them.
The amount of adjustment is derived from counterparty’s probability of default and loss given
default. This adjustment considers contractual matters that are designed to reduce the Group’s
exposure to each counterparty’s credit risk. When derivatives are under master netting arrangement,
the exposure used in the computation of credit risk adjustment is a net amount after
adding/deducting cash collateral received (or paid) from loss(or gain) position derivatives with the
same counterparty.
- 45 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
6) Expected credit losses on financial assets
The Group recognizes loss allowance on expected credit losses for the following assets:
-
Financial assets at amortized cost
- Debt instruments measured at FVTOCI
-
Contract assets as defined by K-IFRS 1115
Expected credit losses are weighted-average value of a range of possible results, considering the
time value of money, and are measured by incorporating information on current conditions and
forecasts of future economic conditions that are available without undue cost or effort.
The methods to measure expected credit losses are classified into following three categories in
accordance with K-IFRS:
- General approach: Financial assets that does not belong to below two models and unused loan
commitments
-
-
Simplified approach: When financial assets are either trade receivables, contract assets or lease
receivables
Credit impairment model: Purchased or originated credit-impaired financial assets
The measurement of loss allowance under general approach is differentiated depending on whether
the credit risk has increased significantly after initial recognition. That is, loss allowance is
measured based on 12-month expected credit loss when the credit risk has not increased
significantly after initial recognition, while loss allowance is measured at lifetime expected credit
loss when credit risk has increased significantly. Lifetime is the expected remaining life of the
financial instrument up to the maturity date of the contract.
The measurement of loss allowance under simplified approach is always based on lifetime expected
credit loss, and loss allowance under credit impairment model is measured as the cumulative change
in lifetime expected credit loss since initial recognition.
a) Measurement of expected credit losses on financial asset at amortized cost
The expected credit losses on financial assets at amortized cost is measured by the difference
between the contractual cash flows during the period and the present value of expected cash flows.
Expected cash inflows are computed for individually significant financial assets in order to
calculate expected credit losses.
When financial assets that are not individually significant, they are included in a group of financial
assets with similar credit risk characteristics and expected credit losses of the group are calculated
collectively.
Expected credit losses are deducted through loss allowance account, and when the financial asset is
determined to be uncollectible, the loss allowance is written off from the books along with the
related financial asset.
b) Measurement of expected credit losses on financial asset at FVTOCI(Debt instruments)
The measurement method of expected credit loss is identical to financial asset at amortized cost, but
changes in the loss allowance is recognized in other comprehensive income. When financial assets
at FVTOCI is disposed or repaid, the related loss allowance is reclassified from accumulated other
comprehensive income to net income.
- 46 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(10) Offsetting financial instruments
Financial assets and liabilities are presented as a net amount in the statements of financial position when the
Group has an enforceable legal right and an intention to settle on a net basis or to realize an asset and settle
the liability simultaneously.
(11) Investment properties
The Group classifies a property held to earn rentals and/or for capital appreciation as an investment property.
Investment properties are measured initially at cost, including transaction costs, less subsequent depreciation
and impairment.
Subsequent costs are included in the carrying amount of the asset or recognized as a separate asset if it is
probable that future economic benefits associated with the assets will flow into the Group and the cost of an
asset can be measured reliably, and the carrying amount of a portion of an asset that are replaced by a
subsequent expenditure is removed from the books. Routine maintenance and repairs are expensed as
incurred.
While land is not depreciated, all other investment properties are depreciated based on the depreciation
method and useful lives of premises and equipment. The estimated useful lives, residual values and
depreciation method are reviewed at the end of each reporting period, and when it is deemed appropriate to
change them, the effect of any change is accounted for as a change in accounting estimates.
An investment property is derecognized from the consolidated financial statements on disposal or when it is
permanently withdrawn from use and no future economic benefits are expected even from its disposal. The
gain or loss on the derecognition of an investment property is calculated as the difference between the net
disposal proceeds and the carrying amount of the property and is recognized in profit or loss in the period of
the derecognition.
(12) Premises and equipment
Premises and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.
The cost of an item of premises and equipment is expenditure directly attributable to their purchase or
construction, which includes any cost directly attributable to bringing the asset to the location and condition
necessary for it to be capable of operating in the manner intended by management. It also includes the initial
estimate of costs of dismantling and removing the item and restoring the site on which it is located.
Subsequent costs are recognized in the carrying amount of an asset or as a separate asset (if appropriate) if it
is probable that future economic benefit associated with the assets will flow into the Group and the cost of an
asset can be measured reliably. Routine maintenance and repairs are expensed as incurred.
While land is not depreciated, for all other premises and equipment, depreciation is charged to net income on
a straight-line basis by applying the following estimated economic useful lives on the amount of cost or
revalued amount less residual value.
Buildings used for business purpose
Structures in leased office
Properties for business purpose
Useful life
26 to 57 years
4 to 5 years
4 to 7 years
The Group reassesses the depreciation method, the estimated useful lives and residual values of premises and
equipment at the end of each reporting period. If changes in the estimates are deemed appropriate, the
changes are accounted for as a change in an accounting estimate. When there is an indicator of impairment
and the carrying amount of a premises and equipment item exceeds the estimated recoverable amount, the
carrying amount of such asset is reduced to the recoverable amount.
- 47 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(13) Intangible assets and goodwill
The Group recognizes the acquisition cost of an intangible asset as the manufacturing cost or purchase cost
plus additional incidental expenses. Development costs are the sum of expenditures incurred after the asset
recognition requirements, such as technical feasibility and future economic benefits, are met. After the initial
recognition, the carrying value is presented as the accumulated amortization and accumulated impairment
losses deducted from the cost.
The Group’s intangible asset are amortized over the following economic lives using the straight-line method.
However, for some intangible assets, the period of time that is expected to be available is not predictable, so
the useful life of some intangible assets is assessed as indefinite and not depreciated.
The estimated useful life and amortization method of intangible assets with a finite useful life are reviewed at
the end of each reporting period. If changes in the estimates are deemed appropriate, the changes are
accounted for as a change in an accounting estimate.
Industrial property rights
Development costs
Software and others
Useful life
5 to 10 years
5 years
1 to 10 years
In addition, when an indicator that intangible assets are impaired is noted, and the carrying amount of the
asset exceeds the estimated recoverable amount of the asset, the carrying amount of the asset is reduced to its
recoverable amount.
Goodwill acquired in a business combination is included in intangible assets. Goodwill is not amortized, but
is subject to an impairment test at the cash-generating unit level every year, and whenever there is an
indicator that goodwill is impaired.
Goodwill is allocated to each of the Group’s cash-generating unit (or groups of cash-generating units) that is
expected to benefit from the synergies of the combination. If the recoverable amount of the cash-generating
unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of
any goodwill allocated to the unit and then to the other assets of the unit on a pro rata basis based on the
carrying amount of each asset in the unit. Any impairment loss for goodwill is recognized directly in profit or
loss. An impairment loss recognized for goodwill is not reversed in subsequent periods.
(14) Impairment of non-monetary assets
Intangible assets with indefinite useful lives or intangible assets that are not yet available for use are tested
for impairment annually, regardless of whether there is any indication of impairment. All other assets are
tested for impairment by estimating the recoverable amount when there is an objective indication that the
carrying amount may not be recoverable. Recoverable amount is the higher of value in use or net fair value,
less costs to sell. If the recoverable amount of an asset is estimated to be less than its carrying amount, the
carrying amount of the asset is reduced to its recoverable amount and such impairment loss is recognized
immediately in net income.
- 48 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(15) Leases
The Group determines whether the contract is a lease or includes a lease at the time of the contract
agreement. In exchange for consideration in a contract, the contract is either a lease or includes a lease if the
control over the use of the identified asset is transferred for a period of time. In determining whether a
contract transfers control over the use of the asset to which it is identified, the Group uses the definition of
lease in K-IFRS 1116.
① The Group as a lessee
The Group recognizes the right-of-use asset and the lease liability at the commencement date of
the lease. The right-of-use asset is measured at cost, which comprises the amount of the initial
measurement of the lease liability, lease payments made at or before the commencement date(less
any lease incentives received), initial direct costs, and an estimate of costs to be incurred by the
lessee in dismantling and removing the underlying asset, restoring the site on which it is located.
The right-of-use asset is subsequently depreciated on a straight-line basis from the commencement
of the lease to the end of the lease term. However, if the lease transfers ownership of the underlying
asset to the lessee by the end of the lease term or if the cost of the right-of-use asset reflects that
the lessee will exercise a purchase option, the lessee depreciates the right-of-use asset same as a
fixed asset from the commencement date to the end of the useful life of the underlying asset. The
right-of-use asset may be reduced by an impairment of the underlying asset or adjusted by
remeasurement of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid
at that date. The lease payments are discounted using the interest rate implicit in the lease, if that
cannot be readily determined, the Group uses its incremental borrowing rate. The Group generally
uses the incremental borrowing rate.
The Group makes adjustments to reflect the terms of the lease and the characteristics of the lease
asset in interest rates obtained from external financial information, and calculates the incremental
borrowing rate.
The Group calculates the lease term by including the relevant period when it is quite certain that
the lessee will exercise the extension option or the termination option. The Group calculates the
enforceable period in consideration of the economic disadvantages of terminating the contract if
the lessee and the lessor have the right to terminate it without the consent of the other parties.
The lease payments included in the measurement of the lease liability comprise the following:
-
- Variable lease payments that depend on an index(or a rate), initially measured using the index
Fixed payments (including in-substance fixed payments)
or a rate as at the commencement date
- Amounts expected to be payable by the lessee under residual value guarantees
- The exercise price of a purchase option if the lessee is reasonably certain to exercise that option,
lease payments of the extended period if the lessee is reasonably certain to exercise extension
option, and payments of penalties for terminating the lease, if the lease term reflects the lessee
exercising an option to terminate the lease
The lease liability is subsequently increased be the interest expense recognized for the lease
liability and decreased by reflecting the payment of the lease payments. The lease liability is
remeasured if the future lease payments change depending on changes in the index(or a rate),
changes in the expected amount to be paid under the residual value guarantee, and changes in the
assessment of whether the purchase or extension option is reasonably certain to be exercised or not
to exercise the terminate option.
- 49 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
When remeasuring a lease liability, the related right-of-use asset is adjusted and if the carrying
amount of the right-of-use asset decreases to zero, the remeasurement amount is recognized in
profit or loss.
The Group applies its judgment when determining the lease term for some lease contracts that
include the extension option. The assessment of whether the Group is reasonably certain to
exercise the option significantly affects the lease term and therefore has a significant impact on
the amount of lease liabilities and the right-of-use asset.
Because the Group can replace the asset without significant cost or business discontinuation, the
option to extend the lease is not included in the lease liability in most offices and vehicle
transport leases.
The Group reevaluates the lease term when the option is exercised (or not exercised) or the
Group is liable to exercise (or not exercise) the option. Group will change its judgment only
when significant events occur that affect the lessee's control and the determination of the lease
term, or there is a significant change in the circumstances.
Lease liabilities and right-of-use-asset increased by 1,650 million won, reflecting the exercise
impact of the extension and termination options during the current term.
In the statement of financial position, the Group classified the right-of-use assets that do not meet
the definition of investment property as ‘premises and equipment’ and the lease liabilities as
‘other financial liabilities.’
The Group has chosen a practical expedient that does not recognize the right-of-use asset and
lease liabilities for short-term leases with a lease term less than 12 months and leases for which
the underlying asset is of low value. The Group recognizes the lease payments associated with
those leases as an expense on a straight-line basis over the lease term.
② The Group as a lessor
At the date of the agreement or the effective date of the modification containing the lease
element, the Group allocates the consideration of the contract to each lease element based on its
relative stand-alone price.
As a lessor, the Group classifies its leases as either a finance lease or an operating lease at the
commencement date.
The Group subsequently judges whether the lease transfers substantially all the risks and rewards
incidental to ownership of an underlying asset. A lease is classified as a finance lease if it
transfers substantially all the risks and rewards incidental to ownership of an underlying asset,
otherwise a lease is classified as an operating lease.
If the agreement contains both lease and non-lease elements, the Group applies K-IFRS 1115 to
allocate the consideration of the contract.
The Group applies the derecognition and impairment provisions of K-IFRS 1109 to its net
investment in the lease. The Group also carries out regular review of the unguaranteed residual
value used to calculate total lease investment.
The Group recognizes lease payments from operating lease as income on a straight-line basis.
The accounting policy that the Group has applied as a lessor is not different from K-IFRS 1116.
- 50 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(16) Derivative instruments
Derivative instruments are classified as forwards, futures, options and swaps, depending on the types of
transactions and are classified at the point of transaction as either trading or hedging based on its purpose.
Derivatives are initially recognized at fair value at the date of contract and are subsequently measured at fair
value at the end of each reporting period. The resulting gain or loss is recognized in net income immediately
unless the derivative is designated or effective as a hedging instrument. If derivatives have been designated
as hedging instruments and if it is effective, the point of recognition of gain or loss depends on the
characteristics of hedging relationship.
Derivatives that have positive (+) fair values are recognized as financial assets and those that have negative
(-) fair values are recognized as financial liabilities. Derivatives are not offset in the consolidated financial
statements unless they have legally enforceable right to set off or are intended to set off.
1) Embedded derivatives
Embedded derivatives are components of a hybrid financial instrument that includes a non-
derivative host contract. It has an effect of modifying part of cash flows of the hybrid financial
instrument similar to an independent derivative.
Embedded derivatives that are part of a hybrid contract of which the host contract is a financial
asset within the scope of K-IFRS 1109 are not separated. The classification is done by considering
the hybrid contract as a whole, and subsequent measurement is either at amortized cost or fair
value.
If embedded derivatives are part of a hybrid contract of which the host contract is not a financial
asset within the scope of K-IFRS 1109 (e.g. financial liability), then these are treated as separate
derivatives if embedded derivatives meet the definition of a derivative, characteristics & risk of the
embedded derivatives are not closely related to that of host contract, and if the host contract is not
measured at FVTPL.
2) Hedge accounting
The Group is applying K-IFRS 1109 in regard to hedge accounting. The Group is designating
certain derivatives as hedging instrument against fair value changes in relation to the interest rate
risk, foreign currency translation and interest rate risk, and foreign currency translation risk.
The Group is documenting the relationship between hedging instruments and hedged items at the
commencement of hedging in accordance with their purpose and strategy. Also, the Group
documents at the commencement and subsequent dates whether the hedging instrument effectively
counters the changes in fair value of hedged items. A hedging instrument is effective only when it
meets all the following criteria:
- When there is an economic relationship between the hedged items and hedging instruments
- When the effect of credit risk is not stronger than the change in value due to the economic
relationship between the hedged items and hedging instruments
- When the hedge ratio of hedging relationship is equal to the proportion of the number of items
that the group actually hedges and the number of hedging instruments that the Group actually
uses to hedge the number of hedged items
When a hedging relationship no longer meets the hedging effectiveness requirements related to
hedge ratio, but when the purpose of risk management on designated hedging relationship is still
maintained, the hedge ratio of the hedging relationship is adjusted so that hedging relationship may
meet the requirements again (Hedge ratio readjustment).
- 51 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
The Group has designated derivatives as hedging instrument except for the portion on foreign
currency basis spread. The fair value change due to foreign currency basis spread is recognized in
other comprehensive income and is accumulated in equity. If the hedged item is related to
transactions, the accumulated other comprehensive income is reclassified to profit or loss when the
hedged item affects the profit or loss. However, when non-monetary items are subsequently
recognized due to hedged items, the accumulated equity is removed from the equity directly, and is
included in the initial carrying amount of the recognized non-monetary items. Such transfers does
not affect other comprehensive income. But if part or all of accumulated equity is not expected to
be recovered in the future periods, the amount not expected to be recovered is immediately
reclassified to profit or loss. If the hedged item is time-related, then the foreign currency basis
spread on the day the derivative is designated as a hedging instrument that is related to the hedged
item is reclassified to profit or loss over the term of the hedge.
3) Fair value hedge
Gain or loss arising from valid hedging instrument is recognized in profit or loss. However, when
the hedging instrument mitigates risks on equity instruments designated as financial assets at
FVTOCI, related gain or loss is recognized in other comprehensive income.
The carrying amount of hedged items that are not measured in fair value is adjusted by the changes
in fair value arising from the hedged risk, with resulting gain or loss reflected in net income. In case
of debt instruments measured at FVTOCI, carrying amount is an amount that is already adjusted to
fair value and thus gain or loss arising from the hedged risk is recognized in profit or loss instead of
other comprehensive income without adjustments in carrying amount. When the hedged item is
equity instruments measured at FVTOCI, the gain or loss arising from hedged risk is retained at
other comprehensive income in order to match the gain or loss with hedging instruments.
When gains or losses arising from the hedged risk are recognized in profit or loss of the current
term, they are recognized as items related to the hedged items.
Hedge accounting ceases to apply only when hedging relationship (or part of it) does not meet the
requirements of hedge accounting (even after hedging relationship readjustment, if applicable). This
treatment holds in case of lapse, disposal, expiry and exercise of hedging instruments, and this
cease of treatment applies prospectively. The fair value adjustments made to carrying amount of
hedged item due to hedged risk is amortized from the date of discontinuance of hedge accounting
and is recognized in profit or loss.
4) Cash flow hedge
The Group recognizes the effective portion of changes in the fair value of derivatives and other
valid hedging instruments that are designated and qualified as cash flow hedges in other
comprehensive income to the extent of cumulative fair value changes of the hedged item from the
starting date of hedge accounting and it is cumulated in the cash flow hedge reserve. The gain or
loss relating to the ineffective portion is recognized immediately in net income.
Amounts previously recognized in other comprehensive income and accumulated in equity are
reclassified to net income when the hedged item affects net income. However, when non-monetary
assets or liabilities are subsequently recognized due to expected transactions involving hedged
items, the valuation gain or loss accumulated in the equity as other comprehensive income is
removed from the equity and included in the initial carrying amount of the recognized non-
monetary assets or liabilities. Such transfers does not affect other comprehensive income. Also, if
the cash flow hedge reserve is loss and accumulated other comprehensive income is a loss and part
or all of the losses are not expected to be recovered in the future periods, the said amount is
immediately reclassified to profit or loss.
- 52 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
Hedge accounting ceases to apply only when hedging relationship (or part of it) does not meet the
requirements of hedge accounting (even after hedging relationship readjustment, if applicable). This
treatment holds in case of lapse, disposal, expiry and exercise of hedging instruments, and this
cease of treatment applies prospectively. At the point of cessation of cash flow hedge, the valuation
gain or loss recognized as accumulated other comprehensive income continues to be recognized as
equity, and is reclassified to profit or loss when the expected transaction is ultimately recognized as
profit or loss. However, when transactions are no longer expected to occur, the valuation gain or
loss of hedging instrument recognized as accumulated other comprehensive income is immediately
reclassified to profit or loss.
(17) Assets (or disposal group) held for sale
The Group classifies a non-current asset (or disposal group) as held for sale if its carrying amount will be
recovered principally through a sale transaction rather than through continuing use. Non-current assets (and
disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and
fair value less costs to sell.
(18) Provisions
Provisions are recognized if it has present or contractual obligations as a result of the past event, it is
probable that an outflow of resources will be required to settle the obligation and the amount of the obligation
is reliably estimated. A provision is not recognized for the future operating losses.
The Group recognizes provisions related to the payment guarantees, loan commitment and litigations. Under
the terms of lease agreement, the cost incurred by the Group to recover the leased asset to its original state
are recognized as provisions at the commencement of the lease or during a specific period in which the
obligation is incurred as a result of the using the asset. The provisions are measured as the best estimate of
the expenditure required to recover the asset, which is regularly reviewed and sated to the new situation.
Where there are a number of similar obligations, the probability that an outflow will be required in settlement
is determined by considering the obligations as a whole. Although the likelihood of outflow for any one item
may be small, if it is probable that some outflow of resources will be needed to settle the obligations as a
whole, a provision is recognized.
At the end of each reporting period, the remaining provision balance is reviewed an assessed to determine if
the current best estimate is being recognized.
(19) Equity instruments issued by the Group
1) Capital and compound financial instruments
The Group classifies a financial instrument that it issues as a financial liability or an equity
instrument in accordance with the substance of the contractual arrangement. A financial liability is a
contractual obligation to deliver cash or another financial asset to another entity. An equity
instrument is any contract that evidences a residual interest in the assets of an entity after deducting
all of its liabilities. The compound financial instruments are financial instruments where it is neither
a financial liability nor an equity instrument because it was designed to contain both equity and debt
elements.
If the Group reacquires its own equity instruments, the consideration paid including the direct
transaction costs (net of tax expense) are presented as a deduction from total equity until such
instruments are retired or reissued. When these instruments are reissued, the consideration received
(net of direct transaction costs) is included in the shareholder’s equity.
- 53 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
2) Hybrid securities
The Group classifies hybrid securities that have the unconditional right to avoid contractual
obligations, such as to deliver cash or other financial assets in relation to financial instruments into
equity instruments and presents as part of equity. Meanwhile, hybrid securities issued by
subsidiaries of the group are classified as non-controlling interests according to the criteria, and the
distribution paid is treated as net profit attributable to non-controlling interests in the consolidated
comprehensive income statement.
(20) Financial guarantee contracts
A financial guarantee contract is a contract where the issuer must pay a certain amount of money in order to
compensate losses suffered by the creditor when debtor defaults on a debt instrument in accordance with
original or modified contractual terms.
A financial guarantee is initially measured at fair value and is subsequently measured at the higher of the
amounts below unless it is designated to be measured at FVTPL or when it arises from disposal of an asset.
-
-
Loss allowance in accordance with K-IFRS 1109
Initial carrying amount less accumulated profit measured in accordance with K-IFRS 1115
(21) Employee benefits and pensions
The Group recognizes the undiscounted amount of short-term employee benefits expected to be paid in
exchange for the services rendered by the employees. Also, the Group recognizes expenses and liabilities in
the case of accumulating compensated absences when the employees render services that entitle their right to
future compensated absences. Similarly, the Group recognizes expenses and liabilities for customary profit
distribution or bonuses when the employees render services, even though the Group does not have legal
obligation to do so because it can be construed as constructive obligation.
The Group is operating defined contribution plans and defined benefit plans. Contributions to defined
contribution plans are recognized as an expense when employees have rendered services entitling them to
receive the benefits. For defined benefit plans, the defined benefit liability is calculated through an actuarial
assessment using the projected unit credit method every end of the reporting period, conducted by a
professional actuaries. Remeasurement, comprising actuarial gains and losses, the return on plan assets
(excluding the amount included in net interest from net defined benefit liability (asset)), and the effect of the
changes to the asset ceiling is reflected immediately in the separate statement of financial position with a
charge or credit recognized in other comprehensive income in the period in which they occur.
Remeasurement recognized in the consolidated statement of comprehensive income is not reclassified to
profit or loss in the subsequent periods. Past service cost is recognized in profit or loss in the period of a plan
amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net
defined benefit liability or asset. Defined benefit costs are composed of service cost (including current
service cost and past service cost, as well as gains and losses on settlements), net interest expense (income)
and remeasurement.
The Group presents the service cost and net interest expense (income) components in profit or loss, and the
remeasurement component in other comprehensive income. Curtailment gains and losses are accounted for as
past service costs.
The retirement benefit obligation recognized in the consolidated statement of financial position represents the
actual deficit or surplus in the Group’s defined benefit plans. Any surplus resulting from this calculation is
recognized as an asset limited to the present value of any economic benefits available in the form of refunds
from the plans or reductions in future contributions to the plans.
Liabilities for termination benefits are recognized at the earlier of either the date when the Group is no longer
able to cancel its proposal for termination benefits or the date when the Group has recognized the cost of
restructuring that accompanies the payment of termination benefits.
- 54 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(22) Income taxes
Income tax expense is composed of current tax and deferred tax. That is, income tax expense is composed of
taxes payable or refundable during the period and deferred taxes calculated by applying asset-liability method
to taxable and deductible temporary differences arising from operating loss and tax credit carryforwards.
Temporary differences are the differences between the carrying values of assets and liabilities for financial
reporting purposes and their tax bases. Deferred income tax benefit or expense is recognized for the change
in deferred tax assets or liabilities. Deferred tax assets and liabilities are measured as of the reporting date
using the enacted or substantively enacted tax rates expected to apply in the period in which the liability is
settled or asset is realized. Deferred tax assets, including the carryforwards of unused tax losses, are
recognized to the extent it is probable that the deferred tax assets will be realized.
Deferred income tax assets and liabilities are offset if, and only if, the Group has a legally enforceable right
to offset current tax assets against current tax liabilities, and the deferred tax assets and liabilities relate to
income taxes levied by the same taxation authority or when the entity intends to settle current tax liabilities
and assets on a net basis with different taxable entities.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the
extent it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset
to be recovered.
Deferred liabilities are not recognized if the temporary difference arises from the initial recognition of
goodwill. Deferred tax assets or liabilities are not recognized if they arise from the initial recognition (other
than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable
profit(tax loss) nor the accounting profit.
Current and deferred taxes are recognized in profit or loss, except when they relate to items that are
recognized in other comprehensive income or directly in equity or when it arises from business combination.
The tax uncertainty arises from the compensation claim filed by the Group, and refund litigation for the
amount of tax levied by the tax authority due to differences in tax law analysis. In response, the Group paid
taxes in accordance with K-IFRS 2123 due to the tax authority’s claim, but recognized as a corporate tax
asset if it is highly probable of a refund in the future. In addition, the Group appropriately estimates and
reflects the amount of corporate tax liabilities based on the analysis of corporate tax laws and the evaluation
of many factors, including past experiences.
(23) Criteria of calculating earnings per share (“EPS”)
Basic EPS is a calculation of net income per each common stock. It is calculated by dividing net income
attributable to ordinary shareholders by the weighted-average number of common shares outstanding. Diluted
EPS is calculated by adjusting the earnings and number of shares for the effects of all dilutive potential
common shares.
(24) Share-based payment
For cash-settled share-based payment transactions that provide cash in return for the goods or services received,
the Group measures the goods or services received, and the corresponding liability at the fair value and
recognizes as employee benefit expenses and liabilities during the vesting period. The fair value of the liability
is remeasured at the end of each reporting period and the settlement date until the liability is settled, and changes
in fair value are recognized as employee benefits.
- 55 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
3. SIGNIFICANT ACCOUNTING ESTIMATES AND ASSUMPTIONS
Significant 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. The accounting
estimates and assumptions that include a significant risk of materially changing the carrying amounts of
assets and liabilities currently recognized in the following accounting period are as follows.
1) COVID-19 effect review
The diffusion of COVID-19 has had a significant impact on the global economy including Korea. Financial
and economic shocks may have negative impacts on the Group's financial condition and results of operations
in various forms both domestically and internationally, however, the Korean government is providing
unprecedented financial and economic relief measures such as extension of maturity of loans. Despite the
announcement of these various forms of government support policies, the negative impact of the COVID-19
on the global economy continues.
The Group determined that the credit risk of loan affected by the loan deferment has significantly increased
and evaluated that the possibility of default is high. The Group will continue to assess the adequacy of
forward-looking information related to the duration of the impact of COVID-19 on economy and government
policies.
Woori Bank’s total loans (loan receivables, payment guarantees) that are subject to loan deferment and
interest deferment, total loans that changed its stage from 12-month to lifetime expected credit losses (Stage
2), and the expected credit loss allowances recognized additionally are as follows. (Unit: Korean Won in
millions):
Total
(loan
loans
receivables, payment
guarantees) that are subject to loan deferment
and interest deferment.
Corporate
Retail
Total
Total loans changed its stage from 12-month
to lifetime (Stage 2) expected credit losses.
Corporate
Retail
The expected credit loss allowances that are
additionally recognized.
Total
Corporate
Retail
Total
December 31,
2022
1,960,524
216,487
December 31,
2021
2,428,496
167,146
2,177,011
1,777,108
169,851
1,946,959
312,371
12,643
325,014
2,595,642
2,125,492
134,920
2,260,412
275,057
9,657
284,714
In addition, as of December 31, 2022 and 2021, the Group applied the overlay in consideration of the potential
for insolvency due to market interest rate hikes and the increase in economic uncertainty due to the prolonged
spread of COVID-19 when forecasting the future economy.
As of December 31, 2022 and 2021, the monetary effect of the provision for expected credit loss due to the
application of the forecast of future economic conditions overlay is as follows. (Unit: Korean Won in
millions):
Corporate
Retail
Total
December 31,
2022
December 31,
2021
347,801
16,256
364,057
48,583
6,237
54,820
- 56 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
Woori Card Co., Ltd. determined that the credit risk of obligors receiving financial support due to COVID-19
significantly increased, and transferred the loss allowance at the amount equivalent to lifetime expected
credit loss. As of December 31, 2022, the balance of amortised cost of a financial asset of the obligors who
need financial support amounts to 6,670 million won, and the additional provisioned loss allowance is 177
million won.
Woori Financial Capital Co., Ltd. determined that the credit risk of obligors receiving financial support due
to COVID-19 significantly increased, and evaluated that the possibility of default is high. As a result, as of
December 31, 2022 and 2021, the amortized cost of a financial asset of the obligors subject to the deferment
of redemption and interest deferment due to COVID-19 amounts to 52,611 million won and 80,291 million
won, and the expected credit loss provisions recognized in relation to them are 10,606 million won and
15,575 million won.
- 57 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
2)
Income taxes
The Group has recognized current and deferred taxes based on best estimates of expected future income tax
effect arising from the Group’s operations until the end of the current reporting period. However, actual tax
payment may not be identical to the related assets/liabilities already recognized, and these differences may
affect current taxes and deferred tax assets/liabilities at the time when income tax effects are finalized.
Deferred tax assets relating to tax losses carried forward and deductible temporary differences are recognized
only to the extent that it is probable that future taxable profit will be available against which the tax losses
carried forward and the deductible temporary differences can be utilized. In this case the Group’s evaluation
considers various factors such as estimated future taxable profit based on forecasted operating results, which
are based on historical financial performance. The Group is reviewing the carrying amount of deferred tax
assets every end of the reporting period and in the event that the possibility of earning future taxable income
changes, the deferred tax assets are adjusted up to taxable income sufficient to use deductible temporary
differences.
3) Valuation of financial instruments
Financial assets at FVTPL and FVTOCI are recognized in the consolidated financial statements at fair value.
All derivatives are measured at fair value. Valuation techniques are required in order to determine fair values
of financial instruments where observable market prices do not exist. Financial instruments that are not
actively traded and have low price transparency will have less objective fair value and require broad
judgment in liquidity, concentration, uncertainty in market factors and assumption in price determination and
other risks.
As described in ‘2. Basis of Preparation and Significant Accounting Policies (9) 5) Fair value of financial
instruments’, when valuation techniques are used to determine the fair value of a financial instrument,
various general and internally developed techniques are used, and various types of assumptions and variables
are incorporated during the process.
4)
Impairment of financial instruments
The accuracy of the provision for credit losses is determined by the estimation of the expected cash flows for
each tenant for estimating the individually assessed loan-loss allowance, and the assumptions and variables in
the model used for estimating the collectively assessed loan-loss allowance payment, guarantee and unused
commitment.
The Group has estimated the allowance for credit losses based on reasonable and supportable information
that was available without undue cost or effort at the reporting date about past events, current conditions and
forecasts of future economic conditions.
Information on measuring expected credit loss is described in 4. Risk Management (1) 2) Measurement of
expected credit loss.
5) Defined benefit plan
The Group operates a defined benefit pension plan. Defined benefit obligation is calculated at every end of
the reporting period by performing actuarial valuation, and estimation of assumptions such as discount rate,
expected wage growth rate and mortality rate is required to perform such actuarial valuation. The defined
benefit plan, due to its long-term nature, contains significant uncertainties in its estimates.
- 58 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
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 Department analyze and assess 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 probability of failure in performing the obligation of its
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 entrapment 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.
- 59 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
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, depends on
the degree of increase in credit risk since their initial recognition.
Classification
Stage 1
Definition
Loss
allowance
No significant increase in credit risk after
initial recognition (*)
12-month expected credit losses:
Expected credit losses that result from those
default events on the financial instrument that
are possible within 12 months after the
reporting date
Stage 2
Significant increase in credit
risk after initial recognition
Lifetime expected credit losses:
Stage 3
Credit-
impaired
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.
Loss allowance under credit impairment model is measured as the cumulative change in lifetime expected
credit loss 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
More than 30 days past due
‘Warning’ level in early warning system
Debtor experiencing financial difficulties
Asset quality level ‘Precautionary’ or lower
More than 30 days past due
Significant decrease in credit rating(*)
Deferment of repayment of principal and interest
(Capital impairment, Adverse opinion or Disclaimer
of opinion by external auditors)
Significant decrease in credit rating (*)
Deferment of repayment of principal and interest
Deferment of 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
Corporate
Retail
Credit rating
AAA ~ A+
A- ~ BBB
BBB- ~ BB+
BB ~ BB-
1 ~ 3
4 ~ 5
6 ~ 10
Significant increased indicator of the credit rating
More than or equal to 4 steps
More than or equal to 3 steps
More than or equal to 2 steps
More than or equal to 1 step
More than or equal to 3 steps
More than or equal to 2 steps
More than or equal to 1 step
- 60 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
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.
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 credit losses using an estimation model that additionally
reflects the future economic forward information based on the past experience loss rate data.
Loss allowance is calculated by applying PD (default rate) and LGD (loss rate on 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
rate, Personal consumption expenditures
increase/decrease rate, consumer price index change rate in order to forecast future economic conditions.
indicators such as GDP growth
The Group is conducting the following procedures to estimate and apply future economic forecast
information.
- Development of estimation models through regression analysis of corporate retail/year-by-year
default rate and macroeconomic indicator data by year
-
-
Calculation of estimated default rate incorporating future economic forecasts 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 December 31, 2022, the probability weights applied to the scenarios of the forecasts of
macroeconomic variables is as follows (Unit: %):
Probability
weight
Basic Scenario
Upside Scenario
Downside Scenario
52.57
12.52
34.91
b) Economic forecast of each major macroeconomic variables by scenario (prospect period: 2023)
As of December 31, 2022, the forecasts of major macroeconomic variables by scenario is as
follows (Unit: %)
- 61 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
GDP growth rate
Personal consumption expenditures
increase/decrease rate
Consumer price index change rate
Basic
Scenario
1.70
2.70
3.60
Upside
Scenario
Downside
Scenario
1.89
3.11
3.39
1.36
1.97
3.97
- 62 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
The results of Woori Bank's sensitivity analysis on expected credit loss provisions due to changes in
macroeconomic indicators as of December 31, 2022 and 2021 are as follows (Unit: Korean Won in millions):
Corporate
Personal consumption expenditures
Retail
increase/decrease rate
Consumer price index change rate
Increase by 1% point
Decrease by 1% point
Increase by 1% point
Decrease by 1% point
(59,987)
68,036
(24,164)
28,042
December 31,
2022
Corporate
GDP growth rate
Personal consumption
expenditures increase/decrease rate
GDP growth rate
Retail
Consumer price index change rate
Increase by 1% point
Decrease by 1% point
Increase by 1% point
Decrease by 1% point
Increase by 1% point
Decrease by 1% point
Increase by 1% point
Decrease by 1% point
December 31,
2021
(68,140)
74,495
(40,654)
43,028
(8,798)
9,163
(29,469)
34,352
(*) The sensitivity of the effect of the GDP growth rate on banks' ECLs is not significant.
-
The increase rate between the measured default rate and the predicted default rate is used as a future
economic forecast adjustment coefficient and reflected to the applicable estimate for the current year.
- 63 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
3) 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 December 31, 2022 and 2021 is as follows (Unit: Korean
Won in millions):
December 31,
2022
December 31,
2021
2,877,685
21,571,097
143,507,852
187,804,095
355,760,729
34,995
4,270,532
899,228
8,206,181
1,505
13,412,441
2,207,893
24,412,685
131,027,256
191,237,783
348,885,617
65,072
2,743,239
667,467
4,803,131
1,518
8,280,427
Loans and other
Korean treasury and government
financial assets at
amortized cost (*1)
agencies
Banks
Corporates
Consumers
Sub-total
Deposits
Debt securities
Loans
Derivative assets
Others
Sub-total
Financial assets at
FVTPL (*2)
Financial assets at
FVTOCI
Securities at amortized
cost
Derivative assets
Off-balance accounts
Debt securities
32,145,758
38,126,977
Debt securities
Derivative assets (Designated for
hedging)
Payment guarantees (*3)
Loan commitments
Sub-total
Total
28,268,516
17,086,274
37,786
11,921,586
118,172,070
130,093,656
559,718,886
106,764
12,987,809
114,414,462
127,402,271
539,888,330
(*1) Cash and cash equivalents are not included.
(*2) Puttable financial instruments are not included.
(*3) As of December 31, 2022 and 2021, the financial guarantee amount of 3,095,091 million won and 3,960,383
million won are included, respectively.
- 64 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
a) Credit risk exposure by geographical areas
The following tables analyze credit risk exposure by geographical areas (Unit: Korean Won in
millions):
Korea
China
USA
December 31, 2022
UK
Japan
Others (*)
Total
Loans and other financial
assets at amortized cost
331,572,328
5,188,826
4,721,440
215,174
719,301
13,343,660
355,760,729
Securities at amortized
cost
Financial assets at FVTPL
Financial assets at
FVTOCI
Derivative assets
(Designated for
hedging)
Off-balance accounts
Total
26,883,967
9,272,673
642,089
2,607
421,248
2,210,580
16,658
318,322
-
168,013
304,554
1,440,246
28,268,516
13,412,441
27,780,323
806,320
2,297,076
1,726
41,421
1,218,892
32,145,758
37,786
126,531,020
522,078,097
-
981,139
-
380,209
7,620,981 10,030,553
-
25,644
577,524
-
16,987
945,722
-
2,158,657
18,466,009
37,786
130,093,656
559,718,886
(*) Others consist of financial assets in Indonesia, Hong Kong, Germany, Australia, and other countries.
Korea
China
USA
December 31, 2021
UK
Japan
Others (*)
Total
Loans and other financial
assets at amortized cost
325,947,526
5,620,622
3,742,331
212,821
635,939
12,726,378
348,885,617
Securities at amortized
cost
Financial assets at FVTPL
Financial assets at
FVTOCI
Derivative assets
(Designated for
hedging)
Off-balance accounts
Total
16,785,265
6,150,464
92,880
1,330
27,018
1,188,358
-
195,048
-
61,315
181,111
683,912
17,086,274
8,280,427
34,242,133
808,359
1,713,435
1,755
23,193
1,338,102
38,126,977
11,678
123,375,839
506,512,905
-
1,001,430
7,524,621
95,086
375,929
7,142,157
-
31,116
440,740
-
32,402
752,849
-
2,585,555
17,515,058
106,764
127,402,271
539,888,330
(*) Others consist of financial assets in Indonesia, Hong Kong, Germany, Australia, and other countries.
- 65 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
b) Credit risk exposure by industries
① 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 December 31, 2022 and 2021 (Unit: Korean Won in
millions):
Service
Manufacturing
Finance and
insurance
Construction
Individuals
Others
Total
December 31, 2022
78,173,716
37,013,486
31,485,795
5,613,480
183,167,572
20,306,680
355,760,729
239,141
200,678
-
184,019
16,198,175
9,776,234
199,924
51,244
-
1,167
11,631,276
3,199,099
28,268,516
13,412,441
417,877
231,132
22,249,839
48,225
-
9,198,685
32,145,758
-
18,661,383
97,692,795
-
22,492,863
59,921,500
37,786
10,523,731
90,271,560
-
3,143,673
9,056,546
-
69,404,456
252,573,195
-
5,867,550
50,203,290
37,786
130,093,656
559,718,886
Loans and other financial
assets at amortized cost
Securities at amortized
cost
Financial assets at FVTPL
Financial assets at
FVTOCI
Derivative assets
(Designated for
hedging)
Off-balance accounts
Total
Loans and other financial
assets at amortized cost
Securities at amortized
cost
Financial assets at FVTPL
Financial assets at
FVTOCI
Derivative assets
(Designated for
hedging)
Off-balance accounts
Total
Service
Manufacturing
Finance and
insurance
Construction
Individuals
Others
Total
December 31, 2021
67,895,018
37,679,784
32,493,347
4,303,491
185,972,844
20,541,133
348,885,617
479,291
115,346
-
146,277
7,061,770
6,646,922
250,607
13,623
-
1,836
9,294,606
1,356,423
17,086,274
8,280,427
376,998
258,866
29,444,989
131,967
-
7,914,157
38,126,977
-
18,565,570
87,432,223
-
18,994,662
57,079,589
79,369
11,763,667
87,490,064
27,395
3,900,766
8,627,849
-
67,966,826
253,941,506
-
6,210,780
45,317,099
106,764
127,402,271
539,888,330
- 66 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
② The detailed industries of financial assets and corporate loans that might get affected by the
spread of COVID-19 as of December 31, 2022 and 2021 are as follow and the industries that can
be affected may change by future economic conditions. (Unit: Korean Won in millions):
< Woori Bank >
December 31, 2022
Loans and other
financial assets at
amortized cost
Financial assets at
FVTPL
Financial assets at
FVTOCI
Service business
Distribution
business
General retail
business
General wholesale
business
Sub-total
Manufacturing
Accommodation business
Travel business
Art/sports, leisure service
Food business
Transportation business
Education Business
Others
Sub-total
Textile
Metal
Non-metal
Chemical
Electronics
Others
Total
Sub-total
Service business
Distribution
business
General retail
business
General wholesale
business
Sub-total
Manufacturing
Accommodation business
Travel business
Art/sports, leisure service
Food business
Transportation business
Education Business
Others
Sub-total
Textile
Metal
Non-metal
Chemical
Electronics
Others
Total
Sub-total
1,157,537
1,801,361
2,958,898
1,434,456
48,655
1,780,739
1,520,098
357,940
425,779
1,560,457
10,087,022
2,361,092
1,579,004
796,671
3,649,189
1,409,475
3,280,434
13,075,865
23,162,887
824
1,659
2,483
2,228
-
1,012
426
181
169
773
7,272
767
191
1,529
158
58
1,287
3,990
11,262
December 31, 2022
Off-balance accounts
Total
496,830
533,368
1,030,198
161,573
16,369
104,065
179,977
248,801
40,891
301,343
2,083,217
1,076,002
1,225,601
381,014
3,627,183
1,202,758
2,530,964
10,043,522
12,126,739
6,296
-
6,296
24,121
-
-
-
-
-
-
30,417
8,898
-
7,629
-
-
11,452
27,979
58,396
1,661,487
2,336,388
3,997,875
1,622,378
65,024
1,885,816
1,700,501
606,922
466,839
1,862,573
12,207,928
3,446,759
2,804,796
1,186,843
7,276,530
2,612,291
5,824,137
23,151,356
35,359,284
- 67 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
December 31, 2021
Loans and other
financial assets at
amortized cost
Financial assets at
FVTPL
Financial assets at
FVTOCI
Service business
Distribution
business
General retail
business
General wholesale
business
Sub-total
Manufacturing
Accommodation business
Travel business
Art/sports, leisure service
Food business
Transportation business
Others
Sub-total
Textile
Metal
Non-metal
Chemical
Electronics
Others
Total
Sub-total
Service business
Distribution
business
General retail
business
General wholesale
business
Sub-total
Manufacturing
Accommodation business
Travel business
Art/sports, leisure service
Food business
Transportation business
Others
Sub-total
Textile
Metal
Non-metal
Chemical
Electronics
Others
Total
Sub-total
754,850
809,893
1,564,743
1,441,185
53,302
600,746
1,279,128
404,120
1,050,229
6,393,453
2,626,493
199,877
148,471
904,563
103,510
191,865
4,174,779
10,568,232
274
221
495
625
-
503
216
77
599
2,515
724
10
24
1,994
31
-
2,783
5,298
December 31, 2021
Off-balance accounts
Total
299,064
237,678
536,742
181,563
12,455
63,660
179,799
167,883
191,837
1,333,939
1,012,989
9,704
48,171
689,895
33,389
87,587
1,881,735
3,215,674
-
-
-
23,840
-
-
-
-
-
23,840
10,718
-
-
-
-
-
10,718
34,558
1,054,188
1,047,792
2,101,980
1,647,213
65,757
664,909
1,459,143
572,080
1,242,665
7,753,747
3,650,924
209,591
196,666
1,596,452
136,930
279,452
6,070,015
13,823,762
- 68 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
< Woori Card Co., Ltd. >
Accommodation business
Travel business
Aviation
Cosmetics industry
Distribution business
Food industry
Art/sports, leisure service
Total
Accommodation business
Travel business
Aviation
Cosmetics industry
Distribution business
Food industry
Art/sports, leisure service
Total
Loans and other
financial assets at
amortized cost
5,562
7,927
1,072
11,364
30,904
134,006
24,614
215,449
Loans and other
financial assets at
amortized cost
2,341
3,334
983
3,187
7,582
30,267
8,336
56,030
December 31, 2022
Financial assets at
FVTPL
Financial assets at
FVTOCI
Off-balance
accounts
Total
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9,762
15,182
3,760
9,766
36,190
115,695
41,003
231,358
15,324
23,109
4,832
21,130
67,094
249,701
65,617
446,807
December 31, 2021
Financial assets at
FVTPL
Financial assets at
FVTOCI
Off-balance
accounts
Total
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11,472
20,056
4,025
10,692
38,741
122,793
44,286
252,065
13,813
23,390
5,008
13,879
46,323
153,060
52,622
308,095
- 69 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
December 31, 2022
Loans and other
financial assets at
amortized cost
Financial assets at
FVTPL
Financial assets at
FVTOCI
Service business
Distribution
business
General retail
business
General wholesale
business
Sub-total
Manufacturing
Accommodation business
Travel business
Art/sports, leisure service
Food business
Transportation business
Education business
Others
Sub-total
Textile
Metal
Non-metal
Chemical
Transportation
Electronics
Cosmetics
Others
Sub-total
Total COVID-19 vulnerable business
Other business
Others
Total
Service business
Distribution
business
General retail
business
General wholesale
business
Sub-total
Manufacturing
Accommodation business
Travel business
Art/sports, leisure service
Food business
Transportation business
Education business
Others
Sub-total
Textile
Metal
Non-metal
Chemical
Transportation
Electronics
Cosmetics
Others
Sub-total
Total COVID-19 vulnerable business
Other business
Others
Total
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
363,655
266,515
630,170
40,237
5,880
66,388
228,254
367,311
52,652
2,203,264
3,594,156
15,204
25,274
4,067
14,071
2,867
28,202
1,192
255,864
346,741
3,940,897
5,706,295
9,647,192
363,655
266,515
630,170
40,237
5,880
66,388
228,254
367,311
52,652
1,997,073
3,387,965
15,204
25,274
4,067
14,071
2,867
28,202
1,192
235,972
326,849
3,714,814
5,337,618
9,052,432
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
21,652
21,652
December 31, 2022
Off-balance accounts
Total
-
-
-
-
-
-
-
-
-
206,191
206,191
-
-
-
-
-
-
-
19,892
19,892
226,083
347,025
573,108
- 70 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
December 31, 2021
Loans and other
financial assets at
amortized cost
Financial assets at
FVTPL
Financial assets at
FVTOCI
Service business
Distribution
business
General retail
business
General wholesale
business
Sub-total
Manufacturing
Accommodation business
Travel business
Art/sports, leisure service
Food business
Transportation business
Education business
Others
Sub-total
Textile
Metal
Non-metal
Chemical
Transportation
Electronics
Cosmetics
Others
Sub-total
Total COVID-19 vulnerable business
Other business
Others
Total
Service business
Distribution
business
General retail
business
General wholesale
business
Sub-total
Manufacturing
Accommodation business
Travel business
Art/sports, leisure service
Food business
Transportation business
Education business
Others
Sub-total
Textile
Metal
Non-metal
Chemical
Transportation
Electronics
Cosmetics
Others
Sub-total
Total COVID-19 vulnerable business
Other business
Others
Total
77,841
292,832
370,673
7,338
57
8,544
125,075
598,972
22,118
102,787
1,235,564
727
2,824
698
172
438
3,993
685
108,540
118,077
1,353,641
6,489,394
7,843,035
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
28,222
28,222
December 31, 2021
Off-balance accounts
Total
-
-
-
-
-
-
-
-
-
140,549
140,549
-
-
-
-
-
-
-
13,432
13,432
153,981
812,597
966,578
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
77,841
292,832
370,673
7,338
57
8,544
125,075
598,972
22,118
243,336
1,376,113
727
2,824
698
172
438
3,993
685
121,972
131,509
1,507,622
7,330,213
8,837,835
- 71 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
< Woori Investment Bank Co., Ltd. >
Accommodation business
Distribution business
Art/sports, leisure service
Total
Accommodation business
Distribution business
Art/sports, leisure service
Total
Loans and other
financial assets at
amortized cost
19,323
10,084
59,160
88,567
Loans and other
financial assets at
amortized cost
57,142
12,885
31,772
101,799
December 31, 2022
Financial assets at
FVTPL
Financial assets at
FVTOCI
Off-balance
accounts
-
19,774
-
19,774
-
-
-
-
December 31, 2021
Financial assets at
FVTPL
Financial assets at
FVTOCI
Off-balance
accounts
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total
19,323
29,858
59,160
108,341
Total
57,142
12,885
31,772
101,799
- 72 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
4) Credit risk exposure
a) 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 December 31, 2022 and 2021 is as follows (Unit:
Korean Won in millions):
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)
Credit
impairment
model
Stage 3
Total
Loss
allowance
Total, net
December 31, 2022
308,498,799 23,391,187 13,061,081
11,533,632 1,447,967
313,717 358,246,383
(2,485,654) 355,760,729
2,879,057
39
393,181
21,182,445
120,407,588 16,680,863
9,291,691
74,939,770
-
2,125
2,556,885
1,754,620
-
-
4,429,148
3,083,232
-
18,053
637,187
421,659
-
-
2,879,096
21,595,804
313,717 145,025,388
89,490,972
-
(1,411)
(24,707)
2,877,685
21,571,097
(1,517,536) 143,507,852
88,474,933
(1,016,039)
34,965,279
6,751,297
754,668
1,257,741
173,818
-
43,902,803
(400,328)
43,502,475
10,502,539
164,029,709
637,875
47,597
6,317,104 10,502,071
88,175
7,104,484
41,710
792,727
313,717
11,631,613
- 188,746,095
11,530,444
(101,169)
(942,000) 187,804,095
28,276,901
-
-
-
-
-
28,276,901
(8,385)
28,268,516
-
31,914,193
368,689,893 23,622,752 13,061,081
231,565
-
11,533,632 1,447,967
-
-
32,145,758
313,717 418,669,042
(11,805)
32,145,758
(2,505,844) 416,175,003
Loans and other financial
assets at amortized cost
Korean treasury and
government agencies
Banks
Corporates
General business
Small- and medium-
sized enterprise
Project financing and
others
Consumers
Securities at amortized
cost
Financial assets at
FVTOCI (*3)
Total
Loans and other financial assets at amortized
cost
Korean treasury and government agencies
Banks
Corporates
General business
Small- and medium-sized enterprise
Project financing and others
Consumers
Securities at amortized cost
Financial assets at FVTOCI (*3)
Total
December 31, 2022
Collateral value
Stage1
Stage2
Stage3
Credit impairment
model
Total
213,228,740
24,276
1,858,595
82,314,488
44,465,799
32,503,289
5,345,400
129,031,381
-
-
213,228,740
19,354,919
-
-
4,982,087
3,390,139
1,537,173
54,775
14,372,832
-
-
19,354,919
607,614
-
-
316,085
194,597
84,798
36,690
291,528
-
-
607,614
313,717
-
-
313,717
-
-
313,717
-
-
-
313,717
233,504,990
24,276
1,858,595
87,926,377
48,050,535
34,125,260
5,750,582
143,695,742
-
-
233,504,990
(*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.
- 73 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
December 31, 2021
Loans and other financial
assets at amortized cost
Korean treasury and
government agencies
Banks
Corporates
General business
Small- and medium-
sized enterprise
Project financing and
others
Consumers
Securities at amortized cost
Financial assets at FVTOCI
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
Total
Loss
allowance
Total, net
303,317,270
22,734,430
13,270,491
10,190,307
1,332,644
350,845,142
(1,959,525)
348,885,617
2,211,798
23,865,911
108,917,062
68,767,641
9
492,447
15,952,017
9,010,115
9
46,373
2,698,907
1,886,740
-
-
3,963,782
2,597,136
-
23,509
658,923
438,537
2,211,816
24,428,240
132,190,691
82,700,169
(3,923)
(15,555)
(1,163,435)
(785,908)
2,207,893
24,412,685
131,027,256
81,914,261
33,306,787
6,459,338
790,750
1,353,313
156,440
42,066,628
(322,635)
41,743,993
6,842,634
168,322,499
17,091,509
482,564
6,289,957
-
(*3)
Total
37,917,922
358,326,701
209,055
22,943,485
Loans and other financial assets at amortized cost
Korean treasury and government agencies
Banks
Corporates
General business
Small- and medium-sized enterprise
Project financing and others
Consumers
Securities at amortized cost
Financial assets at FVTOCI (*3)
Total
21,417
10,525,202
-
-
13,270,491
13,333
6,226,525
-
63,946
650,212
-
7,423,894
192,014,395
17,091,509
(54,892)
(776,612)
(5,235)
7,369,002
191,237,783
17,086,274
-
10,190,307
-
1,332,644
38,126,977
406,063,628
(12,146)
(1,976,906)
38,126,977
404,098,868
Stage1
208,188,057
20,679
1,287,055
74,403,502
40,288,663
30,852,567
3,262,272
132,476,821
-
-
208,188,057
December 31, 2021
Collateral value
Stage2
18,098,940
-
-
4,796,510
3,120,790
1,675,720
-
13,302,430
-
-
18,098,940
Stage3
643,183
-
-
351,837
220,792
80,830
50,215
291,346
-
-
643,183
Total
226,930,180
20,679
1,287,055
79,551,849
43,630,245
32,609,117
3,312,487
146,070,597
-
-
226,930,180
(*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.
b) Payment Guarantees and commitments
The credit quality of the payment guarantees and loan commitments as of December 31, 2022 and
2021 are as follows (Unit: Korean Won in millions):
Stage 1
December 31, 2022
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)
Stage3
Total
Financial assets
Off-balance accounts:
Payment Guarantees
Loan Commitments
Total
10,790,470
113,169,542
123,960,012
846,997
2,610,173
3,457,170
25,826
1,638,982
1,664,808
245,061
753,139
998,200
13,232
11,921,586
234 118,172,070
13,466 130,093,656
(*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.
- 74 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
Stage 1
December 31, 2021
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)
Stage3
Total
Financial assets
Off-balance accounts:
Payment Guarantees
Loan Commitments
Total
11,560,908
107,916,434
119,477,342
1,037,142
3,591,413
4,628,555
47,549
2,072,348
2,119,897
275,166
832,173
1,107,339
67,044
12,987,809
2,094 114,414,462
69,138 127,402,271
(*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.
5) Collateral and other credit enhancements
For the years ended December 31, 2022 and 2021, 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.
6) Among financial assets that measured loss allowance at lifetime expected credit losses, amortized
costs before changes in contractual cash flows as of December 31, 2022 and 2021 are 149,511
million won and 145,594 million won, respectively, with net losses recognized along with the
changes 8,474 million won and 11,734 million won, respectively.
7) The Group determines which loan is subject to write-off in accordance with internal guidelines and
writes off loan receivables when it is determined that the loans are practically irrecoverable. For
example, loans are practically irrecoverable when application is made for rehabilitation under the
Debtor Rehabilitation and Bankruptcy Act and loans are confirmed as irrecoverable by the court’s
decision to waive debtor’s obligation, or when it is impossible to recover the loan amount through
legal means such as auctioning of debtor’s assets or through any other means of recovery available.
As the Group manages receivables that have not lost the right of claim to the debtor for the grounds
of incomplete statute limitation and uncollected receivables under the related laws as receivable
charge-offs, the balance as of December 31, 2022 and 2021 are 9,825,284 million won and
10,107,413 million won. In addition, the contractual non-recoverable amount of financial assets
amortized for the year ended December 31, 2022, but still in the process of recovery is 1,382,281
million won.
(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.
1) 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.
a) 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
- 75 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
Management Committee.
Woori Bank, a subsidiary of the Group, uses the internal model approved by the Financial Supervisory
Service to measure the VaR using the Historical Simulation Method based on a 99% confidence level
and a 10-day retention period, and calculates equity capital required for market risk for calculating the
BIS ratio. For internal management purposes, limit management is performed on a daily basis
measuring VaR based on a 99% confidence and 1 day retention period. In addition, Woori Bank
perform a daily verification that compares VaR measurement and profit and loss to verify the suitability
of the model.
The minimum, maximum and average VaR of the Bank for the year December 31, 2022 and 2021, and
the VaR of the Bank as of December 31, 2022 and 2021 are as follows (Unit: Korean Won in millions):
December
31, 2022
For the year ended
December 31, 2022
Average
Maximum Minimum
December
31, 2021
11,800
7,055
8,847
6,590
11,987
12,448
4,298
1,806
4,177
2,972
For the year ended
December 31, 2021
Average
Maximum Minimum
2,405
1,609
14,017
6,676
4,681
3,637
Risk factor
Interest rate
Stock price
Foreign
currencies
Diversification
Total VaR(*)
17,608
(17,354)
19,109
14,002
(12,725)
16,714
22,251
(19,640)
27,046
5,421
(4,201)
7,324
5,904
(6,072)
6,981
6,745
(7,300)
7,763
13,144
(20,006)
13,831
4,747
(3,627)
5,134
(*) VaR (Value at Risk): Retention period of 1 day, Maximum expected losses under 99% level of confidence.
b) 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 △NII(Change
in Net Interest Income) and △EVE(Change in Economic Value of Equity) in accordance with
IRRBB(Interest Rate Risk in the Banking Book).
△NII 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 △EVE 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.
- 76 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
△EVE and △NII calculated on interest risk in banking book(IRRBB) basis for assets and liabilities by
subsidiary as of December 31, 2022 and 2021 are as follows(Unit: Korean Won in millions):
December 31, 2022
December 31, 2021
△EVE (*1)
△NII (*2)
△EVE (*1)
△NII (*2)
Woori Bank
Woori Card Co., Ltd.
Woori Financial
Capital Co., Ltd.
Woori Investment
Bank Co., Ltd.
Woori Asset Trust Co.,
Ltd.
Woori Asset
Management Corp.
Woori Savings Bank
Woori Private Equity
Asset Management
Co., Ltd.
Woori Global Asset
Management Co.,
Ltd.
Woori Financial F&I
Co., Ltd.
411,447
139,005
43,098
26,311
1,137
913
6,618
547
251
26,069
448,509
185,637
13,814
8,229
6,736
1,299
10,348
886
538
219
920,290
126,576
58,794
17,607
820
1,411
15,175
32
246
-
195,186
59,114
1,384
5,556
1,709
504
949
59
143
-
(*1) △EVE: change in Economic Value of Equity
(*2) △NII: change in Net Interest Income
- 77 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
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):
Within 3
months
4 to 6
months
December 31, 2022
10 to 12
months
7 to 9
months
1 to 5
years
Over 5 years
Total
Asset:
Loans and other
financial assets
at amortized cost
Financial assets at
224,863,400 56,669,335 15,469,920 15,108,779 59,454,649
5,963,926 377,530,009
FVTPL
1,888,996
119,725
1,364
4,670
71,620
13,129
2,099,504
Financial assets at
FVTOCI
Securities at
amortized cost
Total
Liability:
Deposits due to
customers
Borrowings
Debentures
Total
Asset:
Loans and other
financial assets
at amortized cost
Financial assets at
FVTPL
Financial assets at
FVTOCI
Securities at
amortized cost
Total
Liability:
Deposits due to
customers
Borrowings
Debentures
Total
2) Currency risk
6,093,805
4,224,460
3,014,625
3,550,982 15,409,527
584,203 32,877,602
2,749,432
1,427,736 20,126,354
235,595,633 62,820,324 20,254,845 20,092,167 95,062,150
1,768,936
1,806,804
167,237,029 49,107,093 33,506,265 40,006,233 55,855,781
1,183,331
14,829,024
6,654,602
4,962,350 19,621,659
9,068,737
191,134,790 58,171,916 39,681,742 46,151,914 82,132,042
1,542,340
4,633,137
4,159,096
4,905,727
2,100,203 29,979,465
8,661,461 442,486,580
69,861 345,782,262
472,325 28,840,718
3,298,581 46,490,191
3,840,767 421,113,171
Within 3
months
4 to 6
months
December 31, 2021
10 to 12
months
7 to 9
months
1 to 5
years
Over 5 years
Total
205,915,030 58,661,091 14,461,769 12,840,318 62,337,321
5,204,605 359,420,134
1,725,063
52,361
49,843
17,817
223,107
13,501
2,081,692
5,489,649
4,741,319
3,915,011
4,139,102 19,962,071
634,111 38,881,263
1,297,865
949,475 11,990,559
214,427,607 64,301,905 19,240,028 17,946,712 94,513,058
813,405
847,134
145,744,829 47,792,440 33,334,918 28,615,157 62,635,705
1,540,533
11,422,868
5,119,291
3,174,902 25,036,943
8,325,421
165,493,118 54,997,145 38,327,258 33,330,592 92,791,939
1,788,597
3,203,743
4,168,941
3,035,764
2,116,986 18,015,424
7,969,203 418,398,513
59,155 318,182,204
428,660 24,468,890
3,342,284 46,119,057
3,830,099 388,770,151
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.
Financial instruments in foreign currencies exposed to currency risk as of December 31, 2022 and 2021
are as follows (Unit: USD in millions, JPY in millions, CNY in millions, EUR in millions, and Korean
Won in millions):
- 78 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
USD
JPY
December 31, 2022
CNY
EUR
Foreign
currency
Korean
Won
equivalent
Foreign
currency
Korean Won
equivalent
Foreign
currency
Korean
Won
equivalent
Foreign
currency
Korean
Won
equivalent
Total
Others
Korean
Won
equivalent
Korean Won
equivalent
Asset
Cash and cash
equivalents
Loans and other
financial assets
at amortized
cost
Financial assets at
FVTPL
Financial assets at
FVTOCI
Securities at
9,041 11,457,194
64,824
617,888
1,542 279,779
484
653,870 1,022,909 14,031,640
24,361 30,872,442 116,298
1,108,529
24,637 4,470,059
2,510 3,391,155 4,952,002 44,794,187
970 1,229,059
25,416
242,260
-
-
358
484,172
176,057
2,131,548
3,307 4,191,383
-
-
3,999 725,511
2
2,573
725,271
5,644,738
amortized cost
Total
576
-
729,811
38,255 48,479,889 206,538
-
1,968,677
3,540 642,214
33,718 6,117,563
69
1,671,772
3,423 4,625,020 7,082,736 68,273,885
206,497
93,250
Liability
Financial
liabilities at
FVTPL
Deposits due to
customers
Borrowings
Debentures
Other financial
liabilities
Total
415
526,553
26,766
255,128
-
-
322
434,590
274,895
1,491,166
24,569 31,135,881 227,260
44,365
6,894 8,737,229
-
4,174 5,289,246
2,166,196
422,876
-
28,125 5,102,886
1,023 185,652
-
-
2,108 2,847,863 5,008,487 46,261,313
582,034 2,179,085 12,106,876
5,891,621
339,188
263,187
431
195
3,040 3,852,255
8,685
39,092 49,541,164 307,076
82,783
2,926,983
4,295 779,233
33,443 6,067,771
380
5,427,805
3,436 4,640,959 8,001,904 71,178,781
200,249
513,285
Off-balance accounts
6,698 8,488,374
34,512
328,964
1,141 207,012
787 1,063,680
868,470 10,956,500
USD
JPY
CNY
EUR
December 31, 2021
Foreign
currency
Korean
Won
equivalent
Foreign
currency
Korean Won
equivalent
Foreign
currency
Korean
Won
equivalent
Foreign
currency
Korean
Won
equivalent
Total
Others
Korean
Won
equivalent
Korean Won
equivalent
Asset
Cash and cash
equivalents
Loans and other
financial assets
at amortized
cost
Financial assets
at FVTPL
Financial assets
at FVTOCI
Securities at
3,176 3,765,800
32,829
338,222
1,236 230,188
94
125,513
971,774
5,431,497
28,771 34,107,769 147,981
1,504,891
23,733 4,420,551
2,329 3,126,363 5,604,781
48,764,355
468
556,296
14,618
150,596
-
-
327
438,662
71,369
1,216,923
3,195 3,787,466
-
-
3,899 726,310
33
44,638
741,348
5,299,762
amortized cost
Total
240
-
283,935
35,850 42,501,266 195,428
-
1,993,709
499
92,917
29,367 5,469,966
29
39,142
138,422
2,812 3,774,318 7,527,694
554,416
61,266,953
Liability
Financial
liabilities at
FVTPL
Deposits due to
customers
Borrowings
Debentures
Other financial
liabilities
Total
274
324,420
16,384
168,798
-
-
239
321,354
203,523
1,018,095
19,803 23,476,384 219,514
31,601
5,766 6,835,191
-
3,566 4,228,055
2,261,520
325,745
-
26,342 4,906,441
-
-
-
-
1,640 2,201,233 4,798,322
469,124 1,395,597
341,621
349
-
-
37,643,900
9,025,657
4,569,676
2,739 3,247,454
10,673
32,148 38,111,504 278,172
109,958
2,866,021
2,658 495,125
29,000 5,401,566
335
449,897
211,392
2,563 3,441,608 6,950,455
4,513,826
56,771,154
Off-balance accounts
8,047 9,540,185
32,777
337,685
2,533 471,852
598
803,357 1,250,186
12,403,265
- 79 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
3) Interest Rate Benchmark Reform Risk Management
The Group closely monitors the outputs and markets of various industrial working groups that manage
the transition to new interest rate benchmark, which includes announcements by LIBOR regulators.
A fundamental shift in interest rate indicators (hereinafter referred to as "interest rate benchmark
reform") is taking place around the world, and some Interbank Offered Rates ("IBORs") are being
replaced by new risk-free rates. In particular, for the case of LIBOR, except for USD LIBOR for
overnight rate, 1, 3, 6, and 12 month rates, all of the calculations were suspended as of December 31,
2021, and the aforementioned 5 USD LIBORs will also be suspended as of June 30, 2023.
The Group established a LIBOR-related response plan consisting of the business flow of risk
management, accounting, tax, law, computerization and customer management. The purpose of the plan
is to identify the impact and risks associated with interest rate benchmark reform within the business,
and to prepare and implement an action plan to ensure a smooth transition to alternative interest rates.
The Group aims to close the response plan in line with the supervisory authority's response guidelines.
The details of Woori Bank’s financial instruments that have not completed the conversion to the
LIBOR-related interest rates benchmark at the end of the year are as follows: Non-derivative financial
instrument is presented at the carrying amount, while the derivative financial instrument is presented at
the nominal amount.
Non-derivative
financial assets
Financial assets at FVTOCI
Financial assets at amortized cost
Total
Non-derivative
December 31.2022
USD(*1)
Total
Amount(*2)
Interest Rate
Provision
514,935
4,214,876
4,729,811
355,247
3,237,567
3,592,814
financial liabilities
Financial liabilities at amortized cost
89,326
89,326
Derivatives
Interest rate(trading)
Currency(trading)
Interest rate(hedging)
Total
26,210,037
26,208,438
33,886,969
2,344,505
62,441,511
33,598,769
2,344,505
62,151,712
(*1) Financial instruments related to USD Libor (overnight rate, 1, 3, 6, 12 month rates) that are expired before June 30,
2023 are excluded.
(*2) For contracts that do not have an interest rate alternative clause, The Group is in the process of negotiating to add an
interest rate alternative clause.
The KRW CD rates are planned to be replaced by the Korea Overnight Financing Repo Rate (KOFR) in
the long run, but when the CD rates will be ceased or the policy response directions to activate
alternative rates are not clear.
< Woori Card Co., Ltd. >
The hedging relationship in which Woori Card applies cash flow risk hedge is affected by interest rate
indicators related to interest rate benchmark reform. The interest rate benchmarks for which the hedging
relationship is exposed are USD 1M LIBOR and USD 3M LIBOR. The nominal amounts of hedging
instruments associated with 1M LIBOR and 3M LIBOR among the hedging relationships of Woori
Card are USD 270,000,000 and USD 100,000,000, respectively. Woori Card is closely monitoring
market and industry discussions regarding applicable alternative benchmark interest rates for exposed
interest rate benchmarks, and believes that this uncertainty will no longer appear when exposed interest
benchmarks are replaced by applicable interest rates.
- 80 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
The hedging relationship in which Woori Financial Capital applies cash flow risk hedge accounting is
affected by interest rate benchmarks related to interest rate benchmark reform. The interest rate
benchmark with the corresponding hedging relationship exposed is the KRW 3M CD. The nominal
amount of the hedging instrument associated with the KRW 3M CD of Woori Financial Capital 's
hedging relationship is KRW 40 billion. Woori Financial Capital is closely watching market and
industry discussions regarding applicable alternative benchmark interest rates for exposed interest rate
benchmarks, and believes that this uncertainty will no longer appear when exposed interest benchmarks
are replaced by applicable interest rates.
- 81 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(3) Liquidity risk
Liquidity risk refers to the risk that the Group may encounter difficulties in meeting obligations from its
financial liabilities.
1) 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 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.
The information on early repayment related to asset securitization is described in NOTE 40.
CONTINGENT LIABILITIES AND COMMITMENTS (4) 3).
2) Maturity analysis of non-derivative financial liabilities
a) Cash flows of principals and interests by remaining contractual maturities of non-derivative
financial liabilities as of December 31, 2022 and 2021 are as follows (Unit: Korean Won in
millions):
Financial liabilities
at FVTPL
Deposits due to
customers
Borrowings
Debentures
Lease liabilities
Other financial
liabilities
Total
Financial liabilities
at FVTPL
Deposits due to
customers
Borrowings
Debentures
Lease liabilities
Other financial
liabilities
Total
Within 3
months
4 to 6
months
7 to 9
months
10 to 12
months
1 to 5
years
Over
5 years
Total
December 31, 2022
35,161
-
-
-
-
12,113
47,274
228,890,427
8,969,648
6,348,064
68,279
36,851,103
5,734,715
6,841,379
36,724
24,091,740
3,210,812
5,211,032
35,136
42,652,679 14,999,516 1,522,830 349,008,295
484,909 29,013,535
3,298,581 46,535,657
354,171
3,156,211 7,457,240
5,214,942 19,621,659
151,379
33,007
29,646
14,409,376
258,720,955
113,049
49,576,970
19,370
32,568,090
20,315
765,870 3,037,563 18,365,543
51,073,793 42,995,664 8,389,003 443,324,475
Within 3
months
4 to 6
months
7 to 9
months
10 to 12
months
1 to 5
years
Over
5 years
Total
December 31, 2021
100,976
10,397
91,785
107,230
-
-
310,388
224,881,863 32,559,199 20,290,566 31,768,748
2,494,732
5,371,869
4,366,223
4,201,926
53,245
2,415,548
5,316,672
30,148
9,477,536
3,068,600
41,731
25,494
9,213,279
5,800,815
24,982,746
156,228
1,615,198 320,328,853
440,506 24,995,360
3,342,284 46,284,097
345,121
38,275
17,614,313
610,514
255,185,019 41,419,378 28,156,909 39,779,967 40,763,582
228,388
12,190
11,894
1,999,198 20,476,497
7,435,461 412,740,316
- 82 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
b) Cash flows of principals and interests by expected maturities of non-derivative financial liabilities
as of December 31, 2022 and 2021 are as follows (Unit: Korean Won in millions):
Within 3
months
4 to 6
months
December 31, 2022
10 to 12
months
7 to 9
months
1 to 5
years
Over 5
years
Total
Financial liabilities at
35,161
FVTPL
12,113
47,274
-
56,013 347,733,760
Deposits due to customers 242,132,680 41,113,768 24,269,363 29,670,943 10,490,993
8,969,648 5,734,715 3,210,812 3,156,211 7,457,240
Borrowings
484,909 29,013,535
6,348,064 6,841,379 5,211,032 5,214,942 19,621,659 3,298,581 46,535,657
Debentures
157,361
Lease liabilities
366,343
38,584
68,344
14,409,376
Other financial liabilities
765,870 3,037,563 18,365,543
271,963,273 53,839,640 32,745,954 38,092,359 38,493,123 6,927,763 442,062,112
Total
36,729
113,049
29,948
20,315
35,377
19,370
-
-
-
Within 3
months
4 to 6
months
December 31, 2021
10 to 12
months
7 to 9
months
1 to 5
years
Over 5
years
Total
Financial liabilities at
10,397
FVTPL
100,976
310,388
-
89,643 319,930,769
Deposits due to customers 230,823,884 33,705,990 20,107,790 27,331,774 7,871,688
9,477,536 4,366,223 2,415,548 2,494,732 5,800,815
Borrowings
440,506 24,995,360
3,068,600 4,201,926 5,316,672 5,371,869 24,982,746 3,342,284 46,284,097
Debentures
162,092
Lease liabilities
354,751
41,814
Other financial liabilities
610,514 1,999,198 20,476,497
261,127,025 42,566,184 27,974,201 35,343,152 39,427,855 5,913,445 412,351,862
Total
41,716
17,614,313
53,260
228,388
30,216
12,190
25,653
11,894
107,230
91,785
-
3) 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 December 31, 2022 and 2021 is as
follows (Unit: Korean Won in millions):
Within 3
months
4 to 6
months
Remaining maturity
10 to 12
months
7 to 9
months
1 to 5
years
50,682
1,255
18,540 118,027
-
(2,744)
21,552
-
-
(717)
1,392
-
Over 5
years
-
(3,615)
Total
54,613
206,149
- 8,905,125
(7,976)
(4,053)
-
20,946
- 4,566,443
December 31,
2022
December 31,
2021
Cash flow risk hedge
Fair value risk hedge
Trading purpose
Cash flow risk hedge
Fair value risk hedge
Trading purpose
856
25,048
8,905,125
246
(1,656)
4,566,443
905
16,175
-
(206)
598
-
915
31,974
-
(502)
(940)
-
- 83 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
4) 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 December 31, 2022 and 2021 are as follows (Unit:
Korean Won in millions):
Payment guarantees
Loan commitments
Other commitments
December 31, 2022
December 31, 2021
11,921,586
118,172,070
4,602,429
12,987,809
114,414,462
3,427,331
- 84 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(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.
1) Operational risk management
The Group has established and operated an operating risk management system to strengthen external
competitiveness, reduce risk capital volume, enhance operational risk management capacity and prevent
accidents through compliance with Basel II, and has obtained approval from the Financial Supervisory
Service for “Advanced Measurement Approaches”(AMA) based on self-compliance verification and
independent third-party inspection results.
2) Operational risk measurement
The Group is applying the basic indicator method for the purpose of calculating the regulatory capital of
operation risk, and the Bank is applying the Advanced Measurement Approaches. The Bank applies
AMA using internal and external loss data, business environment and internal control factors, and
scenario analysis.
(5) Capital management
The Group complies with the standard of capital adequacy provided by financial regulatory authorities. The
capital adequacy standard is based on Basel Ⅲ published by Basel Committee on Banking Supervision in
Bank for International Settlement and was implemented in Korea in December 2013. The capital adequacy
ratio is calculated by dividing own capital by asset (weighted with a risk premium – risk weighted assets)
based on the consolidated financial statements of the Group.
According to the above regulations, the Group is required to meet the following minimum requirements: Tier
1 common capital ratio of 8.0%, a Tier 1 capital ratio of 9.5%, and a total capital ratio of 11.5% as of
December 31, 2022 and 2021
Details of the Group’s capital adequacy ratio as of December 31, 2022 and 2021 are as follows (Unit: Korean
Won in millions):
Details(*)
December 31, 2022
December 31, 2021
Tier 1 capital
Other Tier 1 capital
Tier 2 capital
Total risk-adjusted capital
Risk-weighted assets for credit risk
Risk-weighted assets for market risk
Risk-weighted assets for operational risk
Total risk-weighted assets
Common Equity Tier 1 ratio
Tier 1 capital ratio
Total capital ratio
23,757,296
4,208,994
3,437,735
31,404,025
182,028,062
6,759,527
16,519,885
205,307,474
11.57%
13.62%
15.30%
21,994,047
3,590,212
3,395,989
28,980,248
171,199,840
6,388,428
14,914,801
192,503,069
11.43%
13.29%
15.05%
(*) The capital ratio at the end of the current period is provisional
- 85 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
5. OPERATING SEGMENTS
In evaluating the results of the Group and allocating resources, the Group’s Chief Operation Decision Maker
(“CODM”) utilizes the information per type of customers. With the establishment of Woori Financial Group
Inc. during the prior term, the Group reports to the CODM according to the organizational sectors below.
This financial information of the segments is regularly reviewed by the CODM to make decisions about
resources to be allocated to each segment and evaluate its performance.
(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
Credit card
Capital
Investment
Banking
Others
Loans/deposits and relevant services for customers of Woori Bank and its subsidiaries
Credit card, cash services, card loans and accompanying business of Woori Card Co., Ltd.
Installments, loans including lease financing, and accompanying business of Woori Financial
Capital Co., Ltd.
Securities operation, sale of financial instruments, project financing and other related activities for
comprehensive financing of Woori Investment bank Co., Ltd.
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 Inc., Woori Private Equity Asset Management Co., Ltd., Woori Global Asset
Management Co., Ltd., Woori FIS Co., Ltd. and Woori Finance Research Institute,
- 86 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(2) The composition of each organization's sectors for the years ended December 31, 2022 and 2021 are as
follows (Unit: Korean Won in millions):
Banking
6,603,834
Credit
card
675,250
Capital
376,133
For the year ended December 31, 2022
Investment
banking
117,867
Others
(*1)
73,800 7,846,884
Sub-total
Other
adjustments
(*2)
34,307
Internal
adjustments
(*3)
817,543
Consolidated
Adjustments
(*4)
(2,155)
Total
8,696,579
1,520,576
110,888
83,428
82,885 1,750,203 3,547,980
17,498
(761,029)
(1,655,342)
1,149,107
(426,552)
(238,607)
(107,906)
(16,491)
(38,319)
(827,875)
-
(57,992)
595
(885,272)
(3,914,672)
(262,525)
(99,872)
(61,631)
(493,502) (4,832,202)
(409)
-
302,721 (4,529,890)
3,783,186
285,006
251,783
122,630 1,292,182 5,734,787
51,396
(1,478)
(1,354,181)
4,430,524
73,958
-
1,430
334
2,173
77,895
(182)
-
(7,717)
69,996
5,563
(6,373)
(1,835)
(1,399)
(2,386)
(6,430)
2,371
1,478
(12,565)
(15,146)
79,521
(6,373)
(405)
(1,065)
(213)
71,465
2,189
1,478
(20,282)
54,850
3,862,707
(959,298)
2,903,409
278,633
(73,869)
204,764
251,378
(68,050)
183,328
121,565 1,291,969 5,806,252
(26,739) (1,157,727)
(29,771)
91,794 1,265,230 4,648,525
53,585
-
53,585
-
-
-
(1,374,463)
(3,665)
(1,378,128)
4,485,374
(1,161,392)
3,323,982
443,340,979 16,118,967 12,581,473 5,657,191 28,059,619 505,758,229 2,019,322
917,581
-
40,987
6,548 22,427,853 23,392,969
29,658
442,423,398 16,118,967 12,540,486 5,650,643 5,631,766 482,365,260 1,989,664
417,583,793 13,692,456 11,040,754 4,982,410 4,146,997 451,446,410
50,762
-
-
-
-
(27,303,155)
(22,116,991)
(5,186,164)
(2,650,118)
480,474,39
6
1,305,636
479,168,76
0
448,847,05
4
Net interest income
Non-interest
income(expense)
Impairment losses
due to credit loss
General and
administrative
expense
Net operating
income(expense)
Share of gain of
associates
Other non-operating
expense
Non-operating
income(expense)
Net income(expense)
before tax
Tax expense
Net income(loss)
Total assets
Investment in
associate
Other assets
Total liabilities
(*1) Other segments include 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 Global Asset Management Co., Ltd., Woori
FIS Co., Ltd. and Woori Finance Research Institute.
(*2) Other segments includes the funds subject to Group's consolidated not included in the reporting segment.
(*3) Internal reconciliation includes the adjustment of deposit insurance premiums of KRW 423,834 million and fund
contribution fees of KRW 402,057 million 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
(*4) Consolidation adjustments include the elimination of KRW 300,297 million of internal transactions between Woori FIS
Co., Ltd., the group's IT service agency, and affiliates, and the removal of KRW 1,272,393 million of dividends received
by the holding company from its subsidiaries.
- 87 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
Banking
5,158,078
Credit
card
606,506
Capital
315,600
For the year ended December 31, 2021
Investment
banking
108,321
Others
(*1)
29,515 6,218,020
Sub-total
Other
adjustments
(*2)
Internal
adjustments
(*3)
consolidated
adjustments
(*4)
9,938
758,559
(796)
Total
6,985,721
1,661,903
63,839
95,297
49,419 1,111,422 2,981,880
16,431
(670,230)
(969,804)
1,358,277
(140,574)
(164,097)
(122,089)
(1,885)
(19,601)
(448,246)
-
(89,683)
1,091
(536,838)
(3,606,715)
(225,175)
(99,048)
(51,490)
(440,601) (4,423,029)
(256)
-
275,874 (4,147,411)
3,072,692
281,073
189,760
104,365
680,735 4,328,625
26,113
(1,354)
(693,635)
3,659,749
60,049
-
1,000
750
4,390
66,189
51
-
(4,044)
62,196
42,542
(7,936)
(16,943)
(660)
(1,071)
15,932
2,956
1,354
7,054
27,296
102,591
(7,936)
(15,943)
90
3,319
82,121
3,007
1,354
3,010
89,492
3,175,283
(790,177)
2,385,106
273,137
(72,411)
200,726
173,817
(33,238)
140,579
104,455
(24,531)
79,924
684,054 4,410,746
(16,799)
(937,156)
667,255 3,473,590
29,120
-
29,120
-
-
-
(690,625)
(4,714)
(695,339)
3,749,241
(941,870)
2,807,371
415,976,627 14,116,832 10,259,868 5,159,742 25,627,649 471,140,718 1,101,162
- (25,058,009) 447,183,871
858,706
-
12,403
8,846 22,165,895 23,045,850
35,134
415,117,921 14,116,832 10,247,465 5,150,896 3,461,754 448,094,868 1,066,028
54,595
391,315,108 11,858,065 9,073,104 4,559,856 3,284,269 420,090,402
-
-
-
(21,745,817)
1,335,167
(3,312,192) 445,848,704
(1,811,321) 418,333,676
Net interest income
Non-interest
income(expense)
Impairment losses
due to credit loss
General and
administrative
expense
Net operating
income(expense)
Share of gain of
associates
Other non-operating
expense
Non-operating
income(expense)
Net income(expense)
before tax
Tax expense
Net income(loss)
Total assets
Investment in
associate
Other assets
Total liabilities
(*1) Other segments include 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 Global Asset Management Co., Ltd., Woori
FIS Co., Ltd. and Woori Finance Research Institute.
(*2) Other segments includes the funds subject to Group's consolidated not included in the reporting segment.
(*3) Internal reconciliation includes the adjustment of deposit insurance premiums of KRW 406,276 million and fund
contribution fees of KRW 367,961 million 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
(*4) Consolidation adjustments include the elimination of KRW 274,768 million of internal transactions between Woori FIS
Co., Ltd., the group's IT service agency, and affiliates, and the removal of KRW 692,605 million of dividends received by
the holding company from its subsidiaries.
- 88 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(3) Operating profit or loss from external customers for the years ended December 31, 2022 and 2021 are
as follows (Unit: Korean Won in millions):
Details
Domestic
Foreign
Total
For the years ended December 31
2022
2021
3,835,809
594,715
4,430,524
3,288,341
371,408
3,659,749
(4) Major non-current assets as of December 31, 2022 and 2021 are as follows (Unit: Korean Won in
millions):
Details (*)
Domestic
Foreign
Total
December 31, 2022 (*)
December 31, 2021 (*)
5,152,033
533,354
5,685,387
5,201,838
482,930
5,684,768
(*) Major non-current assets included joint ventures and related business investments, investment properties,
premises 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 years ended December 31, 2022 and 2021.
- 89 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
6. STATEMENTS OF CASH FLOWS
(1) Details of cash and cash equivalents are as follows (Unit: Korean Won in millions):
Cash
Foreign currencies
Demand deposits
Fixed deposits
Total
December 31, 2022
1,771,316
628,590
31,729,228
90,014
34,219,148
December 31, 2021
1,742,449
503,205
18,208,784
158,635
20,613,073
(2) Details of restricted cash and cash equivalents are as follows (Unit: Korean Won in millions)
Counterparty
December 31, 2022
Reason of restriction
Due from banks in local currency:
Due from BOK
BOK
Due from banks in foreign currencies:
Due from banks on
BOK and others
demand
Total
16,527,445
Reserve deposits
under the BOK Act
Reserve deposits under the
6,437,717
22,965,162
BOK Act and others
Counterparty
December 31, 2021
Reason of restriction
Due from banks in local currency:
Due from BOK
BOK
Due from banks in foreign currencies:
Due from banks on
BOK and others
demand
Total
9,619,055
Reserve deposits
under the BOK Act
Reserve deposits under the
3,428,200
13,047,255
BOK Act and others
(3) Significant transactions of investing activities and financing activities not involving cash inflows and
outflows are as follows (Unit: Korean Won in millions):
Changes in other comprehensive income related to
valuation of financial assets at FVTOCI
Changes in other comprehensive income related to
valuation of assets of associate
Changes in other comprehensive income related to
valuation profit or loss on cash flow hedge
Changes in financial assets measure at FVTOCI due to
debt-for-equity swap
Changes in the investment assets of associates due to
the transfer of assets held-for-sale
Changes in the property, plant and equipment due to
the transfer of assets held-for-sale
Transfer of investment properties and premises
and equipment
Changes in account payables related to premises
and equipment
Changes in account payables related to
intangible assets
Changes in right-of-use assets and lease
liabilities
- 90 -
For the years ended December 31
2022
2021
(493,871)
(150,327)
612
(9,835)
14,594
-
1,526
7,107
79
(52)
(13,109)
(12,852)
7,154
281
(11,530)
194,236
6,095
-
(11,640)
150,644
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
Comprehensive stock exchange
Changes in other comprehensive income related
to foreign operation translation
For the years ended December 31
2022
2021
-
28,746
64,301
246,808
(4) Adjustments of liabilities from financing activities in current and prior year are as follows (Unit: Korean
Won in millions):
For the year ended December 31, 2022
Not involving cash inflows and outflows
Variation of
gain(loss) on
valuation of hedged
items
Foreign
Exchange
Cash flow
2,881,675
(484,874)
(187,531)
513
760,918
297,861
4,645
-
2,209,783 1,063,424
-
(257,910)
-
-
(257,910)
Beginning
balance
24,755,459
44,653,864
343,213
26,907
69,779,443
Borrowings
Debentures
Lease liabilities
Other liabilities
Total
Others (*)
Ending
balance
31,551 28,429,603
(10,455) 44,198,486
319,161
158,834
27,384
(36)
179,894 72,974,634
(*) The change in lease liabilities due to the new contract includes 235,215 million won.
For the year ended December 31, 2021
Not involving cash inflows and outflows
Beginning
balance
20,745,466
37,479,358
407,431
26,354
58,658,609
Foreign
Exchange
Variation of gains
on valuation of
hedged items
Cash flow
3,199,712
6,893,661
(177,593)
14,173
804,649
392,077
10,950
-
9,929,953 1,207,676
-
(104,306)
-
-
(104,306)
Borrowings
Debentures
Lease liabilities
Other liabilities
Total
Others (*)
Ending
balance
5,632 24,755,459
(6,926) 44,653,864
343,213
102,425
26,907
(13,620)
87,511 69,779,443
(*) The change in lease liabilities due to the new contract includes 189,660 million won.
- 91 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
7.
FINANCIAL ASSETS AT FVTPL
(1) Details of financial assets at FVTPL as of December 31, 2022 and 2021 are as follows (Unit: Korean
Won in millions):
Financial assets at fair value through profit or loss
measured at fair value
19,860,573
13,497,234
December 31, 2022
December 31, 2021
(2) Financial assets at fair value through profit or loss measured at fair value as of December 31, 2022 and
2021 are as follows (Unit: Korean Won in millions):
Deposits:
Gold banking asset
Securities:
Debt securities
Korean treasury and government agencies
Financial institutions
Corporates
Others
Equity securities
Capital contributions
Beneficiary certificates
Others
Sub-total
Loans
Derivatives assets
Other financial assets
Total
December 31, 2022
December 31, 2021
34,995
65,072
2,754,442
620,311
721,573
174,206
383,883
1,976,474
3,902,762
143,334
10,676,985
899,228
8,206,181
43,184
19,860,573
995,713
925,474
751,636
70,416
329,864
1,287,723
3,504,547
94,673
7,960,046
667,467
4,803,131
1,518
13,497,234
The Group does not have financial assets at fair value through profit or loss designated as upon initial
recognition as of December 31, 2022 and 2021.
- 92 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
8.
FINANCIAL ASSETS AT FVTOCI
(1) Details of financial assets at FVTOCI as of December 31, 2022 and 2021 are as follows (Unit: Korean
Won in millions):
Debt securities:
Korean treasury and government agencies
Financial institutions
Corporates
Bond denominated in foreign currencies
Securities loaned
Equity securities
Sub-total
Total
December 31, 2022
December 31, 2021
5,487,983
16,870,619
4,044,446
5,644,684
98,026
32,145,758
939,322
33,085,080
4,728,085
22,909,615
5,091,035
5,299,707
98,535
38,126,977
992,812
39,119,789
(2) Details of equity securities designated as financial assets at FVTOCI as of December 31, 2022 and 2021
are as follows (Unit: Korean Won in millions):
Purpose of acquisition
Investment for strategic business
partnership purpose
Debt-equity swap
Others
Total
December 31,
2022
December 31,
2021
Remarks
776,199
157,216
5,907
939,322
796,835
195,971
6
992,812
Insurance for mutual aid
association, etc.
(3) Changes in the loss allowance and gross carrying amount of financial assets at FVTOCI are as follows
(Unit: Korean Won in millions):
1) Allowance for credit losses
For the year ended December 31, 2022
Stage 1
(12,146)
-
-
-
827
714
(1,200)
(11,805)
Stage 2
Stage 3
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
For the year ended December 31, 2021
Stage 1
(9,631)
-
-
-
(4,909)
2,378
16
(12,146)
Stage 2
Stage 3
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total
(12,146)
-
-
-
827
714
(1,200)
(11,805)
Total
(9,631)
-
-
-
(4,909)
2,378
16
(12,146)
Beginning balance
Transfer to 12-month expected credit losses
Transfer to lifetime expected credit losses
Transfer to credit-impaired financial assets
Reversal of loss allowance
Disposal
Others (*)
Ending balance
(*) Others consist of foreign currencies translation, etc.
Beginning balance
Transfer to 12-month expected credit losses
Transfer to lifetime expected credit losses
Transfer to credit-impaired financial assets
Net provision of loss allowance
Disposal
Others (*)
Ending balance
(*) Others consist of foreign currencies translation, etc.
- 93 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
2) Gross carrying amount
For the year ended December 31, 2022
Stage 1
Stage 2
Stage 3
Total
Beginning balance
Transfer to 12-month expected credit losses
Transfer to lifetime expected credit losses
Transfer to credit-impaired financial assets
Acquisition
Disposal / Recovery
Gain (loss) on valuation
Amortization based on effective interest
method
Others (*)
Ending balance
38,126,977
-
-
-
16,108,426
(21,670,160)
(669,936)
41,813
208,638
32,145,758
(*) Others consist of foreign currencies translation, etc.
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
38,126,977
-
-
-
16,108,426
(21,670,160)
(669,936)
41,813
208,638
32,145,758
For the year ended December 31, 2021
Stage 1
Stage 2
Stage 3
Total
Beginning balance
Transfer to 12-month expected credit losses
Transfer to lifetime expected credit losses
Transfer to credit-impaired financial assets
Acquisition
Disposal / Recovery
Gain (loss) on valuation
Amortization based on effective interest
method
Others (*)
Ending balance
28,948,141
-
-
-
30,522,426
(21,533,360)
(213,517)
31,641
371,646
38,126,977
(*) Others consist of foreign currencies translation, etc.
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
28,948,141
-
-
-
30,522,426
(21,533,360)
(213,517)
31,641
371,646
38,126,977
(4) During the years ended December 31, 2022 and 2021, 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 3,567 million won and 138,511 million won, respectively and cumulative gains
and losses at disposal dates were 14,444 million won in gain and 3,062 million won in loss, respectively.
- 94 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
9.
SECURITIES AT AMORTIZED COST
(1) Details of securities at amortized cost as of December 31, 2022 and 2021 are as follows (Unit: Korean
Won in millions):
Korean treasury and government agencies
Financial institutions
Corporates
Bond denominated in foreign currencies
Allowance for credit losses
Total
December 31, 2022
December 31, 2021
10,083,951
10,283,631
6,237,547
1,671,772
(8,385)
28,268,516
8,882,500
1,835,947
5,818,646
554,416
(5,235)
17,086,274
(2) Changes in the loss allowance and gross carrying amount of securities at amortized cost are as follows
(Unit: Korean Won in millions):
1) Loss allowance
Beginning balance
Transfer to 12-month expected credit losses
Transfer to lifetime expected credit losses
Transfer to credit-impaired financial assets
Net provision of loss allowance
Others (*)
Ending balance
(*) Changes due to foreign currencies translation, etc.
Beginning balance
Transfer to 12-month expected credit losses
Transfer to lifetime expected credit losses
Transfer to credit-impaired financial assets
Net provision of loss allowance
Others (*)
Ending balance
(*) Changes due to foreign currencies translation, etc.
For the year ended December 31, 2022
Stage 1
Stage 2
Stage 3
Total
(5,235)
-
-
-
(3,151)
1
(8,385)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(5,235)
-
-
-
(3,151)
1
(8,385)
For the year ended December 31, 2021
Stage 1
Stage 2
Stage 3
Total
(4,566)
-
-
-
(664)
(5)
(5,235)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(4,566)
-
-
-
(664)
(5)
(5,235)
- 95 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
2) Gross carrying amount
For the year ended December 31, 2022
Beginning balance
Transfer to 12-month expected credit losses
Transfer to lifetime expected credit losses
Transfer to credit-impaired financial assets
Acquisition
Disposal / Recovery
Amortization based on effective interest method
Others (*)
Ending balance
(*) Changes due to foreign currencies translation, etc.
Stage 1
17,091,509
-
-
-
16,873,194
(5,871,234)
86,212
97,220
28,276,901
Stage 2
Stage 3
-
-
-
-
-
-
-
-
-
Total
17,091,509
-
-
-
16,873,194
(5,871,234)
86,212
97,220
28,276,901
-
-
-
-
-
-
-
-
-
For the year ended December 31, 2021
Beginning balance
Transfer to 12-month expected credit losses
Transfer to lifetime expected credit losses
Transfer to credit-impaired financial assets
Acquisition
Disposal / Recovery
Amortization based on effective interest method
Others (*)
Ending balance
(*) Changes due to foreign currencies translation, etc.
Stage 1
17,025,405
-
-
-
6,435,692
(6,425,408)
14,810
41,010
17,091,509
Stage 2
Stage 3
-
-
-
-
-
-
-
-
-
Total
17,025,405
-
-
-
6,435,692
(6,425,408)
14,810
41,010
17,091,509
-
-
-
-
-
-
-
-
-
- 96 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
10. LOANS AND OTHER FINANCIAL ASSETS AT AMORTIZED COST
(1) Details of loans and other financial assets at amortized cost as of December 31, 2022 and 2021 are as
follows (Unit: Korean Won in millions):
Due from banks
Loans
Other financial assets
Total
December 31, 2022
December 31, 2021
2,994,672
343,918,560
8,847,497
355,760,729
2,866,884
336,799,510
9,219,223
348,885,617
(2) Details of due from banks are as follows (Unit: Korean Won in millions):
December 31, 2022
December 31, 2021
Due from banks in local currency:
Due from The Bank of Korea (“BOK”)
Due from depository banks
Due from non-depository institutions
Due from the Korea Exchange
Others
Loss allowance
Sub-total
Due from banks in foreign currencies:
Due from banks on demand
Due from banks on time
Others
Loss allowance
Sub-total
Total
160,000
170,006
183
2,440
421,318
(116)
753,831
199,671
466,963
1,586,408
(12,201)
2,240,841
2,994,672
600,000
159,264
14,146
54
191,501
(2,452)
962,513
194,781
205,351
1,507,821
(3,582)
1,904,371
2,866,884
(3) Details of restricted due from banks are as follows (Unit: Korean Won in millions):
Counterparty
December 31, 2022
Reason of restriction
Due from banks in local currency:
Due from BOK BOK
Due from
KSFC
Others
The Korea Securities
Finance Corporation
Korea Exchange and
others
Sub-total
Due from banks in foreign currencies:
Due from banks
on demand
Due from banks
on time
Others
BOK and others
National Bank Cambodia
Korea Investment &
Securities and others
Sub-total
Total
160,000
Reserve deposits
under BOK Act
Customer deposits
2,419
return reserve
Korean Won CCP margin and
223,705
386,124
others
Reserve deposits under BOK
193,507
Act and others
253
Reserve deposits and others
Overseas futures and options
trade deposits and others
1,581,298
1,775,058
2,161,182
- 97 -
Due from banks
on demand
Foreign
currency
deposits on
time
Others
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
Counterparty
December 31, 2021
Reason of restriction
Due from banks in local currency:
Due from BOK The BOK
Due from
KSFC
Others
KB Securities Co. Ltd.
Korea Federation of
Savings Banks and
others
Sub-total
Due from banks in foreign currencies:
600,000
Reserve deposits
under the BOK Act
54
Futures trading margin
Guarantees, mortgage of
domestic exchange
transactions and others
75,897
675,951
The BOK and others
128,492
Act and others
Reserve deposits under the BOK
National Bank Cambodia
Korea Investment &
Securities and others
Sub-total
Total
237
Reserve deposits and others
Overseas futures and options
trade deposits and others
1,502,474
1,631,203
2,307,154
(4) Changes in the loss allowance and gross carrying amount of due from banks are as follows (Unit: Korean
Won in millions):
1) Allowance for credit losses
For the year ended December 31, 2022
Stage 1
Stage 2
Stage 3
Beginning balance
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
Others (*)
Ending balance
(6,034)
-
-
-
(7,702)
1,419
(12,317)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total
(6,034)
-
-
-
(7,702)
1,419
(12,317)
(*) Changes due to foreign currencies translation, etc.
Beginning balance
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
Others (*)
Ending balance
(*) Changes due to foreign currencies translation, etc.
For the year ended December 31, 2021
Stage 1
Stage 2
Stage 3
Total
(4,366)
-
-
-
(1,477)
(191)
(6,034)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(4,366)
-
-
-
(1,477)
(191)
(6,034)
- 98 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
2) Gross carrying amount
For the year ended December 31, 2022
Beginning balance
Transfer to 12-month expected credit losses
Transfer to lifetime expected credit losses
Transfer to credit-impaired financial assets
Net decrease
Others (*)
Ending balance
(*) Changes due to foreign currencies translation, etc.
Stage 1
2,872,918
-
-
-
166,693
(32,622)
3,006,989
Stage 2
Stage 3
-
-
-
-
-
-
-
Total
2,872,918
-
-
-
166,693
(32,622)
3,006,989
-
-
-
-
-
-
-
For the year ended December 31, 2021
Beginning balance
Transfer to 12-month expected credit losses
Transfer to lifetime expected credit losses
Transfer to credit-impaired financial assets
Net decrease
Others (*)
Ending balance
(*) Changes due to foreign currencies translation, etc.
Stage 1
2,515,273
-
-
-
282,987
74,658
2,872,918
(5) Details of loans are as follows (Unit: Korean Won in millions):
Stage 2
Stage 3
-
-
-
-
-
-
-
Total
2,515,273
-
-
-
282,987
74,658
2,872,918
-
-
-
-
-
-
-
December 31, 2022
December 31, 2021
Loans in local currency
Loans in foreign currencies
Domestic banker’s usance
Credit card accounts
Bills bought in foreign currencies
Bills bought in local currency
Factoring receivables
Advances for customers on guarantees
Private placement bonds
Securitized loans
Call loans
Bonds purchased under resale agreements
Financial lease receivables
Installment financial bond
Others
Loan origination costs and fees
Discounted present value
Allowance for credit losses
Total
282,686,620
26,988,360
2,877,079
10,370,362
3,650,792
533,879
25,469
25,698
485,519
2,990,937
3,626,226
6,849,038
1,467,858
2,832,972
140
852,002
(10,238)
(2,334,153)
343,918,560
273,283,542
24,508,250
3,403,021
9,757,115
5,310,080
265,275
17,406
26,766
519,150
2,874,480
3,481,219
10,332,858
1,173,751
2,882,396
159
858,051
(7,299)
(1,886,710)
336,799,510
- 99 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(6) Changes in the loss allowance of loans are as follows (Unit: Korean Won in millions):
For the year ended December 31, 2022
Consumers
Corporates
Beginning balance
Transfer to 12-month expected credit
losses
Transfer to lifetime expected credit
losses
Transfer to credit-impaired financial
assets
Stage 1
(136,520)
Stage 2
Stage 1
(97,604) (206,617) (362,766) (576,740) (251,233)
Stage 3
Stage 2
Stage 3
(21,684)
21,210
474
(74,402)
68,546
5,856
10,211
(11,568)
1,357
18,678
(21,502)
2,824
3,960
8,975
(12,935)
2,217
12,769
(14,986)
Net reversal(provision) of allowance
for credit losses
Recovery
Charge-off
Disposal
Interest income from impaired loans
Others
Changes due to business combinations
Ending balance
(734)
-
-
-
-
(4,350)
1,241
(147,876)
(49,398) (156,286)
(70,077)
161,850
21,862
11,805
(948)
7,573
(22,646) (303,198) (107,038)
(55,743)
-
140,744
-
37,722
280
9,576
-
(97)
(479)
(9,090)
(14,503)
(128,089) (241,942) (453,621) (818,234) (241,465)
-
-
128
-
(84)
1,847
-
-
62
-
(495)
729
Credit card accounts
For the year ended December 31, 2022
Total
Beginning balance
Transfer to 12-month expected credit
losses
Transfer to lifetime expected credit
losses
Transfer to credit-impaired financial
assets
Net reversal(provision) of allowance
for credit losses
Recovery
Charge-off
Disposal
Interest income from impaired loans
Others
Changes due to business combinations
Ending balance
Stage 1
Stage 2
(68,814) (115,489)
Stage 3
(70,927) (568,100) (789,833) (528,777)
Stage 2
Stage 3
Stage 1
(31,360)
31,284
76 (127,446)
121,040
6,406
7,576
(7,694)
118
36,465
(40,764)
4,299
642
2,190
(2,832)
6,819
23,934
(30,753)
20,820
-
-
-
-
-
(3)
(71,139)
(38,105) (204,569)
(53,988)
220,280
7,896
-
-
-
(2,560) (390,701) (467,893)
- (179,808)
-
522,874
-
-
67,480
190
-
21,381
-
-
(1,045)
(579)
(4,829)
(1,517)
2,576
(13,265)
(127,814) (103,946) (672,636) (1,074,137) (587,353)
-
-
-
-
-
-
- 100 -
Credit
impairment
model
-
-
-
-
(27)
-
-
-
-
-
-
(27)
Credit
impairment
model
-
-
-
-
(27)
-
-
-
-
-
-
(27)
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
For the year ended December 31, 2021
Beginning balance
Transfer to 12-month expected credit losses
Transfer to lifetime expected credit losses
Transfer to credit-impaired financial assets
Net reversal(provision) of loss allowance
Recovery
Charge-off
Disposal
Interest income from impaired loans
Others
Ending balance
Stage 1
(121,527)
(23,328)
9,201
2,752
(4,456)
-
-
-
-
838
(136,520)
Stage 3
Corporates
Stage 2
19,736
(11,466)
9,918
Consumers
Stage 2
Stage 3
Stage 1
(84,463) (205,693) (327,460) (521,907) (388,744)
30,901
(80,803)
21,600
14,106
1,562
(20,303)
(91,981) (168,323)
49,562
(55,108)
-
233,507
-
64,078
-
12,672
-
18,487
(19,733)
(97,604) (206,617) (362,766) (576,740) (251,233)
3,592
2,265
(12,670)
(32,764) (130,424)
(75,058)
174,012
14,890
13,743
8,726
-
-
-
-
1,435
-
-
-
-
4,211
49,902
(35,706)
18,741
For the year ended December 31, 2021
Beginning balance
Transfer to 12-month expected credit losses
Transfer to lifetime expected credit losses
Transfer to credit-impaired financial assets
Net reversal(provision) of loss allowance
Recovery
Charge-off
Disposal
Interest income from impaired loans
Others
Ending balance
Stage 3
Total
Stage 2
26,581
(8,151)
925
Stage 1
(62,712)
(26,846)
7,497
356
12,894
-
-
-
-
(3)
Credit card accounts
Stage 2
Stage 3
Stage 1
(90,481) (105,537) (511,699) (696,851) (699,974)
34,758
96,219
265 (130,977)
24,519
(55,323)
30,804
654
4,670
(34,254)
29,584
(1,281)
58,000 (169,108) (444,083)
(44,363) (145,336)
- (195,786)
(65,620)
627,871
-
220,352
104,544
-
25,576
26,415
-
-
27,213
5,646
-
(70,927) (568,100) (789,833) (528,777)
-
-
-
-
-
(68,814) (115,489)
-
-
-
-
(18,898)
- 101 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(7) Changes in the gross carrying amount of loans are as follows (Unit: Korean Won in millions):
For the year ended December 31, 2022
Consumers
Corporates
Stage 1
Stage 2
135,139,685 13,500,783
Stage 3
Stage 1
499,969 170,795,255 8,458,279
Stage 2
Stage 3
541,732
4,651,157 (4,637,460)
(13,697)
1,784,684 (1,768,655)
(16,029)
(6,284,951) 6,303,526
(18,575) (3,773,713) 3,792,473
(18,760)
Credit
impairment
model
-
-
-
(157,808)
-
-
(2,082,449)
57,743
(102,097)
-
(259)
(1,046,885)
2,974
131,323,377 14,020,582
(123,225)
(242,421)
259,905
-
-
(161,850)
(391)
(57,052)
(48,472)
(873,200)
47,727 11,005,551
1,016
31,551
7,630
564,057 179,552,435 9,486,297
365,646
(140,744)
(134,732)
28,198
687
625,998
-
-
-
313,717
-
313,717
Credit card accounts
Total
For the year ended December 31, 2022
Stage 1
8,239,303 1,395,139
Stage 2
Stage 1
Stage 3
116,075 314,174,243 23,354,201
Stage 2
Stage 3
1,157,776
542,021
(541,913)
(108)
6,977,862 (6,948,028)
(29,834)
(403,398)
403,598
(200) (10,462,062) 10,499,597
(37,535)
(31,780)
-
-
769,314
-
9,115,460
(21,244)
-
-
(169,200)
-
1,066,380
(432,009)
-
(48,472)
53,024
(220,280)
(17,082)
247,981
-
(246,566)
-
(650)
9,697,416 (2,089,285)
3,990
89,294
179,410 319,996,272 24,573,259
678,575
(522,874)
(208,866)
323,906
8,317
1,369,465
Credit
impairment
model
-
-
-
-
-
-
313,717
-
313,717
Beginning balance
Transfer to 12-month expected credit
losses
Transfer to lifetime expected credit
losses
Transfer to credit-impaired financial
assets
Charge-off
Disposal
Net increase(decrease)
Changes due to business combinations
Ending balance
Beginning balance
Transfer to 12-month expected credit
losses
Transfer to lifetime expected credit
losses
Transfer to credit-impaired financial
assets
Charge-off
Disposal
Net increase(decrease)
Changes due to business combinations
Ending balance
For the year ended December 31, 2021
Stage 1
Consumers
Stage 2
Beginning balance
Transfer to 12-month expected credit losses
Transfer to lifetime expected credit losses
Transfer to credit-impaired financial assets
Charge-off
Disposal
Net increase (decrease)
Ending balance
(108,717)
125,990,038 12,016,711
(4,357,347)
4,377,247
(6,104,417) 6,127,477
(79,746)
-
-
-
-
(206,312)
10,985,534
135,139,685 13,500,783
Corporates
Stage 2
Stage 3
Stage 1
537,106 149,574,932 7,328,741
1,610,541 (1,575,157)
(19,900)
(3,627,800) 3,670,808
(23,060)
(244,236)
(132,986)
188,463
-
-
(174,012)
-
-
(48,795)
(833,127)
23,481,818
40,167
499,969 170,795,255 8,458,279
Stage 3
717,909
(35,384)
(43,008)
377,222
(233,507)
(187,571)
(53,929)
541,732
For the year ended December 31, 2021
Credit card accounts
Stage 2
Stage 1
Beginning balance
Transfer to 12-month expected credit losses
Transfer to lifetime expected credit losses
Transfer to credit-impaired financial assets
Charge-off
Disposal
Net increase (decrease)
Ending balance
7,278,975 1,078,220
(358,776)
359,101
514,369
(513,635)
(9,253)
(17,416)
-
-
-
-
1,132,278
170,579
8,239,303 1,395,139
- 102 -
Stage 1
Stage 3
180,074 282,843,945
(325)
6,346,889
(734) (10,245,852)
(370,369)
26,669
-
(220,352)
(56,520)
-
187,263 35,599,630
116,075 314,174,243
Total
Stage 2
Stage 3
20,423,672 1,435,089
(55,609)
(6,291,280)
(66,802)
10,312,654
592,354
(221,985)
(627,871)
-
(292,886)
-
173,501
(868,860)
23,354,201 1,157,776
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(8) Details of other financial assets are as follows (Unit: Korean Won in millions):
Cash Management Account asset (CMA asset)
Receivables
Accrued income
Telex and telephone subscription rights and refundable deposits
Domestic exchange settlement debit
Other assets (*)
Allowance for credit losses
Total
December 31, 2022
December 31, 2021
157,000
5,438,469
1,667,397
801,536
577,919
344,356
(139,180)
8,847,497
140,000
6,852,139
1,049,857
870,707
82,555
290,746
(66,781)
9,219,223
(*) The Group became aware of employee embezzlement incidents that occurred before the end of April 2022,
and the Financial Supervisory Service conducted on-site inspections from April 28 to May 30, 2022. An
accusation of embezzlement and provisional seizure of found property were made, and an investigation by an
investigative agency is currently underway. The related amount included in other assets amounted to 63,354
million Won, which was treated as a loss in its entirety because its recoverability was uncertain.
(9) Changes in the allowances for credit losses on other financial assets are as follows (Unit: Korean Won
in millions):
Beginning balance
Transfer to 12-month expected credit losses
Transfer to lifetime expected credit losses
Transfer to credit-impaired financial assets
Reversal (provision) of loss allowance
Charge-off
Disposal
Others
Ending balance
Beginning balance
Transfer to 12-month expected credit losses
Transfer to lifetime expected credit losses
Transfer to credit-impaired financial assets
Reversal (provision) of loss allowance
Charge-off
Disposal
Others
Ending balance
For the year ended December 31, 2022
Stage 1
Stage 2
Stage 3
(3,675)
(261)
209
981
(1,749)
-
-
317
(4,178)
(5,580)
246
(225)
1,134
(4,707)
-
-
(1)
(9,133)
(57,526)
15
16
(2,115)
(6,329)
2,223
751
(62,904)
(125,869)
For the year ended December 31, 2021
Stage 1
Stage 2
Stage 3
(3,666)
(228)
147
167
511
-
-
(606)
(3,675)
(5,450)
217
(174)
288
(464)
-
-
3
(5,580)
(74,179)
11
27
(455)
4,664
9,965
1,400
1,041
(57,526)
Total
(66,781)
-
-
-
(12,785)
2,223
751
(62,588)
(139,180)
Total
(83,295)
-
-
-
4,711
9,965
1,400
438
(66,781)
- 103 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(10) Changes in the gross carrying amount of other financial assets are as follows (Unit: Korean Won in
millions):
Beginning balance
Transfer to 12-month expected credit losses
Transfer to lifetime expected credit losses
Transfer to credit-impaired financial assets
Charge-off
Disposal
Net increase (decrease)
Changes due to business combinations
Ending balance
Beginning balance
Transfer to 12-month expected credit losses
Transfer to lifetime expected credit losses
Transfer to credit-impaired financial assets
Charge-off
Disposal
Net increase (decrease)
Ending balance
For the year ended December 31, 2022
Stage 1
9,004,539
9,765
(38,248)
(1,484)
-
(5)
(88,214)
368
8,886,721
Stage 2
106,597
Stage 3
174,868
(9,749)
38,265
(2,824)
-
-
(110,835)
-
21,454
(16)
(17)
4,308
24
(917)
(99,748)
-
78,502
For the year ended December 31, 2021
Stage 1
7,267,426
8,909
(27,369)
(1,877)
-
-
1,757,450
9,004,539
Stage 2
76,418
(8,894)
27,399
(1,638)
-
-
13,312
106,597
Stage 3
188,187
(15)
(30)
3,515
(9,965)
(1,716)
(5,108)
174,868
Total
9,286,004
-
-
-
24
(922)
(298,797)
368
8,986,677
Total
7,532,031
-
-
-
(9,965)
(1,716)
1,765,654
9,286,004
- 104 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
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.
- 105 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(2) Fair value hierarchy of financial assets and liabilities measured at fair value are as follows (Unit:
Korean Won in millions):
Financial assets:
Financial assets at FVTPL
Deposits
Debt securities
Equity securities
Capital contributions
Beneficiary certificates
Loans
Derivative assets
Other financial assets in foreign currency
Others
Sub-total
Financial assets at FVTOCI
Debt securities
Equity securities
Sub-total
Derivative assets (designated for hedging)
Total
Financial liabilities:
Financial liabilities at FVTPL
Deposits due to customers
Derivative liabilities
Securities sold
Sub-total
Derivative liabilities (designated for
hedging)
Total
Level 1 (*)
Level 2 (*)
Level 3
Total
December 31, 2022
34,995
2,580,563
76,007
-
45,394
-
69,316
-
34,299
2,840,574
9,895,456
382,257
10,277,713
-
13,118,287
-
1,654,591
25
-
2,398,592
794,723
8,042,895
-
-
12,890,826
22,250,302
-
22,250,302
37,786
35,178,914
-
1,078
307,851
1,976,474
1,458,776
104,505
93,970
41,679
144,840
4,129,173
34,995
4,236,232
383,883
1,976,474
3,902,762
899,228
8,206,181
41,679
179,139
19,860,573
-
557,065
557,065
-
4,686,238
32,145,758
939,322
33,085,080
37,786
52,983,439
35,161
11,700
12,113
58,974
-
8,883,976
-
8,883,976
-
9,449
-
9,449
35,161
8,905,125
12,113
8,952,399
-
58,974
202,911
9,086,887
-
9,449
202,911
9,155,310
(*) Among financial assets and financial liabilities measured at fair value, the amount transferred from Level 2 to
Level 1 is 2,835,187 million Won. The Group recognizes transfers among levels at the end of reporting period
in which events have occurred or conditions have changed. A change in the judgement of the active market
where the financial product was traded resulted the transfer between levels.
- 106 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
Financial assets:
Financial assets at FVTPL
Deposits
Debt securities
Equity securities
Capital contributions
Beneficiary certificates
Loans
Derivative assets
Others
Sub-total
Financial assets at FVTOCI
Debt securities
Equity securities
Sub-total
Derivative assets (Designated for hedging)
Total
Financial liabilities:
Financial liabilities at FVTPL
Deposits due to customers
Derivative liabilities
Securities sold
Sub-total
Derivative liabilities (Designated for
hedging)
Total
Level 1 (*)
Level 2 (*)
Level 3
Total
December 31, 2021
65,072
817,584
25,879
-
74,271
-
10,911
-
993,717
-
1,923,538
-
-
2,326,202
453,832
4,762,872
-
9,466,444
-
2,117
303,985
1,287,723
1,104,074
213,635
29,348
96,191
3,037,073
65,072
2,743,239
329,864
1,287,723
3,504,547
667,467
4,803,131
96,191
13,497,234
5,578,455
411,357
5,989,812
-
6,983,529
32,548,522
-
32,548,522 `
106,764
42,121,730
-
581,455
581,455
-
3,618,528
38,126,977
992,812
39,119,789
106,764
52,723,787
65,016
10,259
211,408
286,683
-
4,552,368
29,766
4,582,134
-
4,641
-
4,641
65,016
4,567,268
241,174
4,873,458
-
286,683
27,584
4,609,718
-
4,641
27,584
4,901,042
(*) 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.
- 107 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
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:
1) Valuation methods and input variables for each type of financial instrument classified into level 2 in
December 31, 2022 and 2021 are as follows:
Debt securities
Beneficiary certificates
Valuation methods
Fair value is measured by discounting the future cash
flows of debt securities applying the risk-free market
rate with credit spread.
The beneficiary certificates classified as Level 2 are
MMF and are measured at the standard price.
Input variables
Risk-free market rate and credit spread
Values of underlying assets such as
bond
Derivatives
Fair value is measured by models such as option
Discount rate, values of underlying
model (Closed form), DCF model, FDM and Monte
Carlo Simulation.
assets such as foreign exchange rate
and stock prices, volatility, risk-free
market rate, forward rate, etc.
Loans
The future cash flows of debt instruments are
Risk-free market rate and credit spread
measured at a discount by applying the market
interest rate applied to entities with similar
creditworthiness to the debtor.
2) Valuation methods and input variables for each type of financial instrument classified into level 3 in
December 31, 2022 and 2021 are as follows:
Loans
Fair value is calculated by using Binomial Tree, LSMC
Valuation methods
and Discounted Cash Flow Model which is a
valuation technique commonly used in the market
taking into account value of underlying assets,
volatility, discount rate.
Input variables
Value of underlying assets,
Volatility, Discount rate
Debt securities
Equity securities, capital
contributions and
Beneficiary certificates
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
debt securities issuers. Fair value is measured by
models such as LSMC(Least-Squares Monte Carlo),
Hull-white.
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, and Binomial Tree, Imputed Market
Value Model more than one method is used given the
characteristic of the subject of fair value
measurement.
Risk-free market rate, credit spread,
discount rate originated credit
grade, volatility of stock price,
volatility of interest rate
Risk-free market rate, market risk
premium, corporate Beta, discount
rate originated credit grade, stock
prices, volatility of underlying
asset, net asset value, volatility of
stock price, volatility of interest
rate, Capital increase amount,
Fluctuation rate of real estate sale
price, etc
Derivatives
Fair value is measured by models such as option model
Discount rate, values of underlying
(Closed form), DCF model, FDM and Monte Carlo
Simulation.
assets such as foreign exchange rate
and stock prices, volatility, 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 and least-
squares Monte Carlo simulation (LSMC), which are
commonly used valuation techniques in the market.
Stock prices, volatility of underlying
assets, etc.
- 108 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
Valuation methods of financial assets and liabilities measured at fair value and classified into Level 3 and
significant but unobservable inputs are as follows:
Fair value
measurement
technique
Binomial Tree
Significant
unobservable inputs
Range(%)
46.53%
Stock prices
Loans
Type
Impact of changes in significant
unobservable inputs on fair value
measurement
Variation of fair value increases as
volatility of underlying asset and
stock price increases.
DCF model
Discount rate
1.98%~2.18%
Fair value decreases as discount
Derivative assets Option
Equity related
Correlation coefficient
0.21~0.67
rate increases.
Variation of fair value increases as
correlation coefficient increases.
Derivative
liabilities
valuation
model and
others
Option
valuation
model and
others
Equity securities,
Binomial Tree
Equity related
capital
contributions,
and beneficiary
certificates
Correlation coefficient
Volatility of
underlying asset
0.21~0.67
Variation of fair value increases as
correlation coefficient increases.
11.74% ~ 97.16% Variation of fair value increases as
Stock prices, Volatility
of underlying asset
28.40%
volatility of underlying assets
increases.
Variation of fair value increases as
volatility of underlying asset and
stock price increases.
DCF model and others
Discount rate
0.00%~19.14%
Fair value increases as discount rate
Terminal growth rate
0.00%, 1.00%
Fair value increases as terminal
growth rate increases.
Liquidation value
0.00%
Fair value increases as liquidation
decreases.
Others
Binomial Tree
Stock prices, Volatility
of underlying asset
20.15%~36.19%
value increases.
Variation of fair value increases as
volatility of underlying asset and
stock price 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.
- 109 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(3) Changes in financial assets and liabilities measured at fair value classified into Level 3 are as follows
(Unit: Korean Won in millions):
Beginning
balance
Net income
(loss) (*1)
Other
comprehensive
income
Purchases/
issuances
Disposals /
settlements
Transfer to
or out of
Level 3 (*2)
Ending
balance
For the year ended December 31, 2022
Financial assets:
Financial assets at
FVTPL
Debt securities
Equity securities
Capital contributions
Beneficiary
certificates
Loans
Derivative assets
Other foreign
currency financial
assets
Others
Sub-total
Financial assets at
FVTOCI
Equity securities
Total
Financial liabilities:
Financial liabilities at
FVTPL
Derivative liabilities
Total
2,117
303,985
1,287,723
1,104,074
213,635
29,348
(40)
697
103,376
(2,922)
17,544
64,359
-
96,191
3,037,073
-
16,744
199,758
-
-
-
-
-
-
-
-
20,175
703,160
98,420
802,092
582
(999)
(16,974)
(117,785)
259,204
(928,766)
(319)
-
(32)
-
1,078
307,851
1,976,474
-
-
-
1,458,776
104,506
93,970
41,679
40,836
1,706,944
-
(8,931)
(814,570)
-
-
(32)
41,679
144,840
4,129,173
581,455
3,618,528
-
199,758
2,084
2,084
2,357
1,709,301
(28,831)
(843,401)
-
(32)
557,065
4,686,238
4,641
4,641
8,058
8,058
-
-
(351)
(351)
(2,899)
(2,899)
-
-
9,449
9,449
(*1) For financial liabilities, positive numbers represent losses that increase balance and negative numbers represent
gains that decrease balance. The gain amounting to 2,770 million Won for the year ended December 31, 2022,
which is from financial assets and liabilities that the Group holds as at the end of the year.
(*2) There were transfers between levels as the availability of observable market data for these financial instruments
changed. The Group recognizes transfers among levels at the end of reporting period in which events have
occurred or conditions have changed.
- 110 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
For the year ended December 31, 2021
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
Equity securities
Capital contributions
Beneficiary
certificates
Loans
Derivative assets
Others
Sub-total
Financial assets at
FVTOCI
Equity securities
Total
Financial liabilities:
Financial liabilities at
FVTPL
Derivative liabilities
Financial liabilities at
FVTPL designated
as upon initial
recognition
Equity-linked
securities
Total
4,618
450,371
865,685
1,917,811
209,062
7,872
84,979
3,540,398
(431)
(24,501)
82,596
10,347
16,975
22,256
12,245
119,487
-
-
-
-
-
-
-
-
1,000
33,570
575,643
86,224
761,045
5,058
14,982
1,477,522
(4,070)
(154,455)
(236,201)
(910,308)
(773,447)
-
(16,548)
(2,095,029)
1,000
(1,000)
-
-
-
(5,838)
533
(5,305)
2,117
303,985
1,287,723
1,104,074
213,635
29,348
96,191
3,037,073
570,715
4,111,113
-
119,487
11,362
11,362
645
1,478,167
(1,267)
(2,096,296)
-
(5,305)
581,455
3,618,528
20,136
4,926
-
(3,979)
(10,188)
(6,254)
4,641
19,630
39,766
(102)
4,824
-
-
-
(3,979)
(19,528)
(29,716)
-
(6,254)
-
4,641
(*1) For financial liabilities, positive numbers represent losses that increase balance and negative numbers represent
gains that decrease balance. The gain amounting to 2,634 million Won for the year ended December 31, 2021,
which is from financial assets and liabilities that the Group holds as at the end of the year.
(*2) There were transfers between levels as the availability of observable market data for these financial instruments
changed. The Group recognizes transfers among levels at the end of reporting period in which events have
occurred or conditions have changed.
- 111 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(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 4,695,688 million
won and 3,623,168 million won as of December 31, 2022 and 2021 respectively, equity instruments of
3,196,703 million won and 3,030,775 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 December 31, 2022 and 2021
is as follows (Unit: Korean Won in millions):
Financial assets:
Financial assets at FVTPL
Derivative assets (*1)
Loans (*2)
Debt securities
Equity securities (*2) (*3) (*4)
Beneficiary certificates (*4)
Others (*2)
Financial assets at FVTOCI
Equity securities (*3) (*4)
Total
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities (*1)
Total
December 31, 2022
Net income (loss)
Other comprehensive
income (loss)
Favorable
Unfavorable
Favorable
Unfavorable
2,453
203
1
10,146
737
2,860
-
-
16,400
(1,993)
(200)
-
(8,079)
(737)
(2,790)
-
-
(13,799)
-
-
-
-
-
-
-
24,370
24,370
-
-
-
-
-
-
-
(17,579)
(17,579)
41
41
(39)
(39)
-
-
-
-
(*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%~0.5%) and discount rate (-1~1%) or liquidation value (-1~1%). The growth rate, discount rate, and
liquidation value are major unobservable variables.
(*4) 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%.
- 112 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
Financial assets:
Financial assets at FVTPL
Derivative assets (*1)
Loans (*2)
Debt securities
Equity securities (*2) (*3) (*4)
Beneficiary certificates (*4)
Others (*2)
Financial assets at FVTOCI
Equity securities (*3) (*4)
Total
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities (*1)
Total
December 31, 2021
Net income (loss)
Other comprehensive
income (loss)
Favorable
Unfavorable
Favorable
Unfavorable
1,668
682
13
6,348
1,305
921
-
10,937
(1,191)
(671)
(12)
(5,331)
(1,171)
(876)
-
(9,252)
-
-
-
-
-
-
-
-
-
-
-
-
30,391
30,391
(23,865)
(23,865)
205
205
(264)
(264)
-
-
-
-
(*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%~0.5%) and discount rate (-1~1%) or liquidation value (-1~1%). The growth rate, discount rate, and
liquidation value are major unobservable variables.
(*4) 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%.
- 113 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(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):
Financial assets:
Securities at amortized cost
Loans and other financial assets at
amortized cost
Financial liabilities:
Deposits due to customers
Borrowings
Debentures
Other financial liabilities
Financial assets:
Securities at amortized cost
Loans and other financial assets at
amortized cost
Financial liabilities:
Deposits due to customers
Borrowings
Debentures
Other financial liabilities
December 31, 2022
Fair value
Level 1
Level 2
Level 3
Total
Carrying
amount
2,652,449
24,623,369
-
27,275,818
28,268,516
-
6,238,724 345,952,544 352,191,268
355,760,730
- 343,931,576
26,063,256
-
42,918,411
-
21,244,664
-
2,135,047
-
536,209
- 343,931,576
28,198,303
42,918,411
21,780,873
342,105,209
28,429,603
44,198,486
22,492,705
December 31, 2021
Fair value
Level 1
Level 2
Level 3
Total
Carrying
amount
2,122,401
14,921,119
-
17,043,520
17,086,274
-
3 346,871,245 346,871,248
348,885,617
- 318,070,829
23,393,520
-
44,500,963
-
23,154,733
-
1,270,305
-
379,534
- 318,070,829
24,663,825
44,500,963
23,534,267
317,899,871
24,755,459
44,653,864
23,827,821
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:
Securities at amortized cost
The fair value is measured by discounting the projected
Valuation methods
cash flows of debt securities by applying risk-free market
rate with credit spread.
Input variables
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 and
forward rate
- 114 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(6) Financial instruments by category
Carrying amounts of financial assets and liabilities by each category are as follows (Unit: Korean Won in
millions):
Financial assets
Deposits
Securities
Loans
Derivative assets
Other financial assets
Total
Financial liabilities
Deposits due to
customers
Borrowings
Debentures
Derivative liabilities
Other financial
liabilities
Total
Financial assets
Deposits
Securities
Loans
Derivative assets
Other financial assets
Total
Financial liabilities
Deposits due to
customers
Borrowings
Debentures
Derivative liabilities
Other financial
liabilities
Total
December 31, 2022
Financial asset
at FVTPL
Financial assets
at FVTOCI
34,995
10,676,985
899,228
8,206,181
43,184
19,860,573
-
33,085,080
-
-
-
33,085,080
Financial assets
at amortized cost
2,994,672
28,268,516
343,918,560
-
8,847,497
384,029,245
Derivatives
assets
(designated for
hedging)
-
-
-
37,786
-
37,786
Total
3,029,667
72,030,581
344,817,788
8,243,967
8,890,681
437,012,684
December 31, 2022
Financial
liabilities at
FVTPL
Financial
liabilities at
amortized cost
Derivatives
liabilities
(designated for
hedging)
35,161
12,113
-
8,905,125
-
8,952,399
342,105,209
28,429,603
44,198,486
-
22,492,707
437,226,005
-
-
-
202,911
-
202,911
December 31, 2021
Financial asset
at FVTPL
Financial assets
at FVTOCI
65,072
7,960,046
667,467
4,803,131
1,518
13,497,234
-
39,119,789
-
-
-
39,119,789
Financial assets
at amortized cost
2,866,884
17,086,274
336,799,510
-
9,219,223
365,971,891
December 31, 2021
Financial
liabilities at
FVTPL
Financial
liabilities at
amortized cost
Derivatives
liabilities
(designated for
hedging)
65,016
241,174
-
4,567,268
-
4,873,458
317,899,871
24,755,459
44,653,864
-
23,827,821
411,137,015
-
-
-
27,584
-
27,584
Total
342,140,370
28,441,716
44,198,486
9,108,036
22,492,707
446,381,315
Derivatives
assets
(designated for
hedging)
-
-
-
106,764
-
106,764
Total
317,964,887
24,996,633
44,653,864
4,594,852
23,827,821
416,038,057
- 115 -
Total
2,931,956
64,166,109
337,466,977
4,909,895
9,220,741
418,695,678
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(7)
Income or expense from financial instruments by category
Income or expense from financial assets and liabilities by each category during the years ended December
31, 2022 and 2021 are as follows (Unit: Korean Won in millions):
For the year ended December 31, 2022
Interest Income
(expense)
Fees and
Commissions
Income
(expense)
Reversal
(provision) of
credit loss
106,698
(134)
-
Gain or loss
on
transactions
and valuation
238,502
Dividends,
etc.
136,136
Total
481,202
632,615
1,606
827
(21,498)
23,846
637,396
515,246
-
(3,151)
-
-
512,095
13,399,990
600,902
(881,668)
74,204
- 13,193,428
(5,950,277)
2,094
-
-
- (5,948,183)
Financial assets at FVTPL
Financial assets at
FVTOCI
Securities at amortized
cost
Loans and other financial
assets at amortized cost
Financial liabilities at
amortized cost
Net derivatives
(designated for hedging)
Total
-
8,704,272
-
604,468
-
(883,992)
78,822
370,030
-
159,982
78,822
8,954,760
For the year ended December 31, 2021
Interest Income
(expense)
Fees and
Commissions
Income
(expense)
Reversal
(provision) of
credit loss
45,803
(156)
-
Gain or loss
on
transactions
and valuation
325,751
Dividends,
etc.
284,683
Total
656,081
381,814
1,343
(4,909)
32,624
24,528
435,400
324,920
-
(664)
-
-
324,256
9,142,212
494,296
(551,957)
107,317
-
9,191,868
(2,901,592)
2,205
-
-
- (2,899,387)
Financial assets at FVTPL
Financial assets at
FVTOCI
Securities at amortized
cost
Loans and other financial
assets at amortized cost
Financial liabilities at
amortized cost
Net derivatives
(designated for hedging)
Total
-
6,993,157
-
497,688
-
(557,530)
72,493
538,185
-
309,211
72,493
7,780,711
- 116 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
12. DERECOGNITION AND OFFSET OF FINANCIAL INSTRUMENTS
(1) Derecognition of financial instruments
Transferred financial assets that do not meet the condition of derecognition in their entirety.
1) Bonds sold under repurchase agreements
The financial instruments that were disposed but the Group agreed to repurchase at the fixed amounts at
the same time, so that they did not meet the conditions of derecognition, are as follows (Unit: Korean
Won in millions):
Assets transferred Financial assets at FVTPL
Financial assets at FVTOCI
Securities at amortized cost
Related liabilities
Total
Bonds sold under repurchase agreements
214,577
583,198
1,171,300
1,969,075
1,898,744
248,009
127,065
38,995
414,069
749,976
December 31,
2022
December 31,
2021
2) Securities loaned
When the Group loans its securities to outside parties, the legal ownerships of the securities are
transferred; however, they should be returned at the end of lending period. Therefore, the Group does
not derecognize them from the consolidated financial statements as it owns majority of risks and
benefits from the securities continuously, regardless of the transfer of legal ownership. The carrying
amount of the securities loaned are as follows (Unit: Korean Won in millions):
Financial assets
at FVTOCI
Korean treasury and
government bonds
December 31, 2022
December 31, 2021
Loaned to
Korea Securities
98,027
98,535
Finance Corporation
3) Liquidity of financial assets
As of December 31, 2022 and 2021, the consolidated structured companies issued asset-backed
securities with loans and corporate bonds held by the Group as liquid assets, and the Group bear related
risks through the purchase agreements or credit contributions. The transaction details of the transfer of
the financial instrument are as follows:
Assets transferred
Related liabilities
Financial assets at FVPL
Loans at amortized cost
Asset-backed borrowings
Asset-backed bonds
(*) The carrying amount is the amount before the allowance for bad debts.
December 31, 2022
Carrying amount (*)
December 31, 2021
Carrying amount (*)
151,930
4,682,882
2,424,080
978,274
49,808
4,640,182
231,800
1,209,364
On the other hand, the details of transferred financial assets that have not been removed, such as bonds
sold under the repurchase agreement and loan securities, are also described in Note 18. The Group does
not have financial instruments that are continuously involved.
- 117 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(2) The offset of financial assets and liabilities
The Group possesses both the uncollected domestic exchange receivables and the unpaid domestic exchange
payable, which satisfy offsetting criteria of K-IFRS 1032. Therefore, the total number of uncollected
domestic exchange receivables has been offset with a part of unpaid domestic exchange payables, and they
have been disclosed in loans at amortized cost and other financial assets and other financial liabilities of the
Group’s statements of financial position, respectively.
The Group possesses the derivative assets, derivative liabilities, receivable spot exchange and payable spot
exchange that do not satisfy the offsetting criteria of K-IFRS 1032, but provide the Group under the
circumstances of the trading party’s defaults, insolvency or bankruptcy, with the right of offsetting. Items
such as cash collateral cannot satisfy the offsetting criteria of K-IFRS 1032, but in accordance with the
collateral arrangements and under the circumstances of the trading party’s default, insolvency or bankruptcy,
the net amount of derivative assets and derivative liabilities, receivable spot exchange and payable spot
exchange can be offset.
The Group has entered into a resale and repurchase agreement and accounted it as a collateralized borrowing.
The Group has also entered into a resale and purchase agreement and accounted it as a secured loans. The
Group under the repurchase agreements has an offsetting right only upon the counterparty’s default,
insolvency or bankruptcy; thus, the repurchase agreements are applied by the TBMA/ISMA Global Master
Repurchase Agreement, which does not satisfy the offsetting criteria of K-IFRS 1032. The Group disclosed
bonds sold under repurchase agreements as borrowings and bonds purchased under resale agreements as loan
at amortized cost and other financial assets.
As of December 31, 2022 and 2021, the financial instruments to be offset and may be covered by master
netting agreements and similar agreements are as follows (Unit: Korean Won in millions):
December 31, 2022
Related amounts not
setoff in the
consolidated statement
of financial position
Cash
collateral
received
and others
Netting
agreements
and others
Net
amounts
9,175,416
748,981 1,616,779
Net
amounts of
consolidated
financial
assets
presented
7,032,465
4,508,711
6,793,938
6,793,938
-
-
Gross
amounts of
recognized
financial
assets
Gross
amounts of
recognized
financial
assets setoff
7,032,465
4,508,711
6,793,938
-
-
-
39,787,371 39,209,452
58,122,485 39,209,452
577,919
-
18,913,033 15,969,354
-
577,919
748,981 2,194,698
7,652,440
4,508,615
2,313,044
-
-
-
7,652,440
4,508,615
10,043,092
145,268
1,972,695
2,313,044
2,313,044
-
-
43,841,373
58,315,472
39,209,452
39,209,452
2,504,062
4,631,921
19,106,020 14,860,198
- 2,127,859
145,268 4,100,554
Financial assets:
Derivative assets (*1)
Receivable spot exchange (*2)
Bonds purchased under resale
agreements (*2)
Domestic exchange settlement
debits (*2) (*5)
Total
Financial liabilities:
Derivative liabilities (*1)
Payable spot exchange (*3)
Bonds sold under repurchase
agreements (*4)
Domestic exchange settlement
credits (*3) (*5)
Total
(*1) The items include derivative assets and liabilities held for trading and designated for hedging.
(*2) The items are included in loan at amortized cost and other financial assets.
(*3) The items are included in other financial liabilities.
(*4) The items are included in borrowings.
(*5) Certain financial assets and liabilities are presented as net amounts.
- 118 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
December 31, 2021
Gross
amounts of
recognized
financial
assets
Gross
amounts of
recognized
financial
assets setoff
Net
amounts of
consolidated
financial
assets
presented
Related amounts not
setoff in the
consolidated statement
of financial position
Cash
collateral
received
and others
Netting
agreements
and others
Net
amounts
4,172,737
5,915,304
-
-
4,172,737
5,915,304
8,260,784
552,071 1,275,186
10,332,858
-
10,332,858 10,332,858
-
-
42,358,138 42,275,583
62,779,037 42,275,583
82,555
-
20,503,454 18,593,642
-
82,555
552,071 1,357,741
3,708,263
5,916,800
749,976
-
-
-
3,708,263
5,916,800
8,755,492
114,716
754,855
749,976
749,976
-
-
48,982,056 42,275,583
3,401,251
59,357,095 42,275,583 17,081,512 12,906,719
6,706,473
- 3,305,222
114,716 4,060,077
Financial assets:
Derivative assets (*1)
Receivable spot exchange (*2)
Bonds purchased under resale
agreements (*2)
Domestic exchange settlement
debits (*2) (*5)
Total
Financial liabilities:
Derivative liabilities (*1)
Payable spot exchange (*3)
Bonds sold under repurchase
agreements (*4)
Domestic exchange settlement
credits (*3) (*5)
Total
(*1) The items include derivative assets and liabilities held for trading and designated for hedging.
(*2) The items are included in loan at amortized cost and other financial assets.
(*3) The items are included in other financial liabilities.
(*4) The items are included in borrowings.
(*5) Certain financial assets and liabilities are presented as net amounts.
- 119 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
13. INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
(1)
Investments in associates accounted for using the equity method of accounting are as follows:
Joint ventures and associates (*4)
Main business
Woori Bank
W Service Networks Co., Ltd.
(*1)
Korea Credit Bureau Co., Ltd.
Freight & staffing
services
(*2)
Credit information
Korea Finance Security Co., Ltd.
(*1)
Wongwang Co., Ltd. (*3)
Sejin Construction Co., Ltd. (*3)
ARES-TECH Co., Ltd. (*3)
Reading Doctors Co., Ltd.
(*3)(*11)
Cultizm Korea LTD Co., Ltd. (*3)
(*11)
NK Eng Co., Ltd. (*3)
Beomgyo.,Ltd. (*3)
Woori Growth Partnerships New
Technology Private Equity
Fund
2016KIF-IMM Woori Bank
Technology Venture Fund
K BANK Co., Ltd. (*2)
Woori Bank-Company K Korea
Movie Asset Fund (*9)
Partner One Value Up I Private
Equity Fund
IBK KIP Seongjang Dideemdol
Security service
Wholesale and real
estate
Construction
Electronic
component
manufacturing
Other services
Wholesale and
retail sales
Manufacturing
Telecommunication
equipment retail
sales
Other financial
services
Other financial
services
Finance
Other financial
services
Other financial
services
Percentage of ownership (%)
December 31,
2021
December 31,
2022
Location
Financial
statements as of
4.9
9.9
15.0
29.0
29.6
4.9 Korea
2022.11.30(*5)
9.9 Korea
2022.12.31
15.0 Korea
2022.11.30(*5)
29.0 Korea
29.6 Korea
-
-
-
-
-
-
-
23.4
23.4 Korea
-
35.4 Korea
-
23.1
31.3 Korea
23.1 Korea
23.1
23.1 Korea
23.1
20.0
12.6
25.0
23.3
23.1 Korea
2022.12.31
20.0 Korea
12.6 Korea
2022.12.31
2022.12.31
25.0 Korea
2022.12.31
23.3 Korea
2022.12.31
1st Private Investment Limited
Partnership
Other financial
services
20.0
20.0 Korea
2022.12.31
Crevisse Raim Impact 1st Startup
Venture Specialist Private
Equity Fund
LOTTE CARD Co., Ltd.
Other financial
services
Credit card and
installment
financing
Together-Korea Government
Private Pool Private Securities
Investment Trust No. 3
Other financial
services
Genesis Environmental Energy
Company 1st Private Equity
Fund(*8)
Union Technology Finance
Investment Association
Dicustody Co., Ltd.(*2)
Orient Shipyard Co., Ltd.(*3)
Joongang Network Solution
Co.,Ltd.(*3)
Trust and collective
investment
Trust and collective
investment
Other information
technology and
computer operation
related services
Manufacture of
sections for ships
Other information
technology and
computer operation
related services
- 120 -
25.0
25.0 Korea
2022.12.31
20.0
20.0 Korea
2022.9.30(*5)
100.0
100.0 Korea
2022.12.31
-
24.8 Korea
-
29.7
29.7 Korea
2022.12.31
1.0
22.7
1.0 Korea
2022.12.31
- Korea
2022.12.31
25.3
- Korea
-
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
Percentage of ownership (%)
December 31,
2021
December 31,
2022
Location
Financial
statements as of
Joint ventures and associates (*4)
BTS 2nd Private Equity Fund
STASSETS FUND III
Main business
Other financial
services
Other financial
services
Woori Bank (*6)
Japanese Hotel Real Estate Private
Equity Fund No.2
Woori Seoul Beltway Private
Special Asset Fund No.1
Woori Multi-Return Securities
Investment Trust 3 (Balanced
Bond) (*8)
Woori Short-term Bond Securities
Investment Trust(Bond)
ClassC-F
Woori Safe Plus General Type
Private Investment Trust S-
8(Bond)
Other financial
services
Trust and collective
investment
Collective
investment business
Collective
investment business
Collective
investment business
Woori Financial Capital Co., Ltd.
WOORI TAERIM 1st Fund
Portone-Cape Fund No.1
KIWOOM WOORI Financial 1st
Fund (*7)
DeepDive WOORI 2021-1
Financial Investment Fund (*7)
Darwin Green Packaging Private
Equity Fund
DS Power Semicon Private Equity
Fund
Koreawide partners 2nd Private
Equity Fund
Other financial
services
Other financial
services
Other financial
services
Other financial
services
Other financial
services
Other financial
services
Other financial
services
Woori Investment Bank Co., Ltd.
(*6)
Woori FirstValue Private Real
Estate Fund No.2
WooriG Real Infrastructure Blind
General Type Private
Placement Investment Trust
Real estate business
Investment trust
and discretionary
investment business
Woori Asset Management Co. Ltd.
Woori BIG2 Plus Securities
Investment Trust(Balanced
Bond)(*12)
Woori Together TDF 2025(*12)
Woori Together TDF 2030(*12)
Woori Star50 feeder fund(H)
(*12)
Woori Private Equity Asset
Management Co., Ltd.
Collective
investment business
Collective
investment business
Collective
investment business
Collective
investment business
Woori Hanhwa Eureka Private
Equity Fund (*10)
Aarden Woori Apparel 1st Private
Equity Fund (*2)
Other financial
services
Other financial
services
- 121 -
20.0
28.3
19.9
25.0
- Korea
2022.12.31
- Korea
2022.12.31
19.9 Korea
2022.12.31
25.0 Korea
2022.12.31
-
20.0 Korea
-
27.9
14.5 Korea
2022.12.31
9.2
- Korea
2022.12.31
25.6
20.0
9.1
11.9
20.4
21.0
26.7
25.6 Korea
2022.12.31
20.0 Korea
2022.12.31
9.1 Korea
2022.12.31
11.9 Korea
2022.12.31
20.4 Korea
2022.12.31
- Korea
2022.12.31
- Korea
2022.12.31
12.0
12.0 Korea
2022.12.31
0.1
0.3 Korea
2022.12.31
23.1
23.6
23.8
17.9
-
0.5
- Korea
2022.12.31
- Korea
2022.12.31
- Korea
2022.12.31
- Korea
2022.12.31
0.8 Korea
-
0.5 Korea
2022.12.31
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
Joint ventures and associates (*4)
Woori Dyno 1st Private Equity
Fund (*2)
Australia Green Energy 1st
PEF(*2)
Main business
Other financial
services
Other financial
services
Percentage of ownership (%)
December 31,
2021
December 31,
2022
Location
Financial
statements as of
19.6
4.0
- Korea
2022.12.31
- Korea
2022.12.31
Japanese Hotel Real Estate Private
Equity Fund 1
Godo Kaisha Oceanos 1
Woori G Japan Private Placement
Real Estate Master Investment
Trust No.2
Woori Zip 1
Woori Zip 2
Woori bank and Woori card Co., Ltd.
(*6)
Dongwoo C & C Co., Ltd. (*3)
SJCO Co., Ltd. (*3)
G2 Collection Co., Ltd. (*3)
The Base Enterprise Co., Ltd. (*3)
(*11)
Kyesan Engineering Co., Ltd. (*3)
Good Software Lap Co., Ltd. (*3)
QTS Shipping Co., Ltd. (*3)(*11)
DAEA SNC Co., Ltd. (*3)
Force TEC Co., Ltd.
PREXCO Co., Ltd. (*3)
JiWon Plating Co., Ltd. (*3)
Youngdong Sea Food Co., Ltd.
(*3)
KUM HWA Co., Ltd.
Jinmyung Plus Co., Ltd.
Woori bank and Woori Financial
Capital Co., Ltd. (*6)
JC Assurance No.2 Private Equity
Fund
Dream Company Growth no.1
PEF
HMS-Oriens 1st Fund
Other financial
services
Other financial
services
Other financial
services
Construction
Aggregate
transportation and
wholesale
Wholesale and
retail sales
Manufacturing
Construction
Service
Complex
transportation
brokerage
Wholesale and
retail sales
Manufacturing
Manufacturing
Plating
Processed sea food
manufacturing
Telecommunication
equipment retail
sales
Manufacturing
Other financial
services
Other financial
services
Other financial
services
Woori G Senior Loan Private
Placement Investment Trust
No.1
Genesis Eco No.1 Private Equity
Fund
Paratus Woori Material
Component Equipment joint
venture company
Collective
investment business
Other financial
services
Other financial
services
- 122 -
47.8
47.8
Japan
2022.10.31(*5)
64.0
64.0
63.9
Japan
2022.9.30(*5)
63.8
Japan
2022.9.30(*5)
24.5
24.5 Korea
29.8
29.2
-
23.3
29.4
29.7 Korea
29.2 Korea
48.4 Korea
23.3 Korea
29.4 Korea
-
49.8 Korea
-
-
-
-
-
-
-
25.5
24.5
28.1
20.8
24.5
20.1
21.3
23.5
27.8
22.8
21.7
29.0
25.5 Korea
24.5 Korea
28.1 Korea
20.8 Korea
-
2022.9.30(*5)
-
-
24.5 Korea
-
20.1 Korea
2022.09.30(*5)
21.3 Korea
2022.09.30(*5)
24.4 Korea
2022.09.30(*5)
27.8 Korea
2022.12.31
22.8 Korea
2022.12.31
21.7 Korea
2022.12.31
29.0 Korea
2022.12.31
29.9
29.9 Korea
2022.12.31
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
Joint ventures and associates (*4)
Midas No. 8 Private Equity Joint
Venture Company
Orchestra Private Equity Fund IV
Synaptic Green No.1 PEF
IGEN2022No. 1 Private Equity
Fund
Main business
Other financial
services
Other financial
services
Other financial
services
Other financial
services
Percentage of ownership (%)
December 31,
2021
December 31,
2022
Location
Financial
statements as of
28.5
28.2
21.1
24.8
28.5 Korea
2022.12.31
- Korea
2022.12.31
- Korea
2022.12.31
- Korea
2022.12.31
Woori Bank and Woori Investment
Bank Co., Ltd. (*6)
PCC-Woori LP Secondary Fund
Other financial
services
38.8
38.8 Korea
2022.12.31
Woori bank and Woori Asset
Management Co., Ltd. (*6)
Woori High Plus Short-term High
Graded ESG Bond Sec Feeder
Inv Trust 1(*10)
Collective
investment business
-
27.5 Korea
-
Woori Bank and Woori Private
Equity Asset Management Co., Ltd.
(*6)
Woori-Q Corporate Restructuring
Private Equity Fund
Woori Bank, Woori Financial Capital
Co., Ltd., Woori Investment Bank
Co., Ltd. and Woori Private Equity
Asset Management Co., Ltd. (*6)
Woori-Shinyoung Growth-Cap
Private Equity Fund I
Other financial
services
35.6
38.1 Korea
2022.12.31
Other financial
services
35.0
35.0 Korea
2022.12.31
(*1) Most of the significant business transactions of associates are with the Group as of December 31, 2022 and
2021.
(*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 December 31, 2022 and 2021.
(*4) Woori G Oncorp Corporate support of Major Industry General Type Private Placement Investment Trust
(Type 2) and other 13 joint ventures and associates can exercise significant influence but was classified as an
item measured at fair value through profit or loss.
(*5) 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.
(*6) Two or more subsidiaries may invest or operate to exert significant influence on the decision-making process
for activities related to the investee.
(*7) The Group can participate as a co-operator to exert significant influence.
(*8) It was excluded due to liquidation.
(*9) It was dissoluted and will be liquidated.
(*10) It was excluded from associates during the period.
(*11) It was excluded as Woori Bank sold its shares during the period.
(*12) It was reclassified to associate from subsidiary resulted from the loss of control along with the changes in
percentage of ownership.
- 123 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(2) Changes in the carrying value of investments in associates accounted for using the equity method of
accounting are as follows (Unit: Korean Won in millions):
For the year ended December 31, 2022
W Service Networks Co., Ltd.
Korea Credit Bureau Co., Ltd.
Korea Finance Security Co.,
Ltd.
Woori Growth Partnerships
New Technology Private
Equity Fund
2016KIF-IMM Woori Bank
Technology Venture Fund
K BANK Co., Ltd.
Woori Bank-Company K
Korea Movie Asset Fund
Partner One Value Up I
Private Equity Fund
IBK KIP Seongjang
Dideemdol 1st Private
Investment Limited
Partnership
Crevisse Raim Impact 1st
Startup Venture Specialist
Private Equity Fund
LOTTE CARD Co.,Ltd.
Together-Korea Government
Private Pool Private
Securities Investment Trust
No. 3
Genesis Environmental
Energy Company 1st Private
Equity Fund
Union Technology Finance
Investment Association
Dicustody Co., Ltd.
Orient Shipyard Co., Ltd.
BTS 2nd Private Equity Fund
STASSETS FUND III
Japanese Hotel Real Estate
Private Equity Fund No.2
Woori Seoul Beltway Private
Special Asset Fund No.1
Woori Multi-Return Securities
Investment Trust 3 (Balanced
Bond)
Woori Short-term Bond
Securities Investment
Trust(Bond) ClassC-F
Woori Safe Plus General Type
Private Investment Trust S-
8(Bond)
WOORI TAERIM 1st Fund
Portone-Cape Fund No.1
KIWOOM WOORI Financial
1st Investment Fund
DeepDive WOORI 2021-1
Financial Investment Fund
Darwin Green Packaging
Private Equity Fund
DS Power Semicon Private
Equity Fund
Acquisition
cost
January 1,
2022
108
3,313
183
9,423
Share of
profits(losses)
and others
Acquisition
-
-
29
(3,714)
3,267
3,101
(727)
12,942
12,448
490
7,594
12,630
236,232 239,493
(1,619)
11,854
-
345
71
5,039
6,576
(2,298)
-
-
-
-
-
-
Disposal/
Reclassification Dividends
(4)
-
-
-
-
(2,049)
-
-
Change in
capital
-
-
-
December
31, 2022
208
5,709
2,374
-
10,889
(801)
-
(736)
-
-
9,474
(3,558) 247,789
-
-
(177)
-
-
-
239
4,278
7,556
11,153
1,312
-
(2,180)
-
-
10,285
4,355
4,254
346,810 458,295
1
58,400
100
-
-
-
-
(12,960)
-
4,355
10,396 514,131
10,000
10,070
173
-
4,126
(41)
-
-
14,637
1
-
3,026
1,500
12,388
1
-
-
-
187
-
-
(145)
(270)
2,250
-
-
3,026
1,500
3,174
3,196
194
-
9,791
7,551
246
2,312
-
-
-
10,243
(3,738)
(347)
-
-
-
-
-
-
-
14,462
1
-
2,881
1,230
-
-
-
-
-
(299)
(236)
2,855
(235)
-
9,874
(363)
-
-
-
-
-
-
-
10,023
-
-
(9,950)
(73)
-
-
110,000 151,822
2,312
50,000
(90,137)
(1,972)
- 112,025
10,000
1,100
340
-
991
489
1,000
973
900
993
4,000
3,957
230
(3)
(25)
(20)
(12)
388
10,000
-
-
-
-
-
3,000
-
245
3,000
-
-
-
-
(48)
-
-
-
(100)
(3)
-
-
(400)
(269)
-
-
-
-
-
-
-
10,182
988
464
953
878
3,945
2,976
- 124 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
For the year ended December 31, 2022
Acquisition
cost
January 1,
2022
Share of
profits(losses)
and others
Disposal/
Acquisition
Reclassification Dividends
Change in
capital
December
31, 2022
Koreawide partners 2nd
Private Equity Fund
Woori FirstValue Private Real
20,000
-
-
20,000
Estate Fund No.2
9,000
763
(6)
WooriG Real Infrastructure
Blind General Type Private
Placement Investment Trust
Woori BIG2 Plus Securities
Investment Trust(Balanced
Bond)
Woori Together TDF 2025
Woori Together TDF 2030
WOORI Star50 feeder
fund(H)
Woori Hanhwa Eureka Private
Equity Fund
Aarden Woori Apparel 1st
Private Equity Fund
Woori Dyno 1st Private
Equity Fund
Australia Green Energy 1st
PEF
Godo Kaisha Oceanos 1
Woori Zip 1
Woori Zip 2
Force TEC Co., Ltd. (*)
KUM HWA Co., Ltd. (*)
Jinmyung Plus Co., Ltd.
JC Assurance No.2 Private
Equity Fund
Dream Company Growth no.1
PEF
HMS-Oriens 1st Fund
WooriG Senior Loan General
Type Private Investment
Trust No.1
Genesis Eco No.1 Private
Equity Fund
Paratus Woori Material
Component Equipment joint
venture company
Midas No. 8 Private Equity
Joint Venture Company
Orchestra Private Equity Fund
IV
Synaptic Green No.1 PEF
IGEN2022No. 1 Private
Equity Fund
PCC-Woori LP Secondary
Fund
Woori High Plus Short-term
High Graded ESG Bond Sec
Feeder Inv Trust 1
Woori-Q Corporate
Restructuring Private Equity
Fund
Woori-Shinyoung Growth-
Cap Private Equity Fund I
100
100
2
1,200
2,000
2,000
200
-
-
-
-
-
327
100
2,000
4,913
10,800
9,254
12,928
-
-
-
99
-
-
9,905
10,496
14,732
-
-
-
(161)
(202)
(214)
(5)
(48)
(2)
(55)
84
(138)
(127)
56
-
10
29,349
17,728
(17,728)
7,412
12,000
7,914
12,007
418
1,245
-
-
-
-
-
-
-
-
4,913
-
-
-
-
-
-
-
-
-
(6)
2,000
-
(199)
-
1,235
2,192
2,247
131
-
-
-
-
-
-
-
(164)
(115)
-
-
-
-
-
-
(873)
(1,309)
-
-
-
-
-
-
-
(1,049)
-
-
-
-
-
-
(471)
-
-
20,000
-
558
-
102
-
-
-
-
-
-
-
-
(152)
(795)
(1,116)
(56)
-
-
-
-
-
1,074
1,990
2,033
126
-
97
1,994
4,858
8,788
8,690
12,180
-
-
10
-
7,861
13,252
80,268
88,029
3,788
14,073
(20,322)
(3,707)
-
81,861
12,000
11,120
(99)
195
17,700
17,493
(243)
18,735
18,968
275
-
-
-
-
-
9,878
8,000
7,822
-
-
-
197
(207)
10,000
8,000
(122)
-
650
8,000
(475)
(165)
-
-
(530)
(377)
-
-
11,216
-
17,250
-
18,713
-
-
-
9,698
7,793
8,010
10,440
12,350
674
3,440
(3,480)
-
-
12,984
-
73,787
-
-
(73,598)
(189)
-
-
27,063
46,155
(288)
536
(18,867)
-
-
27,536
17,018
28,713
1,131,865 1,335,167
14,561
69,689
-
143,345
-
(222,922)
-
(24,126)
-
43,274
4,483 1,305,636
- 125 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(*) As a result of discontinuation of the equity method, related companies’ losses amount not recognized is 665 million
Won for Force TEC Co., Ltd. 3,743 million Won for Orient Shipyard Co., Ltd. and 0.2 million Won for KUM HWA
Co., Ltd. and cumulated amount is 1,462 million Won for Force TEC Co., Ltd. 3,743 million Won for Orient
Shipyard Co., Ltd. and 2 million Won for KUM HWA Co., Ltd.
For the year ended December 31, 2021
W Service Networks Co., Ltd.
Korea Credit Bureau Co., Ltd.
Korea Finance Security Co.,
Ltd.
Woori Growth Partnerships
New Technology Private
Equity Fund
2016KIF-IMM Woori Bank
Technology Venture Fund
K BANK Co., Ltd. (*1)
Smart Private Equity Fund
No.2
Woori Bank-Company K
Korea Movie Asset Fund
Partner One Value Up I
Private Equity Fund
IBK KIP Seongjang
Dideemdol 1st Private
Investment Limited
Partnership
Crevisse Raim Impact 1st
Startup Venture Specialist
Private Equity Fund
LOTTE CARD Co.,Ltd.
Together-Korea Government
Private Pool Private
Securities Investment Trust
No. 3
Genesis Environmental
Energy Company 1st Private
Equity Fund
Union Technology Finance
Investment Association
Dicustody Co., Ltd.
Japanese Hotel Real Estate
Private Equity Fund No.2
Woori G Clean Energy No.1
Woori Goseong Power EBL
Private Special Asset Fund
Woori Seoul Beltway Private
Special Asset Fund No.1
Woori Corporate Private
Securities Fund 1 (Bond)
Woori G Star Private
Placement Investment Trust
No.33 [FI]
Woori Multi-Return Securities
Investment Trust 3
(Balanced Bond)
Woori Short-term Bond
Securities Investment
Trust(Bond) ClassC-F
WOORI TAERIM 1st Fund
Portone-Cape Fund No.1
KIWOOM WOORI Financial
1st Investment Fund
Acquisition
cost
January 1,
2021
108
3,313
191
8,125
Share of
profits(losses)
and others
Acquisition
-
-
(4)
1,388
3,267
3,066
35
14,991
15,032
(637)
8,396
13,238
236,232 174,097
3,520
67,553
-
-
1,481
(797)
2,788
137
5,039
9,816
2,521
-
-
-
-
-
-
-
Disposal/
Reclassification Dividends
(4)
-
(90)
-
-
(1,947)
-
-
Change in
capital
-
-
-
December
31, 2021
183
9,423
3,101
-
12,448
(3,497)
-
(631)
-
-
12,630
(2,157) 239,493
(684)
-
(2,100)
(480)
(4,961)
(800)
-
-
-
-
345
6,576
9,736
9,756
1,417
5,040
(5,060)
-
-
11,153
4,255
4,129
346,810 422,832
-
39,301
125
-
-
-
-
(10,374)
-
4,254
6,536 458,295
10,000
10,023
47
3,738
3,979
147
12,750
1
4,485
-
3,291
-
3,234
1,024
-
15,118
(347)
-
237
-
227
-
-
8,250
1
-
1,462
-
-
-
-
-
-
-
-
-
10,070
-
-
-
4,126
12,388
1
-
(2,338)
(201)
(148)
(74)
-
3,196
-
-
(15,118)
(370)
143
-
7,513
5,613
124
1,935
-
(121)
-
-
10,000
-
-
-
-
10,000
(10,000)
-
20,000
(20,000)
23
10,000
-
150,000
1,100
340
-
283
960
1,822
708
189
150,000
-
-
1,000
994
(21)
-
-
-
(660)
-
-
-
-
-
-
-
-
-
-
-
7,551
-
-
-
10,023
- 151,822
991
-
489
-
-
973
- 126 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
DeepDive WOORI 2021-1
Financial Investment Fund
Darwin Green Packaging
Private Equity Fund
Woori FirstValue Private Real
Estate Fund No.2
WooriG Real Infrastructure
Blind General Type Private
Placement Investment Trust
Woori High plus G.B.
Securities Feeder
Fund1(G.B.)
Woori Star50 Master Fund
ClassC-F
Woori Hanhwa Eureka Private
Equity Fund
Aarden Woori Apparel 1st
Private Equity Fund
Godo Kaisha Oceanos 1
Woori Zip 1
Woori Zip 2
Force TEC Co., Ltd. (*2)
KUM HWA Co., Ltd. (*2)
Jinmyung Plus Co., Ltd.
JC Assurance No.2 Private
Equity Fund
Dream Company Growth no.1
PEF
HMS-Oriens 1st Fund
WooriG Senior Loan General
Type Private Investment
Trust No.1
Genesis Eco No.1 Private
Equity Fund
Paratus Woori Material
Component Equipment joint
venture company
Midas No. 8 Private Equity
Joint Venture Company
PCC-Woori LP Secondary
For the year ended December 31, 2021
Acquisition
cost
January 1,
2021
Share of
profits(losses)
and others
Disposal/
Acquisition
Reclassification Dividends
Change in
capital
December
31, 2021
1,000
4,000
-
-
(7)
1,000
(43)
4,000
9,000
2,130
(637)
-
100
-
-
-
6,076
184
164
403
100
10,800
10,143
14,254
-
-
-
-
10,193
-
-
393
-
-
-
-
(4)
138
(1)
127
(26)
(50)
(393)
-
-
100
-
-
-
100
-
16,380
22,883
-
-
-
29,349
29,050
(11,621)
299
7,706
12,000
7,705
12,000
680
7
-
-
-
-
-
-
(6,076)
(180)
(214)
-
-
(6,237)
(8,628)
-
-
-
-
-
-
-
-
(730)
-
-
-
-
-
(370)
-
-
-
-
-
-
-
-
993
3,957
763
-
100
-
-
-
-
(45)
379
527
-
-
-
-
-
327
99
9,905
10,496
14,732
-
-
-
-
-
17,728
(471)
-
-
-
7,914
12,007
87,382
52,045
2,959
38,757
(3,060)
(2,672)
-
88,029
11,805
17,700
19,000
-
-
-
(685)
11,805
(207)
17,700
(32)
19,000
-
-
-
-
-
-
-
-
-
11,120
-
17,493
-
18,968
-
12,350
Fund
10,100
8,128
1,697
2,525
Woori High Plus Short-term
High Graded ESG Bond Sec
Feeder Inv Trust 1
Woori-Q Corporate
Restructuring Private Equity
Fund
Woori-Shinyoung Growth-
Cap Private Equity Fund I
70,988
93,474
921
20,765
(38,870)
(2,503)
-
73,787
45,394
22,904
1,002
25,246
(2,997)
-
-
46,155
17,218
38,342
1,210,083 993,291
20,813
132,228
12,799
400,172
(32,415)
(165,042)
(10,826)
(30,791)
-
28,713
5,309 1,335,167
(*1) Included 70,120 million won of deemed gain on disposal in accordance with the decrease in percentage of ownership
from disproportionate contribution for the year ended December 31, 2021.
(*2) As a result of discontinuation of the equity method, related companies’ losses amount not recognized is 797 million
Won for Force TEC Co., Ltd. and 2 million won for KUM HWA Co., Ltd.
- 127 -
Total
comprehensive
income(loss)
1,215
13,809
(3,856)
2,185
(7,839)
58,903
324
(9,831)
7,288
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(3) Summary financial information relating to investments in associates accounted for using the equity
method of accounting is as follows (Unit: Korean Won in millions):
Assets
Liabilities
December 31, 2022
Operating
revenue
Net
income
(loss)
Other
comprehensive
income(loss)
W Service Networks Co., Ltd.
Korea Credit Bureau Co., Ltd.
Korea Finance Security Co., Ltd.
Woori Growth Partnerships New Technology
7,052
155,165
28,792
2,825
100,065
12,964
19,697
144,907
47,043
1,215
13,809
(3,856)
Private Equity Fund
47,394
208
2,978
2,185
-
-
-
-
2016KIF-IMM Woori Bank Technology
Venture Fund
K BANK Co., Ltd.
Woori Bank-Company K Korea Movie Asset
Fund (*1)
Partner One Value Up I Private Equity Fund
IBK KIP Seongjang Dideemdol 1st Private
Investment Limited Partnership
Crevisse Raim Impact 1st Startup Venture
Specialist Private Equity Fund
LOTTE CARD Co., Ltd. (*2)
Together-Korea Government Private Pool
47,979
609
16,694,289 14,896,426
665
491,880
(7,839)
91,059
-
(32,156)
989
18,395
33
-
462
(9,431)
324
(9,831)
51,804
385
8,092
7,288
-
-
-
15,811
1
19,983,059 17,179,093 1,925,577
95
(383)
268,096
-
43,162
(383)
311,258
Private Securities Investment Trust No. 3
10,246
1
218
170
Union Technology Finance Investment
Association
Dicustody Co., Ltd.
Orient Shipyard Co., Ltd.
BTS 2nd Private Equity Fund
STASSETS FUND III
Japanese Hotel Real Estate Private Equity
Fund 2
Woori Seoul Beltway Private Special Asset
Fund No.1
Woori Short-term Bond Securities Investment
48,991
95
10,832
15,012
4,660
299
-
27,225
608
313
2,300
-
-
1
37
632
(3)
(16,467)
(725)
(953)
14,387
13
1,050
39,497
2
1,028
968
984
Trust(Bond) ClassC-F
468,357
67,022
14,189
11,804
Woori Safe Plus General Type Private
Investment Trust S-8(Bond)
WOORI TAERIM 1st Fund
Portone-Cape Fund No.1
KIWOOM WOORI Financial 1st Investment
115,781
4,047
2,344
4,508
185
26
1,899
-
-
1,763
(13)
(129)
Fund
10,597
111
1
(222)
DeepDive WOORI 2021-1 Financial
Investment Fund
Darwin Green Packaging Private Equity Fund
DS Power Semicon Private Equity Fund
Koreawide partners 2nd Private Equity Fund
Woori FirstValue Private Real Estate Fund
No.2
WooriG Real Infrastructure Blind General
7,412
19,332
14,230
77,039
37
-
44
2,038
57
2,215
1,185
3,020
(103)
1,904
937
1
67,005
62,357
3
(54)
Type Private Placement Investment Trust
73,064
56
3,140
2,874
Woori BIG2 Plus Securities Investment
Trust(Balanced Bond)
Woori Together TDF 2025
Woori Together TDF 2030
WOORI Star50 feeder fund(H)
Aarden Woori Apparel 1st Private Equity
Fund
Woori Dyno 1st Private Equity Fund
Australia Green Energy 1st PEF
Godo Kaisha Oceanos 1
Woori Zip 1
Woori Zip 2
4,667
8,513
8,615
709
20,750
10,212
122,634
63,741
48,309
68,388
12
16
-
-
89
43
14
45,358
34,346
48,927
- 128 -
389
1,287
1,352
48
8
200
30
2,942
2,085
3,069
(636)
(1,018)
(1,108)
(480)
(325)
(31)
(1,380)
176
(215)
(198)
-
-
-
-
-
-
(1,186)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
170
632
(3)
(16,467)
(725)
(953)
(218)
984
11,804
1,763
(13)
(129)
(222)
(103)
1,904
937
1
(54)
2,874
(636)
(1,018)
(1,108)
(480)
(325)
(31)
(1,380)
176
(215)
(198)
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
Assets
Liabilities
Force TEC Co., Ltd.
KUM HWA Co., Ltd.
Jinmyung Plus Co.,Ltd.
JC Assurance No.2 Private Equity Fund
Dream Company Growth no.1 PEF
HMS-Oriens 1st Fund
Woori G Senior Loan Private Placement
Investment Trust No.1
Genesis Eco No.1 Private Equity Fund
Paratus Woori Material Component
Equipment joint venture company
Midas No. 8 Private Equity Joint Venture
Company
Orchestra Private Equity Fund IV
Synaptic Green No.1 PEF
IGEN2022No. 1 Private Equity Fund
PCC-Woori LP Secondary Fund
Woori-Q Corporate Restructuring Private
Equity Fund
Woori-Shinyoung Growth-Cap Private Equity
10,489
4
696
122,015
28,351
58,095
378,145
38,700
58,311
65,936
34,427
37,017
32,362
33,591
December 31, 2022
Operating
revenue
25,182
-
177
-
1,695
3,829
Net
income
(loss)
(2,664)
(8)
(9)
(929)
1,506
3,279
24,804
159
649
3
50
6
23
5
18,584
48
17,496
(593)
617
242
-
-
122
168
7
(812)
1,928
1,580
4
3,166
6,127
977
878
(983)
2,616
1,152
Other
comprehensive
income(loss)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total
comprehensive
income(loss)
(2,664)
(8)
(9)
(929)
1,506
3,279
17,496
(593)
(812)
977
878
(983)
2,616
1,152
(4,696)
40,544
Fund I
123,824
312
41,780
40,544
75,973
418
3,019
(4,696)
(*1) It was dissoluted for the year ended December 31,2021 and will be liquidated.
(*2) 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.
- 129 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
Assets
Liabilities
December 31, 2021
Operating
revenue
Net
income
(loss)
Other
comprehensive
income(loss)
W Service Networks Co., Ltd.
Korea Credit Bureau Co., Ltd.
Korea Finance Security Co., Ltd.
Woori Growth Partnerships New Technology
6,208
113,859
34,957
2,504
21,284
14,286
17,019
127,751
57,462
840
20,486
249
Private Equity Fund
54,173
231
3,807
(2,228)
-
-
-
-
63,983
837
14,021,789 12,291,131
23,010
250,502
21,119
19,348
-
(32,072)
1,383
28,273
2
-
1,075
11,972
543
10,914
56,363
597
11,422
10,077
-
-
-
15,799
-
15,980,312 13,460,156 1,499,867
5
(332)
184,919
-
25,612
(332)
210,531
10,073
1
41
37
20,610
3,941
11,347
694
41,996
98
290
-
13
-
(1,168)
(2)
-
-
-
-
Fund 2
16,104
14
911
1,196
(373)
2016KIF-IMM Woori Bank Technology
Venture Fund
K BANK Co., Ltd.
Woori Bank-Company K Korea Movie Asset
Fund
Partner One Value Up I Private Equity Fund
IBK KIP Seongjang Dideemdol 1st Private
Investment Limited Partnership
Crevisse Raim Impact 1st Startup Venture
Specialist Private Equity Fund
LOTTE CARD Co.,Ltd (*)
Together-Korea Government Private Pool
Private Securities Investment Trust No. 3
Genesis Environmental Energy Company 1st
Private Equity Fund
Union Technology Finance Investment
Association
Dicustody Co., Ltd.
Japanese Hotel Real Estate Private Equity
Woori Seoul Beltway Private Special Asset
Fund No.1
Woori Multi-Return Securities Investment
Trust 3 (Balanced Bond)
Woori Short-term Bond Securities Investment
Trust(Bond) ClassC-F
WOORI TAERIM 1st Fund
Portone-Cape Fund No.1
KIWOOM WOORI Financial 1st Investment
Fund
DeepDive WOORI 2021-1 Financial
Investment Fund
Darwin Green Packaging Private Equity Fund
Woori FirstValue Private Real Estate Fund
No.2
WooriG Real Infrastructure Blind General
Type Private Placement Investment Trust
Woori Hanhwa Eureka Private Equity Fund
Aarden Woori Apparel 1st Private Equity
Fund
Godo Kaisha Oceanos 1
Woori Zip 1
Woori Zip 2
Force TEC Co., Ltd.
KUM HWA Co., Ltd.
Jinmyung Plus Co.,Ltd.
JC Assurance No.2 Private Equity Fund
Dream Company Growth no.1 PEF
HMS-Oriens 1st Fund
Woori G Senior Loan Private Placement
Investment Trust No.1
Genesis Eco No.1 Private Equity Fund
Paratus Woori Material Component
Equipment joint venture company
Midas No. 8 Private Equity Joint Venture
Company
30,206
1
536
500
101,644
51,530
5
2
1,209,228
4,047
2,447
158,524
172
-
89
-
1,050
10,818
111
8,340
19,387
-
-
69,672
63,309
1
-
-
-
79
2,770
947
(221)
(60)
(213)
(5,303)
35,796
40,817
21,075
66,087
52,259
74,033
11,904
20
568
118,397
28,533
52,659
406,634
38,369
58,507
1
133
(34)
20,193
(35)
19,821
89
45,367
35,833
50,951
23,508
176
445
-
44
28
25
4
-
-
3,141
1,106
1,536
20,941
58
209
-
-
2,750
(214)
267
(26)
(50)
(9,188)
(10)
5
(1,040)
1,500
2,179
14,553
308
13,669
(377)
7
1
(693)
(113)
66,699
112
- 130 -
Total
comprehensive
income(loss)
840
20,486
249
(2,228)
21,119
(12,724)
543
10,914
10,077
37
694
(1,168)
(2)
823
500
2
79
2,770
947
(221)
(60)
(213)
(5,303)
(35)
19,821
(214)
267
(26)
(50)
(9,188)
(10)
5
(1,040)
1,500
2,179
13,669
(377)
(693)
(113)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
Assets
Liabilities
December 31, 2021
Operating
revenue
Net
income
(loss)
Other
comprehensive
income(loss)
PCC-Woori LP Secondary Fund
Woori High Plus Short-term High Graded
ESG Bond Sec Feeder Inv Trust 1
Woori-Q Corporate Restructuring Private
Equity Fund
Woori-Shinyoung Growth-Cap Private Equity
31,585
257,891
-
-
5,720
4,162
3,239
3,239
121,057
555
327
(1,547)
Fund I
82,087
314
83,143
81,550
-
-
-
-
(*) 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.
Total
comprehensive
income(loss)
4,162
3,239
(1,547)
81,550
- 131 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(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 December 31, 2022 and 2021 are as follows:
CL Tech Co., Ltd.
Associate (*)
December 31, 2022
Number of shares owned
10,191
Ownership (%)
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.
Associate (*)
Orient Shipyard Co., Ltd.
Yuil PESC Co., Ltd.
CL Tech Co., Ltd.
S.WIN Co., Ltd.
December 31, 2021
Number of shares owned
464,812
8,642
13,759
20,301
Ownership (%)
21.4
24.0
38.6
20.0
(*) 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.
- 132 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(5) As of December 31, 2022 and 2021, the reconciliations from the net assets of the associates to the
carrying amount of the shares of the investment in joint ventures and associates are as follows (Unit:
Korean Won in millions except for ownership):
December 31, 2022
Basis
difference Impairment
-
-
-
246
Intercompany
transaction
(1)
1
Book
value
208
5,709
47,370
1,796,269
20.0
12.6
9,474
225,894
-
21,894
Korea Movie Asset Fund
957
25.0
239
W Service Networks Co., Ltd.
Korea Credit Bureau Co., Ltd.
Korea Finance Security Co.,
Ltd.
Woori Growth Partnerships
New Technology Private
Equity Fund
2016KIF-IMM Woori Bank
Technology Venture Fund
K BANK Co., Ltd. (*)
Woori Bank-Company K
Partner One Value Up Ist
Private Equity Fund
IBK KIP Seongjang
Dideemdol 1st Private
Investment Limited
Partnership
Crevisse Raim Impact 1st
Startup Venture Specialist
Private Equity Fund
LOTTE CARD Co., Ltd. (*)
Together-Korea Government
Private Pool Private
Securities Investment Trust
No.3
Union Technology Finance
Investment Association
Dicustody Co., Ltd.
Orient Shipyard Co., Ltd.
BTS 2nd Private Equity Fund
STASSETS FUND III
Japanese Hotel Real Estate
Private Equity Fund No.2
Woori Seoul Beltway Private
Special Asset Fund No.1
Woori Short-term Bond
Securities Investment Trust
(Bond) ClassC-F
Woori Safe Plus General Type
Private Investment Trust S-
8(Bond)
WOORI TAERIM 1st Fund
Portone-Cape Fund No.1
KIWOOM WOORI Financial
1st Investment Fund
DeepDive WOORI 2021-1
Total net
asset
Ownership
(%)
Ownership
portion of
net assets
4,227
55,100
4.9
9.9
209
5,462
15,828
15.0
2,374
47,185
23.1
10,889
18,395
23.3
4,278
51,419
20.0
10,284
15,716
2,570,656
25.0
20.0
3,929
514,131
10,245
100.0
10,244
48,692
95
(16,393)
14,405
4,347
29.7
1.0
22.7
20.0
28.3
14,463
1
(3,721)
2,881
1,230
14,374
19.9
2,855
39,495
25.0
9,874
401,335
27.9
112,025
111,273
3,862
2,318
9.2
25.6
20.0
10,182
988
464
10,486
9.1
953
878
Financial Investment Fund
7,375
11.9
Darwin Green Packaging
Private Equity Fund
DS Power Semicon Private
Equity Fund
Koreawide partners 2nd Private
19,332
20.4
3,945
14,186
21.0
2,976
Equity Fund
75,001
26.7
20,000
Woori FirstValue Private Real
Estate Fund No.2
4,648
12.0
558
- 133 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,374
-
10,889
-
9,474
1 247,789
-
-
239
4,278
1
10,285
426
4,355
- 514,131
(1)
10,243
(1)
-
3,721
-
-
-
-
14,462
1
-
2,881
1,230
2,855
9,874
- 112,025
-
-
-
-
-
-
-
10,182
988
464
953
878
3,945
2,976
-
20,000
-
558
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
Total net
asset
Ownership
(%)
Ownership
portion of
net assets
Basis
difference Impairment
Intercompany
transaction
Book
value
December 31, 2022
Woori G Real Infrastructure
Blind General Type Private
Placement Investment Trust
Woori BIG2 Plus Securities
Investment Trust(Balanced
Bond)
Woori Together TDF 2025
Woori Together TDF 2030
WOORI Star50 feeder fund(H)
Aarden Woori Apparel 1st
Private Equity Fund
Woori Dyno 1st Private Equity
Fund
Australia Green Energy 1st
73,008
0.1
102
4,655
8,497
8,615
709
23.1
23.6
23.8
17.9
1,074
1,990
2,033
126
20,661
0.5
97
10,169
19.6
1,994
PEF
Godo Kaisha Oceanos 1
Woori Zip 1
Woori Zip 2
Force TEC
KUM HWA Co., Ltd.
Jinmyung Plus Co.,Ltd.
JC Assurance No.2 Private
122,620
18,383
13,963
19,461
(14,315)
(155)
47
4.0
47.8
64.0
64.0
24.5
20.1
21.3
4,858
8,788
8,690
12,180
(3,513)
(31)
10
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Equity Fund
122,012
23.5
17,728
-
(17,728)
Dream Company Growth no.1
PEF
HMS-Oriens 1st Fund
Woori G Senior Loan General
Type Private Investment
Trust No.1
Genesis Eco No.1 Private
Equity Fund
Paratus Woori Material
Component Equipment joint
venture company
Midas No. 8 Private Equity
Joint Venture Company
Orchestra Private Equity
Fund IV
Synaptic Green No.1 PEF
IGEN2022No. 1 Private Equity
28,301
58,089
27.8
22.8
7,861
13,252
378,122
21.7
81,861
38,695
29.0
11,216
57,694
29.9
17,250
65,694
28.5
18,713
34,427
37,017
28.2
21.1
9,698
7,793
Fund
32,240
24.8
8,010
PCC-Woori LP Secondary
Fund
Woori-Q Corporate
Restructuring Private Equity
Fund
Woori-Shinyoung Growth-Cap
33,423
38.8
12,984
75,555
35.6
27,536
Private Equity Fund I
123,512
35.0
43,274
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(*) The net asset equity amount is after the debt-for-equity swap, non-controlling etc.
-
102
-
-
-
-
-
-
-
-
-
-
3,513
31
-
-
-
-
1,074
1,990
2,033
126
97
1,994
4,858
8,788
8,690
12,180
-
-
10
-
7,861
13,252
-
81,861
-
11,216
-
17,250
-
18,713
-
-
-
9,698
7,793
8,010
-
12,984
-
27,536
-
43,274
- 134 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
Total net
asset
Ownership
(%)
Ownership
portion of net
assets
Basis
difference Impairment
Intercompany
transaction
Book
value
December 31, 2021
W Service Networks Co.,
Ltd.
Korea Credit Bureau Co.,
Ltd.
Korea Finance Security
Co., Ltd.
Woori Growth
Partnerships New
Technology Private
Equity Fund
2016KIF-IMM Woori
Bank Technology
Venture Fund
K BANK Co., Ltd. (*)
Woori Bank-Company K
Korea Movie Asset
Fund
Partner One Value Up Ist
Private Equity Fund
IBK KIP Seongjang
Dideemdol 1st Private
Investment Limited
Partnership
Crevisse Raim Impact 1st
Startup Venture
Specialist Private Equity
Fund
LOTTE CARD Co., Ltd
(*1)
Together-Korea
Government Private
Pool Private Securities
Investment Trust No.3
Genesis Environmental
Energy Company 1st
Private Equity Fund
Union Technology Finance
Investment Association
Dicustody Co., Ltd.
Japanese Hotel Real Estate
Private Equity Fund
No.2
Woori Seoul Beltway
Private Special Asset
Fund No.1
Woori Multi Return
Private Securities
Investment Trust
3(Balanced Bond)
Woori Short-term Bond
Securities Investment
Trust (Bond) ClassC-F
WOORI TAERIM 1st
Fund
Portone-Cape Fund No.1
KIWOOM WOORI
Financial 1st Investment
Fund
3,704
92,575
4.9
9.9
183
-
9,177
246
20,671
15.0
3,101
53,942
23.1
12,448
-
-
63,146
1,730,307
20.0
12.6
12,630
217,599
-
21,894
1,381
25.0
345
28,273
23.3
6,576
-
-
55,767
20.0
11,153
-
15,794
25.0
3,949
2,291,474
20.0
458,295
10,071
100.0
10,070
16,669
24.8
4,126
41,706
98
29.7
1.0
12,388
1
16,090
19.9
3,196
30,205
25.0
7,551
50,114
20.0
10,023
1,050,704
14.5
151,822
3,875
2,447
25.6
20.0
991
489
10,707
9.1
973
- 135 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
183
9,423
3,101
-
12,448
-
12,630
- 239,493
-
345
-
6,576
-
11,153
305
4,254
- 458,295
-
10,070
-
-
-
4,126
12,388
1
-
3,196
-
7,551
-
10,023
- 151,822
-
-
991
489
-
973
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
DeepDive WOORI 2021-1
Financial Investment
Fund
Darwin Green
Packaging Private
Equity Fund
Woori FirstValue Private
Real Estate Fund No.2
WooriG Real
Infrastructure Blind
General Type Private
Placement Investment
Trust
Woori Hanhwa Eureka
Private Equity Fund
Aarden Woori Apparel 1st
Private Equity Fund
Godo Kaisha Oceanos 1
Woori Zip 1
Woori Zip 2
Force TEC
KUM HWA Co., Ltd.
Jinmyung Plus Co.,Ltd.
JC Assurance No.2 Private
Equity Fund
Dream Company Growth
no.1 PEF
HMS-Oriens 1st Fund
WooriG Senior Loan
General Type Private
Investment Trust No.1
Genesis Eco No.1 Private
Equity Fund
Paratus Woori Material
Component Equipment
joint venture company
Midas No. 8 Private Equity
Joint Venture Company
PCC-Woori LP Secondary
Total net
asset
Ownership
(%)
Ownership
portion of net
assets
Basis
difference Impairment
Intercompany
transaction
Book
value
December 31, 2021
8,340
11.9
993
19,387
20.4
3,957
6,363
12.0
763
35,795
40,684
20,986
20,720
16,426
23,082
(11,604)
(156)
123
0.3
0.8
0.5
47.8
63.9
63.8
24.5
20.1
21.3
100
327
99
9,905
10,496
14,732
(2,843)
(31)
25
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
993
-
-
3,957
763
-
-
-
-
-
-
2,843
31
(25)
100
327
99
9,905
10,496
14,732
-
-
-
118,397
24.4
29,349
-
(11,621)
-
17,728
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7,914
12,007
-
88,029
-
11,120
-
17,493
-
18,968
-
12,350
-
73,787
-
46,155
-
28,713
28,489
52,631
27.8
22.8
7,914
12,007
406,609
21.7
88,029
38,365
29.0
11,120
58,507
29.9
17,493
66,587
28.5
18,968
Fund
31,585
38.8
12,350
Woori High Plus Short-
term High Graded ESG
Bond Sec Feeder Inv
Trust 1
Woori-Q Corporate
Restructuring Private
Equity Fund
Woori-Shinyoung Growth-
Cap Private Equity Fund
I
257,891
27.5
73,787
120,502
38.1
46,155
81,773
35.0
28,713
(*) The net asset equity amount is after the debt-for-equity swap, non-controlling etc.
- 136 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
14. INVESTMENT PROPERTIES
(1) Details of investment properties are as follows (Unit: Korean Won in millions):
Acquisition cost
Accumulated depreciation
Accumulated impairment losses
Net carrying value
December 31, 2022
December 31, 2021
418,775
(30,982)
(86)
387,707
415,163
(25,582)
(86)
389,495
(2) Changes in investment properties are as follows (Unit: Korean Won in millions):
Beginning balance
Disposal
Depreciation
Transfer
Foreign currencies translation adjustments
Ending balance
For the years ended December 31
2022
2021
389,495
(1,206)
(3,925)
7,153
(3,810)
387,707
387,464
-
(2,809)
6,095
(1,255)
389,495
(3) Fair value of investment properties amounted to 647,072 million won and 665,710 million won as of
December 31, 2022 and 2021, respectively. The fair value of investment properties has been assessed
on the basis of recent similar real estate market price and officially assessed land price in the area of the
investment properties, is classified as level 3 on the fair value hierarchy.
(4) Rental fee earned from investment properties is amounting to 22,798 million won and 15,056 million
won for the years ended December 31, 2022 and 2021, respectively. Operating expenses directly related
to the investment properties where rental fee was earned is amounting to 4,093 million won and 2,941
million won.
(5) The lease payments expected to be received in the future under lease contracts relating to investment
properties as of December 31, 2022 and 2021 are as follows (Unit: Korean Won in millions):
December 31, 2022
December 31, 2021
Lease payments:
Within a year
More than 1 year and within 2 years
More than 2 years and within 3 years
More than 3 years and within 4 years
More than 4 years and within 5 years
More than 5 years
Total
12,368
8,481
5,320
3,201
2,634
2,568
34,572
13,769
10,770
7,743
5,009
2,953
2,603
42,847
- 137 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
15. PREMISES AND EQUIPMENT
(1) Details of premises and equipment as of December 31, 2022 and 2021 are as follows (Unit: Korean Won
in millions):
Premises and equipment
(owned)
Right-of-use asset
Carrying value
Premises and equipment
(owned)
Right-of-use asset
Carrying value
Land
Building
Equipment
and vehicles
December 31, 2022
Leasehold
improvement
Construction
in progress Structures
Total
1,695,357
-
1,695,357
730,676
349,494
1,080,170
261,278
15,589
276,867
58,352
32,184
-
-
58,352
32,184
-
-
-
2,777,847
365,083
3,142,930
Land
Building
Equipment
and vehicles
December 31, 2021
Leasehold
improvement
Construction
in progress Structures
Total
1,719,325
-
1,719,325
756,964
367,480
1,124,444
258,361
18,064
276,425
51,354
3,171
-
-
51,354
3,171
1
-
1
2,789,176
385,544
3,174,720
(2) Details of premises and equipment (owned) as of December 31, 2022 and 2021 are as follows (Unit:
Korean Won in millions):
Acquisition cost
Accumulated depreciation
Accumulated impairment
losses
Net carrying value
Acquisition cost
Accumulated depreciation
Accumulated impairment
losses
Net carrying value
Land
Building
1,696,017 1,078,385
- (347,709)
Equipment
and vehicles
1,179,928
(918,650)
December 31, 2022
Leasehold
improvement
470,513
(412,161)
Construction
in progress Structures
20
(20)
32,184
-
Total
4,457,047
(1,678,540)
(660)
1,695,357
-
730,676
-
-
261,278
58,352
-
32,184
-
-
(660)
2,777,847
Land
Building
1,719,985 1,076,091
- (319,127)
Equipment
and vehicles
1,156,479
(898,118)
December 31, 2021
Leasehold
improvement
475,195
(423,841)
Construction
in progress Structures
20
(19)
3,171
-
Total
4,430,941
(1,641,105)
(660)
1,719,325
-
756,964
-
258,361
-
51,354
-
3,171
-
1
(660)
2,789,176
- 138 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(3) Details of changes in premises and equipment (owned) are as follows (Unit: Korean Won in millions):
For the year ended December 31, 2022
Equipment
and vehicles
Construction
in progress Structures
Total
3,171
31,810
-
-
-
-
225
-
(3,022)
32,184
1 2,789,176
-
173,156
-
(22,471)
(1) (151,076)
-
-
(13,109)
(7,153)
-
(117)
-
12,026
-
(2,585)
- 2,777,847
Beginning balance
Acquisitions
Disposals
Depreciation
Classification of assets
held for sale
Transfer
Foreign currencies
Land
1,719,325
24
(20,024)
-
Building
756,964
14,524
(788)
(32,290)
(6,405)
(3,040)
(6,704)
(4,113)
translation adjustments
Business combination
Others
Ending balance
(855)
5,917
415
1,695,357
(428)
3,523
(12)
730,676
Beginning balance
Acquisitions
Disposals
Depreciation
Classification of assets
held for sale
Transfer
Foreign currencies
Land
1,726,045
-
-
-
Building
787,040
15,750
(1,994)
(33,523)
(7,157)
(3,649)
(5,695)
(2,446)
translation adjustments
Others
Ending balance
991
3,095
1,719,325
712
(2,880)
756,964
Leasehold
improvement
51,354
28,178
(656)
(21,185)
-
-
549
-
112
58,352
Leasehold
improvement
50,085
23,347
(979)
(22,293)
258,361
98,620
(1,003)
(97,600)
-
-
392
2,586
(78)
261,278
268,225
68,069
(1,663)
(93,921)
-
15,399
2,868
(616)
258,361
For the year ended December 31, 2021
Equipment
and vehicles
Construction
in progress Structures
Total
8,246
11,637
-
-
2 2,839,643
118,803
-
(4,636)
-
(1) (149,738)
-
-
-
(15,399)
-
-
(12,852)
(6,095)
1,580
(386)
51,354
153
(1,466)
3,171
6,304
-
-
(2,253)
1 2,789,176
(4) Details of right-of-use assets as of December 31, 2022 and 2021 are as follows (Unit: Korean Won in
millions):
Acquisition cost
Accumulated depreciation
Net carrying value
Acquisition cost
Accumulated depreciation
Net carrying value
Building
December 31, 2022
Equipment and vehicles
643,484
(293,990)
349,494
650,906
(283,426)
367,480
Building
32,700
(17,111)
15,589
December 31, 2021
Equipment and vehicles
30,559
(12,495)
18,064
Total
Total
676,184
(311,101)
365,083
681,465
(295,921)
385,544
- 139 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(5) Details of changes in right-of-use assets for the years ended December 31, 2022 and 2021 are as follows
(Unit: Korean Won in millions):
Beginning balance
New contracts
Changes in contract
Termination
Depreciation
Business combination
Others
Ending balance
Beginning balance
New contracts
Changes in contract
Termination
Depreciation
Business combination
Others
Ending balance
Building
For the year ended December 31, 2022
Equipment and vehicles
Total
367,480
225,396
3,514
(43,597)
(211,175)
819
7,057
349,494
18,064
9,819
(26)
(870)
(11,406)
-
8
15,589
Building
For the year ended December 31, 2021
Equipment and vehicles
Total
435,132
172,812
9,064
(46,563)
(228,403)
-
25,438
367,480
12,423
16,848
225
(1,742)
(10,665)
-
975
18,064
385,544
235,215
3,488
(44,467)
(222,581)
819
7,065
365,083
447,555
189,660
9,289
(48,305)
(239,068)
-
26,413
385,544
16. INTANGIBLE ASSETS
(1) Details of intangible assets are as follows (Unit: Korean Won in millions):
Goodwill
Industrial
property rights
Development
cost
Other
intangible
assets
Membership
deposit
Construction
in progress
December 31, 2022
Acquisition cost
Accumulated amortization
Accumulated impairment
losses
Net carrying value
397,527
-
-
397,527
2,219
(1,576)
754,031 1,244,516
(541,404) (1,018,591)
-
643
-
212,627
(33,552)
192,373
46,231
-
(3,314)
42,917
3,027
-
-
3,027
Goodwill
Industrial
property rights
Development
cost
Other
intangible
assets
Membership
deposit
Construction
in progress
December 31, 2021
Acquisition cost
Accumulated amortization
Accumulated impairment
losses
Net carrying value
345,449
-
-
345,449
2,057
(1,334)
661,959 1,174,565
(947,830)
(454,251)
-
723
-
207,708
(33,553)
193,182
40,955
-
(3,348)
37,607
717
-
-
717
Total
2,447,551
(1,561,571)
(36,866)
849,114
Total
2,225,702
(1,403,415)
(36,901)
785,386
- 140 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(2) Details of changes in intangible assets are as follows (Unit: Korean Won in millions):
Goodwill
Industrial
property rights
Beginning balance
Acquisitions
Disposal
Amortization (*)
Impairment losses
Transfer
Business combination
Foreign currencies
translation
adjustments
Others
Ending balance
345,449
-
-
-
-
-
57,670
(5,592)
-
397,527
For the year ended December 31, 2022
Development
cost
207,708
91,992
-
(87,294)
-
300
-
Other
intangible
assets
193,182
62,073
(2)
(75,299)
-
182
7,795
Membership
deposit
Construction
in progress
37,607
6,571
(1,295)
-
88
-
-
717
2,421
-
-
-
(482)
-
Total
785,386
163,219
(1,297)
(162,835)
88
-
65,465
723
162
-
(242)
-
-
-
-
-
643
(5)
(74)
212,627
(865)
5,307
192,373
(42)
(12)
42,917
(53)
424
3,027
(6,557)
5,645
849,114
(*) Amortization of other intangible assets amounting to 14,664 million won is included in other operating
expenses.
Goodwill
Industrial
property rights
Beginning balance
Acquisitions
Disposal
Amortization (*)
Impairment losses
Transfer
Foreign currencies
translation
adjustments
Others
Ending balance
334,290
-
-
-
-
-
11,159
-
345,449
For the year ended December 31, 2021
Development
cost
208,873
74,444
-
(80,128)
-
4,518
Other
intangible
assets
205,445
49,137
-
(68,950)
(18)
2,946
Membership
deposit
Construction
in progress
36,091
2,437
(347)
-
(93)
-
6,669
977
-
-
-
(7,464)
Total
792,077
127,242
(347)
(149,311)
(111)
-
709
247
-
(233)
-
-
-
-
723
-
1
207,708
2,952
1,670
193,182
232
(713)
37,607
-
535
717
14,343
1,493
785,386
(*) Amortization of other intangible assets amounting to 13,963 million won is included in other operating
expenses.
(3) Goodwill
1) Details of allocated goodwill based on each cash-generating unit as of December 31, 2022 and 2021
are as follows (Unit: Korean won in million):
Cash-generating unit (*1)
December 31, 2022
December 31, 2021
Woori Asset Management Corp.
Woori Global Asset Management Co., Ltd.
Woori Asset Trust Co., Ltd.
PT Bank Woori Saudara Indonesia 1906 Tbk (*2)
WOORI BANK (CAMBODIA) PLC (*3)
PT Woori Finance Indonesia Tbk.
Others
Total
43,036
2,030
141,780
97,029
55,570
51,382
6,700
397,527
43,036
2,030
141,780
99,667
52,082
-
6,854
345,449
(*1) Allocated to the cash-generating unit that will benefit from the synergy effect of the business combination,
and the cash-generating unit is generally comprised of the operating segment or sub-sectors.
(*2) The Group has acquired Saudara Bank to expand retail sales in Indonesia, and recognized the goodwill as it is
expected to strengthen the competitiveness by securing a local sales network in Indonesia.
(*3) The Group has acquired VisionFund Cambodia to expand Cambodian retail sales, and recognized goodwill
based on the economies of scale and acquired customer base.
- 141 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
2)
Impairment test
The recoverable amount of the cash-generating unit is measured at larger amount among the fair value
less costs to sell or the value to use.
The net fair value is calculated by deducting costs of disposal from the amount received from the sale of
the cash-generating unit in an arm’s length transaction between the parties with reasonable judgment
and willingness to negotiate. In case of difficulty in measuring this amount, the sale amount of a similar
cash-generating unit in the past market is calculated by reflecting the characteristics of the cash-
generating unit. If reliable information related to fair value less costs to sell is not available, value in use
is considered as recoverable amount. Value in use is the present value of future cash flows expected to
be generated by the cash-generating unit. Future cash flows are estimated based on the latest financial
budget approved by the management, with an estimated period of up to five years. The Group applied
0.0% - 1.0% growth rate to estimate future cash flow for the period over five years. The main
assumptions used to estimate cash flows are about the size of the market and the share of the group. The
appropriate discount rate for discounting future cash flows is the pre-tax discount rate, including
assumptions about risk-free interest rates, market risk premium, and systemic risk of cash-generating
units. The impairment test, which compares the carrying amount and recoverable amount of the cash-
generating unit to which goodwill has been allocated, is conducted every year and every time an
impairment sign occurs.
Category
Discount rate (%).
Terminal growth rate (%)
Recoverable amount.
Carrying amount
Woori Asset
Management
Corp.
Woori
Global Asset
Management
Co., Ltd
PT Bank
Woori
Saudara
Indonesia
1906 Tbk
13.36
1.0
162,772
134,073
13.47
1.0
42,083
29,917
15.98
0.00
784,787
739,878
WB Finance
Co., Ltd
16.88
0.00
544,693
499,823
Woori Asset
Trust Co., Ltd.
14.55
1.0
431,777
300,023
As a result of the impairment test on goodwill, it is determined that the carrying amount of the cash-
generating unit to which the goodwill has been allocated will not exceed the recoverable amount.
3) Sensitivity analysis
The sensitivity of the fair value measurement to changes in significant but unobservable inputs used in
measuring fair value is as follows (Unit: Korean Won in millions):
Woori Asset
Trust Co., Ltd.
Woori Asset
Management
Corp.
Woori
Global Asset
Management
Co., Ltd.
PT Bank
Woori
Saudara
Indonesia
1906 Tbk
WB Finance
Co., Ltd.
(39,501)
(8,680)
(2,553)
(61,030)
(38,845)
48,345
10,686
3,169
71,658
45,066
30,344
6,699
2,034
43,855
26,515
Category
Discount rate
(%).
Terminal growth
rate (%)
Increase by
1.0% point
Decrease by
1.0% point
Increase by
1.0% point
Decrease by
1.0% point(*)
(25,010)
(5,464)
(1,650)
-
-
(*) In the case of PT Bank Woori Saudara Indonesia 1906 Tbk and WOORI BANK (CAMBODIA) PLC, declining
cases are excluded from the analysis as the permanent growth rate was assumed to be 0%.
- 142 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
17. ASSETS HELD FOR SALE
Assets held for distribution (sale) are as follows (Unit: Korean Won in millions):
Assets (*)
Premises and equipment
Investments of associates
Others
Total
December 31, 2022
9,589
-
4,183
13,772
December 31, 2021
8,900
11,472
5,955
26,327
(*) The Group classifies assets as held for sale that are highly likely to be sold within one year from
December 31, 2022 and December 31, 2021.
The Group measured assets held for sale at the lower of their net fair value or carrying amount.
The Group has decided to sell some of the premises and equipment through internal consultation during the
current year and classifies the premises as non-current assets held for sale. The asset is expected to be sold
within 12 months, and the premises and equipment that was scheduled to be sold at the end of the prior year
has been sold and removed. On the other hand, other assets that are expected to be sold as of the end of the
current year 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.
- 143 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
18. ASSETS SUBJECT TO LIEN AND ASSETS ACQUIRED THROUGH FORECLOSURES
(1) Assets subjected to lien are as follows (Unit: Korean Won in millions):
Financial assets at
Korean treasury and
FVTPL
government bonds, etc.
FINANCE
CORPORATION, etc.
Collateral given to
KOREA SECURITIES
December 31, 2022
Amount
Reason for collateral
Related to bonds sold under
Korean treasury and
government bonds, etc.
Korean treasury and
Korea Securities
Depository
SHINHAN
government bonds, etc.
Korean financial institutions’
SECURITIES CO, etc.
SC FIRST BANK
debt securities, etc.
KOREA, SEOUL, etc.
Korean financial institutions’
SHINHAN ASSET
debt securities, etc.
MANAGEMENT, etc.
Korean capital contributions,
Korea Software Financial
etc.
Korean treasury and
government bonds
Cooperative
Korea Securities
Depository
198,377
659,050
repurchase agreements
(*1)
Securities borrowing
collateral
6,939 Future trading collateral
245,876
Variable margin deposit for
CSA, etc.
Related to bonds sold under
16,200
repurchase agreements
(*1)
104 Bid guarantee, etc.
Related to bonds sold under
460
repurchase agreements
(*1)
Korean financial institutions’
debt securities, etc.
Debt securities in
foreign currencies
Debt securities in
foreign currencies
Korean treasury and
government bonds
Korean treasury and
government bonds
Debt securities in
foreign currencies
Debt securities in
foreign currencies
The BOK, etc.
6,394,890 Settlement risk, etc.
BNP-PARIBAS, etc.
1,060,120
SC BANK, H.K, etc.
582,738
Korea Securities
Depository
1,100,351
Variable margin deposit for
CSA, etc.
Related to bonds sold under
repurchase agreements
(*1)
Related to bonds sold under
repurchase agreements
(*1)
The BOK, etc.
10,820,136 Settlement risk, etc.
NATIXIS, etc.
70,949
FHLB ADVANCE, etc.
10,570
Related to bonds sold under
repurchase agreements
(*1)
Related to the borrowing
limit
Financial assets at
FVTOCI
Securities at
amortized cost
Loan at amortized
cost and other
financial assets
Due from banks in local
Daishin AMC Co.,Ltd.
currency
and others
Other due from banks in local
The Korea Exchange,
currency
Other due from banks in
foreign currency
Mortgage loan
etc.
Korea Investment &
Securities, etc.
Public offering
Premises and
equipment
Investment properties
Land and building
Gakorea Co., Ltd , etc.
Land and building
Gakorea Co., Ltd., etc.
1,500 Right of pledge
133,539 Margin deposit for CCP
1,142,784
Overseas futures option
deposit, etc.
1,892,723 Related to covered bonds
1,851
5,365
Right to collateral and
others (*2)
Right to collateral and
others (*2)
Total
24,344,522
(*1) The Group has the agreements to repurchase the sold assets at the predetermined price or the price that includes the
rate of return and to provide the guarantee on the assets. The transferee has the right to sell or to provide as guarantee.
Therefore, the Group does not derecognize the assets, but recognizes the relevant amounts as liability (bonds sold
under repurchase agreements). The asset is equivalent to a mortgage-backed debt security.
(*2) The maximum pledge amount is 522 million Won.
- 144 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
Financial assets at
FVTPL
Korean treasury and
Collateral given to
Nonghyup bank and
government bonds, etc
others
Korea Securities
Depository
Korean treasury and
government bonds, etc
Korean treasury and
government bonds, etc
Korean financial institutions’
debt securities, etc
Korean financial institutions’
debt securities, etc
Korean financial institutions’
debt securities, etc
Corp.
December 31, 2021
Amount
248,009
179,079
Reason for collateral
Related to bonds sold under
repurchase agreements (*)
Securities borrowing
collateral
VI Investment, etc.
3,008 Future trading collateral
Korea Securities
Depository
KOREA SECURITIES
FINANCE
CORPORATION
Shinhan Investment
Korea Securities
Depository
Korea Software Financial
Cooperative
Korea Securities
Depository
205,783
Securities borrowing
collateral
54,419
Collateral for securities
lending purposes
5,352
299,161
Collateral for futures
transaction
Securities borrowing
collateral
101 Bid guarantee, etc.
470
Related to bonds sold under
repurchase agreements (*)
The BOK and others
3,666,849 Settlement risk and others
Foreign financial institutions’
STANDARD
BANKLONDON LTD
126,595
Related to bonds sold under
repurchase agreements (*)
The BOK and others
8,977,748 Settlement risk and others
NATIXIS and others
38,995
Foreign financial institutions’
FHLB ADVANCE and
debt securities
others
10,375
Related to bonds sold under
repurchase agreements (*)
Related to the borrowing
limit
Korean corporate bonds
Korean capital contributions
Financial assets at
FVTOCI
Korean treasury and
government bonds
Korean financial institutions’
debt securities, etc
Securities at
amortized cost
debt securities
Korean treasury and
government bonds
Foreign financial institutions’
debt securities
Loan at amortized
cost and other
financial assets
Due from banks in local
Daishin AMC Co.,Ltd.
currency
and others
Other due from banks in local
Samsung Securities Co.,
currency
Other due from banks in
foreign currency
Mortgage loan
Land and building
Premises and
equipment
Investment properties
Land and building
Ltd. and others
Yuanta Securities Korea
Co., Ltd., etc.
Public offering
Credit Counselling &
Recovery Service and
others
Credit Counselling &
Recovery Service and
others
1,500 Right of pledge
25,338
Margin deposit for futures
or option
Overseas futures option
1,051,006
deposit, etc.
2,494,333 Related to covered bonds
1,910
5,520
Right to collateral and
others
Right to collateral and
others
Total
17,395,551
(*) The Group has the agreements to repurchase the sold assets at the predetermined price or the price that includes the
rate of return and to provide the guarantee on the assets. The transferee has the right to sell or to provide as guarantee.
Therefore, the Group does not derecognize the assets, but recognizes the relevant amounts as liability (bonds sold
under repurchase agreements). The asset is equivalent to a mortgage-backed debt security.
- 145 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(2) As of December 31, 2022 and 2021 there is no asset acquired through foreclosures.
December 31, 2022
December 31, 2021
Investment properties
Land
Building
Other assets
Sub-total
Land for non-business use
Building for non-business use (*1)
Movables for non-business use (*2)
Real estate assessment provision for non-
business use
Sub-total
Assets held for sale
Land
Building
Others
Sub-total
Total
6,404
165
6,569
21,302
3,049
165
(1,176)
23,340
2,351
1,832
-
4,183
34,092
2,185
181
2,366
21,156
1,526
120
(1,129)
21,673
2,980
2,557
418
5,955
29,994
(*1) The cumulative depreciation amount as of December 31, 2022 and 2021 is 1,055 million Won and 716 million
Won, respectively.
(*2) The cumulative depreciation amount as of December 31, 2022 and 2021 is 882 million Won and 907 million
Won, respectively.
(3) Securities loaned are as follows (Unit: Korean Won in millions):
Financial assets at
Korean treasury and government
December 31,
2022
December 31,
2021
Loaned to
Korea Securities Finance
FVTOCI
bonds
98,027
98,535
Corporation
Securities loaned are lending of specific securities to borrowers who agree to return the same amount of the
same security at the end of lending period. As the Group does not derecognize these securities.
(4) Collaterals held that can be disposed and re-subjected to lien regardless of defaults of counterparties
Fair values of collaterals held that can be disposed and re-subjected to lien regardless of defaults of
counterparties as of December 31, 2022 and 2021 are as follows (Unit: Korean Won in millions):
Securities
7,109,933
Fair values of collaterals
subjected to lien
December 31, 2022
Fair values of collaterals were disposed or re-
Securities
10,785,412
Fair values of collaterals
subjected to lien
December 31, 2021
Fair values of collaterals were disposed or re-
-
-
- 146 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
19. OTHER ASSETS
Details of other assets are as follows (Unit: Korean Won in millions):
Lease assets
Prepaid expenses
Advance payments
Non-operational assets
Others
Total
December 31, 2022
December 31, 2021
2,593,578
287,323
99,772
23,340
57,539
3,061,552
1,782,887
189,808
61,042
16,248
38,965
2,088,950
20. FINANCIAL LIABILITIES AT FVTPL
(1) Financial liabilities at FVTPL are as follows (Unit: Korean Won in millions):
Financial instruments at fair value through profit
or loss measured at fair value
Total
December 31, 2022
December 31, 2021
8,952,399
8,952,399
4,873,458
4,873,458
(2) Financial liabilities at fair value through profit or loss measured at fair value are as follows (Unit: Korean
Won in millions):
Deposits
Gold banking liabilities
Borrowings
Securities sold
Derivative liabilities
Total
December 31, 2022
December 31, 2021
35,161
12,113
8,905,125
8,952,399
65,016
241,174
4,567,268
4,873,458
- 147 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
21. DEPOSITS DUE TO CUSTOMERS
Details of deposits due to customers by type are as follows (Unit: Korean Won in millions):
Deposits in local currency:
Deposits on demand
Deposits at termination
Mutual installment
Deposits on notes payables
Deposits on CMA
Certificate of deposits
Other deposits
Sub-total
Deposits in foreign currencies:
Deposits in foreign currencies
Present value discount
Customers' deposits for beneficiary
Sub-total
Total
December 31, 2022 December 31, 2021
15,627,300
270,092,855
22,995
3,675,596
60,079
5,255,889
1,196,486
295,931,200
46,263,943
(92,352)
46,171,591
2,418
342,105,209
18,029,136
254,319,473
24,620
2,954,066
92,360
3,586,423
1,286,719
280,292,797
37,643,900
(36,826)
37,607,074
-
317,899,871
22. BORROWINGS AND DEBENTURES
(1) Details of borrowings are as follows (Unit: Korean Won in millions):
Borrowings in local currency:
December 31, 2022
Lenders
Interest rate (%)
Amount
Borrowings from The BOK The BOK
Borrowings from
Small Enterprise and Market
Service and others
0.3 ~ 1.8
3,040,877
0.0 ~ 3.5
2,021,049
government funds
Others
Sub-total
Borrowings in foreign
currencies:
Borrowings in foreign
currencies
The Korea Development Bank
and others
0.0 ~ 6.7
9,562,082
14,624,008
The Export-Import Bank of
Korea and others
(0.1) ~ 10.6
11,161,294
Bills sold
Call money
Bonds sold under repurchase
Others
Bank and others
Other financial institutions
agreements
Present value discount
Total
0.0 ~ 2.4
1.6 ~ 5.5
0.2 ~ 6.4
7,308
400,071
2,313,044
(76,122)
28,429,603
- 148 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
Borrowings in local currency:
December 31, 2021
Lenders
Interest rate (%)
Amount
Borrowings from The BOK The BOK
Borrowings from
Small Enterprise and Market
Service and others
0.3
3,144,897
0.0 ~ 2.4
2,053,611
government funds
Others
Sub-total
Borrowings in foreign
currencies:
Borrowings in foreign
currencies
The Korea Development Bank
and others
0.0 ~ 3.1
9,984,518
15,183,026
JPMorgan Chase & Co. and
others
(0.5) ~ 7.3
8,545,077
Bills sold
Call money
Bonds sold under repurchase
Others
Bank and others
Other financial institutions
agreements
Present value discount
Total
0.0 ~ 1.3
(0.5) ~ 2.6
(0.5) ~ 10.6
9,111
317,961
749,976
(49,692)
24,755,459
(*) As of December 31, 2021, foreign currency borrowings subject to fair value hedges were included in the amount
of 35,694 million Won.
(2) Details of debentures are as follows (Unit: Korean Won in millions):
December 31, 2022
December 31, 2021
Interest rate (%)
Amount
Interest rate (%)
Amount
Face value of bond (*):
Ordinary bonds
Subordinated bonds
Other bonds
Sub-total
Discounts on bonds
Total
0.8 ~ 7.5
1.9 ~ 5.1
0.8 ~ 17.0
0.7 ~ 3.6
1.9 ~ 5.1
0.8 ~ 17.0
37,132,334
5,835,325
1,271,364
44,239,023
(40,537)
44,198,486
37,004,942
6,767,442
911,190
44,683,574
(29,710)
44,653,864
(*) Included debentures under fair value hedge amounting to 3,076,983 million won and 2,366,724 million won as
of December 31, 2022 and 2021 respectively. Also, debentures under cash flow hedge amounting to 1,324,812
million won and 819,298 million won are included as of December 31, 2022 and 2021 respectively.
- 149 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
23. PROVISIONS
(1) Details of provisions are as follows (Unit: Korean Won in millions):
Asset retirement obligation
Provisions for guarantees (*1)
Provisions for unused loan commitments
Other provisions (*2)
Total
December 31, 2022
December 31, 2021
82,717
76,508
106,033
280,607
545,865
80,777
74,866
112,296
308,195
576,134
(*1) Provisions for guarantees includes provision for financial guarantee of 47,969 million won and
53,321 million won as of December 31, 2022 and 2021, 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):
1) Provisions for guarantees
Beginning balance
Transfer to 12-month expected credit
loss
Transfer to expected credit loss for the
entire period
Transfer to credit-impaired financial
assets
Provisions used
Net provision (reversal) of unused
amount
Others (*)
Ending balance
For the year ended December 31, 2022
Stage1
Stage2
Stage3
52,830
15,269
6,767
Total
74,866
1,206
(1,206)
(119)
119
(3)
-
(3,449)
(5,969)
44,496
(338)
-
10,483
-
24,327
-
-
341
-
577
-
7,685
-
-
-
-
7,611
(5,969)
76,508
(*) Recognized as a result of new financial guarantee contract valued at initial fair value.
Beginning balance
Transfer to 12-month expected credit
loss
Transfer to expected credit loss for the
entire period
Transfer to credit-impaired financial
assets
Provisions used
Net provision (reversal) of unused
amount
Others (*)
Ending balance
For the year ended December 31, 2021
Stage1
Stage2
Stage3
64,804
16,745
8,043
Total
89,592
2,146
(2,144)
(162)
(3)
(6,964)
(9,929)
2,938
52,830
(2)
(31)
165
-
-
-
-
(6,964)
193
(162)
-
636
1
15,269
(1,408)
-
6,767
(10,701)
2,939
74,866
(*) Recognized as a result of new financial guarantee contract valued at initial fair value.
- 150 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
2) Provisions for unused loan commitment
Beginning balance
Transfer to 12-month expected credit
loss
Transfer to expected credit loss for the
entire period
Transfer to credit-impaired financial
assets
Net provision (reversal) of unused
amount
Others
Ending balance
Beginning balance
Transfer to 12-month expected credit
loss
Transfer to expected credit loss for the
entire period
Transfer to credit-impaired financial
assets
Net provision (reversal) of unused
amount
Others
Ending balance
For the year ended December 31, 2022
Stage1
67,440
Stage2
Stage3
44,536
320
Total
112,296
14,349
(14,217)
(132)
(2,619)
2,648
(197)
(306)
(29)
503
-
-
-
(11,402)
69
67,640
5,527
-
38,188
(457)
-
205
(6,332)
69
106,033
For the year ended December 31, 2021
Stage1
63,240
Stage2
Stage3
55,726
3,189
Total
122,155
15,522
(14,965)
(557)
(2,338)
3,129
(791)
(110)
(226)
336
-
-
-
(9,005)
131
67,440
871
1
44,536
(1,857)
-
320
(9,991)
132
112,296
(3) Changes in asset retirement obligation for the years ended December 31, 2022 and 2021, are as follows
(Unit: Korean Won in millions):
Beginning balance
Provisions provided
Provisions used
Reversal of provisions unused
Unwinding of discount
Increase (decrease) of restoration
expense,etc.
Ending balance
For the years ended December 31
2021
2022
80,777
4,082
(7,400)
(21)
909
4,370
82,717
68,402
3,235
(5,066)
(947)
495
14,658
80,777
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 December 31, 2022, 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.
- 151 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(4) Changes in other provisions for the years ended December 31, 2022 and 2021, are as follows (Unit:
Korean Won in millions):
Beginning balance
Provisions provided
Provisions used
Reversal of provisions unused (*)
Foreign currencies translation adjustments
Others
Ending balance
For the years ended
December 31
2022
2021
308,195
36,284
(8,540)
(54,893)
(621)
182
280,607
221,494
85,706
(10,375)
(718)
11,957
131
308,195
(*) The Group provided Korean won settlement services for trading transaction settlement between Korea
and Iran, investigated by U.S. prosecutors (federal prosecutors, New York state prosecutors) and New
York State Department of Financial Services for violations of U.S. sanctions against Iran, Sudan, Syria
and Cuba. In this regard, the Office of Foreign Assets Control concluded its investigation in December
2020 urging the bank’s attention without taking any additional sanctions, and New York State Department
of Financial Services concluded its investigation in February 2022 without taking any additional sanctions.
Meanwhile, in June 2022, the Group reversed the provision related to the investigation of the U.S.
Prosecutors, which have not been completed yet, in consideration of the opinion of an independent legal
expert that the probability of sanctions by the U.S. Prosecutors in this case is low.
(5) Others
1) The Group recognized the provision of the estimated compensation amount related to the miss-
selling of the Derivative Linked Fund (DLF) incurred during 2019 and a fine expected to be
imposed by the Financial Supervisory Service as the best estimate for the expenditure required to
meet its obligations at the end of the reporting period.
2) For the year ended December 31, 2020, the Group recognized the provisions as the best estimate due
to the expected losses of clients arising from the delay in the redemption of funds by Lime Asset
Management and the dispute settlement by the Financial Supervisory Service. As of December 31,
2022, the provision for this case is 122.1 billion won.
3) On October 22, 2021, the Group made a resolution to pay in advance for Platform Asia funds, etc.,
which are delayed in redemption at the Board of Directors Meeting of Woori Bank, the subsidiary.
Provisions for estimated compensation amounts related to the prepayment was recognized as the best
estimate of the expenditure. As of December 31, 2022, the sales revenue for Platform Asia, Heritage
DLS, and Gen2 DLS sold 85 billion won, 22.3 billion won, and 90.2 billion won, respectively, and
provisions is 35.7 billion won, 22.3 billion won, and 12.6 billion won, respectively.
- 152 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
24. NET DEFINED BENEFIT LIABILITY(ASSET)
The Group’s pension plan 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 interest 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 interest
rate.
Decrease in profitability of blue-
A decrease in profitability of blue-chip bonds will be offset by some
chip bonds
Risk of inflation
increase in the value of debt securities that the employee benefit plan
owns but will bring an increase in the defined benefit obligation.
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 are as follows (Unit: Korean Won in millions):
Present value of defined benefit obligation
Fair value of plan assets
Net defined benefit liabilities (*)
December 31, 2022
December 31, 2021
1,377,545
(1,661,623)
(284,078)
1,618,098
(1,591,458)
26,640
(*) Net defined benefit assets of 284,078 million won as of December 31, 2022 are the subtracted
amount of the net defined benefit liability of 35,202 million won from the net defined benefit assets
of 319,280. Net defined benefit liability of 26,640 million won as of December 31, 2021 are the
subtracted amount of the net defined benefit asset of 21,346 million won from the net defined
benefit liability of 47,986.
(2) Changes in the carrying value of defined benefit obligation are as follows (Unit: Korean Won in
millions):
Beginning balance
Current service cost
Interest cost
Remeasurements Financial assumption
Demographic assumptions
Experience adjustments
Retirement benefit paid
Foreign currencies translation adjustments
Others
Ending balance
For the years ended December 31
2021
2022
1,618,098
166,741
48,238
(356,344)
(9)
(3,838)
(92,914)
(69)
(2,358)
1,377,545
1,610,680
178,416
39,814
(92,367)
(251)
(12,155)
(106,050)
165
(154)
1,618,098
- 153 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(3) Changes in the plan assets are as follows (Unit: Korean Won in millions):
Beginning balance
Interest income
Remeasurements
Employer’s contributions
Retirement benefit paid
Others
Ending balance
For the years ended December 31
2021
2022
1,591,458
49,916
(18,095)
127,979
(87,472)
(2,163)
1,661,623
1,564,101
40,927
(15,022)
103,251
(99,523)
(2,276)
1,591,458
(4) The fair value of the plan assets by composition is as follows as of December 31, 2022 and 2021.
Cash and due from banks
December 31, 2022
December 31, 2021
1,661,623
1,591,458
Meanwhile, among plan assets, realized returns on plan assets amount to 31,821 million won and
25,905 million won for the years ended December 31, 2022 and 2021, respectively. The contribution
expected to be paid in the next accounting year amounts to 123,043 million won.
(5) Amounts related to the defined benefit plan that are recognized in the consolidated statements of
comprehensive income are as follows (Unit: Korean Won in millions):
Current service cost
Net interest expense
Cost recognized in net income
Remeasurements (*)
Cost recognized in total comprehensive income
(*) Amount before tax
For the years ended December 31
2021
2022
166,741
(1,678)
165,063
(342,096)
(177,033)
178,416
(1,113)
177,303
(89,751)
87,552
Retirement benefits related to defined contribution plans recognized as expenses are 4,240 million won,
and 4,494 million won for the years ended December 31, 2022 and 2021, respectively.
(6) Key actuarial assumptions used in net defined benefit liability measurement are as follows:
Discount rate
Future wage growth rate
Mortality rate
Retirement rate
December 31, 2022
5.25% ~ 5.99%
2.1% ~ 5.84%
Issued by Korea Insurance
Development Institute
Experience rate for each
employment classification
December 31, 2021
2.40% ~ 3.49%
2.03% ~ 5.56%
Issued by Korea Insurance
Development Institute
Experience rate for each
employment classification
The weighted average maturity of defined benefit liability is a minimum of 5.38 to a maximum 10.71
years.
- 154 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(7) The sensitivity to actuarial assumptions used in the assessment of defined benefit obligation is as
follows (Unit: Korean Won in millions):
Discount rate
Future wage growth rate
Increase by 1% point
Decrease by 1% point
Increase by 1% point
Decrease by 1% point
December 31, 2022 December 31, 2021
(161,428)
189,630
188,392
(163,431)
(146,319)
170,529
174,546
(153,712)
25. OTHER FINANCIAL LIABILITIES AND OTHER LIABILITIES
Other financial liabilities and other liabilities are as follows (Unit: Korean Won in millions):
December 31, 2022
December 31, 2021
Other financial liabilities:
Accounts payable
Accrued expenses
Borrowings from trust accounts
Agency business revenue
Foreign exchange payables
Domestic exchange settlement credits
Lease liabilities
Other miscellaneous financial liabilities
Present value discount
Sub-total
Other liabilities:
Unearned income
Other miscellaneous liabilities
Sub-total
Total
6,001,858
3,219,349
3,475,118
213,845
822,446
4,631,921
319,161
4,148,621
(20,451)
22,811,868
351,633
338,524
690,157
23,502,025
6,969,170
2,070,639
3,107,456
433,041
782,176
6,708,220
343,213
3,772,437
(15,322)
24,171,030
291,147
265,706
556,853
24,727,883
- 155 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
26. DERIVATIVES
(1) Derivative assets and derivative liabilities are as follows (Unit: Korean Won in millions):
Nominal
amount
For cash
flow hedge
Assets
For fair value
hedge
For
trading
For cash
flow hedge
Liabilities
For fair value
hedge
For
trading
December 31, 2022
42,545
2,620,000
136,550,518
170,000
310,000
51,136
90,134,257
97,197,309
487,852
570,982
958,589
183
568,835
29,801,478
29,874,836
389,338,520
-
-
2,041
-
-
-
-
35,745
-
-
-
-
-
-
-
37,786
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
249,356
440,540
9,308
-
-
3,083,082
3,105,901
23,182
-
-
100
90,237
1,204,475
-
8,206,181
-
-
-
-
-
-
-
9,080
-
-
-
-
-
-
-
9,080
-
-
193,831
-
-
-
-
474,158
-
16,752
-
-
-
-
-
-
-
-
-
-
193,831
-
1,360,535
5,500,970
-
7,929
-
-
-
673
-
1,544,108
8,905,125
Nominal
amount
For cash
flow hedge
Assets
For fair value
hedge
For
trading
For cash
flow hedge
Liabilities
For fair value
hedge
For
trading
December 31, 2021
118,423
340,000
134,196,188
170,000
340,000
7,445
114,072,910
101,117,559
1,079,610
1,686,787
337,916
233
642,963
17,503,553
19,106,573
390,720,160
-
-
351
-
-
-
-
11,310
-
-
-
-
-
-
-
11,661
-
-
95,103
-
-
-
16,434
136,185
3,959
-
-
-
-
-
-
-
2,466,893
1,444,634
10,968
-
-
-
-
-
-
95,103
-
64
27,031
696,963
-
4,803,131
-
-
-
-
-
-
-
7,297
-
-
-
-
-
-
-
7,297
-
-
20,287
-
-
-
-
305,443
-
8,552
-
-
-
-
-
-
993,823
2,345,735
-
8,952
-
-
-
-
-
20,287
-
-
3,784
-
900,979
4,567,268
Interest rate:
Futures
Forwards
Swaps
Purchase options
Written options
Currency:
Futures
Forwards
Swaps
Purchase options
Written options
Equity:
Futures
Forwards
Swaps
Purchase options
Written options
Total
Interest rate:
Futures
Forwards
Swaps
Purchase options
Written options
Currency:
Futures
Forwards
Swaps
Purchase options
Written options
Equity:
Futures
Forwards
Swaps
Purchase options
Written options
Total
Derivatives held for trading are classified into financial assets at FVTPL (Note 7) and financial liabilities at
FVTPL (Note 20), and derivatives designated for hedging are presented as a separate line item in the
consolidated statements of financial position.
- 156 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(2) Overview of the Group’s hedge accounting
The hedging relationships the entity applies fair value hedge accounting and cash flow hedge accounting
to are affected by interest rate which is related with Interest Rate Benchmark Reform. The interest rates
to which the hedging relationships are exposed are USD 3M LIBOR, Compounding SOFR, AUD 3M
BBSW, and CD 3M. The nominal amounts of hedging instruments related to USD 3M LIBOR,
Compounding SOFR, AUD 3M BBSW, and CD 3M in the hedging relationships of the Group are USD
2,120,000,000, USD 525,000,000, AUD 150,000,000, and 150,000 million Won, respectively. The
entity pays close attention to discussions in the market and industry regarding the applicable alternative
benchmark interest rates for the exposed interest rate. The entity judges related uncertainty is expected
to be no longer present when the exposed interest rates are replaced by the applicable benchmark
interest rates.
1) Fair value hedge
As of December 31, 2022, the Group has applied fair value hedge on fixed interest rate foreign currency
denominated debentures amounting to 2,928,127 million Won, and foreign currency loans amounting to
148,856 million Won. The purpose of the hedging is to avoid fair value volatility risk of fixed interest
rate foreign 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 USD Libor
3M plus spread, AUD BBSW 3M plus spread and EURIBOR 3M 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.
- 157 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
2) Cash Flow Hedge
As of the December 31, 2022, the Group has applied cash flow hedge on local currency denominated
debentures amounting to 229,892 million won and debentures on foreign currency amounting to
1,094,920 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 by entering
into a currency swap contract and thereby designating it as hedging instrument; 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 by entering into a currency swap contract and thereby
designating it as hedging instrument.
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 SGD, 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 risk, which is the most significant factor in the
cash flow fluctuation of the hedged item, is addressed in this hedging relationship, and other risk factors
such as credit risk are not subject to hedging.
Thus, there could be hedge ineffectiveness arising 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 of the derivative. 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.
3) Hedges of Net Investment in Foreign Operations
Foreign currency exposure arises from the Group's net investments in Woori America Bank, Woori
Cambodia Bank and Hong Kong Woori Investment Bank, and overseas branches, 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 Cambodia Bank and
Hong Kong Woori Investment Bank.
A portion of the Group's net investments in Woori America Bank, Woori Cambodia Bank and Hong
Kong Woori Investment Bank are hedged in USD denominated foreign currency bonds(Carrying
amount as of December 31, 2022: USD 864,390,437) and mitigate foreign exchange risk arising from
the net assets of subsidiaries.
The bonds was designated as a hedging instrument for changes in the value of net investment resulting
from fluctuations in the USD/KRW spot exchange rate.
- 158 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
To assess the effectiveness of the hedging instrument, the Group determines the economic relationship
between the hedging instrument and the hedged item by comparing (offsetting) changes in the carrying
amount of the liability due to changes in the spot exchange rate with changes. The Group's policy is to
hedge the net investment only within the principal range of the liability.
(3) The nominal amounts of the hedging instrument are as follows (Unit: USD, AUD, EUR, and Korean
Won in millions):
1 year or less
December 31, 2022
1 year to 5
years
More than 5
years
Total
150,000,000
150,000
- 2,075,000,000
-
-
300,000,000 2,375,000,000
150,000,000
150,000
-
-
50,000
140,000
-
190,000
-
270,000,000
-
270,000,000
80,000,000
-
100,000,000
194,780,000
-
-
180,000,000
194,780,000
Fair value hedge
Interest rate risk
Interest rate swap (USD)
Interest rate swap (AUD)
Interest rate swap (KRW)
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)
Foreign currencies translation
risk and interest rate risk
Currency swap (USD)
Foreign currencies translation
risk
Currency swap (USD)
Currency swap (EUR)
Hedges of net investment in
foreign operations
Exchange risk
Foreign currency bond (USD)
272,390,437
592,000,000
-
864,390,437
Fair value hedge
Interest rate risk
Interest rate swap (USD)
Interest rate swap (AUD)
Interest rate swap (EUR)
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)
Foreign currencies translation
risk and interest rate risk
Currency swap (USD)
Foreign currencies translation
risk
Currency swap (USD)
1 year or less
December 31, 2021
1 year to 5
years
More than 5
years
Total
- 1,550,000,000
150,000,000
-
26,591,163
-
300,000,000 1,850,000,000
150,000,000
26,591,163
-
-
-
50,000
-
50,000
200,000,000
270,000,000
-
470,000,000
-
180,000,000
-
180,000,000
- 159 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(4) The average interest rate and average currency rate of the hedging instrument as of December 31, 2022
and 2021 are as follows:
Fair value hedge
Interest rate risk
Interest rate swap (USD)
Interest rate swap (USD)
Interest rate swap (AUD)
Interest rate swap (KRW)
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)
Interest rate swap (KRW)
Foreign currencies translation
risk and interest rate risk
Currency swap (USD)
Foreign currencies translation
risk
Currency swap (USD)
Currency swap (EUR)
Hedges of net investment
Exchanging rate risk
Foreign currency denominated
debentures(KRW/USD)
Fair value hedge
Interest rate risk
Interest rate swap (USD)
Interest rate swap (AUD)
Interest rate swap (EUR)
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)
Foreign currencies translation
risk and interest rate risk
Currency swap (USD)
Foreign currencies translation
risk
Currency swap (USD)
December 31, 2022
Average interest rate and average exchange rate
Fixed 3.62% receipt and Libor 3M+1.45% floating paid
Fixed 2.05% receipt and (C.SOFR)+0.65% paid
Fixed 0.84% receipt and BBSW 3M+0.72% paid
Fixed 3.13% receipt and CD 3M paid
KRW CMS 5Y+0.46% receipt, 3.65% paid
KRW CD+0.33% receipt, 1.68% paid
USD 1M Libor+0.79% receipt, KRW 0.80% paid, KRW/USD = 1,226.29
USD 1.50% receipt, KRW 1.57% paid, KRW/USD = 1,140.50
EUR 1.98% receipt, KRW 3.68% paid, KRW/EUR = 1,344.08
1,344.37
December 31, 2021
Average interest rate and average exchange rate
Fixed 3.62% receipt and Libor 3M + 1.45% floating paid
Fixed 0.84% receipt and BBSW 3M+0.72% paid
EURIBOR 3M + 0.09% receipt and 1.5% fixed paid
KRW CD+0.33% receipt, 1.68% paid
USD 1M Libor+0.70% receipt, KRW 0.93% paid, KRW/USD = 1,206.60
USD 1.50% receipt, KRW 1.57% paid, KRW/USD = 1,140.50
- 160 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(5) The amounts related to items designated as hedging instruments are as follows (Unit: USD, AUD, EUR,
and Korean Won in millions):
Fair value hedge
Interest rate risk
Interest rate
Swap(USD)
Interest rate
Swap(AUD)
Interest rate
Swap(KRW)
Cash flow hedge
Interest rate risk
Interest rate
swap(KRW)
Foreign currency
translation risk and
interest rate risk
Currency
swap(USD)
Foreign
currency
translation risk
Currency
swap(USD)
Currency
swap(EUR)
Hedges of net investment
in foreign operations
Exchange rate risk
Foreign
currency
bond(USD)
December 31, 2022
Carrying amount of the hedging
instrument
Nominal amounts of
the hedging
instrument
Assets
Liabilities
Line item in the
statement of financial
position where the
hedging instrument is
located
Changing in fair
value used for
calculating hedge
ineffectiveness
2,375,000,000
150,000,000
150,000
-
193,831
Derivative assets
(designated for hedging)
Derivative liabilities
(designated for hedging)
(247,765)
190,000
2,041
Derivative liabilities
(designated for hedging)
-
1,690
270,000,000
17,909
- Derivative liabilities
(designated for hedging)
180,000,000
17,836
194,780,000
-
-
9,080
Derivative liabilities
(designated for hedging)
Derivative liabilities
(designated for hedging)
58,253
9,317
(10,286)
864,390,437
-
1,095,442 Foreign currency bond
(28,553)
December 31, 2021
Carrying amount of the hedging
instrument
Nominal amounts of
the hedging
instrument
Assets
Liabilities
Line item in the statement
of financial position where
the hedging instrument is
located
Changing in fair
value used for
calculating
hedge
ineffectiveness
Fair value hedge
Interest rate risk
Interest rate swap
USD 1,850,000,000
Interest rate swap
AUD 150,000,000
Interest rate swap
EUR 26,591,163
Cash flow hedge
Interest rate risk
Interest rate swap
KRW 50,000
Foreign currency
translation risk and
interest rate risk
95,086
20,287
17
351
-
-
Currency swap
USD 470,000,000
3,631
7,297
Foreign currency
translation risk
Derivative assets
(designated for hedging)
Derivative liabilities
(designated for hedging)
Derivative liabilities
(designated for hedging)
Derivative liabilities
(designated for hedging)
Currency swap
USD 180,000,000
7,679
-
Derivative liabilities
(designated for hedging)
(83,821)
17
1,896
60,564
8,218
- 161 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(6) Details of carrying amount to hedge and amount due to hedge accounting are as follows (Unit: Korean
Won in millions):
December 31, 2022
Accumulated amount of
fair value hedge
adjustments on the hedged
item included in the
carrying amount of the
hedged item
Carrying amount of the
hedged item
Assets
Liabilities
Assets
Liabilities
Line item in the
statement of
financial
position in
which the
hedged item is
included
Changing in
fair value
used for
calculating
hedge
ineffectivene
ss
Cash flow
hedge
reserve
(*)
Fair value hedge
Interest rate risk
Debentures
Cash flow hedge
Interest rate risk
Debentures
Foreign
currencies
translation risk
and interest
rate risk
Debentures
Foreign
currencies
translation risk
Debentures
Hedges of net
investment in
foreign operations
Exchange rate
risk
Foreign
operations
net asset
(*) After tax amount
- 3,076,983
-
(199,804) Debentures
257,911
-
-
229,892
-
- Debentures
(3,742)
2,531
-
342,019
-
752,901
-
-
- Debentures
(23,296)
8,648
- Debentures
11,256
(24,600)
- 1,095,442
-
-
Foreign
operations net
asset
28,553
(38,797)
December 31, 2021
Accumulated amount of
fair value hedge
adjustments on the hedged
item included in the
carrying amount of the
hedged item
Carrying amount of the
hedged item
Assets
Liabilities
Assets
Liabilities
Line item in the
statement of
financial
position in
which the
hedged item is
included
Changing in
fair value
used for
calculating
hedge
ineffectivene
ss
Cash flow
hedge
reserve
(*)
Fair value hedge
Interest rate risk
Debentures
Foreign
currency
borrowing
Cash flow hedge
Interest rate risk
Debentures
Foreign
currencies
translation risk
and interest
rate risk
Debentures
Foreign
currencies
translation risk
Debentures
(*) After tax amount
- 2,366,724
-
53,160 Debentures
100,343
-
Foreign
currency
borrowings
-
(17)
(17)
- Debentures
(1,760)
281
- Debentures
(53,832)
5,859
- Debentures
(7,609)
(305)
-
35,694
-
49,977
-
556,607
-
212,715
-
-
-
-
- 162 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(7) Amounts recognized in profit or loss due to the ineffective portion of fair value hedges during the
current period are as follows (Unit: Korean Won in millions):
Fair value hedge
Interest rate risk
10,146 Other net operating income(expense)
For the year ended December 31, 2022
Hedge ineffectiveness
recognized in profit or
loss
Line item in the profit or loss that
includes hedge ineffectiveness
For the year ended December 31, 2021
Hedge ineffectiveness
recognized in profit or
loss
Line item in the profit or loss that
includes hedge ineffectiveness
Fair value hedge
Interest rate risk
16,522 Other net operating income(expense)
(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 year ended December 31, 2022
Changes in
the value of
hedging
instruments
recognized in
OCI
Hedge
ineffective
ness
recognize
d in profit
or loss
Changes in
the value
of foreign
basis
spread
recognized
in OCI
1,653
37
-
58,253
-
(1,721)
(969)
-
2,046
Amounts
reclassified
from cash
flow hedge
reserve to
profit or
loss
Line item
affected in profit
or loss due to
reclassification
Other net
operating income
(expense)
220
Other net
operating income
(expense)
Other net
operating income
(expense)
(53,743)
(16,111)
Line item
recognized in the
profit or loss
Other net
operating
income
(expense)
Other net
operating
income
(expense)
Other net
operating
income
(expense)
For the year ended December 31, 2021
Changes in
the value of
hedging
instruments
recognized in
OCI
Hedge
ineffective
ness
recognize
d in profit
or loss
Changes in
the value
of foreign
basis
spread
recognized
in OCI
1,641
256
-
60,394
169
(2,300)
8,476
(258)
416
Amounts
reclassified
from cash
flow hedge
reserve to
profit or
loss
Line item
affected in profit
or loss due to
reclassification
Other net
operating income
(expense)
-
Other net
operating income
(expense)
Other net
operating income
(expense)
(52,126)
(9,045)
Line item
recognized in the
profit or loss
Other net
operating
income
(expense)
Other net
operating
income
(expense)
Other net
operating
income
(expense)
Cash
Interest rate risk
flow
hedge
Foreign currencies
translation risk
and interest rate
risk
Foreign currencies
translation risk
Cash
Interest rate risk
flow
hedge
Foreign currencies
translation risk
and interest rate
risk
Foreign currencies
translation risk
- 163 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(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 year ended December 31, 2022
Profit or loss
recognized in OCI
Hedge ineffectiveness
recognized in profit or loss
Line item which
recognized the hedge
ineffectiveness
(38,797)
-
-
Hedges of net
investment in
foreign operation
Exchange
rate risk
- 164 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
27. DEFERRED DAY 1 PROFITS OR LOSSES
Changes in deferred day 1 profits or losses are as follows (Unit: Korean Won in millions):
Beginning balance
New transactions
Amounts recognized in losses
Ending balance
For the years ended December 31
2021
2022
29,111
21,656
(32,803)
17,964
6,939
49,523
(27,351)
29,111
In case some variables to measure fair values of financial instruments are not observable in the market,
valuation techniques 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
losses as of December 31,2022 and 2021.
28. EQUITY
(1) Details of equity as of December 31, 2022 and 2021 are as follows (Unit: Korean Won in millions):
December 31, 2022
December 31, 2021
Capital
Common stock capital
Hybrid securities
Capital surplus
Paid in capital in excess of par
Others
Sub-total
Capital adjustments
Treasury stocks
Other adjustments (*1)
Sub-total
Accumulated other comprehensive income
Financial assets at FVTOCI
Changes in capital due to equity method
Gain (loss) on foreign currency translation
of foreign operations
Gain (loss) on hedges of net investment in
foreign operations
Remeasurements of defined benefit plan
Gain (loss) on valuation of cash flow hedge
Capital related to non-current assets held for
sale
Sub-total
Retained earnings (*2) (*3)
Non-controlling interest (*4)
Total
3,640,303
3,112,449
643,544
38,841
682,385
(3,819)
(1,780,367)
(1,784,186)
(645,731)
475
(24,202)
(20,701)
55,235
(4,282)
-
(639,206)
23,750,152
2,865,445
31,627,342
3,640,303
2,294,381
643,544
38,841
682,385
(3,819)
(1,747,242)
(1,751,061)
(162,522)
(138)
(63,781)
-
(195,944)
5,553
279
(416,553)
21,392,564
3,008,176
28,850,195
(*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 Gyeongnam
Bank and Gwangju Bank.
(*2) The regulatory reserve for credit losses in retained earnings amounted to 2,966,960 million Won and
2,568,367 million Won as of December 31, 2022 and 2021, respectively in accordance with the relevant
article.
(*3) The earned surplus reserve in retained earnings amounted to 181,860 million Won and 122,370 million Won
as of December 31, 2022 and 2021 in accordance with the Article 53 of the Financial Holding Company Act.
- 165 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(*4) The hybrid securities issued by Woori Bank amounting to 2,344,816 million Won and 2,555,166 million Won
as of December 31, 2022 and 2021, respectively, are recognized as non-controlling interests. 113,995 million
Won and 144,923 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 years ended December 31, 2022 and 2021,
respectively.
(2) The number of authorized shares and others of the Group are as follows:
Shares of common stock authorized
Par value
Shares of common stock issued
Capital stock
(3) Hybrid securities
December 31, 2022
December 31, 2021
4,000,000,000 Shares
5,000 Won
728,060,549 Shares
3,640,303 million Won
4,000,000,000 Shares
5,000 Won
728,060,549 Shares
3,640,303 million Won
The bond-type hybrid securities classified as owner’s equity are as follows (Unit: Korean Won in millions):
Issue date
Maturity
Interest rate (%)
December 31,
2022
December 31,
2021
Securities in local
currency
2019-07-18
Securities in local
currency
2019-10-11
Securities in local
currency
2020-02-06
Securities in local
currency
2020-06-12
Securities in local
currency
2020-10-23
Securities in local
currency
2021-04-08
Securities in local
currency
2021-10-14
Securities in local
currency
2022-02-17
Securities in local
currency
2022-07-28
Securities in local
currency
2022-10-25
-
-
-
-
-
-
-
-
-
-
Issuance cost
Total
3.49
3.32
3.34
3.23
3.00
3.15
3.60
4.10
4.99
5.97
500,000
500,000
500,000
500,000
400,000
400,000
300,000
300,000
200,000
200,000
200,000
200,000
200,000
200,000
300,000
300,000
-
-
220,000
(7,551)
3,112,449
-
(5,619)
2,294,381
The hybrid securities mentioned above do not have maturity date but are redeemable after 5 years from date
of issuance.
- 166 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(4) Accumulated other comprehensive income
Changes in the accumulated other comprehensive income are as follows (Unit: Korean Won in millions):
Beginning
balance
For the year ended December 31, 2022
Reclassification
adjustments
Increase
(decrease) (*)
effect
Income tax
Ending
balance
Net gain (loss) on valuation of
financial assets at FVTOCI
Changes in capital due to equity
method
Gain (loss) on foreign currency
(162,522)
(659,906)
21,498
155,199
(645,731)
(138)
6,563
-
(5,950)
475
translation of foreign operations
(63,781)
33,368
-
(28,553)
-
-
6,211
(24,202)
7,852
(20,701)
Gain (loss) on hedges of net
investment in foreign operations
Remeasurement gain (loss) related
to defined benefit plan
Gain (loss) on valuation of cash
flow hedge
Capital related to non-current assets
(195,944)
346,553
-
(95,374)
55,235
5,553
(10,373)
(220)
758
(4,282)
held for sale
Total
279
(416,553)
(385)
(312,733)
-
21,278
106
68,802
-
(639,206)
(*) The increase(decrease) of financial asset valuation profit or loss at fair value through other comprehensive income
and non-current assets held for sale are changes due to the period evaluation, and the reclassification adjustments
amounting to (10,254) million Won and 279 million Won are due to disposal of equity securities and non-current
assets held for sale, respectively during the period.
Beginning
balance
For the year ended December 31, 2021
Reclassification
adjustments
Increase
(decrease) (*)
effect
Income tax
Ending
balance
Net gain (loss) on valuation of
financial assets at FVTOCI
Changes in capital due to equity
method
Gain (loss) on foreign currency
translation of foreign operations
Remeasurement gain (loss) related
to defined benefit plan
Gain (loss) on valuation of
derivatives designated as cash
flow hedges
Capital related to noncurrent assets
held for sale
Total
(9,833)
(174,113)
(32,624)
54,048
(162,522)
(2,609)
3,885
-
(1,414)
(138)
(298,363)
239,614
-
(5,032)
(63,781)
(261,195)
90,337
-
(25,086)
(195,944)
(1,386)
6,416
1,221
(698)
5,553
1,226
(572,160)
(1,306)
164,833
-
(31,403)
359
22,177
279
(416,553)
(*) The increase(decrease) of financial asset valuation profit or loss at fair value through other comprehensive income
and non-current assets held for sale are changes due to the period evaluation, and the reclassification adjustments
amounting to (2,220) million Won, 946 million Won and (947) million Won are due to disposal of equity
securities, equity method investments and non-current assets held for sale, respectively during the period.
- 167 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(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.
1) 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):
Beginning balance
Planned provision of regulatory reserve (reversal) for credit
loss
Ending balance
December 31,
2022
2,966,960
(127,485)
2,839,475
December 31,
2021
2,568,367
398,593
2,966,960
2) 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):
Net income before regulatory reserve
Provision of regulatory reserve (reversal) for credit loss
Adjusted net income after the provision of regulatory reserve
Dividends to hybrid securities
Adjusted net income after regulatory reserve and dividends to
hybrid securities
Adjusted EPS after regulatory reserve and the dividends to
hybrid securities (Unit: Korean Won)
(6) Treasury stock
For the years ended December 31
2022
3,323,982
(127,485)
3,451,467
(91,756)
2021
2,807,371
398,593
2,408,778
(66,250)
3,359,711
2,342,528
4,615
3,234
Details of treasury stocks are as follows (Unit: Shares, Korean Won in millions):
December 31, 2022
December 31, 2021
Number of shares
Carrying amount
Number of shares
2
343,989
343,991
Carrying amount
-
3,819
3,819
Beginning balance
Acquisition
Ending balance
343,991
-
343,991
3,819
-
3,819
- 168 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
29. DIVIDENDS
(1) Dividends per share and the total dividends for the fiscal year ending December 31, 2021 were 750
Won and 546,044 million Won, respectively, and the dividends were approved at the regular general
shareholders' meeting held on March 25, 2022 and were paid in April 2022.
(2) On July 22, 2022, in accordance with a resolution of the Board of Directors, the Group declared the
interim dividend of 150 Won per share (total dividend of 109,209 million Won) with June 30, 2022 as
base date, and the dividends were paid in August 2022.
(3) A dividend in respect of the year ended December 31, 2022, of 980 won per share, amounting to a total
dividend of 713,497 million won, is to be proposed to shareholders at the annual general meeting on
March 24, 2023. These financial statements do not include this dividend payable.
30. NET INTEREST INCOME
(1) Interest income recognized is as follows (Unit: Korean Won in millions):
For the years ended December 31
2021
2022
Financial assets at FVTPL
Financial assets at FVTOCI
Financial assets at amortized cost:
Securities at amortized cost
Loans and other financial assets at amortized cost:
Interest on due from banks
Interest on loans
Interest of other receivables
Subtotal
Total
106,698
632,615
515,246
244,331
13,109,022
46,637
13,399,990
14,654,549
45,803
381,814
324,920
46,600
9,065,074
30,538
9,142,212
9,894,749
(2) Details of interest expense recognized are as follows (Unit: Korean Won in millions):
Interest on deposits due to customers
Interest on borrowings
Interest on debentures
Other interest expense
Interest on lease liabilities
Total
For the years ended December 31
2021
2022
4,120,811
598,185
1,036,191
195,090
7,693
5,957,970
1,906,858
219,994
727,093
47,647
7,436
2,909,028
- 169 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
31. NET FEES AND COMMISSIONS INCOME
(1) Details of fees and commissions income recognized are as follows (Unit: Korean Won in millions):
Fees and commission received for brokerage
Fees and commission received related to credit
Fees and commission received for electronic finance
Fees and commission received on foreign exchange handling
Fees and commission received on foreign exchange
Fees and commission received for guarantee
Fees and commission received on credit card
Fees and commission received on securities business
Fees and commission from trust management
Fees and commission received on credit information
Fees and commission received related to lease
Other fees
Total
For the years ended December 31
2022
2021
185,545
189,856
130,712
56,812
96,713
85,340
594,897
111,211
266,447
10,190
572,563
199,414
2,499,700
182,794
197,125
131,941
56,210
73,894
76,428
573,048
100,991
216,203
10,220
374,900
177,951
2,171,705
(2) Details of fees and commissions expense incurred are as follows (Unit: Korean Won in millions):
Fees and commissions paid
Credit card commission
Securities business commission
Others
Total
32. DIVIDEND INCOME
For the years ended December 31
2021
2022
325,536
446,885
1,414
15,695
789,530
(1) Details of dividend income recognized are as follows (Unit: Korean Won in millions):
Dividend income related to financial assets at FVTPL
Dividend income related to financial assets at
FVTOCI
Total
136,136
23,846
159,982
For the years ended December 31
2021
2022
261,734
425,796
1,605
11,795
700,930
284,683
24,528
309,211
(2) Details of dividends related to financial assets at FVTOCI are as follows (Unit: Korean Won in
millions):
Dividend income recognized from assets held:
Equity securities
For the years ended December 31
2021
2022
23,846
24,528
- 170 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
33. NET GAIN OR LOSS ON FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR
LOSS MANDATORILY MEASURED AT FAIR VALUE
(1) Details of gains or losses related to net gain or loss on financial instruments at FVTPL are as follows
(Unit: Korean Won in millions):
Gain on financial instruments at fair value through
profit or loss measured at fair value
Gain on financial instruments at fair value through
profit or loss designated as upon initial
recognition
Total
For the years ended December 31
2021
2022
238,502
325,649
-
238,502
102
325,751
(2) Details of net gain or loss on financial instruments at fair value through profit or loss measured at fair
value and financial instruments held for trading are as follows (Unit: Korean Won in millions):
Financial assets
at FVTPL
Securities
Gain on transactions and valuation
Loss on transactions and valuation
Derivatives
(Held for
trading)
Sub-total
Loans
Gain on transactions and valuation
Loss on transactions and valuation
Other financial
assets
Gain on transactions and valuation
Loss on transactions and valuation
Sub-total
Sub-total
Sub-total
Interest rates
derivatives
Gain on transactions and valuation
Loss on transactions and valuation
Sub-total
Currency
derivatives
Gain on transactions and valuation
Loss on transactions and valuation
Sub-total
Equity
derivatives
Gain on transactions and valuation
Loss on transactions and valuation
Other
derivatives
Gain on transactions and valuation
Loss on transactions and valuation
Sub-total
Sub-total
Sub-total
Net, total
For the years ended December 31
2022
294,667
(553,093)
(258,426)
24,005
(2,219)
21,786
21,602
(12,314)
9,288
(227,352)
5,216,543
(3,625,834)
1,590,709
14,601,674
(15,713,074)
(1,111,400)
2,836,843
(2,850,334)
(13,491)
49
(13)
36
465,854
238,502
2021
249,803
(197,172)
52,631
24,674
(6,770)
17,904
17,034
(12,370)
4,664
75,199
2,020,004
(1,746,752)
273,252
9,685,798
(9,715,260)
(29,462)
1,754,671
(1,744,294)
10,377
64
(3,781)
(3,717)
250,450
325,649
(3) Details of net gain (loss) on financial instruments at fair value through profit or loss designated as upon
initial recognition are as follows (Unit: Korean Won in millions):
Gain (loss) on equity-linked securities
For the years ended December 31
2022
2021
-
102
- 171 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
34. 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) :
Gain (Loss) on redemption of securities
Gain (Loss) on transactions of securities
Total
For the years ended December 31
2022
2021
(7)
(21,491)
(21,498)
(23)
32,647
32,624
35. 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):
Reversal(provision) due to credit loss on
financial assets measured at FVTOCI
Provision for impairment loss due to credit loss on
securities at amortized cost
Provision for impairment loss due to credit loss on loan
and other financial assets at amortized cost
Provision for(reversal of) provision on guarantee
Reversal of unused loan commitment
Total
For the years ended December 31
2022
2021
827
(3,151)
(881,668)
(7,611)
6,332
(885,271)
(4,909)
(664)
(551,957)
10,701
9,991
(536,838)
- 172 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
36. 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):
Employee benefits
Short-term
employee
benefits
Salaries
Employee fringe
benefits
Share based payment
Retirement benefit service costs
Termination
Subtotal
Depreciation and amortization
Other general and
administrative
expenses
Rent
Taxes and public dues
Service charges
Computer and IT related
Telephone and communication
Operating promotion
Advertising
Printing
Traveling
Supplies
Insurance premium
Maintenance
Water, light, and heating
Vehicle maintenance
Others
Sub-total
Total
For the years ended December 31
2022
2021
1,980,363
1,775,018
590,255
9,632
169,303
162,019
2,911,572
521,827
80,130
157,905
233,495
127,186
84,204
53,733
160,464
6,799
10,716
8,309
20,670
23,266
16,165
14,831
98,618
1,096,491
4,529,890
545,534
17,774
181,797
180,872
2,700,995
524,154
83,879
135,015
231,852
117,875
79,145
44,248
101,384
6,449
7,449
7,642
10,692
20,808
14,520
11,590
49,714
922,262
4,147,411
(2) Details of other operating income recognized are as follows (Unit: Korean Won in millions):
Gain on transactions of foreign exchange
Gain related to derivatives (Designated for hedging)
Gain on fair value hedged items
Others
Total
For the years ended December 31
2022
2021
1,403,083
71,179
257,910
249,509
1,981,681
562,935
61,271
106,253
172,044
902,503
- 173 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(3) Details of other operating expenses recognized are as follows (Unit: Korean Won in millions):
Losses on transactions of foreign exchange
KDIC deposit insurance premium
Contribution to miscellaneous funds
Losses related to derivatives (Designated for hedging)
Losses on fair value hedged items
Others (*)
Total
For the years ended December 31
2022
2021
1,181,663
423,834
402,057
250,268
-
736,112
2,993,934
450,698
406,276
367,961
93,084
1,947
469,938
1,789,904
(*) Other expense includes 14,664 million Won and 13,963 million Won for intangible asset amortization cost and
388,895 million Won and 250,971 million Won for lease depreciation cost for the years ended December 31,
2022 and 2021, respectively.
- 174 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(4) Share-based payment
Details of performance condition share-based payment granted to executives as of December 31, 2022 and
2021 are as follows.
1) Performance condition share-based payment
Subject to
Type of payment
Vesting period
Date of payment
Fair value (*1)
Valuation method
Expected dividend rate
Expected maturity date
Number of shares remaining
Number of shares granted (*2)
Subject to
Type of payment
Vesting period
Date of payment
Fair value (*1)
Valuation method
Expected dividend rate
Expected maturity date
Number of shares remaining
Number of shares granted (*2)
Subject to
Type of payment
Vesting period
Date of payment
Fair value (*1)
Valuation method
Expected dividend rate
Expected maturity date
Number of shares remaining
Number of shares granted (*2)
Subject to
Type of payment
Vesting period
Date of payment
Fair value (*1)
Valuation method
Expected dividend rate
Expected maturity date
Number of shares remaining
Number of shares granted (*2)
As of December 31, 2022
As of December 31, 2021
As of December 31, 2022
As of December 31, 2021
As of December 31, 2022
As of December 31, 2021
As of December 31, 2022
As of December 31, 2021
As of December 31, 2022
As of December 31, 2021
As of December 31, 2022
As of December 31, 2021
As of December 31, 2022
As of December 31, 2021
As of December 31, 2022
As of December 31, 2021
- 175 -
Shares granted for the year 2019
Cash-settled
January 1, 2019 ~ December 31, 2022
2023-01-01
12,406 Won
Black-Scholes Model
5.05%
-
602,474 shares
602,474 shares
602,474 shares
602,474 shares
Shares granted for the year 2020
Cash-settled
January 1, 2020 ~ December 31, 2023
2024-01-01
11,796 Won
Black-Scholes Model
5.05%
1 year
944,343 shares
944,343 shares
944,343 shares
944,343 shares
Shares granted for the year 2021
Cash-settled
January 1, 2021 ~ December 31, 2024
2025-01-01
11,215 Won
Black-Scholes Model
5.05%
2 years
1,105,515 shares
1,105,515 shares
1,105,515 shares
1,105,515 shares
Shares granted for the year 2022
Cash-settled
January 1, 2022 ~ December 31, 2025
2026-01-01
10,662 Won
Black-Scholes Model
5.05%
3 years
968,119 shares
-
968,119 shares
-
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(*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) It is a system in which the amount of stock payable is determined at the beginning, and the payment rate is determined
in accordance with the degree of achievement of the pre-set performance target. Performance is evaluated by long-
term performance indicators such as relative shareholder return, net profit, return on equity (ROE), non-performing
loan ratio, and job performance.
2) 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 December 31, 2022 and 2021, the carrying amount of the liabilities related
to the performance condition share-based payments recognized by the Group amounts to 41,334
million won and 31,597 million won, respectively, including the carrying amount of liabilities related
to key management of 17,494 million Won and 13,319 million Won, respectively.
- 176 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
37. 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):
Gains on valuation of investments in joint ventures and associates
Reversal of impairment losses of investments in joint ventures and
associates
Losses on valuation of investments in joint ventures and associates
Impairment losses of investments in joint ventures and associates
Total
For the years ended December 31
2022
2021
98,858
80,268
-
(11,133)
(17,728)
69,997
1,744
(7,405)
(12,411)
62,196
(2) Details of other non-operating income and expenses recognized are as follows (Unit: Korean Won in
millions):
Other non-operating incomes
Other non-operating expenses
Total
For the years ended December 31
2022
158,778
(173,924)
(15,146)
2021
188,129
(160,833)
27,296
(3) Details of other non-operating income recognized are as follows (Unit: Korean Won in millions):
Rental fee income
Gains on disposal of investments in joint ventures and
associates
Gains on disposal of premises and equipment, intangible
assets and other assets
Reversal of impairment loss of premises and equipment,
intangible assets and other assets
Others (*)
Total
For the years ended December 31
2022
2021
22,798
599
55,852
310
79,219
158,778
15,056
70,834
51,083
166
50,990
188,129
(*) ‘Others’ for the year ended December 31, 2022 include 46,536 million Won of other special gain
related to other provisions.
(4) Details of other non-operating expenses recognized are as follows (Unit: Korean Won in millions):
Depreciation on investment properties
Operating expenses on investment properties
Losses on disposal of investments in joint ventures and
associates
Losses on disposal of premises and equipment, intangible
assets and other assets
Impairment losses of premises and equipment, intangible
assets and other assets
Donation
Others (*)
Total
For the years ended December 31
2022
2021
3,925
1,448
3,690
3,177
260
50,547
110,877
173,924
2,809
1,174
174
3,354
656
39,335
113,331
160,833
(*) ‘Others’ for the year ended December 31, 2022 include 63,354 million Won of other special loss
- 177 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
related to embezzlement incidents and 18,458 million Won of other special loss related to other provisions.
‘Others’ for the year ended December 31, 2021 include 75,921 million Won of other special loss related to
other provisions.
38. INCOME TAX EXPENSE
(1) Details of income tax expenses are as follows (Unit: Korean Won in millions):
Current tax expense:
Current tax expense with respect to the current period
Adjustments recognized in the current period in relation
to the tax expense of prior periods
Income tax expense directly attributable to other equity
Sub-total
Deferred tax expense
Change in deferred tax assets (liabilities) due to
temporary differences
Income tax expense(income) directly attributable to
equity
Others
Income tax expense
Sub-total
For the years ended December 31
2022
2021
1,332,636
(13,982)
7,852
1,326,506
(234,909)
68,802
993
(165,114)
1,161,392
884,843
2,074
-
886,917
32,776
22,177
-
54,953
941,870
(2)
Income tax expense reconciled to net income before income tax expense is as follows (Unit: Korean
Won in millions):
Net income before income tax expense
Tax calculated at statutory tax rate (*)
Adjustments:
Effect of income that is exempt from taxation
Effect of expenses that are not deductible in determining
taxable income
Adjustments recognized in the current period in relation
to the current tax of prior periods
Others
Income tax expense
Effective tax rate
Sub-total
For the years ended December 31
2022
4,485,374
1,154,285
2021
3,749,241
960,095
(73,488)
(41,335)
26,793
18,933
(14,088)
67,890
7,107
1,161,392
25.90%
3,078
1,099
(18,225)
941,870
25.10%
(*) The applicable income tax rate: % up to 200 million Won in tax basis, 22% over 200 million Won to 20 billion
Won, 24.2% over 20 billion Won to 300 billion Won and 27.5% over 300 billion Won.
- 178 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(3) Changes in deferred tax assets and liabilities for the years ended December 31, 2022 and 2021, are as
follows (Unit: Korean Won in millions):
For the year ended December 31, 2022
Beginning
balance
Business
combination
Recognized as
income (expense)
Recognized as other
comprehensive
income (expense)
Ending
Balance
Gain (loss) on financial
assets
Gain on valuation using
the equity method of
accounting
Gain (loss) on valuation
of derivatives
Accrued income
Provision for loan losses
Loan and receivables
written off
Loan origination costs
and fees
Defined benefit liability
Deposits with employee
retirement insurance
trust
Provision for guarantee
Other provision
Others (*)
Net deferred tax assets
273,356
15,260
(149,805)
(82,482)
(34,625)
8,244
(194,463)
449,615
(432,001)
7,424
100,571
(116,907)
(155,813)
-
-
-
-
-
-
-
-
-
-
-
(1,473)
(1,473)
(55,410)
155,199
373,145
11,139
159,664
(7,848)
14,520
(318)
25,370
15,760
(18,437)
904
(13,342)
33,982
165,984
(5,844)
20,555
758
-
-
-
10,617
(90,330)
(20,105)
7,926
-
(95,590)
(169,093)
369,785
216
-
-
14,063
68,802
(450,222)
8,328
87,229
(70,335)
77,500
(*) Among the deferred tax assets and liabilities classified as ‘Others,’ the deferred tax asset arising from unused tax
losses amounts to 3,536 million won.
For the year ended December 31, 2021
Recognized as
income (expense)
Recognized as other
comprehensive income
(expense)
Ending
Balance
Beginning balance
276,495
(57,187)
54,048
273,356
33,597
(17,282)
(1,055)
15,260
(142,352)
(66,228)
(46,495)
(6,755)
(16,254)
11,870
8,221
23
(170,196)
442,007
(424,906)
9,485
85,173
(118,964)
(114,163)
(24,267)
32,890
(7,291)
(2,061)
15,398
7,089
(63,827)
(698)
-
-
-
-
(149,805)
(82,482)
(34,625)
8,244
(194,463)
(25,282)
449,615
196
-
-
(5,032)
22,177
(432,001)
7,424
100,571
(116,907)
(155,813)
Gain (loss) on financial
assets
Gain on valuation using the
equity method of
accounting
Gain (loss) on valuation of
derivatives
Accrued income
Provision for loan losses
Loan and receivables written
off
Loan origination costs and
fees
Defined benefit liability
Deposits with employee
retirement insurance trust
Provision for guarantee
Other provision
Others (*)
Net deferred tax assets
(*) Among the deferred tax assets and liabilities classified as ‘Others,’ the deferred tax asset arising from unused tax
losses amounts to 8,838 million won.
- 179 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(4) Unrealizable temporary differences are as follows (Unit: Korean Won in millions):
Deductible temporary differences
Tax loss carry forward
Taxable temporary differences
Total
December 31, 2022
December 31, 2021
330,376
49,405
(8,898,834)
(8,519,053)
303,067
63,908
(8,025,672)
(7,658,697)
No deferred income tax asset has been recognized for the deductible temporary difference of 325,601 million
Won associated with investments in subsidiaries as of December 31, 2022, because it is not probable that the
temporary differences will be reversed in the foreseeable future 4,775 million won associated with others,
respectively, as of December 31, 2022, due to the uncertainty that these will be realized in the future.
No deferred income tax liability has been recognized for the taxable temporary difference of 8,898,835
million won associated with investment in subsidiaries as of December 31, 2022, due to the following
reasons:
- The Group is able to control the timing of the reversal of the temporary difference.
- It is probable that the temporary difference will not be reversed in the foreseeable future.
As of December 31, 2022, the expected extinctive date of tax loss carry forward that are not recognized as
deferred tax assets are as follows (Unit: Korean Won in millions):
Tax loss carry forward
36,967
10,828
1 year or less
1 – 2 years
2 – 3 years
More than 3 years
1,610
-
(5) Details of accumulated deferred tax charged directly to other equity are as follows (Unit: Korean Won in
millions):
Gain on valuation of financial assets at FVTOCI
Gain on valuation of equity method investments
Gain on foreign currency translation of foreign
operations
Gain on valuation of hedge accounting of the net
investment in foreign operations
Remeasurements of the net defined benefit liability
Gain on derivatives designated as cash flow hedge
Total
December 31, 2022
213,876
December 31, 2021
58,677
2,078
(3,766)
9,938
9,815
(20,584)
(86)
209,193
5,689
-
74,790
(843)
140,391
(6) Current tax assets and liabilities are as follows (Unit: Korean Won in millions):
Current tax assets
Current tax liabilities
December 31, 2022
December 31, 2021
53,274
843,555
22,598
584,491
- 180 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
39. 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):
For the years ended December 31
2021
2022
Net income attributable to common shareholders
Dividends to hybrid securities
Net income attributable to common shareholders
Weighted average number of common shares
outstanding (Unit: million shares)
Basic EPS (Unit: Korean Won)
3,141,680
(91,756)
3,049,924
728
4,191
2,587,936
(66,250)
2,521,686
724
3,481
(2) The weighted average number of common shares outstanding is as follows (Unit: number of shares,
days):
For the year ended December 31, 2022
Period
Number of
shares
Dates
(Unit:
Day)
Accumulated number
of shares outstanding
during period
Common shares issued at the
beginning of the period
Treasury stocks
2022-01-01 ~ 2022-12-31
2022-01-01 ~ 2022-12-31
728,060,549
(343,991)
365
365
Sub-total (①)
Weighted average number of common shares outstanding (②=(①/365))
265,742,100,385
(125,556,715)
265,616,543,670
727,716,558
For the year ended December 31, 2021
Period
Number of
shares
Dates
(Unit:
Day)
Accumulated number
of shares outstanding
during period
2021-01-01 ~ 2021-12-31
2021-01-01 ~ 2021-12-31
722,267,683
(2)
365
365
263,627,704,295
(730)
Common shares issued at the
beginning of the period
Treasury stocks
Issuance of new shares
(comprehensive share
exchange)
Acquisition of treasury stocks
2021-08-10 ~ 2021-12-31
2021-08-10 ~ 2021-12-31
5,792,866
(343,989)
144
144
Sub-total (①)
Weighted average number of common shares outstanding (②=(①/365))
834,172,704
(49,534,416)
264,412,341,853
724,417,375
Diluted EPS is equal to basic EPS because there is no dilution effect for the years ended December 31, 2022
and 2021.
- 181 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
40. CONTINGENT LIABILITIES AND COMMITMENTS
(1) Details of guarantees are as follows (Unit: Korean Won in millions):
Confirmed guarantees
Guarantee for loans
Acceptances
Guarantees in acceptances of imported goods
Other confirmed guarantees
Sub-total
Unconfirmed guarantees
Local letters of credit
Letters of credit
Other unconfirmed guarantees
Sub-total
Commercial paper purchase commitments and others
Total
December 31, 2022
December 31, 2021
39,684
501,921
97,920
6,847,713
7,487,238
150,075
3,014,228
1,144,498
4,308,801
125,547
11,921,586
38,897
622,758
111,195
7,215,557
7,988,407
243,072
3,186,513
778,088
4,207,673
791,729
12,987,809
(*) Includes financial guarantees of 3,095,091 million won and 3,960,383 million won as of December 31, 2022 and
2021, respectively.
(2) Details of unused loan commitments and others are as follows (Unit: Korean Won in millions):
Loan commitments
Other commitments (*)
December 31, 2022
December 31, 2021
118,172,070
7,107,828
114,414,462
5,652,557
(*) As of December 31, 2022 and 2021, the amount of unsecured bills (purchase note sales) and discounts on
electronic short-term bond sales (purchase) are 2,505,399 million won and 2,225,226 million won, respectively.
(3) Litigation case
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 531 cases (litigation value
of 577,128 million Won) and 475 cases (litigation value of 578,505 million Won) as of December 31,
2022 and 2021 respectively, and provisions for litigations are 33,877 million Won and 24,823 million
Won.
- 182 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(4)
Other commitments
1) The Group decided to enter into a stock sales agreement with a major shareholder of Woori Asset
Trust Co., Ltd. (formerly, Kukje Asset Trust Co., Ltd.) to acquire 44.5% of interest (58.6% of
voting rights) in July 2019, and to acquire additional 21.3% of interest (28.0% of voting rights)
after a certain period. As a result, the Group acquired the interest of the first sales agreement in
December 2019 and will acquire the second transaction stake at the end of March 2023.
In regard to this acquisition, the Group recognized 174,780 million Won as other financial
liabilities for the second sales agreement.
2) As of December 31, 2022, Woori Asset Trust Co., Ltd., a subsidiary, has agreed to carry out
construction completion obligations for 87 constructions, which includes the construction of
residential and commercial complexes in Busan (U-dong, Haeundae-gu). Land Trust responsible
for Construction and Management is a trust that bears the obligation to fulfill the responsibility of
the constructor and to compensate the loan financial institution for damages if the Group fails to
fulfill the construction completion obligation. As of December 31, 2022, the total PF loan amount
of PF loan institutions invested in the project of the Land Trust responsible for Construction and
Management is 3,607,592 million Won. Although additional losses may occur in relation to the
construction completion obligations, the financial statements as of December 31, 2022 do not
reflect these effects since losses are unlikely and the amount cannot be estimated reliably.
3) Pursuant to some contracts related to asset securitization, the Group 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.
4) As of December 31, 2022, Woori Asset Trust Co., Ltd, a subsidiary, is able to borrow part of its
total business expense related to its 13 development trust contracts including Boutique Terrace
Haeundae Hotel from trust accounts, and the maximum amount of additional loan amount (unused
loan commitment) is 52,783 million Won. In relation to those projects, the Group's trust accounts
loan is not unconditional payment obligation, and it would be judged by considering all related
matters such as its own account and the fund balance plan for each trust projects.
- 183 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
41. RELATED PARTY TRANSACTIONS
Related parties of the Group as of December 31, 2022 and 2021, and assets and liabilities recognized,
guarantees and commitments, major transactions with related parties and compensation to key management
for the years ended December 31, 2022 and 2021 are as follows. Please refer to Note 13 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):
Associates
W Service Networks Co.,
Related parties
Ltd.
Korea Credit Bureau Co.,
Ltd.
Korea Finance Security Co.,
Ltd.
LOTTE CARD Co. Ltd.
K BANK Co., Ltd.
Others (*1)
Account title
Loans
Deposits due to customers
Accrued expenses
Other liabilities
Loans
Deposits due to customers
Other liabilities
Loans
Loss allowance
Deposits due to customers
Other liabilities
Loans
Account receivables
Loss allowance
Other assets
Deposits due to customers
Other liabilities
Loans
Account receivables
Other liabilities
Loans
Loss allowance
Other assets
Deposits due to customers
Other liabilities
December 31,
2022
December 31,
2021
120
3,298
7
109
2
4,450
40
3,433
(46)
1,764
6
50,000
16
(30)
-
35,986
74
3
31
108,156
68,660
(34)
768
3,622
119
20
2,832
6
425
2
1,557
-
3,425
(6)
1,887
2
3,750
-
(39)
10
13,482
91
99
29
84,935
73,940
(124)
739
1,063
3
(*1) Others include IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership, Woori Growth
Partnerships New Technology Private Equity Fund, Partner One Value Up I Private Equity Fund, and etc., as of
December 31, 2022 and 2021.
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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(2) Gain or loss from transactions with related parties are as follows (Unit: Korean Won in millions):
Associates
W Service Network Co., Ltd.
Related parties
Korea Credit Bureau Co., Ltd.
Korea Finance Security Co., Ltd.
LOTTE CARD Co., Ltd.
K BANK Co., Ltd.
Others (*)
Account title
Other income
Interest expenses
Fees expenses
Other expenses
Interest expenses
Fees expenses
Other expenses
Interest income
Interest expenses
Provision of impairment
losses due to credit loss
Other expenses
Interest income
Fees income
Interest expenses
Reveral of impairment
losses due to credit loss
Fees income
Fees expenses
Interest income
Fees income
Interest expenses
Reversal of impairment
losses due to credit loss
Provision of impairment
losses due to credit loss
For the year December 31
2022
2021
-
14
543
1,907
40
3,730
139
141
3
44
52
83
7,701
1,902
27
698
937
713
7,138
10
92
1
30
7
612
1,878
4
3,503
68
80
2
1
92
196
10,248
462
59
1,952
636
679
5,546
17
2
-
(*) Others include Woori Growth Partnerships New Technology Private Equity Fund, Partner One Value Up I
Private Equity Fund, and etc., as of December 31, 2022 and 2021.
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WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(3) Major loan transactions with related parties for the years ended December 31, 2022 and 2021 are as
follows (Unit: Korean Won in millions):
For the year ended December 31, 2022
Related parties
Associates W Service Network Co., Ltd.
Korea Credit Bureau Co., Ltd.
Korea Finance Security Co., Ltd.
LOTTE CARD Co., Ltd.
K BANK Co., Ltd.
Godo Kaisha Oceanos 1
Woori Zip 1
Woori Zip 2
Central Network Solutions Co.,
Beginning
balance
Loan
Collection Others
252
15
2,399
3,750
411
43,033
-
-
-
-
-
-
-
(1,653)
(956)
(1,356)
352
15
2,407
50,000
315
41,467
-
-
Ending
balance (*)
120
2
3,433
50,000
3
39,814
11,819
16,776
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.
For the year ended December 31, 2021
Related parties
Associates W Service Network Co., Ltd.
Korea Credit Bureau Co., Ltd.
Korea Finance Security Co., Ltd.
LOTTE CARD Co., Ltd.
K BANK Co., Ltd.
Godo Kaisha Oceanos 1
Woori Zip 1
Woori Zip 2
Beginning
balance
Loan
Collection Others
249
10
348
3,750
1,774
-
-
-
-
-
-
-
-
(1,003)
(346)
(492)
248
11
333
-
1,769
-
13,121
18,624
Ending
balance (*)
20
2
3,425
3,750
99
43,033
12,775
18,132
20
2
3,425
3,750
99
43,033
12,775
18,132
21
1
3,440
7,500
104
44,036
-
-
(*) Payments that occurred for business reasons among related parties are excluded and net increase or decrease
was used for limited credit loan.
- 186 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(4) Details of changes in major deposits due to customers with related parties for the years ended December
31, 2022 and 2021 are as follows (Unit: Korean Won in millions):
Associates W Service Networks Co., Ltd
Related parties
Partner One Value Up I Private Equity
Fund
Korea Credit Bureau Co., Ltd.
For the year ended December 31, 2022
Beginning
balance
1,180
Increase
Decrease
1,200
1,180
329
-
550
3,000
779
-
Ending
balance (*)
1,200
100
3,000
(*) Details of payment between related parties, demand deposit due to customers and etc. are excluded.
Associates W Service Networks Co., Ltd
Related parties
Partner One Value Up I Private Equity
Fund
Korea Credit Bureau Co., Ltd.
For the year ended December 31, 2021
Beginning
balance
1,180
Increase
Decrease
Ending
balance (*)
1,180
1,180
1,180
863
1,000
637
-
1,171
1,000
329
-
(*) 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 years ended December 31, 2022
and 2021.
(6) Guarantees provided to the related parties are as follows (Unit: Korean Won in millions):
Warrantee
Korea Finance Security Co., Ltd.
Korea Credit Bureau Co., Ltd.
W Service Network Co., Ltd.
K BANK Co., Ltd.
LOTTE CARD Co. Ltd.
D-Custody Co., Ltd.
December 31, 2022
627
33
60
297
450,000
10
December 31, 2021
835
33
180
201
500,000
-
Warranty
Unused loan commitment
Unused loan commitment
Unused loan commitment
Unused loan commitment
Unused loan commitment
Unused loan commitment
As of December 31, 2022 and 2021, the recognized payment guarantee provisions are 80 million won
and 93 million won, respectively, in relation to the guarantees provided to the related parties above.
- 187 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(7) Amount of commitments with the related parties
Warrantee
IBK KIP Seongjang Dideemdol 1st Private
Investment Limited Partnership
WooriG Senior Loan General Type Private
Investment Trust No.1
Woori Seoul Beltway Private Special Asset
Fund No.1
Woori-Q Corporate Restructuring Private
Equity Fund
Union Technology Finance Investment
Association
Genesis Eco No.1 Private Equity Fund
Genesis Environmental Energy Company
1st Private Equity Fund
JC Assurance No.2 Private Equity Fund
Crevisse Raim Impact 1st Startup Venture
Specialist Private Equity Fund
WooriG Oncorp Corporate support of
Major Industry General Type Private
Investment Trust (Type 2)
BTS 2nd Private Equity Fund
STASSETS FUND III
Together Korea Government Private
Securities Investment Trust No.3
December 31, 2022 December 31, 2021
4,664
-
37,146
12,555
-
-
-
1,351
325
39
6,974
13,500
990,000
4,664
14,284
39,458
11,109
2,250
195
916
1,351
425
669
-
-
-
Warranty
Securities purchase
commitment
Securities purchase
commitment
Securities purchase
commitment
Securities purchase
commitment
Securities purchase
commitment
Securities purchase
commitment
Securities purchase
commitment
Securities purchase
commitment
Securities purchase
commitment
Securities purchase
commitment
Securities purchase
commitment
Securities purchase
commitment
Securities purchase
commitment
(8) Major investment and Recovery transactions
The details of major investment and recovery transactions with related parties for the year ended
December 31, 2022 and 2021 are as follows (Unit: Korean Won in millions):
Related parties
Woori High Plus Short-term High Graded ESG Bond Sec Feeder Inv Trust 1
Woori High Plus Bond Sec Feeder Inv Trust 3(USD)
Woori BANKPLUS IPO 10 FEEDER FUND 2(BALANCED BOND)
Woori Two-year Bond Securities Investment Trust 2(Bond)
Woori China Mainland Stock Securities Investment Trust H(Securities)
Woori Long-term government bond securities Investment Trust No.1
Woori Republic of Korea Treasury Bond Active ETF(Bond)
Woori K-New Opening Target Return Securities Investment Trust(Equity)
Woori 2023 Maturity Securities Investment Trust(Bond)
Woori 2024 Maturity Securities Investment Trust 1(Bond)
Woori BIG SATISFACTION SHINJONG MMF 3RD
Woori MULTI RETURN PRIVATE EQUITY 1
Woori 2024 December Maturity Securities Investment Trust 1(Bond)
Woori Two-year Bond Securities Investment Trust 3(Bond)
Woori G Oncorp Corporate support of Major Industry General Type Private Investment
Trust (Type 2)
Investment and recovery transactions of associates are described in Note 13.(2)
(*)
For the year ended
December 31, 2022
Investment
and others (*)
Recovery and
others (*)
-
-
200
-
-
-
3,000
200
200
200
320,000
-
200
-
630
21,606
1,052
-
213
443
1,951
-
-
-
-
-
8,559
-
209
-
- 188 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
Related parties
For the year ended
December 31, 2021
Investment
and others (*)
Recovery and
others (*)
Woori China Mainland Stock Securities Investment Trust
Woori Long-term government bond securities Investment Trust No.1
Woori New MMF No.3
Woori Multi-Return Securities Investment Trust 1
Woori Multi-Return Securities Investment Trust 2 (Balanced Bond)
Woori Short term Plus Securities Investment Trust
Woori Smart New Deal 30 Target Conversion Securities Investment trust No.3
Woori Smart Balance Securities Investment Trust (Stock)
Woori ACE Public Offering stock Alpha Securities Investment Trust (Bond Mixed)
WooriG Oncorp Corporate support of Major Industry General Type Private Investment
Trust (Type 2)
WooriG Public Offering stock 10 securities Investment Trust [Bond mixed] C(F)
WooriG IGIS Securities Investment Trust [Bond] C(F)
(*)
Investment and recovery transactions of associates are described in Note 13.(2)
-
2,000
-
8,000
8,000
200
200
500
200
831
-
-
568
-
20,105
-
-
-
-
-
-
-
1,064
1,306
(9) Compensation for key management is as follows (Unit: Korean Won in millions):
Short-term employee salaries
Retirement benefit service costs
Share-based compensation
Total
For the years ended December 31
2021
2022
21,990
937
4,234
27,161
20,742
815
6,970
28,527
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 3,620 million won and 3,821 million won, as of December 31, 2022 and 2021 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 12,660 million
won and 11,542 million won, respectively, as of December 31, 2022 and 2021.
- 189 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
42. TRUST ACCOUNTS
(1) Trust accounts of the Woori Bank are as follows (Unit: Korean Won in millions):
Total assets
Trust accounts
December 31, 2022
71,677,258
December 31, 2021
69,472,846
Operating income
For the years ended December 31
2022
2021
1,121,069
876,800
(2) Receivables and payables between the Woori Bank and trust accounts are as follows (Unit: Korean Won
in millions):
Receivables:
Trust fees receivables
Payables:
Deposits due to customers
Borrowings from trust accounts
Total
December 31, 2022
December 31, 2021
42,337
170,417
1,804,847
1,975,264
35,448
234,136
1,621,209
1,855,345
(3) Significant transactions between the Woori Bank and trust accounts are as follows (Unit: Korean Won
in millions):
Revenue:
Trust fees
Termination fees
Expense:
Total
Interest expenses on deposits due to
customers
Interest expenses on borrowings from trust
accounts
Total
For the years ended December 31
2021
2022
131,656
1,158
132,814
619
38,583
39,202
117,459
10,599
128,058
503
11,391
11,894
- 190 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(4) Principal guaranteed trusts and principal and interest guaranteed trusts are as follows;
1) The carrying amount of principal guaranteed trusts and principal and interest guaranteed trusts that
Woori Bank provides are as follows (Unit: Korean Won in millions):
December 31, 2022
December 31, 2021
Partial principal guaranteed trusts
Personal trust
Corporate trust
Deposit purpose
Sub-total
Principal guaranteed trusts
Old-age pension trusts
Personal pension trusts
Pension trusts
Retirement trusts
New personal pension trusts
New old-age pension trusts
Sub-total
Principal and interest guaranteed trusts
Development trusts
Unspecified money trusts
Sub-total
Total
8,230
446
1,551
10,227
2,790
460,839
687,971
26,563
6,792
950
1,185,905
19
335
354
1,196,486
8,932
627
1,558
11,117
3,004
486,203
749,317
28,354
7,282
1,076
1,275,236
19
348
367
1,286,720
2) The amounts that the Woori Bank must pay by the operating results of the principal guaranteed
trusts or the principal and interest guaranteed trusts are as follows (Unit: Korean Won in millions):
Liabilities for the account
(subsidy for Trust account adjustment)
December 31, 2022
December 31, 2021
-
2
- 191 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
43. LEASES
(1) Lessor
1) 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):
December 31, 2022
Within one year
After one year but within two years
After two years but within three years
After three years but within four years
After four years but within five years
After five years
Total
Total investment in lease
160,181
231,075
366,599
501,034
368,420
19
1,627,328
Net investment in lease
146,749
215,497
338,709
452,099
314,696
18
1,467,768
December 31, 2021
Within one year
After one year but within two years
After two years but within three years
After three years but within four years
After four years but within five years
After five years
Total
Total investment in lease
70,740
133,398
239,895
367,991
486,490
2
1,298,516
Net investment in lease
69,030
124,904
218,911
331,685
429,034
1
1,173,565
② The unrealized interest income of the finance lease is as follows. (Unit: Korean Won in
millions)
Total investment in lease
Net investment in lease
Present value of minimum lease payments
Present value of unguaranteed residual value
Unearned interest income
December 31, 2022
December 31, 2021
1,627,328
1,467,768
1,467,768
-
159,560
1,298,516
1,173,565
1,173,565
-
124,951
- 192 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
2) Operating lease
① The details of operating lease assets are as follows (Unit: Korean Won in millions):
Prepaid lease assets
Operating lease assets
Acquisition cost
Accumulated depreciation
Net carrying value
Total
December 31, 2022
December 31, 2021
3,121
3,320,275
(729,818)
2,590,457
2,593,578
4,579
2,299,968
(521,660)
1,778,308
1,782,887
② The details of changes in operating lease assets as of December 31, 2022 are as follows and
there is no details of changes in operating lease assets as of December 31, 2021 (Unit: Korean
Won in millions)
Beginning balance
Acquisition
Disposal
Depreciation
Others
Ending balance
December 31, 2022
December 31, 2021
1,778,308
1,321,251
(138,189)
(388,895)
17,982
2,590,457
1,116,175
984,093
(93,138)
(250,971)
22,149
1,778,308
③ The future lease payments to be received under the lease contracts are as follows (Unit:
Korean Won in millions)
Within one year
After one year but within two years
After two years but within three years
After three years but within four years
After four years but within five years
Total
December 31, 2022
December 31, 2021
567,998
526,899
420,244
275,080
86,606
1,876,827
377,153
347,539
262,176
170,391
79,555
1,236,814
④ There is no adjusted lease payments recognized as profit or loss for the years ended December
31, 2022 and 2021.
- 193 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
(2) Lessee
1) The future lease payments under the lease contracts are as follows (Unit: Korean Won in millions):
Lease payments
Within one year
After one year but within five years
After five years
Total
December 31, 2022
December 31, 2021
170,781
152,145
33,007
355,933
151,259
155,707
38,275
345,241
2) Total cash outflows from lease are as follows (Unit: Korean Won in millions):
Total cash outflows from lease
For the years ended
December 31
2022
s2021
192,540
180,884
3) 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):
Lease payments for short-term leases
Lease payments for which the underlying asset is of low
value
Total
For the years ended
December 31
2022
2021
1,469
1,316
2,785
1,598
1,488
3,086
Variable lease payments that were not included in the measurement of lease liabilities for the years ended
December 31, 2022 were 5,470 million Won.
(3) The Group uses a practical expedient that does not assess whether it is a lease change to the rend
discount incurred directly as a result of COVID-19. Accordingly, the amount recognized in profit or loss
during the reporting period is 15,880 million Won, to reflect changes in lease payments arising from the
rent concession.
- 194 -
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022 AND 2021
44. BUSINESS COMBINATION
The Group acquired 2,193,552,006 shares, equivalent to 82.03% of the total issued shares of PT Batavia
Prosperindo Finance Tbk, an Indonesian listed company, of 2,673,995,362 shares on August 31, 2022 as
the acquisition date for the purpose of entering the local financial industry in Indonesia , and changed its
name to PT Woori Finance Indonesia Tbk.
1) As of the acquisition date, the transfer price, acquisition assets, liabilities, and non-controlling interests
related to the business combination are as follows (Unit: Korean Won in millions):
Fair value of transfer price
Cash
Amount recognized as assets and liabilities
Cash and cash equivalents
Financial assets at amortized cost
Other assets
Borrowings
Other liabilities
Amount
130,424
5,607
95,587
24,096
25,932
10,150
89,208
16,454
57,670
Fair value of identifiable net assets
Non-controlling interests (*1)
Goodwill
(*1) Represents amount of a proportionate interest of the fair value of indentifiable net assets.
2) Assuming that the acquisition date of PT Woori Finance Indonesia Tbk by the Group is the
commencement date of the financial statements, the consolidated income and consolidated net income are
KRW 1,856,941 million and KRW 207,495 million, respectively.
45. EVENTS AFTER THE REPORTING PERIOD
On February 27, 2023, the Group signed a stock sale contract to acquire a 52% stake in Daol Investment
Co., Ltd. and will be included into a subsidiary in March 2023.
- 195 -