INNOVATE
TODAY,
CREATE
TOMORROW
ANNUAL REPORT 2024
Message from the CEO
Board of Directors
Financial Highlights
KEY Figures
004
005
006
007
WOORI OVERVIEW
ESG Management
Social Responsibility
Governance
009
013
018
ESG REPORT
Organizational Chart
Global Network
Disclaimer
073
074
082
APPENDIX
Group Vision & Strategy
Group-wide Synergies
Digital Innovation
Global Business
Risk Management
021
023
025
031
035
STRATEGY REPORT
Group Business Portfolio
Woori Bank
Woori Card
Woori Financial Capital
Woori Investment Securities
Woori Asset Trust
Woori Savings Bank
Woori Financial F&I
Woori Asset Management
Woori Venture Partners
Woori Private Equity Asset Management
Woori Credit Information
Woori Fund Services
Woori FIS
Woori Finance Research Institute
041
042
055
057
058
060
062
063
065
066
067
068
069
070
071
BUSINESS REPORT
CONTENTS
Business Results
2024 AUDITED
FINANCIAL STATEMENTS
Fact Book
Sustainability Report
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01
WOORI
OVERVIEW
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
3
MESSAGE FROM THE CEO
BOARD OF DIRECTORS
FINANCIAL HIGHLIGHTS
KEY FIGURES
04
05
06
07
WOORI Financial Group Annual Report 2024
4
Woori Financial Group Annual Report 2024
MESSAGE FROM THE CEO
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
Jong-Yong Yim
Chairman & CEO / Woori Financial Group
Dear Valued Shareholders and Customers,
I would like to extend my heartfelt gratitude to our shareholders and
customers who continuously support and trust Woori Financial Group (“WFG”).
The year 2024 marked a pivotal turning point for WFG. Despite heightened
uncertainties and increased financial market volatility, WFG achieved net
income of KRW 3.086 trillion (attributable to controlling interest), reflecting a
23.1% increase from the previous year. This strong performance was driven
by robust profit-generating capabilities and stable cost management. Even
amid sharp fluctuations in exchange rates, all subsidiaries strengthened risk-
weighted asset management and adopted a prudent asset rebalancing
strategy, prioritizing high-quality assets. As a result, the group effectively
managed its Common Equity Tier 1 (CET1) ratio, enhancing its loss-absorption
capacity and maintaining a stable financial position that exceeded market
expectations.
In addition to our strong financial performance, all executives and employees
remained united in their commitment to strengthening the group’s foundation
and pursuing sustainable growth. The group successfully completed its long-
awaited privatization and, after a decade, re-entered the securities business.
Additionally, as the first banking group to announce the Corporate Value
Enhancement (Value-Up) plan, WFG was included in the Korea Value-up
Index— an achievement widely recognized by the market, signaling WFG’s
strong long-term growth potential.
Moreover, WFG successfully launched the New Woori WON Banking app—
our universal banking platform that offers customers a seamless and
intelligent gateway to the group’s full suite of financial services. Beyond
digital innovation, WFG has also demonstrated leadership in fulfilling its social
responsibilities, actively working to build a better world through various
initiatives—such as the Goodwill Store and Rookie Project—that support
underprivileged communities and empower future generations.
As a result of these efforts and our continued commitment to implementing
our ESG vision—“Creating a Better World Through Finance”— WFG was
awarded an MSCI AAA rating for the second consecutive year in 2024,
included in the DJSI World Index for the first time, and recognized as part of
Bloomberg’s Leading Group. These achievements reaffirm WFG’s position as a
top-tier institution in ESG excellence.
However, alongside these accomplishments, there were also aspects that
reminded us of the importance of staying vigilant, leading us to place greater
emphasis on effective internal control and on building the trust of our
shareholders and customers.
With trust as the cornerstone of our group, we are enhancing risk
management and operational discipline across the organization to proactively
navigate the challenges of the year ahead. To that end, we will focus on the
following key initiatives:
First, we will reinforce our internal control system. This means going beyond
structural improvements and embedding internal control deeply into every
business and sales process. We promise to devote our steadfast efforts to
cultivating a culture of integrity, where ethical awareness is deeply rooted and
consistently upheld by every executive and employee.
Second, we will strengthen each subsidiary’s competitiveness by focusing
on core business enhancements. Concurrently, we will bolster our risk
management capabilities to stay ahead of the fast-changing financial
landscape, delivering our Corporate Value Enhancement (Value-Up) plan
through disciplined capital adequacy and liquidity management.
Third, we will expand group-wide synergies to ensure our diversified financial
services become a seamless part of our customers’ daily lives. Powered
by the New WON Banking app, we will strengthen our digital platform with
innovations like generative AI and embedded finance, while actively identifying
new growth opportunities to lead the future of financial services.
Moving forward, despite challenging market environments ahead, WFG
remains committed to making trust its top priority and reinforcing its position
as a reliable and respected financial institution. Building on this foundation, we
will pursue sustainable growth while continuing to deliver greater value to our
shareholders and customers. Grounded in a strong ethical foundation, Woori
Financial Group will boldly move forward as a transparent and resilient financial
group. We sincerely ask for your continued trust and unwavering support on
this journey.
Yours sincerely,
5
Woori Financial Group Annual Report 2024
BOARD OF DIRECTORS
Jong-Yong Yim
Woori Financial Group Chairman & CEO
•B.A. in Economics, Yonsei University
•M.A. in Economics, University of Oregon
•Former Senior Secretary to the President for
Economic Affairs
•Former Deputy Minister, Prime Minister’s Office
•Former Chairman & CEO, NongHyup Financial Group
•Former Chairman, Financial Services Commission
In-Sub Yoon
Independent Director/Chairman of the Board
•B.A. in Applied Statistics, Yonsei University
•Master of Accounting, Yonsei University Business School
•Former CEO and President, Korea ING Life Insurance Co., Ltd.
•Former CEO and President, Hana HSBC Life Insurance Co., Ltd.
•Former General Representative Director, Korea Ratings
•Former Chairman of the Board of Fubon Hyundai
Life Insurance
Yeong-Seop Rhee
Independent Director
•Bachelor’s Degree in Economics, Seoul National University
•Master’s Degree in Economics, Seoul National University
•Master’s Degree in Statistics, UC Berkeley
•Ph.D. in Economics, UC Berkeley
•Professor, Seoul National University Graduate
School of International Studies
•Former Independent director, Samsung Securities
•Former President, Korea Money and Finance Association
•Former Director, Institute of Financial Economics of Seoul
National University
Kang-Haeng Lee
Independent Director
•Bachelor’s Degree in Economics, Sogang University
•Advanced Management Program, Seoul National University
•Former Vice Chairman, Korea Investment Holdings
•Former President, Korea Investment Holdings
•Former Executive Vice President, Korea Investment
Holdings
Choon-Soo Kim
Independent Director
•Bachelor of Law, Seoul National University
•Former CEO, Natural Farm & Bio and Advisor,
Eugene Logistics
•Former CEO, Gowoon Leisure
•Former CEO, Eugene Logistics
•Former President of Ethics Management Office,
Eugene Corporation
Eun-Ju Lee
Independent Director
•B.A. in Communications, Seoul National University
•M.A. in Communications, Seoul National University
•Ph.D. in Communications, Stanford University
•Professor, Dept. of Communication, Seoul National University
•Director of the Center for Trustworthy AI
•Head of the Social Science Research Division on
•Board Member, Center for Social Value Enhancement Studies
•President of the International Communication
Association (ICA)
Young-Hoon Kim
Independent Director
•Bachelor’s Degree in Industrial Engineering, Hanyang University
•MBA, Middlebury Institute of International Studies at Monterey
•Former Executive Director, Kidari Studio
•Former CEO, Kidari Studio
•Former CEO, Lezhin Entertainment
•Former CEO, Daou Technology
•Former CEO, Unitel
Sun-Young Park
Independent Director
•B.A. in Economics, Seoul National University
•M.A. in Economics, Yale University
•Ph.D. in Economics, Yale University
•Professor of Economics, Dongguk University
•Dean, Office of International Affairs, Dongguk University
•Advisory Board, Bank of Korea
•Advisory Board, Financial Services Commission
•Member of Digital Asset Private-Public Joint TF
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
6
Woori Financial Group Annual Report 2024
FINANCIAL HIGHLIGHTS
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
2022
2023
2024
YoY
Growth (KRW trillion)
Total Assets including AUM
640.3
672.5
726.1
8.0%
Loans
282.7
298.2
315.6
5.8%
Total Equity
31.6
33.4
35.9
7.5%
Profitability (KRW billion)
Interest Income
8,697
8,743
8,886
1.6%
Non-Interest Income
1,149
1,095
1,554
41.9%
Net Income1)
3,142
2,506
3,086
23.1%
NIM (Bank) (%)
1.59
1.56
1.44
-0.12%p
NIM (Bank+Card) (%)
1.84
1.82
1.70
-0.12%p
Cost-to-Income Ratio (%)2)
44.4
43.5
42.8
-0.7%p
ROE (%)1)
11.54
8.25
9.34
1.09%p
ROA (%)3)
0.70
0.54
0.61
0.07%p
Asset Quality
NPL Ratio (%)
0.31
0.37
0.57
0.2%p
Coverage Ratio (%)
217.6
220.1
153.0
-67.1%p
Capital Adequacy
Common Equity Capital Ratio (%)
11.6
12.0
12.1
0.1%p
Tier1 Ratio (%)
13.6
14.1
14.2
0.1%p
BIS Total Capital Ratio (%)
15.3
15.8
15.7
-0.1%p
1) Net Income, ROE: Based on controlling interests
2) Cost-to-Income Ratio: Excluding ERP expense
3) ROA: Including non-controlling interests
Assets
Loan Portfolio (Bank)
Loan Portfolio (Bank)
NIM
Capital Adequacy Ratio
1.70%
(Bank+Card)
(KRW trillion)
726.1trillion
15.7%
(BIS Ratio)
333 trillion
Large Corp.
52.4
2.7
Public & Other
144.4
Retail
133.4
SME
2024
(As of Dec. 2024)
7
Woori Financial Group Annual Report 2024
KEY FIGURES
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
ESG Ratings
Global Network
countries
24
networks
586
SME/SOHOs
million (Woori Bank)
2.04
KRW trillion (Including AUM)
Assets
726.1
Total Credit
KRW trillion
390.1
Deposits
KRW trillion
364.0
Domestic Branches
Conglomerates
Out of 36 Large Enterprises
11
Total number of large enterprises where
Woori Bank is the major creditor bank
AAA Rating Two Consecutive years
World Index · Korea Index Inclusion
Leading Group ESG Score
International Ratings
Woori Bank
Republic of Korea
Woori Financial Group
Domestic Ratings
Moody’s
Moody’s
A1
Aa2
S&P
S&P
A+
AA
Fitch
Fitch
A
AA-
NICE Investors
Service
AAA
Korea Ratings
Corporation
AAA
Korea Investors
Service
AAA
Employees
27
thousand
employees
Customers
Credit Ratings
branches (Woori Bank)
684
26.1
million (Woori Bank)
Bloomberg
(As of Dec. 2024)
02
ESG
REPORT
8
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
ESG MANAGEMENT
SOCIAL RESPONSIBILITY
GOVERNANCE
09
13
18
WOORI Financial Group Annual Report 2024
9
Woori Financial Group Annual Report 2024
ESG MANAGEMENT
Recently, non-financial performance indicators—
such as those related to environmental protection,
social responsibility, and governance—are increasingly
recognized as key measures of corporate value alongside
traditional financial metrics. The importance of ESG
management continues to grow, as institutional investors
around the world prioritize ESG in their investment
decisions. In addition, international organizations and
major economies are advancing the standardization and
mandatory disclosure of ESG information, further increasing
demands for transparency in ESG data linked to financial
performance.
In line with these trends, since designating 2021 as the
“Inception Year of ESG,” Woori Financial Group has actively
pursued a comprehensive range of Environmental (E), Social
(S), and Governance (G) initiatives, guided by our vision of
“Creating a Better World Through Finance.” These efforts
reflect our deep commitment to integrating sustainability
into core business strategies and reinforcing our role as
a responsible financial institution. As a testament to our
leadership in ESG, WFG achieved an MSCI AAA rating for
the second consecutive year in 2024 and was included
in the DJSI World Index for the first time. Furthermore,
the Group was recognized as part of the Bloomberg
Leading Group, reinforcing our position as a global top-tier
institution in ESG excellence.
In 2025, the group will further strengthen its ESG
management framework to leap forward as a leading ESG
financial group, building ESG regulatory response systems
and implementing differentiated ESG strategies.
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
E
Environmental
Promoting Eco Friendly
Management
Creating
Social value
Enhancing Transparent
Management
Social
Governance
S
G
Completion of measuring group
internal and financed emissions and
establishing mid-long term reduction
targets to achieve 2050 Net Zero
Group carbon emission plans validated
by SBTi (Aug. 2023)
Strengthened communication with
stakeholders through public disclosure
of human rights impact assessment
results
Promoted the establishment of human
rights management systems across
major subsidiaries
Climate Risk Management
Advancing Human Rights
Management
Female board members portion 25%
(As of March 2025)
Female candidates for BOD: 45%
(4%p increase from 2023)
Expanding Board Diversity
Enhanced communication between
working-level employees and top
management (CEO Town Hall Meeting’
and etc.)
Enhancing Corporate Culture
Expand co-prosperity finance through
various support programs, including
inclusive financial support.
Expansion of Social Contributions
through Non-Profit Public Foundation
Expansion of Co-prosperity
Finance
Issued KRW 270 billion in Korean
Green Bond (2024)
Enhance ESG Finance
Total shareholder return of 33.3%
(FY2024)
DPS : 1,000 won (’23) 1,200 won (’24)
Buyback·cancellation : 100bn won (’23)
136.7bn won (’24)
Enhancing Shareholder Value
10
Woori Financial Group Annual Report 2024
Enhanced ESG Governance
The ESG Management Committee of Woori Financial Group
(a committee within the board of directors), which oversees the ESG
management of the group, receives timely reports related to ESG
management and thoroughly reviews and manages them.
In March 2024, two female independent directors were appointed to
the Board, with one—an ESG expert—appointed as the chairperson
of the ESG Management Committee. This has enhanced the board’s
diversity and expertise while also promoting sustainable growth
based on ESG management.
Establishing Group Climate Risk Response Framework
Carbon reduction targets established and validated by SBTi.
Seven core management sectors selected, with mitigation
measures set to effectively manage climate risks
In June 2023, Woori Financial Group established its carbon reduction
targets, which were validated by the Science Based Targets
initiative (SBTi) in August 2023. The group has also enhanced
transparency by disclosing its climate risk management approach
in the Woori Financial Group Sustainability Report, in line with the
recommendations of the Task Force on Climate-related Financial
Disclosures (TCFD). Furthermore, in June 2024, the group identified
seven key management industries and established mitigation
measures to strengthen its response to climate-related risks.
Establishing and implementing mid- to long-term plans to reduce
group carbon emissions
In October 2024, Woori Financial Group established a mid- to long-
term roadmap for all subsidiaries to achieve their carbon emission
reduction targets. The group has actively pursued initiatives to meet
these goals, including the purchase of renewable energy through
Green Premium and PPAs.
Enhanced Global Initiatives
Woori Financial Group is at the forefront of global efforts to advance
the circular economy and conserve biodiversity. As a leader in the
2024 ACHIEVEMENTS
financial sector, the group actively collaborates with international
organizations to help shape emerging global standards. Notably,
it is the only Korean company participating in the UNEP FI (United
Nations Environment Programme Finance Initiative) working group
on resource circulation and the circular economy, contributing to the
development of global guidance. In April 2024, the group endorsed the
joint financial sector declaration in support of the UN Plastics Treaty,
alongside 160 global organizations. In December, it also participated
in the fifth session of the Intergovernmental Negotiating Committee
(INC-5) of the UN Plastics Treaty, contributing to discussions on the
financial sector’s role in ending plastic pollution and supporting the
circular economy.
Furthermore, through a memorandum of understanding with the
Asian Forest Cooperation Organization (AFoCO), Woori Financial
Group became the first Korean financial institution to implement
a REDD+ (Reducing Emissions from Deforestation and Forest
Degradation Plus) project in Cambodia, aimed at promoting
biodiversity conservation through sustainable forest management.
Advancing Human Rights Management
In September 2023, Woori Financial Group launched a human
rights management system and conducted an impact assessment
to protect and bolster stakeholders’ rights, with the results later
published on the group’s website. It also continues to embed human
rights management across all subsidiaries and promote a culture of
respect for human rights. Furthermore, the group has set forth its
gender diversity goals for 2030, striving to enhance gender equality
and expand its diverse talent pool, underscoring its commitment to
ethical governance and social responsibility.
Co-Prosperity Finance
In 2024, Woori Financial Group extended meaningful support to
financially vulnerable groups by providing a total of KRW 280.1 billion
in inclusive financial assistance. Going forward, the group remains
committed to actively fulfilling its social responsibility as a financial
institution.
Reached 2024 goal of achieving the “Triple Crown”
▲ Obtained an AAA rating from MSCI ESG assessment
▲ Included in DJSI World Index for the first time
▲ Included in Bloomberg’s ESG Score Leading Group
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
Engagement in Global Initiatives
2006
Mar.
UN Global Compact
2019
Nov.
UNEP FI (UN Environment Programme Finance Initiative)
2020
Jan.
UNEP FI PRB (UNEP FI Principles for Responsible Banking)
2021
Jan.
TCFD (Taskforce on Climate related Financial Disclosures)
Feb
CDP (Carbon Disclosure Project)
Aug.
PCAF (Partnership for Carbon Account in Financials)
Sep.
SBTi (Science Based Targets initiative)
2022
Jan.
TNFD (Taskforce on Nature related Financial Disclosures)
May.
Business for Land (B4L)
Aug.
PBAF (Partnership for Biodiversity Accounting Financials)
Oct.
NZBA (Net Zero Banking Alliance)
11
Woori Financial Group Annual Report 2024
GOOD FINANCE
FOR THE NEXT
ESG Vision
Mid- to
Long-term
Goals
We will achieve Carbon Net-Zero within the
group and across our asset portfolio by 2050
and provide KRW 100 trillion in ESG financing
by 2030
3 Key
Strategies &
9 Major
Strategic Tasks
•Promoting green finance
•Establishing a climate change response system
•Strengthening environmental management system
E
Expanding Eco-friendly
Management
•Expanding social finance
•Enhancing financial consumers’ rights
•Establishing a culture that respects human rights
and diversity
S
Creating Social Value
•Strengthening ESG finance management system
•Disclosing ESG information transparently
•Advancing ESG governance
G
Enhancing Transparent
Management
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
ESG Vision & Strategy
Proactive Adoption to ESG Mandatory Disclosure
Woori Financial Group plans to establish a sustainability disclosure
system through group-wide cooperation to actively respond to global
ESG regulations and mandatory disclosures such as ISSB (International
Sustainability Standards Board), Europe’s CSRD (Corporate
Sustainability Reporting Directive)/ESRS (European Sustainability
Reporting Standards), and the SEC (Securities and Exchange
Commission)’s climate disclosure in the United States. The group will
strengthen the transparency and credibility of its ESG management
through systematic responses that comply with domestic and
international disclosure standards.
Enhanced Responses to Climate Risk
With the aim of achieving carbon neutrality by 2050, Woori
Financial Group is guiding its subsidiaries in setting internal carbon
reduction targets and will continuously manage their progress. It
also plans to bolster climate risk management by adhering to TCFD
recommendations and intensifying related disclosures.
Strengthening Participation in Global Initiative
To pursue differentiated strategies for natural resource and
biodiversity conservation, Woori Financial Group will continue
to play a leading role in fulfilling its environmental and social
responsibilities through enhanced collaboration with global initiatives
and international organizations such as UNEP FI (UN Environment
Programme Finance Initiative), UNCCD (UN Convention to Combat
Desertification), and B4L (Business for Land). In addition, through
joint projects with the Cambodian government and AFoCO (Asian
Forest Cooperation Organization), the group plans to proactively
create sustainable social value by promoting forest and biodiversity
conservation and improving the quality of life for indigenous
communities in Cambodia.
PLAN FOR 2025
Establishing a Social Value Measurement Framework
Woori Financial Group plans to establish a framework for measuring
social value across its entire value chain, encompassing the
economic, social, and environmental dimensions of its business.
The group will transparently disclose specific outcomes related to
social value creation to its stakeholders. In addition, by utilizing social
value metrics to enhance management efficiency, the group aims
to incorporate these insights into strategic decision-making in the
promotion of ESG initiatives.
Strengthening Co-prosperity Finance
and Social Contribution Activities
Woori Financial Group has expanded socially responsible management
through co-prosperity finance practices and strengthened social
contribution activities that encompass various stakeholders. In line
with this commitment, the group will actively pursue inclusive and
mutually beneficial financial practices that deliver tangible support. It
also plans to carry out a wide range of social contribution activities—
such as supporting financially vulnerable groups and nurturing future
generations—through its affiliated foundations.
12
Woori Financial Group Annual Report 2024
*The AAA rating is the highest rating that only about the top 5% of assessed companies in the banking industry can achieve.
**The World Index is an index to which only 10% of globally assessed companies, around 250 companies, are included.
***KCGS: Korea Institute of Corporate Governance and Sustainability
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
2024 Major Domestic and International ESG Assessment Results
MSCI
DJSI
Bloomberg ESG
KCGS***
2022
AA
Included in
Asia-Pacific Index
Leading Group
A
2023
AAA
Included in
Asia-Pacific Index
Leading Group
A
2024
AAA*
Included in
World Index**
Leading Group
A
2024 APR.
2024 OCT.
2024 NOV.
2024 DEC.
Honored as an excellent
company in the financial
category at the 2024
JoongAng ESG Awards
Selected as an outstanding
ESG management company
(S grade) by the 2024 Korea
ESG Rating Institute
Won the grand prize in the
ESG Report category at the
2024 LACP Spotlight Awards
Received the Korea Forest
Service Minister’s Award at
the 2024 Forest ESG Best
Practices Awards
Certifications and Awards
13
Woori Financial Group Annual Report 2024
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
SOCIAL RESPONSIBILITY
Woori Financial Group
Woori Bank
Woori Financial X Goodwill Store: A Companion
Partnership for People with Developmental Disabilities
To expand stable employment for people with developmental
disabilities, Woori Future Foundation has formed a partnership with
social enterprise Goodwill Store and promoted a project aimed at
establishing 100 stores and hiring 1,500 regular employees by 2033.
The group has demonstrated active participation by opening a
flagship store at its headquarters and collecting 53,313 donated items
through employee donation campaigns.
Woori Financial X Goodwill Store Progress Report
Establishment of Youth Future Support Project
“Woori Kkum-Kku-Dang”
In the Woori Kkum-Kku-Dang program, newly launched in 2024,
100 youth were selected as its first cohort and provided with
customized educational and living expenses support. Designed for
youth facing career challenges due to financial difficulties or family
caregiving responsibilities, the program combines mentoring support
with emotional encouragement. Through an online community and
ongoing engagement initiatives such as Woori Mentoring Day, the
program has continuously supported their journey toward self-
reliance.
Expansion of WOORI Senior IT Happy Learning Center
Since 2022, IT learning centers have been established to address
digital exclusion among the elderly, with 5 additional institutions
opened in 2024. The centers have expanded to 11 locations
throughout the metropolitan area, centered around welfare
institutions such as Senior Clubs, providing customized education to
strengthen financial accessibility and IT capabilities for the elderly.
Hosting the 27th Woori Bank Art Competition
“Woori Art-Con”
Woori Bank’s art competition, the bank’s representative Mecenat
project that began in 1995, was rebranded in 2024 with the new
name Woori Art-Con. Under the slogan “Woori-Modu-Woori, WE BE
FRIENDS!”, the competition delivered the meaning of sharing and
coexistence to children and youth who will lead the future, with a
total of 8,204 children and youth participating. Through exhibitions
featuring 447 finalists and major awards, the bank has shared cultural
values with the next generation.
Woori Good Store: A Co-prosperity Partner for
Microbusiness Owners
Woori Financial Group has selected 300 stores that practice a culture
of sharing within their communities as Woori Good Stores, providing
them with comprehensive support including financial benefits,
environmental improvements, and promotional assistance. Based on
cooperation with the Community Chest of Korea (CCK) and the Korea
Federation of Micro Enterprise (KFME), the group is creating a long-
term co-prosperity ecosystem.
Performance as of end of 2024
stores
100
stores
35
employees
with
disabilities
employees
with
disabilities
1,500
440
Targets
1 MAJOR SOCIAL CONTRIBUTION ACTIVITIES IN 2024
LONG-TERM
AGREEMENT
FINANCIAL SUPPORT
PROMOTIONAL
ACTIVITIES
BUSINESS ENVIRONMENT
IMPROVEMENT
Woori Financial X KFME X CCK
(March 2023)
Financial support utilizing group
infrastructure
(preferential interest rates,
business consulting, etc.)
Support for interior and exterior
environmental improvements
of business establishments
(approximately 20 sites annually)
Marking and user exposure of
Woori Good Store on Naver
Map and Kakao Map
Support for Woori Good Stores (Woori Financial Group)
14
Woori Financial Group Annual Report 2024
Expansion of Support Project for Children
with Pediatric Cancer
The support project for children with pediatric cancer provided KRW
200 million to a total of 907 pediatric cancer patients in 2024, offering
comprehensive support including not only treatment costs but also
learning fees and psychological counseling. The Naeum Woori shelter
for rural patients receiving treatment in Seoul was used by 467
patients and their families, providing a stable treatment environment.
As one of the bank’s key mid- to long-term social contribution
initiatives, the program has been expanding steadily.
Youth Digital Talent Development:
Participation in SSAFY-linked Program
Woori Bank participated in Samsung SW·AI academy for Youth
(SSAFY), providing scholarships to trainees and dispatching internal
digital development personnel as mentors. The bank employees who
are SSAFY alumni also participated in mentoring, providing practical
information to young people aspiring to work in the financial sector.
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
Employee Volunteer Activities
In 2024, Woori Bank conducted volunteer activities with a total
of 4,020 employees participating in 438 events through sister
relationships between branches nationwide and social welfare
facilities. Total donations of KRW 800 million were delivered, and
various regional sharing activities were carried out. Additionally, the
WOORI Family Volunteer Group with 100 employees and their families
was newly launched, delivering practical sharing through activities
such as creating braille teaching materials and packaging daily
necessities.
Operation of Woori Sarang Fund
The Woori Sarang Fund, which employees have been voluntarily
donating to since 2003, saw an average of 4,470 participants in 2024,
with a total of KRW 330 million raised. The fund showed a warm
solidarity across society, supporting pediatric cancer patients, welfare
facilities, low-income groups, and microbusiness owners.
2 EMPLOYEE PARTICIPATION IN SOCIAL
CONTRIBUTION ACTIVITIES
Operation of Children’s Financial Education Programs
In 2024, Woori Bank Museum provided financial education to 1,826
children through a total of 97 sessions. Through various experiential
content such as WiBee Friends Financial Class, Metaverse Banking
Experience, and family participation classes, the museum enhanced
the financial understanding and interest of the future generation.
Operation of 1 Company 1 School Financial Education
In 2024, Woori Bank branches established partnerships with 542
schools nationwide and provided financial education to 19,276
students through a total of 608 sessions. Particularly in 2024, the
bank newly introduced advanced education for first-year middle
school students in connection with the free semester system,
enhancing practical financial literacy.
3 FINANCIAL EDUCATION
Smart Financial Education with WiBee Friends
Providing financial education materials for vulnerable
children in community child centers and caregiving
institutions
- 998 children from 52 institutions participated in 2024
Let’s Go! Bank Exploration!
Real-time financial education through virtual bank and
museum online tours using metaverse
- 12 sessions operated in 2024, 167 participants
Vroom Vroom, A Tour Around Woori Bank Museum
Museum exhibition commentary and experiential
financial education for preschool group visitors
- 27 sessions operated in 2024, 558 participants
Bank History Stories Told by Bank Families
Bank history and experiential financial education for
elementary school students during vacation periods
- 6 sessions operated in 2024, 103 participants
Treatment, learning, psychological counseling support
KRW million
2023~
2024
2022
2021
KRW million
KRW million
700
200
220
people
1,697
people
250
people
63
Existing support + shelter establishment (new)
Support Status of the Project for
Children with Pediatric Cancer
2024 Performance of Children’s Financial
Education Programs at Woori Bank Museum
15
Woori Financial Group Annual Report 2024
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
“On-Walking” Step Donation Campaign
Since 2021, Woori Bank has been operating an eco-friendly campaign
where employees donate their steps through a mobile app. In the
2024 “Donate by Collecting Rewards!” campaign, 12,788 employees
participated, collecting a total of 1.6 billion steps, contributing to
donations to local welfare facilities and carbon reduction. This
campaign has established itself as a representative example of
spreading ESG culture through everyday practices.
“WiBee Forest” Bee Ecosystem
Creation Volunteer Activity
On Arbor Day in April 2024, the WOORI Family Volunteer Group
with 100 employees and their families conducted forest cultivation
activities for bee ecosystem recovery. They planted 180 nectar
source trees including seven-son flower and royal azalea in the
National Center for Forest Activities, Chuncheon, naming the space
WiBee Forest. Along with tree planting, they participated in a forest
interpretation program, experiencing the meaning of environmental
protection.
4 ECO-FRIENDLY SOCIAL CONTRIBUTION PROJECTS
Woori Card
Woori Financial Capital
Support for Youth Preparing for Self-Reliance and
Improvement of Childcare Facility Environments
Woori Card has continuously provided support for youth and children
preparing for self-reliance in cooperation with the Credit Card
Foundation and Good Neighbors.
In 2024, the company provided 1,000 young women with hygiene and
safety products, with Woori Card employees personally participating
in the packaging process to add sincerity. Additionally, the company
improved the environments of four community childcare centers
in the Gyeongsang region, creating safer and healthier spaces for
children to grow.
Regular Community Donations
Since 2018, Woori Card has maintained a one-company-one-
neighborhood relationship with Changsin-2 dong in Jongno-gu, Seoul,
for supporting financially vulnerable groups in the local community
with regular donations. In 2024, the company donated food packages
including 1 ton of kimchi to 100 households on three occasions for
Lunar New Year, Chuseok, and winter holidays. The company has
also contributed to revitalizing the local economy by shopping at
traditional markets, continuing to show warm solidarity in everyday
life.
With Woori Green Project:
Eco-friendly Vehicle Support for Child Welfare Facilities
Woori Financial Capital has run the With Woori Green Project to
provide electric vehicles and charging facilities for child welfare
facilities. Starting in 2023 with Seoul and Cheonan, the initiative
has since expanded to Gyeonggi and Chungcheong regions,
providing three additional vehicles. These vehicles are used for
children’s commuting and hospital visits. The project also includes
environmental education focused on climate crisis response for the
supported children, evolving into a sustainable model that combines
eco-friendly mobility with educational outreach.
16
Woori Financial Group Annual Report 2024
Woori Savings Bank
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
With Woori Social Trip Project:
A Win-Win Journey to Connect Regions and Youth
Implemented in Cheongju in September 2024, With Woori Social Trip
Project offered a special opportunity for regions facing a population
extinction crisis to be connected with youth who have limited cultural
experience.
Over three days, the project featured various activities, including
career experience at the zoo, bee protection campaign, and baking
and farming volunteer work. Based on the connections with 11
local microbusiness owners and social enterprises, the project has
revitalized the local economy and developed into a sustainable model
of mutual growth.
Coal Briquette Sharing Volunteer Program
Starting in 2012, Coal Briquette Sharing Volunteer program has
become one of the major community outreach programs of Woori
Savings Bank. In 2024, the bank donated and distributed 10,000
coal briquettes in the Cheongju area, providing warmth to energy-
vulnerable groups. The program, participated in by both employees
and customers, has remained an iconic example of the bank’s ongoing
social responsibility as a financial institution.
Woori Financial F&I
With Woori My Home Project: Housing Stability Support
for Youth Preparing for Self-Reliance
Since 2023, Woori Financial F&I has been operating the With Woori
My Home Project to support asset building and housing stability.
By 2024, the company supported 21 young adults living in Jongno-
gu and Eunpyeong-gu, Seoul, with security deposits, on-site
accompaniment services, and financial and real estate education. In
2025, the company plans to expand its budget to broaden its target
to about 40 young adults across 14 districts in the north of Seoul.
Beyond simple housing support, the project also provides initial
settlement expenses and education programs to help young people
build a foundation for self-reliance.
Woori Asset Management
With Woori Merry Mom Project: Startup Support for
Single Mothers
Woori Asset Management has been conducting the With Woori Merry
Mom Project since August 2024 in collaboration with the Merry Year
Foundation to help low-income single mothers achieve self-reliance.
The result of the project was that 12 participants completed startup
education, and through subsequent mentoring and expert consulting,
4 women successfully established their businesses. The project aims
to continue strengthening their self-reliance capabilities with the goal
of laying the foundation for sustainable small-capital startups, rather
than just providing one-time sponsorship.
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Woori Financial Group Annual Report 2024
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
Woori Fund Services
Woori FIS
With Woori Funding Project: Financial Independence
Support for Young Family Caregivers
Woori Fund Services, in partnership with Korea Food for the Hungry
International, launched a program in September 2024 to support
young family caregivers. Under the program, 20 selected participants
are given a matching contribution of KRW 250 thousand for every
KRW 100 thousand they save to the account each month.
The program aims to help young people build financial independence
by fostering saving habits and introducing them to fund investment,
offering financial hope to those burdened with caregiving
responsibilities.
Goodwill Store Employee Donation Campaign
Woori Fund Services conducted a voluntary campaign where
employees donated unused items to the Goodwill Store. 17 employees
donated a total of 90 items, which meaningfully contributed to both
resource circulation and job creation for people with disabilities.
With Woori Digital Class Project: Digital Talent
Development for Specialized High Schools
Since 2019, Woori FIS has been operating With Woori Digital Class
to develop the digital and IT capabilities of specialized high school
students. In 2024, the project selected 170 students from 58
schools nationwide and provided them with scholarships, along with
4 mentoring education sessions with industry experts. The project
has focused on enhancing students’ practical job competencies
based on a practice-oriented curriculum, being a sustainable program
to strengthen youth digital capabilities and promote connections
between schools and the financial IT industry.
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Woori Financial Group Annual Report 2024
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
GOVERNANCE
Woori Financial Group is dedicated to fostering sustainable growth to protect the interests of stakeholders, including shareholders and consumers. We strive to uphold a
stable, efficient, and transparent governance structure. As a result, in 2024, Woori Financial Group was awarded an MSCI AAA rating for the second consecutive year, was
included in the DJSI World Index for the first time, and was recognized as part of Bloomberg’s Leading Group.
As of the end of March 2025, the Board consists of a total of eight members (seven independent directors, one standing director). The Board, including the Audit Committee, is operating a total of seven committees.
Particularly, in order to preemptively implement ESG management strategy and execution frame work, and to strengthen the group’s ESG governance, we have set up a ESG Management Committee since March 2021.
GOVERNANCE STRUCTURE
General
Shareholders’
Meeting
CEO
Audit Committee
(4 independent directors)
Formulating, executing, evaluating and managing internal audit plans (including the financial and operational audits);
Approving the appointment and dismissal of the head of the audit team;
Approving the appointment of external auditors and evaluating the activities carried out by external auditors;
Formulating appropriate measures to correct problems identified from internal audits;
Overseeing the reporting systems within our financial holding company structure in light of relevant disclosure rules and requirements to ensure
compliance with applicable regulations; and
Examining internal procedures or making decisions on material matters that are related to audits as determined by the regulatory authorities, our board
or other committees
Making recommendations on regulatory issues to the Financial Supervisory Service, if and when deemed necessary. In addition, in connection with
general meetings of shareholders, the committee examines the agenda for, and financial statements and other reports to be submitted by the board of
directors, to each general meeting of shareholders.
Audit
Department
Oversees the selection of candidates for the president and chief executive officer, independent directors and Audit Committee members, among others
Officer Candidate Recommendation Committee
(7 independent directors)
Board of Directors
Secretariat
Risk Management Committee
(4 independent directors)
Determining and amending risk management policies, guidelines and limits in conformity with the strategy established by the board of directors;
Determining the appropriate level of risks that we should be willing to undertake, including in connection with key business activities such as acquisitions,
investments or entering into new business areas, prior to a decision by the board of directors on such matters;
Allocating risk capital and approving the risk limit requests of our subsidiaries;
Reviewing our risk profile, including the level of risks we are exposed to and the status of our risk management operations; and
Monitoring compliance with our risk policies.
Risk Management
Department
Ethics and Internal Controls Committee
(5 independent directors)
Overseeing the actions of our Ethics Management Office, which was newly established in November 2024 to monitor and oversee the conduct of our
management personnel and to develop and disseminate our ethics policies, and also to ensure the independent functioning of our whistleblower system.
Compliance
Department
Management
Support Department
Compensation Committee
(4 independent directors)
Evaluating management’s performance in developing our business;
Setting goals and targets with respect to executive performance; and
Fixing executive compensation, including incentives and bonuses.
Subsidiary Representative Director Candidate
Recommendation Committee (8 directors)
Overseeing the selection of candidates for the representative directors of our subsidiaries.
Board ESG Management Committee (8 directors)
Overseeing the direction of ESG management strategies and the establishment of such policies.
ESG Management
Department
Board
of Directors
(8 directors)
19
Woori Financial Group Annual Report 2024
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
Diversity and Expertise of the Board
Woori Financial Group has constituted its board of directors, the supreme decision-making body, with experts from various fields who possess a diverse range of experiences and knowledge, ensuring that it
is not biased towards a specific background or profession.
BOARD COMPOSITION
DIVERSITY
In-Sub Yoon
Choon-Soo Kim
Young-Hoon Kim
Kang-Haeng Lee
Yeong-Seop Rhee
Eun-Ju Lee
Sun-Young Park
Jong-Yong Yim
Gender
Male
Male
Male
Male
Male
Female
Female
Male
Key Expertise
Finance
●
●
●
●
Economics
●
●
●
Business Management
●
●
●
●
●
Accounting
●
●
Digital/IT
●
●
●
ESG
●
●
Risk Management
●
●
●
Global
●
●
●
●
●
●
Consumer Protection
Director Since
Jan. 2022
Mar. 2025
Mar. 2025
Mar. 2025
Mar. 2025
Mar. 2024
Mar. 2024
Mar. 2023
Standing
Independent
Independent
Director
Candidate Pool
Female
Independent
Director
Candidate Pool
(As of Dec. 2024)
2024
Others
ESG
Digital
Global
Law/Accounting
Female
Male
(YoY +4%p)
Consumer Protection
Financial/Economics/Business Mgmt.
8%
12%
25%
5%
22%
45%
55%
8%
20%
2024
(As of Mar. 2025)
03
STRATEGY
REPORT
20
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
GROUP VISION & STRATEGY
GROUP-WIDE SYNERGIES
DIGITAL INNOVATION
GLOBAL BUSINESS
RISK MANAGEMENT
21
23
25
31
35
WOORI Financial Group Annual Report 2024
21
Woori Financial Group Annual Report 2024
Under the vision “Innovate Today, Create Tomorrow,”
Woori Financial Group aims to provide exceptional value
to customers by leading the market with expertise and
innovation.
Building on our rich heritage, we have embraced the
slogan “The First Choice in Finance” to underscore our
dedication to becoming the most trusted and respected
financial institution.
Therefore, we prioritize customer loyalty, trust,
expertise, and innovation as our core values. These
values drive our commitment to placing customers and
the community at the forefront, fostering trust through
principled conduct, and leading the market as financial
experts who shape the future through innovation.
VISION
GROUP VISION & STRATEGY
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
Since its inception in 1899 as a bank with purely domestic capital, Woori Financial Group has evolved alongside Korea’s economic progress to emerge as a leading financial
institution. With a global presence across 24 countries, Woori Financial Group has actively expanded into global markets and diversified its operations in sectors such as
credit cards, securities, and retail finance, becoming a premier global financial group representing the Republic of Korea. In 2025, the group will prioritize managing its risk-
weighted assets and implement strong risk management practices, while focusing on revenue growth in businesses related to corporate banking and wealth management.
Simultaneously, we will strengthen collaboration between subsidiaries to further bolster synergy among the group. Additionally, we remain committed to fulfilling our social
responsibilities, including social contribution and consumer protection to the best of our ability.
TRUST
Woori builds
customer trust
based on principles.
Innovate Today, Create Tomorrow
Innovating today to deliver greater value tomorrow
Inheriting our deep legacy, we are determined to become the most reliable
and trusted financial institution
The First Choice in Finance
VISION
SLOGAN
CORE VALUE
CUSTOMERS
Woori considers
its customers and
community first.
EXPERTISE
Woori has the
expertise to lead
the market.
INNOVATION
Woori shapes the
future through
innovation.
22
Woori Financial Group Annual Report 2024
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
The management goal for Woori Financial Group in 2025 is to become a trusted financial group through “Innovated Internal Control, Boosted Core Business Competitiveness, and Secured Foundation for
Group Advancement.” Based on a thorough analysis of the 2025 business environment and its mid- to long-term management plans, Woori Financial Group has formulated seven strategic management
objectives as follows:
Boosting Core Business
Competitiveness
Innovating Internal Control
and Corporate Culture
Maximizing Group
Synergies
Securing Digital/IT
Competitiveness
Enhancing Social
Responsibility
The group will go beyond bank-centered synergies
by expanding synergy creation in securities and
insurance and discovering new synergy businesses. It
will fully promote Corporate and Investment Banking
and Wealth Management synergies centered on the
securities business and build a preemptive synergy
system in preparation for the incorporation of
insurance companies into the group.
01
In response to increasing uncertainty and regulatory
tightening, the group will proactively improve capital
ratios and enhance risk management for high-risk
assets. Also, it will strengthen liquidity management
in anticipation of external market volatility and
preemptively establish risk management systems for
the securities and insurance businesses ahead of their
expansion and integration.
The group remains committed to expanding Inclusive
Finance for financially vulnerable and marginalized
groups and enhancing its social role through
structured group-wide social contribution projects.
At the same time, the group will respond actively to
growing ESG regulations to maintain top-tier ratings
from domestic and global ESG rating agencies, and
promote the advancement and commercialization
of ESG management through expanded support for
green finance and transition finance.
Fostering Future
Growth Areas
The group aims to expand its growth/revenue base
and enhance its market position within the financial
industry by strengthening the core competitiveness
of each subsidiary. To this end, Woori Bank will make
substantial growth in the corporate banking sector
to defend against a Net Interest Margin decline, while
increasing core deposits by expanding its premium
customer base through strategic marketing. The bank
also plans to expand non-interest income coverage
in areas such as wealth management. Meanwhile,
Woori Card aims to complete its independent card
infrastructure and expand its customer base, while
Woori Financial Capital will strengthen profitability
based on its market dominance in the auto
market and diversify the revenue structure in the
corporate banking sector. As for Woori Investment
Securities, it plans to generate business revenue
in investment banking and sales & trading sectors
and establish retail channels in preparation for full-
scale retail operations. Other non-bank subsidiaries
will secure competitiveness tailored to their industry
characteristics to expand revenue sources.
The group plans to build an effective internal control
framework to make fundamental improvements in
its internal control, continuing to innovate corporate
culture by embedding ethical awareness into
employees. Also, it aims to successfully establish
the responsibilities map system that was fully
implemented this year and further activate the insider
reporting system.
The group will strengthen the competitiveness of
its financial platforms including Woori WON Banking,
upgrading capabilities in emerging technologies
such as generative AI. The group will also focus on
the stable operation of group IT systems, enhancing
competitiveness and strengthening information
protection capabilities.
Woori Financial Group plans to create tangible
outcomes by expanding its customer base and
securing new revenue sources through new business
promotions. Furthermore, it will enhance group-level
support to discover new business opportunities and
continuously build a solid foundation for future growth.
06
07
05
04 Strengthening Capital
Adequacy and Risk
Management
02
03
2025 GROUP STRATEGY
23
Woori Financial Group Annual Report 2024
GROUP-WIDE SYNERGIES
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
Since its establishment as a holding company in January 2019, Woori Financial Group has been continuously expanding its group synergy areas through the incorporation
of new subsidiaries. To strengthen its capabilities as a comprehensive financial group, the group has encouraged collaboration between subsidiaries across business sectors
and pursued the creation of synergistic new businesses to enhance financial services and maximize the group’s profits. Centered on a synergy council in which the holding
company and all 14 subsidiaries participate, the group has maximized synergies between group companies and fostered practical and effective synergy performance by
strengthening group-wide communication.
※ May 2025, conditional approval granted by the FSC for the Group’s acquisition of Tongyang Life and ABL Life
EXISTING SUBSIDIARIES
(JANUARY 11, 2019)
NON-BANK ACQUISITIONS AND
ESTABLISHMENTS (BY 2023)
CONTINUOUS EFFORTS TO GROW THE
NON-BANKING SECTOR
2019
2020
2023
2022
January 2024
Woori Asset Management
(Woori Asset Management & Woori Global Asset Management Merger)
Woori Investment Securities
(Woori Investment Bank & Korea Foss Securities Merger)
August 2024
Tongyang Life
Insurance
ABL Life
Insurance
August 2024 SPA Signed
24
Woori Financial Group Annual Report 2024
2024 ACHIEVEMENTS
Strengthening Group Synergy and Collaboration System
In 2024, the sixth year since the establishment of the holding
company, 14 subsidiaries identified and pursued a total of 59 synergy
businesses, generating results through introductory and linked
sales operations. The group systematically managed synergy issues
and tasks through operating the Group Synergy Meeting, a CEO
meeting of subsidiaries for synergy promotion, the Group Synergy
Committee, an executive meeting for synergy task managers, and
the Woori Regional Synergy Committee, a regional manager meeting
to gather field opinions. In addition, the group supported voluntary
synergy creation by subsidiaries by holding synergy competitions and
operating a group synergy bulletin board.
Discovering New Group Businesses Through Group-
Level Regional Agreements
In 2024, Woori Financial Group proactively led participation in regional
businesses at the holding company level with the aim of discovering
new businesses for group companies. As a result, the group expanded
business opportunities for all group companies, successfully
concluding agreements with Korea Water Resources Corporation
(February 2024), a four-party agreement with Jeollabuk-do Special
Self-Governing Province and its Council and National Pension Service
(June 2024), and with Busan Metropolitan City (December 2024).
Notably, the group facilitated business based on the corporate value
chain, including discovering regional startups through operating
DINNOlab within agreement regions, revitalizing bank SMEs, expanding
VC investments, and attracting loans for regional strategic industrial
complexes.
Strengthening Capital Market Synergy Competitiveness
In the first year of the securities company’s launch, the group
established a group CIB collaboration system to expand cooperation
between subsidiaries and conducted the ONE TEAM Collaboration
Enhancement Workshop with the participation of bank IB and
securities executives and employees.
Furthermore, to improve group company fund returns and awareness,
the group expanded the sales ratio of Woori Asset Management
funds through Woori Bank channels and increased awareness of
Woori Asset Management through employee training and customer
events.
In 2025, Woori Financial Group aims to leap forward as a leading financial
group by strengthening subsidiaries’ core businesses through group
synergy.
To achieve this, the group has selected 3 major strategies—
strengthening group core capabilities, maximizing synergy performance,
and establishing a foundation for sustainable growth—and 9 detailed
initiatives to focus on.
The group plans to concentrate its synergy capabilities on growing
core businesses such as core deposits, new growth finance, retirement
pensions, securities, and insurance. To support this, the group will
strengthen the synergy evaluation and compensation system, build
an integrated group marketing system, and expand the efficiency of
synergy committees and operation of collaboration promotion programs.
Additionally, the group will establish a sound synergy business culture
to strengthen internal controls, advancing the synergy management
framework.
PLAN FOR 2025
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Woori Financial Group Annual Report 2024
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
DIGITAL INNOVATION
As financial consumers increasingly favor non-face-to-face channels and competition intensifies around the expansion into non-financial services to create new revenue streams,
Woori Financial Group has set “strengthening digital and IT competitiveness” as a key group-wide management objective. In line with this goal, the group has established two strategic
directions: enhancing digital capabilities through core group platforms and maximizing the effectiveness of group IT governance restructuring. Key initiatives include the successful
launch of New Woori WON Banking mobile application, an integrated platform that consolidates the group’s core services around its banking operations, and the acceleration of the Biz-
IT collaboration model through the internalization of IT operations and processes, supporting early and stable implementation.
MAUs OF DIGITAL CHANNELS
Woori
WON Banking
Woori
WON Card
12
million users
(As of Dec. 2024)
26
Woori Financial Group Annual Report 2024
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
2024 ACHIEVEMENTS
DIGITAL INNOVATION
Group Universal Banking Platform: New Woori WON
Banking Mobile Application
In November 2024, the group successfully established and opened a
group universal banking platform, New Woori WON Banking mobile
application. The existing banking app was upgraded based on three
key concepts: hyper-personalized marketing, customer-oriented
UX design, and performance/speed improvement. The screen was
configured to view accounts of all financial companies within the
banking app at a glance, and all services of Woori Financial Group
were organized in one place, including important financial schedule
notifications, asset analysis, daily expense management, and various
lifestyle convenience benefits.
Most notably, the platform features a new universal banking function
that provides key core service of group companies including Woori
Card, Woori Investment Securities, Woori Capital, and Woori Savings
Bank in addition to the bank’s proprietary services like deposits
and loans.The platform not only provides the group’s financial and
non-financial services but also lifestyle services. The group plans to
expand the platform ecosystem through active partnerships with
different industries.
Digital Talent Development
To enhance the digital capabilities of its executives and employees,
Woori Financial Group conducts PM (Product Manager) and PO
(Product Owner) training to help turn digital technology-based
business ideas into actual businesses, and provides practical
opportunities through workshops to foster and manage digital core
talent at the group level. In addition, the group operated Woori Digital
Academy, a customized educational program for Woori Financial
Group to systematically foster digital specialists through industry-
academic cooperation. The group selected employees from major
subsidiaries within the group, such as Woori Bank, Woori Card, and
Woori FIS, and provided them with education specialized in AI/data
analysis regarding ChatGPT, time series models, generative models,
and multimodal approaches.
Strengthening IT Governance and Internal Capabilities
Following the successful restructuring of its IT governance framework,
Woori Financial group has worked to solidify the new structure—
enhancing the competitiveness of its IT services. Improvements
in service quality, development speed, and collaboration among
developers have contributed to higher satisfaction among business
units. The Group also identified and implemented key initiatives to
support governance stabilization, while continuously tracking progress
through surveys and ongoing engagement with business users and
developers. These efforts have collectively strengthened the group’s
overall IT service capabilities.
External Ecosystem Expansion
Woori Financial Group’s startup discovery and incubation program,
DINNOlab (short for Digital Innovation Lab), is driving future digital
business through collaboration with startups. Since its launch in 2016,
DINNOlab has provided tailored programs based on the growth stage
and needs of participating companies—from business advancement
to partnerships and investments. As of 2024, a total of 184 startups
have been selected and supported, with 49 collaborative projects
carried out with group affiliates. The program has also reinforced
its investment capabilities by establishing a strategic investment
support system aligned with the full business lifecycle. To date,
KRW 15.2 billion has been invested across 20 companies. In 2024,
the group expanded the DINNOlab network by opening a new
center in Chungcheongbuk-do, Korea, and reopening its center in
Hanoi, Vietnam, to strengthen support for startups outside the
capital region and abroad. Through the continued expansion and
enhancement of the DINNOlab program, Woori Financial Group aims
to build stronger partnerships with promising startups and deliver
new businesses and services in collaboration with its subsidiaries.
27
Woori Financial Group Annual Report 2024
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
In 2025, Woori Financial Group aims to significantly enhance digital synergy among its subsidiaries through a unified group platform, while actively advancing co-evolution strategies such as convergence
with non-financial industries. This initiative is designed to continuously identify and generate new growth opportunities to support the group’s future development. Based on this direction, Woori Financial
Group has established three core strategies: Strengthening Group Platform Synergy, Activating New Growth Drivers, and Expanding Future Innovation Across the Group.
PLAN FOR 2025
STRENGTHENING
GROUP SYNERGY BASED ON
NEW WOORI WON BANKING
EXPANDING PARTNERSHIPS
WITH MEGA PLATFORMS IN
NON-FINANCIAL FIELDS
BUILDING AN INTEGRATED
OPERATING SYSTEM CENTERED ON
DINNOLAB GANGNAM HUB CENTER
To reinforce the group’s core platform competitiveness,
Woori Financial Group will expand synergy across
subsidiaries based on the New Woori WON Banking
platform. The group plans to continuously grow its
universal banking ecosystem by integrating new
businesses and services—such as Woori Bank’s Woori
WON Mobile (MVNO) service and Woori Investment
Securities’ mobile trading system (MTS)—into the unified
platform.
The group will attract new customers and pursue the
establishment of revenue-generating business models
through expanded partnerships with mega platforms
in non-financial fields to achieve Embedded Finance
performance. The group will continuously discover new
business agendas for future growth including industry
technology trends, and expand strategic partnerships with
fintech companies possessing innovative technologies.
Having completed a nationwide DINNOlab support system,
the group will build an integrated operating system centered
on the DINNOlab Gangnam HUB Center. Under the system,
it plans to revitalize regional startup ecosystems through
promoting partnerships with domestic and overseas startups
at key regions and strategic investment connections.
Furthermore, the group will provide step-by-step support
for entering overseas markets through the advancement
of global DINNOlab operating programs. The group will also
continue to pursue talent development at the group level to
secure a digital competitive advantage, such as expanding
the use of generative AI and advancing training courses for
fostering digital specialists.
(Bank) 2024 Korea Brand Hall of Fame (Digital Supply Chain Finance Platform category) / Institute for Industrial Policy Studies
AWARDS FROM DOMESTIC AND INTERNATIONAL INSTITUTIONS
28
Woori Financial Group Annual Report 2024
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
WOORI WON BANKING
With the rapid evolution of the digital financial landscape and the growing presence of fintech and big tech firms, it is becoming increasingly vital for banks to transform their services to be
more agile, innovative, and competitive. As part of its digital transformation strategy, Woori Bank launched the New Woori WON Banking app—an integrated financial platform that unifies the
group’s core services—under the vision, “Beyond Banking to Finance: Woori WON Banking is Woori.”
2024 ACHIEVEMENTS
Stable System Transition
In late November 2024, the Woori WON Banking app underwent a
major reorganization. To ensure a smooth launch, updates were rolled
out sequentially, and customer feedback was promptly addressed.
Service stability was reinforced through measures such as emergency
backup apps.
Enhanced User Convenience
To improve customer convenience, the main screen has been
upgraded to allow customization according to customer preferences,
including color change, design selection, and content order change.
The platform displays up to 10 accounts on a single screen, allowing
users to make transfers with greater ease. The bank has also
explored variety of practical features to enhance user convenience,
such as “Split Account” function that allows one account to be used
for multiple purposes, and “Money Briefing” that serves as a digital
household ledger, as well as a feature to increase transfer limits for
temporary needs (e.g., moving expenses), and a feature of camera-
based fund transfers that eliminate the need to manually input
account numbers.
The platform also introduced advanced personalization features.
Customers now receive tailored messages and one-line financial
recommendations on their main screen, depending on their financial
data. These personalized recommendations enhance the user
experience while seamlessly linking customers to relevant financial
services and products.
Strengthened Group Synergy
By integrating core services from key Woori Financial Group
subsidiaries such as Woori Card, Woori Investment Securities, Woori
Capital, and Woori Savings Bank, customers can now access a variety
of financial services within a single application. Notably, Woori WON
Banking’s universal banking service serves as a gateway for new
customers to connect with group affiliates, boosting the customer
base and marketing efficiency across the group. In January 2025, 13%
of new accounts at Woori Savings Bank were opened via Woori WON
Banking app, while 7% of new Woori Card and Woori Investment
Securities customers joined through the app. These synergies are
expected to grow further with future integration of securities and
insurance services.
모바일뱅킹 사용하는 이미지
29
Woori Financial Group Annual Report 2024
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
In 2025, Woori Bank plans to develop Woori WON Banking app into a smarter financial platform with broader usability. This will enable a more diverse customer base to engage in active financial activities.
PLAN FOR 2025
LEAPING FORWARD AS A
COMPREHENSIVE FINANCIAL PLATFORM
ADVANCED CUSTOMIZED
FINANCIAL SERVICES
EXPANDED INCLUSIVE FINANCE
AND SOCIAL VALUE
The bank plans to link Woori Investment Securities’ MTS
to Woori WON Banking app and add related services when
insurance affiliates are incorporated in the future. Through
this, the platform will leap forward as a comprehensive
financial platform where banking, investment, and insurance
services can be provided on a single platform.
The product lineup will also expand to include exclusive
financial products and benefits available only through Woori
WON Banking app. This will encourage more customers
to naturally engage with the group’s services, maximizing
group-level synergies.
By analyzing customers’ assets and spending patterns, the
platform will offer personalized financial services. In particular,
generative AI technology will be adopted to recommend
financial products and services in advance, significantly
increasing the accuracy and effectiveness of marketing
initiatives.
By further advancing the WON Arte Gallery service,
which introduces artworks by artists with developmental
disabilities, the bank will expand the value of supporting
marginalized groups and cultural inclusion through its
financial platform.
Additionally, through the enhancement of not only Woori
WON Banking app but also Woori WON Global app, the bank
plans to strengthen comprehensive financial services for
foreigners residing in Korea. The goal is to offer integrated
financial services that support customers throughout
their entire financial journey, going beyond simple account
opening. Specifically, the bank plans to expand practical
services that assist with everyday life—ranging from early-
stage settlement support and administrative partnerships to
employment information services for foreign residents.
This will be an important milestone in Woori WON Banking’s
evolution into an inclusive platform that delivers meaningful
value to both customers and society—going beyond
traditional financial services.
30
Woori Financial Group Annual Report 2024
Woori WON Banking’s Super App Strategy:
Universal Banking
Woori WON Banking has pursued “Universal Banking” strategy aimed
at expanding its customer experience by integrating services such as
mobile trading system (MTS) for securities and insurance offerings.
By delivering total financial services, Woori Universal Banking will
enhance customer experience across all Woori Financial Group
affiliates and maximize group-wide synergies.
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
Woori Universal Banking Roadmap
PHASE 1
Universal
Banking Service
Construction
PHASE 2
Expansion of New
Services and New
Group Companies
(Securities MTS/
Insurance)
PHASE 3
Advanced Universal
Banking
Pursuing Expansion of Group Company
Products/Services Including Woori Investment
Securities MTS
Woori Investment
Securities
January
February
12.5%
14.4%
8.1%
5.1%
4.4%
7.2%
Driving Group-Wide Synergy via the
Woori WON Banking App
Woori Card
Woori Savings Bank
Universal Banking
31
Woori Financial Group Annual Report 2024
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
GLOBAL BUSINESS
Pursuing Substantial Growth Based on Thorough Risk Management
Woori Bank has pursued balanced growth of retail and corporate banking centered around large corporations and CIB branches. For corporations, the bank plans to focus on improving
funding structure through increasing core deposits, stable asset rebalancing through risk-weighted asset management, and discovering new sources of non-interest income through
new business initiatives. For CIB branches, the bank will pursue selective handling of syndicated loans with secured profitability. To expand bank-wide synergy, efforts will be made
to revitalize domestic and overseas linked operations. In terms of digital business expansion, Woori Bank will reconstruct its New WON Global Banking services in the fast-growing
Southeast Asian region, and continuously expand partnerships with regional top-tier digital and fintech companies. To secure new growth engines, the bank plans to open a Poland
branch in April 2025 to strengthen services for Korean corporate clients operating in Eastern Europe. Additionally, it will pursue the establishment of a new branch in Austin, Texas,
to bolster business with Korean companies in the southern United States. For risk management, the bank aims to further reinforce asset quality and internal control management.
A dedicated governance structure will be established to enhance credit risk management and potential non-performing loan management. Also, an internal control platform will be
developed to preemptively respond to the regulatory requirements of local supervisory authorities in each country and strengthen monitoring capabilities for incident prevention.
Global Networks
(24 countries)
586
Overseas
Subsidiaries
(447)
14
Overseas
Branches
17
Overseas
Sub-branches
8
Representative
Offices
7
Overseas Subsidiaries
Overseas Branches
Representative Offices
Woori Bank China Limited
AO Woori Bank (Russia)
Hungary
Poland
London
Bahrain
UAE
New York
Los Angeles
Banco Woori Bank
do Brazil S.A.
Woori America Bank
Sydney
India
Seoul
Singapore
Japan
Tutu Finance-WCI Myanmar
Woori Finance Myanmar
WB Finance Co., Ltd.
(Cambodia)
PT Bank Woori
Saudara Indonesia 1906
Woori Bank Vietnam
Woori Wealth Development
Bank (Philippines)
Woori Global Markets Asia
Limited (Hong Kong)
Bangladesh
Malaysia
Woori Bank
Europe Gmbh (Germany)
(As of Mar. 2025, Group basis)
32
Woori Financial Group Annual Report 2024
2024 ACHIEVEMENTS
Expanding Global Network
Since opening its first overseas branch in Tokyo in November 1968,
marking the first among Korean commercial banks, Woori Bank has
been proactively expanding its global footprint.
In 2014, the bank became the first Korean bank to acquire a publicly
listed foreign bank, leading to the establishment of PT Bank Woori
Saudara Indonesia. In 2017, it became the second Korean bank to
launch a subsidiary in Vietnam.
In June 2018, Woori Bank acquired WB Finance, a Cambodian savings
bank, expanding its business coverage throughout Cambodia.
Following the transition of this entity into a commercial bank in 2021,
Woori Bank laid a foundation to leap forward as a leading financial
institution in Cambodia.
In November 2018, Woori Bank Europe was established in Germany,
securing a base for business in Europe. In April 2025, the bank became
the first Korean bank to open a branch in Poland, securing a business
foothold for advancing into the Eastern European market, including
support for Korean defense exports and Ukraine’s reconstruction
projects.
As of the end of 2024, Woori Bank had a total of 475 global networks
across 24 countries. By continuously reviewing new expansion areas
and optimizing its networks particularly in high-growth regions like
Southeast Asia, the bank has laid the groundwork for becoming a
global financial institution.
Securing Sustainable Growth Engines
for Global Business
Woori Bank
Woori Bank has pursued substantial growth centered on prime assets
to secure continuous growth engines for global business.
In high-growth countries centered on Southeast Asia, the bank has
conducted proactive localization including expanding retail product
lineup and nurturing local business personnel, while in developed
countries, it has strengthened business competitiveness in the
corporate banking sector such as IB and foreign exchange services by
leveraging networks between subsidiaries and branches. With those
business strategies suitable for each country’s situation, the bank has
promoted regionally optimized asset growth.
Woori Card
In Indonesia, Woori Card has operated businesses for used car
installment financing and heavy equipment leasing based on 75
nationwide networks.
Leveraging its expertise from the installment financing experience
in Korea, the company has established asset growth strategies to
expand its business.
In Myanmar, Woori Card has operated a microfinance institution (MFI)
through 31 business networks centered in Mandalay, the country’s
second-largest city. As Myanmar’s political and economic situation
has deteriorated due to the military coup that erupted in February
2021, the company plans to focus business on safe areas with an
emphasis on internal control and asset quality management.
Woori Venture Partners/Woori Asset Management
Woori Venture Partners has expanded investment in promising global
venture companies based on its U.S. subsidiary, Singapore branch, and
Shanghai office, while Woori Asset Management has continuously
sought global expansion opportunities by collecting Southeast Asian
market information through its Vietnam office.
Enhancing Global Digital Competitiveness
To respond to changes in the global financial environment and lead
financial market trends, Woori Bank has continuously enhanced its digital
competitiveness.
Key retail business subsidiaries in Southeast Asia—Indonesia, Vietnam,
and Cambodia—have reconstructed mobile banking services to reflect
local trends, continuously pursuing new customer acquisition based on
E-KYC process, product development suitable for local demand, and
expanded partnerships with leading digital and fintech companies in local
markets.
Building Relationships Between Global Banks
Woori Bank has built and reinforced cooperative relationships with leading
global banks. Through these partnerships, the bank has secured stable
credit lines, enabling it to provide robust financial support for both Korean
companies operating overseas and local prime companies. In addition,
Woori Bank has contributed to facilitating global trade by offering a wide
array of trade finance solutions, including bills bought in foreign currency,
L/C transactions (e.g., Banker’s Usance), and payment guarantees.
Strengthening Compliance and Internal Control
Amid continued uncertainty in global financial markets, Woori Bank has
pursued stable management of asset quality and advancement of internal
control systems.
In terms of asset quality management, the bank has upgraded its credit
risk management system, systematizing the management of risk-
weighted assets and advancing global risk management in collaboration
with the Risk Management Department. In addition, the bank has
preemptively identified and managed potential defaults with respect to
exposure to commercial real estate in key markets such as China and the
United States.
In response to heightened compliance requirements from local financial
authorities, Woori Bank has further strengthened its internal control and
incident prevention systems. This includes expanding the scope of joint
on-site inspections in coordination with the Compliance Group and other
relevant departments, and conducting regular thematic audits.
(USD billion, End of 2024, Bank basis)
(USD million, End of 2024, Bank basis)
35.2
790
Total Assets
Operating Revenue
(End of 2024, Bank basis)
(24 countries)
475
Global Network
11 Overseas Subsidiaries (447),
16 Overseas Branches, 8 Overseas
Sub-branches, 4 Representative Offices
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
33
Woori Financial Group Annual Report 2024
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
PLAN FOR 2025
Efficient Asset
Allocation &
Improving Funding
Structure
Woori Bank will focus on efficient asset allocation and improving funding
structure through asset/liability rebalancing. For loan assets, the bank
plans to reduce low-yield and high-risk assets while driving the growth
of retail lending, particularly in Southeast Asia. The introduction of a new
Return on Risk-Weighted Assets (RoRWA) guideline will promote asset
growth based on risk-weighted asset management.
Also, the bank aims to lower funding costs by expanding low-cost core
deposits. It will increase the share of core deposits at its five major
subsidiaries—Indonesia, Vietnam, Cambodia, the United States, and
China—while reducing costs through repayment of borrowings, thereby
enhancing net interest income.
Strengthening
Internal Control
Management
The bank plans to further strengthen internal control and asset quality
management for incident prevention. This includes improving local
internal control personnel and systems and establishing an internal
control platform that enables timely compliance with local supervisory
regulations. In parallel, the bank will further strengthen credit risk and
potential non-performing loan management through the operation of the
Global Risk Management Council (RMC).
Facilitating Business
in Newly Entered
Markets
Woori Bank aims to facilitate its operations in newly entered markets. In
April 2025, the bank became the first Korean bank to establish a branch
in Poland, which is expected to further strengthen its corporate business
across the whole of Europe in coordination with its existing European
subsidiaries. Furthermore, the bank plans to launch a new branch in
Austin, Texas this year to intensify its financial support for Korean
companies entering the southern U.S. region.
Expanding Non-
Interest Income
and Digital-Based
Business
To diversify revenue sources, the bank plans to expand non-interest
income and digital-based business. For corporations, it will focus on
strengthening trade and foreign exchange/derivative businesses,
discovering new revenue streams such as bancassurance and SBA loan
sales. For CIB branches, the bank will focus on improving profitability
by expanding derivative transactions including interest rate swaps and
strengthening their roles as agent banks.
To strengthen digital business capabilities, Woori Bank will sequentially
reconstruct the digital banking apps of its three major subsidiaries in
Southeast Asia. In addition, efforts will be made to expand digital-based
business, such as strengthening microbusiness operations using QR
payment solutions and expanding partnerships with digital and fintech
companies to broaden the customer base.
34
Woori Financial Group Annual Report 2024
2024 ACHIEVEMENTS
INTERNATIONAL TRADE BUSINESS
In 2024, due to difficult business conditions at home and abroad,
Woori Bank’s imports and exports decreased by 11.6% year on year
to USD 371.7 billion, while cash-based currency exchange decreased
to by 10% to USD 3 billion due to the launch of specialized card-
based products for overseas travelers. However, remittances achieved
USD 336.1 billion, an increase of 6.4% compared to the previous year,
due to strengthened business efforts in overseas capital transactions.
Preempting the Capital Transaction Market
Woori Bank opened a Global Investment WON Center in
Gwanghwamun in March 2024, following the one in Gangnam in July
2023. The bank has expanded its sales channels by discovering new
channels for capital transactions in connection with IB Group/New
Leading Headquarters and affiliates and by providing specialized
services for overseas investment companies. In addition, the bank
has secured a preemptive position in the capital transaction market
through direct marketing to agencies such as asset management
companies, legal/tax advisors, and law/accounting firms.
Digital-based New Business
Woori Bank launched a new product, WiBee Travel Foreign Currency
Deposit, reflecting trends in the overseas travel payment market.
Developed in collaboration with Woori Card, this travel-specialized
product allows users to withdraw local currency from their WiBee
Travel Foreign Currency Deposit account when used abroad, and
withdraw Korean won from their KRW settlement account when used
domestically. This launch has further expanded the bank’s travel
platform lineup.
Furthermore, the bank has expanded its Overseas ATM Withdrawal
Service to include the Philippines, in addition to Thailand. In 2025, the
service will be extended to 19 more countries, including the United
States, Japan, Indonesia, and Hong Kong, making it available in a total
of 21 countries worldwide.
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
PLAN FOR 2025
Targeted Trade Finance and
Non-Credit-Based Business Expansion
In 2025, Woori Bank plans to expand its business base by supporting
trade-related SMEs through targeted export-import financial services.
The bank will attract new clients by supplying KRW 270 billion in
Korea Trade Insurance Corporation-guaranteed loans and mitigate
payment burdens for importers affected by continued high exchange
rates through extended import L/C maturities and pre-approved L/
C credit limits. Moreover, the bank aims to create a virtuous cycle by
boosting foreign currency deposits and FX trading gains among trade
clients. To further generate group-wide synergy, it will launch new
products such as the Export-Import FX Deposit/Card offerings.
Leading the Capital Transaction Market
Centered on Global Investment WON Centers
Woori Banks aims to expand its business pipeline by enhancing
synergies across group subsidiaries. The bank will promote capital
transactions through group joint fund sourcing with Woori Investment
Securities and venture business investment associations, while its
overseas fund establishment in partnership with Woori Venture
Partners and affiliates will further reinforce the group’s collaborative
efforts. The bank also plans to lead in the capital transaction market
through non-face-to-face channels by introducing digital capital
advisory services and expanding the WON global real estate services
to Japan and Southeast Asian countries.
Digital Innovation in FX Services
In 2025, Woori Bank will broaden cross-industry partnerships and
launch new services linked with fintech. The bank will enhance the
“FX Pocket” service by integrating travel insurance products and
strengthening its alliance with the “WiBee Travel” platform, along with
a plan to launch a tax-refund service. Moreover, digital FX business
will be reinforced by introducing QR code-based cardless withdrawal
services for foreigners and expanding the installation of unmanned
currency exchange machines across key tourist areas in the Seoul
metropolitan region.
Foreign Exchange Major Items Performance
2022
2023
2024
YoY
Export-Import
455.4
420.4
371.7
-11.6%
Remittance
288.7
316.0
336.1
+6.4%
Currency
Exchange
2.0
3.3
3.0
-10.0%
(Unit: USD billion)
35
Woori Financial Group Annual Report 2024
RISK MANAGEMENT
In 2024, financial soundness faced growing pressure amid the prolonged high interest rate environment, with defaults continuing to rise—particularly in high-risk and
vulnerable sectors. In response, financial authorities introduced the Countercyclical Capital Buffer(CCyB) in May 2024 to strengthen the loss-absorbing capacity of financial
institutions. Discussions also progressed on the adoption of the Stressed Capital Buffer(SCB), highlighting the increasing importance of efficient capital allocation and
management in a constrained capital environment.
Against this backdrop, Woori Financial Group maintained a stable and forward-looking risk management framework, prioritizing the proactive management of asset quality
and capital adequacy. The group also focused its efforts on effectively responding to evolving regulatory frameworks and institutional reforms, reinforcing its commitment
to sound risk governance and sustainable financial stability.
Stable Liquidity Management
Credit Risk
Credit risk refers to potential future economic losses that the
consolidated company may incur due to a counterparty’s refusal or
inability to fulfill transactions that should be performed within a period
determined by contract. The purpose of credit risk management is
to maintain the source of credit risk at a level that the consolidated
company can tolerate and optimize risk-adjusted returns.
To measure credit risk, the company considers the probability of
default (PD) of customers or contractual counterparties, exposures at
default (EaD), and loss given default (LGD).
The company calculates internal capital for credit risk assets by
reflecting both expected and unexpected losses, using this as a key
risk management indicator. At the group level, internal capital limits
are allocated to subsidiaries, and each subsidiary further subdivides
and manages these limits based on its business characteristics and
annual financial targets.
Additionally, large exposures and credit portfolios are regularly
monitored to prevent early-stage credit deterioration and to manage
credit concentration risk at an appropriate level.
The group’s Board Risk Management Committee and Risk
Management Council assess and manage various credit risk indicators
such as BIS ratios, liquidity levels, exposure status, limit compliance,
and delinquency rates on a monthly or quarterly basis for both the
group and its subsidiaries.
Market Risk
Market risk refers to the risk of potential losses in a financial
institution’s trading account due to changes in market factors such
as interest rates, stock prices, and exchange rates. Market risk
management refers to a series of activities to manage financial
institutions to bear an appropriate level of risk related to trading
account operations.
As a method for measuring market risk for trading accounts, major
subsidiaries such as banks adopt the standardized approach,
while subsidiaries with limited trading activities use the simplified
method. Market internal capital is allocated through the Board Risk
Management Committee.
The Risk Management Departments of the group and subsidiaries
manage detailed limits such as risk limits and loss limits for trading
accounts, and the management results are regularly reported to the
Board Risk Management Committee.
Board of
Directors
Risk
Management
Committee
Group Risk
Management
Council
CEO
Risk
Management
Division
Risk Model
Validation
Department
Risk
Management
Department
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
36
Woori Financial Group Annual Report 2024
Liquidity Risk
Liquidity risk management refers to the effective control of potential
liquidity shortages that may arise from mismatches in asset and
liability maturities or unexpected outflows, in order to prevent losses
due to insufficient funding. Liquidity risk is managed for financial
liabilities on the consolidated statement of financial position that are
deemed to be related to such risk.
The company groups assets and liabilities into ALM (Asset Liability
Management) categories according to the nature of each account.
It analyzes cash flows across various time bands (e.g., by remaining
maturity or contractual duration), identifies maturity gaps and gap
ratios, and manages liquidity risk by maintaining the gap ratio within
predefined limits.
Operational Risk
The company defines operational risk as the risk of loss resulting
from inadequate or failed internal processes, people, and systems
or from external factors. To strengthen external competitiveness
through Basel regulatory compliance, reduce risk volume, enhance
operational risk management capabilities, and prevent incidents, an
operational risk management system has been introduced across all
group companies, responding to the new global Basel III regulations
introduced in 2023.
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
2024 ACHIEVEMENTS
Group
Amid continued financial market volatility driven by delayed economic
recovery and persistently high interest and exchange rates, Woori
Financial Group activated its Group Crisis Response System (Phase
1) to uphold a stable risk management framework across the
organization. The group maintained comprehensive oversight through
the Crisis Response Council—convened 13 times over the year—
with participation from the Chief Risk Officers (CROs) of all financial
subsidiaries.
Proactive measures included the restructuring and redesign of
financial products based on vulnerability analyses, as well as
enhanced post-lending management. At the group level, dedicated
management systems were operated for high-risk assets such as real
estate project financing (PF), overseas commercial real estate (CRE),
and principal investments (PI).
In response to evolving regulatory trends aimed at strengthening
capital requirements, the group prioritized capital adequacy through
controlled growth within the financial planning range. A Return on
Risk-Weighted Assets (RoRWA) system was established to support
a balanced approach to profitability and risk. In addition, the group
enhanced its integrated stress testing methodology to better
respond to deteriorating financial conditions and tightening capital
regulations.
To achieve mid- to long-term qualitative improvement of its asset
structure, the group provided focused lending to promising sectors,
particularly within new growth industries, and advanced portfolio
restructuring strategies. For industries identified as having declining
competitiveness, the group designated them as “managed industries”
and implemented loan reduction strategies. Credit concentration
risk management was also expanded to non-bank subsidiaries,
accompanied by strengthened monitoring and limit-setting protocols.
As a result, Woori Financial Group maintained operational stability
despite heightened market uncertainties, achieving sound levels of
non-performing loans (NPLs) and delinquency rates, while maintaining
the highest NPL Coverage Ratio in the industry.
In 2024, in line with the Act on the Structural Improvement of
the Financial Industry, Woori Financial Group was designated as a
systemically important financial institution and submitted its Recovery
Plan. The plan update was successfully completed in collaboration
with relevant departments (Strategy and Finance) and subsidiaries
(including Woori Bank), incorporating additional feedback from the
Financial Supervisory Service.
Reflecting the Basel Committee’s growing emphasis on climate risk
governance, the group completed the development of a carbon
(financial) emission measurement system in 2023. Based on the 2024
calculations, the group’s target exposure totaled KRW 259 trillion out
of KRW 526 trillion in total assets, with estimated carbon emissions
amounting to approximately 56.98 million tons.
37
Woori Financial Group Annual Report 2024
Bank
To achieve sustainable growth, Woori Bank developed an RoRWA
Management System for appropriate asset growth centered on
capital adequacy, establishing the foundation for spreading a culture
of RoRWA-centered asset growth and improved capital adequacy.
To respond to strengthened capital regulation policies such as
Stress Buffer Capital, the bank advanced the integrated stress
analysis system and improved the risk-weighted asset calculation
requirements through credit risk system enhancements, such as
computerizing the basic data acquisition process for collective
investment securities.
Following the implementation of the revised PSMOR (Principles for
Sound Management of Operational Risk) in January 2024, the bank
established the Executive Operational Risk Management Committee
to strengthen operational risk governance, and established a risk
management process to check control status regularly for third-party
risk and ICT risk through preliminary review procedures.
To respond to government policies related to foreign exchange
market structural improvement, the bank operated an FX night desk
and established a management system, continuously supporting
the newly established overseas desk to be managed under the risk
management system.
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
Group
Woori Financial Group has set its risk management strategy as “Risk Management New S.T.E.P for Completing the Comprehensive
Financial Group” to stably respond to changes in the business environment and internal and external uncertainties in 2025.
To achieve this, the group has selected four strategic directions: (Strong) Strong Response to Group Portfolio Expansion, (Trustworthy)
Trustworthy Framework for Capital Adequacy and Asset Quality, (Efficient) Efficient Response to Changes in Business Environment and
Regulations, and (Preemptive) Preemptive Management of Potential Risks. The group will pursue detailed strategies to achieve these
objectives
Preemptive
Management of
Potential Risks
Efficient Response to
Changes in Business
Environment and
Regulations
Trustworthy
Framework for Capital
Adequacy and Asset
Quality
Strong Response
to Group Portfolio
Expansion
Woori Financial Group will make
selections and concentrations
in the group portfolio
composition for strategic
growth and induce rapid
growth in subsidiaries’ own risk
management capabilities.
The group plans to respond
to the interest rate trend
change and prepare an ALM
strategy optimized for market
volatility. Also, the group
will respond to the financial
authorities’ expansion and
strengthening of operational
risk management areas and
thoroughly respond to new risk
regulations by sector.
The group will conduct
proactive capital adequacy
management in preparation
for the gradual rise in capital
regulation ratios, and continue
to establish a virtuous cycle
structure for the management
of prime assets and asset
quality. To this end, the group
will prioritize the management
of high-risk and vulnerable
expansion areas.
The group aims to
reorganize the preemptive
risk management system
in response to regulations
in global entry countries,
establish a preemptive
response system for emerging
risks such as climate risk,
and continue to spread risk
management culture and
activate exchange between
group companies.
PLAN FOR 2025
38
Woori Financial Group Annual Report 2024
Bank
Woori Bank’s risk management goals for 2025 have been set as “Advanced Risk Management, Strengthened Crisis Response
Capabilities, and Shared Risk Management Culture.” The bank plans to pursue four strategic directions and 12 risk management
strategies to achieve these goals.
Ongoing
Advancement of the
Risk Management
Framework
Active Response to
Financial Market and
Environmental
Changes
Strengthening Risk
Management for High-
Risk and Vulnerable
Areas
Reestablishing
Preemptive Risk
Management Culture
The bank will establish a
bank-wide risk management
culture centered on RoRWA,
establish a virtuous cycle
structure for loan portfolios,
recognize boundary risks from
an operational risk perspective,
and manage them in a
sophisticated manner.
In response to interest
rate changes, the bank
will pursue organization-
wide ALM optimization and
strengthen the climate
risk analysis system and
strategically operate portfolios
considering climate risk, while
establishing a sophisticated
risk management system in
response to changes in bond
and foreign exchange markets.
Woori Bank aims to
preemptively identify and
intensively manage potential
problem sectors, minimize
blind spots in risk oversight,
and gradually establish a
group-level risk management
framework for the global
business that aligns with the
standards of the head office.
The bank will establish
and advance a structured
system for borrower-specific
credit risk management,
enabling timely risk
oversight through system-
based sensitivity analysis
of market factors, and
improving overall efficiency
by leveraging digital and
emerging technologies in risk
management.
PLAN FOR 2025
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
39
Woori Financial Group Annual Report 2024
2024 ACHIEVEMENTS
Cyber Securities
Introduction of Dark Web Monitoring and
Brand Impersonation Prevention Service
Woori Bank introduced a threat intelligence service to proactively
counter security threats originating from the dark web. This initiative
has enhanced the bank’s information protection capabilities by
enabling real-time monitoring of potential leaks of customer data
and internal confidential information, as well as the prompt blocking
of phishing sites and fraudulent accounts. These efforts have further
reinforced the bank’s brand reputation and strengthened customer
trust.
Application of Two-Channel Authentication for
Overseas Branch Internet/Mobile Banking
The bank has introduced two-factor authentication (OTP, SMS,
etc.) to strengthen electronic financial service security at overseas
branches and prevent credential stuffing attacks based on ID/
Password. The bank has applied this system to internet banking and
mobile banking for all overseas branches, contributing to customer
information protection as well as enhancing trust and global
competitiveness.
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
PLAN FOR 2025
Establishment of API Security
Threat Management System
The bank plans to establish an API security threat management
system to respond to increasing API communications due to the
expansion of MyData and various digital services. The bank will
systematically manage API usage status, strengthen anomalous
communication detection and personal information protection, and
establish a foundation for providing safer and more reliable financial
services.
Building a Generative AI
Security Platform
As the regulatory framework for network separation is relaxed,
enabling broader use of generative AI, the bank plans to establish
a comprehensive AI security platform to proactively address
emerging security risks such as data leakage, misuse, and
manipulation. This platform will integrate technical, administrative,
and ethical controls, and include robust monitoring of input/output
data changes and defenses against adversarial attacks, thereby
fostering a secure and trustworthy AI environment.
04
BUSINESS
REPORT
40
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
Group Business Portfolio
Woori Bank
Woori Card
Woori Financial Capital
Woori Investment Securities
Woori Asset Trust
Woori Savings Bank
Woori Financial F&I
Woori Asset Management
Woori Venture Partners
Woori Private Equity Asset Management
Woori Credit Information
Woori Fund Services
Woori FIS
Woori Finance Research Institute
41
42
55
57
58
60
62
63
65
66
67
68
69
70
71
WOORI Financial Group Annual Report 2024
41
Woori Financial Group Annual Report 2024
Since its establishment as a holding company in January 2019,
Woori Financial Group has consistently pursued business
expansion and portfolio diversification through strategic
acquisitions, mergers, and the creation of new subsidiaries.
In 2024, the group entered the securities sector by merging
Woori Investment Bank and Korea Foss Securities to form Woori
Investment Securities, completing its capital markets business
lineup. With final approval for its investment trading license
granted in March 2025, Woori Investment Securities is set to
commence full-scale operations as a comprehensive securities
firm. The group will provide strategic support to enhance its
competitiveness and generate synergies across the capital
markets sector.
On May 2, 2025, the Financial Services Commission (FSC)
conditionally approved the group’s acquisition of Tongyang
Life Insurance and ABL Life Insurance, further accelerating its
transition into a fully integrated financial group with a well-
balanced business portfolio. With regulatory approvals in
place, the group will focus on executing a robust Post-Merger
Integration (PMI) strategy to ensure the smooth incorporation
of the insurance subsidiaries into the group’s management and
operations.
At the same time, Woori Financial Group remains committed to
strengthening the competitiveness of its existing subsidiaries by
expanding its customer base, broadening business foundations,
realizing economies of scale, and improving market positioning.
While maintaining strong capital adequacy, the group will continue
to selectively pursue inorganic growth opportunities aligned with
its long-term strategic objectives.
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
Group Business Portfolio
Woori Bank
Korea BTL Infrastructure Fund
99.88%
AO Woori Bank
100%
Woori Bank (China) Limited
100%
Woori Global Markets Asia Limited
100%
Woori Finance Myanmar Co. Ltd.
100%
Woori America Bank
100%
Banco Woori Bank do Brazil S.A.
100%
Woori Wealth Development Bank Corporation
51.00%
PT Bank Woori Saudara Indonesia 1906, Tbk
90.75%
Woori Bank Vietnam Limited
100%
Woori Bank (Cambodia) PLC.
100%
PT Woori Finance Indonesia Tbk
84.51%
Woori Bank Europe GmbH
100%
TUTU Finance-WCI Myanmar Co., Ltd
100%
Woori Venture Partners US
100%
WFBS Financial Stability Private Equity Fund No.1
96.23%
KTBN GI Private Equity Fund
5%
Arden Woori Apparel 1st Private Equity Fund
0.47%
Woori-Dino No.1 PEF
19.61%
Green ESG Growth No.1 Private Equity Fund
11.99%1)
Woori Financial Stability Private Equity Fund No.1
9.09%2)
NH Woori Dino Co-Investment No.2 Private Equity Fund
5.58%
Woori Eugene Energy Link Private Equity Fund
0.71%
100%
Woori Card
100%
Woori Financial Capital
100%
First-level
Subsidiary 14
Second-level
Subsidiary 23
1)34.67% (including shares held by group companies)
2)36.36% (including shares held by group companies)
(As of March 31, 2025)
Woori Investment Securities
99.43%
Woori Asset Trust
99.59%
Woori Savings Bank
100%
Woori Private Equity Asset Management
100%
Woori Asset Management
100%
Woori Fund Services
100%
Woori Financial F&I
100%
Woori Credit Information
100%
Woori Venture Partners
100%
Woori FIS
100%
Finance Research Institute
100%
42
Woori Financial Group Annual Report 2024
WOORI BANK
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
Founded in 1899, Woori Bank utilizes its
extensive domestic and international
network, along with its digital platform,
to drive its operations. Our strategic
focus includes enhancing core business
competitiveness, securing future growth,
managing risks proactively, boosting digital
and IT capabilities, improving management
efficiency, and strengthening social
responsibility. At Woori Bank, customer
satisfaction is our highest priority. We are
dedicated to implementing customer-
centric practices and delivering innovative
financial services that seamlessly integrate
into all aspects of our customers’ lives.
Looking ahead, we remain committed to
adapting to the evolving market landscape
and fostering mutual growth.
Woori Bank completed the reconstruction development of the existing
mobile app, WON Banking, to actively respond to the increasing proportion
of non-face-to-face channels, launching New Woori WON Banking in
November 2024.
Based on this, the bank achieved 8,435 thousand WON Banking Monthly
Active Users (MAUs) in December 2024, a net increase of 367 thousand
compared to 2023, strengthening its non-face-to-face channel capabilities.
As of the end of December 2024, Woori Bank’s retail customers totaled
25,498 thousand, an increase of 548 thousand compared to the end of
2023, while its active customers reached 10,163 thousand as of the end of
December 2024, an increase of approximately 86 thousand compared to
the end of 2023.
This increase in customer numbers is the result of specialized marketing
by customer group and strengthened platform competitiveness in 2024.
Based on the mid- to long-term business plan established with major
consulting firms, future generation customers and core customers (working
professionals, senior customers, and customers holding products such as
deposits/savings) were selected as the bank’s focus customer groups.
By concentrating marketing capabilities on attracting salary/pension
transfers, working professional customers increased by 95 thousand
compared to the end of 2023, senior (pension) customers increased by 47
thousand compared to the end of 2023. Product-based customers with
deposits/savings increased by 654 thousand compared to the end of 2023
through the launch of high-interest deposit products and thematic savings
products.
Additionally, to attract future customers aged 10-20s who could grow
into core customers in the future, a dedicated Future Customer ACT
was established to secure future generation customer groups with high
potential for future transactions.
Furthermore, as a result of activating the teen-exclusive financial platform
Teen Teen Service, future generation customers increased by 472
thousand compared to the end of 2023.
www.wooribank.com
2024 ACHIEVEMENTS
RETAIL BANKING
43
Woori Financial Group Annual Report 2024
Annual Status of Retail/Active Customers
PLAN FOR 2025
Comprehensive Customer Base Expansion to
Lead the Retail Banking Sector
Retail Customer Increase through Platform
Competitive Advantage
In 2025, Woori Bank plans to focus on strengthening its customer
base across all generations through targeted strategies for major
customer groups.
The bank plans to implement customized approaches aligned with
different life stages: marketing campaigns targeting individuals in
their 20s and younger to secure the future generation; acquisition
and engagement of college students through partnerships with
primary universities; specialized products and salary transfer
marketing for working professionals; and dedicated offerings and
platforms for senior customers.
These strategies are expected to contribute positively to
profitability by expanding the base of low-cost deposits.
As competition in non-face-to-face channels between banks
intensifies, Woori Bank has accelerated the strengthening of non-
face-to-face channel platforms and advanced marketing with the
goal of leaping forward as a digital leading bank.
The bank plans to strengthen targeted marketing based on
customer transaction and behavioral data, expanding transactions
and lifecycle-tailored marketing for major customer groups such
as working professionals, seniors, and university students.
Additionally, the bank plans to enhance customer convenience
and app usage through stabilization and service advancement of
the New WON Banking app launched last year to strengthen retail
platform competitiveness.
Also, the bank will concentrate its core capabilities toward the
goal of leaping forward as a digital-based retail leading bank in
2025.
Status of Core/Future Customers
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
(Unit: 1,000 persons)
Active Customers
Retail Customers
(Unit: 1,000 persons)
Future Customers
(Annual Net Increase)
Core Customers
2022
24,533
10,070
2023
24,949
10,076
2024
25,498
10,163
+2.2%
+0.9%
2022
5,555
2023
5,864
319
2024
6,183
472
+5.4%
+48.0%
44
Woori Financial Group Annual Report 2024
In 2024, Woori Bank achieved the second-largest market share (M/S)
in the mortgage loan sector, realizing appropriate asset growth while
actively supporting the government’s household debt management
policies. In particular, the bank met the targets outlined in administrative
guidance by maintaining a balanced share of fixed-rate and non-deferred
installment repayment loans.
The bank also achieved results in the digitalization of real estate finance,
expanding the centralization target of the Real Estate Banking Digital
Center to all branches, and responding to changes in the loan transfer
system through the renewal of non-face-to-face mortgage loans and
the launch of new non-face-to-face Jeonse loan products.
In 2024, Woori Bank went beyond its traditional role of corporate finance
support by expanding CIB (Corporate & Investment Banking) operations
through the integration of CB (Commercial Banking) and IB (Investment
Banking), leveraging its large corporate network. Marketing strategies
were promoted from an integrated perspective, taking into account the
asset characteristics of each corporate and IB segment, which enabled
the bank to steadily expand its growth momentum.
As a result, in the second year of its “Corporate Banking Renaissance”
initiative, Woori Bank achieved both asset growth and improved
profitability. The total balance of loans and deposits reached KRW 143
trillion, an increase of KRW 4.9 trillion (+3.6%) YoY. Net operating income
amounted to KRW 1.04 trillion, up KRW 51 billion (+5.2%) from the
previous year, marking the highest performance to date.
In 2025, Woori Bank will continue to pursue appropriate growth in
mortgage loans focused on prime assets in line with the government’s
household debt management policies.
Also, as part of strengthening real estate services, the bank opened
a real estate dedicated page (WONhaneun Real Estate - The name
WONhaneun Real Estate combines WON—the brand of Woori Bank’s
flagship digital platform—with the Korean word haneun, meaning “doing”
or “engaging in,” reflecting the platform’s vision of enabling customers
to actively manage various financial services, now including real estate)
within New Woori WON Banking in March, which provides map-based
complex information and real estate news content.
Within the year, the bank plans to further expand customer-tailored real
estate services by adding new content such as Preview Lease Contract
Writing.
In 2025, Woori Bank will continue to achieve results befitting its
reputation as a premier corporate banking institution by providing
financial products and services that align with evolving market conditions
and customer needs, while steadily increasing total loan and deposit
volumes as well as profitability.
First, the bank will expand credit support for high-quality companies
in emerging industries to foster corporate growth and serve as a
foundation for the development of the national economy.
Second, the bank will deliver tailored financial solutions that meet
customer needs across CIB, FX/derivatives, electronic finance, and
retirement pensions, thereby practicing customer-first business
operations.
Third, by leveraging its large corporation networks, the bank will
implement total marketing strategies that extend beyond major
corporations to SME partners, offering comprehensive financial solutions.
Through these efforts, Woori Bank will fulfill its social responsibility and
continue to build partnerships where both its customers and the bank
grow together.
2024 ACHIEVEMENTS
2024 ACHIEVEMENTS
PLAN FOR 2025
PLAN FOR 2025
Real Estate
Corporate Banking (Large Corporate)
Status of Large Corporate Customer Transactions
and Operating Income
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
(Unit: KRW billion)
Net Operating
Income
Total Loans and
Deposits
2022
117,134
641.1
2023
138,443
988.3
2024
143,359
1,039.7
+2.2%
+5.2%
45
Woori Financial Group Annual Report 2024
(Unit: KRW trillion)
SME Total Credit
Rebuilding the Corporate Banking Legacy
In 2024, Woori Bank supplied a total of KRW 9.4 trillion in new growth
loans to rebuild its corporate banking legacy. This represents an increase
of KRW 1.5 trillion compared to the previous year, providing funds to 2,600
new growth companies. The bank also fully initiated new growth financial
support centered on six core industries—including semiconductors,
secondary batteries, and biotechnology—and discovered promising
companies through the IGS platform, providing targeted marketing and
customized finance.
In terms of sales organization, the bank expanded its business coverage
by increasing the existing 3 Biz Prime Centers to 10, and advanced its
support system by corporate development stage through the operation
of specialized channels encompassing not only the Leading Industry
Corporate Banking Headquarters 1&2 but also the Future Corporate
Banking Headquarters. Additionally, by signing agreements with 7
relevant institutions including the Korea Venture Business Association
and the Korea Association of Robot Industry, the bank established a
cooperative foundation with a total of 25,644 companies. Based on these
efforts, the bank has built an integrated support system that provides
not only financial but also non-financial support including consulting and
networking.
Enhancement of Non-face-to-face Business Channels
Due to intensified competition following the expansion of SOHO loans
by internet-only banks, Woori Bank pursued multi-faceted strategies
to attract sole proprietor customers. First, to enhance the non-face-
to-face loan process, the bank made the entire loan process non-face-
to-face, including SOHO guaranteed loan extensions and automation
of third-party collateral loans. Additionally, the bank launched one-stop
loan services and regionally specialized non-face-to-face products in
connection with different industries and relevant institutions. In terms of
marketing, the bank strengthened non-face-to-face business through
dedicated non-face-to-face marketing organizations and built a business
As of the end of 2024, Woori Bank managed total credit of KRW 133.4
trillion and total deposits of KRW 81.5 trillion for 2.04 million SME
customers. In 2024, the bank achieved asset growth of KRW 6.8 trillion.
While expanding loans to high-quality SMEs, it preemptively reduced
potentially problematic assets by KRW 2.6 trillion, achieving a prime
asset ratio of 84.0%. The bank supplied a total of KRW 38.1 trillion in
new funds throughout 2024, of which 92.3% was provided to high-
quality SME customers. The bank contributed a total of KRW 108 billion
to guarantee institutions, and as a result of supplying guaranteed loans,
guaranteed loan assets increased by KRW 933.8 billion. Additionally,
approximately KRW 2.8 trillion in funds was provided to support eco-
friendly green finance and safety net finance.
2024 ACHIEVEMENTS
Corporate Banking (SME)
environment that could focus on attracting new customers by reducing
branch workload. By expanding sole proprietor-exclusive channels and
strengthening app-based inflow, the bank continues to secure leadership
in the SME financial market.
Strengthening Social Responsibility
(Expanding Cooperative Finance/Social Contribution)
Woori Bank operates various financial support programs to realize
cooperative finance and support vulnerable groups. From February 2024,
the bank implemented a KRW 183 billion interest cashback system for
approximately 214 thousand sole proprietors, and supported a total of
KRW 96.5 billion through financial cost reduction programs for financially
vulnerable SMEs. The bank also conducted preferential guarantee
programs for regional startup companies and innovative growth
companies through agreements with the Korea Credit Guarantee Fund
and Korea Technology Finance Corporation. The total contribution to
guarantee institutions for 2024 was KRW 108 billion, which contributed
to fulfilling social responsibility and expanding inclusive finance.
2022
121.0
2023
125.2
2024
133.4
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
+6.5%
46
Woori Financial Group Annual Report 2024
PLAN FOR 2025
Strengthening Sound Business Focused on
Prime Assets
Pursuit of New Businesses and Building
Sustainable Financial Systems
Woori Bank’s main implementation plan for 2025 focuses on
strengthening sound business centered on prime assets. The
bank will pursue a substantive portfolio improvement through
asset rebalancing. While expanding SME loans, it will reduce
unused limits for non-prime borrowers. Also, the bank will expand
guaranteed loans support centered on innovative companies and
startup companies with growth potential, simultaneously pursuing
the launch of rapid guarantees and agreement guarantees by
region.
Additionally, to efficiently operate policy funds, the bank
plans to automate the implementation process and promote
computerization by stage. For sole proprietor loans, the bank will
accelerate the transition to non-face-to-face services and reduce
branch workload to pursue qualitative growth by focusing on
attracting prime customers and ancillary transactions.
In 2025, to enhance new businesses and strengthen management,
Woori Bank will advance One Biz Plaza and IATA-related new
businesses, expand member recruitment, and strengthen data-
based partnership services. The bank will also complete a service
enhancement roadmap to expand the participation of travel
agencies and airlines and improve functions using aviation SAFE
settlement services. Furthermore, by simultaneously pursuing
ESG and cooperative finance, the bank plans to strengthen social
responsibility and continuously build sustainable financial systems
through support for microbusiness owners, the launch of high-
interest loan refinancing accounts, ESG innovation company loans,
and the activation of green finance.
Expansion of Specialized Channels and
Business Enhancement
In 2025, the bank plans to expand fund supply centered on
medium-sized enterprises/SMEs and new growth industries
through the expansion of specialized channels and business
enhancement. The bank will redefine the role of specialized
channels centered on BIZ Prime Centers and further strengthen
the region-oriented business of dedicated business organizations.
Additionally, the bank plans to expand its customer base through
linked business with general branches for expanding business
targeting medium-sized and new growth companies.
The bank will also strengthen joint business between specialized
channels to build a business system aimed at increasing the
settlement rate from initial transactions, and plans to broaden
business coverage by expanding business channels within the
Seoul metropolitan area and major metropolitan cities.
In particular, by newly establishing customized centers in Seoul,
Gyeonggi-do, etc., Woori Bank plans to complete a region-
oriented business system tailored to regional and business district
characteristics.
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
47
Woori Financial Group Annual Report 2024
Woori Bank has been expanding its business relationships with
government agencies, local governments, and major public institutions.
Through various social contribution activities aimed at developing the
regions where these institutions are located, the bank has established
itself as a financial institution that works alongside local residents.
Since March 2018, as the main banking partner of the National Pension
Service—one of the world’s three largest pension funds—it has been
supporting fund operations totaling approximately KRW 938.3 trillion,
successfully retaining this relationship in 2022. In addition, Woori Bank
has served as the primary banking partner for 80 out of 350 public
institutions designated by the Ministry of Economy and Finance in 2024.
As of the end of 2024, the total deposit and loan transaction volume
with institutional clients amounted to KRW 28.4 trillion, with relationships
established with approximately 5,000 institutions.
Providing Optimal Financial Solutions for Government
and Public Institution Operations
Woori Bank has operated experts within the Institutional Banking
Business Group to effectively support government and public institution
policies and projects, thereby providing optimal financial solutions for
public initiatives. In 2024, the bank secured main banking relationships
with major local government-affiliated organizations such as Gyeonggi
Housing & Urban Development Corporation and Chungbuk Development
Corporation. In the second year since retaining the National Pension
Service account, Woori Bank generated KRW 32.9 billion in revenue,
demonstrating its capabilities as a dedicated institutional bank with
differentiated fund management systems.
2024 ACHIEVEMENTS
Institutional Banking
Korea’s Premier Local Government Treasury Bank (since 1915)
Institutional Banking Business Group has been functioning as Korea’s
leading local government treasury bank since its establishment as
a national policy bank in 1915. Beyond merely managing budgets,
the group has emphasized its role as a development project partner,
leveraging its expertise in treasury management systems to establish
a strong competitive edge in securing primary banking relationships. In
2022, despite intensified competition among banks for Seoul district
treasury accounts, the group successfully secured treasury operations
for 14 district offices, showcasing its world-class treasury IT system
capabilities.
Despite challenging conditions in the institutional banking sector driven
by ongoing fiscal tightening, Woori Bank aims to drive breakthroughs by
expanding core businesses, strengthening future-oriented institutional
banking, and building customer trust.
Specifically, the bank will seek to enter new markets—such as deposit
accounts for educational institutions currently dominated by a single
provider—and to secure stable funding sources by attracting deposits
and custody funds from court institutions. Building on the experience of
successfully acquiring Chungbuk Development Corporation and Gyeonggi
Housing & Urban Development Corporation in 2024, Woori Bank plans to
target non-contracted development corporations for acquisition in 2025.
In addition, the Institutional Banking Business Group plans to secure
national R&D project funds, strengthen relationships with military
institutions through advanced fund management systems, and pursue
other strategic initiatives—thereby broadening its scope and capabilities.
Furthermore, the bank will focus on acquiring and cultivating relationships
with previously unengaged or inactive non-profit organizations.
As a means of establishing customer trust, Woori Bank is committed to
strengthening incident prevention and internal control by utilizing public
fund AI-FDS (Fraud Detection System), upgrading revenue/expenditure
systems, and systematically managing institutional sales personnel.
PLAN FOR 2025
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
48
Woori Financial Group Annual Report 2024
In 2024, Woori Bank’s Investment Banking Business Group (IB Group)
strengthened its origination and structuring capabilities in M&A financing,
power/energy/infrastructure financing, and real estate development
projects, as well as selective Principal Investment (PI) in prime assets,
resulting in increased non-interest income. The group also expanded
its overseas business through the operation of global hub IB centers.
Most notably, leveraging its expertise in acquisition financing and equity
investment markets, the group achieved record-breaking results despite
challenging market conditions—structuring transactions totaling KRW
16.7 trillion and earning approximately KRW 90 billion in origination fees.
Based on these achievements, the IB Group’s business-related revenue
exceeded KRW 520 billion in 2024.
In addition, the group enhanced both short-term profit and advance
investments in future growth engines by expanding high-quality
investments via relationships with global top-tier asset management
companies, engaging in aircraft financing and overseas infrastructure/
power/energy projects, expanding structured financing, and issuing FRNs
(Floating Rate Notes) in connection with Woori Global Markets Asia
Limited.
2024 ACHIEVEMENTS
IB & Asset Management (Wealth Management)
PLAN FOR 2025
Expansion of Affiliate IB Coverage Network
In 2025, the IB Group plans to expand its network through stronger
collaboration between the bank and its securities affiliate, while
increasing group-level support for new businesses to drive its next
phase of growth. To secure sustainable growth engines through
optimized resource allocation, the group will focus on strengthening
core operations, accelerating future growth initiatives, and laying the
groundwork for long-term growth.
In particular, the IB Group’s relocation to Yeouido—a key financial hub
in Korea and home to Woori Investment Securities—is expected to be
a turning point in enhancing capital market-focused networking and
collaboration within the group. The IB Group aims to expand its coverage
base and maximize group-level synergy through closer cooperation
with Woori Investment Securities. Furthermore, to proactively address
volatility in the global capital markets, the group will continue to
strengthen its structured risk management and internal control systems.
(Unit: KRW trillion)
Total Assets of IB Operations in 2024
19.5
11.2
Balance
Sheet Assets
Off-balance
Sheet Assets
Total Assets
30.7
KRW trillion
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
49
Woori Financial Group Annual Report 2024
WON Banking Achieved 8.4 Million MAU
Woori Bank concentrated its enterprise-wide capabilities on
strengthening customer-centered platform competitiveness, resulting
in the achievement of 8.4 million Monthly Active Users (MAUs) for WON
Banking by the end of 2024. This represents an increase of around 260
thousand users compared to the 8.2 million MAU at the end of 2023,
reaching a peak since April 2022 when traffic enhancement initiatives
were fully implemented.
Launch of Digital Universal Banking
In November 2024, Woori Financial Group’s flagship platform, New Woori
WON Banking app, was successfully launched. New Woori WON Banking
app serves as a comprehensive financial platform that integrates
financial and non-financial services, providing seamlessly delivered
group core services along with customized financial and non-financial
offerings. Through a complete reconstruction of MyData capabilities,
the bank has strengthened customer asset and consumption analysis
services, while revamping the UI/UX from a customer perspective to
deliver personalized marketing and interface. Additionally, the platform
secured operational completeness across affiliates by providing affiliate
consultation services through an interactive AI chatbot.
Technology Innovation and Internalization
Woori Bank has strengthened its digital capabilities through the
internalization of new technologies. Through the Customer Data
Platform (CDP), the bank has collected and analyzed customer data in
real-time across all channels to provide timely customized services. In
2024, Woori Bank established the banking industry’s first generative
AI-based consultation service, AI Banker, offering deposit and loan
financial consultations within WON Banking. In November 2024, the bank
launched Woori GPT, an AI knowledge consultation service, contributing
2024 ACHIEVEMENTS
Digital Banking
PLAN FOR 2025
In 2025, competition in the financial sector is expected to intensify amid
continued regulatory easing. In response, Woori Bank aims to maximize
its bank-wide digital capabilities, with the goal of securing future growth
engines through new technologies and business models—including the
proactive use of generative AI and the expansion of strategic alliances.
Leading the Industry in Generative AI Utilization
As regulatory restrictions on network separation have been eased, the
banking industry has entered a new phase of competition in generative
AI-based services. In response, Woori Bank will continue to develop
differentiated services to gain a competitive edge in AI adoption. The
bank plans to establish a Gen-AI Platform and expand its service scope
to include unsecured loan and subscription consultation services,
providing differentiated AI services. Furthermore, the bank will provide an
AI Agent service to enhance employee productivity with useful functions
such as document translation and data analysis. These efforts will place
Woori Bank at the forefront of the financial AI competition.
Securing Future Growth Engines Based on New Businesses
Woori Bank will strive to further expand its platform ecosystem to
secure core customers.
The bank will remain committed to strengthening non-financial services
through strategic cooperation with partners from different industries
including corporate business, and distribution, while simultaneously
developing BaaS-based services such as prepaid deposit partnership
products.
Furthermore, Woori Bank plans to further expand customer touchpoints
through the advancement of integrated payment platforms like Woori
WON Pay and the launch of MVNO services. Beyond retail customers,
the bank plans to proactively attract corporate customers by advancing
WON Biz Plaza, a supply chain finance platform for SMEs, strengthening
its corporate loan platform competitiveness.
In addition, to secure future growth engines, the bank will continuously
discover new businesses including integrated e-wallet services and
government digital service openness projects.
(Unit: users)
2022
7.3
(million)
2023
8.1
(million)
2024
8.4
(million)
Woori WON Banking MAU
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
to employee work efficiency. Furthermore, the bank has proactively
responded to industry and policy changes through Proof of Concept (PoC)
utilizing new technologies such as NFT (Non-Fungible Token) and CBDC
(Central Bank Digital Currency).
Expanding Customer Touchpoints Through New Businesses
To strengthen its financial and non-financial portfolios and expand
the customer base, Woori Bank has established the New Business
& Affiliation Platform Department and Mobile Business Platform
Department. Based on these new departments, the bank has expanded
its customer touchpoints through strategic partnerships with lifestyle-
focused platforms and an MVNO (Mobile Virtual Network Operator)
service that connects finance and telecommunications services.
+3.7%
50
Woori Financial Group Annual Report 2024
Establishing New IT Operational System
Woori Bank has expanded its platform departments and introduced an
agile operational system following the reorganization of IT governance.
The bank has successfully integrated its IT service management system,
enhancing operational efficiency between Business and IT departments.
Also, the bank has proactively supported infrastructure and personnel
for the early stabilization of the new WON Banking.
Technology Internalization and Cost Efficiency
The bank has internalized technological capabilities by utilizing its self-
developed standard framework, activated group-shared cloud services,
and provided timely support for IT projects. Cost efficiency has been
achieved through server migration to the cloud, with the reduction of SI
project IT investment costs.
Acquisition of International Standard Certification for
IT Quality (ISO 20000)
Woori Bank has successfully acquired the ISO 20000 certification, an
international standard for IT service management. Through international
recognition of its IT service management system, the bank has
enhanced external credibility and strengthened the quality level of IT
services.
Strengthening IT Competitiveness
To expedite major IT projects, Woori Bank will strengthen the role
of dedicated personnel and expand collaborative synergy between
Business and IT departments by providing close support for technical
reviews and project implementation. In addition, the bank will strengthen
its IT competitiveness through the development of internal IT specialists
and efficient utilization of external human resources.
Establishing Stable IT Operational System
Woori Bank aims to enhance reliability for core businesses through
the establishment of an IT quality management system and the
advancement of internal control systems. Moreover, the bank will provide
close support to domestic and overseas business sites with EUC, IT
Help-Desk, and Windows upgrades, responding stably to changes in the
financial environment through investment procedure and cost efficiency
improvements.
Building Future Foundation
The bank seeks to improve development productivity through the
utilization of generative AI development tools and the operation
of technical knowledge sharing communities. It will also improve
future-oriented core banking infrastructure and build a development
environment based on standard architecture, with enlarged self-
development. Furthermore, the bank plans enhance the continuity and
reliability of its IT operations by pursuing the establishment of a second
IT center.
2024 ACHIEVEMENTS
Digital Banking (IT Support)
PLAN FOR 2025
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
Wealth Management
2024 ACHIEVEMENTS
The Wealth Management Group (WM Group) formulates asset
management strategies, develops products for retail customers, and
oversees all WM operations—including services for Private Banker (PB)
clients and specialized channel management.
Strengthening Business Competitiveness
Despite business challenges due to increased market uncertainty
in 2024, Woori Bank achieved 308 thousand PB customers (those
maintaining over KRW 100 million monthly average financial deposits)
as of December 2024, based on customer-centered business strategies
and enhanced management of existing customers.
To actively respond to changing customer needs, the bank strengthened
asset management services focused on ultra-high-net-worth individuals
while simultaneously enhancing services for existing wealthy clients.
Through the expanded operation of TWO CHAIRS W, the bank’s
flagship specialized channel, Woori Bank strengthened its business
competitiveness with differentiated asset management services.
Expanding Customer Base
In 2024, the bank secured sustainable growth momentum by increasing
its PB customer base by 22 thousand, focusing primarily on providing
qualitatively enhanced asset management services. The bank
strengthened the expertise of PBs/FAs through partnerships with
external educational institutions and strategically deployed branch
managers with PB expertise to deepen relationships with existing
customers, as well as establish a foundation for attracting new ones.
Additionally, the bank strengthened synergy by establishing an organic
collaboration system within the WM Group through enhanced business
support with various events, precise target marketing based on big data,
and consultation seminars.
51
Woori Financial Group Annual Report 2024
PLAN FOR 2025
Sustainable Growth
The bank plans to strengthen WM business competitiveness through
strategies for attracting new customers, preventing attrition, and
deepening relationships, with a primary focus on providing qualitatively
enhanced services. The bank will establish a foundation for sustainable
growth by attracting new customers and deepening existing customer
relationships through data and behavioral analysis-based marketing.
Moreover, the bank will focus on WM business that can benefit
customers’ overall lives, not just through financial services, by expanding
partnerships, sponsorships, and diversifying marketing.
Differentiation and Enhancement of Asset Management
To provide differentiated and enhanced asset management services
unique to Woori Bank, the bank will further expand portfolio-centered
business by presenting consistent portfolios throughout the entire
process from market prediction to product proposals.
In parallel, the bank will strengthen management of ultra-high-net-
worth customers by expanding the operation of its specialized channel,
TWO CHAIRS W, and continuously enhance WM consulting services that
benefit wealthy customers by expanding dedicated consulting teams
composed of specialists in real estate, taxation, portfolio management,
and pensions, while providing customized seminars.
Maximizing Revenue Based on Asset Expansion
The bank will focus on enhancing profitability based on substantial
growth through portfolio-centered business strategies and active
responses to changes in the market environment.
For funds and ISAs, the bank will expand customers’ investment product
experiences by supplying appropriate products in a timely manner that
meet customer demand and trends. For bancassurance, the bank will
strengthen its product lineup to respond to the super-aged society and
low-interest market environment. For trusts, the bank will expand its
business base for family trusts and property trusts while strengthening
product competitiveness centered on ETFs and bonds. In asset
custody, the bank will continuously develop new custody opportunities
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
Enhancing Profitability
The bank focused on enhancing profitability based on substantial
growth by actively responding to changes in the market environment
and establishing portfolio-centered business strategies. To this end,
the bank strengthened the verification of investment products being
sold, selected representative products recognized in the market, and
reorganized product lineups according to market changes.
In the trust sector, which accounts for a significant portion of WM
business, the bank created a revenue model through product strategies
including stable installment product sales strategies and the launch of
ELTs and ETFs suited to market conditions.
Strengthening Customer-Centered Asset Management
For customer-centered asset management rather than sales-centered
approaches, the bank prioritized investor protection by strengthening
complete sales processes and expanding portfolio-based business. The
bank focused on expanding personnel and upgrading systems capable of
analyzing and proposing portfolios for ultra-high-net-worth individuals.
Besides these customers, the bank also expanded portfolio-based
business for mass customers by advancing its investment product
evaluation model.
Furthermore, the bank focused on providing asset management
consulting services across the entire life cycle—including taxation, real
estate, and overseas investments—through a consulting collaboration
team composed of experts from various fields, rather than simply
focusing on product sales.
and steadily increase custody assets through strengthened business
capabilities in response to market expansion in the pension business.
Strengthening Digital-Based Competitiveness
With the restructuring of non-face-to-face services following the
rebuilding of Woori WON Banking app and the rapid growth of the AI
industry, the bank plans to improve WM services based on digital and
IT technologies and focus on developing content to support business
operations. Additionally, the bank plans to continuously strengthen
digital competitiveness through advanced operating systems and
expanded mobile-based service operations. Furthermore, the bank will
position itself as a WM specialized bank that customers can trust by
strengthening complete sales processes with investor protection as the
top priority through an advanced AI-based incomplete sales inspection
system.
52
Woori Financial Group Annual Report 2024
PLAN FOR 2025
ETF products and USD-denominated term RPs. The bank has also
enhanced customer convenience and satisfaction by providing trust
management solutions, introducing a real-time automatic selling system
based on target yields, and offering online access to ETF prices and key
information. In addition, it established a new treasury system for trust
account management to strengthen internal controls and modernize
outdated infrastructure. Through customer-oriented investment
strategies—including new product launches and a diversified lineup
aligned with market conditions—the bank delivered strong returns for its
customers and solid profits for the bank.
In response to the expected transition of the trust business from
a simple financial product sales channel to an integrated asset
management market, Woori Bank strengthened marketing of its
exclusive comprehensive asset management brand, ‘Woori Naerisarang
Trust Service’, to enhance brand recognition. As a result, the bank laid
the groundwork for providing total care services for customer assets.
In 2025, Woori Bank’s Trust Department aims to lead the market with
a business model that continuously responds to customers’ evolving
asset management needs amid rapidly changing market conditions. In
particular, the bank will continue to expand its sales reach by diversifying
revenue streams within specified money trusts. To secure sustainable
growth engines, the bank will also drive group-wide non-interest income
through trust operations, while playing a leading role in managing
customer assets by offering customer-centered portfolio strategies,
launching new products, and maintaining a diversified lineup aligned with
market trends.
To position trust not only as a means of asset growth but also as a
vehicle for asset management and intergenerational wealth transfer,
Woori Bank will further develop its comprehensive property trust
agreements and related services—building long-term partnerships with
customers. The bank remains committed to delivering stable, integrated
financial services through trust-based solutions.
Domestic and International Awards
Global Wealth & Society 2024
(hosted by The Asian Banker)
Korea’s Best Private Bank Award (December 6, 2024)
Korea Wealth Management Awards 2025
(hosted by The Bell & The Bell and Company)
TCE Signature Center won PB Center of the Year
(Banking Sector) (February 19, 2024)
2025 Korea Best Banker (hosted by Seoul Economic Daily,
Korea Federation of Banks Chairman’s Award)
TCE Signature Center PB Branch Manager
Park Tae-hyung won the Best PB Award (March 27, 2025)
Hankyung MONEY Private Banking Awards 2025
(hosted by Korea Economic Daily)
TCE Signature Center won Best PB Center Award
(April 9, 2025)
To strengthen its competitiveness in the trust business, Woori Bank
has offered specialized products tailored to each customer group. In
response to heightened market volatility, the bank introduced ELT
(Equity-Linked Trust) products centered on risk-averse strategies
and simplified structures, while also expanding its offerings with new
2024 ACHIEVEMENTS
Wealth Management (Trust)
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
Through targeted marketing strategies by asset type, the custody
division achieved KRW 25.7 trillion in new custody volume in 2024. The
division expanded its custody assets through close relationships with
major private equity firms and leading asset management companies,
while maximizing profitability by building high-yield portfolios centered
on alternative assets and overseas funds. Custody assets were further
diversified by attracting new overseas capital funds and expanding
custody for asset securitization through collaboration with relevant
departments within the bank.
The division also improved operational efficiency by implementing
a digital archive system for electronic document management and
reinforced internal controls by digitalizing the management of physical
assets.
2024 ACHIEVEMENTS
Wealth Management (Custody)
PLAN FOR 2025
To maximize revenue through asset expansion, the custody division aims
to achieve KRW 22 trillion in new custody volume in 2025, driving both
quantitative and qualitative growth. The division will expand overseas
asset custody by attracting new overseas ETFs and PEFs as emerging
sources of revenue.
Woori Bank has developed specialized capabilities in institutional custody
through years of experience handling pension fund mandates. In 2025,
the bank will continue to strengthen institutional custody services by
leveraging its differentiated custody system and strong ties with pension
institutions.
53
Woori Financial Group Annual Report 2024
With the goal of delivering differentiated and attentive customer care,
Woori Bank has implemented a distinctive pension management
strategy aimed at enhancing returns on customers’ pension assets and
fostering long-term loyalty.
To provide specialized support, the bank introduced a dedicated role,
the Pension Advisor (PA), and deployed these professionals across
168 key branches nationwide to offer expert consultations for DC and
IRP customers. Additionally, the bank operates a Pension Customer
Management Center, enabling customers to conveniently access
consultations through non-face-to-face channels such as mobile phone
and KakaoTalk application.
In July 2024, the bank further enhanced its service by launching the
Pension Direct Marketing Team, enabling proactive, personalized
consultations. This initiative has established a seamless customer
management framework that ensures uninterrupted connection
between in-person and digital consultations.
2024 ACHIEVEMENTS
Wealth Management (PENSION)
Financial Markets
PLAN FOR 2025
As the retirement pension market continues to expand, Woori Bank
aims to meet evolving customer needs by strengthening its traditional
advantages and developing new, differentiated capabilities.
To this end, Woori Bank plans to capitalize on its traditional strength
in corporate finance by establishing a dedicated team responsible for
managing pension services for large enterprises and public institutions,
strengthening customer management in this sector. Furthermore, to
address the growing demand for DC/IRP services, which are at the
center of market expansion, the bank will secure personnel capable
of immediate customer outreach in the field within the Pension Direct
Marketing Team, thereby ensuring a comprehensive and seamless
service delivery. In the second half of the year, Woori Bank also plans
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
The Financial Market Business Group consists of the Treasury
Department, which handles bank-wide funding, investment, and liquidity
management; the Foreign Exchange Market Trading Department,
which handles foreign exchange market transactions such as KRW/USD
dealing and FX trading; the Financial Derivatives Trading Department,
which handles derivative financial product operations including derivative
product development and trading; the Securities Trading Department,
which manages securities investments; and the Settlement Support
Department, which performs back office functions for fund settlement.
The Financial Derivatives Trading Department, in particular, has led the
market with the highest competitiveness among domestic commercial
banks in the derivatives market, offering products such as forwards,
swaps, options, and structured products based on various underlying
assets including interest rates and foreign exchanges.
In 2024, the Financial Market Business Group focused on improving
profitability through stable liquidity management and funding/operation
optimization as Woori Bank’s main funding and investment channel. The
group contributed to improving bank-wide profitability through loan-
to-deposit ratio optimization, diversification of funding sources, and
reduction of short-term assets. It also enhanced the image of Woori
Financial Group and Woori Bank by improving capital adequacy and
funding stability through the issuance of KRW contingent convertible
bonds and KRW/foreign currency sustainability bonds.
As a result, in 2024, the Financial Market Business Group maintained
favorable levels of the liquidity regulatory ratios required by domestic
2024 ACHIEVEMENTS
to launch a discretionary robo-advisory service for retirement pensions,
enabling hyper-personalized marketing and customized portfolio
offerings aimed at improving customer returns.
supervisory authorities: Loan-to-Deposit Ratio (below 100%), Liquidity
Coverage Ratio (95% or higher for Jan–Jun 2024, 97.5% or higher for Jul–
Dec 2024), Foreign Currency Liquidity Coverage Ratio (80% or higher),
Net Stable Funding Ratio (NSFR) (100% or higher), and Foreign Currency
Medium and Long-term Funding Ratio (100% or higher).
Furthermore, in response to the foreign exchange market advancement
policy, the group developed the “Woori WON FX” electronic foreign
exchange trading platform for customer transactions and enhanced
transaction stability with an auto-hedging system reflecting real-time
market exchange rates.
The group also provided optimal risk management solutions to
customers exposed to interest rate and exchange rate fluctuation risks
in major countries by strengthening core derivative product operations
such as interest rate swaps and currency swaps. In particular, the group
expanded the potential customer base for derivatives business by
expanding structured deposit operations targeting institutional investors
and responded agilely to diversified customer needs for derivative
products in line with changes in the global market environment.
54
Woori Financial Group Annual Report 2024
Stable Liquidity Management
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
In 2024, considering the phased normalization of financial
regulatory easing by financial authorities, the group maintained
favorable compliance with domestic supervisory authority
regulatory ratios by managing all integrated Liquidity Coverage
Ratio, Loan-to-Deposit Ratio, Foreign Currency Liquidity
Coverage Ratio, NSFR, and Foreign Currency Medium and Long-
term Funding Ratio according to regulatory standards through
preemptive funding and stable liquidity management.
Compliance with Domestic Supervisory
Authorities’ Liquidity Regulatory Ratios
Utilizing the increasing domestic and international investment
demand for ESG bonds, which use issuance proceeds for
environmental or social contribution purposes, the group
contributed to enhancing Woori Bank’s brand image through
social value realization while also reducing funding costs by
issuing KRW 570 billion in sustainability bonds (including KRW
400 billion in subordinated bonds), KRW 150 billion in green
bonds, and USD 700 million (approximately KRW 930 billion) in
foreign currency sustainability bonds.
Fulfilling Corporate Social Responsibility
Through ESG Bond Issuance
In terms of securities, the group expanded bond duration in
consideration of the base rate cut outlook and increased bond
operation yields through active trading. The group increased
non-interest income by utilizing various investment strategies
in mutual funds and enhanced the bank’s image as a socially
responsible enterprise through continuous investment in ESG
bonds and participation in policy funds.
Securities
For the foreign exchange dealing business, the group proactively
and actively responded to international financial market volatility
through analysis of domestic and foreign exchange markets in
response to the extended domestic foreign exchange market
from the second half of 2024. The group recorded high market
shares in the Seoul Foreign Exchange Market in 2024 (USD/
KRW market share: 6.6%; CNY/KRW market share: 10.0%).
FX Dealing
In 2024, the Financial Market Business Group established a
stable business foundation for the bank by establishing a
preemptive funding plan and securing prime investors through
active IR, issuing KRW 400 billion in subordinated bonds in June
and USD 550 million in hybrid securities in July.
Issuance of KRW/Foreign Currency
Contingent Convertible Bonds
In the derivatives market, the group generated stable
derivatives trading income by efficiently managing positions in
response to movements in market variables such as exchange
rates and interest rates, as well as supply and demand trends
among market participants. Additionally, the group solidified its
customer base for derivatives business by providing customized
risk management consulting and hedge solutions to SME
customers with limited experience in managing exchange rate
and interest rate risks.
Derivatives
In 2024, the Financial Market Business Group managed risks at
appropriate levels while strengthening core derivatives business
in response to expanded global financial market volatility.
Strengthening Foreign Exchange and Derivatives Business
Competitiveness
PLAN FOR 2025
In 2025, the Financial Market Business Group plans to respond to
volatility in the global financial environment by stably managing liquidity
indicators such as the Loan-to-Deposit Ratio, LCR, and NSFR, and
minimizing funding volatility through preemptive liquidity management
in preparation for changes in U.S. tariff policies and interest rate
environments. Also, the group plans to stably manage bank-wide liquidity
through increasing stable retail deposits, issuing bonds and marketable
CDs, and securing committed lines, while simultaneously improving
profitability through enhanced management of funding and investment
portfolios.
In the trading business, the group will pursue stable foreign exchange and
derivatives business considering potential risks due to changes in the
global market environment. The group will build a sustainable derivatives
business environment through balanced profit generation considering
risks by strengthening digital competitiveness in FX transactions and
expanding the customer base for foreign exchange and derivatives.
In parallel, the group will perform a leading role in the foreign exchange
dealing market as a market maker.
For securities investment, despite expanding domestic and foreign
uncertainties such as U.S. tariff policies, domestic presidential elections,
and supplementary budgets, the group will continuously generate profits
by responding to market conditions in a timely manner.
Furthermore, the group will stably manage securities by diversifying
investment assets and business areas and preemptively managing risks.
(Unit: %)
LCR (Liquidity Coverage Ratio)
24.1Q
24.2Q
24.3Q
24.4Q
Liquidity
Coverage Ratio
100.8
101.2
102.6
104.8
Foreign Currency
161.9
140.2
153.6
184.3
LCR : Average of daily ratios during a quarter
(same as the calculation method used for business disclosure)
55
Woori Financial Group Annual Report 2024
WOORI CARD
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
Woori Card was established in April 2013 as
a spin-off from Woori Bank to strengthen
the group’s credit card business and
enhance competitiveness in the non-
banking sector. Leveraging the group’s
extensive banking network and customer
base, Woori Card has pursued optimized
business strategies as an affiliated card
company and actively explored new
business opportunities to secure future
growth engines. With a focus on enhancing
customer value across all areas of its
operations, the company has continuously
developed products and services tailored
to customer needs, while delivering
differentiated services through innovation-
driven by digital transformation and cross-
industry partnerships.
www.wooricard.com
Woori Card’s card usage performance has grown through membership
expansion, strengthened collaboration with Woori Bank, and active entry into
the simple payment market, while also steadily increasing financial assets—
such as long-term card loans—by focusing on prime customers. Since 2016,
as part of new business initiatives to create diverse revenue sources, Woori
Card has been operating installment, lease, and unsecured loan businesses,
continuously expanding its long-term revenue base within the regulatory
leverage ratio level for card companies (8 times).
Total assets decreased by KRW 0.9 trillion compared to the previous year
through portfolio optimization to strengthen asset soundness and improve
profitability. Despite deteriorating business conditions such as rising funding
interest rates and declining loan asset soundness, Woori Card achieved
consolidated net income of KRW 147.2 billion through efforts including
preemptive risk management and cost optimization.
Woori Card implemented organizational restructuring for quick and systematic
responses to changing business environments. Through the adoption of
a team-based organizational structure, the company aimed to accelerate
business execution through faster decision-making, while enhancing
competitiveness in its core card business by aligning the organization with
the card value chain to promote a more practical, operations-centered
approach. The company restructured its sales center organization to enhance
operational efficiency and formed a dedicated division to complete its
proprietary card payment infrastructure early and strengthen profitability.
Woori Card established a foundation for improving profitability through
cost- and efficiency-based customer acquisition strategies, expansion of its
independent sales coverage, and asset portfolio rebalancing centered on card
finance. At the same time, the company laid the groundwork for advancing
as a competitive card issuer by accelerating its proprietary card business,
fostering new future growth revenue models, and overhauling its app with a
focus on Woori WON Pay.
2024 ACHIEVEMENTS
In 2024, the card industry faced heightened market uncertainty due to
persistently rising funding interest rates, declining asset quality in loan
portfolios, and a slowdown in overall growth, all of which further intensified
profitability pressures on card companies. In response, card companies
strengthened management systems centered on risk control and cost
efficiency to navigate the uncertain economic environment and ensure
sustainable operations.
In 2025, the business environment is expected to become increasingly
challenging amid heightened financial market volatility driven by domestic
and global political instability, a slowing domestic economy, and intensified
competition from big tech firms. In particular, with the implementation of
merchant fee reductions beginning in February, profitability pressures on
card companies are projected to exceed those of the previous year.
In response, Woori Card aims to strengthen its card business
competitiveness by completing an independent card operation system
that integrates its own merchant network, payment infrastructure, and
proprietary product lineup—laying the groundwork for early monetization
and enhanced core business capabilities. The company also plans to
secure a sustainable growth foundation by expanding its customer base
across individual, corporate, and global segments through platform-based
acquisition strategies. Furthermore, Woori Card will enhance its digital
platform competitiveness by leveraging customer insights through data,
offering differentiated travel services, and redesigning its mobile app with
a customer-centered approach. To effectively navigate an increasingly
uncertain business environment, the company will continue improving
its profitability-focused asset portfolio and strengthening rule-based risk
management.
PLAN FOR 2025
56
Woori Financial Group Annual Report 2024
(Unit: KRW billion)
2022
98,246
2023
103,090
2024
101,574
Usage Amount
(Unit: KRW billion)
2022
1,837
2023
2,100
2024
2,294
Operating Revenue
-1.5%
+9.2%
(Unit: KRW billion)
2022
204
2023
111
2024
147
Net Income
+32.4%
DOMESTIC AND INTERNATIONAL AWARDS
SELECTED AS AN OUTSTANDING COMPANY FOR
FINANCIAL CONSUMER PROTECTION IN KOREA 2024
November 5, 2024
FINANCIAL SUPERVISORY SERVICE GOVERNOR’S AWARD
AT THE 13TH INCLUSIVE FINANCE FORUM AND INCLUSIVE
FINANCE AWARD 2024
February 21, 2024
* Net Income: Controlling interest basis
Woori Card was selected as an outstanding company in the 4th “Outstanding Companies for Financial
Consumer Protection in Korea 2024” organized by Korea Management Association Consultants, in
recognition of its efforts to protect financial consumer rights through the operation of a dedicated
staff system for major complaints and the implementation of customized services for financially
vulnerable groups.
Woori Card received the Financial Supervisory Service Governor’s Award in recognition of its efforts to
launch an industry-first KRW 220 billion cooperative finance support measure, uniformly expanding the
delinquent debt reduction ratio by 10 percentage points for financially vulnerable groups experiencing
difficulties in debt repayment, and implementing up to 70% debt reduction for customers facing
significant difficulties such as victims of long-term rent with lump-sum deposit fraud.
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
57
Woori Financial Group Annual Report 2024
WOORI FINANCIAL CAPITAL
In Korea, the specialized credit finance
industry is heavily reliant on automotive
finance, with the size of the domestic
market directly affecting growth. However,
due to changing concepts of ownership,
the growth of the domestic market is
increasingly limited, and competition within
the automotive finance sector is also
intensifying.
In response, the industry is actively pursuing
new business ventures such as retail and
corporate finance, while also expanding
digital sale channels. Woori Financial Capital
plans to diversify its revenue base by
rebalancing its portfolio toward corporate
and investment finance while maintaining
the competitiveness of its core auto finance
business.
www.woorifcapital.com
To enhance its core business competitiveness, Woori Financial Capital has
established a foundation for asset portfolio diversification and expanded
its partnerships and product offerings, achieving stable growth. To secure
future growth engines, the company has secured prime-grade assets and
successfully promoted customer equity development, while also establishing
strategic alliances for global expansion. The company has maximized
synergy by achieving group joint fund and business goals ahead of schedule
and reinforcing collaboration among subsidiaries. Moreover, it has gained
momentum for company-wide digital transformation, laying the groundwork
for digital synergy through platform and data integration to accelerate
innovation within the group. Also, to ensure sound internal management,
it has strengthened preemptive debt and risk management and rebuilt its
organizational framework around an ethical and capability-oriented culture.
Through these efforts—including strategic alliances and portfolio
diversification—Woori Financial Capital has laid a solid foundation for mid-
to long-term growth and created new revenue sources such as prime asset
purchases, while establishing a group-wide synergy system across all business
areas through universal banking and joint fund initiatives.
2024 ACHIEVEMENTS
Financial Performance (Consolidated)
In alignment with its vision to “go beyond excellence and become the No.1
player in the industry”,” Woori Financial Capital is committed to leap forward to
become the leader in the industry.
First, the company will maintain industry profitability in auto finance through
strategic partnerships, further solidifying the synergy system in corporate
finance by fully utilizing the financial group’s network. Also, in terms of
investment finance, it will secure profits and strengthen internal capabilities by
expanding small direct investments rather than indirect investments.
Second, the company aims to provide better financial services to customers,
enabling growth together with customers.
Third, the company plans to strengthen digital capabilities and facilitate
digital-based operations through group-wide universal banking.
Fourth, the company remains committed to becoming a trusted financial
company through management based on the group’s integrated risk system
and through thorough internal control and consumer protection.
PLAN FOR 2025
Business Agreement Details
March 12, 2024
Exclusive financial partnership agreement with
STELLANTIS KOREA (Jeep, Peugeot)
December 11, 2024
Exclusive financial business agreement with BYD Korea
December 19, 2024
Exclusive financial business agreement with Polestar Korea
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
2022
2023
2024
YoY
Total Assets
12,581
12,417
12,771
+2.84%
Net Income
183.3
127.8
141.4
+10.62%
NPL Ratio
1.22
2.37
1.91
-0.46%p
ROA
1.51
0.83
0.97
+0.14%p
ROE
12.53
6.39
7.36
+0.97%p
(Unit : KRW billion,
%, %p)
58
Woori Financial Group Annual Report 2024
Establishment of Stable Business Structure
Since its launch, Woori Investment Securities has focused on laying a
foundation for the transition to the securities business and ensuring
a stable presence in the capital market. The company has quickly
reorganized its overall operations—including organizational restructuring,
system integration, and recruitment of professional personnel. In parallel,
the company has formed a corporate culture aligned with industry
standards, introduced a performance-based HR system, and enhanced its
internal control and risk management frameworks.
Securing Business Foundation and Improving Infrastructure
To strengthen core businesses, Woori Investment Securities has
established a revenue foundation for mid- to long-term growth across
all business divisions including IB, S&T, and retail. The IB business has
established a customized financial solution system by operating a
dedicated team for corporate clients and strengthened preliminary
capabilities for major businesses such as underwriting and arrangement.
The S&T division has expanded its trading revenue base by diversifying
its assets under management, including bonds and stocks, while also
enhancing infrastructure for supplying financial products for retail
customers such as retail bonds and RPs. The retail division has completed
the IT integration of the two entities prior to merger, reorganized the
service structure to be centered on digital channels, and constructed
systems in preparation for MTS launch. In addition, the company has
strengthened the collaboration system within Woori Financial Group,
expanding the basis for creating group synergies such as joint marketing
with affiliates, collaboration on corporate finance deals, and WM-linked
sales.
WOORI INVESTMENT SECURITIES
Woori Investment Securities, established in
August 2024 as a subsidiary of Woori Financial
Group, provides comprehensive financial
investment services with IB (Investment Bank),
S&T (Sales & Trading), and retail operations.
With the goal of evolving into a mega
investment bank, the company is strengthening
its competitiveness across the securities sector
by expanding digital capabilities, optimizing
asset portfolio, and establishing a balanced
capital structure-pursuing a growth strategy
that ensures both profitability and soundness.
Through close collaboration with group affiliates,
Woori Investment Securities aims to deliver
integrated and specialized services aligned with
customers’ financial life cycles, playing a pivotal
role in enhancing group-wide competitiveness.
fundsupermarket.wooriib.com
2024 ACHIEVEMENTS
Consolidated figures for 2023 and earlier based on former Woori Investment Bank
Based on corporate bond credit rating evaluated by Korea Investors Service
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
(Unit: KRW trillion)
Total Assets
2022
5.66
2023
6.38
2024
7.19
+12.70%
(Unit: KRW trillion)
Owners’ Equity
2022
2023
2024
0.67
1.10
1.15
+4.55%
Credit Rating
2022
A+
(Stable)
2023
A+
(Stable)
2024
A+
(Stable)
59
Woori Financial Group Annual Report 2024
Expanding Business through Obtaining License
With the final license for investment trading services granted in March
2025, Woori Investment Securities has entered its first full year as a
comprehensive securities firm. Building on this milestone, the company
plans to accelerate business expansion and strengthen competitiveness
across all key areas. In the IB division, it will focus on increasing fee-
based income through acquisition financing, public bond issuance, and
alternative investments, while deepening strategic collaboration with
group affiliates such as Woori Bank. In the S&T division, the company
aims to stabilize trading income through portfolio diversification, expand
institutional bond sales, and enhance retail product offerings.
Strengthening Revenue Base and Enhancing Asset Efficiency
Woori Investment Securities plans to enhance digital channel
competitiveness in the retail division by launching a new MTS (Mobile
Trading System) and differentiating its offerings through AI-based
services, while also strengthening offline asset management via WM
channels. On the asset side, the company will pursue a balanced capital
structure by improving asset quality through a restructured credit
portfolio, diversifying revenue sources through a broader range of
investment products, and introducing RP issuance and credit extension
services.
Implementing Group-Wide Integrated Strategy
The company will expand strategic cooperation with Woori Financial
Group to establish an integrated financial service system across
corporate finance and wealth management sectors. Initiatives include
operating joint branches with other group affiliates and integrating
services into the group’s super app WON to broaden customer
touchpoints, as well as expanding joint promotions to increase customer
base and diversify product distribution channels at the same time.
PLAN FOR 2025
(Unit: KRW trillion)
Retail Client Assets
2022
8.25
2023
10.72
2024
12.85
+19.87%
(Unit: 10,000 persons)
Number of Retail Clients
2022
54.5
2023
59.4
2024
68.5
+15.32%
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
Figures for 2023 and earlier based on simple aggregation of former Woori Investment Bank and former Korea Foss Securities
60
Woori Financial Group Annual Report 2024
WOORI ASSET TRUST
In 2024, Woori Asset Trust delivered solid
results amidst ongoing uncertainty in the
real estate market. The company achieved
stable profitability through effective risk
management and reinforced financial
soundness by proactively expanding
capital. It also strengthened its business
competitiveness by diversifying products
in collaboration with group affiliates and
strengthened its business competitiveness
through initiatives such as expanding urban
renewal project orders.
Looking ahead to 2025, Woori Asset Trust
expects a gradual recovery in the real
estate market. The company has set its
management goal as “Strengthening Core
Capabilities, Promoting an Ethical Corporate
Culture, and Laying the Foundation to
Become Korea’s Leading Trust Company.”
To this end, it will pursue targeted portfolio
diversification, enhance revenue-generating
capabilities, expand group synergy, and
implement systematic risk management,
particularly in the land trust business.
www.wooriat.com
Despite a delayed real estate recovery and ongoing project-related risks,
Woori Asset Trust recorded solid achievements in 2024.
Financial Performance
The company’s total trust assets surpassed KRW 71 trillion. Through
proactive capital expansion in response to market uncertainty, it
maintained a strong financial structure with a debt ratio of 8.6% and an
NCR of 4,057%, sustaining its industry-leading credit rating of A/Stable.
Business Expansion
By strengthening collaboration with group affiliates, the company
expanded its reach beyond collateral trust businesses. New orders rose
by 33% YoY, led by a surge in small-scale reconstruction projects in high-
potential metropolitan areas with strong business feasibility and short
project execution timelines.
Risk Management
A dedicated unit was established to oversee high-risk projects, and the
company continued operating a task force to manage land trust issues.
It also enhanced its risk monitoring system by sharing market insights
internally and conducting preliminary risk reviews as part of broader
internal control efforts.
These initiatives enabled the company to achieve annual growth of over
10% in both trust assets and total equity over the past four years, and
its operating revenue has maintained a solid mid- to long-term growth
trend despite going through a short-term adjustment phase.
2024 ACHIEVEMENTS
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
(Unit: KRW trillion)
Financial Performance (Total Equity)
2021
2022
168.4
2023
258.2
227.5
2024
459.8
+78.1%
CAGR 39.8%
(2021–2024)
(Unit: KRW trillion)
Financial Performance (Operating Revenue)
CAGR 4.4%
(2021–2024)
2021
2022
94.2
2023
2024
107.2
137.1
130.0
△17.6%
(Unit: KRW trillion)
Financial Performance (Trust Assets)
CAGR 17.1%
(2021–2024)
2021
2022
44.5
2023
58.1
51.4
2024
71.4
+22.9%
61
Woori Financial Group Annual Report 2024
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
For 2025, Woori Asset Trust has set the goal of “ Strengthening Core
Capabilities, Promoting an Ethical Corporate Culture, and Laying the
Foundation to Become Korea’s Leading Trust Company.” To this end, it
plans to pursue the following six strategic tasks:
Portfolio Diversification
For existing cash-cow businesses such as non-land trusts and general
administrative trusts, Woori Asset Trust will expand its business network
to establish a stable revenue base resilient to economic fluctuations.
At the same time, for future growth businesses such as leveraged land
trusts, urban renewal projects, and REITs, the company will strengthen
its competitiveness in securing new projects by expanding infrastructure.
Through these initiatives the company aims to narrow the gap with
leading trust firms.
PLAN FOR 2025
REITs Re-building
The company plans to lay the groundwork for growth in REITs through
organizational expansion and personnel reinforcement, while leveraging
group-wide collaboration to identify new structuring opportunities.
Revenue-Based Business Capabilities
The company will adopt a strategy of selection and focus to secure
prime-grade project sites with strong marketability. Leveraging the
collateral trust network built through group synergy, the company
will enhance its competitiveness by expanding non-affiliate trust
opportunities through new partnerships with external financial
institutions.
Expanding Group Synergy
A new Group Real Estate Finance Council to drive joint initiatives and
source high-quality projects leveraging group-owned real estate.
In parallel, group referral channels will be actively utilized to further
maximize synergy across affiliates.
Systematic Risk Management
The company will develop a project management system for land trusts,
led by its project management division, while proactively responding to
evolving regulatory requirements and strengthening risk management
capabilities.
Spread of Ethical Corporate Culture
The company is committed to establishing an effective internal control
system and ethical corporate culture to ensure sound innovation.
62
Woori Financial Group Annual Report 2024
WOORI SAVINGS BANK
Woori Savings Bank serves retail customers
and small to medium-sized enterprises
by providing convenient financial services
centered on deposits and loans. Since
becoming a subsidiary of Woori Financial
Group in March 2021, the bank has pursued
stable and sustainable growth through
proactive risk management and a well-
balanced asset portfolio. Woori Savings
Bank remains committed to earning the
trust of its customers by consistently
delivering high-quality financial services.
www.woorisavingsbank.com
In 2024, the savings bank industry faced significant headwinds, including
a rise in delinquency rates driven by increasing insolvencies in real estate
project financing (PF) amid a prolonged economic downturn. In response,
the supervisory authority implemented stricter PF regulations, further
slowing industry growth. Amid these challenges, Woori Savings Bank
focused on strengthening its competitiveness through strategic portfolio
restructuring, laying the foundation for sustainable long-term growth.
In the corporate sector, the bank reduced its PF exposure—including
bridge loans—by KRW 119.5 billion compared to the end of 2023,
while concentrating on acquiring high-quality assets through selective
engagement with financially sound companies. In the retail sector, it
enhanced credit screening for individual loans, selectively extending credit
to creditworthy borrowers. The bank also extended KRW 469.8 billion
in co-prosperity finance, reinforcing its growth base with sound assets.
Additionally, it improved profitability by increasing low-cost deposits,
resulting in a 0.2 percentage point reduction in deposit interest expenses
from the previous year.
Woori Savings Bank established strengthened risk management
framework for both corporate and retail sectors through the development
of a corporate early warning system and a BSS (Behavioral Scoring
System). Through such advanced risk management, the bank maintained a
delinquency rate of 6.50% at the end of 2024—significantly lower than the
industry average of 8.52%—demonstrating more stable asset management
than its peers.
In addition, the bank laid the groundwork for future growth through
comprehensive organizational improvements, including the implementation
of an industry-specific limit management system to enhance crisis
response capabilities and the integration of its mobile banking services into
the group’s app, Woori WON Banking app, to strengthen group synergy.
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
2024 ACHIEVEMENTS
Amid continued household loan regulations, pressure to restructure real
estate project financing (PF), and ongoing challenges in the broader economy,
Woori Savings Bank is committed to laying a stronger foundation for future
growth through innovation across all areas of its operations.
To ensure sustainable growth, the bank will rebalance its asset and liability
portfolios. It aims to shift toward a more profit-oriented portfolio by promoting
sound asset growth focused on prime-grade, low-risk loans, while also
enhancing the liability structure through the continued expansion of non-
insured deposits and low-cost funding sources.
To align with broader social responsibilities and evolving market expectations,
the bank will continue to provide targeted support for policy-related financing
programs. At the same time, it will pursue selective asset growth focused on
future revenue streams, supported by a robust risk management framework.
In line with this, the bank plans to implement a risk-based portfolio strategy,
including a gradual reduction in high-risk exposures.
Moreover, Woori Savings Bank will further strengthen its risk management
system by advancing its credit evaluation processes and enhancing the
corporate early warning system. The bank will also intensify the management
of non-performing loans and enhance its debt recovery processes to improve
overall asset quality.
PLAN FOR 2025
2022
2023
2024
YoY
Assets
1,787
1,939
1,875
-3.32%
Total Loans
1,473
1,711
1,669
-2.44%
* Consolidated basis
(Unit: KRW billion, %)
63
Woori Financial Group Annual Report 2024
WOORI FINANCIAL F&I
Woori Financial F&I has built a stable financial
structure and successfully established itself
in the market within just three years since its
founding, supported by KRW 776 billion in new
investments, the establishment of an asset
management system, and an upgrade in its
credit rating from A- to A0.
In 2025, although the domestic NPL transaction
volume is expected to decline slightly to around
KRW 7-8 trillion due to improved financial
soundness among institutions and interest
rate cuts, a steady supply of NPLs is expected
to continue, driven by follow-up measures
related to the evaluation of real estate project
financing. In response, the company plans
to pursue sustainable growth by securing
competitive advantages in its core businesses
through profit-oriented investment decision-
making and process efficiency, discovering new
growth drivers, strengthening organizational
capabilities, and establishing a solid risk
management framework.
www.woorifni.co.kr
Woori Financial F&I established its 2024 management goals as “Enhancing
Core Business Competitiveness” and “Strengthening Organizational
Structure,” continuously enhancing its market competitiveness.
Strengthening Market Competitiveness through Investment
Expansion and Asset Management System Establishment
The company’s total investment in 2024 was KRW 776 billion, including
KRW 671.2 billion in commercial bank NPLs, KRW 60 billion in private
contracts with second-tier financial institutions, KRW 15 billion in real
estate NPL Funds, and KRW 16.7 billion in unsecured NPLs from savings
banks. The company diversified its revenue base by expanding investment
targets and carried out its first corporate restructuring (CR) investment
since its establishment, while continuing to explore new investment
opportunities.
To strengthen in-house asset management capabilities and improve
profitability, the company established a dedicated Asset Management
Department and revised relevant internal regulations.
In addition, funding competitiveness was enhanced through a credit rating
outlook upgrade (from A- Stable to A- Positive) and the issuance of KRW
270 billion in public corporate bonds backed by ALC, securing stable
investment capital.
Enhancing Organizational Capabilities
To strengthen asset management capabilities, Woori Financial F&I newly
hired four employees including the Asset Management Department head
and continuously strengthened the recruitment of professional personnel
and management systems in line with the expansion of in-house asset
management.
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
2024 ACHIEVEMENTS
In 2024, the company recruited a total of 14 new employees and pursued
the securing of human resources and establishment of a performance-
oriented culture through improved compensation systems and
performance evaluation items, as well as personalized training.
Furthermore, Woori Financial F&I has also focused on strengthening ESG
management and organizational culture innovation through ongoing
signature social contribution activities and the implementation of five
improvement tasks reflecting corporate culture diagnosis results.
Strengthening Internal Control and Risk Management
Woori Financial F&I reinforced its internal control and risk management
framework through expanded internal audits and the designation of
internal control personnel within departments. The company also
strengthened its risk management processes by tightening criteria for
individual investment reviews and establishing standards for setting NPL
investment limits.
A0
(NICE Investors Service, as of the end of 2024)
Achieved A0 credit rating in just
three years since establishment,
the first case in the industry
Credit Rating
64
Woori Financial Group Annual Report 2024
Woori Financial F&I has established its 2025 management goals as
“Strengthening Core Business Competitiveness” and “Reorganizing
Organizational Structure” for sustainable growth, aiming to continuously
enhance its market competitiveness.
Securing Competitive Advantages in Core Businesses
The company will enhance profitability and improve the accuracy
of investment target evaluation to ensure efficient, profit-centered
decision-making. It also aims to improve recovery rates and returns by
strengthening in-house asset management capabilities and reinforcing
oversight of AMCs and external service providers through tailored asset
management strategies.
In parallel, the company will pursue an optimal funding structure
considering market conditions and borrowing scale, while reinforcing
liquidity management to establish a stable capital operation system and
enhance investment competitiveness.
PLAN FOR 2025
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
Discovering New Growth Engines
Woori Financial F&I will continue diversifying its NPL investment
portfolio by sourcing individual/private contract NPLs from second-
tier financial institutions and expanding into alternative investments
through continued CR transactions. The company will also enhance
operational efficiency and strengthen its core business competitiveness
by advancing its investment and asset management systems, as well as
developing a new management information system.
Strengthening Organizational Capabilities
To further embed a culture of innovation and performance, the company
will continue to promote corporate culture initiatives and enhance its
performance-based compensation system. It will also reorganize its
structure to support strategic objectives and expand employee training
programs to strengthen professional capabilities.
As part of its ESG commitment, Woori Financial F&I plans to expand its
sustainable management practices, including the second phase of its
support program for youth preparing for independent living.
Establishing Internal Control and Risk Management Systems
The company will work to embed a robust internal control culture by
enhancing the effectiveness of self-inspections, establishing structured
training programs, promoting ethical awareness, and advancing
system infrastructure. In addition, it will build a more sophisticated
risk monitoring system by reinforcing capital adequacy management,
strengthening recovery monitoring, and improving asset soundness.
(Unit: KRW billion, as of the end of 2024)
776.0
Total
KRW billion
671.2
60.0
15.0
16.7
13.1
Commercial
Bank NPLs
Second-tier
Financial
Institution Private Contracts
Real Estate NPL Funds
Savings Bank
Unsecured NPLs
Corporate
Restructuring (CR), etc.
Total Investment Assets
65
Woori Financial Group Annual Report 2024
WOORI ASSET MANAGEMENT
Woori Asset Management is a comprehensive
asset management company providing
various services including fund management,
investment advisory, and discretionary
investment. In January 2024, the company
merged with Woori Global Asset Management
and expanded its business scope from a
traditional asset-focused portfolio to the
alternative investment sector. Leveraging
Korea’s top-tier bond management capabilities
and the synergy and network of Woori Financial
Group, the company aims to become a leading
asset management company covering both
traditional and alternative assets in domestic
and global markets. Through this, Woori Asset
Management will deliver enhanced value and
differentiated services to investors.
www.wooriam.kr
In January 2024, Woori Asset Management merged with Woori Global
Asset Management, resulting in a more balanced and diversified business
portfolio. By the end of December 2024, the company’s assets under
management (AUM), based on net asset value, stood at KRW 45.69
trillion—a year-on-year increase of 23.6% (KRW 8.716 trillion). Its market
share in AUM also rose from 2.31% to 2.55%, up 0.24 percentage points.
This strong growth was supported by the end of the interest rate hike cycle
and the company’s solid investment performance throughout the year.
The merger was a strategic decision aimed at integrating the strengths
and resources of the two firms to offer greater value and improved services
to investors, while reinforcing the company’s position in both domestic and
global asset management markets.
Through the merger, Woori Asset Management expanded beyond its
traditional portfolio of equities and bonds to build competitiveness in new
growth areas, including VC/PE fund of funds and LP stake secondary funds.
This has laid the foundation for future growth in the alternative investment
space.
In 2025, the company aims to secure balanced growth and new growth
engines by solidifying its presence in high-growth sectors of the asset
management market, such as ETFs and pension products, supported by
strong performance and the launch of a broad range of new offerings.
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
2024 ACHIEVEMENTS
Woori Asset Management aims to enhance profitability and expand AUM by
diversifying investment strategies across asset classes and strengthening
collaboration within the Woori Financial Group. In addition to traditional assets,
the company plans to accelerate its growth and reinforce its competitiveness
by attracting strategic co-investments (seeding) from group affiliates in key
future growth areas such as retirement pension funds, EMPs, ETFs, new
growth enterprise investments, and alternative investment products.
By expanding its business scope from a traditional asset-centered portfolio
PLAN FOR 2025
to include alternative investments, the company seeks to achieve balanced
growth across both segments. In the traditional asset category, the company
will focus on revitalizing sales of pension and public funds. For alternative
investments, it will enhance portfolio competitiveness by forming funds
based on high-quality assets tailored to specific sub-markets, including real
estate, infrastructure, overseas alternatives, and structured finance.
As a latecomer to the ETF market, Woori Asset Management plans to
strengthen its ETF competitiveness by launching differentiated products such
as EMP funds using ETFs. In addition, it aims to expand AUM by enhancing
digital marketing capabilities and systematically strengthening promotional
activities and distribution networks.
Going forward, the company will focus on building long-term growth
foundations for its core future businesses—retirement pension funds and
ETFs. This will be supported by efforts to secure top-tier professionals,
enhance product competitiveness, strengthen product development and
sourcing capabilities, and maximize group synergy.
Domestic and International Awards
2024 Korea Fund Awards (Frontier Fund) Winner
Financial Highlights
2022
2023
2024
AUM
30.71
36.97
45.69
Stocks
2.02
2.58
3.10
Bonds
15.39
15.96
20.49
Fund of Funds
0.69
0.90
1.66
MMF
11.94
17.16
14.93
Derivatives/
Alternatives
0.67
0.37
5.52
(Unit: KRW trillion)
66
Woori Financial Group Annual Report 2024
WOORI VENTURE PARTNERS
Woori Venture Partners is a first-generation
venture capital firm in Korea with over 40
years of experience since its establishment
in 1981. Originally established as Korea
Technology Development, it led the early
stages of Korea’s venture capital market by
changing its name to KTB Network in 2000
following privatization. In 2023, it made
a fresh start as Woori Venture Partners
after becoming a subsidiary of Woori
Financial Group. The company has actively
conducted venture investments not only in
Korea but also through investment hubs in
Silicon Valley, Shanghai, and Singapore.
www.woorivp.com
As of the end of 2024, Woori Ventures Partners managed 14 funds with a
total commitment size of approximately KRW 1.27 trillion, with around 40
domestic institutional investors participating as limited partners (LPs) in
the company’s funds. In 2024, the company achieved significantly improved
net income compared to the previous year through major portfolio exits
including Toss (Viva Republica) and Zomato (Indonesian grocery delivery
company), as well as performance fees from successfully liquidated funds
with excellent investment results such as the KTB Overseas Expansion
Platform Fund and KTBN 7th Venture Investment Association.
Viva Republica, one of the company’s landmark deals, recorded a
cumulative investment multiple (MOIC) of 40.5 times through this exit and
has established itself as a leading fintech company in Korea through its
profitability and NASDAQ listing. Thanks to these achievements, the KTB
Overseas Expansion Platform Fund was liquidated with an excellent Net IRR
of 25.1%, and the KTBN 7th Venture Investment Association with a Net IRR
of 29.2%. These results led to the company’s recognition as an excellent
management firm by both Korea Growth Investment Corporation and the
Korea Scientists & Engineers Mutual-aid Association.
The company invests in startups across various sectors including ICT, bio/
healthcare, deep tech, and consumer markets. Since its establishment,
the company has accumulated over 2,000 portfolio companies, with more
than 300 having gone public. Notable domestic portfolio companies include
Viva Republica (fintech), Woowa Brothers (delivery platform), Moloco (Ad-
Tech), 42dot (autonomous driving), Nextin (semiconductor equipment),
Neuromeka (collaborative robots), Dexter Studios (VFX), and Wanted Lab
(recruitment platform). Overseas portfolio companies include Berkeley
Lights (US biomedical research equipment), Auris (US surgical robotics),
Xpeng (Chinese electric vehicles), Carsgen (Chinese anticancer drugs), Grab
(Southeast Asian delivery platform), and Joby Aviation (US air taxi).
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
2024 ACHIEVEMENTS
While overall venture investment has contracted due to external
uncertainties, Woori Ventures Partners has continuously identified and
expanded new investments in venture companies with future growth
potential through innovation and global technological competitiveness.
It has supported their growth into unicorn companies through active
follow-up investments and value enhancement activities. In particular,
the company has focused on discovering exceptional venture companies
in deep tech fields that are gaining attention as future growth engines,
including AI, robotics, aerospace, and biotechnology.
Moreover, the company plans to focus on forming new funds to build a
foundation for future revenue. As venture investments have contracted
following the pandemic, the company plans to pursue fund formation for
diversified investment strategies such as secondary investments, as well
as funds for innovative growth in deep tech and funds investing in global
startups. Through these efforts, the company aims to expand its AUM,
which has been slightly reduced due to recent fund liquidations.
PLAN FOR 2025
Domestic and International Awards
[Korea Growth Investment Corporation]
K-Growth Awards “The Best Fund Award”
[Korea Scientists & Engineers Mutual-aid Association]
GP-Day “Excellent Management Company”
2022
2023
2024
YoY
VC
1,419
1,400
1,257
-11.39%
PEF
40
40
10
-300%
Total
1,459
1,440
1,267
-13.69%
(Unit: KRW billion)
Annual Fund Commitment Amount
67
Woori Financial Group Annual Report 2024
WOORI PRIVATE EQUITY ASSET MANAGEMENT
Woori Private Equity Asset Management,
established in October 2005, is a first-generation
private fund management company in Korea.
Beyond its original management participation
private equity fund (now Institutional Private
Equity Fund, hereinafter “PEF”) division, the
company expanded its business domain to
the professional investment private fund (now
General Private Fund, hereinafter “Alternative
Investment”) sector in July 2016, contributing
to the expansion of the IB sector as a private
fund management company within the group.
Notably, in 2024, despite challenging domestic and
international economic conditions, the company
achieved the establishment of new funds totaling
approximately KRW 409.7 billion (PEF division
KRW 65.1 billion, Alternative Investment division
KRW 344.6 billion) through efforts to discover new
investment opportunities that secured stability
and profitability. The company also achieved both
quantitative and qualitative growth by executing
new investments totaling KRW 393.2 billion (PEF
KRW 221.9 billion, Alternative Investment KRW
171.3 billion) throughout the year through active
discovery of new investment opportunities.
www.wooripe.com
As of the end of 2024, the PEF division was managing a total of 10 funds
with a total commitment size of KRW 1,033.9 billion.
In 2024, the division increased its AUM by establishing a total of 2 project
funds amounting to KRW 65.1 billion through attracting funds from major
institutional investors, and achieved excellent results by executing new
investments totaling KRW 251.9 billion in quality companies in new growth
industry sectors, among others, utilizing funds from existing blind funds.
As of the end of 2024, the Alternative Investment division was managing a
total of 19 funds with a total commitment size of KRW 1,633.0 billion.
In 2024, the division continued its quantitative and qualitative growth by
newly establishing a global private credit fund of KRW 344.6 billion investing
in quality assets in advanced countries overseas. Under ongoing domestic
and international economic uncertainties, the Alternative Investment
division has generated stable investment performance by conducting
thorough pre and post risk management.
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
2024 ACHIEVEMENTS
With the goal of securing core business competitiveness and fulfilling fiduciary
responsibilities based on principles, Woori Private Equity Asset Management
plans to achieve steady quantitative and qualitative growth in 2025 as well.
The PEF division plans to maximize investment performance by conducting
thorough post-investment management and value-up activities for portfolio
companies, while continuing to generate excellent investment results through
successful completion of investments for the three established blind funds. In
addition, the division plans to further solidify its position as a leading player in
the PEF market by establishing mid- to large-sized project funds through the
discovery of excellent investment projects targeting large and medium-sized
companies, and by forming mid- to large-sized blind funds through attracting
funds from major contributing institutions.
The Alternative Investment division plans to focus on generating stable
results through thorough post-management of existing investment projects,
while further strengthening profitability by continuously expanding business
in the corporate investment sector (credit/secondary funds, etc.) beyond
existing real estate, infrastructure, and fund-of-funds investments.
PLAN FOR 2025
2022
2023
2024
YoY
PEF
Year-end Commitment Balance
859
969
1,034
+6.7%
Cumulative Commitment
(Including Liquidated Funds)
1,914
2,024
2,089
+3.2%
Alternative
Investment
Year-end Commitment Balance
1,215
1,346
1,633
+21.3%
Cumulative Commitment
(Including Liquidated Funds)
1,792
1,923
2,267
+17.9%
Total
Year-end Commitment Balance
2,074
2,315
2,667
+15.2%
Cumulative Commitment
(Including Liquidated Funds)
3,705
3,946
4,356
+.4%
Annual Fund Commitment Amount
(Unit: KRW billion, %)
68
Woori Financial Group Annual Report 2024
WOORI CREDIT INFORMATION
As Korea’s first credit information company
and a long-standing industry leader,
Woori Credit Information specializes
in debt collection, credit investigation,
and asset management. With the
largest asset base and lowest debt ratio
among credit information companies
affiliated with domestic financial holding
groups, the company has consistently
maintained strong financial soundness.
It has proactively responded to market
uncertainties by enhancing its independent
competitiveness through the diversification
of its revenue streams beyond group-
related transactions.
Looking ahead, Woori Credit Information will
continue to lead the market and reinforce
its top-tier position, backed by strong sales
capabilities and operational efficiency.
www.wooricredit.com
Stable Financial Soundness
The company currently operates without borrowing and has maintained
profitability every year since its establishment. Its strong financial
soundness is further demonstrated by having the largest asset base and
the lowest debt ratio among credit information companies affiliated with
domestic financial holding groups.
Highest Level of Non-Group Sales Ratio
Among credit information companies affiliated with domestic financial
holding companies, Woori Credit Information has achieved the highest
non-group sales ratio, proving its strong sales capability. The company has
strengthened its self-sustainability by focusing on securing various clients
and expanding business areas beyond group companies.
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
2024 ACHIEVEMENTS
Woori Credit
Information
Company
Company
Total Assets
44
38
34
Debt Ratio
17.5%
25.9%
32.9%
Non-Group Sales
Ratio
26.0%
1.8%
16.7%
(Unit:
%, KRW billion)
To achieve its management goal of “Strengthening Core Business Capabilities,
Expanding New Business Areas,” Woori Credit Information plans to pursue the
following strategic measures:
Strengthening Core Capabilities
To strengthen core capabilities, the company will focus on securing
competitive advantages in its main business and accelerating non-
collection growth momentum, while enhancing its standing within the credit
information industry through strengthened debt restructuring support.
Expanding Growth Foundation
In a highly competitive market environment, the company will expand its
growth foundation by building a future-oriented business portfolio and
dedicating efforts to creating group synergy and strengthening the non-
group customer base.
Realizing Management Efficiency
The company will devote all efforts to ultimately realize management
efficiency by establishing a foundation for organizational operations to
optimize IT infrastructure and maximize performance creation, and by
establishing a rational cost structure.
Establishing an Ethical Corporate Culture
Woori Credit Information will do its best to build an ethical corporate
culture and strengthen internal control capabilities to enhance the
sustainability of management through strengthened fulfillment of social
responsibilities and to be reborn as a trusted credit information company.
PLAN FOR 2025
Domestic and International Awards
Winner of the Grand Prize at the 13th Chosun Daily
2024 Corporate Social Responsibility Awards (ESG Sector)
69
Woori Financial Group Annual Report 2024
WOORI FUND SERVICES
Woori Fund Services is a general administrative
service company established under Article 254
of the Financial Investment Services and Capital
Markets Act. It provides fund accounting,
NAV calculation, and a range of administrative
services for real estate investment companies.
As a subsidiary of Woori Financial Group, the
company successfully developed its next-
generation system “FundOne” and continues
to invest in system enhancements and talent
development to deliver high-quality services.
In April 2023, it launched its ETF administration
service, further strengthening its competitive
edge. Additionally, Woori Fund Services became
the first in Korea to introduce a digital asset
corporate accounting service for transactions—
such as the buying, selling, and exchange—of
virtual assets by Virtual Asset Service Providers
(VASPs), as defined in Article 2, Paragraph 1
of the Act on Reporting and Use of Certain
Financial Transaction Information. The company
also developed its proprietary digital asset
accounting solution, DABAS, positioning itself at
the forefront of the evolving financial market.
Although Woori Fund Services started as a latecomer in the general
administrative service industry, it has achieved the milestone of
surpassing KRW 180 trillion in assets under management (AUM) based
on stable systems, continuous customer acquisition, and strengthened
synergy through collaboration with group companies. To innovate
corporate culture, the company has enhanced operational capabilities by
operating a work-life balance vacation system, conducting systematic job
training, improving employee satisfaction, strengthening internal controls,
and upgrading systems.
In April 2023, the company became the third private general
administrative service provider to build an ETF administration system and
entered the ETF administration market through a contract with Woori
Asset Management. Subsequently, in 2024, the company expanded its
customer base by newly attracting administration services for some ETFs
of Kiwoom Asset Management.
In 2024, Woori Fund Services newly built a Bitcoin ETF accounting system
and order management system in preparation for the launch of Bitcoin
ETFs. If Bitcoin ETFs are officially launched after legislation is completed
in the future, the company expects to secure a market preemption
opportunity compared to competitors through this proactive response.
The company has also newly built a variable fund accounting system to
diversify its customer base, expecting this to lead to attracting general
administrative service contracts from insurance companies and creating
new revenue sources in the future.
Additionally, the FundOne System UI and function improvement project,
pursued to strengthen the overall competitiveness of the system, was
successfully completed in June 2024. Through this, the company greatly
improved satisfaction for internal and external users and achieved practical
results in enhancing operational efficiency and strengthening marketing
competitiveness.
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
2024 ACHIEVEMENTS
The ETF administration service, newly launched in 2023, has established itself
as a new revenue source by attracting Woori Asset Management as its first
customer, followed by expanding to include some ETFs of Kiwoom Asset
Management, its major client company, in 2024.
In 2025, the company plans to focus on attracting additional ETF
administration customers and assets under custody, aiming to surpass KRW
200 trillion in assets under management (AUM) through new customer
acquisition and retention of existing customers.
Furthermore, Woori Fund Services will complete the development of
the Bitcoin Spot ETF Accounting System and pioneer new markets by
immediately providing services when related products are launched by asset
management companies. The company will also complete the development
of the variable fund accounting system and pursue revenue source
diversification through attracting new insurance company customers, growing
further in the general administrative service industry.
PLAN FOR 2025
www.woorifg.com
(Unit: KRW trillion)
AUM
2022
156.7
2023
168.9
2024
182.5
+8.1%
70
Woori Financial Group Annual Report 2024
WOORI FINANCE INFORMATION SYSTEM
Woori FIS is an IT services provider that
manages the integrated IT systems of
Woori Financial Group, offering systems
integration (SI), infrastructure, and data
services for both internal and external
clients. As a leader in digital financial
innovation, the company is committed
to driving transformation across the full
spectrum of IT operations.
Under the 2024 management goal of “New Jump to THE N.E.X.T,” Woori
FIS pursued various tasks to achieve four management strategies: New
Change, New Challenge, Jump Up, and Flexible & Stable Woori.
Key tasks included introducing a performance-centered new personnel
system for leap-frogging to New FIS, while strengthening Woori Financial
Group’s digital platform technological competitiveness through integrated
management of group company cloud, identifying DX blind spots, and
providing timely support for building New WON Banking. Additionally, the
company created a culture of mutual cooperation through participation in
ESG technology management practicing sharing and consideration.
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
2024 ACHIEVEMENTS
Woori FIS’ 2025 management goal has been established as “Woori
Financial’s IT Solution! New FIS.” Under this goal, the company plans
to pursue various tasks to achieve three management strategies:
Strengthening Group IT Core Capabilities, Building a Foundation for Future
New Business Leap, and New FIS Value Growth.
Key tasks include deriving new IT service models for discovering IT synergy
within the group and expanding implementation to all group companies.
The company will pursue strengthened IT service stability through
infrastructure structure and process improvements and the upgrading of
outdated systems. Additionally, the company will pursue continuous change
management to internalize long-term New FIS personnel management
policies by strengthening personnel operation systems to secure future
growth-oriented core technology personnel in a timely manner, and by
establishing and implementing a risk management system based on ethical
management.
Through this, Woori FIS aims to be Woori Financial Group’s most reliable
IT/Digital Best Partner and devote all its capabilities to strengthening the
group’s business competitiveness.
PLAN FOR 2025
www.woorifis.com
Woori Financial’s
IT Solution! New FIS
Management
Goal
Management
Strategies
Strengthening Group
IT Core Capabilities
Building a Foundation
for Future New
Business Leap
New FIS Value Growth
2025 Management Goal
71
Woori Financial Group Annual Report 2024
WOORI FINANCE RESEARCH INSTITUTE
Woori Finance Research Institute was
established on December 26, 2012, with
the vision of being a management research
institute that creates tomorrow’s value
through today’s innovation. The institute
has actively conducted research on
financial company management strategies,
the financial industry, macroeconomics,
financial markets, and the overall economy
and finance to support the stable growth of
Woori Financial Group and the development
of Korea’s financial industry. Through field-
centered and globally-focused research,
the institute aims to support executives’
decision-making and provide practical
assistance to the group’s business. The
institute will also strive to fulfill its role as
an opinion leader in the Korean financial
industry by suggesting the right direction
for financial policies.
In 2024, Woori Finance Research Institute set its management goal as
strengthening the role as a field-oriented Think Tank that practically
supports the leap to a leading financial group. The institute successfully
completed seven management strategy tasks: Research to enhance
corporate finance competitiveness; Support for global business growth;
Exploring ways to diversify non-interest income; In-depth investigation
of the group’s future growth engines; Support for improving the group’s
low-cost high-efficiency structure; Support for company-wide corporate
culture innovation; and Backing the group’s crisis response capabilities.
The institute focused on conducting research to enhance CIB
competitiveness, supporting management issues research for the
group’s global network, discovering new businesses, and building
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
2024 ACHIEVEMENTS
www.wfri.re.kr
cooperation systems with global institutions. The institute also
contributed to expanding non-interest income through establishing an
Asset Management Product Map and researching ways to strengthen
PB (private banker) capabilities. Additionally, the institute explored
ways to activate the group’s digital/new business and ESG cooperative
finance, and supported the group’s low-cost/high-efficiency strategy
through researching the management efficiency of major countries’
banks. The institute also focused on company-wide corporate culture
innovation through settling the group’s corporate culture diagnosis
system and establishing ethical culture diagnosis plans.
Centered on management issue research, the institute published
520 reports in 2024 (470 in 2023). In parallel, it continuously pursued
improving research outcome quality by enhancing research expertise
through operating external advisory committees and mandating
plagiarism checks for research reports.
72
Woori Financial Group Annual Report 2024
For 2025, Woori Finance Research Institute has set its management
goal as “A Research Institute Taking Initiative for Trust and Innovation
of Woori Financial Group.” To this end, the institute has established nine
detailed management strategies: Research to support strengthening
the group’s core capabilities; Diagnosing the group’s corporate culture/
ethical culture; Research to support enhancing the group’s capital
adequacy and risk; Strengthening support activities for the group’s
global business; Exploring the group’s mid- to long-term digital strategy
direction; Devising new methods for overseas expansion strategies;
Holding conferences to prepare for the group’s future issues; Expanding
internal and external networks and enhancing utilization within the
group; and Strengthening research capabilities through the utilization of
external assets. The institute will also pursue innovation in the institute’s
corporate culture and improvement of internal controls.
PLAN FOR 2025
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
The institute plans to support strengthening the group’s core
capabilities by pursuing research on profitability improvement, portfolio
diversification, proposing global CIB strategies, and discovering synergy
measures for securities/insurance companies.
It will contribute to the group’s corporate culture innovation by
strengthening internal control capabilities through establishing group
corporate culture diagnosis and ethical culture diagnosis systems.
Also, the institute will be helpful in strengthening risk management
capabilities by researching ways to enhance capital adequacy,
strengthening monitoring of domestic and international economic and
financial market regulations, and continuously checking the group’s
management environment.
In addition to that, the institute is committed to exploring mid- to
long-term digital strategy directions by researching ways to improve
management efficiency through digital utilization and discovering digital
new business opportunities.
Woori Financial Research Institute aims to enhance future response
capabilities by strengthening trend reports to the CEO and supporting
conferences and forums. Moreover, the institute will support various
collaborations by activating information exchange and collaboration
within the group and expanding networks with global experts.
Finally, the institute aims to strengthen research capabilities by
increasing the utilization of external experts and expanding information
sources. It will actively respond to research demands in areas such
as the group’s portfolio expansion, global trends, new growth trends,
corporate finance, and corporate culture.
73
Woori Financial Group Annual Report 2024
ORGANIZATIONAL CHART
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
Board Officer Candidate
Recommendation Committee
Board Risk
Management Committee
Board Ethics &
Internal Control Committee
Board Audit Committee
Board of Directors Secretariat
Board
Compensation Committee
Board Group CEO Candidate
Recommendation Committee
Board ESG
Management Committee
Corporate Culture &
Leadership Center
General
Shareholders Meeting
Board of Directors
CEO
Management
Support Unit
Management
Support
Department
Compliance
Officer
Compliance
Department
Audit Unit
Audit
Department
Strategy
Planning Unit
Strategy
& Planning
Department
Business
Portfolio
Department
Growth
Support Unit
Synergy
Business
Department
ESG
Management
Department
Brand Unit
Public
Relations
Department
Brand
Strategy
Department
Risk
Management
Unit
Risk
Management
Department
Risk Model
Validation
Department
Finance
Planning Unit
Investor
Relations
Department
Finance &
Management
Department
Accounting
Department
Digital
Innovation Unit
ICT Planning
Department
Future
Innovation
Department
Finance
Technology
Department
Ethics
Management
Office
Units
Departments
8
20
(As of Mar 2025)
74
Woori Financial Group Annual Report 2024
GLOBAL NETWORK
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
WOORI BANK
NETWORK
PHONE
ADDRESS
New York Agency
1-212-949-1900
245, Park Ave. 43rd Floor, New York, NY 10167, USA
LA Branch
1-213-620-0747~8
3360, West Olympic Blvd. Suite 300, LA, CA90019, USA
London Branch
44-207-680-0680
9th Floor, 71 Fenchurch Street, London, EC3M 4BR,UK
Tokyo Branch
81-3-6891-5600
Shiodome City Center 10th Floor, 5-2 Higashi-Shimbashi 1-Chome, Minato-ku, Tokyo, 105-
7110 Japan
Hong Kong Branch
852-2521-8016
Suite 1401, Two Pacific Place, 88 Queensway, Hongkong
Singapore Branch
65-6422-2000
10 Marina Boulevard #13-05 MBFC Tower 2, Singapore 018983
Bahrain Branch
973-17-223503
P.O. Box 1151, 4th Floor, Entrance 1, Manama Centre Building, Manama, Bahrain
Woori Bank Bangladesh
Country Office
88-02-5881-3270
Suvastu Imam Square, 65 Gulshan Avenue, Dhaka - 1212, Bangladesh
Dhaka Branch
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
Chittagong Sub-Branch
880-931-728221~4
Ayub Trade Center, Holding # 1269/B, Sheikh Mujib Road, Agrabad Commercial Area,
Gosaildanga, Ward #36, Double Mooring, Chattogram, Bangladesh
Uttara Sub-Branch
880-2896-2125~6
Masihata Business Tower(4th floor), Plot No.5, Sector-3, Uttara Model town, Dhaka 1230,
Bangladesh
Mirpur Sub-Branch
880-2902-1061~2
Padma Bhaban(First Floor), 1/9 Mirpur Road Pallabi, Mirpur-12, Dhaka-1216, bangladesh
Narayanganj Sub-Branch
880-2769-2031~34
Adamjee Export Processing zone, Shiddhirganj, Narayanganj-1431 Bangladesh
Motijheel Sub-Branch
880-2471-21001~04
AA Tower, 23, Ground Floor, Motijheel C/A, Dhaka
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
880-9610-960921
Commerical Complex, 1st Floor, CEPZ South Halishahar, Chattogram
Sydney Branch
61-2-8222-2200
Suite 21.02, 126 Phillip Street, Sydney, NSW, Australia
Dubai Branch
971- 4-325-8365
1102A, Level 11, The Gate Building, East Wing, P.O. Box 506760, DIFC, Dubai, United Arab
Emirates
Woori Bank India Regional
Headquarters
91-22-6263-8100
Unit 601, 6th floor, Birla Centurion, Century Mills Compound, Pandurang Budhkar Marg,
Worli, Mumbai, Maharashtra-400030, India
Chennai Branch
91-44-3346-6900
Lotte India, 2nd Floor, No.4/169, Rajiv Gandhi Salai(OMR), Kandhanchavadi, Perungudi Taluk,
Chennai-600096, Tamil Nadu, India
Gurgaon Branch
91-12-4270-6703
1st Floor, Salcon Platina Building, MG Road, Sector-28, Sikanderpur, Gurgaon-
122001,Haryana, India
Mumbai Branch
91-22-6263-8100
Unit 601, 6th floor, Birla Centurion, Century Mills Compound, Pandurang Budhkar Marg,
Worli, Mumbai, Maharashtra-400030, India
Pune Branch
91-20-6904-6300
Unit No, E-10 and E-20, Ground Floor, Core E of the Commercial Complex, Solitaire Business
Hub, Viman Nagar, Pune, Maharashtra, 411014, India
Ahmedabad Branch
91-27-1769-6500
Unit No. 102,103,104,105 Samyag Elegance, Gibpura, Sanand Road, Gujarat 382110, India
NETWORK
PHONE
ADDRESS
AMERICA
Woori America Bank
1-212-244-3000
330 5th Avenue New York, NY 10001, USA
Manhattan Branch
1-212-244-1500
330 5th Avenue New York, NY 1000, USA
Flushing Branch
1-718-886-1988
136-88 39th Avenue Flushing New York, NY 11354, USA
Fort Lee Branch
1-201-363-9300
2053 Lemoine Avenue Fort Lee, NJ 07024, USA
Woodside Branch
1-718-429-1900
43-22 50th St. Woodside, NY 11377, USA
Ridgefield Branch
1-201-941-9999
321 Broad Avenue #104 Ridgefield, NJ 07657, USA
Palisades Park Branch
1-201-346-0055
225 Broad Avenue Palisades Park, NJ 07650, USA
Closter Branch
1-201-784-7012
234 Closter Dock Road Closter, NJ 07624, USA
Elkins Park Branch
1-215-782-1100
7300 Old York Rd Elkins Park, PA 19027
Annandale Branch
1-703-256-7633
Seoul Plaza 4231 Markeham St. Annandale, VA 22003, USA
Bayside Branch
1-718-224-3800
215-10 Northern Blvd. Bayside, NY 11361, USA
Ellicott City Branch
1-443-973-3690
100352 Baltimore National Pike Ellicott City, MD 21042, USA
Wilshire Branch
1-213-382-8700
3540 Wilshire Blvd. Unit 104, Los Angeles, CA 90010, USA
Olympic Branch
1-213-738-1100
3360, West Olympic Blvd. Suite #300, LA, CA90019, USA
Fullerton Branch
1-714-521-3100
5731 Beach Blvd., Buena Park, CA 90621, USA
Buena Park Branch
1-714-534-6300
6940 Beach Blvd #D-124, Buena Park, CA
Centreville Branch
1-703-988-9555
13832 Braddock Road. Centreville, VA 20121, USA
Irvine Branch
1-949-885-3760
14252 Culver Dr. #G, Irvine, CA 92604
Torrance Branch
1-310-974-1880
2390 Crenshaw Boulevard, Units C Torrance CA 90501 USA
San Jose LPO
1-415-652-9476
2328 Walsh Ave, Santa Clara CA 95051 USA
Northern Branch
1-929-362-3330
164-25 Northern Blvd. Flushing NY 11358, USA
Chicago LPO
1-224-938-9553
1247 Milwaukee Ave, Suite 207, Glenview, Illinois, 60025
Seattle LPO
1-206-948-6691
11900 N.E. 1st Street, Suite 300, Building G, Bellevue, WA 98005
Dallas Branch
1-469-496-3860
2405 S. Stemmons FWY, Lewisville, TX 75067
Duluth Branch
1-770-624-5930
3360 Satellite Blvd., Suite 14, Duluth, GA 30096
Houston LPO
1-713-393-7929
9610 Long Point Rd, Suite #340, Houston, TX 77055
CHINA
Woori Bank China Limited
86-010-8412-3000
Floor 11-12, Block A Building 13, District4, Wangjing East Park, Chaoyang District Beijing
China 100102
Head Office Business Department
86-010-8441-7771
Floor1 Block B Building 13 District4 Wangjing East Park Chaoyang District Beijing China
100102
Beijing Branch
86-010-8453-8880
1801-3, 1801-4, Samsung Building, No.31, Jinghui Street, Chaoyang District, Beijing, China
Shanghai Branch
86-021-5081-0707
104B,502, Dongfangchunyi Building 1, 5F, Eshan Avenue 505 Pudong New Area,
Shanghai,200122, China
Shenzhen Branch
86-0755-3338-1234
1001,1002,1003,1004,1008 ,Hon Kwok City Commercial Center, Fuming Road, Futian District,
Shenzhen, China
Suzhou Branch
86-0512-6295-0777
6F Building #58 Suzhou Center, Suxiu Road,Suzhou Industrial Park, Jiangsu, China
75
Woori Financial Group Annual Report 2024
NETWORK
PHONE
ADDRESS
TianJin Branch
86-022-2338-8008
NO.1 Building, Aocheng Commercial Square, Binshui West Road, Nankai District, Tianjin,
300381 CHINA
Shanghai Puxi Sub-Branch
86-021-5208-1000
1F, Maxdo Center, NO.8 Xingyi Road, Changning District, Shanghai, 200336, China
Beijing Wangjing Sub-Branch
86-010-8471-8866
1F,NO.10, FURONG STREET, CHAOYANG DISTRICT, BEIJING 100102, CHINA
Shanghai Wuzhonglu Sub-Branch
86-021-6446-7887
1C, Liaoshen Building, 1068 Wuzhong Road, Minhang District, Shanghai, 201103, China
Shenzhen Futian Sub-Branch
86-0755-8826-9000
Room 107, Daqing Building, NO.6027 Shennan Road, Futian District, Shenzhen 518040, China
Shanghai Jinxiujiangnan Sub-Branch 86-021-3432-1116
No.101-1, 102 MT BLDG, 3999 Hongxin Road, Minhang District, Shanghai,China, 201101
Beijing Shunyi Sub-Branch
86-010-8945-2220
1-107A GangXin JiaYuan Shunyi District Beijing 101300 China
DaLian Branch
86-0411-8765-8000
2F-218, Yoma IFC, NO.128 Jinma Road, Dalian Development Area, Dalian, P.R. China 116600
Zhangjiagang Sub-Branch
86-0512-5636-6696
B104/B205 Huachang Oriental Plaza, 11 Renmin East Road, Zhangjiagang Jiangsu, 215600
China
Chengdu Branch
86-512-028-6557-2336 No.302-306, 3F, Ping’an Fortune Center, No.1, Renmin South Road(Section 3), Chengdu,
Sichuan,China,610041
Weihai Branch
86-0631-599-6000
1801, 18th Floor, Building A3, Wisdom Valley, No. 17-5 Hong Kong Road, Economic and
Technological Development Zone, Weihai City, Shandong Province, China
Tianjin Heping Sub-Branch
86-022-8776-9000
36th Floor, China Life Finance Center, 38 Qufu Road, Heping District, Tianjin, 300042, China
Chongqing Branch
86-023-6152-2222
Shop 2, First Floor, Jinjia International Building, No.10, GuiHua Street Branch Road, JiangBei
District, ChongQing, China, 400000
Shanghai Jinqiao Sub-Branch
86-021-6882-0608
Room 202, 2 / F, Building B1, Shanghai International Trade Center, No. 1599 New Jinqiao Road,
Pudong, Shanghai, China
Beijing Sanyuanqiao Sub-Branch
86-010-8440-7177
26F, Tower A, Tianyuangang Center, C2, North Road, East Third Ring Road, Chaoyang District,
Beijing, China
Shenyang Branch
86-024-8186-0808
Room 2605-2608, Office Tower 1, Forum 66, No.1-1 Qingnian Street, Shenhe District,
Shenyang City，Liaoning，China
Shenzhen Qianhai Sub-Branch
86-755-3683-0888
1 Unit 07, 21/F, Qianhai Shimao Financial Center, No.3040 Xinghai Avenue, Qianhai Shenzhen-
Hong Kong Coorperation Zone, Shenzhen,China
INDONESIA
PT. Bank Woori Saudara
Indonesia 1906 Tbk
6221-50871906
Treasury Tower 26th, 27th FL. District 8 SCBD Lot 28 JI.Jend. Sudirman Kav. 52-53, Jakarta
12190, Indonesia
Corporate Branch
6221-50871888
Treasury Tower 26th, 27th FL. District 8 SCBD Lot 28 JI.Jend. Sudirman Kav. 52-53, Jakarta
12190
Diponegoro Branch
6222-87831906
JI. Diponegoro No,. 28, Bandung, West Java
Cirebon Branch
62231-242006
Komplek Cirebon Super Blok (CSB) Mall Office Park Kav. No. 11 Jl. Cipto
Bogor Branch
62251-8377887
Jl. Pangkalan Raya No. 8, Warung Jambu - Bogor/16151
Surapati Core Branch
6222-87241326
Komp Surapati Core F-01-02 Bandung
Surabaya Branch
6231-5041906
Jl. Raya Darmo No.89, Surabaya, East Java
Semarang Branch
6224-3521906
Ruko Imam Bonjol Square Kav 4 - Kota. Semarang
Tasikmalaya Branch
62265-2351906
Ruko Plaza Asia Blok A5-A6, Jl. HZ. Mustofa No. 326 - Tasikmalaya/46126
Yogyakarta Branch
62274-549280
Jl. Mangkubumi No. 45 - Yogyakarta/55232
Denpasar Branch
62361-2108111
JI. Teuku Umar No. 15 A-B, Denpasar, Bali
The Gedung Energy Branch
6221-29951906
Gd The Energy Lot 11 A SCBD, Jl. Jendral Sudirman Kav 52 - 53, Jakarta/12190
Ampera Branch
6221-7821756
Jl. Ampera Raya No. 20 Gd.Medco III/12560
Purwokerto Branch
62281-622212
Jl. Jenderal gatot Subroto No.78 Purwokerto - Jawa Tengah/53116
Malang Branch
62341-421906
Jl. Letjen Sutoyo No. 27 Malang- Jawa Timur/65141
Solo Branch
62271-633600
Jl. Ronggo Warsito No. 53 Kota, Solo - Jawa Tengah/57131
Tangerang city Branch
6221-29529226
Tangerang City Business park Blok F/50 Jl. Jend. Sudirman No.1 Tangerang/15118
NETWORK
PHONE
ADDRESS
Pelembang Branch
62711-315828
Jl. Basuki Rahmat No. 886 A - Palembang/30127
Sukabumi Branch
62266-6251906
Jl. Jenderal Sudirman No. 31-Sukabumi/43111
Pekalongan Branch
62 285 4460505
Jl. KH. Mansyur No.64, Perkalongan
Madiun Branch
62 351 4773000
Jl. Diponegoro No. 110, Madiun
Jamber Branch
62 331 421648
Jl. Gajah Made No. Ruko Gajah Mada Square Block A2-3
Kediri Branch
62 354 526726
JI. Brawijaya No. 34 A, Kediri, East Java
Purwakarta Branch
62264-8227474
Jl. Basuki Rahmat No. 94, Purwakarta/41114
Subang Branch
62260-421014
JI. Ahmad Yani No. 36/41211
Karawaci Tangerang Branch
6221-55772345
Ruko Pinangsia Blok H No. 1 Lippo Karawaci Kel. Cibodas Tangerang/15139
Garut Branch
62262-544672
Jl. Ahmad Yani No.33/44117
Medan Branch
6261-42007100
Jl. Zainul Arifin No. 53A
Makassar Branch
6241-18001859
Jl. Gunung Latimojong, Ruko Metro Square Blok E No. 1
Bandar Lampung Branch
6272-15604961
Jl.. Raden Intan No. 80 D-E, Bandar Lampung , Lampung
Pekanbaru Branch
6276-1579-5047
Jl. Jendral Sudirman No. 628, Pekanbaru, Riau
Manado Branch
6243-1707-0025
Jl. Piere Tendean B1 No.12, Manado, North Sulawesi
Buah Batu Sub-Branch
6222-7306347
Jl. Buah Batu No. 58 Bandung/40265
Kopo Sub-Branch
6222-5436802
Komp Ruko Mas J-9 Jl. Kopo Cirangrang/40225
Cimahi Sub-Branch
6222-6634656
Jl. Raya Cibabat No. 310 Cimahi/40213
Sukajadi Sub-Branch
6222-2021761
Jl. Prof. Dr. Surya Sumantri Kav. 6, Bandung, West Java
Soekarno Hatta Sub-Branch
6222-7509905
Jl. Soekarno Hatta No. 618 F/40286
Pemuda/Rawamangun Sub-Branch 6221-47862070
Jalan Paus No 91F, Pulogadung, Jakarta Timur
Sumedang Sub-Branch
62261-206527
Jl. Prabu Geusan Ulun No.76/45311
Serang Sub-Branch
62254-224142
Jl. KH. Abdul fatah Hasan No.53 Kel. Cipare Serang/42124
Commercial Center Cikarang Sub-
Branch
6221-89328838
Ruko The Capitol, Kawasan Industri JABABEKA, Jl. Niaga Raya Blok 2 C, Bekasi, West Java
Kramat Jati Sub-Branch
6221-8002895
Jl. Pondok Gede Raya No. 12
Kebon Jeruk Sub-Branch
6221-53660160
Jl. Kelapa Dua Raya(RayaPanjang) No.2, Rt 008, Rw 002 Kel. Kelapa Dua Kec. Kebon
Jeruk/12130
Pajajaran Sub-Branch
6222-20565353
Jl. Pajajaran no. 85, Bandung, West Java
Lembang Sub-Branch
6222-2784797
Jl. Grand Hotel Lembang No.25 Bandung/40391
Deltamas Cikarang Sub-Branch
6221-89972635
Ruko Palais De Paris Blok. D
Majalengka Sub-Branch
62233-8285460
Jl. KH. Abdul Halim No.447 Majalengka/45411
Kuningan Sub-Branch
62232- 8880938
Jl. Dewi Sartika No.4/45512
Indramayu Sub-Branch
62234-276236
Jl. DI. Panjaitan No.103/45212
Cibubur Sub-Branch
6221-84305050
Cibubur Times Square Blok B1/1 Jl. Alternatif Cibubur KM 3 Kel. Jatiraya, Kec. Jastisampurna
Bekasi/17435
Cikampek Sub-Branch
62264-8385171/
8385172
Jl. Terusan Sudirman No. 6B(Sudirman Center)/41373
Depok Sub-Branch
6221-7522091
JI. Margonda raya Ruko Aarden, Depok, West Java
Salatiga Sub-Branch
62298-311828
Ruko Wijaya Square B5 Jl.Diponegoro No. 110 Salatiga/50711
Sidoarjo Sub-Branch
6231-8922842
JI. H. Sunandar 6 No. 1, Sidoarjo, East Java
Mojokerto Sub-Branch
62321-383444
Jl. Gajah Mada No.85B/60319
Cianjur Sub-Branch
62263- 260941,
260943
Jl. Abdulah Bin Nuh No.15/43253
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
76
Woori Financial Group Annual Report 2024
NETWORK
PHONE
ADDRESS
Pamulang/Ciputat Sub-Branch
6221-7403205,
7443335
Jl. RE. Martadinata No. 167 B RT.03 RW. 05 Cipayung, Ciputat, Kota Tangerang Selatan
Sumber Sub-Branch
62231-8330618
Jl. Dewi Sartika No. 57 Sumber/45611
Bantul Sub-Branch
62274-367514
Jl. Jenderal Sudirman No. 130 Kabupaten Bantul/55713
Balaraja Sub-Branch
6221-29015618
Komplek Ruko Balaraja Center Blok A No.2 Jl. Raya Serang Km. 24 Talaga Sari Balaraja-
tangerang/15610
Ciledug Sub-Branch
6221-7330545
Ruko Dian Plaza Jl. Raden Fatah No. 8A Kelurahan Sudirman Selatan,Ciledug/15225
Magelang Sub-Branch
62293-326498/
326499
Ruko Metro Square Blok F No.25/56172
Padalarang Sub-Branch
6222-6803940/41
Jl. Raya Padalarang No.463 H/40553
Patrol Sub-Branch
62234-5613627
Jl. Raya Patrol Anjatan Blok Bunder No. 52/45256
Gianyar Sub-Branch
62361-8958295
Jl. By.Pass Dharma Giri No.99/80511
Gresik Sub-Branch
6231-3981758
Ruko KIG Jl. Tri Dharma Kav. A-14/61117
Karawang Sub-Branch
62267-8407706
Perumahan Galuh Mas Ruko Street Festival Blok 3 No. H-9, Jl. Galuh mas Raya, Karawang,
West Java
Cibinong Sub-Branch
6221-87904397
Jl. Mayor Oking No 122, Kel. Cirimekar, Kec. Cibinong, Kabupaten Bogor
Singaparna Sub-Branch
62265-543111-3
Jl. Raya Timur No.45 Singaparna/46416
Ciamis Sub-Branch
62265-772221
Ruko Jl Pasar Manis No. 35 -Kab. Ciamis
Sleman Sub-Branch
6227-4505-1025
JI. Magelang Km 10, Sleman, Yogyakarta
Losari Sub-Branch
62231-8832738-39
Jl. Letjen S. Parman No. 20 Kecamatan Pabuaran , Kab. Cirebon Jawa Barat
Bekasi/Pondok Gede Sub-Branch
6221-82611045-46
Jl Raya Jatimakmur Blok A No. 20 Pondok Gede, Kota Bekasi Ruko Taman Jatimakmur Indah
Kudus Sub-Branch
62291-4249241
JI. AKPB Agil Kusumadya No. 104 A, Kudus, Central Java
Pamanukan Sub-Branch
62260-551773
Jl. Eyang Tirtapraja No.54 Kab.Subang/41254
Majalaya Sub-Branch
6222-85963799
Jl. Alun-alun utara/Jl. Tengah komp ruko permata majalaya Blok C6/40382
Baleendah Sub-Branch
6222-6320-6012
JI. Raya Banjara No. 232, Baleendah, Bandung, West Java
Megablock Cilegon Sub-Branch
62254-8484772
Jl. Raya Ahmad Yani Komp. Cilegon Green Megablock D3 No. 17 - Kota. Cilegon
Rangkasbitung Sub-Branch
62252-203612
Jl Hardiwangun No.6 B Rangkasbitung - Kab. Lebak
Tabanan Sub-Branch
62361-814160
Jl. Bypass Insinyur Soekarno No 17, Tabanan, bali
Surabaya /Darmo Boulevard Sub-
Branch
6231-7381906
Office Park II B.2 No.11
Soreang Sub-Branch
6222-5896880
Jl. Raya Soreang No.412/40900
Ujung Berung Sub-Branch
6222-7834128
Jl AH Nasution No. 28 - Kota.Bandung
MERR Sub-Branch
6231-8480454
JL. Ir. H. Soekarno No. 360, Surabaya, East Java
Luragung Sub-Branch
62223-2870016
Jl. Siliwangi No. 62, Ds. Luragungtonggoh, Kec. Luragung, Kab. Kuningan
Pangandaran Sub-Branch
62265-630400,
630010
Jl. Parapat, Desa Pangandaran, kec pangandaran kab ciamis/46396
Purwodadi Sub-Branch
62292-423399
JI. Ahmad Yani No. 223, Grobogan, Central Java
Leuwiliang Sub-Branch
62251-8640297
Jl. Raya Jasinga 11A Kel. Cibeber, Kec. Leuwiliang Kab Bogor/16640
Ciawi Tasikmalaya Sub-Branch
62265-455163,
455167
Jl. Perjuangan No.80 Kp.Karanganyar Rt. 04 Rw. 05 Desa Pakemitan Kec Ciawi Kab.
Tasikmalaya/46156
Cilacap Sub-Branch
62282-534474
JI. Letjen Suprapto No.4, Cilacap, Central Java
Jombang Sub-Branch
62321-878906
Ruko Cempaka Mas Regency Block B-2. JL Soekarno Hatta Kel Kepuhkembeng Kec
Peterongan. Jombang, East Java
Banjar Sub-Branch
62265-740838
JI. Letjen Soewarto No.160, Banjar, West Java
Boyolali Sub-Branch
62276-323655
Jl. Pandanaran No.179 B Kab.Boyolali/57313
NETWORK
PHONE
ADDRESS
Radio dalam Sub-Branch
6221-7211005
JI. Radio dalam raya No.4 Kel. Gandaria Utara Kec. Kebayoran baru Jakarta selatan/12160
Singaraja Sub-Branch
62362-25098
Jl. Ngurah Rai No. 16 Singaraja Kelurahan Kendran Kecamatan Buleleng/81112
Manonjaya Sub-Branch
62265-380510
Jl. RTA. Prawira Adiningrat No.214 A Desa Manonjaya kec.Manonjaya-Tasikmalaya
Surabaya Utara /kertajaya Sub-
Branch
6231-99452669
JI. Raya Gubeng No. 68 Ruko 21 , Surabaya, East Java
Batu Sub-Branch
62341-513709
Jl. Brantas No.49 Batu-Malang/65314
Palimanan Sub-Branch
62231-343950
Jl. Otto Iskandardinata No.503 Palimanan
cibadak Sub-Branch
6266-531915
Jl. Raya Suryakencana RT 03 RW 08, Cibadak - Kab. Sukabumi
Kemang Pratama Bekasi Sub-
branch
62254-369755
Jl. Niaga Raya Blok P No.22C RT 001/021 Kel. Bekasi
Wates Sub-Branch
6227-4504-1027
JI. Kolonel Sugjono No. 4, Wates, Yogyakarta
Karangnunggal Sub-Branch
62265 -
2584571/2584572
Jl. Raya Karangnunggal KP.Karangmekar RT/RW 03/09 Desa Hegarwangi Kec. Bantarkalong
Kab.
Wonogiri Sub-Branch
62271-633600
Jalan Ahmad Yani No 66, Wonogiri
Kawali Sub-Branch
62265 791560
Jl. Siliwangi No.262, Desa Kawali mukti
Kepanjen Sub-Branch
6234 1-379840
JI. Kawi No.22, Malang, East Java
Pamekasan Sub-Branch
62324 333905/
62324 333906
Jl. Kabupaten No.114
Kebumen Sub-Branch
62287 3878168
Jl. Ahmad Yani No.20, Kubumen
Mangga Dua Sub-Branch
6221 62306495
Ruko Harco Mangga Dua Blok L. No.5
Kelapa Gading Sub-Branch
62 21 29364053
Jl. Boulevard Barat Ruko MOI Blok I No.15
Kayu Agung Sub-Branch
62-711-315828
Jl. Letnan Muthtar Saleh, Kayuagung, Palembang, South Sumatra
Klaten Sub-Branch
62-272-3359557
JI. Pemuda No. 254, Klaten , Central Java
Pasuruan Sub-Branch
62-343-561-4700
JI. Pahlawan No 44, Pasuruan, East Java
Pati Sub-Branch
6229-5410-1614
Jl. Diponegoro No. 53, Pati, Central Java
Sumenep Sub-Brancch
62-3428-6762234
JI. Trunouyo No. 244 Sumenep
Pelabuhan Ratu Sub-Branch
62-266-6249715
Jl. Siliwangi Rt/Rw 02/18, Desa Pelabuhan Ratu
Posco Cilegon Sub-branch
62254-369755
Annex Building Lt. 1 Jl. Afrika No.2 Krakatau Posco Cilegon/42435
Union Square Cikarang Sub-branch 6221-89909797
Ruko Union Square Blok A No.6 Lippo Cikarang, Cikarang Selatan
Sadang Sub-Branch
62264-8220180
Sadang Terminal Square No.07,08,25 Jl. Raya Sadang Purwakarta/41181
Cikajang Sub-branch
6262-576094
Jl. Raya Cikajang No. 80 Garut
Kendal Sub-branch
62294-644704
Jl. Raya Utama No.9 weleri kendal
Wonosari Sub-branch
62274-3950673
Jl. KH. Agus Salim No.71A Wonosari - Kab Gunungkidul
Purbalingga Sub-branch
62281-895553
JI. Letkol Isdiman No. 4, Purbalingga, Central Java
Sragen Sub-branch
62271-895014
JI. Sukowati No. 93 Beloran, Sragen, Central Java
Bintaro Sub-branch
6221-7374685
Jl. Veteran Raya no 42D, Bintaro, South Jakarta
Probolinggo Sub-branch
6233-54491787
Ruko Manunggal No. 2, Jl. Soekarno Hatta
Pandeglang Sub-branch
6225-35554739
Jl. Raya Labuan KM 1
Pasar Atom Sub-branch
6231-3503350
Jl. Pangampon No. 75
Citra Raya Sub-branch
6212-9014270
Ruko Cikupa Niaga Mas Blok A No. 12
Ahmad Yani Sub-branch
6221-3831-7066
JI. Ahmad Yani, Komplek Ruko Central Niaga Kalimalang Bekasi, West Java
Pondok Kelapa Sub-branch
6221-86941678
JI. Inspeksi Kali Malang Komplek Billy & moon MLBZ Kav No. 3F, Duren sawit, East Jakarta
Ciracas Sub-branch
6221-87735005
JI. Raya Lapangan Tembak No. 63 , Cibubur, East Jakarta
Jepara Sub-branch
6291-4290507
Jl. Pemuda No. 21 D-E
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
77
Woori Financial Group Annual Report 2024
NETWORK
PHONE
ADDRESS
Banjarnegara Sub-branch
6286-5963716
Jl. Letjend S Parman No. 29
Purworejo Sub-branch
62-75-321457
JI. Ahmad Yani no.93, Purworejo
Brebes Sub-branch
6228-3451-1421
JI. Jend. A. Yani no 71, Brebes, Central Java
Karanganyar Sub-branch
62-271-6882712
Jalan Raya Palur Jurug RT 004/RW 001 Desa Ngringo, Kec. Jaten, Kab. Karanganyar
Ungaran Sub-branch
6224-3532-2017
Jl. Gatot Subroto No. 232 Ungaran ,Semarang, Central Java
Gading Serpong Sub-branch
62-21-5421-2159
Jl. Boulevard Raya Gading Sepong, Ruko Alexandrite 3, No.21, Kabupaten Tangerang
Dalem Kaum Sub-branch
6222-4211906
Jl Dalam Kaum No. 5 - Kota.Bandung
Pasar anyar Sub-branch
62251-8574423
Jl. Sawojajar No.12 B, Kota. Bogor
Asabri Bandung Sub-branch
6222-7279740
Jl. Citarum No.6, Bandung, West Java
Cililitan Asabri Sub-branch
6221-80876494
Jl. Mayjen Sutoyo No.11 Gedung PT Asabri (persero) Jl. Cililitan - jakarta Timur/13630
Asabri Sub-branch
62-31-82517971
Jl. Gayungan PTT, No. 43, Surabaya – 60235, Gedung Kantor Asabri Surabaya
Asabri Semarang Sub-branch
62247-6403870
JL Perintis Kemerdekaan No3. Kel Pudakpayung Kec Banyumanik. Semarang, Central Java
Bojonergoro Sub-branch
62-353-311271
Jl. Untung Suropati Ruko Adipura Block A-11
Darmaraja Sub-branch
62262-429000,
429069,428478
Jl. Raya Darmaraja No.253 desa Darmaraja, Kec Darmaraja Kab.Sumedang/45372
Jatinangor Sub-branch
6222-87834401
JI. Raya Cipacing No. 78, Bandung, West Java
Jatibarang Sub-branch
62834-352911
Jl. Letnan Joni No.178 Kec. Jatibarang - Kab Indramayu/45273
Kebayoran Baru Sub-branch
6221-3825-0087
JI. Wijaya II Blok B No. 4, Kebayoran Baru, Komplek Ruko Grand Wijaya, South Jakarta
Cikande Sub-branch
6225-47951546
Jl. Raya Jakarta - Serang KM 68, Ruko Grand Permata No. 10
Panglima Cilegon Sub-branch
62254-222133
Jl. Raya Serang- pandeglang KM 11 Lingkungan waru Lor,Desa/kel. Kamanisa Kec Curug Kota
serang/42117
Kalasan Sub-branch
6227-44332487
JI. Laksda Adisucipto KM.10, Ruko Airport Square RT.001 RW.001 Purwomartani, Kalasan,
Sleman, D.I Yogyakarta 55281
Pematang Siantar Sub-branch
62622-7253-499
Jl. Sangnawukuh blok A-40 Kompek Megaland, Pemantang Siantar, North Sumatra
Metro Sub-branch
6272-5800-1701
JI. Jend. Sudirman No. 78F, Metro, Lampung
Klungkung Sub-branch
6236-6558-2906
JI. Diponegoro No.45, Klungkung, Bali
Banyuwangi Sub-branch
6233-3289-1660
JI. S. Parman No. 111, Banyuwangi, East Java
Ponorogo Sub-branch
6235-2359-7288
JI. Soekarno Hatta No. 222, Ponorogo
Jakarta Pusat Sub-branch (Salemba
Sub-branch)
6221-2962-7877
Jl. Salemba Raya No. 22, District Senen, Central Jakarta
Blitar Sub-branch
6234-2818-0338
Jl. Tentara Genie Pelajar No.4, District Pare, Kediri, East Java
Rembang Sub-branch
6229-5698-4906
Jl. Jendral Sudirman No. 158, District Rembang, Central Java
Asabri Makassar Sub-branch
6241-1896-1360
Jl. A. 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
7-495-783-9787
8th floor., Lotte Plaza, 8, Novinsky Boulevard, Moscow, 121099, Russia
BRAZIL
Banco Woori Bank do Brasil
S.A.
55-11-3511-3300
Avenida das Nacoes Unidas, 14,171, Crystal Tower, Conj.803, Vila Gertrudes, 04794-000, Sao
Paulo-SP,Brasil
MYANMAR
Woori Finance Myanmar
Co.,Ltd
95-01-643798
Pyay Road, M Tower, No.527, 15th Floor, Unit No.15-01 and 02, Kamayut Township, Yangon,
Myanmar
North Okkalapa Branch
95-99-6889-2300
No. G-24, Thiri Yadanar Shopping Complex, North Okkalapa Township, Yangon
NETWORK
PHONE
ADDRESS
Mingaladon Branch
95-1-643798
No. 226, 29 Ward, Min Street, Shwe Pyi Thar Township, Yangon
Nyaungdon Branch
95-99-7674-7709
Room No. 103, 1st Street, 5 Quarter, Nyaungdon Township, Ayarwaddy, Myanmar
Taikkyi Branch
95-9-7717-81028
Room No.9, Natsinkone Road, Ohtan Ward, Taikkyi Township, Yangon, Myanmar
Hmawbi I Branch
95-9-974563586
2F No(26) Tatkyee Kone village, Hmawbi Township, Yangon, Myanmar
Hmawbi II Branch
95-9-97456395
1F No(26) Tatkyee Kone village, Hmawbi Township, Yangon, Myanmar
Maubin I Branch
95-9-9712-25895
No. 432, Yelal Street, (8)Ward, Maubin Township, Ayeyarwaddy
Maubin II Branch
95-9-9616-12763
No. 432, Yelal Street, (8)Ward, Maubin Township, Ayeyarwaddy
Kawhmu Branch
95-9-9742-91112
No 192/B, Bogyoke St. South Wd Kawhmu Townshop, Yangon
Insein Branch
95-1-643798
No. 226, 29 Ward, Min Street, Shwe Pyi Thar Township, Yangon
Kungyangon Branch
95-9-975-890019
No 540, Yadanar Pone 2nd St, Kangyi / Magyi Ward, Kungyangon Township, Yangon, Myanmar
Zalun Branch
95-9-960996083
Bogyok St. Nyaung Pin Zay Ward, Zalun Township, Ayeyarwady, Myanmar
Kyimyindaing Branch
95-9-960996092
No. 101, Tha Yet Taw(3) Upper St. Tha Yet Taw Ward, Kyimyindaing Township, Yangon,
Myanmar
Hinthada I Branch
95-9-960996099
No. 49, U Wisarra St. Pha Tar Gyi Ward, Hinthada Township, Ayeyardady, Myanmar
Hinthada II Branch
95-9-961010611
No. 93, Nat Maw St. Panbetan Ward, Hinthada Township, Ayeyarwady, Myanmar
Hinthada III Branch
95-9-961010611
No. 93, Nat Maw St. Panbetan Ward, Hinthada Township, Ayeyarwady, Myanmar
Twantay Branch
95-9-961010511
No. 210, Bo Gyoke St. Kon Gyan(Middle) Ward, Twantay Township, Yangon
Pyapon II Branch
95-9-950311096
No. 18C, 8th St. 9th Ward, Pyapon Township, Ayeyarwady
Pantanaw I Branch
95-9-764433931
No. 1, Sel Myaung St. Myo Kwet Thit 1, Pantanaw Township, Ayeyarwady, Myanmar
Pantanaw II Branch
95-9-764433932
No. 1, Sel Myaung St. Myo Kwet Thit 1, Pantanaw Township, Ayeyarwady, Myanmar
Gyobingauk I Branch
95-9-764433935
No. 154, Ashay Myopat St. Pan Tin Ward, Gyobingauk Township, Bago, Myanmar
Gyobingauk I Branch
95-9-764433936
No. 154, Ashay Myopat St. Pan Tin Ward, Gyobingauk Township, Bago, Myanmar
Zigon Branch
95-9-780 113417
No. 8/B, Yangpn - Pyay St. 5 Ward, Zigon Township, Bago
Paungde I Branch
95-9-780114012
Plot No. 79, Shwetaung Street, Min Kwet 3, Ward, Paungde Township, Bago, Myanmar
Paungde II Branch
95-9-780114068
Plot No. 79, Shwetaung Street, Min Kwet 3, Ward, Paungde Township, Bago, Myanmar
Lewe I Branch
95-9-402187901
No. 5/379A, Yangon-Mandalay Main Street, 5 Ward, Lewe Township, Naypyitaw
Pyinmana I Branch
95-9-402187923
No. 181, Yarza Htarni St. Aung Thar Yar Ward, Pobbathiri Township, Nay Pyi Taw, Myanmar
Pyinmana II Branch
95-9-402187924
No. 181, Yarza Htarni St. Aung Thar Yar Ward, Pobbathiri Township, Nay Pyi Taw, Myanmar
Lewe II Branch
95-9-441580466
No. 241, Office Street, Min Wine Yat, No. 4 Ward, Lewe Township, Nay Pyi Taw, Myanmar
TakkonⅠBranch
95-9-441473341
No. (ma-127), Yin Mar Street, Area (3), Mya Waddy Ward, Takkon Township, Nay Pyi Taw
TakkonⅡBranch
95-9-441481276
No. 93, Thatoeminsaw Yat, Aung Zaya Ward, Takkon Township, Nay Pyi Taw
Ottarathiri Branch
95-9-893642032
No. 134, Myit Ma Kha (1)street, Shwe Nathar Ward, Ottarathiri Township, Nay Pyi Taw
Nattalin Branch
95-9-773579731
No.52, Apyin Tharzi Street, Tharzi Ward, Nattalin Township, Bago
Taungwingyi Branch
95-9-692687628
No. 174, Ohntaw No. 2 Ward, Taungdwingyi Township, Magwey
Natmauk Branch
95-9-891504155
No.22, Plot U Paing No.105, East Aung San Ward, Natmauk Township, Magway
Danubyu Branch
95-9-754217498
No. 195, 5 Street, 17 Ward, Danubyu Township, Ayeyarwady
Myaungmya Branch
95-9-753435339
No.6, Bawdi Pin Street, 8ward, Myaungmya Township, Ayawarddy
Pathein Branch
95-9-787953029
No.1, Kant Kaw street, Htaung Gyi Land(68-A), Pilot NO.41-EE 5Ward, Ayeyarwaddy housing,
Pathein Township, Ayeyarwaddy Division
PHILIPPINES
Wealth Development Bank
63-32-415-5265
Taft Financial Center, Cardinal Rosales Avenue, Cebu Business Park, Cebu City, Cebu,
Philippines
ALABANG BRANCH
63-2-801-5335
Unit 103, South Center Tower Condominium 2206 Market Street, Madrigal Business Par
Alabang, Muntinlupa City
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
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NETWORK
PHONE
ADDRESS
ANGELES MARQUEE MALL
BRANCH
63-45-624-0072
Ground Floor , Marquee Mall, Don Bonifacio St., Pulung Maragul Angeles City, Pampanga
LEGAZPI PACIFIC MALL BRANCH
63-52-480-0038
G/F Expansion II, Pacific Mall Legazpi, Landco Business Park, F. Imperial Street Cor.
Circumferential Road, Legazpi City 4500
LUCENA PACIFIC MALL BRANCH
63-42-795-3771
Ground Floor L 1-26, Pacific Mall, M.L. Tagarao St. Landco Business Park, Brgy. III , Lucena
City, Quezon
TAGUIG MARKET MARKET
BRANCH
63-02-889-0275
Ground Floor, Play Ground Zone, Metro Market Market Mall, Mckinley Parkway, Fort Bonifacio
Global City, Taguig City
CEBU AYALA BRANCH
63-32-415-4888
Ground Floor, Taft Financial Center, Cardinal Rosales Avenue, Cebu Business Park, Brgy. Luz,
Cebu City
CEBU RAMOS BRANCH
63-32-412-6302
Ground Floor, Hilario Chu Bldg., No. 148 F. Ramos St. Santa Cruz, Cebu City
CEBU CARBON BRANCH
63-32-416-9077
Ground Floor, M.C. Briones & Plaridel Sts., Cebu City
CEBU MANDAUE BRANCH
63-343-8144
Ground Floor, G/F Meritz Building, A.C. Cortes Ave. Ibabao, Mandaue City, Cebu
CEBU TABUNOK BRANCH
63-32-272-2955
Ground Floor, AGSy Bldg., National Hi-Way, Tabunok Talisay City, Cebu
CEBU MANDAUE PACIFIC MALL
METRO BRANCH
63-32-239-1072
Ground Floor, Mandaue Pacific Mall Metro National Highway corner M.B. Fernan Ave. Estancia,
Ibabao, Mandaue City, Metro Cebu
CEBU MAMBALING BRANCH
63-414-4233
G/F Metro Store Mambaling, Cebu, N. Bacalso Avenue corner F. Llamas Street, Basak San
Nicolas, Cebu City
TAGBILARAN BANKING CENTER
63-411-4860
Ground Floor, No. 15 JS Torralba St., Poblacion 2, Tagbilaran City, Bohol
ILOILO BANKING CENTER
63-338-4419
Ground Floor, ACCE Bldg., Mabini Ledesma St., Liberation, Iloilo City
CAGAYAN DE ORO BANKING
CENTER
63-88-856-8974
Ground Floor, Jammin Lui Bldg., corner A. Velez & Gomez Sts. Poblacion, Cagayan de Oro City,
Misamis Oriental
DAVAO BRANCH
63-82-225-3318
Ground Floor, Door 8, 9 & 10 Grand MenSeng Hotel Pichon St., 1-E Poblacion, Davao City,
Davao del Sur
TACLOBAN BRANCH
63-053-832-3436
Real Street Corner Perichon Barangay 54, Tacloban City, Leyte
CALOOCAN BRANCH
63-0917-870-7335
Rizal Avenue Extension, East Grace Park, Caloocan 1400, Metro Manila
GENSAN BRANCH
63-083-553-2064
Gaisano Mall of GenSan, Digos-Makar Road, National Highway, Barangay Lagao, General
Santos City, 9500, Philippines
DUMAGUETE BRANCH
63-035-523-5532
1F Jose Building South Road Calindagan, Dumaguete City
BACOLOD BRANCH
63-034-447-0227
Lacson-Luzuriaga Streets, Bacolod City, Negros Occidental
BUTUAN BRANCH
63-0917-870-7390
JC Aquino Ave, corner, Pareja Subdivision, Butuan City, Mindanao
NAGA BRANCH
63-054-881-2836
Ground Floor, Super Metro Camarines Sur, Panganiban Drive, Naga City, Casmarines Sur
BAGUIO BRANCH
63-074-665-2394
NRC Building, Abanao Street, Baguio City, Benguet, Cordillera Administrative Region
BINONDO BRANCH
63-02-8241-4935
Lucky Chinatown Mall, Reina Regente St. Binondo, Manila, National Capital Region
VIETNAM
Woori Bank Vietnam
Limited
84-04-7300-6802
34F, Keangnam Landmark 72, E6 Pham Hung Road, Tu Liem District. Hanoi, Vietnam
Hanoi Branch
84-4-3831-5281
24F, Keangnam Landmark 72, E6 Pham Hung Road, Tu Liem District. Hanoi, Vietnam
Hochiminh Branch
84-8-3821-9839
No. 7,8,9, 2nd Floor, Mplaza Saigon, 39 Le Duan St., Ben Nghe Ward, Dist. 1, HCMC, Vietnam
Bac Ninh Branch
84-22-2390-8460
1st and 3rd Floor, Vincom plaza Bac Ninh, Ly Thai To Street, Suoi Hoa Ward, Bac Ninh City,
Bac Ninh Province, Vietnam
Hai Phong Branch
84-255-730-0101
NO. 4, Lot 22A, Le Hong Phong Street (Cat Bi Airport New Urban Area), Dong Khe Ward, Ngo
Quyen District, Hai Phong City, Vietnam
Thai Nguyen Branch
84-208-730-0010
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
Binh Duong Branch
84-274-222-2631
10th Floor, Becamex Building, No.230, Binh Duong boulevard, Thu Dau Mot City, Binh Duong
Province, Vietnam
Phu My Hung Branch
84-28-7303-0503
Room No.103, 1st floor and Room No.203, 2nd floor, The 67 (678) Tower, No.67 Hoang Van
Thai Street, Quarter 1, Tan Phu ward, District 7, Ho Chi Minh city
NETWORK
PHONE
ADDRESS
Dong Nai Branch
84-251-730-0370
Ton Duc Thang road, Nhon Trach 3 Industrial Zone, Phase1, Hiep Phuoc, ward, Nhon Trach
district, Dong Nai Provincem Vietnam
Ha Nam Branch
84-266-730-0020
1st and 2nd floor, Tien Loc Building, Commercial Service Zone 4, Thanh Chau ward, Phu Ly
City, Ha Nam Province, Vietnam
Da Nang Branch
84-236-730-0321
2nd floor, Phi Long Technology Building, 52 Nguyen Van Linh Road, Nam Duong Ward, Hai
Chau District, Da Nang City, Vietnam
Bien Hoa Branch
84-251-730-0270
5th Floor, Sonadezi Building, No 1, Road 1, Bien Hoa 1 Industrial Zone, An Binh Ward, Bien Hoa
City, Dong Nai Province, Vietnam
Sai Gon Branch
84-28-7300-2710
Ground floor and 8th Floor, E-Town 1 Building, no. 364 Cong Hoa St. Ward 13, Tan Binh
District, Ho Chi Minh City, Vietnam
Vinh Phuc Branch
84-211-730-0010
1st and 2nd Floor, Bao Quan Hotel, 396 Me Linh Street, Lien Bao ward, Vinh Yen City, Vinh
Phuc Province, Vietnam
Hoan Kiem Branch
84-24-3204-5203
1st and 5th Floor, Asia Tower Building, No.6, Nha Tho street, Hang Trong ward, Hoan Kiem
district, Hanoi city, Vietnam
Samsung Electronics Transaction
Office
84-22-2369-9431
1st and 2nd Floor, Halla building, Lot CC2, Yen Phong Industrial Zone, Yen Trung Commune,
Yen Phong District, Bac Ninh Province, Vietnam
Trang Due Transaction Office
84-22-5730-4868
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
Vinhomes Central Park Transaction
Office
84-28-3535-4900
P6-0.14 Park 6 (P6 SH.07), Vinhomes Central Park, 720A Dien Bien Phu Street, 22 Ward, Binh
Thanh District, Hochiminh City
Charmvit Tower Transaction Office 84-24-7306-9568
01st Floor, Grand Plaza Shopping Center Building, No 117 Tran Duy Hung, Trung Hoa Ward,
Cau Giay District, Hanoi
Ha Dong Transaction Office
84-24-7302-1899
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
Can Tho Branch
84-29-2352-5016
No.209, 30/4 street, Xuan Khanh ward, Ninh Kieu district, Can Tho City
Starlake Branch
84-24-7300-0028
K7TT1-SH06, Central area of Tay Ho Tay new urban project, Xuan La ward, Tay Ho district,
Hanoi
Le Dai Hanh Transaction Office
84-28-3535-9570
B1-02, 03, 1st Floor, Bao Gia Building, No.184 Le Dai Hanh Street, Ward 15, District 11, Ho Chi
Minh City
My Dinh Transaction Office
84-24-7305-1566
1st Floor (area 97m2), Sudico Tower, Me Tri Street, My Dinh 1 Ward, Nam Tu Liem District,
Hanoi
Lotte Center Transaction Office
84-24-3201-5210
Room 68, Floor B1, Lotte Center Ha Noi, 54 Lieu Giai Street, Cong Vi Ward, Ba Dinh District,
Hanoi City
Lotte Mall Branch
84-24-3202-0340
Lot No. 113 1st Floor, Lotte Mall Hanoi, 272 Vo Chi Cong Street, Phu Thuong Ward, Tay Ho
District, Hanoi
Nam Binh Duong Transaction Office 84-27-4730-9991
Lot No. 1F-05, 1st floor, Lotte Mart Binh Duong, The Seasons Binh Duong urban area, Lai
Thieu ward, Thuan An city, Binh Duong province
West Sai Gon Branch
84-28-7309-0818
Room G-002B 1F & room FL1-001 2F, Trade Center for textile and garment supermarket,
fabric and apartment complex, at No.922, Nguyen Trai street, Ward 14, District 5, Ho Chi Minh
city.
CAMBODIA
Woori Bank(Cambodia)
PLC.
023-963-333
Buliding 398, Preah Monivong Blvd, Sangkat Boeun Keng Kang 1, Khan Chamkarmon, Phnom
Penh 12302, Kingdom of Cambodia
Phnom Penh Head Office
023-963-333
Building No. 398, Preah Monivong Blvd., Phum Phum 1, Sangkat Boeng Keng Kang Ti Muoy,
Khan Boeng Keng Kang, Phnom Penh Capital.
Kandal
087-888-068
Building № 240, National Road № 2, Phum Krapeu Ha, Sangkat Prek Ruessey, Krong Ta Khmau,
Kandal Province.
S’ang - Preaek Koy
087-888-022
#1427, Preaek Run Village, Preaek Koy Commune, S’ang District, Kandal Province.
Chbar Ampov - Nirouth
070-999-428
National road № 1, Phumi Boeng Chhuk, Sangkat Nirouth, Khan Chbar Ampov, Phnom Penh
Kandal Stueng Branch - Preaek
Roka
087-888-052
National Road № 2, Preaek Roka Village, Preaek Roka Commune, Kandal Stueng District,
Kandal Province
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
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Woori Financial Group Annual Report 2024
NETWORK
PHONE
ADDRESS
Leuk Daek - Kampong Phnum
081-666-996
National Road № 1, Ampil Tuek village, Kampong Phnum commune, Leuk Daek district, Kandal
province
Prey Veng
010-855-344
№ 23, National Road № 11, Phum Lekh Prambei, Sangkat Kampong Leav, Krong Prey Veng,
Prey Veng Province
Sithor Kandal - Preaek Changkran
010-855-600
Preaek Sandaek Village, Preaek Changkran Commune, Sithor Kandal District, Prey Veng
Province
Svay Rieng
087-666-746
Lot No 443, National Road No 1, Phum Kien Sang, Sangkat Svay Rieng, Krong Svay Rieng,
Svay Rieng Province
Preah Sdach - Angkor Reach
010-855-522
Krasang Tong village, Angkor Reach commune, Preah Sdach district, Prey Veng province
Kampong Trabaek - Prasat
010-855-244
Doun Tung Village, Prasat Commune, Kampong Trabaek District, Prey Veng Province
Me Sang - Chi Phoch
093-855-054
Veang Village, Chi Phoch Commune, Me Sang District, Prey Veng Province
Bavet - Chrak Mtes
087-666-368
Phum Thnal Cheat, Sangkat Chrak Mtes, Krong Bavet, Svay Rieng Province
Romeas Haek - Kampong Trach
087-666-793
Ta Trav Village, Kampong Trach Commune, Romeas Haek District, Svay Rieng Province
Kampong Rou - Nhor
087-555-280
Rou Village, Nhor Commune, Kampong Rou District, Svay Reang Province
Rumduol- Kampong Chak
087-666-946
Chak Village, Kampong Chak commune Rumduol District Svay Rieng Province
Takeo
090-855-660
Lot № 1742 & 1130, National Road № 2, Phum Thnal Baek, Sangkat Roka Krau, Doun Kaev
Municipality, Takeo Province
Bati District - Trapeang Sab
090-855-662
National Road № 2, Smau Khnhei village, Trapeang Sab commune, Bati district, Takeo
province
Tram Kak - Angk Ta Saom
090-855-311
National Road № 3, Angk Ta Saom Village, Angk Ta Saom Commune, Tram Kak District,
Takeo Province
Kiri Vong - Preah Bat Choan Chum 090-855-671
Lot № 1806, Kampong Village, Preah Bat Choan Chum Commune, Kiri Vong District, Takeo
Province
Treang - Smaong
090-855-575
Kampong Chrey Village, Smaong Commune, Treang District, Takeo Province
Samraong - Samraong
090-855-388
Prey Totueng Village, Samraong Commune, Samraong District, Takeo Province
Prey Kabbas - Prey Lvea
071-385-5059
Lvea Tnaot Village, Prey Lvea Commune, Prey Krabbas District, Takeo Province
Chhuk - Satv Pong
088-855-8498
National Road № 3, Damnak Toap Khang Tboung village, Krang Snay commune, Chhuk
district, Kampot province
Banteay Meas - Tuk Meas Khang
Lech
060-855-711
Prey Krala Khang Lech Village, Tuk Meas Khang Lech Commune, Banteay Meas District,
Kampot Province
Angkor Chey - Phnum Kong
071-333-6692
Pou Village, Phnum Kong Commune, Angkor Chey District, Kampot Province
Kampong Trach - Kampong Trach
Khang Kaeut
071-346-6661
Lot № 1416, Kampong Trach Ti Muoy Village, Kampong Trach Khang Kaeut Commune,
Kampong Trach District, Kampot Province
Preah Sihanouk
087-888-064
№ 249, Street Ekareach 100, Phum Phum Bei, Sangkat Pir, Krong Preah Sihanouk, Preah
Sihanouk Province
Srae Ambel - Srae Ambel
087-888-105
Trapeang Village, Srae Ambel Commune, Srae Ambel District, Koh Kong Province
Basedth - Pheari Mean Chey
087-888-029
Preah Mlob Village, Pheari Mean Chey Commune, Basedth District, Kampong Speu Province
Kampong Speu
068-855-377
№ 85, National Road № 4, Phum Borei Kammeakkar, Sangkat Rokar Thum, Krong Chbar Mon,
Kampong Speu Province
Samraong Tong - Saen Dei
071-385-5011
Street № 41, Tuol Ta Sokh Village, Saen Dei Commune, Samraong Tong District, Kampong
Speu Province
Ponhea Lueu -Tumnob Thum
068-855-388
Srae Ta Meaeng Village, Tumnob Thum Commune, Ponhea Lueu District, Kandal Province
Samkkei Munichay - Krang Chek
071-385-5003
Krang Chongruk Village, Krang Chek Commune, Samkkei Munichay District, Kampong Speu
Province
Thpong - Prambei Mum
068-855-366
Anlong Chrey Village, Prambei Mum Commune, Thpong District, Kampong Speu Province
Aoral - Sangkae Satob
087-888-060
Phsar Kantuot Village, Sangkae Satob Commune, Aoral District, Kampong Speu Province
Phnum Sruoch - Kiri Voan
087-888-141
Phsar Trapeang Kraloeng Village, Kiri Voan Commune, Phnum Sruoch District, Kampong Speu
Province
NETWORK
PHONE
ADDRESS
Tuek Phos - Akphivoadth
087-777-060
Srae Ta Chey Village, Akphivoadth Commune, Tuek Phos District, Kampong Chhnang
Province
Kampong Chhnang
097-959-5739
National Road № 5, Phum Tuol Kralanh, Sangkat Kampong Chhnang, Krong Kampong
Chhnang, Kampong Chhnang Province
Kampong Leaeng - Kampong Hau
087-777-229
Kampong Boeng Village, Kampong Hau Commune, Kampong Leaeng District, Kampong
Chhnang Province
Kampong Tralach - Peani
087-777-069
National Road № 5, Soben Village, Peani Commune, Kampong Tralach District, Kampong
Chhnang Province
Baribour - Ponley
087-777-949
№ A157, National Road № 5, Ponley Village, Ponley Commune, Baribour District, Kampong
Chhnang Province
Pursat
088-855-1141
Lot No. 506, National Road No5, Phum Ra, Sangkat Phteah Prey, Krong Pursat, Pursat
Province
Krakor - Anlong Tnaot
088-855-1989
№ 56A, National Road № 5, Phsar Village, Anlong Tnaot Commune, Krakor District, Pursat
Province
Phnum Kravanh - Leach
090-855-253
Pech Ban Village, Leach Commune, Phnum Kravanh District, Pursat Province
Veal Veaeng - Pramaoy
087-777-824
Lot No. 883, National Road No 55, Pramaoy Village, Pramaoy Commune, Veal Veaeng District,
Pursat Province
Kampong Thom
090-855-001
№ 009B, Group 1, National Road № 6, Phum Stueng Saen, Sangkat Kampong Krabau, Krong
Stueng Saen, Kampong Thom Province
Taing Kouk - Triel
071-326-6668
Rumchek Village, Triel Commune, Taing Kouk District, Kampong Thom Province
Stoung - Kampong Chen Tboung
071-983-3389
National Road № 6, Leap Tong village, Kampong Chen Tboung commune, Stoung district,
Kampong Thom province
Baray - Ballangk
060-855-148
Prey Ta Trav Village, Ballangk Commune, Baray District, Kompong Thom Province
Sandan - Sandan
071-333-6694
Toekmleang village, Sandan commune, Sandan district, Kampong Thom province
Prasat Sambour - Sambour
090-855-277
Sambour Village, Sambour Commune, Prasat Sambour District, Kampong Thom Province
Chamkar Leu - Svay Teab
090-855-500
Thnol Bek Lech Village, Svay Tearb Commune, Chamkar Leu District, Kampong Cham
Province.
Battambang
010-855-881
Building № 99, Street № 3, Phum Maphey Osakphea, Sangkat Svay Por, Krong Battambang,
Battambang Province.
Banan - Kantueu Pir
010-855-911
Banan Village Kantueu Pir Commune, Banan District, Battambang Province
Rotonak Mondol - Sdau
069-855-668
№ 34, Sdau village, Sdau Commune, Rotonak Mondol distrcit, Battambang province
Moung Ruessei - Kear
016-855-291
Pou Muoy Village,Kear Commune, Moung Ruessei District, Battambang Province
Bakan - Boeng Khnar
081-855-709
Khnach Romeas Village, Beung Khnar Commune, Bakan District, Pursat Province
Pailin
010-855-922
Phum Ou Ta Puk Leu, Sangkat Pailin, Krong Pailin, Pailin Province
Samlout - Ta Sanh
087-666-391
Ou Tontuem village, Ta sanh commune, Samlout district, Battambang province
Kamrieng - Boeng Reang
087-555-978
Doung Village, Boeng Reang Commune, Kamrieng District, Battambang Province
Preah Vihear
090-855-123
Phum La Edth, Sangkat Kampong Pranak, Krong Preah Vihear, Preah Vihear Province.
Kuleaen - Kuleaen Tboung
090-855-156
Kuleaen Tboung Village, Kuleaen Tboung Commune, Kuleaen District, Preah Vihear Province
Sangkum Thmei - Chamraeun
097-557-8790
Tbeang Village, Chamraeun commune, Sangkum Thmei district, Preah Vihear province
Rovieng - Robieb
090-855-170
Lot № 333, Tnaot Mlu Village, Robieb Commune, Rovieng District, Preah Vihear Province
Trapeang Prasat - Trapeang Prasat 090-855-176
Trapeang Prasat Village, Trapeang Prasat commune, Trapeang Prasat District, Oddar
Meanchey Province
Choam Ksant - Choam Ksant
068-855-987
Choam Ksant Village, Choam Ksant Commune, Choam Ksant District, Preah Vihear Province
Kampong Cham
097-959-5739
Phum Boeng Snay, Sangkat Sambuor Meas, Krong Kampong Cham, Kampong Cham Province
Prey Chhor - Chrey Vien
090-855-711
Doun Die village, Chrey Vean commune, Prey Chhor district, Kampong Cham province
Stueng Trang - Preak Kak
090-855-700
Tnaot Ta Say Village, Preak Kak Commune, Stueng Trang District, Kampong Cham Province.
Chol Kiri - Prey Kri
087-777-151
Prey Kri Tboung Village, Prey Kri Commune, Chol Kiri District, Kampong Chhnang Province
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
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Woori Financial Group Annual Report 2024
NETWORK
PHONE
ADDRESS
Tboung Khmum
088-855-1811
National Road № 7, Phum Cheung Lang, Sangkat Suong, Krong Suong, Tboung Khmum
Province
Kaoh Soutin - Peam Prathnuoh
088-855-1788
Lot № 168, Phsar Thmei Village, Peam Prathnuoh Commune, Kaoh Soutin District, Kampong
Cham Province
Ponhea Kraek - Kaong Kang
068-855-962
Kandaol Kaong Village, Kaong Kang Commune, Ponhea Kraek District, Tboung Khmum
Province
Kratie
097-572-5271
Phum Ou Ruessei Ti Muoy, Sangkat Ou Ruessei, Krong Kratie, Kratie Province
Chhloung - Chhloung
071-385-5097
Chrouy Thma Leu Village, Chhloung Commune, Chhloung District, Kratie Province.
Snuol - Snoul
071-385-5098
Kbal Snuol Village, Snuol Commune, Snuol District, Kratie Province
Kaev Seima - Srae Khtum
071-385-5099
Ou Am Village, Srae Khtum Commune, Kaev Seima District, Mondul Kiri Province
Dambae - Dambae
088-855-1909
Sach Chey Sen Village, Dambae Commune, Dambae District, Tboung Khmum Province
Memot - Memot
068-855-961
Masin Tuek Village, Memot Commune, Memot District, Tboung Khmum Province
Banteay Meanchey
090-855-993
Phum Kourothan, Sangkat Ou Ambel, Krong Serei Saophoan, Banteay Meanchey Province.
Paoy Paet - Ou Chrov
010-855-911
Phum Ou Chrov, Sangkat Ou Chrov, Krong Paoy Paet, Banteay Meanchey Province
Thma Puok - Thma Puok
090-855-449
Kasen village, Thma Puok commune, Thma Puok district, Bantey Mean Chey province
Bavel - Bavel
087-666-923
Dach Proat Village, Bavel Commune, Bavel District, Battambang Province
Phnum Proek - Pech Chenda
087-666-396
Phnum Toch village, Pech Chenda commune, Phnum Proek district, Battambang province
Siemreap
087-555-481
Building № 76, National Road № 6, Phum Chongkaosou, Sangkat Sla Kram, Krong Siemreap,
Siemreap Province
Puok - Puok
087-555-477
Puok Chas Village, Puok Commune, Puok District, Siem Reap Province
Srei Snam - Chrouy Neang Nguon
087-555-341
Chroy Neang Nguon village, Chroy Neang Nguon commune, Srey Snam district, Siem Reap
province
Angkor Chum - Ta Saom
087-555-496
Pram Damloeng Village, Ta saom Commune, Angkor chum District, Sirem reap Province
Oddar Meanchey
087-555-485
Phum Doun Kaen, Sangkat Samraong, Krong Samraong, Oddar Meanchey Province.
Chi Kraeng - Kampong Kdei
087-555-484
National Road No. 6, Kampong Kdei Muoy Village, Kampong Kdei Commune, Chi Kraeng
District, Siemreap
Preah Netr Preah - Chob Vari
090-855-995
Chob Village, Chob Veari Commune, Preah Netr Preah District, Banteay Meanchey Province
Russey Keo - Tuol Sangkae 1
087-888-115
Phum Tuol Sampov, Sangkat Tuol Sangke 1, Khan Russey Keo, Phnom Penh
Mean Chey - Stueng Mean Chey 3 069-777-034
№ 19&21 EoE1, Veng Sreng Steet, Group 1, Phum Domnak Thom 5, Sangkat Stueng Mean
Chey 3, Khan Mean Chey, Phnom Penh
Ponhea Lueu - Vihear Luong
087-555-002
Building № 87, National Road № 5, Tep Pranam Village, Vihear Luong Commune, Ponhea Lueu
District, Kandal Province
Mukh Kampul - Preaek Dambang
087-888-034
La Edth Village, Preaek Dambang Commune, Mukh Kampul District, Kandal Province
Khsach Kandal - Preaek Ta Meak
087-888-099
Preaek Ta Meak Village, Preaek Ta Meak Commune, Khsach Kandal District, Kandal Province
Russey Keo - Svay Pak
087-777-631
National Road № 5, Phum Lu, Sangkat Svay Pak, Khan Russey Keo, Phnom Penh
Pur SenChey - Chaom Chau 3
087-888-533
№ 295, National Road № 4, Phum Chumpu Voan 2, Sangkat Chaom Chau 3, Khan Pur
SenChey, Phnom Penh
Chraoy Chongvar - Preaek Lieb
069-888-082
Building № JMR 45 & 47, National Road 6A, Phum Preaek Lieb, Sangkat Preaek Lieb, Khan
Chraoy Chongvar, Phnom Penh
Srei Santhor - Preaek Pou
087-888-264
Santey Village, Preaek Pou Commune, Srei Santhor District, Kampong Cham Province
Ratanak Kiri
071-983-3357
Street № 78, Phum Chey Chumnas, Sangkat Labansiek, Krong Ban Lung, Ratanak Kiri
Province
Stung Treng
071-983-3361
Phum Kandal, Sangkat Stueng Traeng, Krong Stueng Traeng, Stueng Traeng Province
Kaoh Nheaek - Srae Sangkum
071-385-5021
Reangsei Village, Srae Sangkum Commune, Kaoh Nheaek District, Mondul Kirni Province,
Bar Kaev - La Minh
071-349-2929
Phum Muoy Village, La Minh Commune, Bar Kaev District, Ratanak Kiri Province
Mondul Kiri
097-855-0241
Phum Kandal, Spean Mean Chey Commune, Krong Saen Monourom, Mondul Kiri Province
Kampot
088-855-8498
Phum Kampong Bay Khang Cheung, Sangkat Kampong Bay, Krong Kampot, Kampot Province.
NETWORK
PHONE
ADDRESS
Kamchay Mear - Smaong Khang
Cheung
093-855-540
№ 176, National Road № 8A,Tean Phleung Village, Smaong Khang Cheung Commune,
Kamchay Mear District, Prey Veng Province
Thma Koul - Ta Pung
093-855-199
Paoy Yong Village, Ta Pung Commune, Thma Koul District, Battambang province
Koh Kong
088-855-8228
Street Khemara Phoumin, Group № 7, Phum Phum Ti Pir, Sangkat Smach Mean Chey, Krong
Khemara Phoumin, Koh Kong Province
Cheung Prey - Soutib
088-855-8962
Skon Village, Soutib Commune, Cheung Prey District, Kampong Cham Province
Svay Chrum - Kraol Kou
093-855-447
Thlok Village, Kraol Kou Commune, Svay Chrum District, Svay Rieng Province
Pea Reang - Roka
069-999-022
Snay Pol Village, Roka Commune, Pea Reang District, Prey Veng Province
Prey Nob - Veal Renh
088-855-8850
National Road № 4, Veal Meas Village, Veal Renh Commune, Prey Nob District, Preah Sihanouk
Province
Ba Phnum - Chheu Kach
093-855-684
№ 22, Street № 317, Chheu Kach Village, Chheu Kach Commune, Ba Phnum District, Prey
Veng Province
Kaoh Thum - Preaek Thmei
093-855-202
Kampong Svay Kraom Village, Preaek Thmei Commune, Kaoh Thum District, Kandal Province
Chamkar Mon - Phsar Daeum
Thkov
070-999-540
Building № 119B, Street № 271, Sangkat Phsar Doeum Thkov, Khan Chamkarmon, Phnom
Penh.
Russey Keo - Kilomaetr Lekh
Prammuoy
070-999-362
№ 1A, National Road № 5, Phum Kraul Kor, Sangkat Kilomet Lekh Prammuoy, Khan Russey
Keo, Phnom Penh
Pur SenChey - Kakab 1
070-999-602
No 338, Russian Federation Blvd., Phum Paprak Khang Cheung, Sangkat Kakab 1, Khan Pur
SenChey, Phnom Penh
Kien Svay - Kokir
070-999-383
№ 330B & 330C, National Road № 1, Kokir Village, Kokir Commune, Kien Svay District, Kandal
Province
Ta Khmau - Ta Khmau
070-999-603
№ 31, National Road № 2, Phum Ta Khmau, Sangkat Ta Khmau, Krong Ta Khmau, Kandal
Province.
Praek Pnov - Praek Pnov
070-999-801
Phum Kandal, Sangkat Preaek Phnov, Khan Preae Phnov, Phnom Penh
Angk Snuol - Baek Chan
070-999-563
National Road № 4, Trapeang Krasang Village, Baek Chan Commune, Angk Snuol District,
Kandal Province.
Prampir Meakkakra - Veal Vong
070-999-204
№ 138D, Street № 215, Sangkat Veal Vong, Khan Prampir Meakkakra, Phnom Penh
Khsach Kandal - Preaek Ta Kov
070-999-101
Street № 380, Preaek Lvea Village , Preaek Ta Kov Commune, Khsach Kandal District, Kandal
Province
Ta Khmau - Roka Khpos
070-999-716
National Road № 21, Phum Preaek Khsev, Sangkat Rokar Khpos, Krong Ta Khmau, Kandal
Province.
Mean Chey - Stueng Mean Chey 1
070-999-531
№ 6A & 7A, Samdech Munireth Blvd., Phum Trea, Sangkat Stueng Mean Chey 1, Khan Mean
Chey, Phnom Penh
Pur SenChey - Chaom Chau 2
070-999-412
№ A21 & A23, Chaom Chao Blvd., Phum Chrey Kaong, Sangkat Chaom Chau 2, Khan Pur
SenChey, Phnom Penh
Chbar Ampov - Chbar Ampov Ti Pir 070-999-428
№ 610B, National Road № 1, Phum Deum Slaeng, Sangkat Chbar Ampov Ti Pir, Khan Chbar
Ampov, Phnom Penh.
Tuol Kouk - Boeng Kak Ti Muoy
070-999-312
Lot No 18&19, Street No 289, Phum 11, Sangkat Boeng Kak Ti Muoy, Khan Toul Kork, Phnom
Penh
Dangkao - Dangkao
070-999-386
Street № 217, Phum Ta Lei, Sangkat Dangkao, Khan Dangkao, Phnom Penh
Samraong Tong - Voa Sar
070-999-257
National Road № 4, Chambak Village, Voa Sar Commune, Samraong Tong District, Kampong
Speu Province
Saensokh - Kouk Khleang
070-999-524
№ 11 & 13, Phnom Penh-Hanoi Friendship Blvd, Phum Roung Chakr, Sangkat Kouk Kleang,
Khan Saensokh, Phnom Penh
Kandal Stueng - Barku
070-999-154
#5, Street № 38, Svay Ming Village, Barku Commune, Kandal Stueng District, Kandal Province
Ponhea Lueu - Phsar Daek
070-999-429
National Road № 5, Mlu Meun Village, Phsar Daek Commune, Ponhea Lueu District, Kandal
Province
Mukh Kampul - Preaek Anhchanh
070-999-019
№ 271, National Road № 6A, Kraom Village, Preaek Anhchanh Commune, Mukh Kampul
District,Kandal Province.
Doun Penh - Phsar Thmei Ti Bei
(Central Market)
068-855-842
№ 70E0, Street 136 corner Street 53, Phum Phum 1, Sangkat Phsar Thmei Ti Bei, Khan Doun
Penh, Phom Penh
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
81
Woori Financial Group Annual Report 2024
NETWORK
PHONE
ADDRESS
Boeng Keng Kang - Tuol Svay Prey
Ti Pir (Olympic)
093-855-886 /
071-464-7333
№ 131, Samdech Monireth Blvd. corner Street 310, Phum Phum 10, Sangkat Tuol Svay Prey Ti
Pir, Khan Boeng Keng Kang, Phnom Penh
Doun Penh - Chey Chummeah
(Riverside)
087-666-194
№ 387, Preah Sisovath Blvd, Sangkat Chey Chummeah, Khan Doun Penh, Phnom Penh.
Saensokh - Tuek Thla (Tuek Thla)
069-855-114
Russian Federation Blvd., Phum Chong Thnal Khang Kaeut, Sangkat Tuek Thla , Khan
Saensokh, Phnom Penh
Doun Penh - Chakto Mukh (Preah
Monivong)
070-560-001
No. 322E0-E3, Preah Monivong Blvd, Phum 7, Sangkat Chakto Mukh, Khan Doun Pehn, Phnom
Penh
Toul Kork - Tuek L’ak Ti Bei (Phsar
Heng Ly)
070-999-513
No 10CDE, Street N0 271, Phum 11, Sangkat Tuek L’ak Ti Bei, Khan Toul Kouk, Phnom Penh
Prampir Meakkakra- Mittapheap
087-666-918
No 11, 12&13 E0, E1&E2, Street N0 169-134, Sangkat Mittapheap, Khan Prampir Meakkakra,
Phnom Penh
EUROPE
Woori Bank Europe GmbH
+49(0)69-299-254 0
MesseTurm, 29th floor, Friedrich-Ebert-Anlage 49, 60308, Frankfurt am Main, Germany
Woori Bank Europe GmbH Hungary
Representative Office
+36-20-9444125
DBH SERVICED OFFICE BUDA SQUARE 3FL, 3039 LAJOS U. 48-66 1036 BUDAPEST,
HUNGARY
Overseas Representative Offices
NETWORK
PHONE
ADDRESS
Kuala Lumpur Representative
Office
60-3-2163-8288
32F, Menara Prestige, Jalan Pinang, 50450, Kuala Lumpur, Malaysia
Yangon Representative Office
95-01-646951
Pyay Road, M Tower, No.527, 15th Floor, Unit No.15-02, Kamayut, Yangon Region, Myanmar
Poland Representative Office
48-323-076-417
Uniwersytecka 13, 40-007, Katowice, Poland
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
WOORI ASSET MANAGEMENT
Vietnam
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
Singapore
Woori Venture Partners Singapore Br.
1 Raffles Quay #09-02 North Tower Singapore 048583
USA
Woori Venture Partners US
350 Cambridge Ave. Suite 350, Palo Alto CA 94306
Phone: 1-650-324-4681
China
Woori Venture Partners Shanghai Office.
Room 2806, L’Avenue 99 Xianxia Road, Changning Districe, Shanghai (200051)
Phone: 86-216-067-1778
WOORI CARD
Myanmar
TUTU Finance-WCI Myanmar Co Ltd. (Operates 32 networks)
Room 8, Block 6, Mingalar Mandalay, Between Thazin Street and Ngu Shwe Wah Street, 73rd Street,
Chanmyatharsi Township, Mandalay
Phone: 95-22-000219
Indonesia
PT Woori Finance Indonesia Tbk (Operates 75 networks)
Chase Plaza Lantai 12 & 15 Jl. Jend Sudirman Kav. 21, Jakarta Indonesia
82
Woori Financial Group Annual Report 2024
WOORI OVERVIEW I ESG REPORT I STRATEGY REPORT I BUSINESS REPORT I APPENDIX I FINANCIAL STATEMENT
FINANCIAL AND OTHER INFORMATION
The financial statements included in this annual report are prepared in accordance with the Korean International Financial Reporting Standards, or K-IFRS. Unless expressly stated
otherwise, all financial data included in this annual report are presented on a consolidated basis. Discrepancies between totals and the sums of the amounts contained in any table may
be a result of rounding.
DISCLAIMER
FORWARD-LOOKING STATEMENTS
This report contains “forward-looking statements” of Woori Financial Group Inc. and its subsidiaries. These forward-looking statements are not guarantees of future performance and
undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance
and financial results in future periods to differ materially from any projec tions of future performance or result expressed or implied by such forward-looking statements. Although
forward-looking statements contained in this annual report are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that
forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such state ments. The Company undertakes
no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader
is cautioned not to place undue reliance on forward-looking statements.
※ This material has been prepared by Woori Financial Group to provide an overview of the company.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31 , 2024 AND 2023
WOORI FINANCIAL GROUP INC.
Page(s)
Independent Auditor’s Report…..………......................................................
1-4
Consolidated Financial Statements
Consolidated Statements of Financial Position...............................................
6
Consolidated Statements of Comprehensive Income....…...…………..………
7-8
Consolidated Statements of Changes in Equity..............................................
9
Consolidated Statements of Cash Flows………………………..……...............
10-11
Notes to the Consolidated Financial Statements……...……………...……
12-190
Independent Auditor’ Report on Internal Control over Financial Reporting for
Consolidation Purposes…...……...……...……...……...……...………………
191-192
Operating Status Report of Internal Control over Financial Reporting…
193
152, Teheran-ro, Gangnam-gu, Seoul 06236
(Yeoksam-dong, Gangnam Finance Center 27th Floor)
Republic of Korea
Independent Auditor’s Report
Based on a report originally issued in Korean
To the Board of Directors and Shareholders of
Woori Financial Group Inc.
Opinion
We have audited the consolidated financial statements of Woori Financial Group Inc. and its subsidiaries
(“the Group”), which comprise the consolidated statements of financial position as of December 31,
2024 and 2023, the consolidated statements of comprehensive income, changes in equity and cash flows
for the year then ended, and notes, comprising of material accounting policy information and other
explanatory information.
In our opinion, the accompanying consolidated financial statements present fairly, in all material
respects, the consolidated financial position of the Group as of December 31, 2024 and 2023, and its
consolidated financial performance and its consolidated cash flows for the year then ended in accordance
with Korean International Financial Reporting Standards (“K-IFRS”).
We also have audited, in accordance with Korean Standards on Auditing (KSAs), the Group's Internal
Control over Financial Reporting (“ICFR”) for consolidation purposes as of December 31, 2024, based
on the criteria established in Conceptual Framework for Designing and Operating Internal Control over
Financial Reporting issued by the Operating Committee of Internal Control over Financial Reporting in
the Republic of Korea, and our report dated March 5, 2025 expressed an unmodified opinion on the
effectiveness of the Group’s internal control over financial reporting for consolidation purposes.
Basis for Opinion
We conducted our audits in accordance with Korean Standards on Auditing (KSAs). 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 that are relevant to our audit of the consolidated financial
statements in Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance
with these 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 as of and for the year ended December 31, 2024. 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.
Assessment of the allowance for credit losses for loans
As discussed in Note 10 to the consolidated financial statements, the Group recognized an allowance
for credit losses using the expected credit loss (ECL) impairment model for loans at amortized cost
amounting to KRW 3,357,625 million as of December 31, 2024. ECL allowances are measured at
amounts equal to either (i) 12-month ECL; or (ii) lifetime ECL for those loans that have experienced a
significant increase in credit risk (SICR) since initial recognition or are impaired. The Group measures
ECL allowances on an individual basis for individually significant corporate loans which have had SICR
or have become impaired. The allowance for credit losses for all other loans is measured on a collective
basis. For these loans, the Group measures ECL by estimating the probability of default (PD), the loss
given default (LGD) as well as the future economic forecast information. For the incorporation of future
economic forecast information, the Group uses various information to select a model and this involves
a high level of judgment by the Group. For corporate loans, the Group’s credit rating of the borrower is
used in the determination of the PDs. The Group uses quantitative and qualitative factors to determine
the credit rating of the borrower and the evaluation of the qualitative factors involves a high level of
judgment by the Group.
We identified the following risk as a key audit matter, considering the likelihood of errors, the level of
involvement of management judgement, and risk of material misstatement.
- Risk that the allowance for credit losses which is measured on a collective basis is misstated due to
error or fraud in the manner in which future economic forecast information is incorporated.
- Risk that the allowance for credit losses which is measured on a collective basis is misstated due to
error or fraud in the evaluation of the qualitative factors which is used for determining the internal credit
ratings of corporate loans.
The following are the primary procedures we performed to address this key audit matter:
- We evaluated the design and tested the operating effectiveness of certain internal controls related to:
(i) the assessment of qualitative factors in the process of determining the Group’s credit rating of
corporate loans; and (ii) the assessment of the appropriateness of the model selection process to
incorporate future economic forecast information
- We checked whether, for a sample of corporate loans with ECL measured on a collective basis, the
Group’s policy was applied in the credit rating process
- We involved credit risk professionals with specialized skills and knowledge, who assisted in: (i) using
statistical methods to analyze the correlation between the future economic forecast information and PDs
and LGDs; (ii) assessing the reasonableness of the rationale for the selection of the final model by
checking the appropriateness and the reasonableness of the model selection criteria by statistically; and
(iii) checking the accuracy of the PDs and LGDs which incorporated future economic forecast
information by a recalculation.
Other Matter
The procedures and practices utilized 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 K-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, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Group’s financial reporting process.
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 KSAs 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 KSAs, 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.
•
Evaluate the appropriateness of accounting policies used in the preparation of the consolidated
financial statements 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 communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
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 Jae-Beom Choi.
KPMG Samjong Accounting Corp.
Seoul, Korea
March 5, 2025
This report is effective as of March 5, 2025, 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 the above audit report has not been
updated 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, 2024 AND 2023
The accompanying consolidated financial statements including
all footnote disclosures were prepared by, and are the responsibility of, the management of
Woori Financial Group Inc.
Jong Yong Yim
President and Chief Executive Officer
Main Office Address: (Address) 51, Sogong-ro, Jung-gu, Seoul
(Phone Number) 02-2125-2000
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS OF DECEMBER 31, 2024 AND 2023
- 6 -
December 31,
2024
December 31,
2023
(Korean Won in millions)
ASSETS
Cash and cash equivalents (Note 6)
27,281,123
30,556,618
Financial assets at fair value through profit or loss (“FVTPL”)
(Notes 4, 7, 11, 12, 18 and 26)
25,202,672
21,544,756
Financial assets at fair value through other comprehensive income (“FVTOCI”)
(Notes 4, 8, 11, 12, and 18)
43,797,745
37,891,495
Securities at amortized cost (Notes 4, 9, 11, 12 and 18)
19,203,177
23,996,172
Loans and other financial assets at amortized cost (Notes 4, 10, 11, 12, 18 and 41)
398,471,816
373,148,148
Investments in joint ventures and associates (Note 13)
1,748,810
1,795,370
Investment properties (Notes 14 and 18)
450,788
472,768
Premises and equipment (Notes 15 and 18)
3,370,585
3,176,759
Intangible assets (Note 16)
1,091,402
996,842
Assets held for sale (Note 17)
73,989
20,345
Net defined benefit asset (Note 24)
146,109
240,260
Current tax assets (Note 38)
61,613
203,542
Deferred tax assets (Note 38)
72,937
93,366
Derivative assets (Designated for hedging) (Notes 4,11,12 and 26)
175,191
26,708
Other assets (Notes 19 and 41)
4,605,363
3,841,787
Total assets
525,753,320
498,004,936
LIABILITIES
Financial liabilities at fair value through profit or loss (“FVTPL”)
(Notes 4, 11, 12, 20 and 26)
9,896,597
6,138,313
Deposits due to customers (Notes 4,11,21 and 41)
366,821,156
357,784,297
Borrowings (Notes 4, 6, 11, 12 and 22)
30,117,031
30,986,746
Debentures (Notes 4, 6, 11 and 22)
48,207,103
41,239,245
Provisions (Notes 23, 40 and 41)
611,428
806,031
Net defined benefit liability (Note 24)
5,424
6,939
Current tax liabilities (Note 38)
127,126
103,655
Deferred tax liabilities (Note 38)
858,822
470,311
Derivative liabilities (Designated for hedging) (Notes 4,11,12 and 26)
102,815
153,007
Other financial liabilities (Notes 4, 6, 11, 12, 25 and 41)
32,314,051
26,115,005
Other liabilities (Notes 6, 25 and 41)
796,498
803,897
Total liabilities
489,858,051
464,607,446
EQUITY
Owners’ equity (Note 28)
Capital stock
3,802,676
3,802,676
Hybrid securities
3,810,435
3,611,129
Capital surplus
934,100
935,563
Other equity
(1,400,885)
(1,668,957)
Retained earnings
26,950,510
24,986,470
34,096,836
31,666,881
Non-controlling interests
1,798,433
1,730,609
Total equity
35,895,269
33,397,490
Total liabilities and equity
525,753,320
498,004,936
The accompanying notes are part of these consolidated financial statements.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
- 7 -
2024
2023
(Korean Won in millions)
Interest income
22,013,341
20,641,554
Financial assets at FVTPL
236,793
192,094
Financial assets at FVTOCI
1,281,642
999,407
Financial assets at amortized cost
20,494,906
19,450,053
Interest expense
(13,127,005)
(11,899,014)
Net interest income (Notes 11, 30 and 41)
8,886,336
8,742,540
Fees and commissions income
2,874,216
2,565,814
Fees and commissions expense
(788,046)
(845,333)
Net fees and commissions income (Notes 11, 31 and 41)
2,086,170
1,720,481
Dividend income (Notes 11, 32 and 41)
310,320
240,293
Net gain on financial instruments at FVTPL (Notes 11, 33 and 41)
1,492,783
488,486
Net gain (loss) on financial assets at FVTOCI (Notes 11 and 34)
96,620
(37,641)
Net gain arising on financial assets at amortized cost (Note 11)
286,885
203,942
Impairment losses due to credit loss (Notes 35 and 41)
(1,716,295)
(1,894,916)
General and administrative expense (Notes 36 and 41)
(4,468,973)
(4,443,433)
Other net operating expense (Notes 11, 26, 36 and 41)
(2,718,656)
(1,520,723)
Operating income
4,255,190
3,499,029
Share of gain of joint ventures and associates (Note 13)
76,265
109,831
Other non-operating expense
(108,608)
(91,407)
Non-operating income (expenses) (Note 37)
(32,343)
18,424
Net income before income tax expense
4,222,847
3,517,453
Income tax expense (Note 38)
(1,051,378)
(890,559)
Net income
3,171,469
2,626,894
Net gain (loss) on valuation of equity securities at FVTOCI
(138,097)
193,191
Net gain on credit risk fluctuation of financial liabilities designated to be
measured at FVTPL
1,348
-
Changes in capital due to equity method
(1,663)
8,603
Remeasurement loss related to defined benefit plan
(61,929)
(79,460)
Items that will not be reclassified to profit or loss:
(200,341)
122,334
Net gain on valuation of debt securities at FVTOCI
172,155
532,334
Changes in capital due to equity method
(3,704)
(5,638)
Net gain on foreign currency translation of foreign operations
522,845
45,080
Net loss on valuation of hedges of net investments in foreign operations
(114,827)
(14,049)
Net gain (loss) on valuation of cash flow hedge
6,591
(16,524)
Items that may be reclassified to profit or loss:
583,060
541,203
Other comprehensive income, net of tax
382,719
663,537
Total comprehensive income
3,554,188
3,290,431
(Continued)
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (CONTINUED)
- 8 -
2024
2023
(Korean Won in millions)
Net income attributable to:
3,171,469
2,626,894
Net income attributable to owners
3,085,995
2,506,296
Net income attributable to non-controlling interests
85,474
120,598
Total comprehensive income attributable to:
3,554,188
3,290,431
Comprehensive income attributable to owners
3,454,620
3,164,464
Comprehensive income attributable to non-controlling interests
99,568
125,967
Earnings per share (Note 39)
Basic and diluted earnings per share (Unit: In Korean Won)
3,950
3,230
The accompanying notes are part of these consolidated financial statements.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
- 9 -
Capital
Stock
Hybrid
securities
Capital
surplus
Other
equity
Retained
earnings
Owners’
equity in
total
Non-
controlling
interests
Total
equity
(Korean Won in millions)
January 1, 2023
3,640,303
3,112,449
682,385 (2,423,392) 23,750,152
28,761,897
2,865,445 31,627,342
Total comprehensive income
Net income
-
-
-
-
2,506,296
2,506,296
120,598
2,626,894
Net gain on valuation of financial instruments
at FVTOCI
-
-
-
725,513
-
725,513
12
725,525
Net gain (loss) due to disposal of equity
securities at FVTOCI
-
-
-
(86)
86
-
-
-
Changes in capital due to equity method
-
-
-
2,996
(50)
2,946
19
2,965
Gain on foreign currency translation of
foreign operations
-
-
-
39,780
-
39,780
5,300
45,080
Loss on valuation of hedges of net
investments in foreign operations
-
-
-
(14,049)
-
(14,049)
-
(14,049)
Loss on valuation of cash flow hedge
-
-
-
(16,524)
-
(16,524)
-
(16,524)
Remeasurement gain related to defined
benefit plan
-
-
-
(79,498)
-
(79,498)
38
(79,460)
Transactions with owners
Comprehensive stock exchange
162,373
-
249,008
-
-
411,381
(414,015)
(2,634)
Dividends to common stocks
-
-
-
-
(978,376)
(978,376)
(11,647)
(990,023)
Changes in treasury stocks
-
-
1,128
(35,529)
(100,000)
(134,401)
-
(134,401)
Issuance of hybrid securities
-
498,680
-
-
-
498,680
299,327
798,007
Dividends to hybrid securities
-
-
-
-
(131,148)
(131,148)
(95,637)
(226,785)
Redemption of hybrid securities
-
-
-
(1,695)
-
(1,695)
(1,097,697) (1,099,392)
Changes in subsidiaries’ capital
-
-
(1,869)
60,491
(60,490)
(1,868)
(1,927)
(3,795)
Changes in non-controlling interests related
to business combinations
-
-
-
-
-
-
138,478
138,478
Others
-
-
4,911
73,036
-
77,947
(77,685)
262
December 31, 2023
3,802,676
3,611,129
935,563 (1,668,957) 24,986,470
31,666,881
1,730,609 33,397,490
January 1, 2024
3,802,676 3,611,129
935,563 (1,668,957) 24,986,470
31,666,881
1,730,609 33,397,490
Total comprehensive income
Net income
-
-
-
-
3,085,995
3,085,995
85,474 3,171,469
Net gain (loss) on valuation of financial
instruments at FVTOCI
-
-
-
34,203
-
34,203
(145)
34,058
Net gain (loss) due to disposal of equity
securities at FVTOCI
-
-
-
(53,460)
53,460
-
-
-
Net gain on credit risk fluctuation of financial
liabilities designated to be measured at
FVTPL
-
-
-
1,348
-
1,348
-
1,348
Changes in capital due to equity method
-
-
-
(5,357)
(10)
(5,367)
-
(5,367)
Gain on foreign currency translation of
foreign operations
-
-
-
508,631
-
508,631
14,214
522,845
Loss on valuation of hedges of net
investments in foreign operations
-
-
-
(114,827)
-
(114,827)
- (114,827)
Gain on valuation of cash flow hedge
-
-
-
6,591
-
6,591
-
6,591
Remeasurement gain related to defined
benefit plan
-
-
-
(61,954)
-
(61,954)
25
(61,929)
Transactions with owners
Dividends to common stocks
-
-
-
-
(878,330)
(878,330)
(3,829) (882,159)
Changes in treasury stocks
-
-
733
3,832
(136,688)
(132,123)
- (132,123)
Issuance of hybrid securities
- 1,196,850
-
-
-
1,196,850
757,970 1,954,820
Dividends to hybrid securities
-
-
-
-
(158,682)
(158,682)
(76,249) (234,931)
Redemption of hybrid securities
-
(997,544)
-
(52,199)
- (1,049,743)
(658,470) (1,708,213)
Changes in subsidiaries’ capital
-
-
12,256
1,264
(1,693)
11,827
(9,709)
2,118
Changes in non-controlling interests related
to business combinations
-
-
(1,148)
-
-
(1,148)
5,599
4,451
Others
-
-
(13,304)
-
(12)
(13,316)
(47,056)
(60,372)
December 31, 2024
3,802,676 3,810,435
934,100 (1,400,885) 26,950,510
34,096,836
1,798,433 35,895,269
The accompanying notes are part of these consolidated financial statements.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
- 10 -
2024
2023
(Korean Won in millions)
Cash flows from operating activities:
Net income
3,171,469
2,626,894
Adjustments to net income:
Income tax expense
1,051,378
890,559
Interest income
(22,013,341)
(20,641,554)
Interest expense
13,127,005
11,899,014
Dividend income
(310,320)
(240,293)
(8,145,278)
(8,092,274)
Additions of expenses not involving cash outflows:
Loss on financial assets at FVTOCI
4,611
46,335
Impairment loss due to credit loss
1,716,295
1,894,916
Loss on other provisions
41,938
99,444
Retirement benefit
129,029
113,435
Depreciation and amortization
1,163,799
993,176
Net loss on foreign currency translation
1,177,859
366,026
Loss on derivatives (designated for hedge)
24,252
35,583
Loss on fair value hedge
64,571
72,601
Loss on valuation of investments in joint ventures and associates
19,911
22,710
Loss on disposal of investments in joint ventures and associates
532
588
Loss on disposal of premises and equipment, intangible assets and other assets
2,233
1,873
Impairment loss on premises and equipment, intangible assets and other assets
3,627
129
Other loss
10,887
-
Other operating expenses
9,509
-
4,369,053
3,646,816
Deductions of income not involving cash inflows:
Gain on financial assets at FVTPL
1,299,919
571,179
Gain on financial assets at FVTOCI
101,231
8,694
Gain on other provisions
10,026
19,781
Gain on derivatives (designated for hedge)
192,000
114,875
Gain on fair value hedge
25,469
8,986
Gain on valuation of investments in joint ventures and associates
96,176
132,541
Gain on disposal of investments in joint ventures and associates
19,642
33,123
Gain on disposal of premises and equipment, intangible assets and other assets
7,064
5,267
Reversal of impairment loss on premises and equipment, intangible assets and other
assets
147
230
1,751,674
894,676
Changes in operating assets and liabilities:
Financial instruments at FVTPL
1,594,646
(1,715,646)
Loans and other financial assets at amortized cost
(21,703,969)
(18,598,117)
Other assets
(1,254,513)
(1,264,071)
Deposits due to customers
3,411,535
15,176,465
Provisions
(203,770)
136,521
Net defined benefit liability
(120,782)
(172,759)
Other financial liabilities
4,806,822
2,225,382
Other liabilities
(9,173)
95,559
(13,479,204)
(4,116,666)
Interest income received
22,304,745
20,416,107
Interest expense paid
(12,483,982)
(10,626,911)
Dividends received
310,341
202,257
Income tax paid
(424,770)
(1,539,605)
9,706,334
8,451,848
Net cash inflow (outflow) from operating activities
(6,129,300)
1,621,942
(Continued)
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (CONTINUED)
- 11 -
2024
2023
(Korean Won in millions)
Cash flows from investing activities:
Net cash out-flows from obtaining control
2,008
(209,643)
Net cash out-flows from losing control
-
(464)
Disposal of financial instruments at FVTPL
11,659,750
10,487,513
Acquisition of financial instruments at FVTPL
(11,111,809)
(12,167,823)
Disposal of financial assets at FVTOCI
26,921,313
20,648,897
Acquisition of financial assets at FVTOCI
(31,718,677)
(24,211,531)
Redemption of securities at amortized cost
7,634,677
8,727,124
Acquisition of securities at amortized cost
(2,586,171)
(4,244,256)
Cash outflows from changes in subsidiaries
(674,625)
(619,726)
Disposal of investments in joint ventures and associates
1,253,301
101,051
Acquisition of investments in joint ventures and associates
(979,480)
(310,239)
Disposal of investment properties
64,926
-
Acquisition of investment properties
-
(99,234)
Disposal of premises and equipment
10,730
19,001
Acquisition of premises and equipment
(221,856)
(164,696)
Disposal of intangible assets
4,596
2,513
Acquisition of intangible assets
(190,126)
(228,503)
Disposal of assets held for sale
23,909
7,156
Net decrease of other assets
(126,765)
8,719
Net cash outflow from investing activities
(34,299)
(2,254,141)
Cash flows from financing activities:
Net cash in-flows (out-flows) from hedging activities
(25,442)
23,394
Net increase (decrease) in borrowings
(3,011,120)
2,332,376
Issuance of debentures
41,067,565
31,101,841
Redemption of debentures
(35,473,345)
(34,329,491)
Redemption of lease liabilities
(238,770)
(160,673)
Net increase (dcrease) of other liabilities
(17,690)
118
Dividends paid
(878,330)
(978,376)
Issuance of hybrid securities
1,954,820
798,007
Redemption of hybrid securities
(1,726,936)
(1,100,000)
Dividends paid to hybrid securities
(234,931)
(226,785)
Net increase in non-controlling equity liabilities
6,589
6,620
Dividends paid to non-controlling interest
(3,829)
(11,647)
Changes in non-controlling interests
(41,375)
(180,514)
Acquisition of treasury stocks
(136,699)
(158,165)
Disposal of treasury stocks
4,834
23,118
Net cash inflow (outflow) from financing activities
1,245,341
(2,860,177)
Effects of exchange rate changes on cash and cash equivalents
1,642,763
(170,154)
Net decrease in cash and cash equivalents
(3,275,495)
(3,662,530)
Cash and cash equivalents, beginning of the period
30,556,618
34,219,148
Cash and cash equivalents, end of the Period (Note 6)
27,281,123
30,556,618
The accompanying notes are part of these consolidated financial statements.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 12 -
1.
GENERAL
(1) Summary of the Parent company
Woori Financial Group, Inc. (hereinafter referred to as the “Parent company”) is primarily aimed at
controlling subsidiaries that operate in the financial industry or those that are closely related to the financial
industry through the ownership of shares and was established on January 11, 2019 under the Financial
Holding Company Act through the comprehensive transfer with shareholders of Woori Bank (hereinafter
referred to as the “Bank”), Woori FIS Co., Ltd., Woori Finance Research Institute Co., Ltd., Woori Credit
Information Co., Ltd., Woori Fund Services Co., Ltd. and Woori Private Equity Asset Management Co. Ltd.
The headquarters of the Parent company is located at 51, Sogong-ro, Jung-gu, Seoul, Korea, and the capital
stock is 3,802,676 million Won. The Parent company’s stocks were listed on the Korea Exchange on
February 13, 2019, and its American Depository Shares (“ADS”) are also being traded as the underlying
common stock on the New York Stock Exchange since the same date.
The details of stock transfer between the Parent company and subsidiaries as of Incorporation are as follows
(Unit: Number of shares)
Stock transfer company
Total number of
issued shares
Exchange ratio
per share
Number of Parent
company’s stocks
Woori Bank
676,000,000
1.0000000
676,000,000
Woori FIS Co., Ltd.
4,900,000
0.2999708
1,469,857
Woori Finance Research Institute Co., Ltd.
600,000
0.1888165
113,289
Woori Credit Information Co., Ltd.
1,008,000
1.1037292
1,112,559
Woori Fund Service Co., Ltd.
2,000,000
0.4709031
941,806
Woori Private Equity Asset Management Co., Ltd.
6,000,000
0.0877992
526,795
As of August 1, 2019, the Parent company acquired a 73% interest in Tongyang Asset Management Co., Ltd.
and changed the name to Woori Asset Management Corp. Also, as of August 1, 2019, the Parent company
gained 100% control of ABL Global Asset Management Co., Ltd., added it as a consolidated subsidiary and
changed the name to Woori Global Asset Management Co., Ltd. on December 6, 2019.
The Parent company paid 598,391 million Won in cash and 42,103,377 new shares of the Parent company to
acquire 100% interest of Woori Card Co., Ltd. from its subsidiary, Woori Bank, on September 10, 2019. On
the same date, the Parent company also acquired 59.8% interest of Woori Investment Bank Co., Ltd. from
Woori Bank with 392,795 million Won in cash.
As of December 30, 2019, the Parent company acquired a 67.2% interest (excluding treasury stocks, 51%
interest including treasury stocks) in Woori Asset Trust Co., Ltd. (formerly Kukje Asset Trust Co., Ltd.) and
added it as a consolidated subsidiary at the end of 2019. As of March 31, 2023, it acquired an additional
28.1% interests (excluding treasury stock, 21.3% in the case of including treasury stock).
The Parent company acquired 76.8% (excluding treasury stocks, 74.0% interest including treasury stocks)
interest in Woori Financial Capital Co., Ltd. (formerly Aju Capital Co., Ltd.) on December 10, 2020. In
addition, as of April 15, 2021, the Parent company acquired 13.3% interests (excluding treasury stock, 12.9%
when including treasury stock) in Woori Financial Capital Co., Ltd., and as of May 24, 2021, the Parent
company additionally acquired treasury stock (3.6%) which Woori Financial Capital Co., Ltd. possessed.
The Parent company paid 113,238 million Won in cash to acquire 100% interest of Woori Savings Bank
from its subsidiary, Woori Financial Capital Co., Ltd., on March 12, 2021.
As of August 10, 2021, the Parent company paid 5,792,866 new shares of the Parent company to the
shareholders of Woori Financial Capital Co., Ltd. (excluding the Parent company) through comprehensive
stock exchange and acquired residual interest (9.5%) of Woori Financial Capital Co., Ltd., to make it a
wholly owned subsidiary.
As of January 7, 2022, the Parent company established Woori Financial F&I Co., Ltd., an investment
company for non-performing loans and restructuring companies (100% interest, 200 billion Won in stock
payments) and included it as a subsidiary.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 13 -
As of March 23, 2023, the Parent company acquired a 53.9% interest (excluding treasury stocks, 52.0%
interest including treasury stocks) in Woori Venture Partners Co., Ltd. (formerly Daol Investment Co., Ltd.),
and added it as a consolidated subsidiary. As of May 30, 2023, the Parent company additionally acquired
treasury stock (3.5%) which Woori Venture Partners Co., Ltd. possessed.
As of August 8, 2023, the Parent company paid 22,541,465 new shares of the Parent company to the
shareholders of Woori Investment Bank Co., Ltd. (excluding the Parent company) through comprehensive
stock exchange and acquired residual interest (41.3%) of Woori Investment Bank Co., Ltd., to make it a
wholly owned subsidiary. In addition, on the same day, the Parent company paid 9,933,246 new shares of the
Parent company to the shareholders of Woori Venture Partners Co., Ltd. (excluding the Parent company)
through comprehensive stock exchange and acquired residual interest (44.5%) of Woori Venture Partners
Co., Ltd., to make it a wholly owned subsidiary.
On January 29, 2024, the Parent company's percentage of ownership in Woori Asset Management Corp. after
the merger between Woori Asset Management Corp. (the surviving company) and Woori Global Asset
Management Co., Ltd. (the merged company) is 77.5%. On March 29, 2024, the Parent company acquired
the remaining shares (22.5%) of Woori Asset Management Corp., pursuant to which Woori Asset
Management Corp. became a wholly-owned subsidiary of the parent company.
On March 25, 2024, the Parent company participated in the capital increase amount and acquired the
1,062,045 shares (96.7% after acquiring shares, 79.4% including treasury shares) of Woori Asset Trust Co.,
Ltd. Additionally, on March 29, 2024, Woori Asset Trust Co., Ltd. conducted a complete retirement of its
738,000 treasury shares. In addition, as of April 8, 2024, the Parent company additionally acquired minority
interests (2.0%) of Woori Asset Trust Co., Ltd. As of November 19, 2024, the Parent company additionally
acquired minority interests (0.9%) of Woori Asset Trust Co., Ltd
On August 1, 2024, The Company owned 97.1% interest in merged securities firm as a result of merger
between Korea Foss Securities (the surviving company) and Woori Investment Bank Co., Ltd. (dissolution
company), and acquired an additional 2.3% out of the remaining interest. The merged securities company
also changed its name to Woori Investment Securities Co., Ltd.
(2) Details of the Parent company and subsidiaries (hereinafter ‘Group’) as of December 31, 2024 and 2023
are as follows:
Percentage of ownership
(%)
Location
Financial
statements date
Subsidiaries
Main business
December 31,
2024
December 31,
2023
Held by Woori Financial Group Inc.
Woori Bank
Bank
100.0
100.0
Korea
December 31
Woori Card Co., Ltd.
Finance
100.0
100.0
Korea
December 31
Woori Financial Capital Co., Ltd.
Finance
100.0
100.0
Korea
December 31
Woori Investment Securities Co.,
Ltd. (*11)
Securities brokerage
99.5
100.0
Korea
December 31
Woori Asset Trust Co., Ltd (*1)
Real estate trust
99.6
95.3
Korea
December 31
Woori Savings Bank
Mutual saving bank
100.0
100.0
Korea
December 31
Woori Financial F&I Co., Ltd.
Finance
100.0
100.0
Korea
December 31
Woori Asset Management Corp.
(*1)
Finance
100.0
73.0
Korea
December 31
Woori Venture Partners
Other financial services
100.0
100.0
Korea
December 31
Woori Global Asset Management
Co., Ltd. (*1)
Finance
-
100.0
Korea
-
Woori Private Equity Asset
Management Co., Ltd.
Finance
100.0
100.0
Korea
December 31
Woori Credit Information Co., Ltd.
Credit information
100.0
100.0
Korea
December 31
Woori Fund Service Co., Ltd.
Financial support
service business
100.0
100.0
Korea
December 31
Woori FIS Co., Ltd.
System software
development &
maintenance
100.0
100.0
Korea
December 31
Woori Finance Research Institute
Co., Ltd.
Other service business
100.0
100.0
Korea
December 31
Held by Woori Bank
Woori America Bank
Finance
100.0
100.0
America
December 31
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 14 -
Percentage of ownership
(%)
Location
Financial
statements date
Subsidiaries
Main business
December 31,
2024
December 31,
2023
Woori Global Markets Asia
Limited
Finance
100.0
100.0 Hong Kong December 31
Woori Bank China Limited
Finance
100.0
100.0
China
December 31
AO Woori Bank (*7)
Finance
100.0
100.0
Russia
December 31
PT Bank Woori Saudara
Indonesia 1906 Tbk
Finance
90.8
84.2
Indonesia
December 31
Banco Woori Bank do Brasil S.A.
Finance
100.0
100.0
Brazil
December 31
Korea BTL Infrastructure Fund
Finance
99.9
99.9
Korea
December 31
Woori Finance Myanmar Co.,
Ltd.
Finance
100.0
100.0
Myanmar
December 31
Wealth Development Bank
Finance
51.0
51.0 Philippines December 31
Woori Bank Vietnam Limited
Finance
100.0
100.0
Vietnam
December 31
Woori Bank (Cambodia) PLC
Finance
100.0
100.0
Cambodia
December 31
Woori Bank Europe
Finance
100.0
100.0
Germany
December 31
KAMCO Value Recreation First
Securitization Specialty Co.,
Ltd. (*2)
Asset securitization
15.0
15.0
Korea
December 31
Jeonju Iwon Ltd. (*2)
Asset securitization
-
-
Korea
December 31
Wonju I one Inc. (*2)
Asset securitization
-
-
Korea
December 31
Heitz Third Co., Ltd. (*2)
Asset securitization
-
-
Korea
December 31
Woori hansoop 1st Co., Ltd. (*2)
Asset securitization
-
-
Korea
December 31
Woori International First Co., Ltd.
(*2) (*5)
Asset securitization
-
-
Korea
-
Woori QS 1st Co., Ltd. (*2)
Asset securitization
-
-
Korea
December 31
Woori Display 2nd Co., Ltd. (*2)
(*5)
Asset securitization
- -
-
Korea
-
Woori Dream 2nd Co., Ltd. (*2)
Asset securitization
- -
-
Korea
December 31
Woori K 1st Co., Ltd. (*2)
Asset securitization
-
-
Korea
December 31
Woori S 1st Co., Ltd. (*2) (*5)
Asset securitization
-
-
Korea
-
Woori Display 3rd Co., Ltd. (*2)
Asset securitization
-
-
Korea
December 31
TY 1st Co., Ltd. (*2) (*5)
Asset securitization
-
-
Korea
-
Quantum Jump the 2nd Co., Ltd.
(*2)
Asset securitization
-
-
Korea
December 31
Woori Gongdeok First Co., Ltd.
(*2) (*5)
Asset securitization
-
-
Korea
-
Woori HW 1st Co., Ltd. (*2)
Asset securitization
-
-
Korea
December 31
Woori Dream 3rd Co., Ltd. (*2)
Asset securitization
-
-
Korea
December 31
Woori SJS 1st Co., Ltd. (*2)
Asset securitization
-
-
Korea
December 31
Woori Steel 1st Co., Ltd (*2) (*5)
Asset securitization
-
-
Korea
-
SPG the 1st Co., Ltd. (*2)
Asset securitization
-
-
Korea
December 31
Woori-HWC 1st Co., Ltd. (*2)
Asset securitization
-
-
Korea
December 31
Woori HC 3rd Co., Ltd. (*2)
Asset securitization
-
-
Korea
December 31
Woori Park I 1st co., Ltd (*2)
Asset securitization
-
-
Korea
December 31
Woori DS 1st co., Ltd (*2) (*5)
Asset securitization
-
-
Korea
-
Woori HC 4th Co., Ltd. (*2)
Asset securitization
-
-
Korea
December 31
Woori SKR 1st Co., Ltd. (*2)
Asset securitization
-
-
Korea
December 31
Woori H chemical 1st Co.,Ltd (*2)
Asset securitization
-
-
Korea
December 31
HE the 1st Co.,Ltd. (*2)
Asset securitization
-
-
Korea
December 31
Woori Hub The 1st Co., Ltd. (*2)
Asset securitization
-
-
Korea
December 31
Woori K The 3rd Co., Ltd. (*2)
Asset securitization
-
-
Korea
December 31
Woori KF 1st Co., Ltd. (*2)
Asset securitization
-
-
Korea
December 31
WooriI TS 1st Co., Ltd. (*2) (*5)
Asset securitization
-
-
Korea
-
Woori H Square 1st Co., Ltd. (*2)
(*5)
Asset securitization
-
-
Korea
-
Woori L Yongsan 1st Co., Ltd.
(*2)
Asset securitization
-
-
Korea
December 31
Woori HC 5th Co., Ltd. (*2)
Asset securitization
-
-
Korea
December 31
Woori Ladena 1st Co., Ltd. (*2)
(*5)
Asset securitization
-
-
Korea
-
Woori HR 1st Co., Ltd. (*2) (*5)
Asset securitization
-
-
Korea
-
Woori Lotte Dongtan 1st Co., Ltd.
(*2)
Asset securitization
-
-
Korea
December 31
Woori HC 6th Co., Ltd. (*2)
Asset securitization
-
-
Korea
December 31
Woori HO 1st Co., Ltd. (*2)
Asset securitization
-
-
Korea
December 31
Woori ESG 1st Co.,Ltd. (*2)
Asset securitization
-
-
Korea
December 31
Woori Osiria 1st Co.,Ltd. (*2)
Asset securitization
-
-
Korea
December 31
Woori Eco 2nd Co.,Ltd. (*2) (*5)
Asset securitization
-
-
Korea
-
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 15 -
Percentage of ownership
(%)
Location
Financial
statements date
Subsidiaries
Main business
December 31,
2024
December 31,
2023
Gangnam Landmark 2nd Co., Ltd
(*2)
Asset securitization
-
-
Korea
December 31
Woori HP the 1st co.,Ltd. (*2)
Asset securitization
-
-
Korea
December 31
Woori KF 2nd Co., Ltd. (*2)
Asset securitization
-
-
Korea
December 31
Woori HD 1st co., Ltd. (*2)
Asset securitization
-
-
Korea
December 31
Woori ST 1st co.,Ltd. (*2)
Asset securitization
-
-
Korea
December 31
Woori High End 1st co., Ltd. (*2)
(*5)
Asset securitization
-
-
Korea
-
Woori HW 2nd co., Ltd. (*2)
Asset securitization
-
-
Korea
December 31
Woori Mirae 1st co., Ltd. (*2)
Asset securitization
-
-
Korea
December 31
Woori HR 2nd Co., Ltd. (*2)
(*10)
Asset securitization
-
-
Korea
December 31
Woori QS 2nd Co., Ltd. (*2)
(*10)
Asset securitization
-
-
Korea
December 31
Woori Plasma 1st Co., Ltd. (*2)
(*10)
Asset securitization
-
-
Korea
December 31
Woori EUGENE 1st Co.,Ltd (*2)
(*10)
Asset securitization
- -
-
Korea
December 31
WOORIWON 1ST,
CO,.LIMITED. (*2) (*10)
Asset securitization
- -
-
Korea
December 31
WOORI ENERBILITY 1ST,
CO,.LIMITED. (*2) (*10)
Asset securitization
- -
-
Korea
December 31
WOORI HL 1ST, CO,.LIMITED.
(*2) (*10)
Asset securitization
- -
-
Korea
December 31
WOORI SEOUL STATION
AREA 1ST, CO,.LTD. (*2)
(*10)
Asset securitization
-
-
Korea
December 31
Heungkuk Global Private
Placement Investment Trust
No. 1 (*3)
Securities investment
and others
98.8
98.8
Korea
December 31
AI Partners UK Water Supply
Private Placement Investment
Trust No.2 (*3)
Securities investment
and others
97.3
97.3
Korea
December 31
Mirae Asset Multi Overseas Real
Estate General Private
Investment Trust No. 5-2 (*3)
Securities investment
and others
99.0
99.0
Korea
December 31
IGIS Australia Investment Trust
No. 209-1 (*3)
Securities investment
and others
99.4
99.4
Korea
December 31
Woori Global Secondary Private
Placement Investment Trust
No. 1 (*3)
Securities investment
and others
98.8
98.6
Korea
December 31
JB Airline Private Placement
Investment Trust No.8 (*3)
Securities investment
and others
97.0
97.0
Korea
December 31
Kiwoom Harmony Private
Placement Investment Trust
No. 2 (*3)
Securities investment
and others
97.3
97.2
Korea
December 31
Kiwoom Harmony Private
Placement Investment Trust
No. 1 (*3)
Securities investment
and others
97.4
97.4
Korea
December 31
Kiwoom Harmony Private
Placement Investment Trust
No. 4 (*3)
Securities investment
and others
96.2
96.2
Korea
December 31
Principal Guaranteed Trust (*4)
Trust
-
-
Korea
December 31
Principal and Interest Guaranteed
Trust (*4)
Trust
-
-
Korea
December 31
Held by Mirae Asset Multi Overseas
Real Estate General Private
Investment Trust No. 5-2
MAGI No.5 LuxCo S.a.r.l.
Asset securitization
54.6
54.6 Luxembourg December 31
Held by MAGI No.5 LuxCo S.a.r.l.
ADP 16 Brussels
Asset securitization
100.0
100.0
Belgium
December 31
Held by Woori ESG Infrastructure
Development General Private
Investment Trust No. 1:
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 16 -
Percentage of ownership
(%)
Location
Financial
statements date
Subsidiaries
Main business
December 31,
2024
December 31,
2023
Woori Global Infrastructure
Development Co., Ltd. (*10)
Other financial
services
100.0
-
Korea
December 31
Namyangju Resource Circulation
Facility Development Co., Ltd.
(*10)
Other professional
services
100.0
-
Korea
December 31
Held by Woori Card Co., Ltd.
TUTU Finance –WCI Myanmar
Co., Ltd.
Finance
100.0
100.0
Myanmar
December 31
PT Woori Finance Indonesia Tbk.
Finance
84.5
84.5
Indonesia
December 31
Woori Card 2020-1 Asset
Securitization Specialty Co.,
Ltd. (*2) (*5)
Asset securitization
-
0.5
Korea
-
Woori Card 2021-1 Asset
Securitization Specialty Co.,
Ltd. (*2)
Asset securitization
0.5
0.5
Korea
December 31
Woori Card 2022-1 Asset
Securitization Specialty Co.,
Ltd. (*2)
Asset securitization
0.5
0.5
Korea
December 31
Woori Card 2022-2 Asset
Securitization Specialty Co.,
Ltd. (*2)
Asset securitization
0.5
0.5
Korea
December 31
Woori Card 2023-1 Asset
Securitization Specialty Co.,
Ltd. (*2)
Asset securitization
0.5
0.5
Korea
December 31
Woori Card 2023-2 Asset
Securitization Specialty Co.,
Ltd. (*2)
Asset securitization
0.5
0.5
Korea
December 31
Woori Card 2024-1 Asset
Securitization Specialty Co.,
Ltd. (*2) (*10)
Asset securitization
0.5
-
Korea
December 31
Held by Woori Financial Capital
Co., Ltd.
Specified Money Market Trust
Trust
100.0
100.0
Korea
December 31
Held by Woori Investment
Securities Co., Ltd.
Seari Second Securitization
Specialty Co., Ltd. (*2)
Asset securitization
5.0
5.0
Korea
December 31
Namjong 1st Securitization
Specialty Co., Ltd. (*2)
Asset securitization
5.0
5.0
Korea
December 31
Bukgeum First Securitization
Specialty Co., Ltd. (*2)
Asset securitization
5.0
5.0
Korea
December 31
Bukgeum Second Securitization
Specialty Co., Ltd. (*2)
Asset securitization
5.0
5.0
Korea
December 31
WS1909 Securitization Specialty
Co., Ltd. (*2)
Asset securitization
5.0
5.0
Korea
December 31
WS2003 Securitization Specialty
Co., Ltd. (*2)
Asset securitization
5.0
5.0
Korea
December 31
WS2006 Securitization Specialty
Co., Ltd. (*2)
Asset securitization
5.0
5.0
Korea
December 31
WH2103 Securitization Specialty
Co., Ltd. (*2)
Asset securitization
5.0
5.0
Korea
December 31
WN2103 Securitization Specialty
Co., Ltd. (*2)
Asset securitization
5.0
5.0
Korea
December 31
WH2106 Securitization Specialty
Co., Ltd. (*2)
Asset securitization
5.0
5.0
Korea
December 31
Held by Woori Asset Management
Corp.
Woori China Convertible Bond
Hedging feeder Investment
Trust H (debt-oriented hybrid)
(*3)
Securities investment
and others
89.5
84.7
Korea
December 31
Woori China Convertible Bond
Master Fund (*3) (*8) (*10)
Securities investment
and others
63.3
-
Korea
December 31
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 17 -
Percentage of ownership
(%)
Location
Financial
statements date
Subsidiaries
Main business
December 31,
2024
December 31,
2023
Woori Together TDF 2025 (*3)
(*5)
Securities investment
and others
-
30.1
Korea
-
Woori Together TDF 2035 (*3)
(*5)
Securities investment
and others
-
48.0
Korea
-
Woori Together TDF 2040 (*3)
Securities investment
and others
34.3
49.2
Korea
December 31
Woori Together TDF 2045 (*3)
Securities investment
and others
56.0
61.0
Korea
December 31
Woori Together TDF 2050 (*3)
Securities investment
and others
31.5
48.9
Korea
December 31
Woori K-New Opening Target
Return Securities Investment
Trust (Equity) (*3) (*5) (*10)
Securities investment
and others
-
-
Korea
-
Woori Rooftop Solar Private
Special Asset Investment Trust
No.1 (*3) (*10)
Securities investment
and others
40.1
-
Korea
December 31
Woori Didim US Technology and
Bio-Healthcare Feeder
Investment Trust (*3) (*10)
Securities investment
and others
44.6
-
Korea
December 31
Woori Franklin Technology
Master Fund (USD) (*3) (*5)
(*8)
Securities investment
and others
-
67.3
Korea
-
Woori Franklin Technology
Feeder Fund (H) (*3) (*5)
Securities investment
and others
-
31.4
Korea
-
Woori High Graded Bond Target
Return Fund 1 (*3) (*5)
Securities investment
and others
-
87.4
Korea
-
Woori Global Multi Asset Income
Private Placement Investment
Trust Class Cs (*3) (*5)
Securities investment
and others
-
37.7
Korea
-
Held by Woori Financial F&I Co.,
Ltd.
WI2203 Securitization Specialty
Co., Ltd. (*2)
Asset securitization
5.0
5.0
Korea
December 31
WM2203 Asset Securitization
Specialty Co., Ltd. (*2)
Asset securitization
5.0
5.0
Korea
December 31
WNI2206 Asset Securitization
Specialty Co., Ltd. (*2)
Asset securitization
5.0
5.0
Korea
December 31
WI2209 Securitization Specialty
Co., Ltd. (*2)
Asset securitization
5.0
5.0
Korea
December 31
WN2212 Asset Securitization
Specialty Co., Ltd. (*2)
Asset securitization
5.0
5.0
Korea
December 31
WK2212 Asset Securitization
Specialty Co., Ltd. (*2)
Asset securitization
5.0
5.0
Korea
December 31
WH2306 Securitization Specialty
Co., Ltd. (*2)
Asset securitization
5.0
5.0
Korea
December 31
WN2306 Securitization Specialty
Co., Ltd. (*2)
Asset securitization
5.0
5.0
Korea
December 31
WNKN2309 Securitization
Specialty Co., Ltd. (*2)
Asset securitization
5.0
5.0
Korea
December 31
WB2309 Securitization Specialty
Co., Ltd. (*2)
Asset securitization
5.0
5.0
Korea
December 31
WI2311 Securitization Specialty
Co., Ltd. (*2)
Asset securitization
5.0
5.0
Korea
December 31
WSB2312 Securitization
Specialty Co., Ltd. (*2)
Asset securitization
5.0
5.0
Korea
December 31
WK2312 Asset Securitization
Specialty Co., Ltd. (*2)
Asset securitization
5.0
5.0
Korea
December 31
WBS2312 Securitization
Specialty Co., Ltd. (*2)
Asset securitization
5.0
5.0
Korea
December 31
WK2403 Asset Securitization
Specialty Co., Ltd. (*2) (*10)
Asset securitization
5.0
-
Korea
December 31
WH2403 Securitization Specialty
Co., Ltd. (*2) (*10)
Asset securitization
5.0
-
Korea
December 31
WSB2406 Securitization
Specialty Co., Ltd. (*2) (*10)
Asset securitization
5.0
-
Korea
December 31
WK2406 Securitization Specialty
Co., Ltd. (*2) (*10)
Asset securitization
5.0
-
Korea
December 31
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 18 -
Percentage of ownership
(%)
Location
Financial
statements date
Subsidiaries
Main business
December 31,
2024
December 31,
2023
WI2406 Securitization Specialty
Co., Ltd. (*2) (*10)
Asset securitization
5.0
-
Korea
December 31
WKN2406 Securitization
Specialty Co., Ltd. (*2) (*10)
Asset securitization
5.0
-
Korea
December 31
WS2409 Asset Securitization
Specialty Co., Ltd. (*2) (*10)
Asset securitization
5.0
-
Korea
December 31
WSB2409 Asset Securitization
Specialty Co., Ltd. (*2) (*10)
Asset securitization
5.0
-
Korea
December 31
VOGO DL General Private Equity
Investment Trust 1(*3)
Securities investment
and others
99.8
99.0
Korea
December 31
WFBS 1st Corporate Recovery
Private Equity Fund (*10)
Finance
96.2
-
Korea
December 31
Held by Woori Venture Partners
Co., Ltd.
Woori Venture Partners US
Other financial services
100.0
100.0
America
December 31
Held by Woori Bank, Woori
Financial Capital Co., Ltd., and
Woori Private Equity Asset
Management Co., Ltd. (*6)
Green ESG Growth No.1 Private
Equity Fund (*3)
Securities investment
and others
34.8
30.3
Korea
December 31
Woori New Growth Credit Fund 1
(*3)
Securities investment
and others
100.0
100.0
Korea
December 31
Woori PE Secondary Fund 1 (*3)
Securities investment
and others
100.0
100.0
Korea
December 31
Held by Woori Financial Capital
Co., Ltd., Woori Private Equity
Asset Management Co., Ltd. and
Woori Investment Securities Co.,
Ltd. (*6)
Japanese Hotel Real Estate Private
Equity Fund 1 (*3)
Securities investment
and others
100.0
100.0
Korea
December 31
Held by Woori Bank, Woori
Financial Capital Co., Ltd., Woori
Investment Securities Co., Ltd.,
Woori Savings Bank and Woori
Private Equity Asset Management
Co., Ltd. (*6)
Woori Innovative Growth
Professional Investment Type
Private Investment Trust No.1
(*3)
Securities investment
and others
90.0
90.0
Korea
December 31
Held by Woori Bank, Woori
Financial Capital Co., Ltd., Woori
Investment Securities Co., Ltd.
and Woori Private Equity Asset
Management Co., Ltd. (*6)
Woori Innovative Growth
Professional Investment Type
Private Investment Trust No.2
(*3)
Securities investment
and others
85.0
85.0
Korea
December 31
Woori Innovative Growth New
Deal Private Investment Trust
No.3 (*3)
Securities investment
and others
94.3
94.3
Korea
December 31
Held by Woori Bank, Woori
Financial Capital Co., Ltd., and
Woori Investment Securities Co.,
Ltd. (*6)
Woori GP Commitment Loan
General Type Private
Investment Trust No.1 (*3)
Securities investment
and others
100.0
100.0
Korea
December 31
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 19 -
Percentage of ownership
(%)
Location
Financial
statements date
Subsidiaries
Main business
December 31,
2024
December 31,
2023
Woori Equity Bridge Loan
General Type Private
Investment Trust No.1 (*3)
Securities investment
and others
80.0
80.0
Korea
December 31
Woori GP Commitment Loan
General Type Private
Investment Trust No.2 (*3)
Securities investment
and others
100.0
100.0
Korea
December 31
Woori GP Commitment Loan
General Type Private
Investment Trust No.3 (*3)
Securities investment
and others
100.0
100.0
Korea
December 31
Woori Junior Equity General
Type Private Investment Trust
(*3) (*10)
Securities investment
and others
100.0
-
Korea
December 31
Held by Woori Bank, Woori
Financial Capital Co., Ltd., and
Woori Asset Management Corp.
(*6)
Woori New Deal(Infrastructure)
Policy Fund No.1(*3)
Securities investment
and others
70.0
70.0
Korea
December 31
Held by Woori bank and Woori
Investment Securities Co., Ltd.
(*6)
Woori Global Development
Infrastructure Synergy
Company Private Placement
Investment Trust (*3)
Securities investment
and others
100.0
100.0
Korea
December 31
Woori NorthAmerica Infra Private
Placement Investment Trust
No. 1 (*3)
Securities investment
and others
100.0
100.0
Korea
December 31
Woori Infrastructure New Deal
Specialized Investment Private
Equity Investment Trust No. 1
(*3)
Securities investment
and others
100.0
100.0
Korea
December 31
Woori General Type Private Real
Estate Investment Trust No.2
(*3)
Securities investment
and others
30.1
30.1
Korea
December 31
Woori ESG Infrastructure
Development General Type
Private Investment Trust No.1
(*3)
Securities investment
and others
100.0
100.0
Korea
December 31
Held by Woori bank (*6)
Woori WooriBank Partners
General Type Private
Investment Trust No.1 (*3)
Securities investment
and others
92.6
92.6
Korea
December 31
Woori General Type Private Real
Estate Investment Trust No.1
(*3)
Securities investment
and others
84.9
84.3
Korea
December 31
Woori Global Mid-market
Secondary General Type
Private Investment Trust No.1
(*3)
Securities investment
and others
80.0
80.0
Korea
December 31
Woori Woori Bank Partners
Professional Type Private
Investment Trust No. 2 (*3)
Securities investment
and others
90.9
90.9
Korea
December 31
Woori General Type Private Real
Estate Investment Trust No.5
(*3)
Securities investment
and others
87.0
87.0
Korea
December 31
Woori Senior Loan General Type
Private Investment Trust No.2
(*3)
Securities investment
and others
50.0
50.0
Korea
December 31
Woori Japan General Type Private
Real Estate Feeder Investment
Trust No.1-2 (*3)
Securities investment
and others
98.8
98.8
Korea
December 31
Woori Japan Blind General Type
Private Real Estate Feeder
Investment Trust No.1 (*3)
Securities investment
and others
99.9
99.9
Korea
December 31
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 20 -
Percentage of ownership
(%)
Location
Financial
statements date
Subsidiaries
Main business
December 31,
2024
December 31,
2023
Woori Clean Energy General
Type Private Investment Trust
No.2 (*3)
Securities investment
and others
30.8
30.8
Korea
December 31
Woori Together Institutional USD
MMF No.1 C-F (*3) (*5)
Securities investment
and others
-
63.4
Korea
-
Woori ESG Infrastructure
Development General Type
Private Investment Trust No.2
(*3)
Securities investment
and others
50.0
50.0
Korea
December 31
Woori Dongbu Underground
Expressway General type
Private Special Asset
Investment Trust (*3)
Securities investment
and others
40.0
40.0
Korea
December 31
Woori Partners General Private
Investment Trust No. 3 (*3)
(*10)
Securities investment
and others
90.9
-
Korea
December 31
Woori Natixis Partnership Global
Private Debt Fund No. 1-
1(USD) (*3) (*10)
Securities investment
and others
80.0
-
Korea
December 31
Woori Natixis Partnership Global
Private Debt Fund No. 1-
2(EUR) (*3) (*10)
Securities investment
and others
80.0
-
Korea
December 31
Woori General Type Private Real
Estate Investment Trust No.7
(*3)(*10)
Securities investment
and others
87.0
-
Korea
December 31
Woori Senior Loan General Type
Private Investment Trust No.3
(*3)(*10)
Securities investment
and others
45.8
-
Korea
December 31
Woori General Private Equity
Investment Trust 1 (*3) (*5)
(*10)
Securities investment
and others
-
-
Korea
-
Held by Woori Bank and Woori
Financial Capital Co., Ltd. (*6)
Woori Renewable New Deal Fund
No.1 (*3)
Securities investment
and others
60.0
60.0
Korea
December 31
Woori Equity Investment General
Type Private Investment Trust
No.1 (*3)
Securities investment
and others
100.0
100.0
Korea
December 31
Woori Busan Logistics Infra
Private Placement Special
Asset Investment Trust (*3)
Securities investment
and others
100.0
100.0
Korea
December 31
Woori Fund Financing General
Type Private Investment Trust
(*3) (*10)
Securities investment
and others
99.7
-
Korea
December 31
Held by Woori Financial Capital
Co., Ltd. (*6)
Woori Japan Private Placement
Real Estate Feeder Investment
Trust No.1-1 (*3)
Securities investment
and others
63.2
63.2
Korea
December 31
Held by Woori Bank and Woori
Asset Management Corp. (*6)
Woori General Type Private Real
Estate Investment Trust No.6
(*3)
Securities investment
and others
85.8
85.8
Korea
December 31
Woori Innovation
Growth(Infrastructure) General
Type Private Investment Trust
No.2 (*3)
Securities investment
and others
46.4
46.4
Korea
December 31
Held by Woori bank, Woori
Investment Securities Co., Ltd.,
and Woori Asset Management
Corp. (*6)
Woori Real Estate Financial
Stabilization General Private
Securities investment
and others
100.0
-
Korea
December 31
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 21 -
Percentage of ownership
(%)
Location
Financial
statements date
Subsidiaries
Main business
December 31,
2024
December 31,
2023
Investment Trust No. 1 (*3)
(*10)
Held by Woori Bank, Woori Card
Co., Woori Investment Securities
Co., Ltd. and Woori Financial
Capital Co., Ltd. (*6)
Woori FG Digital Investment
Fund 1st (*3)
Securities investment
and others
100.0
100.0
Korea
December 31
Woori Financial Dino Lab
Investment Association No. 1
(*3) (*10)
Securities investment
and others
100.0
-
Korea
December 31
Held by Woori Japan Private
Placement Real Estate Feeder
Investment Trust No.1-1 and
Woori Japan Investment Trust No.
1-2 (*6)
Woori Japan Private Placement
Real Estate Master Investment
Trust No.1 (*3) (*8)
Securities investment
and others
100.0
100.0
Korea
December 31
Held by Woori Financial Capital
Co., Ltd. and Woori Investment
Securities Co., Ltd. (*6)
Woori Japan Private Placement
Real Estate Master Investment
Trust No.2-1 (*3)
Securities investment
and others
100.0
100.0
Korea
December 31
Held by Woori Bank and Woori
Private Equity Asset Management
Co., Ltd. (*6)
Woori Corporate Turnaround
No.1 Private Equity Fund (*3)
Securities investment
and others
36.4
36.4
Korea
December 31
Held by Woori Japan Blind General
Type Private Real Estate Feeder
Investment Trust No.1 and Woori
Japan General Type Private Real
Estate Feeder Investment Trust
No.2-1 (*6)
Woori Japan Private Placement
Real Estate Master Investment
Trust No.2 (*3) (*8)
Securities investment
and others
100.0
100.0
Korea
December 31
Held by Woori Japan Private
Placement Real Estate Master
Investment Trust No.1
GK OK Chatan (*3)
Other financial services
99.9
99.9
Japan
October 30 (*9)
Held by Woori Japan Blind General
Type Private Real Estate Feeder
Investment Trust No.1 (*6)
Woori Private Placement Investment
Trust No. 3 (*3) (*8)
Securities investment
and others
76.5
76.5
Korea
December 31
Held by Woori Private Placement
Investment Trust No. 3
GK Woorido (*3)
Other financial services
100.0
100.0
Japan
September 30
(*9)
Held by Woori Infrastructure New
Deal General Type Private
Investment Trust (*6)
Woori Seoul- Chuncheon
Highway Private Placement
Special Asset Investment Trust
No.1 (*3) (*5)
Securities investment
and others
-
48.0
Korea
-
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 22 -
(*1) The Company acquired additional shares of Woori Asset Trust Co., Ltd. and Woori Asset Management Corp. during
the year ended December 31, 2024. Additionally, Woori Asset Management Corp. merged with Woori Global
Management Co., Ltd. through a business combination.
(*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, 2024.
(*6) Determined that the Group controls the investees, considering the Group 1) has the power over the investee, 2) is
exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its
power to affect its returns, by two or more subsidiaries’ investment or operation.
(*7) The Russia – Ukraine conflict has been escalated in February 2022, and international sanctions were imposed on
Russia. Due to the sanctions, the Group may experience situations such as a decrease in value of financial assets or
operating assets owned by the Group regarding the conflict, an increase in receivable payment terms, limitation to
transfer funds, decrease in the profit. As of December 31, 2024, the Group expects such conflict and sanctions would
have financial impacts on the business of AO Woori Bank, one of the subsidiaries, in the future. However, the
Group cannot reasonably predict the financial impacts.
(*8) As a master-feeder fund, it is the percentage of the feeder fund’s ownership in the master fund.
(*9) As the financial statements for the end of the reporting period were not available, the most recent financial
statements available from the date of settlement were used.
(*10) Companies are included in the consolidation during the year ended December 31, 2024.
(*11) The Group owned interest in Korea Foss Securities Co., Ltd. as a result of the merger between Korea Foss
Securities Co., Ltd. (surviving company) and Woori Investment Bank Co., Ltd. (dissolution company) for the year
ended December 31, 2024. The merged securities company also changed its name to Woori Investment Securities
Co., Ltd.
(3) The Group has not consolidated the following entities as of December 31, 2024 and 2023 despite having
more than 50% ownership interest:
As of December 31, 2024
Subsidiaries
Location
Main Business
Percentage of
ownership (%)
Mirae Asset Maps Clean Water Private Equity Investment Trust 7th (*1)
Korea Securities Investment
59.7
Kiwoom Yonsei Private Equity Investment Trust (*1)
Korea Securities Investment
88.9
IGIS Europe Private Placement Real Estate Fund No. 163-2 (*2)
Korea Securities Investment
97.8
IGIS Global Private Placement Real Estate Fund No. 148-1 (*1)
Korea Securities Investment
75.0
IGIS Global Private Placement Real Estate Fund No. 148-2 (*1)
Korea Securities Investment
75.0
Mirae Asset Seoul Ring Expressway Private Special Asset Fund No. 1 (*1)
Korea Securities Investment
66.7
Hangang Blue Water Private Placement Special Asset Investment Trust (*1)
Korea Securities Investment
55.6
Korea Investment Pocheon-Hwado Highway Private Special Asset Trust 2 (*1)
Korea Securities Investment
55.2
Midas Global Private Placement Real Estate Investment Trust No. 7-2 (*1)
Korea Securities Investment
58.3
Samsung Together Korea IPPF private securities investment trust 3 [Equity-
FoFs] (*3)
Korea Securities Investment
100.0
INMARK France Private Placement Investment Trust No. 18-1 (*1)
Korea Securities Investment
93.8
Kiwoom Vibrato Private Placement Investment Trust 1-W(EUR) (*2)
Korea Securities Investment
99.5
KOTAM Global Infra Private Fund 1-4 (*2)
Korea Securities Investment
99.7
UBSHana Class 1 Special Asset Investment Trust 3 Class C 2 (*1)
Korea Securities Investment
51.0
Consus GyeongJu Green Specialized Private Special Asset Investment Trust 1
(*1)
Korea Securities Investment
50.0
Kiwoom Harmony Private Placement Investment Trust No. 3 (*1)
Korea Securities Investment
77.4
Consus Solar Energy Private Placement Investment Truns No.1(*1)
Korea Securities Investment
50.0
Kiwoom Aurora Geneal Type Private Placement Investment Trust No. 2 (*1)
Korea Securities Investment
60.0
NH-Amundi WSCP VIII Private Fund 2 (*1)
Korea Securities Investment
65.2
AI Partners Global Infrastructure Specialized Privately Placed Feeder Fund
Trust No. 2 (*2)
Korea Securities Investment
100.0
Hangang new deal infra BTL fund 4 (HNBF4) (*1)
Korea Securities Investment
60.0
IGIS Global Private Placement Real Estate Fund No. 316-1 (*2)
Korea Securities Investment
99.3
INMARK Spain Private Placement Real Estate Investment Trust No. 26-2
(*2)
Korea Securities Investment
97.7
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 23 -
As of December 31, 2024
Subsidiaries
Location
Main Business
Percentage of
ownership (%)
Woori Asset Global Partnership Fund No.5 (*4)
Korea Securities Investment
57.7
Kiwoom Harmony Private Placement Investment Trust No. 6 (*1)
Korea Securities Investment
76.9
Project Chile PMGD Solar (*2)
Korea Securities Investment
75.2
NH-Amundi BXD Private Fund 2[FoF] (*2)
Korea Securities Investment
77.8
Rifa Qualified Investors Private Real Estate Investment Trust No.40 (*2)
Korea Securities Investment
55.0
Hangang Green Environment Private Placement Special Asset Investment Trust
(*1)
Korea Securities Investment
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. The Group does not have the power over the fund’s activities even though the
Group holds ownership interest.
(*3) The Group does not have power over the stock market stabilization fund as the fund’s relevant activities are
determined by the management committee, over which the Group does not have substantial control. The Group does
not have the power over the fund’s activities even though it holds more than 50% of ownership interest.
(*4) In this fund, one of the parties holds substantive removal rights and can remove the collective investment business
operator without any cause. Consequently, the Group have no controls as it exercises decision-making rights as
agent.
As of December 31, 2023
Subsidiaries
Location
Main Business
Percentage of
ownership (%)
Mirae Asset Maps Clean Water Private Equity Investment Trust 7th (*1)
Korea Securities Investment
59.7
Kiwoom Yonsei Private Equity Investment Trust (*1)
Korea Securities Investment
88.9
IGIS Europe Private Placement Real Estate Fund No. 163-2 (*2)
Korea Securities Investment
97.9
IGIS Global Private Placement Real Estate Fund No. 148-1 (*1)
Korea Securities Investment
75.0
IGIS Global Private Placement Real Estate Fund No. 148-2 (*1)
Korea Securities Investment
75.0
Mirae Asset Seoul Ring Expressway Private Special Asset Fund No. 1 (*1)
Korea Securities Investment
66.7
Hangang Blue Water Private Placement Special Asset Investment Trust(*1)
Korea Securities Investment
55.6
Korea Investment Pocheon-Hwado Highway Private Special Asset Trust 2 (*1)
Korea Securities Investment
55.1
Midas Global Private Placement Real Estate Investment Trust No. 7-2 (*1)
Korea Securities Investment
58.3
Together-Korea Government Private Pool Private Securities Investment Trust
No.3 (*3)
Korea Securities Investment
100.0
INMARK France Private Placement Investment Trust No. 18-1 (*1)
Korea Securities Investment
93.8
Kiwoom Vibrato Private Placement Investment Trust 1-W(EUR) (*2)
Korea Securities Investment
99.5
KOTAM Global Infra Private Fund 1-4 (*2)
Korea Securities Investment
99.7
UBSHana Class 1 Special Asset Investment Trust 3 Class C 2 (*1)
Korea Securities Investment
51.0
Consus GyeongJu Green Specialized Private Special Asset Investment Trust 1
(*1)
Korea Securities Investment
50.0
Kiwoom Harmony Private Placement Investment Trust No. 3 (*1)
Korea Securities Investment
77.3
Consus Solar Energy Private Placement Investment Trust No.1 (*1)
Korea Securities Investment
50.0
IGIS ESG General Private Investment Trust No.1 (*1)
Korea Securities Investment
60.0
Kiwoom Aurora Geneal Type Private Placement Investment Trust No. 2 (*1)
Korea Securities Investment
60.0
NH-Amundi WSCP VIII Private Fund 2 (*1)
Korea Securities Investment
65.2
AI Partners Global Infrastructure Specialized Privately Placed Feeder Fund
Trust No. 2 (*2)
Korea Securities Investment
100.0
Hangang new deal infra BTL fund 4 (HNBF4) (*1)
Korea Securities Investment
60.0
IGIS Global Private Placement Real Estate Fund No. 316-1 (*2)
Korea Securities Investment
99.3
INMARK Spain Private Placement Real Estate Investment Trust No. 26-2 (*2)
Korea Securities Investment
97.7
Woori Asset Global Partnership Fund No.5 (*4)
Korea Securities Investment
57.7
Kiwoom Harmony Private Placement Investment Trust No. 6 (*1)
Korea Securities Investment
76.9
Rifa Qualified Investors Private Real Estate Investment Trust No.40 (*2)
Korea Securities Investment
55.0
(*1) 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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 24 -
(*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 this fund, one of the parties holds substantive removal rights and can remove the collective investment business
operator without any cause. Consequently, the Group have no controls as it exercises decision-making rights as
agent.
(4) The summarized financial information of the major subsidiaries are as follows. The financial
information of each subsidiary was prepared on the basis of consolidated financial statements. (Unit:
Korean Won in millions):
As of and for the year ended December 31, 2024
Subsidiaries
Assets
Liabilities
Operating
revenue
Net income
(loss)
attributable to
owners
Comprehensive
income (loss)
attributable to
owners
Woori Bank
485,888,941
456,944,053
41,881,143
3,039,372
3,381,799
Woori Card Co., Ltd.
16,613,482
13,828,816
2,293,739
147,179
160,121
Woori Financial Capital Co., Ltd.
12,770,681
11,045,686
1,759,842
141,419
138,826
Woori Investment Securities Co., Ltd.
7,186,431
6,041,109
430,599
2,552
6,279
Woori Asset Trust Co., Ltd.
499,279
39,470
107,154
1,803
1,609
Woori Savings Bank
1,874,624
1,680,378
136,417
(85,879)
(84,907)
Woori Financial F&I Co., Ltd.
1,251,854
914,388
90,373
13,306
13,199
Woori Asset Management Corp.
203,232
39,077
57,562
11,801
11,870
Woori Venture Partners Co., Ltd.
350,066
15,060
62,261
36,786
37,213
Woori Private Equity Asset Management Co.,
Ltd.
101,164
5,589
9,974
4,148
3,987
Woori Credit Information Co., Ltd.
43,985
6,555
42,796
1,614
1,252
Woori Fund Service Co., Ltd.
31,154
2,799
18,069
4,646
4,646
Woori FIS Co., Ltd.
58,868
12,094
175,624
(1,709)
(1,485)
Woori Finance Research Institute Co., Ltd.
7,663
3,892
9,022
59
(70)
As of and for the year ended December 31, 2023
Subsidiaries
Assets
Liabilities
Operating
revenue
Net income
(loss)
attributable to
owners
Comprehensive
income (loss)
attributable to
owners
Woori Bank
458,017,067
431,313,615
37,719,811
2,505,587
3,203,099
Woori Card Co., Ltd.
17,491,193
14,830,408
2,099,755
110,998
85,647
Woori Financial Capital Co., Ltd.
12,417,338
10,796,683
1,538,360
127,836
125,562
Woori Investment Securities Co., Ltd.
6,375,625
5,273,890
429,764
(53,374)
(50,735)
Woori Asset Trust Co., Ltd.
337,976
79,747
129,982
32,297
31,849
Woori Savings Bank
1,938,948
1,759,489
133,872
(49,139)
(48,974)
Woori Financial F&I Co., Ltd.
877,702
673,265
31,290
3,866
3,858
Woori Asset Management Corp.
161,868
32,780
41,311
6,408
6,267
Woori Venture Partners Co., Ltd. (*)
328,782
30,190
14,676
3,929
5,484
Woori Global Asset Management Co., Ltd.
37,512
13,526
13,857
(3,913)
(3,913)
Woori Private Equity Asset Management Co., Ltd.
96,006
4,418
10,216
1,960
1,826
Woori Credit Information Co., Ltd.
45,662
7,981
43,774
5,014
4,626
Woori Fund Service Co., Ltd.
27,526
2,758
17,059
3,539
3,539
Woori FIS Co., Ltd.
80,563
32,304
339,163
(7,511)
(9,214)
Woori Finance Research Institute Co., Ltd.
6,444
2,603
7,792
72
(11)
(*) Additional investment occurred and added it as a consolidated subsidiary during the year ended December 31, 2023.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 25 -
(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, 2024 and 2023, the Group provides 2,166,871 million Won and 2,445,644 million Won
of credit facilities, respectively, for the structured entities mentioned above. As of December 31, 2024 and
2023, the purchase commitment amounts to 2,817,626 million Won and 2,848,921 million Won, respectively.
(6) The Group has entered into various agreements with structured entities such as asset securitization,
structured finance, investment fund, and trust contract. The characteristics of interests and the nature of
risks related to unconsolidated structured entities over which the Group does not have control in
accordance with K-IFRS 1110 are as follows:
The interests in unconsolidated structured entities that the Group hold are classified into asset securitization,
structured finance, investment fund and real-estate trust, based on the nature and the purpose of each
structured entity.
Unconsolidated structured entities classified as ‘asset securitization’ are entities that issue asset-backed
securities, pay the principal and interest or distributes dividends on asset-backed securities through
borrowings or profits from the management, operation and sale of securitized assets. The Group has been
purchasing commitments of asset-backed securities or issuing asset-backed securities through credit grants,
and recognizes related interest or fee revenue. There are entities that provide additional funding and
conditional debt acquisition commitments before the Group’s financial support, but the Group is still exposed
to losses arising from the purchase of financial assets issued by the structured entities when it fails to renew
the securities.
Unconsolidated structured entities classified as ‘structured finance’ include real estate project financing
investment vehicle, social overhead capital companies, and special purpose companies for ship (aircraft)
financing. Each entity is incorporated as a separate company with a limited purpose in order to efficiently
pursue business goals and the fund is raised by equity investment or loans from financial institutions and
participating institutions. ‘Structured financing’ is a financing method for large-scale risky business, with
investments made based on feasibility of the specific business or project, instead of credit of business owner
or physical collaterals. The investors receive profits from the operation of the business. The Group
recognizes interest revenue, profit or loss from assessment or transactions of financial instruments, or
dividend income. With regard to uncertainties involving structured financing, there are entities that provide
financial support such as additional fund, guarantees and prioritized credit grants prior to the Group’s
intervention, but the Group is exposed to possible losses due to loss of principal from reduction in investment
value or irrecoverable loans arising from failure to collect scheduled cash flows and cessation of projects.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 26 -
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, 2024 and 2023 are 65,861
million Won and 1,451,874 million Won, respectively, and there is no additional commitments for MMF.
‘Real estate trust’ is to be entrusted the underlying property for the purpose of managing, disposing,
operating or developing from the consignor who owns the property and distributes the proceeds achieved
through the trust to the beneficiary. When the consignee does not fulfill his or her important obligations in
the trust contract or it is, in fact, difficult to run the business, the Group may be exposed to the threat of
compensating the loss.
The total assets of the unconsolidated structured entity held by the Group, the carrying amount of the items
recognized in the consolidated financial statements, the maximum loss exposure, and the losses from the
unconsolidated structured entity are as follows. The maximum loss exposure includes the amount of
investment recognized in the consolidated financial statements and the amount that is likely to be confirmed
in the future when satisfies certain conditions by contracts such as purchase commitments, credit offerings.
(unit : Korean Won in millions))
December 31, 2024
Asset securitization Structured Finance Investment Fund Real-estate trust
Total asset of the unconsolidated
structured entities
9,725,385
130,281,870
268,076,078
2,541,640
Assets recognized in the consolidated
financial statements related to the
unconsolidated structured entities
6,941,360
5,512,070
7,694,857
183,036
Financial assets at FVTPL
10,923
20,898
6,787,853
12,644
Financial assets at FVTOCI
1,813,481
44,477
-
-
Financial assets at amortized cost
5,116,956
5,444,604
79,879
170,392
Investments in joint ventures and
associates
-
-
824,536
-
Derivative assets
-
2,091
2,589
-
Liabilities recognized in the
consolidated financial statements
related to the unconsolidated
structured entities
242
2,270
-
10,769
Derivative liabilities
-
421
-
-
Other liabilities (provisions)
242
1,849
-
10,769
The maximum exposure to risks
7,026,784
6,402,819
11,588,447
348,947
Investment assets
6,941,360
5,512,070
7,694,857
183,036
Purchase commitment
-
-
3,892,107
-
Credit offerings and others
85,424
890,749
1,483
165,911
Loss recognized on unconsolidated
structured entities
-
84,962
200,672
79,152
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 27 -
(unit : Korean Won in millions))
December 31, 2023
Asset securitization Structured Finance Investment Fund Real-estate trust
Total asset of the unconsolidated
structured entities
14,595,681
99,568,859
189,034,319
1,604,210
Assets recognized in the consolidated
financial statements related to the
unconsolidated structured entities
9,256,063
5,414,037
6,884,658
93,222
Financial assets at FVTPL
205,449
118,026
6,000,877
8,297
Financial assets at FVTOCI
2,802,592
43,696
-
-
Financial assets at amortized cost
6,248,022
5,252,191
66
84,925
Investments in joint ventures and
associates
-
-
881,531
-
Derivative assets
-
124
2,184
-
Liabilities recognized in the
consolidated financial statements
related to the unconsolidated
structured entities
248
3,251
2,006
28,838
Derivative liabilities
-
1,243
2,006
-
Other liabilities (provisions)
248
2,008
-
28,838
The maximum exposure to risks
9,333,448
6,444,559
11,069,599
206,651
Investment assets
9,256,063
5,414,037
6,884,658
93,222
Purchase commitment
-
-
4,181,631
-
Credit offerings and others
77,385
1,030,522
3,310
113,429
Loss recognized on unconsolidated
structured entities
149
83,885
63,372
19,337
(7) As of December 31, 2024 and 2023, the share of non-controlling interests on the net income and equity
of subsidiaries in which non-controlling interests are significant are as follows: (Unit: Korean Won in
millions):
1)
Accumulated non-controlling interests at the end of the reporting period
December 31, 2024
December 31, 2023
Woori Bank (*1)
1,645,947
1,546,447
Woori Investment Securities Co., Ltd. (*2)
5,571
-
Woori Asset Trust Co., Ltd. (*3)
1,901
12,517
Woori Asset Management Corp (*4)
-
35,638
PT Bank Woori Saudara Indonesia 1906 Tbk
104,023
103,176
Wealth Development Bank
23,975
21,142
PT Woori Finance Indonesia Tbk.
16,179
13,631
(*1) Hybrid securities issued by Woori Bank
(*2) The non-controlling interests were recognized in accordance with merger with Korea Foss Securities Co., Ltd.
during the year ended December 31, 2024.
(*3) The non-controlling interests decreased in accordance with paid-in capital increase and stock retirement and
additional acquisition of minority interests during the year ended December 31, 2024.
(*4) The Group made the subsidiary a wholly-owned subsidiary through the merger with Woori Global Asset
Management Co., Ltd. and acquisition of shares of Yuanta Securities Korea Co., Ltd. during the year period ended
December 31, 2024.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 28 -
2)
Net income attributable to non-controlling interests
For the years ended December 31
2024
2023
Woori Bank (*)
76,249
95,637
Woori Investment Securities Co., Ltd.
(16)
5,687
Woori Asset Trust Co., Ltd.
276
5,720
Woori Asset Management Corp
530
1,603
Woori Venture Partners Co., Ltd.
-
1,391
PT Bank Woori Saudara Indonesia 1906 Tbk
6,764
9,521
Wealth Development Bank
764
(68)
PT Woori Finance Indonesia Tbk.
872
1,067
(*) Distribution of the hybrid securities issued by Woori Bank
3) Dividends to non-controlling interests
(*) Distribution of the hybrid securities issued by Woori Bank
For the years ended December 31
2024
2023
Woori Bank (*)
76,249
95,637
Woori Investment Securities Co., Ltd.
-
8,302
Woori Asset Trust Co., Ltd
-
365
PT Bank Woori Saudara Indonesia 1906 Tbk
3,450
2,802
PT Woori Finance Indonesia Tbk.
343
138
Others
37
40
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 29 -
2.
BASIS OF PREPARATION AND MATERIAL 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 7, 2025, and the final approval will be made in the annual general shareholders’ meeting
on March 26, 2025.
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) Amendments to Korean IFRS 1001 Presentation of Financial Statements – Classification of
Liabilities as Current or Non-current, Non-current Liabilities with Covenants
The amendments clarify that liabilities are classified as either current or non-current, depending on
the substantive rights that exist at the end of the reporting period. Classification is unaffected by the
likelihood that an entity will exercise right to defer settlement of the liability or the expectations of
management. Also, the settlement of liability includes the transfer of the entity’s own equity
instruments, however, it would be excluded if an option to settle them by the entity’s own equity
instruments if compound financial instruments is met the definition of equity instruments and
recognized separately from the liability. In addition, covenants that an entity is required to comply
with after the end of the reporting period would not affect classification of a liability as current or
non-current at the reporting date. When an entity classifies a liability that is subject to the covenants
which an entity is required to comply with within twelve months of the reporting date as non-
current at the end of the reporting period, the entity shall disclose information in the notes to
understand the risk that non-current liabilities with covenants could become repayable within
twelve months after the reporting period. The amendments do not have a significant impact on the
consolidated financial statements.
ii) Amendments to Korean IFRS 1007 Statement of Cash Flows, Korean IFRS 1107 Financial
Instruments: Disclosures – Supplier finance arrangements
When applying supplier finance arrangements, an entity shall disclose information about its supplier
finance arrangements that enables users of financial statements to assess the effects of those
arrangements on the entity’s liabilities and cash flows and on the entity’s exposure to liquidity risk.
The amendments do not have a significant impact on the consolidated financial statements.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 30 -
iii) Amendments to Korean IFRS 1116 Leases – Lease Liability in a Sale and Leaseback
When subsequently measuring lease liabilities arising from a sale and leaseback, a seller-lessee
shall determine lease payments or revised lease payments in a way that the seller-lessee would not
recognize any amount of the gain or loss that relates to the right of use retained by the seller-lessee.
The amendments do not have a significant impact on the consolidated financial statements.
iv) Amendments to Korean IFRS 1001 Presentation of Financial Statements – Disclosure of
Cryptographic Assets
The amendments require an additional disclosure if an entity holds cryptographic assets, or holds
cryptographic assets on behalf of the customer, or issues cryptographic assets. The amendments do
not have a significant impact on the consolidated financial statements.
2) The details of K-IFRSs that have been issued and published as of December 31, 2024 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 Korean IFRS 1021 The Effects of Changes in Foreign Exchange Rates and 1101
First-time Adoption of International Financial Reporting Standards – Lack of Exchangeability
When an entity estimates a spot exchange rate because exchangeability between two currencies is
lacking, the entity shall disclose related information. The amendments should be applied for annual
periods beginning on or after January 1, 2025, and earlier application is permitted. The Group does
not expect the amendments to have a significant impact on the consolidated financial statements.
ii) Amendments to Korean IFRS 1109 Financial Instruments, Korean IFRS 1107 Financial
Instruments: Disclosures
Korean IFRS 1109 Financial Instruments and Korean IFRS 1107 Financial Instruments:
Disclosures have been amended to respond to recent questions arising in practice, and to include
new requirements. The amendments should be applied for annual periods beginning on or after
January 1, 2026, and earlier application is permitted. The Group does not expect the amendments to
have a significant impact on the consolidated financial statements. These amendments:
· clarify the date of recognition and derecognition of some financial assets and liabilities, with a
new exception for some financial liabilities settled through an electronic cash transfer system;
· clarify and add further guidance for assessing whether a financial asset meets the solely
payments of principal and interest (SPPI) criterion;
· add new disclosures of impact on the entity and the extent to which the entity is exposed for
each type of financial instruments if the timing or amount of contractual cash flow changes due
to amendment of contract term; and
· update the disclosures for equity instruments designated at fair value through other
comprehensive income (FVOCI).
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 31 -
iii) Annual Improvements to Korean IFRS -Volume 11
Annual Improvements to Korean IFRS -Volume 11 should be applied for annual periods beginning
on or after January 1, 2026, and earlier application is permitted. The Group does not expect the
amendments to have a significant impact on the consolidated financial statements.
· Korean IFRS 1101 First-time Adoption of International Financial Reporting Standards: Hedge
accounting by a first-time adopter
· Korean IFRS 1107 Financial Instruments: Disclosures: Gain or loss on derecognition and
implementation guidance
· Korean IFRS 1109 Financial Instruments: Derecognition of lease liabilities and definition of
transaction price
· Korean IFRS 1110 Consolidated Financial Statements: Determination of a ‘de facto agent’
· Korean IFRS 1007 Statement of Cash Flows: Cost method
The above enacted or amended standards will not have a significant impact on the Group.
(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;
-
Rights arising from other contractual arrangements;
-
Any additional facts and circumstances that indicate that the Group has, or does not have, the
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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 32 -
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.
(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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 33 -
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.
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.
(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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 34 -
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.
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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 35 -
(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.
(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
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 36 -
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.
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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 37 -
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 applying 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.
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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 38 -
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.
(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.
(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
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 39 -
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
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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 40 -
At initial recognition, financial assets at FVTOCI are 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 are presented at
amortized cost using effective interest method, less any loss allowance.
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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 41 -
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).
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
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 42 -
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.
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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 43 -
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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 44 -
(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.
Useful life
Buildings used for business purpose
26 to 57 years
Structures in leased office
4 to 5 years
Properties for business purpose
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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 45 -
(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.
Useful life
Industrial property rights
5 to 10 years
Development costs
5 years
Software and others
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.
(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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 46 -
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:
-
Fixed payments (including in-substance fixed payments)
-
Variable lease payments that depend on an index(or a rate), initially measured using the index
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.
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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 47 -
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 7,373 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.
(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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 48 -
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).
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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 49 -
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.
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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 50 -
(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.
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
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 51 -
(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 consolidated 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.
(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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 52 -
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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 53 -
3.
MATERIAL ACCOUNTING ESTIMATES AND ASSUMPTIONS
Material accounting estimates and assumptions are continuously evaluated based on a number of factors,
including historical experience and expectations of future events that are considered reasonably probable.
Accounting estimates calculated based on these definitions may not match actual results. 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)
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.
2)
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 Material 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.
3)
Impairment of financial instruments
The accuracy of the provision for credit losses is determined by the estimation of the expected cash flows for
each borrower 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.
4)
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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 54 -
5)
Impairment of goodwill
The recoverable amount of a cash generating unit (CGU) is determined based on value-in-use calculations.
4.
RISK MANAGEMENT
The Group is exposed to various risks that may arise from its operating activities and the main types of risks
are credit risk, market risk, liquidity risk and etc. The Risk Management Organization analyzes and assesses
the level of complex risks in order to manage the risks and the risk management standards such as policies,
regulations, management systems and decision-making have been established and operated for sound
management of the Group.
The risk management organization is operated by Board Risk Management Committee, Chief Risk Officer
(CRO), and Risk Management Department. The Board of Directors operates a Board Risk Management
Committee comprised of outside directors for professional risk management. The Board 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 Board Risk Management Committee and operates a Group Risk
Management Council comprised of risk management managers of subsidiaries to periodically check and
improve the risk burden of external environments and the Group. The risk management department is
independent and is in charge of risk management of the Group. It also supports reporting and decision-
making of key risk-related issues.
(1) Credit risk
Credit risk represents the possibility of financial losses incurred due to the refusal of the transaction or when
the counterparty fails to fulfill its contractual obligations. The goal of credit risk management is to maintain
the Group’s credit risk exposure to a permissible degree and to optimize its rate of return considering such
credit risk.
1)
Credit risk management
To measure credit risk, the Group considers the possibility of failure in performing the obligation by the
counterparties, credit exposure to the counterparty, the related default risk and the rate of default loss.
The Group uses the credit rating model to assess the possibility of counterparty’s default risk; and when
assessing the obligor’s credit rating, other than quantitative methods utilizing financial statements and
others, and assessor’s judgement, the Group utilizes credit rating derived using statistical methods.
In order to manage credit risk limit, the Group establishes the appropriate credit line per obligor,
company or industry by monitoring obligor’s credit line, total exposures and loan portfolios when
approving the loan.
The Group mitigates credit risk resulting from the obligor’s credit condition by using financial and
physical collateral, guarantees, netting agreements and purchase of credit derivatives that have low
correlation with the obligor’s credit status. The Group has adopted the comprehensive method to
mitigate its credit risk. Credit risk mitigation is reflected in qualifying financial collateral, trade
receivables, guarantees, residential and commercial real estate and other collaterals. The Group
regularly performs a revaluation of collateral reflecting such credit risk mitigation.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 55 -
2)
Measurement of expected credit loss
K-IFRS 1109 requires entities to measure loss allowance equal to 12-month expected credit losses or
lifetime expected credit losses after classifying financial assets into one of the three stages, depending on
the degree of increase in credit risk since their initial recognition.
Classification
Stage 1
Stage 2
Stage 3
Definition
No significant increase in credit risk after
initial recognition (*)
Significant increase in credit
risk after initial recognition
Credit-
impaired
Loss
allowance
12-month expected credit losses
Lifetime expected credit losses
Expected credit losses that result from those
default events on the financial instrument that
are possible within 12 months after the
reporting date
Expected credit losses that result from all
possible default events over the life of the
financial instrument
(*) If the financial instrument has low credit risk at the end of the reporting period, the Group may assume that the
credit risk has not increased significantly since initial recognition.
At the end of each reporting period the Group assesses whether credit risk has significantly been
increased since the date of initial recognition. The Group assesses whether the credit risk has increased
significantly since initial recognition by using credit rating, asset quality level, early warning system,
days past due and others. For financial assets whose contractual cash flows have been modified, the
Group assesses whether there is a significant increase in credit risk on the same basis.
The Group performs the below assessment to both corporate and retail exposures, and indicators of
significant increase in credit risk are as follows:
Corporate Exposures
Retail Exposures
Asset quality level ‘Precautionary’ or lower
Asset quality level ‘Precautionary’ or lower
More than 30 days past due
More than 30 days past due
‘Warning’ level in early warning system
Significant decrease in credit rating(*)
Debtor experiencing financial difficulties
(Capital impairment, Adverse opinion or Disclaimer
of opinion by external auditors)
Deferment of repayment of principal and interest
Significant decrease in credit rating (*)
Deferment of interest
Deferment of repayment of principal and interest
Deferment of interest
(*) The Group has applied the below indicators of significant decrease in credit rating since initial recognition as
follows, and the estimation method is regularly being monitored
Credit rating
Significant increased indicator of the credit rating
Corporate
AAA ~ A+
More than or equal to 4 notches
A- ~ BBB
More than or equal to 3 notches
BBB- ~ BB+
More than or equal to 2 notches
BB ~ BB-
More than or equal to 1 notch
Retail
1 ~ 3
More than or equal to 3 notches
4 ~ 5
More than or equal to 2 notches
6 ~ 9
More than or equal to 1 notch
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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 56 -
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 also incorporates forward looking into the estimates of default rates and loss given default.
Considering the potential for latent insolvency due to increased internal and external economic
uncertainties, the Group adjusts the forward looking to additionally recognize expected credit loss
allowance.
The Group has estimated the allowance for credit losses using an estimation model that additionally
reflects the forward looking information based on the past experience loss rate data.
Loss allowance is calculated by applying PD (Probability of Default) and LGD (Loss Given Default)
estimated for each financial asset in consideration of factors such as obligor type, credit rating and
portfolio. The estimates are regularly being reviewed in order to reduce discrepancies with actual losses.
In measuring the expected credit losses, the Group is also using reasonable and supportable
macroeconomic variables such as gross domestic product (real, original series) growth rate, consumer
price index, apartment sales price index (KB, Seoul) and unemployment rate (original series) in order to
forecast future economic conditions.
The Group applies a future economic situation estimation model as follows, and the results are reviewed
regularly.
-
Development of estimation models through regression analysis of obligator (corporate, retail)/by-
period and collateral (credit, collateral)/by-period recover rate in the event of default (1- Loss Given
Default) and macroeconomic indicator data by year
Major macroeconomic indicators
Correlation between credit risk and macroeconomic
indicators
Gross domestic product (real, original series) growth
rate
Negative(-) Correlation
Average capacity utilization rate for manufacturing
Negative(-) Correlation
Unemployment rate (original series)
Positive(+) Correlation
Apartment sales price index (KB, Seoul)
Negative(-) Correlation
KOSPI
Negative(-) Correlation
Gross domestic income (GDI)
Negative(-) Correlation
Retail sales index
Negative(-) Correlation
Actual
apartment
sales
price
index
(Seoul
Metropolitan Area)
Negative(-) Correlation
KOSDAQ
Negative(-) Correlation
-
Calculation of estimated default rate and estimated default recovery rate by incorporating future
economic outlook using utilizing economic variable forecasts derived from various methods: 1)
Economic variable forecasts provided by institutions verified to be reliable such as the Bank of
Korea (BOK), Korea Development Institute (KDI), and Korea Institute of Finance (KIF); 2)
Forecasts derived from external institutions and regression analysis results; 3) Economic variable
forecasts derived through time series trends, etc., to the estimation model developed as a result of
modeling.
-
Forecast of macroeconomic variables
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 57 -
a) Probability weight
As of December 31, 2024, the probability weights applied to the scenarios of the forecasts of
macroeconomic variables is as follows (Unit: %):
Normal
Scenario
Good
Scenario
Bad
Scenario
Worst
Scenario
Probability weight
47.44
4.60
27.96
20.00
b) Economic forecast of each major macroeconomic variables by scenario (prospect period: 2025)
As of December 31, 2024, the forecasts of major macroeconomic variables by scenario is as
follows (Unit: Won, %)
Major economic
indicators (*1) (*2)
Normal
Scenario
Good
Scenario
Bad
Scenario
Worst
Scenario
Gross domestic product
(real, original series)
growth rate
1.97
5.74
(0.18)
(5.11)
Average capacity
utilization rate for
manufacturing
71.50
78.12
67.74
57.38
Unemployment rate
(original series)
2.83
1.90
3.36
6.30
Apartment sales price
index (KB, Seoul)
93.48
106.74
85.95
78.42
KOSPI
2,575.69
3,110.75
2,036.57
1,817.42
Gross domestic income
(GDI)
2,307,889.89
2,393,479.82
2,259,290.15
2,084,178.80
Retail sales index
110.99
117.19
107.47
96.02
Actual apartment sales
price index (Seoul
Metropolitan Area)
148.78
172.67
135.22
121.66
KOSDAQ
824.83
995.37
616.12
543.09
(*1) Considering the default forecast period, the Group reflected the future economic outlook.
(*2) The forecast of macroeconomic variables is based on information from credible research institutions
and historical data available at the time of estimation. It is estimated by the Group for the purpose of
calculating expected credit losses, and it may differ from predictions made by other organizations.
-
The increase rate from the predicted default rate and predicted recovery rate is used as a forward
looking adjustment coefficient and reflected to the applicable estimate for the current year.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 58 -
Considering internal and external uncertainties, The Group additionally applied the Worst scenario to
the three macroeconomic variable scenarios: Normal, Good, and Bad. Assuming all other conditions
remain the same, the sensitivity analysis the Group’s expected credit loss allowance, assuming a
probability weighting of 100% for each scenario, are as follows (Unit: Korean Won in millions):
Scenario
Applied probability weight
Assuming 100%
Difference from book value
Good
4.60%
1,334,317
(753,242)
Normal
47.44%
1,485,847
(601,712)
Bad
27.96%
1,866,074
(221,484)
Worst
20.00%
4,205,947
2,118,388
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, 2024 and 2023 is as follows (Unit: Korean
Won in millions):
December 31,
2024
December 31,
2023
Loans and other
financial assets at
amortized cost (*1)
Korean treasury and government
agencies
229,126
2,297,088
Banks
23,593,313
21,996,558
Corporates
179,986,851
159,343,530
Consumers
194,662,526
189,510,972
Sub-total
398,471,816
373,148,148
Financial assets at
FVTPL (*2)
Deposits
73,951
39,241
Debt securities
6,801,288
6,307,238
Loans
104,177
782,716
Derivative assets
10,094,532
5,798,329
Others
2,671
2,585
Sub-total
17,076,619
12,930,109
Financial assets at
FVTOCI
Debt securities
42,922,671
36,694,111
Securities at amortized
cost
Debt securities
19,203,177
23,996,172
Derivative assets
Derivative assets (Designated for
hedging)
175,191
26,708
Off-balance accounts
Payment guarantees (*3)
16,611,262
13,793,301
Loan commitments
133,863,588
126,829,192
Sub-total
150,474,850
140,622,493
Total
628,324,324
587,417,741
(*1) Cash and cash equivalents are not included.
(*2) Puttable financial instruments are not included.
(*3) As of December 31, 2024 and 2023, the financial guarantee amount of 4,156,790 million Won and 3,661,656
million Won are included, respectively.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 59 -
a) Credit risk exposure by geographical areas
The following tables analyze credit risk exposure by geographical areas (Unit: Korean Won in
millions):
December 31, 2024
Korea
China
USA
UK
Japan
Others (*)
Total
Loans and other financial
assets at amortized cost
367,026,768
5,784,272
7,108,462
584,060
850,872
17,117,382
398,471,816
Securities at amortized
cost
18,052,871
197,188
712,761
-
-
240,357
19,203,177
Financial assets at FVTPL
12,643,738
88
1,824,414
553,842
430,341
1,624,196
17,076,619
Financial assets at
FVTOCI
37,746,319
589,277
3,157,655
190,801
22,112
1,216,507
42,922,671
Derivative assets
(Designated for
hedging)
165,089
-
3,216
-
6,886
-
175,191
Off-balance accounts
144,006,247
1,213,479
1,805,060
87,755
20,758
3,341,551
150,474,850
Total
579,641,032
7,784,304 14,611,568
1,416,458 1,330,969
23,539,993
628,324,324
(*) Others consist of financial assets in Indonesia, Hong Kong, Germany, Australia, and other countries.
December 31, 2023
Korea
China
USA
UK
Japan
Others (*)
Total
Loans and other financial
assets at amortized cost
345,748,021
5,068,801
5,527,208
260,834
617,188
15,926,096
373,148,148
Securities at amortized
cost
22,529,414
111,832
1,049,669
-
-
305,257
23,996,172
Financial assets at FVTPL
10,103,182
519
1,507,518
355,478
143,229
820,183
12,930,109
Financial assets at
FVTOCI
32,422,652
724,786
2,367,997
7
32,194
1,146,475
36,694,111
Derivative assets
(Designated for
hedging)
26,010
-
-
-
698
-
26,708
Off-balance accounts
136,287,485
921,904
745,832
20,045
26,351
2,620,876
140,622,493
Total
547,116,764
6,827,842 11,198,224
636,364
819,660
20,818,887
587,417,741
(*) Others consist of financial assets in Indonesia, Hong Kong, Germany, Australia, and other countries.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 60 -
b) Credit risk exposure by industries
The following tables analyze credit risk exposure by industries, which are service, manufacturing,
finance and insurance, construction, individuals and others in accordance with the Korea Standard
Industrial Classification Code as of December 31, 2024 and 2023 (Unit: Korean Won in millions):
December 31, 2024
Service
Manufacturing
Finance and
insurance
Construction
Individuals
Others
Total
Loans and other financial
assets at amortized cost
92,018,694
47,835,603 33,986,585
6,219,603 190,902,940 27,508,391 398,471,816
Securities at amortized cost
169,352
- 10,248,257
59,866
-
8,725,702
19,203,177
Financial assets at FVTPL
287,401
539,092 10,833,850
31,527
123,339
5,261,410
17,076,619
Financial assets at FVTOCI
331,590
474,837 29,935,898
194,940
- 11,985,406
42,922,671
Derivative assets
(Designated for hedging)
-
-
175,191
-
-
-
175,191
Off-balance accounts
22,460,440
28,514,078 14,147,757
3,192,714
73,212,057
8,947,804 150,474,850
Total
115,267,47
7
77,363,610 99,327,538
9,698,650 264,238,336 62,428,713 628,324,324
December 31, 2023
Service
Manufacturing
Finance and
insurance
Construction
Individuals
Others
Total
Loans and other financial
assets at amortized cost
84,704,246
44,591,685
30,388,823
5,583,281 185,083,452 22,796,661 373,148,148
Securities at amortized cost
189,193
-
14,151,799
69,720
-
9,585,460
23,996,172
Financial assets at FVTPL
330,193
233,528
7,184,371
81,731
2,600
5,097,686
12,930,109
Financial assets at FVTOCI
453,694
408,377
25,832,327
290,856
-
9,708,857
36,694,111
Derivative assets
(Designated for hedging)
-
-
26,708
-
-
-
26,708
Off-balance accounts
22,561,220
22,897,412
13,804,163
2,826,738
73,042,394
5,490,566 140,622,493
Total
108,238,546
68,131,002
91,388,191
8,852,326 258,128,446 52,679,230 587,417,741
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 61 -
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, 2024 and 2023 is as follows (Unit:
Korean Won in millions):
December 31, 2024
Collateral value
Stage1
Stage2
Stage3
Credit impairment
model
Total
Loans and other financial assets at amortized
cost
241,378,580
22,815,602
1,070,209
1,137,097
266,401,488
Korean treasury and government agencies
55,775
-
-
-
55,775
Banks
2,474,302
-
-
-
2,474,302
Corporates
101,666,963
7,536,068
645,842
1,137,097
110,985,970
General business
59,099,372
5,578,709
328,802
-
65,006,883
Small- and medium-sized enterprise
34,401,736
1,729,820
243,513
-
36,375,069
Project financing and others
8,165,855
227,539
73,527
1,137,097
9,604,018
Consumers
137,181,540
15,279,534
424,367
-
152,885,441
Securities at amortized cost
-
-
-
-
-
Financial assets at FVTOCI (*3)
-
-
-
-
-
Total
241,378,580
22,815,602
1,070,209
1,137,097
266,401,488
(*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.
December 31, 2024
Stage 1
Stage 2
Above
appropriate
credit rating
(*1)
Less than a
limited credit
rating
(*2)
Above
appropriate
credit rating
(*1)
Less than a
limited credit
rating
(*2)
Stage 3
Credit
impairment
model
Total
Loss
allowance
Total, net
Loans and other financial
assets at amortized cost
343,186,708 27,086,126 13,280,849
14,344,066 3,003,886
1,147,147 402,048,782 (3,576,966)
398,471,816
Korean treasury and
government agencies
229,733
22
-
-
-
-
229,755
(629)
229,126
Banks
23,375,096
115,721
88,306
-
36,143
-
23,615,266
(21,953)
23,593,313
Corporates
150,732,338 19,561,385
3,130,814
6,264,461 1,416,152
1,147,147 182,252,297 (2,265,446)
179,986,851
General business
103,495,951 11,071,283
2,507,705
4,093,868
807,545
- 121,976,352 (1,409,387)
120,566,965
Small- and medium-
sized enterprise
35,450,353
7,731,142
500,934
1,870,087
357,881
-
45,910,397
(586,059)
45,324,338
Project financing and
others
11,786,034
758,960
122,175
300,506
250,726
1,147,147
14,365,548
(270,000)
14,095,548
Consumers
168,849,541
7,408,998 10,061,729
8,079,605 1,551,591
- 195,951,464 (1,288,938)
194,662,526
Securities at amortized
cost
19,213,940
-
-
-
-
-
19,213,940
(10,763)
19,203,177
Financial assets at
FVTOCI (*3)
42,766,477
156,194
-
-
-
-
42,922,671
(29,084)
42,922,671
Total
405,167,125 27,242,320 13,280,849
14,344,066 3,003,886
1,147,147 464,185,393 (3,616,813)
460,597,664
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 62 -
December 31, 2023
Collateral value
Stage1
Stage2
Stage3
Credit impairment
model
Total
Loans and other financial assets at amortized
cost
224,611,919
21,235,346
767,731
768,275
247,383,271
Korean treasury and government agencies
39,199
-
-
-
39,199
Banks
2,136,530
-
-
-
2,136,530
Corporates
92,544,712
5,915,710
382,605
768,275
99,611,302
General business
52,951,331
4,058,593
169,855
-
57,179,779
Small- and medium-sized enterprise
33,580,230
1,590,947
112,117
-
35,283,294
Project financing and others
6,013,151
266,170
100,633
768,275
7,148,229
Consumers
129,891,478
15,319,636
385,126
-
145,596,240
Securities at amortized cost
-
-
-
-
-
Financial assets at FVTOCI (*3)
-
-
-
-
-
Total
224,611,919
21,235,346
767,731
768,275
247,383,271
(*1) Credit grade of corporates are AAA ~ BBB, and consumers are grades 1 ~ 6.
(*2) Credit grade of corporates are BBB- ~ C, and consumers are grades 7 ~ 10.
(*3) Financial assets at FVTOCI has been disclosed as the amount before deducting loss allowance because loss allowance
does not reduce the carrying amount.
December 31, 2023
Stage 1
Stage 2
Above
appropriate
credit rating
(*1)
Less than a
limited credit
rating
(*2)
Above
appropriate
credit rating
(*1)
Less than a
limited credit
rating
(*2)
Stage 3
Credit
impairment
model
Total
Loss
allowance
Total, net
Loans and other financial
assets at amortized cost
321,115,435
26,073,686 12,728,437
13,702,855 1,906,434
768,487 376,295,334 (3,147,186)
373,148,148
Korean treasury and
government agencies
2,299,323
21
-
-
-
-
2,299,344
(2,256)
2,297,088
Banks
21,880,151
122,383
21,771
-
15,295
-
22,039,600
(43,042)
21,996,558
Corporates
132,702,723
18,890,349
2,630,918
5,411,611
882,459
768,487 161,286,547 (1,943,017)
159,343,530
General business
87,551,345
10,147,028
1,773,713
3,150,829
548,169
- 103,171,084 (1,161,824)
102,009,260
Small- and medium-
sized enterprise
36,220,660
8,182,558
753,275
1,587,473
225,463
-
46,969,429
(508,736)
46,460,693
Project financing and
others
8,930,718
560,763
103,930
673,309
108,827
768,487
11,146,034
(272,457)
10,873,577
Consumers
164,233,238
7,060,933 10,075,748
8,291,244 1,008,680
- 190,669,843 (1,158,871)
189,510,972
Securities at amortized
cost
24,010,113
-
-
-
-
-
24,010,113
(13,941)
23,996,172
Financial assets at
FVTOCI (*3)
36,481,028
213,083
-
-
-
-
36,694,111
(27,379)
36,694,111
Total
381,606,576
26,286,769 12,728,437
13,702,855 1,906,434
768,487 436,999,558 (3,188,506)
433,838,431
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 63 -
b) Payment guarantees and commitments
The credit quality of the payment guarantees and loan commitments as of December 31, 2024 and
2023 are as follows (Unit: Korean Won in millions):
December 31, 2024
Financial assets
Stage 1
Stage 2
Stage3
Total
Above
appropriate
credit rating
(*1)
Less than a
limited credit
rating
(*2)
Above
appropriate
credit rating
(*1)
Less than a
limited
credit rating
(*2)
Off-balance accounts:
Payment guarantees
15,679,374
808,182
41,866
59,688
22,152
16,611,262
Loan commitments
127,622,889
3,402,602
2,298,056
502,070
37,971 133,863,588
Total
143,302,263
4,210,784
2,339,922
561,758
60,123 150,474,850
(*1) Credit grade of corporates are AAA ~ BBB, and consumers are grades 1 ~ 6.
(*2) Credit grade of corporate are BBB- ~ C, and consumers are grades 7 ~ 10.
December 31, 2023
Financial assets
Stage 1
Stage 2
Stage3
Total
Above
appropriate
credit rating
(*1)
Less than a
limited credit
rating
(*2)
Above
appropriate
credit rating
(*1)
Less than a
limited
credit rating
(*2)
Off-balance accounts:
Payment guarantees
12,515,536
1,150,185
73,192
40,890
13,498
13,793,301
Loan commitments
120,623,982
3,512,099
2,166,380
496,824
29,907 126,829,192
Total
133,139,518
4,662,284
2,239,572
537,714
43,405 140,622,493
(*1) Credit grade of corporates are AAA ~ BBB, and consumers are grades 1 ~ 6.
(*2) Credit grade of corporate are BBB- ~ C, and consumers are grades 7 ~ 10.
5) Collateral and other credit enhancements
For the years ended December 31, 2024 and 2023, there have been no significant changes in the
value of collateral or other credit enhancements held by the Group and there have been no
significant changes in collateral or other credit enhancements due to changes in the collateral policy
of the Group.
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, 2024 and 2023 are 153,361
million Won and 161,893 million Won, respectively, with net losses recognized along with the
changes 15,335 million Won and 5,107 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, 2024 and 2023 are 9,018,290 million Won and
10,089,739 million Won. In addition, the contractual non-recoverable amount of financial assets
amortized for the year ended December 31, 2024, but still in the process of recovery is 1,462,267
million Won.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 64 -
(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 approach and internal model approach (Woori Bank) in measuring market
risk for trading positions, and allocates market risk capital through the Board 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 Board Risk
Management Committee.
Subsidiaries such as Woori Bank manage market internal capital limits using the Basel III standard
approach, and other subsidiaries manage market risks by applying the simple method.
The Basel III standard approach consists of a sensitivity method that measures linear and nonlinear
losses that may occur due to unfavorable fluctuations in market risk factors, bankruptcy risks that may
occur due to sudden bankruptcy, and residual risk-bearing equity capital for other losses.
Woori Bank, a major subsidiary subject to Basel III standard approach of market risk management, has
the following equity capital required for market risk.(Unit : Korean Won in millions)
Risk Group
December 31, 2024
December 31, 2023
Sensitivity-based risk
General interest rate risk
29,029
37,832
Equity risk
3,006
9,376
Commodity risk
51
12
Foreign exchange risk
114,174
249,044
Non-securitization credit spread risk
18,258
27,371
Securitization (excluding CTP
(Correlation Trading Portfolio))
credit spread risk
-
-
CTP credit spread risk
-
-
Default risk
Non-Securitization bankruptcy risk
8,604
-
Securitization (excluding CTP) default
risk
-
-
CTP default risk
-
-
Residual risk
Residual risk
1,182
692
Total
174,304
324,327
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 65 -
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.
△EVE and △NII calculated on interest risk in banking book(IRRBB) basis for assets and liabilities by
subsidiary as of December 31, 2024 and 2023 are as follows(Unit: Korean Won in millions):
December 31, 2024
December 31, 2023
△EVE (*1)
△NII (*2)
△EVE (*1)
△NII (*2)
Woori Bank
952,830
668,290
683,660
743,489
Woori Card Co., Ltd.
120,153
79,515
80,720
76,846
Woori Financial
Capital Co., Ltd.
67,877
16,151
48,523
17,585
Woori Investment
Securities Co., Ltd.
29,325
24,911
4,464
15,303
Woori Asset Trust Co.,
Ltd.
1,817
12,802
1,210
7,018
Woori Asset
Management Corp.
504
1,682
832
2,154
Woori Savings Bank
15,117
4,537
7,347
11,077
Woori Private Equity
Asset Management
Co., Ltd.
17
338
80
775
Woori Global Asset
Management Co.,
Ltd.
-
-
536
269
Woori Financial F&I
Co., Ltd.
97,936
6,858
63,852
3,961
Woori Venture Partners
Co., Ltd.(*3)
705
3,231
340
2,782
(*1) △EVE: change in Economic Value of Equity
(*2) △NII: change in Net Interest Income
(*3) Additional investment occurred and added it as a consolidated subsidiary during the year ended December 31,
2023.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 66 -
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):
December 31, 2024
Within 3
months
4 to 6
months
7 to 9
months
10 to 12
months
1 to 5
years
Over 5 years
Total
Asset:
Loans and other
financial assets
at amortized cost
241,742,497 53,994,860 25,504,549 17,099,875 78,442,115
5,000,982 421,784,878
Financial assets at
FVTPL
297,653
38,474
9,993
5,420
42,433
51
394,024
Financial assets at
FVTOCI
7,276,254
4,996,536
2,350,787
2,570,750 26,459,375
1,421,185 45,074,887
Securities at
amortized cost
1,318,853
1,651,266
1,856,726
629,079 12,972,012
1,862,090 20,290,026
Total
250,635,257 60,681,136 29,722,055 20,305,124 117,915,935
8,284,308 487,543,815
Liability:
Deposits due to
customers
166,841,875 55,267,332 44,234,044 42,203,933 62,625,304
34,751 371,207,239
Borrowings
19,153,362
4,676,893
1,587,119
1,542,868
3,131,674
513,870 30,605,786
Debentures
5,189,563
5,370,343
4,438,800
3,168,918 30,963,968
2,673,453 51,805,045
Total
191,184,800 65,314,568 50,259,963 46,915,719 96,720,946
3,222,074 453,618,070
December 31, 2023
Within 3
months
4 to 6
months
7 to 9
months
10 to 12
months
1 to 5
years
Over 5 years
Total
Asset:
Loans and other
financial assets
at amortized cost
245,179,685 55,105,699 17,928,072 12,101,395 55,840,540
3,594,287 389,749,678
Financial assets at
FVTPL
2,155,339
178,206
37,672
22,719
52,341
90
2,446,367
Financial assets at
FVTOCI
5,976,531
3,489,341
2,425,700
3,008,905 22,852,783
756,272 38,509,532
Securities at
amortized cost
1,451,409
1,230,486
3,335,565
1,416,082 15,907,380
2,171,914 25,512,836
Total
254,762,964 60,003,732 23,727,009 16,549,101 94,653,044
6,522,563 456,218,413
Liability:
Deposits due to
customers
169,127,109 52,395,270 32,948,424 47,030,448 60,621,757
34,406 362,157,414
Borrowings
20,147,327
5,157,330
1,933,137
2,575,993
4,112,788
437,839 34,364,414
Debentures
7,741,466
5,188,081
4,104,309
5,168,597 18,443,853
3,223,255 43,869,561
Total
197,015,902 62,740,681 38,985,870 54,775,038 83,178,398
3,695,500 440,391,389
2) Currency risk
Currency risk arises from the financial instruments denominated in foreign currencies other than the
functional currency. Therefore, no currency risk arises from non-monetary items or financial
instruments denominated in the functional currency.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 67 -
Financial instruments in foreign currencies exposed to currency risk as of December 31, 2024 and 2023
are as follows (Unit: USD in millions, JPY in millions, CNY in millions, EUR in millions, and Korean
Won in millions):
December 31, 2024
USD
JPY
CNY
EUR
Others
Total
Foreign
currency
Korean
Won
equivalent
Foreign
currency
Korean Won
equivalent
Foreign
currency
Korean
Won
equivalent
Foreign
currency
Korean
Won
equivalent
Korean
Won
equivalent
Korean Won
equivalent
Asset
Cash and cash
equivalents
8,258 12,139,283
80,851
757,154
1,331
267,802
223
341,326 1,123,728 14,629,293
Loans and other
financial assets
at amortized
cost
21,637 31,775,374 104,585
979,422
26,856 5,405,371
2,211 3,380,628 7,584,236 49,125,031
Financial assets at
FVTPL
887 1,304,438
1,836
17,190
16
3,318
149
227,858
20,087
1,572,891
Financial assets at
FVTOCI
3,588 5,274,144
-
-
2,910
585,622
37
55,853
847,518
6,763,137
Securities at
amortized cost
767 1,127,313
-
-
980
197,188
36
55,074
175,895
1,555,470
Total
35,137 51,620,552 187,272
1,753,766
32,093 6,459,301
2,656 4,060,739 9,751,464 73,645,822
Liability
Financial
liabilities at
FVTPL
112
164,400
36
334
-
-
1
1,766
751
167,251
Deposits due to
customers
23,607 34,702,743 250,528
2,346,146
27,301 5,494,893
2,024 3,094,378 5,348,009 50,986,169
Borrowings
8,302 12,203,906
56,465
528,785
110
22,235
545
832,661 3,334,191 16,921,778
Debentures
4,549 6,687,333
-
-
-
-
195
297,766
446,349
7,431,448
Other financial
liabilities
2,123 3,120,355
20,684
193,701
4,120
829,197
244
373,203
493,198
5,009,654
Total
38,693 56,878,737 327,713
3,068,966
31,531 6,346,325
3,009 4,599,774 9,622,498 80,516,300
Off-balance accounts
9,109 13,390,339
23,905
223,864
1,702
342,576
841 1,286,110
1,506,643 16,749,532
December 31, 2023
USD
JPY
CNY
EUR
Others
Total
Foreign
currency
Korean
Won
equivalent
Foreign
currency
Korean Won
equivalent
Foreign
currency
Korean
Won
equivalent
Foreign
currency
Korean
Won
equivalent
Korean
Won
equivalent
Korean Won
equivalent
Asset
Cash and cash
equivalents
8,540 11,011,576 108,421
989,519
1,377
248,965
641
914,960 1,145,464 14,310,484
Loans and other
financial assets
at amortized
cost
24,463 31,542,764 138,242
1,261,674
30,536 5,522,075
1,791 2,554,897 4,585,588 45,466,998
Financial assets at
FVTPL
884 1,140,110
49,640
453,047
-
-
280
399,828
72,351
2,065,336
Financial assets at
FVTOCI
3,136 4,044,155
-
-
3,882
701,938
6
8,549
738,710
5,493,352
Securities at
amortized cost
1,223 1,576,690
-
-
618
111,839
68
97,393
184,938
1,970,860
Total
38,246 49,315,295 296,303
2,704,240
36,413 6,584,817
2,786 3,975,627 6,727,051 69,307,030
Liability
Financial
liabilities at
FVTPL
350
451,700
23,806
217,266
-
-
209
297,521
98,885
1,065,372
Deposits due to
customers
23,962 30,896,247 279,377
2,549,759
23,162 4,188,690
2,122 3,027,521 5,531,242 46,193,459
Borrowings
9,339 12,041,139
70,741
645,621
1,658
299,748
225
321,529 2,632,379 15,940,416
Debentures
4,811 6,202,675
-
-
-
-
195
277,871
-
6,480,546
Other financial
liabilities
3,448 4,446,194
26,977
246,206
7,752 1,401,956
99
141,404
387,310
6,623,070
Total
41,910 54,037,955 400,901
3,658,852
32,572 5,890,394
2,850 4,065,846 8,649,816 76,302,863
Off-balance accounts
7,748 9,990,349
30,143
275,101
2,043
369,483
796
1,135,845
568,935 12,339,713
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 68 -
(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 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, 2024 and 2023 are as follows (Unit: Korean Won in
millions):
December 31, 2024
Within 3
months
4 to 6
months
7 to 9
months
10 to 12
months
1 to 5
years
Over
5 years
Total
Financial liabilities
at FVTPL
74,205
-
69,534
112,944
-
-
256,683
Deposits due to
customers
237,078,927
41,568,072
33,229,547
43,680,907 16,991,574
1,441,654 373,990,681
Borrowings
11,589,854
6,676,926
4,781,377
3,676,310
3,561,696
563,870 30,850,033
Debentures
4,635,557
5,525,191
4,442,376
3,572,533 30,967,974
2,673,592 51,817,223
Lease liabilities
60,099
49,069
45,534
40,375
317,971
50,341
563,389
Other financial
liabilities
19,417,326
108,361
30,995
27,093
1,118,751
4,287,489 24,990,015
Total
272,855,968
53,927,619
42,599,363
51,110,162 52,957,966
9,016,946 482,468,024
December 31, 2023
Within 3
months
4 to 6
months
7 to 9
months
10 to 12
months
1 to 5
years
Over
5 years
Total
Financial liabilities
at FVTPL
39,524
89,287
-
-
10,256
56,221
195,288
Deposits due to
customers
236,125,560
39,103,357
22,776,074
50,089,672 16,898,791
1,549,490 366,542,944
Borrowings
11,415,214
6,626,722
4,345,143
4,579,032
4,331,196
437,839 31,735,146
Debentures
5,510,096
5,328,382
5,383,741
6,035,590
18,439,577
3,223,255 43,920,641
Lease liabilities
74,228
42,106
58,241
33,679
151,127
25,172
384,553
Other financial
liabilities
15,059,935
233,081
21,356
26,403
1,025,252
4,195,930 20,561,957
Total
268,224,557
51,422,935
32,584,555
60,764,376 40,856,199
9,487,907 463,340,529
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 69 -
b) Cash flows of principals and interests by expected maturities of non-derivative financial liabilities
as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
December 31, 2024
Within 3
months
4 to 6
months
7 to 9
months
10 to 12
months
1 to 5
years
Over 5
years
Total
Financial liabilities at
FVTPL
74,205
-
69,534
112,944
-
-
256,683
Deposits due to customers 242,795,510 43,419,738 32,989,627 38,822,980 14,857,886
491,918 373,377,659
Borrowings
11,592,268 6,678,053 4,782,453 3,678,378 3,555,011
563,870 30,850,033
Debentures
4,635,557 5,525,191 4,442,376 3,572,533 30,967,974 2,673,592 51,817,223
Lease liabilities
60,092
50,205
46,727
41,569
322,272
50,341
571,206
Other financial liabilities
19,418,010
108,690
31,315
27,708 1,116,803 4,287,489 24,990,015
Total
278,575,642 55,781,877 42,362,032 46,256,112 50,819,946 8,067,210 481,862,819
December 31, 2023
Within 3
months
4 to 6
months
7 to 9
months
10 to 12
months
1 to 5
years
Over 5
years
Total
Financial liabilities at
FVTPL
39,524
89,287
-
-
10,256
56,221
195,288
Deposits due to customers 241,935,362 41,132,677 23,468,344 44,082,420 14,717,842
505,146 365,841,791
Borrowings
11,419,501
6,630,868 4,346,740
4,579,314
4,331,196
437,839 31,745,458
Debentures
5,512,545
5,330,733 5,386,014
6,037,688 18,443,853 3,223,255 43,934,088
Lease liabilities
74,228
43,350
59,604
35,057
162,874
25,834
400,947
Other financial liabilities
15,059,935
233,081
21,356
26,403
1,025,252 4,195,930 20,561,957
Total
274,041,095 53,459,996 33,282,058 54,760,882 38,691,273 8,444,225 462,679,529
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, 2024 and 2023 is as
follows (Unit: Korean Won in millions):
Remaining maturity
Within 3
months
4 to 6
months
7 to 9
months
10 to 12
months
1 to 5
years
Over 5
years
Total
December 31,
2024
Cash flow risk hedge
(219)
193
31
62
207
-
274
Fair value risk hedge
(6,816)
46,231 (11,740)
44,950
35,764 (5,834)
102,555
Trading purpose
9,092,008
90
-
-
-
- 9,092,098
December 31,
2023
Cash flow risk hedge
(1,223)
(875)
(590)
(302)
13,689
-
10,699
Fair value risk hedge
29,176
34,370
157
35,272
30,241
-
129,216
Trading purpose
5,943,024
-
-
-
-
- 5,943,024
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 70 -
4)
Maturity analysis of off-balance accounts (Payment guarantees, commitments, and etc.)
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, 2024 and 2023 are as follows (Unit:
Korean Won in millions):
December 31, 2024
December 31, 2023
Payment guarantees
16,611,262
13,793,301
Loan commitments
133,863,588
126,829,192
Other commitments
4,572,323
4,854,099
(4) Operational risk
The Group defines the operational risk that could cause a negative effect on capital resulting from inadequate
internal process, labor work and systematic problem or external factors.
1) Operational risk management
The Group has established and operated a group operational risk management system to cope with new
Basel III global regulations, which is implemented since 2023, and the management of operational risks
follows the procedures for risk recognition, evaluation, measurement, monitoring and reporting, risk
control and mitigation.
2) Operational risk measurement
The Group measures operational risk capital using the Basel III standardized approach. This approach
calculates the required operational risk capital by multiplying the Business Indicator Component (BIC),
which represents the scale of operations, with the Internal Loss Multiplier (ILM), which reflects the
magnitude of actual historical internal losses relative to the scale of operations.
Operational risk limits are set with the approval of the Board Risk Management Committee. The Group
regularly calculates the operational risk capital and reports any limit breaches to the management and
the Board Risk Management Committee.
Since a reduction in the size of internal loss events leads to a decrease in operational risk capital, it is
important to prevent loss events in advance. Accordingly, the Group conducts operational risk
management activities using tools such as Risk Control Self-Assessment (RCSA), Key Risk Indicators
(KRI), and loss data. Additionally, to ensure continuity of operations in emergency situations such as
disasters, the Bank has established a Business Continuity Plan (BCP) and conducts annual simulation
drills.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 71 -
(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 9.0% and 8.0%, a Tier 1 capital ratio of 10.5% and 9.5%, and a total capital ratio
of 12.5% and 11.5% as of December 31, 2024 and 2023, respectively.
Details of the Group’s capital adequacy ratio as of December 31, 2024 and 2023 are as follows (Unit: Korean
Won in millions):
Details
December 31, 2024(*)
December 31, 2023
Tier 1 capital
28,522,910
26,343,941
Other Tier 1 capital
4,869,567
4,596,584
Tier 2 capital
3,535,362
3,815,920
Total risk-adjusted capital
36,927,839
34,756,445
Risk-weighted assets for credit risk
210,365,462
195,490,941
Risk-weighted assets for market risk
3,125,478
4,697,055
Risk-weighted assets for operational risk
21,609,530
19,603,749
Total risk-weighted assets
235,100,470
219,791,745
Common Equity Tier 1 ratio
12.13%
11.99%
Tier 1 capital ratio
14.20%
14.08%
Total capital ratio
15.71%
15.81%
(*) The capital ratio at the end of the current period is provisional
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 72 -
5.
OPERATING SEGMENTS
In evaluating the results of the Group and allocating resources, the Group’s Chief Operation Decision Maker
(“CODM”) utilizes the method of disclosing the financial information of the segments based on the
organization of the Group. This financial information of the segments in this note is regularly reviewed by
the CODM.
(1) Segment by type of organization
The Group’s reporting segments consist of banking, credit card, capital, investment securities and other
sectors, and the composition of such reporting segments was divided based on internal report data
periodically reviewed by the management to evaluate the performance of the segment and make decisions on
the resources to be distributed.
Operational scope
Banking
Loans/deposits and relevant services for customers of Woori Bank
Credit card
Credit card, cash services, card loans and accompanying business of Woori Card Co., Ltd.
Capital
Installments, loans including lease financing, and accompanying business of Woori Financial
Capital Co., Ltd.
Investment
securities
Securities operation, sale of financial instruments, project financing and other related activities for
investment securities of Woori Investment Securities Co., Ltd.
Others
Woori Financial Group Inc., Woori Asset Trust Co., Ltd., Woori Asset Management Corp., Ltd.,
Woori Financial F&I Co., Ltd., Woori Savings Bank., Woori Credit Information Co., Ltd., Woori
Fund Services Co., Ltd., Woori Private Equity Asset Management Co., Ltd., Woori FIS Co., Ltd.
and Woori Finance Research Institute, Woori Venture Partners Co., Ltd.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 73 -
(2) The composition of each organization's sectors for the years ended December 31, 2024 and 2023 are as
follows (Unit: Korean Won in millions):
For the year ended December 31, 2024
Banking(*1) Credit card
Capital
Investment
securities Others (*2)
Sub-total
Other
adjustments
(*3)
Internal
adjustments
(*4)
Consolidated
Adjustments
(*5)
Total
Net interest income
6,542,449
706,130
231,596
106,558
129,900
7,716,633
126,600
1,042,561
542
8,886,336
Non-interest
income(expense)
1,944,528
192,194
144,097
51,629
1,578,890
3,911,338
70,545
(769,593)
(1,658,168)
1,554,122
Impairment losses due
to credit loss
(670,753)
(403,805)
(84,017)
(91,351)
(176,511) (1,426,437)
(13,884)
(273,889)
(2,085) (1,716,295)
General and
administrative expense
(3,746,916)
(302,067)
(103,870)
(74,191)
(420,370) (4,647,414)
(1,104)
-
179,545 (4,468,973)
Net operating
income(expense)
4,069,308
192,452
187,806
(7,355)
1,111,909
5,554,120
182,157
(921)
(1,480,166)
4,255,190
Share of gain (loss) of
associates
44,067
-
(1,262)
215
5,316
48,336
(4)
-
27,933
76,265
Other non-operating
income(expense)
(104,388)
(4,053)
(2,579)
7,476
10,440
(93,104)
8,535
921
(24,960)
(108,608)
Non-operating
income(expense)
(60,321)
(4,053)
(3,841)
7,691
15,756
(44,768)
8,531
921
2,973
(32,343)
Net income(expense)
before tax
4,008,987
188,399
183,965
336
1,127,665
5,509,352
190,688
-
(1,477,193)
4,222,847
Tax expense
(962,051)
(40,349)
(42,547)
2,216
(17,756) (1,060,487)
-
-
9,109 (1,051,378)
Net income(loss)
3,046,936
148,050
141,418
2,552
1,109,909
4,448,865
190,688
-
(1,468,084)
3,171,469
Total assets
485,888,941 16,613,482 12,770,681 7,186,431 30,774,925 553,234,460
3,565,728
- (31,046,868) 525,753,320
Investment in
associate
1,067,880
-
32,207
3,297 24,475,044 25,578,428
7,347
-
(23,836,965)
1,748,810
Other assets
484,821,061 16,613,482 12,738,474 7,183,134
6,299,881 527,656,032
3,558,381
-
(7,209,903) 524,004,510
Total liabilities
456,944,053 13,828,816 11,045,686 6,041,109
4,919,608 492,779,272
73,587
-
(2,994,808) 489,858,051
(*1) The banking sector includes banks and their consolidated subsidiaries (such as overseas subsidiaries).
(*2) Other segments includes Woori Financial Group Inc., Woori Asset Trust Co., Ltd., Woori Savings Bank, Woori Asset
Management Corp., Woori Financial F&I Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund Service Co., Ltd.,
Woori Private Equity Asset Management Co., Ltd., Woori FIS Co., Ltd., Woori Finance Research Institute and Woori
Venture Partners Co., Ltd.
(*3) Other adjustments includes the funds subject to Group's consolidation not included in the reporting segment.
(*4) Internal adjustments includes the adjustment of deposit insurance premiums of 509,832 million Won and fund
contribution fees of 533,335 million Won from net interest income expenses to non-interest income expenses in order to
present the profit and loss adjustment between reporting divisions in accordance with management accounting standards
as profit and loss in accordance with accounting standards.
(*5) Consolidation adjustments include the elimination of 175,437 million Won of internal transactions between Woori FIS
Co., Ltd., the group's IT service agency, and affiliates, and the removal of 1,208,522 million Won of dividends received
by the holding company from its subsidiaries.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 74 -
For the year ended December 31, 2023
Banking
Credit card
Capital
Investment
banking
Others (*1)
Sub-total
Other
adjustments
(*2)
Internal
adjustments
(*3)
Consolidated
Adjustments
(*4)
Total
Net interest income
6,535,929
667,053
324,013
100,041
115,089
7,742,125
79,401
917,949
3,065
8,742,540
Non-interest
income(expense)
1,475,139
121,593
129,347
44,595
2,011,486
3,782,160
14,475
(740,918)
(1,960,879)
1,094,838
Impairment losses due
to credit loss
(894,827)
(355,879)
(188,682) (160,182)
(119,684) (1,719,254)
-
(177,384)
1,722 (1,894,916)
General and
administrative expense
(3,799,282)
(285,308)
(96,469)
(51,496)
(556,427) (4,788,982)
(823)
-
346,372 (4,443,433)
Net operating
income(expense)
3,316,959
147,459
168,209
(67,042)
1,450,464
5,016,049
93,053
(353)
(1,609,720)
3,499,029
Share of gain of
associates
88,788
-
395
236
3,373
92,792
(143)
-
17,182
109,831
Other non-operating
expense
(76,312)
(4,163)
(2,106)
(990)
(972)
(84,543)
3,153
353
(10,370)
(91,407)
Non-operating
income(expense)
12,476
(4,163)
(1,711)
(754)
2,401
8,249
3,010
353
6,812
18,424
Net income(expense)
before tax
3,329,435
143,296
166,498
(67,796)
1,452,865
5,024,298
96,063
-
(1,602,908)
3,517,453
Tax expense
(814,354)
(31,232)
(38,662)
14,423
(31,833)
(901,658)
-
11,099
(890,559)
Net income(loss)
2,515,081
112,064
127,836
(53,373)
1,421,032
4,122,640
96,063
-
(1,591,809)
2,626,894
Total assets
458,017,067 17,491,193 12,417,338 6,375,625 29,725,013 524,026,236
2,846,897
- (28,868,197) 498,004,936
Investment in
associate
1,029,697
-
34,613
4,783 23,882,409 24,951,502
26,302
-
(23,182,434)
1,795,370
Other assets
456,987,370 17,491,193 12,382,725 6,370,842
5,842,604 499,074,734
2,820,595
-
(5,685,763) 496,209,566
Total liabilities
431,313,615 14,830,408 10,796,683 5,273,890
4,424,086 466,638,682
118,442
-
(2,149,678) 464,607,446
(*1) Other segments includes gains and losses from Woori Financial Group Inc., Woori Asset Trust Co., Ltd., Woori Savings
Bank, Woori Asset Management Corp., Woori Financial F&I Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund
Service Co., Ltd., Woori Private Equity Asset Management Co., Ltd., Woori Global Asset Management Co., Ltd., Woori
FIS Co., Ltd., Woori Finance Research Institute and Woori Venture Partners Co., Ltd.
(*2) Other segments includes the funds subject to Group's consolidation not included in the reporting segment.
(*3) Internal reconciliation includes the adjustment of deposit insurance premiums of 464,213 million Won and fund
contribution fees of 453,805 million Won from net interest income expenses to non-interest income expenses in order to
present the profit and loss adjustment between reporting divisions in accordance with management accounting standards
as profit and loss in accordance with accounting standards
(*4) Consolidation adjustments include the elimination of 343,810 million Won of internal transactions between Woori FIS
Co., Ltd., the group's IT service agency, and affiliates, and the removal of 1,482,956 million Won of dividends received
by the holding company from its subsidiaries.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 75 -
(3) Operating profit or loss from external customers for the years ended December 31, 2024 and 2023 are
as follows (Unit: Korean Won in millions):
For the years ended December 31
Details
2024
2023
Domestic
3,767,897
3,055,926
Foreign
487,293
443,103
Total
4,255,190
3,499,029
(4) Major non-current assets as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in
millions):
Details (*)
December 31, 2024
December 31, 2023
Domestic
6,068,817
5,804,919
Foreign
592,768
636,820
Total
6,661,585
6,441,739
(*) Major non-current assets included joint ventures and related business investments, investment properties,
premises and equipment, and intangible assets.
(5) Information about major customers
The Group does not have any single customer that generates 10% or more of the Group’s total revenue for
the years ended December 31, 2024 and 2023.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 76 -
6.
STATEMENTS OF CASH FLOWS
(1) Details of cash and cash equivalents are as follows (Unit: Korean Won in millions):
December 31, 2024
December 31, 2023
Cash
1,661,517
1,464,606
Foreign currencies
812,026
715,495
Demand deposits
24,634,075
28,248,420
Fixed deposits
173,505
128,097
Total
27,281,123
30,556,618
(2) Details of restricted cash and cash equivalents are as follows (Unit: Korean Won in millions)
Counterparty
December 31, 2024
Reason of restriction
Due from banks in local currency:
Due from BOK
BOK
9,712,194 Reserve deposits
under the BOK Act
Due from banks in foreign currencies:
Due from banks on
demand
BOK and others
2,954,868 Reserve deposits, etc.
Total
12,667,062
Counterparty
December 31, 2023
Reason of restriction
Due from banks in local currency:
Due from BOK
BOK
13,420,310 Reserve deposits
under the BOK Act
Due from banks in foreign currencies:
Due from banks on
demand
Bank of Japan and
others
957,627 Reserve deposits, etc.
Total
14,377,937
(3) Significant transactions of investing activities and financing activities not involving cash inflows and
outflows are as follows (Unit: Korean Won in millions):
For the years ended December 31
2024
2023
Changes in other comprehensive income related to
valuation of financial assets at FVTOCI
34,058
725,525
Changes in other comprehensive income related to
valuation of assets of associate
(5,367)
2,965
Changes in other comprehensive income related to
valuation profit or loss on cash flow hedge
6,591
(16,524)
Changes in financial assets measure at FVTOCI due to
debt-for-equity swap
18,536
206
Changes in the premises and equipment due to the
transfer of assets held-for-sale
(38,423)
(2,504)
Transfer of investment properties to premises and
equipment
(42,344)
2,098
Changes in account payables related to
intangible assets
24,134
11,121
Changes in right-of-use assets and lease
liabilities
427,926
219,531
Changes in other comprehensive income related
to foreign operation translation
522,845
45,080
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 77 -
(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, 2024
Beginning
balance
Cash flow
Not involving cash inflows and outflows
Ending
balance
Foreign
Exchange
Variation of
gain(loss) on
valuation of
hedged items
Business
Combination
Others (*)
Borrowings
30,986,746 (3,011,120) 2,113,979
-
-
27,426 30,117,031
Debentures
41,239,245
5,594,220 870,846
39,102
-
463,690 48,207,103
Lease
liabilities
334,456
(238,770)
13,555
-
-
417,849
527,090
Other
liabilities
28,147
(17,690)
-
-
-
16,169
26,626
Total
72,588,594
2,326,640 2,998,380
39,102
-
925,134 78,877,850
(*) The change in lease liabilities due to the new contract includes 366,340 million Won.
For the year ended December 31, 2023
Beginning
balance
Cash flow
Not involving cash inflows and outflows
Ending
balance
Foreign
Exchange
Variation of
gain(loss) on
valuation of
hedged items
Business
Combination
Others (*)
Borrowings
28,429,603
2,332,376 191,250
-
-
33,517 30,986,746
Debentures
44,198,486 (3,227,650)
82,210
63,615
-
122,584 41,239,245
Lease
liabilities
319,161
(160,673)
1,130
-
-
174,838
334,456
Other
liabilities
27,384
118
-
-
4
641
28,147
Total
72,974,634 (1,055,829) 274,590
63,615
4
331,580 72,588,594
(*) The change in lease liabilities due to the new contract includes 210,810 million Won.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 78 -
7.
FINANCIAL ASSETS AT FVTPL
(1) Details of financial assets at FVTPL as of December 31, 2024 and 2023 are as follows (Unit: Korean
Won in millions):
December 31, 2024
December 31, 2023
Financial assets at fair value through profit or loss
measured at fair value
25,202,672
21,544,756
(2) Financial assets at fair value through profit or loss measured at fair value as of December 31, 2024 and
2023 are as follows (Unit: Korean Won in millions):
December 31, 2024
December 31, 2023
Deposits:
Gold banking asset
73,951
39,241
Securities:
Debt securities
Korean treasury and government agencies
5,053,592
4,310,612
Financial institutions
1,193,809
778,832
Corporates
348,929
433,488
Securities loaned
12,361
625,398
Others
192,597
158,908
Equity securities
421,313
421,989
Capital contributions
2,857,698
2,459,646
Beneficiary certificates
4,563,102
5,509,915
Others
236,595
181,691
Sub-total
14,879,996
14,880,479
Loans
104,177
782,716
Derivatives assets
10,094,532
5,798,329
Other financial assets
50,016
43,991
Total
25,202,672
21,544,756
The Group does not have financial assets at fair value through profit or loss designated as upon initial
recognition as of December 31, 2024 and 2023.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 79 -
8.
FINANCIAL ASSETS AT FVTOCI
(1) Details of financial assets at FVTOCI as of December 31, 2024 and 2023 are as follows (Unit: Korean
Won in millions):
December 31, 2024
December 31, 2023
Debt securities:
Korean treasury and government agencies
7,787,052
5,728,241
Financial institutions
25,339,937
20,885,924
Corporates
3,032,609
3,994,432
Bond denominated in foreign currencies
6,763,073
5,493,295
Securities loaned
-
592,219
Sub-total
42,922,671
36,694,111
Equity securities
875,074
1,197,384
Total
43,797,745
37,891,495
(2) Details of equity securities designated as financial assets at FVTOCI as of December 31, 2024 and 2023
are as follows (Unit: Korean Won in millions):
Purpose of acquisition
December 31,
2024
December 31,
2023
Remarks
Investment for strategic business
partnership purpose
766,900
1,039,203
Debt-equity swap
108,168
158,175
Others
6
6
Insurance for mutual aid
association, etc.
Total
875,074
1,197,384
(3) Changes in the loss allowance and gross carrying amount of financial assets at FVTOCI are as follows
(Unit: Korean Won in millions):
1)
Allowance for credit losses
For the year ended December 31, 2024
Stage 1
Stage 2
Stage 3
Total
Beginning balance
(27,379)
-
-
(27,379)
Transfer to 12-month expected credit losses
-
-
-
-
Transfer to lifetime expected credit losses
-
-
-
-
Transfer to credit-impaired financial assets
-
-
-
-
Net provision of loss allowance
(8,868)
-
-
(8,868)
Disposal
6,788
-
-
6,788
Others (*)
375
-
-
375
Ending balance
(29,084)
-
-
(29,084)
(*) Others consist of foreign currencies translation, etc.
For the year ended December 31, 2023
Stage 1
Stage 2
Stage 3
Total
Beginning balance
(11,805)
-
-
(11,805)
Transfer to 12-month expected credit losses
-
-
-
-
Transfer to lifetime expected credit losses
-
-
-
-
Transfer to credit-impaired financial assets
-
-
-
-
Net provision of loss allowance
(16,542)
-
-
(16,542)
Disposal
1,519
-
-
1,519
Others (*)
(551)
-
-
(551)
Ending balance
(27,379)
-
-
(27,379)
(*) Others consist of foreign currencies translation, etc.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 80 -
2)
Gross carrying amount
For the year ended December 31, 2024
Stage 1
Stage 2
Stage 3
Total
Beginning balance
36,694,111
-
- 36,694,111
Transfer to 12-month expected credit losses
-
-
-
-
Transfer to lifetime expected credit losses
-
-
-
-
Transfer to credit-impaired financial assets
-
-
-
-
Acquisition
31,921,268
-
- 31,921,268
Disposal / Recovery
(26,868,486)
-
-
(26,868,486)
Gain on valuation
224,898
-
-
224,898
Amortization based on effective interest
method
134,553
-
-
134,553
Others (*)
816,327
-
-
816,327
Ending balance
42,922,671
-
- 42,922,671
(*) Others consist of foreign currencies translation, etc.
For the year ended December 31, 2023
Stage 1
Stage 2
Stage 3
Total
Beginning balance
32,145,758
-
- 32,145,758
Transfer to 12-month expected credit losses
-
-
-
-
Transfer to lifetime expected credit losses
-
-
-
-
Transfer to credit-impaired financial assets
-
-
-
-
Acquisition
24,350,759
-
- 24,350,759
Disposal / Recovery
(20,823,293)
-
-
(20,823,293)
Gain on valuation
707,739
-
-
707,739
Amortization based on effective interest
method
166,401
-
-
166,401
Others (*)
146,747
-
-
146,747
Ending balance
36,694,111
-
- 36,694,111
(*) Others consist of foreign currencies translation, etc.
(4) During the years ended December 31, 2024 and 2023, the Group sold its equity securities., designated as
financial assets at FVTOCI in accordance with decision of disposal by the creditors, and the fair values
at disposal dates were 155,868 million Won and 3,194 million Won, respectively and cumulative gains
and losses at disposal dates were 72,975 million Won in gain and 118 million Won in gain, respectively.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 81 -
9.
SECURITIES AT AMORTIZED COST
(1) Details of securities at amortized cost as of December 31, 2024 and 2023 are as follows (Unit: Korean
Won in millions):
December 31, 2024
December 31, 2023
Korean treasury and government agencies
7,646,463
8,143,585
Financial institutions
4,004,011
6,660,465
Corporates
5,997,996
7,235,202
Bond denominated in foreign currencies
1,555,470
1,970,861
Others
10,000
-
Allowance for credit losses
(10,763)
(13,941)
Total
19,203,177
23,996,172
(2) Changes in the loss allowance and gross carrying amount of securities at amortized cost are as follows
(Unit: Korean Won in millions):
1) Loss allowance
For the year ended December 31, 2024
Stage 1
Stage 2
Stage 3
Total
Beginning balance
(13,941)
-
-
(13,941)
Transfer to 12-month expected credit losses
-
-
-
-
Transfer to lifetime expected credit losses
-
-
-
-
Transfer to credit-impaired financial assets
-
-
-
-
Net reversal of loss allowance
3,287
-
-
3,287
Others (*)
(109)
-
-
(109)
Ending balance
(10,763)
-
-
(10,763)
(*) Changes due to foreign currencies translation, etc.
For the year ended December 31, 2023
Stage 1
Stage 2
Stage 3
Total
Beginning balance
(8,385)
-
-
(8,385)
Transfer to 12-month expected credit losses
-
-
-
-
Transfer to lifetime expected credit losses
-
-
-
-
Transfer to credit-impaired financial assets
-
-
-
-
Net provision of loss allowance
(5,549)
-
-
(5,549)
Others (*)
(7)
-
-
(7)
Ending balance
(13,941)
-
-
(13,941)
(*) Changes due to foreign currencies translation, etc.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 82 -
2)
Gross carrying amount
For the year ended December 31, 2024
Stage 1
Stage 2
Stage 3
Total
Beginning balance
24,010,113
-
-
24,010,113
Transfer to 12-month expected credit losses
-
-
-
-
Transfer to lifetime expected credit losses
-
-
-
-
Transfer to credit-impaired financial assets
-
-
-
-
Acquisition
2,586,171
-
-
2,586,171
Disposal / Recovery
(7,634,677)
-
-
(7,634,677)
Amortization based on effective interest method
93,318
-
-
93,318
Changes due to business combinations
10,000
10,000
Others (*)
149,015
-
-
149,015
Ending balance
19,213,940
-
-
19,213,940
(*) Changes due to foreign currencies translation, etc.
For the year ended December 31, 2023
Stage 1
Stage 2
Stage 3
Total
Beginning balance
28,276,901
-
-
28,276,901
Transfer to 12-month expected credit losses
-
-
-
-
Transfer to lifetime expected credit losses
-
-
-
-
Transfer to credit-impaired financial assets
-
-
-
-
Acquisition
4,244,256
-
-
4,244,256
Disposal / Recovery
(8,727,124)
-
-
(8,727,124)
Amortization based on effective interest method
167,219
-
-
167,219
Others (*)
48,861
-
-
48,861
Ending balance
24,010,113
-
-
24,010,113
(*) Changes due to foreign currencies translation, etc.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 83 -
10. LOANS AND OTHER FINANCIAL ASSETS AT AMORTIZED COST
(1) Details of loans and other financial assets at amortized cost as of December 31, 2024 and 2023 are as
follows (Unit: Korean Won in millions):
December 31, 2024
December 31, 2023
Due from banks
2,630,604
1,950,573
Loans
386,069,294
358,577,179
Other financial assets
9,771,918
12,620,396
Total
398,471,816
373,148,148
(2) Details of due from banks are as follows (Unit: Korean Won in millions):
December 31, 2024
December 31, 2023
Due from banks in local currency:
Due from depository banks
200,366
108,344
Due from non-depository institutions
152
136
Due from the Korea Exchange
239,222
68
Others
72,314
135,390
Loss allowance
(4)
(59)
Sub-total
512,050
243,879
Due from banks in foreign currencies:
Due from banks on demand
177,886
221,292
Due from banks on time
193,654
366,117
Others
1,753,337
1,135,072
Loss allowance
(6,323)
(15,787)
Sub-total
2,118,554
1,706,694
Total
2,630,604
1,950,573
(3) Details of restricted due from banks are as follows (Unit: Korean Won in millions):
Counterparty
December 31, 2024
Reason of restriction
Due from banks in local currency:
Others
Korea Federation of
Savings Bank and
others
77,835 Reserve deposits
Securities
trading
Korea Securities Finance
Corporation
238,445
Customer deposit refund
reserve and futures trading
margin and others
Sub-total
316,280
Due from banks in foreign currencies:
Due from banks
on demand
National Bank of
Cambodia and others
169,064 Reserve deposits and others
Due from banks
on time
National Bank of
Cambodia
284
Usage deposits for fund
settlement system and others
Others
BNP-PARIBAS, PAR
and others
1,093,853 CSA collateral and others
Sub-total
1,263,201
Total
1,579,481
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 84 -
Counterparty
December 31, 2023
Reason of restriction
Due from banks in local currency:
Due from
KSFC
KB Securities Co., Ltd.
and SI SECURITIES
CORPORATION
68 Futures margin
Others
Korea Federation of
Savings Bank and
others
129,974
Domestic currency exchange
and collateral related to
promissory notes and others
Sub-total
130,042
Due from banks in foreign currencies:
Due from banks
on demand
National Bank of
Cambodia and others
216,147 Reserve deposits and others
Due from banks
on time
National Bank of
Cambodia
321
Usage deposits for fund
settlement system
Others
People’s Bank of China
and others
1,062,130 Reserve deposits and others
Sub-total
1,278,598
Total
1,408,640
(4) Changes in the loss allowance and gross carrying amount of due from banks are as follows (Unit: Korean
Won in millions):
1)
Allowance for credit losses
For the year ended December 31, 2024
Stage 1
Stage 2
Stage 3
Total
Beginning balance
(15,846)
-
-
(15,846)
Transfer to 12-month expected credit losses
-
-
-
-
Transfer to lifetime expected credit losses
-
-
-
-
Transfer to credit-impaired financial assets
-
-
-
-
Reversal for allowance for credit loss
9,874
-
-
9,874
Others (*)
(355)
-
-
(355)
Ending balance
(6,327)
-
-
(6,327)
(*) Changes due to foreign currencies translation, etc.
For the year ended December 31, 2023
Stage 1
Stage 2
Stage 3
Total
Beginning balance
(12,317)
-
-
(12,317)
Transfer to 12-month expected credit losses
-
-
-
-
Transfer to lifetime expected credit losses
-
-
-
-
Transfer to credit-impaired financial assets
-
-
-
-
Provision for allowance for credit loss
(5,254)
-
-
(5,254)
Others (*)
1,725
-
-
1,725
Ending balance
(15,846)
-
-
(15,846)
(*) Changes due to foreign currencies translation, etc.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 85 -
2)
Gross carrying amount
For the year ended December 31, 2024
Stage 1
Stage 2
Stage 3
Total
Beginning balance
1,966,419
-
-
1,966,419
Transfer to 12-month expected credit losses
-
-
-
-
Transfer to lifetime expected credit losses
-
-
-
-
Transfer to credit-impaired financial assets
-
-
-
-
Net decrease
390,154
-
-
390,154
Changes due to business combinations
165,476
-
-
165,476
Others (*)
114,882
-
-
114,882
Ending balance
2,636,931
-
-
2,636,931
(*) Changes due to foreign currencies translation, etc.
For the year ended December 31, 2023
Stage 1
Stage 2
Stage 3
Total
Beginning balance
3,006,989
-
-
3,006,989
Transfer to 12-month expected credit losses
-
-
-
-
Transfer to lifetime expected credit losses
-
-
-
-
Transfer to credit-impaired financial assets
-
-
-
-
Net decrease
(1,154,265)
-
- (1,154,265)
Changes due to business combinations
113,000
-
-
113,000
Others (*)
695
-
-
695
Ending balance
1,966,419
-
-
1,966,419
(*) Changes due to foreign currencies translation, etc.
(5) Details of loans are as follows (Unit: Korean Won in millions):
December 31, 2024
December 31, 2023
Loans in local currency
315,597,374
298,157,823
Loans in foreign currencies
33,166,984
28,585,389
Domestic banker’s usance
2,803,761
2,726,633
Credit card accounts
12,488,523
12,531,620
Bills bought in foreign currencies
4,328,404
4,215,956
Bills bought in local currency
224,835
496,148
Factoring receivables
5,994
8,712
Advances for customers on guarantees
9,814
9,996
Private placement bonds
444,900
688,437
Securitized loans
3,300,876
3,203,135
Call loans
1,847,376
2,719,546
Bonds purchased under resale agreements
10,551,018
3,356,392
Financial lease receivables
1,106,912
1,362,279
Installment financial bond
2,620,534
2,635,720
Others
-
119
Loan origination costs and fees
938,886
865,694
Discounted present value
(9,272)
(11,360)
Allowance for credit losses
(3,357,625)
(2,975,060)
Total
386,069,294
358,577,179
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 86 -
(6) Changes in the loss allowance of loans are as follows (Unit: Korean Won in millions):
For the year ended December 31, 2024
Consumers
Corporates
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Credit
impairment
model
Beginning balance
(196,845)
(134,002)
(220,845)
(947,688)
(762,644)
(363,703)
(89)
Transfer to 12-month expected credit
losses
(27,467)
25,983
1,484
(76,352)
75,186
1,166
-
Transfer to lifetime expected credit
losses
14,659
(17,333)
2,674
60,633
(63,280)
2,647
-
Transfer to credit-impaired financial
assets
7,714
18,054
(25,768)
128,228
162,162
(290,390)
-
Net provision of allowance for credit
losses
(28,741)
(43,686)
(378,285)
(107,916)
(121,901)
(582,211)
(7,663)
Recovery
-
-
(61,554)
-
-
(36,318)
-
Charge-off
-
-
262,651
-
-
329,506
622
Disposal
1,442
2,032
75,603
23
6,675
297,533
837
Interest income from impaired loans
-
-
14,629
-
-
30,185
-
Others
908
637
49,286
(28,427)
4,156
(14,336)
(1,002)
Ending balance
(228,330)
(148,315)
(280,125)
(971,499)
(699,646)
(625,921)
(7,295)
For the year ended December 31, 2024
Credit card accounts
Total
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Credit
impairment
model
Beginning balance
(97,734) (118,112)
(133,398) (1,242,267) (1,014,758)
(717,946)
(89)
Transfer to 12-month expected credit
losses
(30,968)
30,740
228
(134,787)
131,909
2,878
-
Transfer to lifetime expected credit
losses
8,951
(9,609)
658
84,243
(90,222)
5,979
-
Transfer to credit-impaired financial
assets
1,196
2,400
(3,596)
137,138
182,616
(319,754)
-
Net provision of allowance for credit
losses
(4,742)
(20,449)
(379,984)
(141,399)
(186,036) (1,340,480)
(7,663)
Recovery
-
-
(24,021)
-
-
(121,893)
-
Charge-off
-
-
290,321
-
-
882,478
622
Disposal
-
-
91,625
1,465
8,707
464,761
837
Interest income from impaired loans
-
-
-
-
-
44,814
-
Others
-
-
-
(27,519)
4,793
34,950
(1,002)
Ending balance
(123,297)
(115,030)
(158,167) (1,323,126)
(962,991) (1,064,213)
(7,295)
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 87 -
For the year ended December 31, 2023
Consumers
Corporates
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Credit
impairment
model
Beginning balance
(147,876)
(128,089)
(241,942)
(453,621)
(818,234)
(241,465)
(27)
Transfer to 12-month expected credit
losses
(25,553)
22,750
2,803
(190,665)
190,047
618
-
Transfer to lifetime expected credit
losses
10,881
(12,892)
2,011
28,452
(36,229)
7,777
-
Transfer to credit-impaired financial
assets
7,085
24,577
(31,662)
17,959
33,272
(51,231)
-
Net provision of allowance for credit
losses
(41,029)
(41,105)
(340,607)
(361,735)
(153,392)
(515,711)
(1,011)
Recovery
-
-
(65,639)
-
-
(44,043)
-
Charge-off
-
-
301,995
-
-
298,665
-
Disposal
18
419
114,643
266
512
172,519
949
Interest income from impaired loans
-
-
15,553
-
-
19,341
-
Others
(371)
338
22,000
11,656
21,380
(10,173)
-
Ending balance
(196,845)
(134,002)
(220,845)
(947,688)
(762,644)
(363,703)
(89)
For the year ended December 31, 2023
Credit card accounts
Total
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Credit
impairment
model
Beginning balance
(71,139) (127,814)
(103,946)
(672,636) (1,074,137)
(587,353)
(27)
Transfer to 12-month expected credit
losses
(30,312)
30,198
114
(246,530)
242,995
3,535
-
Transfer to lifetime expected credit
losses
6,894
(7,420)
526
46,227
(56,541)
10,314
-
Transfer to credit-impaired financial
assets
748
2,381
(3,129)
25,792
60,230
(86,022)
-
Net provision of allowance for credit
losses
(3,864)
(15,457)
(338,618)
(406,628)
(209,954) (1,194,936)
(1,011)
Recovery
-
-
(33,710)
-
-
(143,392)
-
Charge-off
-
-
306,005
-
-
906,665
-
Disposal
-
-
39,360
284
931
326,522
949
Interest income from impaired loans
-
-
-
-
-
34,894
-
Others
(61)
-
-
11,224
21,718
11,827
-
Ending balance
(97,734)
(118,112)
(133,398) (1,242,267) (1,014,758)
(717,946)
(89)
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 88 -
(7) Changes in the gross carrying amount of loans are as follows (Unit: Korean Won in millions):
For the year ended December 31, 2024
Consumers
Corporates
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Credit
impairment
model
Beginning balance
132,812,981 14,714,396
642,086 188,612,028 10,621,387
856,844
768,487
Transfer to 12-month expected credit
losses
4,575,673 (4,560,653)
(15,020)
2,276,379 (2,273,396)
(2,983)
-
Transfer to lifetime expected credit
losses
(6,411,510) 6,439,154
(27,644) (5,689,553)
5,698,302
(8,749)
-
Transfer to credit-impaired financial
assets
(301,556)
(236,753)
538,309
(904,171)
(752,177)
1,656,348
-
Charge-off
-
-
(262,651)
-
-
(329,506)
(622)
Disposal
(43,168)
(45,410)
(329,255)
(134)
(72,244)
(951,160)
(351,530)
Net increase(decrease)
10,371,126
(1,246,832)
236,043 21,730,474 (1,796,231)
271,022
730,812
Ending balance
141,003,546
15,063,902
781,868 206,025,023 11,425,641
1,491,816
1,147,147
For the year ended December 31, 2024
Credit card accounts
Total
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Credit
impairment
model
Beginning balance
11,287,068
983,611
253,351 332,712,077 26,319,394
1,752,281
768,487
Transfer to 12-month expected credit
losses
336,985
(336,651)
(334)
7,189,037 (7,170,700)
(18,337)
-
Transfer to lifetime expected credit
losses
(539,512)
540,471
(959) (12,640,575) 12,677,927
(37,352)
-
Transfer to credit-impaired financial
assets
(57,937)
(21,408)
79,345 (1,263,664) (1,010,338)
2,274,002
-
Charge-off
-
-
(290,321)
-
-
(882,478)
(622)
Disposal
-
-
(147,812)
(43,302)
(117,654) (1,428,227)
(351,530)
Net increase(decrease)
145,281
(129,905)
386,703
32,246,881 (3,172,968)
893,768
730,812
Ending balance
11,171,885
1,036,118
279,973 358,200,454 27,525,661
2,553,657
1,147,147
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 89 -
For the year ended December 31, 2023
Consumers
Corporates
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Credit
impairment
model
Beginning balance
131,328,377 14,020,582
564,057 179,552,435
9,486,297
625,998
313,717
Transfer to 12-month expected credit
losses
4,038,074 (4,024,039)
(14,035)
2,214,045 (2,209,035)
(5,010)
-
Transfer to lifetime expected credit
losses
(6,406,254) 6,422,979
(16,725) (4,944,087)
4,971,596
(27,509)
-
Transfer to credit-impaired financial
assets
(263,965)
(173,536)
437,501
(582,131)
(242,382)
824,513
-
Charge-off
-
-
(301,995)
-
-
(298,665)
-
Disposal
(63)
(491)
(218,965)
(18,149)
(719)
(404,876)
(152,024)
Net increase(decrease)
4,115,668
(1,531,099)
192,248 12,389,915 (1,384,370)
142,393
606,794
Changes due to business combinations
1,144
-
-
-
-
-
-
Ending balance
132,812,981
14,714,396
642,086 188,612,028 10,621,387
856,844
768,487
For the year ended December 31, 2023
Credit card accounts
Total
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Credit
impairment
model
Beginning balance
9,115,460 1,066,380
179,410 319,996,272 24,573,259
1,369,465
313,717
Transfer to 12-month expected credit
losses
343,929
(343,765)
(164)
6,596,048 (6,576,839)
(19,209)
-
Transfer to lifetime expected credit
losses
(411,467)
412,222
(755) (11,761,808) 11,806,797
(44,989)
-
Transfer to credit-impaired financial
assets
(40,236)
(20,039)
60,275
(886,332)
(435,957)
1,322,289
-
Charge-off
-
-
(306,005)
-
-
(906,665)
-
Disposal
-
-
(73,107)
(18,212)
(1,210)
(696,948)
(152,024)
Net increase(decrease)
2,279,382
(131,187)
393,697
18,784,965 (3,046,656)
728,338
606,794
Changes due to business combinations
-
-
-
1,144
-
-
-
Ending balance
11,287,068
983,611
253,351 332,712,077 26,319,394
1,752,281
768,487
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 90 -
(8) Details of other financial assets are as follows (Unit: Korean Won in millions):
December 31, 2024
December 31, 2023
Cash Management Account asset (CMA asset)
120,000
91,000
Receivables
6,411,884
9,061,936
Accrued income
1,779,310
1,972,330
Telex and telephone subscription rights and refundable deposits
778,986
793,510
Domestic exchange settlement debit
441,992
446,570
Other assets
452,760
411,330
Allowance for credit losses
(213,014)
(156,280)
Total
9,771,918
12,620,396
(9) Changes in the allowances for credit losses on other financial assets are as follows (Unit: Korean Won
in millions):
For the year ended December 31, 2024
Stage 1
Stage 2
Stage 3
Total
Beginning balance
(9,019)
(17,062)
(130,199)
(156,280)
Transfer to 12-month expected credit losses
(557)
493
64
-
Transfer to lifetime expected credit losses
372
(429)
57
-
Transfer to credit-impaired financial assets
1,202
5,355
(6,557)
-
Provision of loss allowance
(7,662)
(10,372)
(31,336)
(49,370)
Charge-off
1,224
-
5,275
6,499
Disposal
-
4
2,538
2,542
Others
(6,494)
(9)
(9,902)
(16,405)
Ending balance
(20,934)
(22,020)
(170,060)
(213,014)
For the year ended December 31, 2023
Stage 1
Stage 2
Stage 3
Total
Beginning balance
(4,178)
(9,133)
(125,869)
(139,180)
Transfer to 12-month expected credit losses
(388)
285
103
-
Transfer to lifetime expected credit losses
223
(246)
23
-
Transfer to credit-impaired financial assets
50
266
(316)
-
Provision of loss allowance
(3,141)
(8,235)
(10,829)
(22,205)
Charge-off
-
-
4,341
4,341
Disposal
-
-
2,597
2,597
Others
(1,585)
1
(249)
(1,833)
Ending balance
(9,019)
(17,062)
(130,199)
(156,280)
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 91 -
(10) Changes in the gross carrying amount of other financial assets are as follows (Unit: Korean Won in
millions):
For the year ended December 31, 2024
Stage 1
Stage 2
Stage 3
Total
Beginning balance
12,510,625
111,898
154,153
12,776,676
Transfer to 12-month expected credit losses
22,084
(19,273)
(2,811)
-
Transfer to lifetime expected credit losses
(38,819)
38,881
(62)
-
Transfer to credit-impaired financial assets
(12,265)
(15,695)
27,960
-
Charge-off
(1,224)
-
(5,275)
(6,499)
Disposal
-
(7)
(3,034)
(3,041)
Net increase (decrease)
(3,048,051)
(16,550)
279,298
(2,785,303)
Changes due to business combinations
3,099
-
-
3,099
Ending balance
9,435,449
99,254
450,229
9,984,932
For the year ended December 31, 2023
Stage 1
Stage 2
Stage 3
Total
Beginning balance
8,886,721
21,454
78,502
8,986,677
Transfer to 12-month expected credit losses
14,252
(14,143)
(109)
-
Transfer to lifetime expected credit losses
(30,528)
30,559
(31)
-
Transfer to credit-impaired financial assets
(7,299)
(1,498)
8,797
-
Charge-off
-
-
(4,341)
(4,341)
Disposal
-
-
(3,318)
(3,318)
Net increase (decrease)
3,634,239
75,526
74,653
3,784,418
Changes due to business combinations
13,240
-
-
13,240
Ending balance
12,510,625
111,898
154,153
12,776,676
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 92 -
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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 93 -
(2) Fair value hierarchy of financial assets and liabilities measured at fair value are as follows (Unit:
Korean Won in millions):
December 31, 2024
Level 1 (*)
Level 2 (*)
Level 3
Total
Financial assets:
Financial assets at FVTPL
Deposits
73,951
-
-
73,951
Debt securities
4,304,048
2,489,883
7,357
6,801,288
Equity securities
22,414
-
398,899
421,313
Capital contributions
-
4,185
2,853,513
2,857,698
Beneficiary certificates
156,898
2,301,044
2,105,160
4,563,102
Loans
-
69,401
34,776
104,177
Derivative assets
-
10,093,344
1,188
10,094,532
Other financial assets in foreign currency
-
-
48,345
48,345
Others
-
-
238,266
238,266
Sub-total
4,557,311
14,957,857
5,687,504
25,202,672
Financial assets at FVTOCI
Debt securities
14,117,592
28,805,079
-
42,922,671
Equity securities
315,640
-
559,434
875,074
Sub-total
14,433,232
28,805,079
559,434
43,797,745
Derivative assets (designated for hedging)
-
175,191
-
175,191
Total
18,990,543
43,938,127
6,246,938
69,175,608
Financial liabilities:
Financial liabilities at FVTPL
Deposits due to customers
74,205
-
-
74,205
Derivative liabilities
-
9,090,696
1,402
9,092,098
Securities sold
182,478
-
-
182,478
Sub-total
256,683
9,090,696
1,402
9,348,781
Financial instruments designated to be
measured at FVTPL
Deposits due to customers
-
547,816
-
547,816
Derivative liabilities (designated for
hedging)
-
102,815
-
102,815
Total
256,683
9,741,327
1,402
9,999,412
(*) 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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 94 -
December 31, 2023
Level 1 (*)
Level 2 (*)
Level 3
Total
Financial assets:
Financial assets at FVTPL
Deposits
39,241
-
-
39,241
Debt securities
4,414,956
1,888,052
4,230
6,307,238
Equity securities
68,691
19
353,279
421,989
Capital contributions
-
-
2,459,646
2,459,646
Beneficiary certificates
169,012
3,634,938
1,705,965
5,509,915
Loans
-
726,714
56,002
782,716
Derivative assets
113
5,669,078
129,138
5,798,329
Other financial assets in foreign currency
-
-
42,408
42,408
Others
-
-
183,274
183,274
Sub-total
4,692,013
11,918,801
4,933,942
21,544,756
Financial assets at FVTOCI
Debt securities
12,392,117
24,301,994
-
36,694,111
Equity securities
649,220
-
548,164
1,197,384
Sub-total
13,041,337
24,301,994
548,164
37,891,495
Derivative assets (designated for hedging)
-
26,708
-
26,708
Total
17,733,350
36,247,503
5,482,106
59,462,959
Financial liabilities:
Financial liabilities at FVTPL
Deposits due to customers
39,524
-
-
39,524
Derivative liabilities
8,303
5,932,727
1,994
5,943,024
Securities sold
155,765
-
-
155,765
Sub-total
203,592
5,932,727
1,994
6,138,313
Derivative liabilities (designated for
hedging)
-
153,007
-
153,007
Total
203,592
6,085,734
1,994
6,291,320
(*) There were no transfers between Level 2 and Level 1 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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 95 -
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 as
of December 31, 2024 and 2023 are as follows:
Valuation methods
Input variables
Debt securities
Fair value is measured by discounting the future cash
flows of debt securities applying the risk-free market
rate with credit spread or applying the market interest
rate applied to entities with similar creditworthiness
to the issuer of debt securities.
Risk-free market rate, credit spread
Equity securities and
beneficiary certificates
Fair value is measured by using the net asset value
method, FCFE(Free Cash Flow to Equity Mode),
Comparable Company Analysis, Dividend Discount
Model, Risk-adjusted Rate of Return Method,
LSMC(Least-Squares Monte Carlo), and Hull-White
model.
Values of underlying assets such as
bond, risk-free market rate, market
risk premium, corporate Beta,
discount rate originated from credit
grade, volatility of stocks , volatility
of interest rate
Derivatives
Fair value is measured by models such as option
model.
Discount rate, volatility, exchange
rate, stock prices, fair value
originated from forward price etc.
Loans
The future cash flows of debt instruments are
measured at a discount by applying the market
interest rate applied to entities with similar
creditworthiness to the debtor.
Risk-free market rate and credit spread
Deposits due to customers
Fair value is measured by Hull-White model.
Swaption Volume etc.
2) Valuation methods and input variables for each type of financial instrument classified into level 3 as
of December 31, 2024 and 2023 are as follows:
Valuation methods
Input variables
Loans
Fair value is measured by using the DCF model
(Discounted Cash Flow Model) and risk-adjusted
discount rate method (Tsiveriotis-Fernandes).
Discount rate, volatility of stock, risk-
free market rate, credit spread
Stocks, capital
contributions and
beneficiary certificates
Among DCF (Discounted Cash Flow) Model, FCFE
(Free Cash Flow to Equity) Model, Comparable
Company Analysis, Dividend Discount Model, Risk-
adjusted Rate of Return Method, Net Asset Value
Method, LSMC, Binomial Tree Model, Hull-White
and Precedent Transactions model, one or more
methods are used given the characteristic of the
subject of fair value measurement.
Risk-free market rate, market risk
premium, corporate Beta, stock
prices, volatility of underlying
asset, discount rate originated from
credit grade, volatility of interest
rate, volatility of real estate value,
terminal growth rate, PBR, PSR etc.
Derivatives
Fair value is measured by models such as option model.
Correlation coefficient, stock price,
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, which is
commonly used valuation techniques in the market.
Stock price, volatility of underlying
assets, etc.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 96 -
Valuation methods of financial assets and liabilities measured at fair value and classified into Level 3 and
significant but unobservable inputs are as follows:
December 31, 2024
Fair value
measurement
technique
Type
Significant
unobservable inputs
Range
Impact of changes in significant
unobservable inputs on fair value
measurement
Debt securities
LSMC(Hull-White)
Volatility
28.09%~88.35%
Variation of fair value increases as
volatility increases.
Loans
DCF model
Discount rate
4.17%~5.98%
Fair value increases as discount rate
decreases.
Derivatives
Option
valuation
model and
others
Equity related
Correlation coefficient
0.29~0.65
Variation of fair value increases as
correlation coefficient increases.
Stock prices, Volatility
of underlying asset
25.71%
Variation of fair value increases as
volatility and stock price increases.
Discount rate
3.94%~19.62%
Fair value increases as discount rate
decreases.
Terminal growth rate
0.00%
Fair value increases as terminal
growth rate increases.
Stocks, capital
contributions,
and beneficiary
certificates
Binomial Tree
Stock prices, Volatility
of underlying asset
18.76%~36.37%
Variation of fair value increases as
volatility of underlying asset and
stock price increases.
DCF model and others
Discount rate
4.76%~19.84%
Fair value increases as discount rate
decreases.
Terminal growth rate
0.00%~1.00%
Fair value increases as terminal
growth rate increases.
Liquidation value
-1.00%~1.00%
Fair value increases as liquidation
value increases.
LMSC(Hull-White)
Volatility of stock
29.30%
Variation of fair value increases as
volatility increases.
Discount rate
6.45%~15.56%
Fair value increases as discount rate
decreases.
Others
Binomial Tree
Stock prices, Volatility
of underlying asset
18.36%~36.90%
Variation of fair value increases as
volatility of underlying asset and
stock price increases.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 97 -
December 31, 2023
Fair value
measurement
technique
Type
Significant
unobservable inputs
Range(%)
Impact of changes in significant
unobservable inputs on fair value
measurement
Loans
DCF model and others
Discount rate
4.05%~6.58%
Fair value increases as discount rate
decreases.
LSMC(Hull-White)
Volatility of stock
0.19%~0.24%
Fair value increases as volatility of
stock increases.
Volatility of interest
rate
0.47%~0.91%
Fair value increases as volatility of
interest rate increases.
Discount rate
13.78%~21.92%
Fair value increases as discount rate
decreases.
Derivative assets Option
valuation
model and
others
Equity related
Correlation coefficient
0.32~0.68
Variation of fair value increases as
correlation coefficient increases.
Derivative
liabilities
Option
valuation
model and
others
Equity related
Correlation coefficient
0.32~0.68
Variation of fair value increases as
correlation coefficient increases.
Equity securities,
capital
contributions,
and beneficiary
certificates
Binomial Tree
Discount rate
3.58%
Fair value increases as discount rate
decreases.
Stock prices, Volatility
of underlying asset,
Volatility of stocks
27.34%~76.22%
Variation of fair value increases as
volatility of underlying asset and
stock price increases.
Risk-adjusted discount rate
method (Tsiveriotis-
Fernandes)
Discount rate
6.98%
Fair value increases as discount rate
decreases.
Volatility of stock
34.60%
Variation of fair value increases as
volatility of stock increases.
DCF model and others
Discount rate
5.08%~19.90%
Fair value increases as discount rate
decreases.
Terminal growth rate
0.00%, 1.00%
Fair value increases as terminal
growth rate increases.
Liquidation value
-1.00%~1.00%
Fair value increases as liquidation
value increases.
LSMC(Hull-White)
Discount rate
5.06%~6.86%
Fair value increases as discount rate
decreases.
Others
Binomial Tree
Stock prices, Volatility
of underlying asset
15.48%~76.22%
Variation of fair value increases as
volatility of underlying asset and
stock price increases.
Discount rate
10.42%
Fair value increases as discount rate
decreases.
Growth rate
0.00%
Fair value increases as terminal
growth rate increases
Fair value of financial assets and liabilities classified into Level 3 is measured by the Group using its own
valuation methods or using external specialists. Unobservable inputs used in the fair value measurements are
produced by the internal system of the Group and the appropriateness of inputs is reviewed regularly.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 98 -
(3) Changes in financial assets and liabilities measured at fair value classified into Level 3 are as follows
(Unit: Korean Won in millions):
December 31, 2024
Beginning
balance
Net income
(loss) (*1)
Other
comprehensive
income
Purchases/
issuances
Disposals /
settlements
Transfer to
or out of
Level 3 (*2)
Ending
balance
Financial assets:
Financial assets at
FVTPL
Debt securities
4,230
727
-
5,000
(2,600)
-
7,357
Equity securities
353,279
(3,909)
-
72,230
(24,648)
1,947
398,899
Capital contributions
2,459,646
89,418
-
565,396
(254,369)
(6,578)
2,853,513
Beneficiary
certificates
1,705,965
58,640
-
403,439
(62,632)
(252)
2,105,160
Loans
56,002
754
-
326,516
(348,496)
-
34,776
Derivative assets
129,138
(1,169)
-
327
(127,108)
-
1,188
Other foreign
currency financial
assets
42,408
5,937
-
-
-
-
48,345
Others
183,274
13,336
-
58,813
(17,157)
-
238,266
Sub-total
4,933,942
163,734
-
1,431,721
(837,010)
(4,883)
5,687,504
Financial assets at
FVTOCI
Equity securities
548,164
-
10,920
2,841
(5,954)
3,463
559,434
Loans
-
-
-
202,916
(202,916)
-
-
Sub-total
548,164
-
10,920
205,757
(208,870)
3,463
559,434
Total
5,482,106
163,734
10,920
1,637,478 (1,045,880)
(1,420)
6,246,938
Financial liabilities:
Financial liabilities at
FVTPL
Derivative liabilities
1,994
1,115
-
-
(1,707)
-
1,402
Total
1,994
1,115
-
-
(1,707)
-
1,402
(*1) For financial liabilities, positive numbers represent losses that increase balance and negative numbers represent
gains that decrease balance. The gain amounts to 204,822 million Won for the year ended December 31, 2024,
which is from financial assets and liabilities that the Group holds as at the end of the year.
(*2) The Group recognizes transfers among levels at the end of reporting period in which events have occurred or
conditions have changed.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 99 -
For the year ended December 31, 2023
Beginning
balance
Business
combination
Net income
(loss) (*1)
Other
comprehensive
income
Purchases/
issuances
Disposals /
settlements
Transfer to
or out of
Level 3 (*2)
Ending
balance
Financial assets:
Financial assets at
FVTPL
Debt securities
1,078
-
152
-
4,000
(1,000)
-
4,230
Equity securities
307,851
10,628
10,632
-
62,638
(32,630)
(5,840)
353,279
Capital contributions
1,976,474
10,977
65,437
-
655,921
(249,163)
-
2,459,646
Beneficiary
certificates
1,458,776
-
3,534
-
280,435
(36,780)
-
1,705,965
Loans
104,505
-
483
-
577,296
(626,282)
-
56,002
Derivative assets
93,970
-
41,620
-
2,273
(8,725)
-
129,138
Other foreign
currency financial
assets
41,679
-
729
-
-
-
-
42,408
Others
144,840
-
9,015
-
32,214
(2,795)
-
183,274
Sub-total
4,129,173
21,605
131,602
-
1,614,777
(957,375)
(5,840)
4,933,942
Financial assets at
FVTOCI
Equity securities
557,065
-
-
(6,564)
343
(2,657)
(23)
548,164
Loans
-
-
-
-
139,567
(139,567)
-
-
Sub-total
557,065
-
-
(6,564)
139,910
(142,224)
(23)
548,164
Total
4,686,238
21,605
131,602
(6,564)
1,754,687 (1,099,599)
(5,863)
5,482,106
Financial liabilities:
Financial liabilities at
FVTPL
Derivative liabilities
9,449
-
1,994
-
-
(9,449)
-
1,994
Total
9,449
-
1,994
-
-
(9,449)
-
1,994
(*1) For financial liabilities, positive numbers represent losses that increase balance and negative numbers represent
gains that decrease balance. The gain amounts to 171,095 million Won for the year ended December 31, 2023,
which is from financial assets and liabilities that the Group holds as at the end of the year.
(*2) The Group recognizes transfers among levels at the end of reporting period in which events have occurred or
conditions have changed.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 100 -
(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 6,248,340 million
Won and 5,484,098 million Won as of December 31, 2024 and 2023, respectively, equity instruments of
5,655,401 million Won and 4,704,747 million Won whose carrying amount is 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, 2024 and 2023
is as follows (Unit: Korean Won in millions):
December 31, 2024
Net income (loss)
Other comprehensive
income (loss)
Favorable
Unfavorable
Favorable
Unfavorable
Financial assets:
Financial assets at FVTPL
Derivative assets (*1)
50
(51)
-
-
Loans (*2)
155
(152)
-
-
Debt securities (*3)
469
(435)
-
-
Equity securities (*2) (*4) (*5)
19,824
(14,380)
-
-
Beneficiary certificates (*6)
706
(705)
-
-
Others (*4) (*6)
2,554
(2,402)
-
-
Financial assets at FVTOCI
Equity securities (*5)(*6)(*7)
-
-
47,087
(32,879)
Total
23,758
(18,125)
47,087
(32,879)
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities (*1)
-
-
-
-
Total
-
-
-
-
(*1) Fair value changes of equity related derivatives assets and liabilities are calculated by increasing or decreasing
correlation or volatility, which are major unobservable variables, by 10% each, respectively.
(*2) Fair value changes are calculated by increasing or decreasing growth rate (0%~1%) and discount rate or
liquidation value (-1%~1%), which are major unobservable variables.
(*3) Fair value changes are calculated by increasing or decreasing stock price volatility by 10%, which are major
unobservable variables.
(*4) Fair value changes of equity securities are calculated by increasing or decreasing stock price (-10%~10%) and
volatility (-10%p~10%p), which are major unobservable variables.
(*5) Fair value changes of equity securities are calculated by increasing or decreasing growth rate (-1%p~1%p) and
discount rate (-1%p~1%p) or liquidation value (-1%p~1%p), which are major unobservable variables.
(*6) Even if the sensitivity analysis of the capital contributions and beneficiary certificates among equity securities 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 are underlying assets and discount rate by 1%p.
(*7) Fair value changes of equity securities are calculated by increasing or decreasing correlation between growth rate
and discount rate, which are unobservable variables.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 101 -
December 31, 2023
Net income (loss)
Other comprehensive
income (loss)
Favorable
Unfavorable
Favorable
Unfavorable
Financial assets:
Financial assets at FVTPL
Derivative assets (*1)
88
(95)
-
-
Loans (*2)
202
(199)
-
-
Debt securities(*3)
21
(22)
-
-
Equity securities (*2) (*3)
11,562
(8,953)
-
-
Beneficiary certificates (*4)
722
(722)
-
-
Others (*2)
4,098
(3,921)
-
-
Financial assets at FVTOCI
Equity securities (*3) (*4)
-
-
28,020
(22,302)
Total
16,693
(13,912)
28,020
(22,302)
Financial liabilities:
Financial liabilities at FVTPL
Derivative liabilities (*1)
10
(7)
-
-
Total
10
(7)
-
-
(*1) Fair value changes of equity related derivatives assets and liabilities are calculated by increasing or decreasing
correlation, which are major unobservable variables, by 10%, respectively.
(*2) Fair value changes of equity securities are calculated by increasing or decreasing stock prices (-10%~10%) and
volatility (-10%p~10%p). The stock prices and volatility are major unobservable variables.
(*3) Fair value changes of equity securities are calculated by increasing or decreasing growth rate (-1%p~1%p) and
discount rate (-1%p~1%p) or liquidation value (-1%p~1%p). 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%.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 102 -
(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):
December 31, 2024
Fair value
Carrying
amount
Level 1
Level 2
Level 3
Total
Financial assets:
Securities at amortized cost
3,242,384
15,894,576
9,991
19,146,951
19,203,177
Loans and other financial assets at
amortized cost
-
7,149,151 393,995,021 401,144,172
398,471,816
Financial liabilities:
Deposits due to customers
- 367,128,451
- 367,128,451
366,821,156
Borrowings
-
29,622,705
432,561
30,055,266
30,117,031
Debentures
-
48,273,103
-
48,273,103
48,207,103
Other financial liabilities (*)
-
30,201,229
809,007
31,010,236
31,786,960
(*) Lease liabilities are excluded as of December 31, 2024.
December 31, 2023
Fair value
Carrying
amount
Level 1
Level 2
Level 3
Total
Financial assets:
Securities at amortized cost
2,361,627
21,303,099
-
23,664,726
23,996,172
Loans and other financial assets at
amortized cost
-
9,905,518 364,211,207 374,116,725
373,148,148
Financial liabilities:
Deposits due to customers
- 360,186,521
- 360,186,521
357,784,297
Borrowings
-
31,065,237
87,342
31,152,579
30,986,746
Debentures
-
40,504,019
-
40,504,019
41,239,245
Other financial liabilities (*)
-
24,584,447
609,620
25,194,067
25,780,550
(*) Lease liabilities are excluded as of December 31, 2023.
The fair values of financial instruments are measured using quoted market price in active markets. In
case there is no active market for financial instruments, the Group determines the fair value by using
valuation methods. Valuation methods and input variables for financial assets and liabilities that are
measured at amortized cost are given as follows:
Valuation methods
Input variables
Securities at amortized cost
The fair value is measured by discounting the projected
cash flows of debt securities by applying risk-free market
rate with credit spread.
Risk-free market rate
and credit spread
Loans and other financial
assets at amortized cost
The fair value is measured by discounting the projected
cash flows of loan products by applying the market
discount rate that has been applied to a proxy company
that has similar credit rating to the debtor.
Risk-free market rate,
credit spread and
prepayment rate
Deposits due to customers,
borrowings, debentures and
other financial liabilities
The fair value is measured by discounting the projected
cash flows of debt products by applying the market
discount rate that is reflecting credit rating of the Group.
Risk-free market rate
and credit spread
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 103 -
(6) Financial instruments by category
Carrying amounts of financial assets and liabilities by each category are as follows (Unit: Korean Won in
millions):
December 31, 2024
Financial assets
Financial assets
at FVTPL
Financial assets
at FVTOCI
Financial assets
at amortized cost
Derivatives
assets
(designated for
hedging)
Total
Deposits
73,951
-
2,630,604
-
2,704,555
Securities
14,879,996
43,797,745
19,203,177
-
77,880,918
Loans
104,177
-
386,069,294
-
386,173,471
Derivative assets
10,094,532
-
-
175,191
10,269,723
Other financial assets
50,016
-
9,771,918
-
9,821,934
Total
25,202,672
43,797,745
417,674,993
175,191
486,850,601
December 31, 2024
Financial liabilities
Financial
liabilities
at FVTPL
Financial liabilities
designated to be
measured at FVTPL
Financial
liabilities at
amortized
cost
Derivatives
liabilities
(designated for
hedging)
Total
Deposits due to customers
74,205
547,816 366,821,156
-
367,443,177
Borrowings
182,478
-
30,117,031
-
30,299,509
Debentures
-
-
48,207,103
-
48,207,103
Derivative liabilities
9,092,098
-
-
102,815
9,194,913
Other financial liabilities (*)
-
-
31,786,960
-
31,786,960
Total
9,348,781
547,816 476,932,250
102,815
486,931,662
(*) Lease liabilities are excluded as of December 31, 2024.
December 31, 2023
Financial assets
Financial assets
at FVTPL
Financial assets
at FVTOCI
Financial assets
at amortized cost
Derivatives
assets
(designated for
hedging)
Total
Deposits
39,241
-
1,950,573
-
1,989,814
Securities
14,880,479
37,891,495
23,996,172
-
76,768,146
Loans
782,716
-
358,577,179
-
359,359,895
Derivative assets
5,798,329
-
-
26,708
5,825,037
Other financial assets
43,991
-
12,620,396
-
12,664,387
Total
21,544,756
37,891,495
397,144,320
26,708
456,607,279
December 31, 2023
Financial liabilities
Financial
liabilities at
FVTPL
Financial
liabilities at
amortized cost
Derivatives
liabilities
(designated for
hedging)
Total
Deposits due to customers
39,524
357,784,297
-
357,823,821
Borrowings
155,765
30,986,746
-
31,142,511
Debentures
-
41,239,245
-
41,239,245
Derivative liabilities
5,943,024
-
153,007
6,096,031
Other financial liabilities (*)
-
25,780,550
-
25,780,550
Total
6,138,313
455,790,838
153,007
462,082,158
(*) Lease liabilities are excluded as of December 31, 2023.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 104 -
(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, 2024 and 2023 are as follows (Unit: Korean Won in millions):
For the year ended December 31, 2024
Interest income
(expense)
Fees and
commissions
income
(expense)
Reversal
(provision) of
credit loss
Gain or loss
on
transactions
and valuation
Dividends,
etc.
Total
Financial instruments at
FVTPL
236,793
1,174
-
1,512,430
291,123
2,041,520
Financial instruments
designated to be
measured at FVTPL (*)
-
-
-
(19,647)
-
(19,647)
Financial assets at
FVTOCI
1,281,642
951
(8,868)
96,620
19,198
1,389,543
Securities at amortized
cost
643,056
-
3,287
-
-
646,343
Loans and other financial
assets at amortized cost
19,851,850
566,911
(1,715,074)
286,885
-
18,990,572
Financial liabilities at
amortized cost
(13,108,310)
56
-
-
- (13,108,254)
Net derivatives
(designated for hedging)
-
-
-
128,646
-
128,646
Total
8,905,031
569,092
(1,720,655)
2,004,934
310,321
10,068,723
(*) The amounts recognized in other comprehensive income related to financial liabilities designated to be measured at
FVTPL are 1,831 million Won during the year ended December 31, 2024.
For the year ended December 31, 2023
Interest income
(expense)
Fees and
commissions
income
(expense)
Reversal
(provision) of
credit loss
Gain or loss
on
transactions
and valuation
Dividends,
etc.
Total
Financial assets at FVTPL
192,094
514
-
488,486
222,357
903,451
Financial assets at
FVTOCI
999,407
1,621
(16,542)
(37,641)
17,936
964,781
Securities at amortized
cost
782,513
-
(5,549)
-
-
776,964
Loans and other financial
assets at amortized cost
18,667,540
578,387
(1,839,987)
203,942
-
17,609,882
Financial liabilities at
amortized cost
(11,887,127)
1,247
-
-
- (11,885,880)
Net derivatives
(designated for hedging)
-
-
-
15,678
-
15,678
Total
8,754,427
581,769
(1,862,078)
670,465
240,293
8,384,876
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 105 -
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):
December 31,
2024
December 31,
2023
Assets transferred Financial assets at FVTPL
1,271,304
238,461
Financial assets at FVTOCI
248,394
556,583
Securities at amortized cost
41,442
48,368
Total
1,561,140
843,412
Related liabilities
Bonds sold under repurchase agreements
1,530,767
757,691
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):
December 31,
2024
December 31,
2023
Loaned to
Financial assets
at FVTPL
Korean treasury and
government bonds, etc.
12,361
625,398
The Korea Securities
Finance Corporation
Financial assets
at FVTOCI
Korean treasury and
government bonds, etc.
-
592,218
Korea Securities
Depository and others
3)
Liquidity of financial assets
As of December 31, 2024 and 2023, 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:
December 31, 2024 December 31, 2023
Carrying amount (*) Carrying amount (*)
Assets transferred
Loans at amortized cost
5,205,022
5,098,217
Related liabilities
Asset-backed borrowings
2,153,730
2,434,900
Asset-backed bonds
1,830,672
1,487,895
(*) The carrying amount is the amount before the allowance for bad debts.
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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 106 -
(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 default, 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 sale and repurchase agreement and accounted it as a collateralized borrowing.
The Group has also entered into a purchase and resale 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. In securities lending transactions, offsetting agreements are
similarly executed through analogous arrangements, and the amounts of borrowed securities presented in the
consolidated financial statements as of December 31, 2024 and 2023, are 182,478 million Won and 155,765
million Won, respectively. These amounts may be offset against bonds provided as collateral.
As of December 31, 2024 and 2023, 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, 2024
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
Net
amounts
Netting
agreements
and others
Cash
collateral
received
and others
Financial assets:
Derivative assets (*1)
10,333,766
-
10,333,766
12,149,475
235,654 3,533,764
Receivable spot exchange (*2)
5,585,127
-
5,585,127
Bonds purchased under resale
agreements (*2)
10,098,618
-
10,098,618
10,098,618
-
-
Uncollected domestic exchange
settlement debits (*2) (*5)
33,375,126
32,933,133
441,993
-
-
441,993
Total
59,392,637
32,933,133
26,459,504
22,248,093
235,654 3,975,757
Financial liabilities:
Derivative liabilities (*1)
9,256,251
-
9,256,251
11,899,555
533,052 2,408,916
Payable spot exchange (*3)
5,585,272
-
5,585,272
Bonds sold under repurchase
agreements (*4)
1,530,767
-
1,530,767
1,530,767
-
-
Unpaid domestic exchange
settlement credits (*3) (*5)
40,525,606
32,933,133
7,592,473
7,590,328
-
2,145
Total
56,897,896
32,933,133
23,964,763
21,020,650
533,052 2,411,061
(*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.
(*6) The items are included in financial liabilities at FVTPL.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 107 -
December 31, 2023
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
Net
amounts
Netting
agreements
and others
Cash
collateral
received
and others
Financial assets:
Derivative assets (*1)
5,200,277
-
5,200,277
11,328,147
424,466 1,089,011
Receivable spot exchange (*2)
7,641,347
-
7,641,347
Bonds purchased under resale
agreements (*2)
3,256,392
-
3,256,392
3,256,392
-
-
Domestic exchange settlement
debits (*2) (*5)
49,034,521
48,587,951
446,570
-
-
446,570
Total
65,132,537
48,587,951
16,544,586
14,584,539
424,466 1,535,581
Financial liabilities:
Derivative liabilities (*1)
5,126,697
-
5,126,697
11,425,925
139,143 1,203,575
Payable spot exchange (*3)
7,641,946
-
7,641,946
Bonds sold under repurchase
agreements (*4)
1,119,991
-
1,119,991
1,119,991
-
-
Domestic exchange settlement
credits (*3) (*5)
49,974,648
48,587,951
1,386,697
1,367,709
-
18,988
Total
63,863,282
48,587,951
15,275,331
13,913,625
139,143 1,222,563
(*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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 108 -
13. INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
(1) Investments in associates accounted for using the equity method of accounting are as follows:
Percentage of ownership (%)
Joint ventures and associates
Main business
December 31,
2024
December 31
2023
Location
Financial
statements as of
Woori Bank
W Service Networks Co., Ltd.
(*1)(*4)
Freight & staffing
services
4.9
4.9
Korea
2024-11-30
Korea Credit Bureau Co., Ltd.
(*2)
Credit information
9.9
9.9
Korea
2024-12-31
Korea Finance Security Co., Ltd.
(*2) (*4)
Security service
15.0
15.0
Korea
2024-11-30
Wongwang Co., Ltd. (*3)
Wholesale and real
estate
29.0
29.0
Korea
-
Sejin Construction Co., Ltd. (*3)
Construction
29.6
29.6
Korea
-
ARES-TECH Co., Ltd. (*3)
Electronic
component
manufacturing
23.4
23.4
Korea
-
Beomgyo.,Ltd. (*3)
Telecommunication
equipment retail
sales
23.1
23.1
Korea
-
NK Eng Co., Ltd. (*3)
Manufacturing
23.1
23.1
Korea
-
K BANK Co., Ltd. (*2)(*4)
Finance
12.0
12.6
Korea
2024-11-30
Partner One Value Up I Private
Equity Fund
Other financial
services
23.3
23.3
Korea
2024-12-31
IBK KIP Seongjang Dideemdol
1st Private Investment Limited
Partnership
Other financial
services
20.0
20.0
Korea
2024-12-31
Crevisse Raim Impact 1st Startup
Venture Specialist Private
Equity Fund
Other financial
services
25.0
25.0
Korea
2024-12-31
LOTTE CARD Co., Ltd. (*4)
Credit card and
installment
financing
20.0
20.0
Korea
2024-09-30
Union Technology Finance
Investment Association
Other financial
services
29.7
29.7
Korea
2024-12-31
Dicustody Co., Ltd.(*2)(*7)
Other information
technology and
computer operation
related services
-
1.0
Korea
-
Orient Shipyard Co., Ltd. (*3)(*4)
Manufacture of
sections for ships
22.7
22.7
Korea
2024-09-30
Joongang Network Solution
Co.,Ltd. (*3)(*7)
Other information
technology and
computer operation
related services
-
25.3
Korea
-
Win Mortgage Co.,Ltd. (*1)(*4)
Other financial
services
4.5
4.5
Korea
2024-09-30
Samsung Together Korea IPPF
private securities investment
trust 3 [Equity-FoFs]
Other financial
services
100.0
100.0
Korea
2024-12-31
BTS 2nd Private Equity Fund
Other financial
services
20.0
20.0
Korea
2024-12-31
STASSETS FUND III
Other financial
services
28.3
28.3
Korea
2024-12-31
SF CREDIT PARTNERS,
LLC(*2)
Other financial
services
10.0
10.0
United
States
2024-12-31
Dongwoo C & C Co., Ltd. (*3)
Construction
23.2
24.5
Korea
-
G2 Collection Co., Ltd. (*3)
Wholesale and
retail sales
28.9
29.2
Korea
-
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 109 -
Percentage of ownership (%)
Joint ventures and associates
Main business
December 31,
2024
December 31
2023
Location
Financial
statements as of
Woori Bank (*5)
Japanese Hotel Real Estate Private
Equity Fund No.2
Other financial
services
19.9
19.9
Korea
2024-12-31
Woori Seoul Beltway Private
Special Asset Fund No.1
Trust and collective
investment
25.0
25.0
Korea
2024-12-31
Woori General Private Securities
Investment Trust(Bond) No.1
(*7)
Collective
investment business
-
25.0
Korea
-
Woori Short-term Bond Securities
Investment Trust(Bond)
ClassC-F(*7)
Collective
investment business
-
15.0
Korea
-
Woori Safe Plus General Type
Private Investment Trust S-
8(Bond) (*7)
Collective
investment business
-
9.1
Korea
-
Woori General Private Securities
Investment Trust(Bond) No.2
(*7)
Collective
investment business
-
27.3
Korea
-
Woori Smart General Private
Equity Investment Trust
1(Bond)
Collective
investment business
28.6
28.6
Korea
2024-12-31
Woori General Private Securities
Investment Trust(Bond) No.3
(*7)
Collective
investment business
-
27.8
Korea
-
Woori Asset Global Partnership
Fund No. 5
Collective
investment business
57.7
57.7
Korea
2024-12-31
Woori Short Term Government
and Special Bank Bond Active
ETF(*7)
Collective
investment business
-
20.8
Korea
-
Woori 25-09 Corporate Bond(AA-
or higher) Active ETF(*7)
Collective
investment business
-
29.3
Korea
-
Woori General Private Securities
Investment Trust No. 5 (Bond)
(*11)
Collective
investment business
28.6
-
Korea
2024-12-31
Woori Big Satisfaction General
Private Securities Investment
Trust No. 3 (Bond) (*11)
Collective
investment business
9.1
-
Korea
2024-12-31
Woori General Private Securities
Investment Trust No. 6 (Bond)
(*11)
Collective
investment business
28.6
-
Korea
2024-12-31
Woori Big Satisfaction
Corporation MMF No. 1
(Government Bond) (*7) (*11)
Collective
investment business
-
-
Korea
-
Woori General Private Securities
Investment Trust No. 7 (Bond)
(*11)
Collective
investment business
28.6
-
Korea
2024-12-31
Woori Smart General Private
Equity Investment Trust
No.1(bond) (*11)
Collective
investment business
28.4
-
Korea
2024-12-31
Woori Future Energy Private
Special Asset Investment
Trust(General) No.1 (*11)
Collective
investment business
16.0
-
Korea
2024-12-31
Woori Financial Capital Co., Ltd.
WOORI TAERIM 1st Fund
Other financial
services
25.6
25.6
Korea
2024-12-31
Portone-Cape Fund No.1
Other financial
services
20.0
20.0
Korea
2024-12-31
DeepDive WOORI 2021-1
Financial Investment Fund (*6)
(*7)
Other financial
services
-
11.9
Korea
-
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 110 -
Percentage of ownership (%)
Joint ventures and associates
Main business
December 31,
2024
December 31
2023
Location
Financial
statements as of
Darwin Green Packaging Private
Equity Fund
Other financial
services
20.4
20.4
Korea
2024-12-31
Koreawide partners 2nd Private
Equity Fund
Other financial
services
26.7
26.7
Korea
2024-12-31
Woori Investment Securities Co.,
Ltd. (*5)
Woori FirstValue Private Real
Estate Fund No.2
Real estate business
12.0
12.0
Korea
2024-12-31
Woori Real Infrastructure Blind
General Type Private
Placement Investment Trust
(*7)
Investment trust
and discretionary
investment business
-
0.1
Korea
-
Woori Asset Management Co. Ltd.
Woori Together TDF 2025 (*11)
Collective
investment business
24.7
-
Korea
2024-12-31
Woori Together TDF 2030
Collective
investment business
22.2
28.0
Korea
2024-12-31
Woori Together OCIO Target
Return Feeder fund (Balance
Bond) (*7)
Collective
investment business
-
20.4
Korea
-
Woori USD Treasury Target
Return Bond FoF (*11)
Collective
investment business
23.9
-
Korea
2024-12-31
Woori Together TDF 2035 (*11)
Collective
investment business
22.5
-
Korea
2024-12-31
Woori Private Equity Asset
Management Co., Ltd.
Australia Green Energy 1st PEF
(*2)
Other financial
services
4.0
4.0
Korea
2024-12-31
Aarden Woori Apparel 1st Private
Equity Fund (*2)
Other financial
services
0.5
0.5
Korea
2024-12-31
Woori Dyno 1st Private Equity
Fund (*2)
Other financial
services
19.6
19.6
Korea
2024-12-31
NH Woori Dino Co-Investment
NO.2 Private Equity Fund (*2)
(*11)
Other financial
services
5.1
-
Korea
2024-12-31
Woori Financial F&I Co., Ltd.
KCLAVIS NPL Investment Trust
NO 1-2 (*11)
Collective
investment business
35.9
-
Korea
2024-12-31
Woori Venture Partners Co., Ltd.
KTB-KORUS FUND (*8)
Asset Management
37.5
37.5
Korea
2024-12-31
KTB China Platform Fund (*7)
(*10)
Asset Management
-
18.7
Korea
-
KTBN Venture Fund No.7 (*7)
(*9)
Asset Management
-
20.1
Korea
-
KTBN Venture Fund No.8 (*9)
Asset Management
21.7
21.7
Korea
2024-12-31
KTBN Digital Contents Korea
Fund No.9 (*9)
Asset Management
30.0
30.0
Korea
2024-12-31
KTBN Media Contents Fund
(*10)
Asset Management
15.0
15.0
Korea
2024-12-31
KTB China Synergy Fund (*10)
Asset Management
15.1
15.1
Korea
2024-12-31
NAVER-KTB Audio Contents
Fund (*10)
Asset Management
1.0
1.0
Korea
2024-12-31
KTBN Venture Fund No.13 (*10) Asset Management
19.6
19.6
Korea
2024-12-31
KTBN Future Contents Fund
(*10)
Asset Management
13.3
13.3
Korea
2024-12-31
KTBN Venture Fund No.16 (*10) Asset Management
10.3
10.3
Korea
2024-12-31
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 111 -
Percentage of ownership (%)
Joint ventures and associates
Main business
December 31,
2024
December 31
2023
Location
Financial
statements as of
KTBN Venture Fund No.18 (*10) Asset Management
10.1
10.1
Korea
2024-12-31
KB-KTB Technology Venture
Fund (*10)
Asset Management
18.2
18.2
Korea
2024-12-31
Woori 2022 Scaleup Venture
Fund
Asset Management
20.0
20.0
Korea
2024-12-31
Woori 2022 Start-up Venture
Fund
Asset Management
30.1
30.1
Korea
2024-12-31
KTB-NHN China Private Equity
Fund (*7)
Asset Management
-
33.3
Korea
-
KTBN GI Private Equity Fund
(*10)
Asset Management
5.0
5.0
Korea
2024-12-31
Chirochem (*4)
Medical material
Manufacturing
28.6
28.6
Korea
2023-12-31
Daishin Balance No.18 Special
Purpose Acquisition Company
(*7) (*11)
Other financial
services
-
-
Korea
-
Japanese Hotel Real Estate Private
Equity Fund 1
Godo Kaisha Oceanos 1 (*4)
Other financial
services
47.8
47.8
Japan
2024-10-31
Woori Japan Private Placement Real
Estate Master Investment Trust
No.2
Woori Zip 1 (*7)
Other financial
services
-
62.4
Japan
-
Woori Zip 2 (*7)
Other financial
services
-
62.8
Japan
-
Woori bank and Woori card Co.,
Ltd. (*5)
SJCO Co., Ltd. (*3)
Aggregate
transportation and
wholesale
29.8
29.8
Korea
-
KG Fashion Co., Ltd. (*3) (*4)
Manufacturing
20.8
20.8
Korea
2024-11-30
Kyesan Engineering Co., Ltd. (*3)
Construction
23.3
23.3
Korea
-
Good Software Lap Co., Ltd. (*3)
Service
29.4
29.4
Korea
-
DAEA SNC Co., Ltd. (*3)
Wholesale and
retail sales
25.5
25.5
Korea
-
PREXCO Co., Ltd. (*3)
Manufacturing
28.1
28.1
Korea
-
JiWon Plating Co., Ltd. (*3)
Plating
20.8
20.8
Korea
-
Youngdong Sea Food Co., Ltd.
(*3)
Processed sea food
manufacturing
24.5
24.5
Korea
-
KUM HWA Co., Ltd. (*3)
Telecommunication
equipment retail
sales
20.1
20.1
Korea
2024-12-31
Jinmyung Plus Co., Ltd. (*3) (*4)
Manufacturing
21.3
21.3
Korea
2024-09-30
Rea Company (*3)
Manufacturing
26.1
24.5
Korea
-
ARAM CMC Co.,Ltd. (*3)
Manufacturing
20.1
20.0
Korea
-
MARKET&FARM CO.,LTD.
(*3)(*11)
Wholesale and
commodity
brokerage
23.7
-
Korea
2024-12-31
SAMJI TEXTILE CO.,LTD.
(*3)(*11)
Wholesale and
commodity
brokerage
29.8
-
Korea
-
Woori bank and Woori Financial
Capital Co., Ltd. (*5)
JC Assurance No.2 Private Equity
Fund
Other financial
services
23.4
23.5
Korea
2024-12-31
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 112 -
Percentage of ownership (%)
Joint ventures and associates
Main business
December 31,
2024
December 31
2023
Location
Financial
statements as of
Dream Company Growth no.1
PEF (*7)
Other financial
services
-
27.8
Korea
-
HMS-Oriens 1st Fund
Other financial
services
22.8
22.8
Korea
2024-12-31
Woori Senior Loan Private
Placement Investment Trust
No.1
Collective
investment business
21.7
21.7
Korea
2024-12-31
Genesis Eco No.1 Private Equity
Fund
Other financial
services
29.0
29.0
Korea
2024-12-31
Paratus Woori Material
Component Equipment joint
venture company
Other financial
services
29.9
29.9
Korea
2024-12-31
Midas No. 8 Private Equity Joint
Venture Company
Other financial
services
28.5
28.5
Korea
2024-12-31
Orchestra Private Equity Fund IV
Other financial
services
28.2
28.2
Korea
2024-12-31
Synaptic Green No.1 PEF
Other financial
services
21.1
21.1
Korea
2024-12-31
IGEN2022No. 1 Private Equity
Fund
Other financial
services
24.8
24.8
Korea
2024-12-31
PCC-Woori LP Secondary Fund
Other financial
services
38.9
38.9
Korea
2024-12-31
Synaptic Future Growth Private
Equity Fund 1
Other financial
investment
23.8
23.8
Korea
2024-12-31
Woori Bank and Woori Asset
Management Co. Ltd. (*5)
Woori BIG2 Plus Securities
Investment Trust(Balanced
Bond) (*7)
Collective
investment business
-
14.1
Korea
-
Woorinara New Growth TOP 20
Securities Investment Trust No.
1 (Stocks) (*7) (*11)
Collective
investment business
-
-
Korea
-
Woorinara Short-Term Bond
Securities Investment Trust
(Bond) (*7) (*11)
Collective
investment business
-
-
Korea
-
Woori Investment Securities Co.,
Ltd. and Woori Asset Management
Co., Ltd. (*5)
Woori Oncorp Corporate support
of Major Industry General Type
Private Investment Trust 2
(*11)
Collective
investment business
2.3
-
Korea
2024-12-31
Woori Bank and Woori Private
Equity Asset Management Co., Ltd.
(*5)
Woori-Q Corporate Restructuring
Private Equity Fund(*12)
Other financial
services
34.6
32.4
Korea
2024-12-31
Woori Financial Capital Co., Ltd.,
Woori Private Equity Asset
Management Co., Ltd. (*5)
NH Woori New deal Co-
Investment No.1 Private Equity
Fund (*11)
Other financial
services
19.5
-
Korea
2024-12-31
Woori Venture Partners Co., Ltd.,
Woori Asset Management Corp.
(*5)
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 113 -
Percentage of ownership (%)
Joint ventures and associates
Main business
December 31,
2024
December 31
2023
Location
Financial
statements as of
Woori BIG SATISFACTION
SHINJONG MMF 3RD (*11)
Collective
investment business
2.3
-
Korea
2024-12-31
Woori Bank, Woori Financial Capital
Co., Ltd., Woori Investment
Securities Co., Ltd. and Woori
Private Equity Asset Management
Co., Ltd. (*5)
Woori-Shinyoung Growth-Cap
Private Equity Fund I
Other financial
services
35.0
35.0
Korea
2024-12-31
NH Woori Newdeal Growth
Alpha Private Equity Fund 1
Other financial
services
32.9
32.7
Korea
2024-12-31
Woori Bank, Woori card Co., Ltd.,
Woori Investment Securities Co.,
Ltd. and Woori Asset Management
Corp. (*5)
Woori Real Estate Investment No.
1 Limited Liability Company
(*11)
Collective
investment business
19.9
-
Korea
2024-12-31
(*1) Most of the significant business transactions of associates are with the Group as of December 31, 2024 and
2023.
(*2) The Group can participate in decision-making body and exercise significant influence over financial policies
and operational policies decision making of the associates.
(*3) There is no investment balance as of December 31, 2024 and 2023.
(*4) The equity method was applied using the most recent financial statements available from the settlement date
because no financial statements were available at the end of the reporting period and the significant
transactions or events that occurred between the end of the reporting period of the associate and the end of the
reporting period of the subsidiary were duly reflected.
(*5) Two or more subsidiaries may invest or operate to exert significant influence on the decision-making process
for activities related to the investee.
(*6) The Group can participate as a co-operator to exert significant influence.
(*7) It was excluded from associates in current year.
(*8) It has been liquidating as of December 31, 2024.
(*9) It was excluded from associates during the year.
(*10) The Group classified it as an associate because it has significant influence as a general partner of the
investment association.
(*11) It was added to associates in current period.
(*12) It was classified as an associate due to holding of voting rights according to the initial investment agreement
ratio.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 114 -
(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, 2024
Acquisition
cost
January 1,
2024
Share of
profits(losses)
and others
Acquisition
Disposal/
Reclassification Dividends
Change in
capital and
others
December
31, 2024
W Service Networks Co., Ltd.
108
216
(7)
-
-
(5)
-
204
Korea Credit Bureau Co., Ltd.
3,313
6,433
2,658
-
-
(90)
-
9,001
Korea Finance Security Co., Ltd.
3,267
3,285
331
-
-
-
-
3,616
K BANK Co., Ltd.
224,657
260,052
13,747
-
(13,029)
-
1,480
262,250
Partner One Value Up I Private
Equity Fund
5,039
3,230
(1,107)
-
-
-
-
2,123
IBK KIP Seongjang Dideemdol
1st Private Investment Limited
Partnership
-
8,247
(784)
-
(4,356)
(844)
-
2,263
Crevisse Raim Impact 1st Startup
Venture Specialist Private Equity
Fund
4,532
4,437
-
95
-
-
-
4,532
LOTTE CARD Co.,Ltd.
346,810
587,392
17,861
-
-
(15,591)
(14,082)
575,580
Union Technology Finance
Investment Association
13,449
12,270
(500)
-
-
-
-
11,770
Dicustody Co., Ltd.
-
1
-
-
(1)
-
-
-
Orient Shipyard Co., Ltd.(*)
-
-
-
-
-
-
-
-
Joongang Network Solution
Co.,Ltd.
-
88
100
-
(101)
-
(87)
-
Win Mortgage Co.,Ltd.
23
105
32
-
-
(2)
-
135
Samsung Together Korea IPPF
private securities investment
trust 3 [Equity-FoFs]
10,000
10,540
307
-
-
-
-
10,847
BTS 2nd Private Equity Fund
8,146
4,838
41
2,920
-
-
-
7,799
STASSETS FUND III
12,000
8,406
(228)
3,000
-
-
-
11,178
SF CREDIT PARTNERS, LLC
13,059
12,845
1,326
-
-
-
1,829
16,000
Japanese Hotel Real Estate Private
Equity Fund No.2
3,168
2,688
226
-
(5)
(176)
72
2,805
Woori Seoul Beltway Private
Special Asset Fund No.1
15,926
12,590
558
3,487
-
(559)
-
16,076
Woori General Private Securities
Investment Trust(Bond) No.1
-
51,686
586
-
(50,102)
(2,170)
-
-
Woori Short-term Bond Securities
Investment Trust(Bond) ClassC-
F
-
105,564
1,864
50,000
(153,226)
(4,202)
-
-
Woori Safe Plus General Type
Private Investment Trust S-
8(Bond)
-
10,330
102
-
(10,003)
(429)
-
-
Woori General Private Securities
Investment Trust(Bond) No.2
-
30,829
370
-
(31,199)
-
-
-
Woori Smart General Private
Equity Investment Trust 1(bond)
40,000
41,135
2,443
-
-
(1,795)
-
41,783
Woori General Private Securities
Investment Trust(Bond) No.3
-
51,205
625
-
(51,830)
-
-
-
Woori Asset Global Partnership
Fund No.5
52,500
22,071
2,906
30,000
-
-
-
54,977
WOORI TAERIM 1st Fund
1,100
988
-
-
-
-
-
988
Portone-Cape Fund No.1
340
445
(285)
-
-
-
-
160
DeepDive WOORI 2021-1
Financial Investment Fund
-
1,236
(543)
-
(226)
(467)
-
-
Darwin Green Packaging Private
Equity Fund
4,000
3,957
(53)
-
-
-
-
3,904
Koreawide partners 2nd Private
Equity Fund
20,000
19,235
-
-
-
-
-
19,235
Woori FirstValue Private Real
Estate Fund No.2
9,000
560
7
-
-
-
-
567
Woori Real Infrastructure Blind
General Type Private Placement
Investment Trust
-
55
-
-
(55)
-
-
-
Woori Together TDF 2025
3,000
-
332
-
3,245
-
-
3,577
Woori Together TDF 2030
3,000
3,324
400
-
-
-
-
3,724
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 115 -
For the year ended December 31, 2024
Acquisition
cost
January 1,
2024
Share of
profits(losses)
and others
Acquisition
Disposal/
Reclassification Dividends
Change in
capital and
others
December
31, 2024
Woori Together OCIO Target
Return Feeder fund (Balance
Bond)
-
10,376
-
-
(10,376)
-
-
-
Woori USD Treasury Target
Return Bond FoF
200
-
1
-
219
-
-
220
Woori Together TDF 2035
3,000
-
42
-
3,406
-
-
3,448
Australia Green Energy 1st PEF
4,913
4,811
453
-
-
-
-
5,264
Aarden Woori Apparel 1st Private
Equity Fund
100
133
(38)
-
-
-
-
95
Woori Dyno 1st Private Equity
Fund
2,000
2,358
491
-
-
-
-
2,849
NH Woori Dino Co-Investment
NO.2 Private Equity Fund
2,000
-
(4)
2,000
-
-
-
1,996
KTB-KORUS FUND
337
3,359
(1,149)
-
-
(421)
-
1,789
KTB China Platform Fund
-
16,059
(2,164)
-
-
(13,895)
-
-
KTBN Venture Fund No.7
-
16,044
(2,641)
-
-
(13,403)
-
-
KTBN Venture Fund No.8
195
2,511
(413)
-
-
(569)
-
1,529
KTBN Digital Contents Korea
Fund No.9
7,020
5,597
(591)
-
-
-
-
5,006
KTBN Media Contents Fund
-
283
(129)
-
-
-
-
154
KTB China Synergy Fund
12,400
20,405
1,840
-
-
(3,296)
-
18,949
NAVER-KTB Audio Contents
Fund
300
288
(40)
-
-
-
-
248
KTBN Venture Fund No.13
4,400
14,158
5,302
-
-
(3,801)
-
15,659
KTBN Future Contents Fund
4,000
4,561
(368)
-
-
-
-
4,193
KTBN Venture Fund No.16
12,200
18,561
1,492
-
-
(4,200)
-
15,853
KTBN Venture Fund No.18
27,075
26,970
(39)
-
-
(1,425)
-
25,506
KB-KTB Technology Venture
Fund
10,000
7,600
(250)
2,000
-
-
-
9,350
WOORI 2022 Scaleup Venture
Fund
20,944
13,578
(2,545)
6,776
-
-
-
17,809
WOORI 2022 Start-up Venture
Fund
13,100
2,433
(140)
10,480
-
-
-
12,773
KTB-NHN China Private Equity
Fund
-
3
(1)
-
-
(2)
-
-
KTBN GI Private Equity Fund
-
617
143
-
-
(718)
(37)
5
Chirochem
250
102
2
-
-
-
-
104
Daishin Balance No.18 Special
Purpose Acquisition Company
-
-
-
-
-
-
-
-
Godo Kaisha Oceanos 1
10,800
7,978
63
-
-
(622)
(72)
7,347
Woori Zip 1
-
7,629
(57)
-
(7,655)
-
83
-
Woori Zip 2
-
10,695
(9)
-
(10,814)
-
128
-
KG Fashion Co., Ltd.(*)
-
-
-
-
-
-
-
-
KUM HWA Co., Ltd. (*)
-
-
-
-
-
-
-
-
Jinmyung Plus Co., Ltd.
-
14
(5)
-
-
-
-
9
JC Assurance No.2 Private Equity
Fund (*)
29,349
-
-
-
-
-
-
-
Dream Company Growth no.1
PEF
-
7,809
-
-
(7,552)
(257)
-
-
HMS-Oriens 1st Fund
12,000
14,030
850
-
-
-
-
14,880
Woori Senior Loan Private
Placement Investment Trust
No.1
17,595
75,590
1,966
-
(57,785)
(2,254)
-
17,517
Genesis Eco No.1 Private Equity
Fund
12,000
10,942
(95)
-
-
-
-
10,847
Paratus Woori Material
Component Equipment joint
venture company
17,700
16,979
(265)
-
-
-
-
16,714
Midas No. 8 Private Equity Joint
Venture Company
18,419
18,465
272
-
-
(530)
-
18,207
Orchestra Private Equity Fund IV
9,700
9,555
55
-
-
-
-
9,610
Synaptic Green No.1 PEF
8,000
7,611
(112)
-
-
-
-
7,499
IGEN2022No. 1 Private Equity
Fund
7,422
7,983
140
-
-
(151)
-
7,972
PCC-Woori LP Secondary Fund
10,435
10,530
(1,882)
-
-
-
-
8,648
Synaptic Future Growth Private
Equity Fund
6,760
7,069
4,848
2,262
(2,627)
(3,867)
-
7,685
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 116 -
For the year ended December 31, 2024
Acquisition
cost
January 1,
2024
Share of
profits(losses)
and others
Acquisition
Disposal/
Reclassification Dividends
Change in
capital and
others
December
31, 2024
Woori-Q Corporate Restructuring
Private Equity Fund
29,627
20,283
1,539
12,185
-
-
-
34,007
Woori-Shinyoung Growth-Cap
Private Equity Fund I
16,806
33,481
(3,589)
-
-
(196)
-
29,696
NH Woori Newdeal Growth
Alpha Private Equity Fund 1
49,289
32,987
18,151
21,636
(5,925)
(11,310)
-
55,539
Woori Real Estate Investment No.
1 Limited Liability Company
34,200
-
(281)
34,200
-
-
-
33,919
Woori BIG2 Plus Securities
Investment Trust (Balanced
Bond)
-
2,543
(276)
1,000
(3,197)
(70)
-
-
Woori Short Term Government
and Special Bank Bond Active
ETF
-
12,286
118
-
(12,404)
-
-
-
Woori 25-09 Corporate Bond(AA-
or higher) Active ETF
-
29,821
1,148
-
(30,969)
-
-
-
Woori General Private Securities
Investment Trust No. 5 (Bond)
60,000
-
3,099
60,000
-
(3,075)
-
60,024
Woori Big Satisfaction General
Private Securities Investment
Trust No. 3 (Bond)
10,000
-
493
10,000
-
-
-
10,493
Woori General Private Securities
Investment Trust No. 6 (Bond)
40,000
-
2,090
40,000
-
-
-
42,090
Woori Big Satisfaction
Corporation MMF No. 1
(Government Bond)
-
-
2,261
500,000
(502,261)
-
-
-
Woorinara New Growth TOP 20
Securities Investment Trust No.
1 (Stocks)
-
-
31
1,000
(1,031)
-
-
-
Woori Oncorp Corporate support
of Major Industry General Type
Private Investment Trust 2
3,849
-
215
2,356
1,443
(3)
-
4,011
Woorinara Short-Term Bond
Securities Investment Trust
(Bond)
-
-
339
50,000
(50,339)
-
-
-
Woori General Private Securities
Investment Trust No. 7 (Bond)
40,000
-
1,116
40,000
-
-
-
41,116
Woori Smart General Private
Equity Investment Trust
No.1(bond)
40,000
-
477
40,000
-
-
-
40,477
Woori Future Energy Private
Special Asset Investment
Trust(General) No.1
-
-
-
-
-
-
-
-
Woori BIG SATISFACTION
SHINJONG MMF 3RD
39,002
-
317
34,083
7,584
-
-
41,984
NH Woori New deal Co-
Investment No.1 Private Equity
Fund
5,000
-
204
5,000
-
-
-
5,204
KCLAVIS NPL Investment Trust
NO 1-2
15,000
-
422
15,000
-
-
-
15,422
1,463,824 1,795,370
76,212
979,480
(1,001,171)
(90,395)
(10,686) 1,748,810
(*) The amount for which no loss was recognized for associates due to discontinuation of the equity method was 19
million Won for Orient Shipyard Co.,Ltd., 39 million Won in KG FASHION CO., LTD., 295 million Won in JC
Assurance No.2 Private Equity Fund and the accumulated amount is 4 million Won for KUM HWA Co., Ltd., 47
million Won for Orient Shipyard Co.,Ltd., 159 million Won in KG FASHION CO., LTD., 666 million Won in JC
Assurance No.2 Private Equity Fund.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 117 -
For the year ended December 31, 2023
Acquisition
cost
January 1,
2024
Share of
profits(losses)
and others
Acquisition
Business
combination
Disposal/
Reclassification Dividends
Change in
capital
December
31, 2024
W Service Networks Co., Ltd.
108
208
13
-
-
-
(5)
-
216
Korea Credit Bureau Co., Ltd.
3,313
5,709
814
-
-
-
(90)
-
6,433
Korea Finance Security Co., Ltd.
3,267
2,374
(99)
-
-
-
-
1,010
3,285
Woori Growth Partnerships New
Technology Private Equity Fund
-
10,889
(51)
-
-
(10,838)
-
-
-
2016KIF-IMM Woori Bank
Technology Venture Fund
-
9,474
539
-
-
(10,013)
-
-
-
K BANK Co., Ltd.
236,232
247,789
5,327
-
-
-
-
6,936
260,052
Woori Bank-Company K Korea
Movie Asset Fund
-
239
52
-
-
(103)
(188)
-
-
Partner One Value Up I Private
Equity Fund
5,039
4,278
(1,048)
-
-
-
-
-
3,230
IBK KIP Seongjang Dideemdol
1st Private Investment Limited
Partnership
4,356
10,285
1,162
-
-
(3,200)
-
-
8,247
Crevisse Raim Impact 1st Startup
Venture Specialist Private Equity
Fund
4,436
4,355
-
82
-
-
-
-
4,437
LOTTE CARD Co.,Ltd.
346,810
514,131
91,533
-
-
-
(13,199)
(5,073)
587,392
Union Technology Finance
Investment Association
13,449
14,462
(1,004)
-
-
(1,188)
-
-
12,270
Dicustody Co., Ltd.
1
1
-
-
-
-
-
-
1
Orient Shipyard Co., Ltd.(*)
-
-
-
-
-
-
-
-
-
Joongang Network Solution
Co.,Ltd.
-
-
1
-
-
-
-
87
88
Win Mortgage Co.,Ltd.
23
-
84
23
-
-
(2)
-
105
Together-Korea Government
Private Pool Private Securities
Investment Trust No.3
10,000
10,243
297
-
-
-
-
-
10,540
BTS 2nd Private Equity Fund
5,226
2,881
(243)
2,200
-
-
-
-
4,838
STASSETS FUND III
9,000
1,230
(324)
7,500
-
-
-
-
8,406
SF CREDIT PARTNERS, LLC
13,059
-
99
13,059
-
-
-
(313)
12,845
Japanese Hotel Real Estate Private
Equity Fund No.2
3,174
2,855
86
-
-
-
(133)
(120)
2,688
Woori Seoul Beltway Private
Special Asset Fund No.1
12,464
9,874
451
2,709
-
-
(444)
-
12,590
Woori General Private Securities
Investment Trust(Bond) No.1
50,000
-
1,686
50,000
-
-
-
-
51,686
Woori Short-term Bond Securities
Investment Trust(Bond) ClassC-
F
100,000
112,025
7,670
-
-
(10,352)
(3,779)
-
105,564
Woori Safe Plus General Type
Private Investment Trust S-
8(Bond)
10,000
10,182
507
-
-
-
(359)
-
10,330
Woori General Private Securities
Investment Trust(Bond) No.2
30,000
-
829
30,000
-
-
-
-
30,829
Woori Smart General Private
Equity Investment Trust 1(bond)
40,000
-
1,135
40,000
-
-
-
-
41,135
Woori General Private Securities
Investment Trust(Bond) No.3
50,000
-
1,205
50,000
-
-
-
-
51,205
Woori Asset Global Partnership
Fund No.5
22,500
-
(429)
22,500
-
-
-
-
22,071
WOORI TAERIM 1st Fund
1,100
988
-
-
-
-
-
-
988
Portone-Cape Fund No.1
340
464
(19)
-
-
-
-
-
445
KIWOOM WOORI Financial 1st
Fund
-
953
(10)
-
-
(943)
-
-
-
DeepDive WOORI 2021-1
Financial Investment Fund
222
878
1,128
-
-
(678)
(92)
-
1,236
Darwin Green Packaging Private
Equity Fund
4,000
3,945
92
-
-
-
(80)
-
3,957
DS Power Semicon Private Equity
Fund
-
2,976
495
-
-
(2,971)
(500)
-
-
Koreawide partners 2nd Private
Equity Fund
20,000
20,000
(765)
-
-
-
-
-
19,235
Woori FirstValue Private Real
Estate Fund No.2
9,000
558
2
-
-
-
-
-
560
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 118 -
For the year ended December 31, 2023
Acquisition
cost
January 1,
2024
Share of
profits(losses)
and others
Acquisition
Business
combination
Disposal/
Reclassification Dividends
Change in
capital
December
31, 2024
Woori Real Infrastructure Blind
General Type Private Placement
Investment Trust
52
102
4
-
-
(47)
(4)
-
55
Woori Star50 feeder fund(H)
-
126
(12)
-
-
(114)
-
-
-
Woori Together TDF 2025
-
1,990
116
-
-
(2,106)
-
-
-
Woori Together TDF 2030
3,000
2,033
291
1,000
-
-
-
-
3,324
Woori Together OCIO Target
Return Feeder fund (Balance
Bond)
10,000
-
348
-
-
10,028
-
-
10,376
Australia Green Energy 1st PEF
4,913
4,858
(47)
-
-
-
-
-
4,811
Aarden Woori Apparel 1st Private
Equity Fund
100
97
36
-
-
-
-
-
133
Woori Dyno 1st Private Equity
Fund
2,000
1,994
364
-
-
-
-
-
2,358
KTB-KORUS FUND
3,626
-
(267)
-
3,626
-
-
-
3,359
KTB China Platform Fund
17,023
-
(964)
-
17,023
-
-
-
16,059
KTBN Venture Fund No.7
16,972
-
(225)
-
16,972
-
(703)
-
16,044
KTBN Venture Fund No.8
3,325
-
(814)
-
3,325
-
-
-
2,511
KTBN Digital Contents Korea
Fund No.9
5,329
-
268
-
5,329
-
-
-
5,597
KTBN Media Contents Fund
330
-
(20)
-
330
-
(27)
-
283
KTB China Synergy Fund
21,629
-
(1,224)
-
21,629
-
-
-
20,405
NAVER-KTB Audio Contents
Fund
284
-
4
-
284
-
-
-
288
KTBN Venture Fund No.13
13,279
-
3,407
-
13,279
-
(2,528)
-
14,158
KTBN Future Contents Fund
3,892
-
669
-
3,892
-
-
-
4,561
KTBN Venture Fund No.16
17,546
-
1,015
-
17,546
-
-
-
18,561
KTBN Venture Fund No.18
26,308
-
662
2,850
23,458
-
-
-
26,970
KB-KTB Technology Venture
Fund
7,755
-
(155)
2,000
5,755
-
-
-
7,600
WOORI 2022 Scaleup Venture
Fund
14,000
-
(414)
13,645
355
-
(8)
-
13,578
WOORI 2022 Start-up Venture
Fund
2,564
-
(131)
-
2,564
-
-
-
2,433
KTB-NHN China Private Equity
Fund
1,272
-
(103)
-
1,272
-
(1,024)
(142)
3
KTBN GI Private Equity Fund
189
-
392
-
189
-
-
36
617
Chirochem
102
-
-
-
102
-
-
-
102
Godo Kaisha Oceanos 1
10,800
8,788
92
-
-
-
(748)
(154)
7,978
Woori Zip 1
8,706
8,690
(127)
-
-
(548)
-
(386)
7,629
Woori Zip 2
8,411
12,180
(107)
-
-
(844)
-
(534)
10,695
KG Fashion Co., Ltd.(*)
-
-
-
-
-
-
-
-
-
KUM HWA Co., Ltd. (*)
-
-
-
-
-
-
-
-
-
Jinmyung Plus Co., Ltd.
-
10
4
-
-
-
-
-
14
JC Assurance No.2 Private Equity
Fund (*)
29,349
-
-
-
-
-
-
-
-
Dream Company Growth no.1
PEF
7,153
7,861
362
-
-
-
(414)
-
7,809
HMS-Oriens 1st Fund
12,000
13,252
778
-
-
-
-
-
14,030
Woori Senior Loan Private
Placement Investment Trust
No.1
75,114
81,861
3,341
-
-
(5,975)
(3,637)
-
75,590
Genesis Eco No.1 Private Equity
Fund
12,000
11,216
(274)
-
-
-
-
-
10,942
Paratus Woori Material
Component Equipment joint
venture company
17,700
17,250
(271)
-
-
-
-
-
16,979
Midas No. 8 Private Equity Joint
Venture Company
18,537
18,713
282
-
-
-
(530)
-
18,465
Orchestra Private Equity Fund IV
9,700
9,698
457
-
-
(178)
(422)
-
9,555
Synaptic Green No.1 PEF
8,000
7,793
(182)
-
-
-
-
-
7,611
IGEN2022No. 1 Private Equity
Fund
7,422
8,010
336
-
-
-
(363)
-
7,983
PCC-Woori LP Secondary Fund
10,435
12,984
(2,450)
-
-
(4)
-
-
10,530
Synaptic Future Growth Private
Equity Fund
7,295
-
(226)
7,295
-
-
-
-
7,069
Woori-Q Corporate Restructuring
Private Equity Fund
17,441
27,536
2,708
369
-
(10,330)
-
-
20,283
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 119 -
For the year ended December 31, 2023
Acquisition
cost
January 1,
2024
Share of
profits(losses)
and others
Acquisition
Business
combination
Disposal/
Reclassification Dividends
Change in
capital
December
31, 2024
Woori-Shinyoung Growth-Cap
Private Equity Fund I
17,018
43,274
(9,793)
-
-
-
-
-
33,481
NH Woori Newdeal Growth
Alpha Private Equity Fund 1
34,006
-
(1,019)
34,006
-
-
-
-
32,987
Woori BIG2 Plus Securities
Investment Trust(Balanced
Bond)
2,200
1,074
543
2,000
-
(1,074)
-
-
2,543
Woori Short Term Government
and Special Bank Bond Active
ETF
12,008
-
103
-
-
12,183
-
-
12,286
Woori 25-09 Corporate Bond(AA-
or higher) Active ETF
29,001
-
820
29,001
-
-
-
-
29,821
1,536,905 1,305,636
109,792
310,239
136,930
(39,295)
(29,279)
1,347 1,795,370
(*) The amount for which no loss was recognized for associates due to discontinuation of the equity method was 2
million Won for KUM HWA Co., Ltd., 28 million Won for Orient Shipyard Co.,Ltd., 120 million Won in KG
FASHION CO., LTD., 371 million Won in JC Assurance No.2 Private Equity Fund and the accumulated amount is 4
million Won for KUM HWA Co., Ltd., 28 million Won for Orient Shipyard Co.,Ltd., 120 million Won in KG
FASHION CO., LTD., 371 million Won in JC Assurance No.2 Private Equity Fund.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 120 -
(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):
December 31, 2024
Assets
Liabilities
Operating
revenue
Net
income
(loss)
Other
comprehensi
ve income
(loss)
Total
comprehensi
ve income
(loss)
W Service Networks Co., Ltd.
6,621
2,475
16,788
738
-
738
Korea Credit Bureau Co., Ltd.
150,657
62,343
175,338
26,589
-
26,589
Korea Finance Security Co., Ltd.
36,797
12,692
42,640
1,695
-
1,695
K BANK Co., Ltd.
29,314,529
27,293,765
1,043,436
149,922
3,695
153,617
Partner One Value Up I Private Equity Fund
9,810
682
(4,358)
(4,758)
-
(4,758)
IBK KIP Seongjang Dideemdol 1st Private
Investment Limited Partnership
11,474
165
(3,108)
(3,887)
-
(3,887)
Crevisse Raim Impact 1st Startup Venture
Specialist Private Equity Fund
15,745
100
1
(388)
-
(388)
LOTTE CARD Co.,Ltd. (*1)
24,416,416
20,937,932
2,103,130
100,468
(20,494)
79,974
Union Technology Finance Investment
Association
40,269
641
19
(646)
-
(646)
Orient Shipyard Co., Ltd.
7,025
23,626
-
(76)
-
(76)
Win Mortgage Co.,Ltd.
6,053
3,073
16,435
1,044
-
1,044
Samsung Together Korea IPPF private
securities investment trust 3 [Equity-FoFs]
10,849
1
306
300
-
300
BTS 2nd Private Equity Fund
39,431
432
628
(468)
-
(468)
STASSETS FUND III
39,694
197
40
(802)
-
(802)
SF CREDIT PARTNERS, LLC
185,463
30,752
35,820
14,319
18,291
32,610
ARAM CMC Co.,Ltd.
541
453
717
(31)
-
(31)
Japanese Hotel Real Estate Private Equity
Fund No.2
14,135
13
1,246
1,129
-
1,129
Woori Seoul Beltway Private Special Asset
Fund No.1
64,308
3
2,298
2,233
-
2,233
Woori Smart General Private Equity
Investment Trust 1
312,490
166,250
13,404
8,549
-
8,549
Woori Asset Global Partnership Fund No.5
95,548
254
6,479
5,038
-
5,038
WOORI TAERIM 1st Fund
4,045
183
-
-
-
-
Portone-Cape Fund No.1
1,000
200
-
(103)
-
(103)
Darwin Green Packaging Private Equity Fund
19,128
-
-
(262)
-
(262)
Koreawide partners 2nd Private Equity Fund
75,002
2,870
-
-
-
-
Woori FirstValue Private Real Estate Fund
No.2
67,081
62,357
62
57
-
57
Woori Together TDF 2025
14,500
30
1,232
1,206
-
1,206
Woori Together TDF 2030
16,849
41
1,574
1,544
-
1,544
Woori USD Treasury Target Return Bond
FoF
921
-
164
144
-
144
Woori Together TDF 2035
15,537
241
1,031
1,011
-
1,011
Australia Green Energy 1st PEF
132,878
24
13,121
11,424
-
11,424
Aarden Woori Apparel 1st Private Equity
Fund
20,083
89
-
(8,136)
-
(8,136)
Woori Dyno 1st Private Equity Fund
14,575
43
2,712
2,545
-
2,545
NH Woori Dino Co-Investment NO.2 Private
Equity Fund
39,368
2
6
(83)
-
(83)
KTB-KORUS FUND
4,772
-
691
(3,062)
-
(3,062)
KTBN Venture Fund No.8
7,032
-
98
(1,902)
-
(1,902)
KTBN Digital Contents Korea Fund No.9
18,343
1,656
937
(1,971)
-
(1,971)
KTBN Media Contents Fund
1,029
-
60
(858)
-
(858)
KTB China Synergy Fund
135,892
10,073
23,354
12,215
-
12,215
NAVER-KTB Audio Contents Fund
25,443
648
466
(3,972)
-
(3,972)
KTBN Venture Fund No.13
80,487
625
38,903
27,039
-
27,039
KTBN Future Contents Fund
31,882
434
725
(2,763)
-
(2,763)
KTBN Venture Fund No.16
156,157
1,592
31,459
14,540
-
14,540
KTBN Venture Fund No.18
254,010
2,532
31,976
(383)
-
(383)
KB-KTB Technology Venture Fund
52,125
701
3,802
(1,377)
-
(1,377)
WOORI 2022 Scaleup Venture Fund
89,006
76
926
(12,705)
-
(12,705)
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 121 -
December 31, 2024
Assets
Liabilities
Operating
revenue
Net
income
(loss)
Other
comprehensi
ve income
(loss)
Total
comprehensi
ve income
(loss)
WOORI 2022 Start-up Venture Fund
42,418
3
162
(466)
-
(466)
KTBN GI Private Equity Fund
104
12
3,444
2,832
(732)
2,100
Chirochem
556
190
451
8
-
8
Godo Kaisha Oceanos 1
60,513
45,145
2,605
132
-
132
KG Fashion Co., Ltd.
2,201
2,850
544
(197)
-
(197)
KUM HWA Co., Ltd.
4
167
-
-
-
-
Jinmyung Plus Co., Ltd.
499
459
96
(32)
-
(32)
JC Assurance No.2 Private Equity Fund
121,539
989
-
(642)
-
(642)
HMS-Oriens 1st Fund
65,227
7
-
3,723
-
3,723
Woori Senior Loan Private Placement
Investment Trust No.1
80,919
5
9,664
9,101
-
9,101
Genesis Eco No.1 Private Equity Fund
38,043
622
-
(634)
-
(634)
Paratus Woori Material Component
Equipment joint venture company
58,285
2,380
-
(884)
-
(884)
Midas No. 8 Private Equity Joint Venture
Company
64,156
241
1,916
963
-
963
Orchestra Private Equity Fund IV
34,113
-
700
194
-
194
Synaptic Green No.1 PEF
35,623
5
2
703
-
703
IGEN2022No. 1 Private Equity Fund
32,215
126
1,056
565
-
565
PCC-Woori LP Secondary Fund
22,863
600
2,549
(4,767)
-
(4,767)
Synaptic Future Growth Private Equity Fund
32,638
295
19,412
18,240
-
18,240
Woori-Q Corporate Restructuring Private
Equity Fund
101,315
1,362
1,278
164
-
164
Woori-Shinyoung Growth-Cap Private Equity
Fund I
84,775
419
4,422
(10,824)
-
(10,824)
NH Woori Newdeal Growth Alpha Private
Equity Fund 1
164,574
762
40,639
38,093
-
38,093
Woori Real Estate Investment No. 1 Limited
Liability Company
405,845
235,058
6
(1,412)
-
(1,412)
Woori General Private Securities Investment
Trust No. 5
456,448
246,365
15,926
10,847
-
10,847
Woori Big Satisfaction General Private
Securities Investment Trust No. 3
170,856
55,432
6,755
5,425
-
5,425
Woori General Private Securities Investment
Trust No. 6
398,460
251,145
12,650
7,315
-
7,315
Woori Oncorp Corporate support of Major
Industry General Type Private Investment
Trust 2
171,980
-
8,579
8,539
-
8,539
Woori General Private Securities Investment
Trust No. 7 (Bond)
424,652
280,745
6,743
3,907
-
3,907
Woori Smart General Private Equity
Investment Trust No.1(bond)
244,268
101,784
3,038
2,484
-
2,484
Woori Future Energy Private Special Asset
Investment Trust(General) No.1
-
-
-
-
-
-
Woori Big Satisfaction Corporation MMF
No. 3
1,860,868
29
56,309
56,153
-
56,153
NH Woori New deal Co-Investment No.1
Private Equity Fund
29,382
254
3,682
3,428
-
3,428
KCLAVIS NPL Investment Trust NO 1-2
43,057
80
1,176
1,176
-
1,176
MARKET&FARM CO.,LTD.
954
902
4,933
(125)
-
(125)
(*1) 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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 122 -
December 31, 2023
Assets
Liabilities
Operating
revenue
Net
income
(loss)
Other
comprehensive
income(loss)
Total
comprehensive
income(loss)
W Service Networks Co., Ltd.
6,887
2,496
19,350
1,069
-
1,069
Korea Credit Bureau Co., Ltd.
131,164
68,756
163,707
8,012
-
8,012
Korea Finance Security Co., Ltd.
36,185
14,287
44,709
(464)
6,730
6,266
K BANK Co., Ltd.
20,799,599 18,903,298
826,894
49,853
47,885
97,738
Partner One Value Up I Private Equity Fund
14,182
293
(4,107)
(4,505)
-
(4,505)
IBK KIP Seongjang Dideemdol 1st Private
Investment Limited Partnership
41,533
305
6,501
5,823
-
5,823
Crevisse Raim Impact 1st Startup Venture
Specialist Private Equity Fund
15,754
100
2
(388)
-
(388)
LOTTE CARD Co., Ltd. (*1)
22,329,308 19,191,007 1,937,383
363,673
(19,888)
343,785
Union Technology Finance Investment
Association
41,543
233
2,261
(838)
-
(838)
Dicustody Co., Ltd.
92
-
-
(3)
-
(3)
Orient Shipyard Co., Ltd.
10,708
27,225
-
(124)
-
(124)
Joongang Network Solution Co.,Ltd.
1,505
3,156
5,758
5
-
5
Win Mortgage Co.,Ltd.
3,518
1,197
9,309
378
-
378
Together-Korea Government Private Pool
Private Securities Investment Trust No. 3
10,543
1
227
222
-
222
BTS 2nd Private Equity Fund
25,030
837
4
(1,213)
-
(1,213)
STASSETS FUND III
30,014
312
95
(1,145)
-
(1,145)
SF CREDIT PARTNERS, LLC
149,157
25,996
7,618
(4,610)
(2,819)
(7,429)
Rea Company
2,248
3,736
802
(694)
-
(694)
ARAM CMC Co.,Ltd.
669
485
1,005
(254)
-
(254)
Japanese Hotel Real Estate Private Equity
Fund No.2
13,541
12
54
46
(602)
(556)
Woori Seoul Beltway Private Special Asset
Fund No.1
50,362
2
1,858
1,805
-
1,805
Woori General Private Securities Investment
Trust(Bond) No.1
414,760
208,014
12,617
6,746
-
6,746
Woori Short-term Bond Securities Investment
Trust(Bond) ClassC-F
828,793
126,879
34,607
31,283
-
31,283
Woori Safe Plus General Type Private
Investment Trust S-8(Bond)
113,413
6
4,774
4,542
-
4,542
Woori General Private Securities Investment
Trust(Bond) No.2
224,205
111,165
5,767
3,040
-
3,040
Woori Smart General Private Equity
Investment Trust 1(bond)
289,553
145,580
7,373
3,973
-
3,973
Woori General Private Securities Investment
Trust(Bond) No.3
532,139
347,809
9,304
4,342
-
4,342
Woori Asset Global Partnership Fund No.5
38,537
281
-
(744)
-
(744)
WOORI TAERIM 1st Fund
4,045
183
-
-
-
-
Portone-Cape Fund No.1
2,324
100
-
(103)
-
(103)
DeepDive WOORI 2021-1 Financial
Investment Fund
10,400
19
9,607
9,467
-
9,467
Darwin Green Packaging Private Equity Fund
19,390
-
759
451
-
451
Koreawide partners 2nd Private Equity Fund
75,064
2,931
-
(2,831)
-
(2,831)
Woori FirstValue Private Real Estate Fund
No.2
67,024
62,357
32
18
-
18
Woori Real Infrastructure Blind General Type
Private Placement Investment Trust
114,909
92
6,053
4,892
-
4,892
Woori Together TDF 2030
11,944
61
2,528
1,017
-
1,017
Woori Together OCIO Target Return Feeder
fund (Balance Bond)
50,831
1
2,446
2,444
-
2,444
Australia Green Energy 1st PEF
121,454
24
508
(1,189)
-
(1,189)
Aarden Woori Apparel 1st Private Equity
Fund
28,219
90
1
(332)
-
(332)
Woori Dyno 1st Private Equity Fund
12,068
43
2,053
1,886
-
1,886
KTB-KORUS FUND
8,957
1
127
(712)
-
(712)
KTB China Platform Fund
85,909
13
2,411
(5,160)
-
(5,160)
KTBN Venture Fund No.7
79,871
-
6,420
508
-
508
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 123 -
December 31, 2023
Assets
Liabilities
Operating
revenue
Net
income
(loss)
Other
comprehensive
income(loss)
Total
comprehensive
income(loss)
KTBN Venture Fund No.8
11,758
207
2,359
(4,559)
-
(4,559)
KTBN Digital Contents Korea Fund No.9
20,257
1,599
3,030
(1,142)
-
(1,142)
KTBN Media Contents Fund
1,887
-
199
(35)
-
(35)
KTB China Synergy Fund
145,464
9,977
23,055
(8,686)
-
(8,686)
NAVER-KTB Audio Contents Fund
29,419
652
1,017
237
-
237
KTBN Venture Fund No.13
72,943
737
21,662
18,507
-
18,507
KTBN Future Contents Fund
34,696
486
7,394
4,776
-
4,776
KTBN Venture Fund No.16
182,850
1,875
40,201
11,133
-
11,133
KTBN Venture Fund No.18
268,437
2,526
31,543
8,036
-
8,036
KB-KTB Technology Venture Fund
42,046
246
2,055
(1,076)
-
(1,076)
WOORI 2022 Scaleup Venture Fund
68,626
826
504
(2,758)
-
(2,758)
WOORI 2022 Start-up Venture Fund
8,237
156
42
(576)
-
(576)
KTB-NHN China Private Equity Fund
16
7
946
(315)
(319)
(634)
KTBN GI Private Equity Fund
12,391
45
-
7,146
712
7,858
Chirochem
732
375
4,215
148
-
148
Godo Kaisha Oceanos 1
62,021
45,334
2,765
192
-
192
Woori Zip 1
44,448
31,702
2,066
(198)
-
(198)
Woori Zip 2
62,642
45,012
3,023
(167)
-
(167)
KG Fashion Co., Ltd.
2,559
3,022
943
(569)
-
(569)
KUM HWA Co., Ltd.
4
167
-
-
-
-
Jinmyung Plus Co., Ltd.
519
454
146
(3)
-
(3)
JC Assurance No.2 Private Equity Fund
121,596
8
-
(628)
-
(628)
Dream Company Growth no.1 PEF
28,366
255
1,490
1,300
-
1,300
HMS-Oriens 1st Fund
61,498
1
3,957
3,408
-
3,408
Woori Senior Loan Private Placement
Investment Trust No.1
349,154
22
17,759
16,726
-
16,726
Genesis Eco No.1 Private Equity Fund
38,064
314
-
(947)
-
(947)
Paratus Woori Material Component
Equipment joint venture company
58,298
1,510
-
(906)
-
(906)
Midas No. 8 Private Equity Joint Venture
Company
65,063
242
1,956
1,002
-
1,002
Orchestra Private Equity Fund IV
34,041
122
1,680
1,172
-
1,172
Synaptic Green No.1 PEF
36,325
175
4
(867)
-
(867)
IGEN2022No. 1 Private Equity Fund
32,255
124
1,847
1,350
-
1,350
PCC-Woori LP Secondary Fund
27,773
668
908
(6,350)
-
(6,350)
Synaptic Future Growth Private Equity Fund
1
30,049
301
2
(951)
-
(951)
Woori-Q Corporate Restructuring Private
Equity Fund
63,265
456
4,945
3,018
-
3,018
Woori-Shinyoung Growth-Cap Private Equity
Fund I
97,265
1,522
(26,435)
(27,768)
-
(27,768)
NH Woori Newdeal Growth Alpha Private
Equity Fund 1
100,215
1,588
2
(3,605)
-
(3,605)
Woori BIG2 Plus Securities Investment
Trust(Balanced Bond)
16,630
5
1,383
1,383
-
1,383
Woori 25-09 Corporate Bond(AA- or higher)
Active ETF
133,729
32,028
3,006
2,831
-
2,831
Woori Short Term Government and Special
Bank Bond Active ETF
62,185
3,212
1,222
978
-
978
(*1) 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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 124 -
(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, 2024 and 2023 are as follows:
December 31, 2024
Associate (*)
Number of shares owned
Ownership (%)
CL Tech Co., Ltd.
10,191
28.6
TH International Co.,Ltd.
6,802
21.5
WORK-LIFE BALANCE CO.,LTD
209
21.3
(*) Although the Group’s ownership interest of the entity is more than 20%, the Group does not have significant
influence over the entity since it is going through work-out process under receivership, accordingly it is
excluded from the investment in joint ventures and associates.
December 31, 2024
Associate (*)
Number of shares owned
Ownership (%)
CL Tech Co., Ltd.
10,191
28.6
(*) Although the Group’s ownership interest of the entity is more than 20%, the Group does not have significant
influence over the entity since it is going through work-out process under receivership, accordingly it is
excluded from the investment in joint ventures and associates.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 125 -
(5) As of December 31, 2024 and 2023, 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, 2024
Total net
asset
Ownership
(%)
Ownership
portion of
net assets
Basis
difference Impairment
Intercompany
transaction
Book
value
W Service Networks Co., Ltd.
4,146
4.9
204
-
-
-
204
Korea Credit Bureau Co., Ltd.
88,314
9.9
8,755
246
-
-
9,001
Korea Finance Security Co.,
Ltd.
24,105
15.0
3,616
-
-
-
3,616
K BANK Co., Ltd. (*)
2,018,704
12.0
241,429
20,821
-
- 262,250
Partner One Value Up I Private
Equity Fund
9,128
23.3
2,123
-
-
-
2,123
IBK KIP Seongjang
Dideemdol 1st Private
Investment Limited
Partnership
11,309
20.0
2,263
-
-
-
2,263
Crevisse Raim Impact 1st
Startup Venture Specialist
Private Equity Fund
15,645
25.0
3,911
-
-
621
4,532
LOTTE CARD Co., Ltd. (*)
2,877,907
20.0
575,580
-
-
- 575,580
Union Technology Finance
Investment Association
39,628
29.7
11,770
-
-
-
11,770
Orient Shipyard Co., Ltd.
(16,601)
22.7
(3,773)
-
-
3,773
-
Win Mortgage Co.,Ltd.
2,980
4.5
135
-
-
-
135
Samsung Together Korea IPPF
private securities investment
trust 3 [Equity-FoFs]
10,848
100.0
10,847
-
-
-
10,847
BTS 2nd Private Equity Fund
38,999
20.0
7,799
-
-
-
7,799
STASSETS FUND III
39,497
28.3
11,178
-
-
-
11,178
SF CREDIT PARTNERS,
LLC
154,711
10.0
15,470
-
-
530
16,000
ARAM CMC Co.,Ltd.
88
20.1
18
-
-
(18)
-
Japanese Hotel Real Estate
Private Equity Fund No.2
14,122
19.9
2,810
-
-
(5)
2,805
Woori Seoul Beltway Private
Special Asset Fund No.1
64,305
25.0
16,076
-
-
-
16,076
Woori Smart General Private
Equity Investment Trust
1(bond)
146,240
28.6
41,825
-
-
(42)
41,783
Woori Asset Global
Partnership Fund No.5
95,294
57.7
54,985
-
-
(8)
54,977
WOORI TAERIM 1st Fund
3,862
25.6
988
-
-
-
988
Portone-Cape Fund No.1
800
20.0
160
-
-
-
160
Darwin Green Packaging
Private Equity Fund
19,128
20.4
3,904
-
-
-
3,904
Koreawide partners 2nd Private
Equity Fund
72,132
26.7
19,235
-
-
-
19,235
Woori FirstValue Private Real
Estate Fund No.2
4,724
12.0
567
-
-
-
567
Woori Together TDF 2025
14,470
24.7
3,577
-
-
-
3,577
Woori Together TDF 2030
16,808
22.2
3,724
-
-
-
3,724
Woori USD Treasury Target
Return Bond FoF
921
23.9
220
-
-
-
220
Woori Together TDF 2035
15,296
22.5
3,448
-
-
-
3,448
Australia Green Energy 1st
PEF
132,854
4.0
5,264
-
-
-
5,264
Aarden Woori Apparel 1st
Private Equity Fund
19,994
0.5
95
-
-
-
95
Woori Dyno 1st Private Equity
Fund
14,532
19.6
2,849
-
-
-
2,849
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 126 -
December 31, 2024
Total net
asset
Ownership
(%)
Ownership
portion of
net assets
Basis
difference Impairment
Intercompany
transaction
Book
value
NH Woori Dino Co-Investment
NO.2 Private Equity Fund
39,366
5.1
1,996
-
-
-
1,996
KTB-KORUS FUND
4,772
37.5
1,789
-
-
-
1,789
KTBN Venture Fund No.8
7,032
21.7
1,529
-
-
-
1,529
KTBN Digital Contents Korea
Fund No.9
16,687
30.0
5,006
-
-
-
5,006
KTBN Media Contents Fund
1,029
15.0
154
-
-
-
154
KTB China Synergy Fund
125,819
15.1
18,949
-
-
-
18,949
NAVER-KTB Audio Contents
Fund
24,795
1.0
248
-
-
-
248
KTBN Venture Fund No.13
79,862
19.6
15,659
-
-
-
15,659
KTBN Future Contents Fund
31,448
13.3
4,193
-
-
-
4,193
KTBN Venture Fund No.16
154,565
10.3
15,853
-
-
-
15,853
KTBN Venture Fund No.18
251,478
10.1
25,506
-
-
-
25,506
KB-KTB Technology Venture
Fund
51,424
18.2
9,350
-
-
-
9,350
WOORI 2022 Scaleup Venture
Fund
88,930
20.0
17,809
-
-
-
17,809
WOORI 2022 Start-up Venture
Fund
42,415
30.1
12,773
-
-
-
12,773
KTBN GI Private Equity Fund
92
5.0
5
-
-
-
5
Chirochem
366
28.6
104
-
-
-
104
Godo Kaisha Oceanos 1
15,368
47.8
7,347
-
-
-
7,347
KG Fashion Co., Ltd.
(649)
20.8
(135)
-
-
135
-
KUM HWA Co., Ltd.
(163)
20.1
(33)
-
-
33
-
Jinmyung Plus Co., Ltd.
40
21.3
9
-
-
-
9
JC Assurance No.2 Private
Equity Fund
120,550
23.4
28,246
-
(28,246)
-
-
HMS-Oriens 1st Fund
65,220
22.8
14,880
-
-
-
14,880
Woori Senior Loan Private
Placement Investment Trust
No.1
80,914
21.7
17,517
-
-
-
17,517
Genesis Eco No.1 Private
Equity Fund
37,421
29.0
10,847
-
-
-
10,847
Paratus Woori Material
Component Equipment joint
venture company
55,905
29.9
16,714
-
-
-
16,714
Midas No. 8 Private Equity
Joint Venture Company
63,915
28.5
18,207
-
-
-
18,207
Orchestra Private Equity Fund
IV
34,113
28.2
9,610
-
-
-
9,610
Synaptic Green No.1 PEF
35,618
21.1
7,499
-
-
-
7,499
IGEN2022No. 1 Private Equity
Fund
32,089
24.8
7,972
-
-
-
7,972
PCC-Woori LP Secondary
Fund
22,263
38.9
8,648
-
-
-
8,648
Synaptic Future Growth
Private Equity Fund 1
32,343
23.8
7,685
-
-
-
7,685
Woori-Q Corporate
Restructuring Private Equity
Fund
99,953
34.6
34,619
-
-
(612)
34,007
Woori-Shinyoung Growth-Cap
Private Equity Fund I
84,356
35.0
29,499
-
-
197
29,696
NH Woori Newdeal Growth
Alpha Private Equity Fund 1
163,812
32.9
53,948
-
-
1,591
55,539
Woori Real Estate Investment
No. 1 Limited Liability
Company
170,787
19.9
33,919
-
-
-
33,919
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 127 -
(*) The net asset equity amount is after the debt-for-equity swap, non-controlling etc.
December 31, 2024
Total net
asset
Ownership
(%)
Ownership
portion of
net assets
Basis
difference Impairment
Intercompany
transaction
Book
value
Woori General Private
Securities Investment Trust
No. 5
210,083
28.6
60,024
-
-
-
60,024
Woori Big Satisfaction General
Private Securities
Investment Trust No. 3
115,424
9.1
10,493
-
-
-
10,493
Woori General Private
Securities Investment Trust
No. 6
147,315
28.6
42,090
-
-
-
42,090
Woori Oncorp Corporate
support of Major Industry
General Type Private
Investment Trust 2
171,980
2.3
4,019
-
-
(8)
4,011
Woori General Private
Securities Investment Trust
No. 7 (Bond)
143,907
28.6
41,116
-
-
-
41,116
Woori Smart General Private
Equity Investment Trust
No.1(bond)
142,484
28.4
40,477
-
-
-
40,477
Woori Future Energy Private
Special Asset Investment
Trust(General) No.1
-
16.0
-
-
-
-
-
Woori Big Satisfaction
Corporation MMF No. 3
1,860,839
2.3
42,038
-
-
(54)
41,984
NH Woori New deal Co-
Investment No.1 Private
Equity Fund
29,128
19.5
5,680
-
-
(476)
5,204
KCLAVIS NPL Investment
Trust NO 1-2
42,977
35.9
15,422
-
-
-
15,422
MARKET&FARM CO.,LTD.
52
23.7
12
-
-
(12)
-
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 128 -
December 31, 2023
Total net
asset
Ownership
(%)
Ownership
portion of
net assets
Basis
difference Impairment
Intercompany
transaction
Book
value
W Service Networks Co., Ltd.
4,391
4.9
216
-
-
-
216
Korea Credit Bureau Co., Ltd.
62,408
9.9
6,186
247
-
-
6,433
Korea Finance Security Co.,
Ltd.
21,898
15.0
3,285
-
-
-
3,285
K BANK Co., Ltd. (*)
1,893,785
12.6
238,158
21,894
-
- 260,052
Partner One Value Up I Private
Equity Fund
13,889
23.3
3,230
-
-
-
3,230
IBK KIP Seongjang
Dideemdol 1st Private
Investment Limited
Partnership
41,228
20.0
8,247
-
-
-
8,247
Crevisse Raim Impact 1st
Startup Venture Specialist
Private Equity Fund
15,654
25.0
3,914
-
-
523
4,437
LOTTE CARD Co., Ltd. (*)
2,936,964
20.0
587,392
-
-
- 587,392
Union Technology Finance
Investment Association
41,310
29.7
12,270
-
-
-
12,270
Dicustody Co., Ltd.
92
1.0
1
-
-
-
1
Orient Shipyard Co., Ltd.
(16,517)
22.7
(3,754)
-
-
3,754
-
Joongang Network Solution
Co.,Ltd.
(1,651)
25.3
(419)
-
-
507
88
Win Mortgage Co.,Ltd.
2,321
4.5
105
-
-
-
105
Together-Korea Government
Private Pool Private
Securities Investment Trust
No. 3
10,542
100.0
10,540
-
-
-
10,540
BTS 2nd Private Equity Fund
24,193
20.0
4,838
-
-
-
4,838
STASSETS FUND III
29,702
28.3
8,406
-
-
-
8,406
SF CREDIT PARTNERS,
LLC
123,161
10.0
12,316
-
-
529
12,845
Rea Company
(1,488)
24.5
(365)
-
-
365
-
ARAM CMC Co.,Ltd.
184
20.0
37
-
-
(37)
-
Japanese Hotel Real Estate
Private Equity Fund No.2
13,529
19.9
2,688
-
-
-
2,688
Woori Seoul Beltway Private
Special Asset Fund No.1
50,360
25.0
12,590
-
-
-
12,590
Woori General Private
Securities Investment
Trust(Bond) No.1
206,746
25.0
51,686
-
-
-
51,686
Woori Short-term Bond
Securities Investment
Trust(Bond) ClassC-F
701,914
15.0
105,564
-
-
- 105,564
Woori Safe Plus General Type
Private Investment Trust S-
8(Bond)
113,407
9.1
10,330
-
-
-
10,330
Woori General Private
Securities Investment
Trust(Bond) No.2
113,040
27.3
30,829
-
-
-
30,829
Woori Smart General Private
Equity Investment Trust
1(bond)
143,973
28.6
41,135
-
-
-
41,135
Woori General Private
Securities Investment
Trust(Bond) No.3
184,330
27.8
51,205
-
-
-
51,205
Woori Asset Global
Partnership Fund No.5
38,256
57.7
22,071
-
-
-
22,071
WOORI TAERIM 1st Fund
3,862
25.6
988
-
-
-
988
Portone-Cape Fund No.1
2,224
20.0
445
-
-
-
445
DeepDive WOORI 2021-1
Financial Investment Fund
10,381
11.9
1,236
-
-
-
1,236
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 129 -
December 31, 2023
Total net
asset
Ownership
(%)
Ownership
portion of
net assets
Basis
difference Impairment
Intercompany
transaction
Book
value
Darwin Green Packaging
Private Equity Fund
19,390
20.4
3,957
-
-
-
3,957
Koreawide partners 2nd Private
Equity Fund
72,133
26.7
19,235
-
-
-
19,235
Woori FirstValue Private Real
Estate Fund No.2
4,667
12.0
560
-
-
-
560
Woori Real Infrastructure
Blind General Type Private
Placement Investment Trust
114,817
0.1
55
-
-
-
55
Woori Together TDF 2030
11,894
28.0
3,324
-
-
-
3,324
Woori Together OCIO Target
Return Feeder fund (Balance
Bond)
50,837
20.4
10,376
-
-
-
10,376
Australia Green Energy 1st
PEF
121,430
4.0
4,811
-
-
-
4,811
Aarden Woori Apparel 1st
Private Equity Fund
28,129
0.5
133
-
-
-
133
Woori Dyno 1st Private Equity
Fund
12,025
19.6
2,358
-
-
-
2,358
KTB-KORUS FUND
8,956
37.5
3,359
-
-
-
3,359
KTB China Platform Fund
85,895
18.7
16,059
-
-
-
16,059
KTBN Venture Fund No.7
79,871
20.1
16,044
-
-
-
16,044
KTBN Venture Fund No.8
11,551
21.7
2,511
-
-
-
2,511
KTBN Digital Contents Korea
Fund No.9
18,658
30.0
5,597
-
-
-
5,597
KTBN Media Contents Fund
1,887
15.0
283
-
-
-
283
KTB China Synergy Fund
135,487
15.1
20,405
-
-
-
20,405
NAVER-KTB Audio Contents
Fund
28,767
1.0
288
-
-
-
288
KTBN Venture Fund No.13
72,206
19.6
14,158
-
-
-
14,158
KTBN Future Contents Fund
34,210
13.3
4,561
-
-
-
4,561
KTBN Venture Fund No.16
180,975
10.3
18,561
-
-
-
18,561
KTBN Venture Fund No.18
265,911
10.1
26,970
-
-
-
26,970
KB-KTB Technology Venture
Fund
41,800
18.2
7,600
-
-
-
7,600
WOORI 2022 Scaleup Venture
Fund
67,800
20.0
13,578
-
-
-
13,578
WOORI 2022 Start-up Venture
Fund
8,081
30.1
2,433
-
-
-
2,433
KTB-NHN China Private
Equity Fund
9
33.3
3
-
-
-
3
KTBN GI Private Equity Fund
12,346
5.0
617
-
-
-
617
Chirochem
357
28.6
102
-
-
-
102
Godo Kaisha Oceanos 1
16,687
47.8
7,978
-
-
-
7,978
Woori Zip 1
12,746
62.4
7,629
-
-
-
7,629
Woori Zip 2
17,630
62.8
10,695
-
-
-
10,695
KG Fashion Co., Ltd.
(463)
20.8
(96)
-
-
96
-
KUM HWA Co., Ltd.
(163)
20.1
(33)
-
-
33
-
Jinmyung Plus Co., Ltd.
65
21.3
14
-
-
-
14
JC Assurance No.2 Private
Equity Fund
121,588
23.5
28,610
-
(28,610)
-
-
Dream Company Growth no.1
PEF
28,111
27.8
7,809
-
-
-
7,809
HMS-Oriens 1st Fund
61,497
22.8
14,030
-
-
-
14,030
Woori Senior Loan Private
Placement Investment Trust
No.1
349,132
21.7
75,590
-
-
-
75,590
Genesis Eco No.1 Private
Equity Fund
37,750
29.0
10,942
-
-
-
10,942
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 130 -
December 31, 2023
Total net
asset
Ownership
(%)
Ownership
portion of
net assets
Basis
difference Impairment
Intercompany
transaction
Book
value
Paratus Woori Material
Component Equipment joint
venture company
56,788
29.9
16,979
-
-
-
16,979
Midas No. 8 Private Equity
Joint Venture Company
64,821
28.5
18,465
-
-
-
18,465
Orchestra Private Equity Fund
IV
33,919
28.2
9,555
-
-
-
9,555
Synaptic Green No.1 PEF
36,150
21.1
7,611
-
-
-
7,611
IGEN2022No. 1 Private Equity
Fund
32,131
24.8
7,983
-
-
-
7,983
PCC-Woori LP Secondary
Fund
27,105
38.9
10,530
-
-
-
10,530
Synaptic Future Growth
Private Equity Fund 1
29,748
23.8
7,069
-
-
-
7,069
Woori-Q Corporate
Restructuring Private Equity
Fund
62,809
32.4
20,283
-
-
-
20,283
Woori-Shinyoung Growth-Cap
Private Equity Fund I
95,743
35.0
33,481
-
-
-
33,481
NH Woori Newdeal Growth
Alpha Private Equity Fund 1
98,627
32.7
32,987
-
-
-
32,987
Woori BIG2 Plus Securities
Investment Trust(Balanced
Bond)
16,625
14.1
2,543
-
-
-
2,543
Woori 25-09 Corporate Bond
(AA- or higher) Active ETF
101,701
29.3
29,821
-
-
-
29,821
Woori Short Term Government
and Special Bank Bond
Active ETF
58,973
20.8
12,286
-
-
-
12,286
(*) The net asset equity amount is after the debt-for-equity swap, non-controlling etc.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 131 -
14. INVESTMENT PROPERTIES
(1) Details of investment properties are as follows (Unit: Korean Won in millions):
December 31, 2024
December 31, 2023
Acquisition cost
497,787
510,990
Accumulated depreciation
(46,913)
(38,136)
Accumulated impairment losses
(86)
(86)
Net carrying value
450,788
472,768
(2) Changes in investment properties are as follows (Unit: Korean Won in millions):
For the years ended December 31
2024
2023
Beginning balance
472,768
387,707
Acquisition
-
99,234
Disposal
(62,467)
-
Depreciation
(8,216)
(5,398)
Transfer
42,344
(2,098)
Foreign currencies translation adjustments
6,409
(6,677)
Others
(50)
-
Ending balance
450,788
472,768
(3) Fair value of investment properties amounted to 795,216 million won and 802,109 million won as of
December 31, 2024 and 2023, 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 23,307 million won and 26,477 million
won for the years ended December 31, 2024 and 2023, respectively. Operating expenses directly related
to the investment properties where rental fee was earned is amounting to 8,414 million won and 5,568
million won.
(5) The lease payments expected to be received in the future under lease contracts relating to investment
properties as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
December 31, 2024
December 31, 2023
Lease payments:
Within a year
13,702
14,784
More than 1 year and within 2 years
9,414
8,214
More than 2 years and within 3 years
7,667
3,744
More than 3 years and within 4 years
4,362
3,172
More than 4 years and within 5 years
3,438
2,994
More than 5 years
3,441
2,944
Total
42,024
35,852
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 132 -
15. PREMISES AND EQUIPMENT
(1) Details of premises and equipment as of December 31, 2024 and 2023 are as follows (Unit: Korean Won
in millions):
December 31, 2024
Land
Building
Equipment
and vehicles
Leasehold
improvement
Construction
in progress Structures
Total
Premises and equipment
(owned)
1,662,448
683,221
305,581
71,952
68,440
-
2,791,642
Right-of-use asset
-
557,049
21,894
-
-
-
578,943
Carrying value
1,662,448
1,240,270
327,475
71,952
68,440
-
3,370,585
December 31, 2023
Land
Building
Equipment
and vehicles
Leasehold
improvement
Construction
in progress Structures
Total
Premises and equipment
(owned)
1,709,712
719,738
265,064
61,369
37,194
-
2,793,077
Right-of-use asset
-
362,702
20,980
-
-
-
383,682
Carrying value
1,709,712
1,082,440
286,044
61,369
37,194
-
3,176,759
(2) Details of premises and equipment (owned) as of December 31, 2024 and 2023 are as follows (Unit:
Korean Won in millions):
December 31, 2024
Land
Building
Equipment
and vehicles
Leasehold
improvement
Construction
in progress Structures
Total
Acquisition cost
1,663,108 1,087,536
1,305,020
505,417
68,440
20
4,629,541
Accumulated depreciation
- (404,315)
(999,439)
(433,465)
-
(20) (1,837,239)
Accumulated impairment
losses
(660)
-
-
-
-
-
(660)
Net carrying value
1,662,448
683,221
305,581
71,952
68,440
-
2,791,642
December 31, 2023
Land
Building
Equipment
and vehicles
Leasehold
improvement
Construction
in progress Structures
Total
Acquisition cost
1,710,372 1,098,682
1,229,740
486,763
37,194
20
4,562,771
Accumulated depreciation
- (378,944)
(964,676)
(425,394)
-
(20) (1,769,034)
Accumulated impairment
losses
(660)
-
-
-
-
-
(660)
Net carrying value
1,709,712
719,738
265,064
61,369
37,194
-
2,793,077
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 133 -
(3) Details of changes in premises and equipment (owned) are as follows (Unit: Korean Won in millions):
For the year ended December 31, 2024
Land
Building
Equipment
and vehicles
Leasehold
improvement
Construction
in progress Structures
Total
Beginning balance
1,709,712
719,738
265,064
61,369
37,194
- 2,793,077
Acquisitions
215
27,919
125,793
29,714
38,215
-
221,856
Disposals
(7,602)
-
(2,358)
(1,556)
-
-
(11,516)
Depreciation
-
(33,905)
(99,634)
(22,304)
-
- (155,843)
Classification of assets
held for sale
(26,007)
(12,416)
-
-
-
-
(38,423)
Transfer
(22,991)
(19,353)
6,440
853
(7,293)
-
(42,344)
Foreign currencies
translation adjustments
1,876
726
4,409
3,061
333
-
10,405
Business combination
-
-
1,283
-
-
-
1,283
Others
7,245
512
4,584
815
(9)
-
13,147
Ending balance
1,662,448
683,221
305,581
71,952
68,440
- 2,791,642
For the year ended December 31, 2023
Land
Building
Equipment
and vehicles
Leasehold
improvement
Construction
in progress Structures
Total
Beginning balance
1,695,357
730,676
261,278
58,352
32,184
- 2,777,847
Acquisitions
43
18,107
112,908
24,874
8,790
-
164,722
Disposals
(367)
(530)
(13,630)
(1,017)
(3,600)
-
(19,144)
Depreciation
-
(33,318)
(96,684)
(21,062)
-
- (151,064)
Classification of assets
held for sale
(936)
(1,568)
-
-
-
-
(2,504)
Transfer
5,445
(3,347)
-
-
-
-
2,098
Foreign currencies
translation adjustments
638
322
296
186
(68)
-
1,374
Business combination
9,530
9,530
318
-
-
-
19,378
Others
2
(134)
578
36
(112)
-
370
Ending balance
1,709,712
719,738
265,064
61,369
37,194
- 2,793,077
(4) Details of right-of-use assets as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in
millions):
December 31, 2024
Building
Equipment and vehicles
Total
Acquisition cost
1,031,511
39,113
1,070,624
Accumulated depreciation
(474,462)
(17,219)
(491,681)
Net carrying value
557,049
21,894
578,943
December 31, 2023
Building
Equipment and vehicles
Total
Acquisition cost
735,396
40,389
775,785
Accumulated depreciation
(372,694)
(19,409)
(392,103)
Net carrying value
362,702
20,980
383,682
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 134 -
(5) Details of changes in right-of-use assets for the years ended December 31, 2024 and 2023 are as follows
(Unit: Korean Won in millions):
For the year ended December 31, 2024
Building
Equipment and vehicles
Total
Beginning balance
362,702
20,980
383,682
New contracts
353,531
12,809
366,340
Changes in contract
80,622
78
80,700
Termination
(17,579)
(1,535)
(19,114)
Depreciation
(230,345)
(12,962)
(243,307)
Business combination
1,129
73
1,202
Others
6,989
2,451
9,440
Ending balance
557,049
21,894
578,943
For the year ended December 31, 2023
Building
Equipment and vehicles
Total
Beginning balance
349,494
15,589
365,083
New contracts
192,111
18,699
210,810
Changes in contract
25,570
138
25,708
Termination
(15,340)
(1,647)
(16,987)
Depreciation
(201,232)
(12,133)
(213,365)
Business combination
675
271
946
Others
11,424
63
11,487
Ending balance
362,702
20,980
383,682
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 135 -
16. INTANGIBLE ASSETS
(1) Details of intangible assets are as follows (Unit: Korean Won in millions):
December 31, 2024
Goodwill
Industrial
property rights
Development
cost
Other
intangible
assets
Membership
deposit
Construction
in progress
Total
Acquisition cost
482,707
2,419
965,131
1,511,286
55,444
6,598
3,023,585
Accumulated amortization
-
(1,971)
(689,440) (1,204,181)
-
-
(1,895,592)
Accumulated impairment
losses
-
-
-
(33,552)
(3,039)
-
(36,591)
Net carrying value
482,707
448
275,691
273,553
52,405
6,598
1,091,402
December 31, 2023
Goodwill
Industrial
property rights
Development
cost
Other
intangible
assets
Membership
deposit
Construction
in progress
Total
Acquisition cost
445,093
2,292
859,678
1,388,397
50,857
8,142
2,754,459
Accumulated amortization
-
(1,783)
(617,587) (1,101,688)
-
-
(1,721,058)
Accumulated impairment
losses
-
-
-
(33,553)
(3,006)
-
(36,559)
Net carrying value
445,093
509
242,091
253,156
47,851
8,142
996,842
(2) Details of changes in intangible assets are as follows (Unit: Korean Won in millions):
For the year ended December 31, 2024
Goodwill
Industrial
property rights
Development
cost
Other
intangible
assets
Membership
deposit
Construction
in progress
Total
Beginning balance
445,093
509
242,091
253,156
47,851
8,142
996,842
Acquisitions
-
18
96,140
94,047
6,988
25,376
222,569
Disposal
-
-
(113)
(1,794)
(2,665)
-
(4,572)
Amortization (*)
-
(188)
(75,417)
(93,679)
-
-
(169,284)
Reversal of impairment
losses
-
-
-
-
(296)
(575)
(871)
Transfer
-
109
12,990
11,067
(77)
(24,089)
-
Business combination
15,139
-
-
6,117
756
-
22,012
Foreign currencies
translation
adjustments
22,475
-
-
4,502
345
586
27,908
Others
-
-
-
137
(497)
(2,842)
(3,202)
Ending balance
482,707
448
275,691
273,553
52,405
6,598
1,091,402
(*) Amortization of other intangible assets amounting to 28,509 million won is included in other operating
expenses.
For the year ended December 31, 2023
Goodwill
Industrial
property rights
Development
cost
Other
intangible
assets
Membership
deposit
Construction
in progress
Total
Beginning balance
397,527
643
212,627
192,373
42,917
3,027
849,114
Acquisitions
-
72
105,596
125,509
4,000
7,612
242,789
Disposal
-
-
-
(1,028)
(1,290)
-
(2,318)
Amortization (*)
-
(206)
(76,192)
(84,556)
-
-
(160,954)
Impairment losses
-
-
-
-
37
-
37
Transfer
-
-
61
650
(392)
(350)
(31)
Business combination
41,527
-
-
18,882
2,565
-
62,974
Foreign currencies
translation
adjustments
6,039
-
(1)
854
4
(28)
6,868
Others
-
-
-
472
10
(2,119)
(1,637)
Ending balance
445,093
509
242,091
253,156
47,851
8,142
996,842
(*) Amortization of other intangible assets amounting to 22,349 million won is included in other operating
expenses.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 136 -
(3) Goodwill
1) Details of allocated goodwill based on each cash-generating unit as of December 31, 2024 and 2023
are as follows (Unit: Korean won in million):
Cash-generating unit (*1)
December 31, 2024
December 31, 2023
Woori Asset Management Corp.
45,066
43,036
Woori Global Asset Management Co., Ltd.(*2)
-
2,030
Woori Asset Trust Co., Ltd.
141,780
141,780
Woori Venture Partners Co., Ltd.
41,527
41,527
Woori Investment Securities Co., Ltd.
15,139
-
PT Bank Woori Saudara Indonesia 1906 Tbk (*3)
109,262
100,267
WOORI BANK (CAMBODIA) PLC (*4)
64,584
56,513
PT Woori Finance Indonesia Tbk.(*5)
57,861
53,097
Others
7,488
6,843
Total
482,707
445,093
(*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) Woori Asset Management Corp. merged with Woori Global Management Co., Ltd. through a business
combination.
(*3) 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.
(*4) The Group has acquired VisionFund Cambodia to expand retail sales in Cambodia, and recognized goodwill
based on the economies of scale and acquired customer base.
(*5) The company acquired PT Batavia Prosperindo Finance Tbk to expand its installment financing operations in
Indonesia. Goodwill was recognized due to the anticipated enhancement of competitiveness through securing
a network in the Indonesian used car market and strengthening existing customer relationships.
2) Impairment test
The recoverable amount of the cash-generating unit is measured at larger amount between the fair value
less costs to sell and 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
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
Woori
Investment
Securities Co.,
Ltd.
Woori
Asset Trust
Co., Ltd.
Woori Asset
Management
Corp.
Woori Venture
Partners Co.,
Ltd.
PT Bank Woori
Saudara
Indonesia 1906
Tbk
WOORI BANK
(CAMBODIA)
PLC
PT Woori
Finance
IndonesiaTbk
Discount rate (%).
11.47
12.65
20.47
12.98
16.70
14.08
13.59
Terminal growth rate (%)
1.00
1.00
1.00
1.00
1.00
1.00
1.00
Recoverable amount.
1,751,457
719,560
253,573
204,415
1,159,909
611,920
144,221
Carrying amount
1,171,779
612,513
208,862
185,565
1,157,185
608,181
143,312
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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 137 -
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):
Category
Woori
Investment
Securities Co.,
Ltd.
Woori
Asset Trust
Co., Ltd.
Woori Asset
Management
Corp.
Woori Venture
Partners Co.,
Ltd.
PT Bank
Woori Saudara
Indonesia 1906
Tbk
WOORI
BANK
(CAMBODIA)
PLC
PT Woori
Finance
Indonesia Tbk
Discount rate
(%).
Increase by
1.0% point
(158,579)
(44,826)
(7,872)
(29,201)
(94,117)
(57,636)
(11,494)
Decrease by
1.0% point
204,651
55,470
9,010
36,971
110,818
69,745
13,521
Terminal
growth rate
(%)
Increase by
1.0% point
141,716
34,519
4,508
25,817
35,178
23,170
8,899
Decrease by
1.0% point
(110,941)
(27,902)
(3,964)
(20,569)
(32,488)
(21,101)
(7,589)
17. ASSETS HELD FOR SALE
Assets held for sale are as follows (Unit: Korean Won in millions):
Assets (*)
December 31, 2024
December 31, 2023
Premises and equipment
31,266
11,573
Others
42,723
8,772
Total
73,989
20,345
(*) The Group classifies assets as held for sale that are highly likely to be sold within one year from December 31, 2024
and 2023.
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 classified the property as non-current assets held for sale. The assets are expected to be sold
within 12 months, and those that were scheduled to be sold at the end of the prior year have 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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 138 -
18. ASSETS SUBJECT TO LIEN AND ASSETS ACQUIRED THROUGH FORECLOSURES
(1) Assets subjected to lien are as follows (Unit: Korean Won in millions):
December 31, 2024
Collateral given to
Amount
Reason for collateral
Financial assets at
FVTPL
Korean treasury and
government bonds, etc.
Shinhan Bank, etc.
1,271,304
Related to bonds sold under
repurchase agreements
(*1)
Korean treasury and
government bonds, etc.
Korea Securities
Depository
240,005 Securities borrowing
collateral
Korean treasury and
government bonds, etc.
SHINHAN
SECURITIES CO, etc.
11,134 Future trading collateral
Korean financial institutions’
debt securities, etc.
DBS BANK LTD, SEL,
etc.
698,231 Variable margin deposit for
CSA, etc.
Korean capital contributions,
etc.
Korea Software Financial
Cooperative
109 Bid guarantee, etc.
Financial assets at
FVTOCI
Korean financial institutions’
debt securities, etc.
CITIBANK, LONDON,
etc.
74,143
Related to bonds sold under
repurchase agreements
(*1)
Korean treasury and
government bonds
Industrial Bank of Korea
10,115
Related to bonds sold under
repurchase agreements
(*1)
Korean financial institutions’
debt securities, etc.
The BOK, etc.
8,863,286 Settlement risk, etc.
Debt securities in
foreign currencies
Central Bank of Brazil,
etc.
164,136
Related to bonds sold under
repurchase agreements
(*1)
Debt securities in
foreign currencies
RJF
110,530 Related to the borrowing
limit
Debt securities in
foreign currencies
SOCIETE GENERALE,
PAR, etc.
358,781 Variable margin deposit for
CSA, etc.
Securities at
amortized cost
Korean treasury and
government bonds
The BOK, etc.
11,526,197 Settlement risk, etc.
Debt securities in
foreign currencies
NATIXIS
41,442
Related to bonds sold under
repurchase agreements
(*1)
Debt securities in
foreign currencies
RJF, etc.
34,508 Related to the borrowing
limit
Loan at amortized
cost and other
financial assets
Due from banks in local
currency
KEB Hana Bank Co.,
Ltd., etc.
6,431 Collateral for difference
settlement
Other due from banks in local
currency
Korea Exchange Co.,Ltd.
3 Korean Won CCP margin
Other due from banks in
foreign currency
BNP-PARIBAS, PAR,
etc.
647,782 Variable margin deposit for
CSA, etc.
Mortgage loan
Public offering
1,790,810 Related to covered bonds
Premises and
Equipment
Land and building
Gakorea Co., Ltd , etc.
1,808 Right to collateral and
others (*2)
Investment properties Land and building
Gakorea Co., Ltd.
5,211 Right to collateral (*2)
Total
25,855,966
(*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 339 million Won.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 139 -
December 31, 2023
Collateral given to
Amount
Reason for collateral
Financial assets at
FVTPL
Korean treasury and
government bonds, etc.
Mirae Asset Global
Investments Co., Ltd.,
etc.
238,461
Related to bonds sold under
repurchase agreements
(*1)
Korean treasury and
government bonds, etc.
Korea Securities
Depository
675,815 Securities borrowing
collateral
Korean treasury and
government bonds, etc.
SHINHAN
SECURITIES CO, etc.
6,534 Future trading collateral
Korean financial institutions’
debt securities, etc.
Korea Exchange Co., Ltd
etc.
385,394 Variable margin deposit for
CSA, etc.
Korean capital contributions,
etc.
Korea Software Financial
Cooperative
107 Bid guarantee, etc.
Financial assets at
FVTOCI
Korean treasury and
government bonds
Korea Securities
Depository
73,846
Related to bonds sold under
repurchase agreements
(*1)
Korean financial institutions’
debt securities, etc.
The BOK, etc.
8,182,907 Settlement risk, etc.
Debt securities in
foreign currencies
Korea Investment &
Securities, etc.
955,126 Substitute securities, etc.
Debt securities in
foreign currencies
Postal Savings Bank of
China
482,737
Related to bonds sold under
repurchase agreements
(*1)
Securities at
amortized cost
Korean treasury and
government bonds
The BOK, etc.
10,380,306 Settlement risk, etc.
Debt securities in
foreign currencies
NATIXIS
48,368
Related to bonds sold under
repurchase agreements
(*1)
Debt securities in
foreign currencies
FEDERAL RESERVE
BANK
23,180 Related to the borrowing
limit
Loan at amortized
cost and other
financial assets
Other due from banks in local
currency
MORGAN STANLEY
BANK INTL, SEL,
etc.
26,854 Variable margin deposit for
CSA, etc.
Other due from banks in
foreign currency
Korea Investment &
Securities, etc.
765,330 Overseas futures option
deposit, etc.
Mortgage loan
Public offering
1,242,963 Related to covered bonds
Premises and
Equipment
Land and building
Gakorea Co., Ltd , etc.
1,808 Right to collateral and
others (*2)
Investment properties Land and building
Gakorea Co., Ltd.
5,211 Right to collateral (*2)
Total
23,494,947
(*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 339 million Won.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 140 -
(2) As of December 31, 2024 and 2023 there is no asset acquired through foreclosures.
December 31, 2024
December 31, 2023
Investment properties
Land
6,463
6,404
Building
23
148
Sub-total
6,486
6,552
Other assets
Land for non-business use
38,627
30,950
Building for non-business use (*1)
7,591
5,174
Movables for non-business use (*2)
110
111
Real estate assessment provision for non-
business use
(1,898)
(1,611)
Sub-total
44,430
34,624
Assets held for sale
Land
2,215
2,393
Building
1,780
1,853
Sub-total
3,995
4,246
Total
54,911
45,422
(*1) The cumulative depreciation amount as of December 31, 2024 and 2023 is 2,357 million Won and 1,471
million Won, respectively.
(*2) The cumulative depreciation amount as of December 31, 2024 and 2023 is 387 million Won and 886 million
Won, respectively.
(3) Securities loaned are as follows (Unit: Korean Won in millions):
December 31,
2024
December 31,
2023
Loaned to
Financial assets at
FVTPL
Korean treasury and government
bonds, etc.
12,361
625,398
Korea Securities Finance
Corporation
Financial assets at
FVTOCI
Korean treasury and government
bonds, etc.
-
592,218
Korea Securities
Depository and others
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, 2024 and 2023 are as follows (Unit: Korean Won in millions):
December 31, 2024
Fair values of collaterals
Fair values of collaterals were disposed or re-
subjected to lien
Securities
10,640,153
-
December 31, 2023
Fair values of collaterals
Fair values of collaterals were disposed or re-
subjected to lien
Securities
3,443,822
-
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 141 -
19. OTHER ASSETS
Details of other assets are as follows (Unit: Korean Won in millions):
December 31, 2024
December 31, 2023
Lease assets
3,965,839
3,306,464
Prepaid expenses
359,638
345,202
Advance payments
194,881
95,025
Non-operational assets
44,430
34,625
Others
40,575
60,471
Total
4,605,363
3,841,787
20. FINANCIAL LIABILITIES AT FVTPL
(1) Financial liabilities at FVTPL are as follows (Unit: Korean Won in millions):
December 31, 2024
December 31, 2023
Financial instruments at fair value through profit
or loss
9,348,781
6,138,313
Financial liabilities designated to be measured at
FVTPL
547,816
-
Total
9,896,597
6,138,313
(2) Financial liabilities at fair value through profit or loss measured at fair value are as follows (Unit: Korean
Won in millions):
December 31, 2024
December 31, 2023
Deposits
Gold banking liabilities
74,205
39,524
Borrowings
Securities sold
182,478
155,765
Derivative liabilities
9,092,098
5,943,024
Total
9,348,781
6,138,313
(3) Financial liabilities designated to be measured at FVTPL are as follows (Unit: Korean Won in millions):
December 31, 2024
December 31, 2023
Deposits due to customers
Time deposits
547,816
-
In accordance with documented risk management or investment strategies, the group manages a portfolio
of financial instruments on a fair value basis and evaluates their performance. Therefore, under K-IFRS
1109 Financial Instrument, financial liabilities are designated to be measured at FVTPL as this provides
more relevant information.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 142 -
(4) Changes in fair value due to change in credit risk reflected in financial liabilities designated to be
measured at FVTPL are as follows (Unit: Korean Won in millions):
For the year ended
December 31, 2024
For the year ended
December 31, 2023
Financial liabilities designated to be measured at
FVTPL at the end of each period
547,816
-
Changes in fair value due to change in credit risk (*)
(1,831)
-
Accumulated change in fair value due to change in
credit risk (*)
(1,831)
-
(*) The amounts recognized in other comprehensive income related to financial liabilities designated to be
measured at FVTPL are 1,831 million Won during the year ended December 31, 2024, with an accumulated
profit of 1,831 million Won.
The adjustment to reflect the Group’s credit risk is considered in measuring the fair value of deposits due to
customers. The Group’s credit risk is determined by adjusting credit spread observed in credit rating of the
Group.
(5) The difference between carrying amount and nominal amount at maturity of financial liabilities
designated to be measured at FVTPL are as follows (Unit: Korean Won in millions):
December 31, 2024
December 31, 2023
Carrying amount
547,816
-
Nominal amount at maturity
530,000
-
Difference
17,816
-
21. DEPOSITS DUE TO CUSTOMERS
Details of deposits due to customers by type are as follows (Unit: Korean Won in millions):
December 31, 2024
December 31, 2023
Deposits in local currency:
Deposits on demand
7,880,603
8,803,962
Deposits at termination
290,908,040
282,846,971
Mutual installment
19,901
21,602
Deposits on notes payables
4,000,894
4,119,801
Deposits on CMA
120,666
95,237
Certificate of deposits
11,742,425
14,767,307
Other deposits
1,037,811
1,117,673
Sub-total
315,710,340
311,772,553
Deposits in foreign currencies:
Deposits in foreign currencies
50,988,673
46,196,650
Present value discount
(144,359)
(184,906)
Customers' deposits for beneficiary
266,502
-
Total
366,821,156
357,784,297
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 143 -
22. BORROWINGS AND DEBENTURES
(1) Details of borrowings are as follows (Unit: Korean Won in millions):
December 31, 2024
Lenders
Interest rate (%)
Amount
Borrowings in local currency:
Borrowings from the BOK
The BOK
1.5
1,981,928
Borrowings from government
funds
Small Enterprise and Market Service
and others
0.0 ~ 3.5
2,165,257
Others
The Korea Development Bank and
others
0.0 ~ 5.6
7,955,941
Sub-total
12,103,126
Borrowings in foreign currencies:
Borrowings in foreign currencies The Export-Import Bank of Korea and
others
0.0 ~ 12.0
15,081,035
Bills sold
Others
0.0 ~ 2.7
3,690
Call money
Bank and others
1.7 ~ 4.9
1,402,780
Bonds sold under repurchase
agreements
Other financial institutions
1.0 ~ 12.2
1,530,767
Present value discount
(4,367)
Total
30,117,031
December 31, 2023
Lenders
Interest rate (%)
Amount
Borrowings in local currency:
Borrowings from The BOK
The BOK
2.0
1,565,444
Borrowings from government
funds
Small Enterprise and Market Service
and others
0.0 ~ 3.4
1,996,579
Others
The Korea Development Bank and
others
0.0 ~ 6.7
11,206,471
Sub-total
14,768,494
Borrowings in foreign currencies:
Borrowings in foreign currencies The Export-Import Bank of Korea and
others
0.0 ~ 10.0
14,006,644
Bills sold
Others
0.0 ~ 2.7
6,325
Call money
Bank and others
4.1 ~ 6.6
1,115,923
Bonds sold under repurchase
agreements
Other financial institutions
1.0 ~ 11.7
1,119,991
Present value discount
(30,631)
Total
30,986,746
(2) Details of debentures are as follows (Unit: Korean Won in millions):
December 31, 2024
December 31, 2023
Interest rate (%)
Amount
Interest rate (%)
Amount
Face value of bond (*):
Ordinary bonds
0.8 ~ 7.5
41,665,997
0.8 ~ 7.5
34,393,418
Subordinated bonds
1.9 ~ 5.1
4,421,380
1.9 ~ 5.1
5,241,848
Other bonds
1.6 ~ 17.0
2,250,672
1.6 ~ 17.0
1,667,895
Sub-total
48,338,049
41,303,161
Discounts on bonds
(130,946)
(63,916)
Total
48,207,103
41,239,245
(*) Included debentures under fair value hedge amounting to 3,952,047 million won and 3,943,224 million won as
of December 31, 2024 and 2023 respectively. Also, debentures under cash flow hedge amounting to 1,860,100
million won and 932,392 million won are included as of December 31, 2024 and 2023 respectively.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 144 -
23. PROVISIONS
(1) Details of provisions are as follows (Unit: Korean Won in millions):
December 31, 2024
December 31, 2023
Asset retirement obligation
97,772
95,179
Provisions for guarantees (*1)
71,470
80,703
Provisions for unused loan commitments
137,562
135,335
Other provisions (*2)
304,624
494,814
Total
611,428
806,031
(*1) Provisions for guarantees includes provision for financial guarantee of 48,785 million won and 50,125 million
won as of December 31, 2024 and 2023, respectively.
(*2) Other provisions consist of provision for litigation, loss compensation and others.
(2) Changes in provisions for guarantees and unused loan commitments are as follows (Unit: Korean Won
in millions):
1) Provisions for guarantees
For the year ended December 31, 2024
Stage1
Stage2
Stage3
Total
Beginning balance
70,678
2,800
7,225
80,703
Transfer to 12-month expected credit
loss
317
(317)
-
-
Transfer to expected credit loss for the
entire period
(230)
230
-
-
Transfer to credit-impaired financial
assets
(100)
(90)
190
-
Net provision (reversal) of unused
amount
(9,352)
(108)
4,211
(5,249)
Others (*)
(4,004)
19
1
(3,984)
Ending balance
57,309
2,534
11,627
71,470
(*) Recognized as a result of changes in financial guarantee liabilities.
For the year ended December 31, 2023
Stage1
Stage2
Stage3
Total
Beginning balance
44,496
24,327
7,685
76,508
Transfer to 12-month expected credit
loss
20,503
(20,503)
-
-
Transfer to expected credit loss for the
entire period
(453)
453
-
-
Transfer to credit-impaired financial
assets
(4)
(3)
7
-
Net provision (reversal) of unused
amount
5,492
(1,470)
(467)
3,555
Others (*)
644
(4)
-
640
Ending balance
70,678
2,800
7,225
80,703
(*) Recognized as a result of new financial guarantee contract valued at initial fair value.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 145 -
2) Provisions for unused loan commitment
For the year ended December 31, 2024
Stage1
Stage2
Stage3
Total
Beginning balance
108,775
26,328
232
135,335
Transfer to 12-month expected credit
loss
9,966
(9,945)
(21)
-
Transfer to expected credit loss for the
entire period
(3,485)
3,491
(6)
-
Transfer to credit-impaired financial
assets
(277)
(321)
598
-
Net provision (reversal) of unused
amount
(7,731)
5,209
3,412
890
Others
970
134
233
1,337
Ending balance
108,218
24,896
4,448
137,562
For the year ended December 31, 2023
Stage1
Stage2
Stage3
Total
Beginning balance
67,640
38,188
205
106,033
Transfer to 12-month expected credit
loss
19,492
(19,458)
(34)
-
Transfer to expected credit loss for the
entire period
(3,631)
3,670
(39)
-
Transfer to credit-impaired financial
assets
(183)
(263)
446
-
Net provision (reversal) of unused
amount
25,438
4,191
(346)
29,283
Others
19
-
-
19
Ending balance
108,775
26,328
232
135,335
(3) Changes in asset retirement obligation for the years ended December 31, 2024 and 2023, are as follows
(Unit: Korean Won in millions):
For the years ended December 31
2024
2023
Beginning balance
95,179
82,717
Provisions provided
5,790
6,979
Provisions used
(5,467)
(1,542)
Reversal of provisions unused
(957)
(1,202)
Changes due to merger
218
-
Amortization
1,551
2,412
Increase in restoration costs and others
1,458
5,815
Ending balance
97,772
95,179
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 property as of December 31, 2024, discounted by
appropriate discount rate. The restoration cost is expected to occur by the end of each property’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.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 146 -
(4) Changes in other provisions for the years ended December 31, 2024 and 2023, are as follows (Unit:
Korean Won in millions):
For the years ended
December 31
2024
2023
Beginning balance
494,814
280,607
Provisions provided
31,028
265,574
Provisions used
(186,343)
(30,974)
Reversal of provisions unused
(9,069)
(18,579)
Foreign currencies translation adjustments
209
(1,844)
Transfer
(21,343)
-
Others
(4,672)
30
Ending balance
304,624
494,814
(5) Others
1) The Group recognized the estimated amount of compensation related to incomplete sales of
Derivative Linked Fund (DLF) in 2019 and provisions for fines expected to be imposed by the
Financial Services Commission as the best estimate of expenditure required to fulfill its current
obligations at the end of the period.
2) The Group recognized provisions for estimated compensation amounts related to the prepayment
arising from the delay in the redemption of funds before the prior fiscal year and the dispute settlement
as the best estimate of the expenditure amounting to 246,422 million won. In addition, The Group
recognized provision amounting to 781 million won for estimated compensation of expected
customer loss related to equity-linked securities during the current period.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 147 -
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 the return on high quality corporate bond. A
deficit may occur if the rate of return of plan assets falls short of the
interest rate.
Decrease in the return on high
quality corporate bond
A decrease in the return on high quality corporate bond will be offset
by some increase in the value of debt securities that the employee
benefit plan owns but will bring an increase in the defined benefit
obligation.
Risk of inflation
Defined benefit obligations are related to inflation rate; the higher the
inflation rate is, the higher the level of liabilities. Therefore, deficit
occurs in the system if an inflation rate increases.
(1) Details of net defined benefit liability(asset) are as follows (Unit: Korean Won in millions):
December 31, 2024
December 31, 2023
Present value of defined benefit obligation
1,751,605
1,574,087
Fair value of plan assets
(1,892,290)
(1,807,408)
Net defined benefit liabilities(assets)
(140,685)
(233,321)
(2) Changes in the carrying value of defined benefit obligation are as follows (Unit: Korean Won in
millions):
For the years ended December 31
2024
2023
Beginning balance
1,574,087
1,377,545
Current service cost
143,051
132,302
Interest cost
70,959
72,683
Remeasurements Financial assumption
88,078
70,284
Demographic assumptions
(264)
-
Experience adjustments
(18,547)
13,926
Retirement benefit paid
(101,008)
(92,146)
Foreign currencies translation adjustments
401
80
Others
(5,152)
(587)
Ending balance
1,751,605
1,574,087
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 148 -
(3) Changes in the plan assets are as follows (Unit: Korean Won in millions):
For the years ended December 31
2024
2023
Beginning balance
1,807,408
1,661,623
Interest income
84,981
91,550
Remeasurements
(15,323)
(23,752)
Employer’s contributions
115,159
175,220
Retirement benefit paid
(94,940)
(94,607)
Others
(4,995)
(2,626)
Ending balance
1,892,290
1,807,408
(4) The fair value of the plan assets by composition is as follows as of December 31, 2024 and 2023.
December 31, 2024
December 31, 2023
Cash and due from banks and others
1,892,290
1,807,408
Meanwhile, among plan assets, realized returns on plan assets amount to 69,658 million won and
67,798 million won for the years ended December 31, 2024 and 2023, respectively. The contribution
expected to be paid in the next accounting year amounts to 147,237 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):
For the years ended December 31
2024
2023
Current service cost
143,051
132,302
Net interest expense
(14,022)
(18,867)
Cost recognized in net income
129,029
113,435
Remeasurements (*)
84,590
107,962
Cost recognized in total comprehensive income
213,619
221,397
(*) Amount before tax
Retirement benefits related to defined contribution plans recognized as expenses are 5,470 million won,
and 6,217 million won for the years ended December 31, 2024 and 2023, respectively.
(6) Key actuarial assumptions used in net defined benefit liability(asset) measurement are as follows:
December 31, 2024
December 31, 2023
Discount rate
3.68% ~ 4.62%
4.25% ~ 5.15%
Future wage growth rate
2.4% ~ 6.01%
2.24% ~ 5.79%
Mortality rate
Issued by Korea Insurance
Development Institute
Issued by Korea Insurance
Development Institute
Retirement rate
Experience rate for each
employment classification
Experience rate for each
employment classification
The weighted average maturity of defined benefit liability is a minimum of 3.87 to a maximum 10.67
years.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 149 -
(7) The sensitivity to actuarial assumptions used in the assessment of defined benefit obligation is as
follows (Unit: Korean Won in millions):
December 31, 2024 December 31, 2023
Discount rate
Increase by 1% point
(182,522)
(137,355)
Decrease by 1% point
213,568
158,691
Future wage growth rate
Increase by 1% point
214,942
160,663
Decrease by 1% point
(185,974)
(141,355)
25. OTHER FINANCIAL LIABILITIES AND OTHER LIABILITIES
Other financial liabilities and other liabilities are as follows (Unit: Korean Won in millions):
December 31, 2024
December 31, 2023
Other financial liabilities:
Accounts payable
7,250,633
10,188,192
Accrued expenses
4,694,493
4,339,314
Borrowings from trust accounts
6,769,383
5,207,791
Agency business revenue
733,990
271,946
Foreign exchange payables
902,564
887,817
Domestic exchange settlement credits
7,592,473
1,386,697
Lease liabilities
527,090
334,456
Other miscellaneous financial liabilities
3,857,393
3,520,039
Present value discount
(13,968)
(21,247)
Sub-total
32,314,051
26,115,005
Other liabilities:
Unearned income
407,525
390,455
Other miscellaneous liabilities
388,973
413,442
Sub-total
796,498
803,897
Total
33,110,549
26,918,902
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 150 -
26. DERIVATIVES
(1) Derivative assets and derivative liabilities are as follows (Unit: Korean Won in millions):
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.
December 31, 2024
Assets
Liabilities
Nominal
amount
For cash
flow hedge
For fair value
hedge
For
trading
For cash
flow hedge
For fair value
hedge
For trading
Interest rate:
Futures
449,127
-
-
-
-
-
-
Forwards
3,530,000
-
-
52,855
-
-
274,980
Swaps
138,816,980
-
10,102
308,333
180
102,635
199,761
Purchase options
50,000
-
-
81
-
-
-
Written options
360,000
-
-
-
-
-
10,595
Currency:
Futures
2,837
-
-
-
-
-
-
Forwards
111,927,474
-
-
5,638,032
-
- 1,805,299
Swaps
85,880,218
165,089
-
4,089,265
-
- 6,796,459
Purchase options
175,221
-
-
4,779
-
-
-
Written options
265,182
-
-
-
-
-
3,603
Equity:
Futures
-
-
-
-
-
-
-
Forwards
1,520
-
-
182
-
-
-
Swaps
7,698
-
-
-
-
-
1,401
Purchase options
1,767
-
-
1,005
-
-
-
Written options
-
-
-
-
-
-
-
Total
341,468,024
165,089
10,102 10,094,532
180
102,635 9,092,098
December 31, 2023
Assets
Liabilities
Nominal
amount
For cash
flow hedge
For fair value
hedge
For
trading
For cash
flow hedge
For fair value
hedge
For trading
Interest rate:
Futures
317,018
-
-
-
-
-
-
Forwards
3,960,000
-
-
83,198
-
-
169,527
Swaps
138,734,758
-
698
367,333
512
135,263
213,885
Purchase options
150,000
-
-
6,556
-
-
-
Written options
400,000
-
-
-
-
-
15,359
Currency:
Futures
1,728
-
-
-
-
-
-
Forwards
97,713,561
-
-
1,935,832
-
-
885,870
Swaps
79,160,356
26,010
-
2,669,550
17,232
- 3,643,463
Purchase options
139,309
-
-
1,500
-
-
-
Written options
122,696
-
-
-
-
-
585
Equity:
Futures
480,311
-
-
-
-
-
-
Forwards
137
-
-
36
-
-
-
Swaps
461,112
-
-
126,028
-
-
1,994
Purchase options
16,444,709
-
-
608,296
-
-
-
Written options
16,887,247
-
-
-
-
- 1,012,341
Total
354,972,942
26,010
698
5,798,329
17,744
135,263 5,943,024
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 151 -
(2) Overview of the Group’s hedge accounting
1) Fair value hedge
As of December 31, 2024, the Group has applied fair value hedge on fixed interest rate foreign currency
denominated debentures amounting to 3,792,388 million Won, and foreign currency loans amounting to
159,659 million Won. The purpose of the hedging is to avoid fair value volatility risk of fixed interest
rate foreign and local currency denominated debentures derived from fluctuations of market interest
rate, and as such the Group entered into interest rate swap agreements designated as hedging
instruments.
Pursuant to the interest rate swap agreement, by swapping the calculated difference between the fixed
interest rate and floating interest rate applied to the nominal value, the fair value fluctuation risk is
hedged as the foreign currency denominated debentures and local currency debentures fixed interest rate
terms are converted to floating interest rate. Pursuant to the interest rate swap agreement, hedge ratio is
determined by matching the nominal value of hedging instrument to the face value of the hedged item.
In this hedging relationship, only the market interest rate fluctuation, which is the most significant part
of the fair value change of the hedged item, is designated as the hedged risk, and other risk factors
including credit risk are not included in the hedged risk. Therefore, the ineffective portion of the hedge
could arise from fluctuations in the timing of the cash flow of the hedged item, price margin set by
counterparty of hedging instrument, and unilateral change in credit risk of any party of hedging
instrument.
The interest rate swap agreements and the hedged items are subject to fluctuations in the underlying
market rate of interest and the Group expects the fair value of the interest rate swap contract and the
value of the hedged item to generally change in the opposite direction.
The fair value of the interest rate swap at the end of the reporting period is determined by discounting
future cash flows estimated by using the yield curve at the end of the reporting period and the credit risk
embedded in the contract and the average interest rate is determined based on the outstanding balance at
the end of the reporting period. The variable interest rate applied to the interest rate swap is
Compounding SOFR or CD 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.
2) Cash Flow Hedge
As of the December 31, 2024, the Group has applied cash flow hedge on local currency denominated
debentures amounting to 139,987 million won and debentures on foreign currency amounting to
1,720,113 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 and ④ Mitigate the risks of cash flow fluctuation in
variable interest rate foreign currency borrowings resulting from changes in market interest rates and
designate it as a hedging instrument through entering into currency swap contracts and interest rate swap
contracts.
By 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, the variable interest rate terms of the
Korean won-denominated variable rate bond are converted to fixed interest rate terms, thereby
eliminating the cash flow volatility risk. In addition, this also means a payment of predetermined
principal amount as set forth in the currency swap adjusted by fixed interest rate, an exchange of an
amount calculated by applying variable interest rate to USD or applying fixed interest rate to USD, and
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 152 -
an exchange of the principal denominated in KRW and principal denominated in foreign currency at
maturity eliminating cash flow fluctuation risk on principal and interest. The hedge ratio is determined
by matching the nominal amount of the hedging instrument to the face amount of the hedged item in
accordance with interest rate swap and currency swap.
Only interest rate and foreign exchange rate fluctuation risks, which are the most significant factor in the
cash flow fluctuation of the hedged item, are addressed in this hedging relationship, and other risk
factors such as credit risk are not subject to hedging. Accordingly, hedge ineffectiveness may arise from
price margin set by the counterparty of hedging instruments and unilateral change in credit risk of any
party in the transaction.
The interest rate swap, currency swap contract and the hedged item are all affected by the changes in
market interest rate and foreign exchange rates which are basic factors. The Group expects that the value
of interest rate swap contract, currency swap contract and value of the hedged item will generally
fluctuate in opposite direction.
3) Hedges of Net Investment in Foreign Operations
Foreign currency exposure arises from the Group's net investments in Woori America Bank, Woori
Bank (Cambodia) PLC, Woori Global Markets Asia Limited, and overseas branch 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 fluctuation risk of KRW against USD, which may
reduce the carrying amount of the Group's net investments in Woori America Bank, Woori Bank
(Cambodia) PLC, Woori Global Markets Asia Limited, and overseas branch.
A portion of the Group's net investments in Woori America Bank, Woori Bank (Cambodia) PLC, Woori
Global Markets Asia Limited, and overseas branch are hedged in USD denominated foreign currency
bonds (Carrying amount as of December 31, 2024: USD 863,959,317) and mitigate foreign exchange
risk arising from the net assets of subsidiaries. The debenture has been designated as a hedging
instrument for the value change of net investments, which arises from fluctuation in the spot exchange
rate between USD and KRW.
To evaluate the effectiveness of the hedge, the Group determines the economic relationship between the
hedging instrument and hedged item by comparing (offsetting) changes in the amount of foreign
investments due to spot exchange rate fluctuation and in the carrying amount of the liabilities due to
spot exchange rate fluctuation. The Group’s policy is to hedge the net investment amount only within
the principal range of the liabilities.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 153 -
(3) The nominal amounts of the hedging instrument are as follows (Unit: USD, EUR, and Korean Won in
millions):
December 31, 2024
1 year or less
1 year to 5
years
More than 5
years
Total
Fair value hedge
Interest rate risk
Interest rate swap (USD)
25,000,000 2,650,000,000
- 2,675,000,000
Interest rate swap (KRW)
-
-
155,000
155,000
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)
140,000
-
-
140,000
Foreign currencies translation
risk and interest rate risk
Currency swap (USD)
-
870,000,000
-
870,000,000
Foreign currencies translation
risk
Currency swap (USD)
-
100,000,000
-
100,000,000
Currency swap (EUR)
-
194,780,000
-
194,780,000
Hedges of net investment in
foreign operations
Exchange risk
Foreign currency bond (USD)
191,568,880
672,390,437
-
863,959,317
December 31, 2023
1 year or less
1 year to 5
years
More than 5
years
Total
Fair value hedge
Interest rate risk
Interest rate swap (USD)
1,000,000,000 1,975,000,000
- 2,975,000,000
Interest rate swap (KRW)
240,000
-
20,000
260,000
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)
-
140,000
-
140,000
Foreign currencies translation
risk and interest rate risk
Currency swap (USD)
-
270,000,000
-
270,000,000
Foreign currencies translation
risk
Currency swap (USD)
-
100,000,000
-
100,000,000
Currency swap (EUR)
-
194,780,000
-
194,780,000
Hedges of net investment in
foreign operations
Exchange risk
Foreign currency bond (USD)
400,000,000
463,959,317
-
863,959,317
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 154 -
(4) The average interest rate and average currency rate of the hedging instrument as of December 31, 2024
and 2023 are as follows:
December 31, 2024
Average interest rate and average exchange rate
Fair value hedge
Interest rate risk
Interest rate swap (USD)
Fixed 3.47% receipt and (C.SOFR) + 1.06% paid
Interest rate swap (KRW)
Fixed 4.52% receipt and CD 3M + 0.02% paid
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)
KRW CMS 5Y+0.46% receipt, 3.65% paid
Foreign currencies translation
risk and interest rate risk
Currency swap (USD)
USD 1M SOFR+0.93% receipt, KRW 3.79% paid, USD/KRW = 1,344.45
Foreign currencies translation
risk
Currency swap (USD)
USD 1.75% receipt, KRW 1.63% paid, USD/KRW = 1,138.50
Currency swap (EUR)
EUR 1.98% receipt, KRW 3.40% paid, EUR/KRW = 1,344.08
Hedges of net investment
Exchanging rate risk
Foreign currency denominated
debentures (USD/KRW)
1,363.09
December 31, 2023
Average interest rate and average exchange rate
Fair value hedge
Interest rate risk
Interest rate swap (USD)
Fixed 3.60% receipt and (C.SOFR) + 1.47% paid
Interest rate swap (KRW)
Fixed 4.13% receipt and CD 3M paid
Cash flow hedge
Interest rate risk
Interest rate swap (KRW)
KRW CMS 5Y+0.46% receipt, 3.65% paid
Foreign currencies translation
risk and interest rate risk
Currency swap (USD)
USD 1M SOFR+1.12% receipt, KRW 4.37% paid, USD/KRW = 1,293.97
Foreign currencies translation
risk
Currency swap (USD)
USD 1.75% receipt, KRW 1.63% paid, USD/KRW = 1,138.50
Currency swap (EUR)
EUR 1.98% receipt, KRW 3.40% paid, EUR/KRW = 1,344.08
Hedges of net investment
Exchanging rate risk
Foreign currency denominated
debentures (USD/KRW)
1,306.12
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 155 -
(5) The amounts related to items designated as hedging instruments are as follows (Unit: USD, EUR, and
Korean Won in millions):
December 31, 2024
Nominal amounts of
the hedging
instrument
Carrying amount of the hedging
instrument
Line item in the
statement of financial
position where the
hedging instrument is
located
Changing in fair value
used for calculating
hedge ineffectiveness
Assets
Liabilities
Fair value hedge
Interest rate risk
Interest rate
Swap(USD)
2,675,000,000
10,102
102,635
Derivative assets
(designated for hedging)
Derivative liabilities
(designated for hedging)
5,265
Interest rate
Swap(KRW)
155,000
Cash flow hedge
Interest rate risk
Interest rate
swap(KRW)
140,000
-
180
Derivative assets
(designated for hedging)
211
Foreign currency
translation risk
and interest
rate risk
Currency
swap(USD)
870,000,000
104,320
-
Derivative assets
(designated for hedging)
Derivative liabilities
(designated for hedging)
110,714
Foreign currency
translation risk
Currency
swap(USD)
100,000,000
29,861
-
Derivative assets
(designated for hedging)
18,623
Currency
swap(EUR)
194,780,000
30,908
-
Derivative assets
(designated for hedging)
22,512
Hedges of net
investment in
foreign operations
Exchange rate risk
Foreign currency
bond(USD)
863,959,317
-
1,270,020
Foreign currency
denominated debentures
(156,015)
December 31, 2023
Nominal amounts of
the hedging
instrument
Carrying amount of the hedging
instrument
Line item in the
statement of financial
position where the
hedging instrument is
located
Changing in fair
value used for
calculating hedge
ineffectiveness
Assets
Liabilities
Fair value hedge
Interest rate risk
Interest rate
Swap(USD)
2,975,000,000
698
135,263
Derivative assets
(designated for hedging)
55,651
Interest rate
Swap(KRW)
260,000
Cash flow hedge
Interest rate risk
Interest rate
swap(KRW)
140,000
-
512
Derivative liabilities
(designated for hedging)
(2,433)
Foreign currency
translation risk and
interest rate risk
Currency
swap(USD)
270,000,000
7,356
17,232
Derivative assets
(designated for hedging)
Derivative liabilities
(designated for hedging)
(913)
Foreign currency
translation risk
Currency
swap(USD)
100,000,000
10,956
-
Derivative assets
(designated for hedging)
(5,644)
Currency
swap(EUR)
194,780,000
7,698
-
Derivative assets
(designated for hedging)
19,063
Hedges of net investment
in foreign operations
Exchange rate risk
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 156 -
December 31, 2023
Nominal amounts of
the hedging
instrument
Carrying amount of the hedging
instrument
Line item in the
statement of financial
position where the
hedging instrument is
located
Changing in fair
value used for
calculating hedge
ineffectiveness
Assets
Liabilities
Foreign currency
bond(USD)
863,959,317
-
1,113,989 Foreign currency bond
(19,088)
(6) Details of carrying amount to hedge and amount due to hedge accounting are as follows (Unit: Korean
Won in millions):
December 31, 2024
Carrying amount of the
hedged item
Accumulated amount of fair
value hedge adjustments on
the hedged item included in
the carrying amount of the
hedged item
Line item in the
statement of
financial position
in which the
hedged item is
included
Changing in
fair value used
for calculating
hedge
ineffectiveness
Cash flow
hedge
reserve
(*2)
Assets
Liabilities
Assets
Liabilities
Fair value hedge
Interest rate risk
Debentures (*1)
-
3,952,047
-
129,306
Debentures
(17,417)
-
Cash flow hedge
Interest rate risk
Debentures
-
139,987
-
-
Debentures
(211)
(133)
Foreign currencies
translation risk and
interest rate risk
Debentures
-
1,275,768
-
-
Debentures
(110,714)
(7,825)
Foreign currencies
translation risk
Debentures
-
444,345
-
-
Debentures
(41,134)
(7,479)
Hedges of net investment
in foreign operations
Exchange rate risk
Foreign operations
net asset
-
1,270,020
-
-
Foreign
operations net
asset
156,015 (149,577)
(*1) The accumulated profit on debentures on foreign currency amounted to 124,647 million Won, and the accumulated loss on
debentures on local currency amounted to 4,659 million Won, as of December 31, 2024.
(*2) After tax amount
December 31, 2023
Carrying amount of the
hedged item
Accumulated amount of fair
value hedge adjustments on
the hedged item included in
the carrying amount of the
hedged item
Line item in the
statement of
financial position
in which the
hedged item is
included
Changing in
fair value used
for calculating
hedge
ineffectiveness
Cash flow
hedge
reserve
(*2)
Assets
Liabilities
Assets
Liabilities
Fair value hedge
Interest rate risk
Debentures (*1)
- 3,943,224
-
142,902
Debentures
(58,306)
-
Cash flow hedge
Interest rate risk
Debentures
-
179,945
-
-
Debentures
2,433
25
Foreign currencies
translation risk and
interest rate risk
Debentures
-
346,388
-
-
Debentures
22,914
(8,819)
Foreign currencies
translation risk
Debentures
-
406,059
-
-
Debentures
(13,419) (11,416)
Hedges of net investment
in foreign operations
Exchange rate risk
Foreign operations
net asset
- 1,113,989
-
-
Foreign
operations net
asset
19,088 (34,750)
(*1) The accumulated profit on debentures on foreign currency amounted to 141,818 million Won, and the accumulated loss on
debentures on local currency amounted to 1,084 million Won, as of December 31, 2023.
(*2) After tax amount
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 157 -
(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):
For the year ended December 31, 2024
Hedge ineffectiveness
recognized in profit or
loss
Line item in the profit or loss that
includes hedge ineffectiveness
Fair value hedge
Interest rate risk
(12,152) Other net operating income(expense)
For the year ended December 31, 2023
Hedge ineffectiveness
recognized in profit or
loss
Line item in the profit or loss that
includes hedge ineffectiveness
Fair value hedge
Interest rate risk
(2,655) 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, 2024
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
Line item
recognized in the
profit or loss
Amounts
reclassified
from cash
flow hedge
reserve to
profit or
loss
Line item
affected in profit
or loss due to
reclassification
Cash
flow
hedge
Interest rate risk
211
-
-
Other net
operating
income
(expense)
-
Other net
operating income
(expense)
Foreign currencies
translation risk
and interest rate
risk
110,714
-
3,481
Other net
operating
income
(expense)
(113,202)
Other net
operating income
(expense)
Foreign currencies
translation risk
41,135
-
980
Other net
operating
income
(expense)
(37,955)
Other net
operating income
(expense)
For the year ended December 31, 2023
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
Line item
recognized in the
profit or loss
Amounts
reclassified
from cash
flow hedge
reserve to
profit or
loss
Line item
affected in profit
or loss due to
reclassification
Cash
flow
hedge
Interest rate risk
(2,433)
-
-
Other net
operating
income
(expense)
-
Other net
operating income
(expense)
Foreign currencies
translation risk
and interest rate
risk
(913)
-
(4,871)
Other net
operating
income
(expense)
(11,683)
Other net
operating income
(expense)
Foreign currencies
translation risk
13,419
-
(3,521)
Other net
operating
income
(expense)
(6,950)
Other net
operating income
(expense)
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 158 -
(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 years ended December 31, 2024
Other comprehensive income
Gain or loss on hedges
recognized in other comprehensive income
Income tax
effect
Total
Hedges of net
investment in
foreign operation
Exchange
rate risk
(156,015)
41,188 (114,827)
For the years ended December 31, 2024
Profit or loss
Hedge ineffectiveness
recognized in profit or loss
Account recognized for
hedge ineffectiveness
Hedges of net
investment in
foreign operation
Exchange
rate risk
-
-
For the years ended December 31, 2023
Other comprehensive income
Gain or loss on hedges
recognized in other comprehensive income
Income tax
effect
Total
Hedges of net
investment in
foreign operation
Exchange
rate risk
(19,088)
5,039
(14,049)
For the years ended December 31, 2023
Profit or loss
Hedge ineffectiveness
recognized in profit or loss
Account recognized for
hedge ineffectiveness
Hedges of net
investment in
foreign operation
Exchange
rate risk
-
-
No amount was reclassified from reserve of hedges of net investment in foreign operations to profit or
loss.
27. DEFERRED DAY 1 PROFITS OR LOSSES
Changes in deferred day 1 profits or losses are as follows (Unit: Korean Won in millions):
For the years ended December 31
2024
2023
Beginning balance
7,848
17,964
Amounts recognized in losses
(7,820)
(10,116)
Ending balance
28
7,848
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 for the years ended December 31, 2024 and 2023.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 159 -
28. EQUITY
(1) Details of equity as of December 31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
December 31, 2024
December 31, 2023
Capital
Common stock capital
3,802,676
3,802,676
Hybrid securities
3,810,435
3,611,129
Capital surplus
Paid in capital in excess of par
854,499
854,499
Others
79,601
81,064
Sub-total
934,100
935,563
Capital adjustments
Treasury stocks
(35,517)
(39,348)
Other adjustments (*1)
(1,699,038)
(1,648,535)
Sub-total
(1,734,555)
(1,687,883)
Accumulated other comprehensive income
Net gain on credit risk fluctuation of
financial liabilities designated to be
measured at FVTPL
1,348
-
Financial assets at FVTOCI
60,438
79,694
Changes in capital due to equity method
(1,886)
3,471
Gain on foreign currency translation of
foreign operations
523,780
15,579
Loss on hedges of net investment in foreign
operations
(149,577)
(34,750)
Remeasurements of defined benefit plan
(86,218)
(24,262)
Loss on valuation of cash flow hedge
(14,215)
(20,806)
Sub-total
333,670
18,926
Retained earnings (*2) (*3)
26,950,510
24,986,470
Non-controlling interest (*4)
1,798,433
1,730,609
Total
35,895,269
33,397,490
(*1) Included 178,060 million Won in capital transaction gains and losses recognized by Woori Bank and
(formerly) Woori Financial Group in 2014 and 2,238,228 million Won due to the spin-off of Kyongnam
Bank and Gwangju Bank.
(*2) The regulatory reserve for credit losses in retained earnings amounted to 2,392,542 million Won and
2,839,475 million Won as of December 31, 2024 and 2023, respectively in accordance with the relevant
article.
(*3) The earned surplus reserve in retained earnings amounted to 442,650 million Won and 300,190 million Won
as of December 31, 2024 and 2023 in accordance with the Article 53 of the Financial Holding Company Act.
(*4) The hybrid securities issued by Woori Bank amounting to 1,645,947 million Won and 1,546,447 million Won
as of December 31, 2024 and 2023, respectively, are recognized as non-controlling interests 76,249 million
Won and 95,637 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, 2024 and 2023.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 160 -
(2) The number of authorized shares and others of the Group are as follows:
December 31, 2024
December 31, 2023
Shares of common stock authorized
4,000,000,000 Shares
4,000,000,000 Shares
Par value
5,000 Won
5,000 Won
Shares of common stock issued
742,591,501 Shares
751,949,461 Shares
Capital stock
3,802,676 million Won
3,802,676 million Won
(3) Hybrid securities
The bond-type hybrid securities classified as owner’s equity are as follows (Unit: Korean Won in millions):
Issue date
Maturity
Interest rate (%)
December 31,
2024
December 31,
2023
Securities in local
currency
2019-07-18
-
3.49
-
500,000
Securities in local
currency
2019-10-11
-
3.32
-
500,000
Securities in local
currency
2020-02-06
-
3.34
400,000
400,000
Securities in local
currency
2020-06-12
-
3.23
300,000
300,000
Securities in local
currency
2020-10-23
-
3.00
200,000
200,000
Securities in local
currency
2021-04-08
-
3.15
200,000
200,000
Securities in local
currency
2021-10-14
-
3.60
200,000
200,000
Securities in local
currency
2022-02-17
-
4.10
300,000
300,000
Securities in local
currency
2022-07-28
-
4.99
300,000
300,000
Securities in local
currency
2022-10-25
-
5.97
220,000
220,000
Securities in local
currency
2023-02-10
-
4.65
300,000
300,000
Securities in local
currency
2023-09-07
-
5.04
200,000
200,000
Securities in local
currency
2024-02-07
-
4.49
400,000
-
Securities in local
currency
2024-06-19
-
4.27
400,000
-
Securities in local
currency
2024-10-10
-
4.00
400,000
-
Issuance cost
(9,565)
(8,871)
Total
3,810,435
3,611,129
The hybrid securities mentioned above do not have maturity date but are redeemable after 5 years from date
of issuance.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 161 -
(4) Accumulated other comprehensive income
Changes in the accumulated other comprehensive income are as follows (Unit: Korean Won in millions):
For the year ended December 31, 2024
Beginning
balance
Increase
(decrease) (*)
Reclassification
adjustments
Income tax
effect
Ending
balance
Net gain (loss) on valuation of
financial assets at FVTOCI
79,694
(12,498)
(22,704)
15,946
60,438
Net gain on credit risk fluctuation
of financial liabilities designated
to be measured at FVTPL
-
1,831
-
(483)
1,348
Changes in capital due to equity
method
3,471
(6,965)
-
1,608
(1,886)
Gain (loss) on foreign currency
translation of foreign operations
15,579
529,531
-
(21,330)
523,780
Gain (loss) on hedges of net
investment in foreign operations
(34,750)
(156,015)
-
41,188
(149,577)
Remeasurement gain (loss) related
to defined benefit plan
(24,262)
(84,590)
-
22,634
(86,218)
Gain (loss) on valuation of
derivatives designated as cash
flow hedges
(20,806)
7,299
(461)
(247)
(14,215)
Total
18,926
278,593
(23,165)
59,316
333,670
(*) 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 53,460 million Won and (10) million Won are due to disposal of equity securities and non-current
assets held for sale, respectively during the period.
For the year ended December 31, 2023
Beginning
balance
Increase
(decrease) (*)
Reclassification
adjustments
Income tax
effect
Ending
balance
Net gain (loss) on valuation of
financial assets at FVTOCI
(645,731)
783,583
200,309
(258,467)
79,694
Changes in capital due to equity
method
475
(1,434)
-
4,430
3,471
Gain (loss) on foreign currency
translation of foreign operations
(24,202)
39,458
-
323
15,579
Gain (loss) on hedges of net
investment in foreign operations
(20,701)
(19,088)
-
5,039
(34,750)
Remeasurement gain (loss) related to
defined benefit plan
55,235
(108,217)
-
28,720
(24,262)
Gain (loss) on valuation of cash flow
hedge
(4,282)
(15,906)
(944)
326
(20,806)
Total
(639,206)
678,396
199,365
(219,629)
18,926
(*) 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 86 million Won and (50) million Won are due to disposal of equity securities and non-current assets
held for sale, respectively during the period.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 162 -
(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):
December 31,
2024
December 31,
2023
Beginning balance
2,392,542
2,839,475
Planned provision of regulatory reserve (reversal) for
credit loss
276,300
(446,933)
Ending balance
2,668,842
2,392,542
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):
For the years ended December 31
2024
2023
Net income before regulatory reserve
3,171,470
2,626,894
Provision of regulatory reserve (reversal) for credit loss
276,300
(446,933)
Adjusted net income after the provision of regulatory reserve
2,895,170
3,073,827
Dividends to hybrid securities
(158,682)
(131,148)
Adjusted net income after regulatory reserve and dividends to
hybrid securities
2,736,488
2,942,679
Adjusted EPS after regulatory reserve and the dividends to
hybrid securities (Unit: Korean Won)
3,692
4,002
(6) Treasury stock
Details of treasury stocks are as follows (Unit: Shares, Korean Won in millions):
December 31, 2024
Beginning balance
Acquisition
Disposal and others
Ending balance
Number of shares
3,427,497
9,359,819
(9,705,040)
3,082,276
Carrying amount
39,348
136,712
(140,543)
35,517
December 31, 2023
Beginning balance
Acquisition
Disposal and others
Ending balance
Number of shares
343,991
13,552,312
(10,468,806)
3,427,497
Carrying amount
3,819
157,222
(121,693)
39,348
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 163 -
29. DIVIDENDS
(1) Dividends per share and the total dividends for the fiscal year ended December 31, 2023 were 640 Won
and 481,213 million Won, respectively, and the dividends were approved at the regular general
shareholders' meeting held on March 22, 2024 and dividend record date as February 29, 2024.
Dividends were paid in April 2024.
(2) At the Board of Directors meeting held on April 26, 2024, it was approved to pay a quarterly dividend
of 180 Won per share (total dividends are 133,657 million Won) with a record date of March 31, 2024.
The dividends were paid in May 2024.
(3) At the Board of Directors meeting held on July 25, 2024, it was approved to pay a quarterly dividend of
180 Won per share (total dividends are 133,657 million Won) with a record date of June 30, 2024. The
dividends were paid in August 2024.
(4) At the Board of Directors meeting held on October 18, 2024, it was approved to pay a quarterly
dividend of 180 Won per share (total dividends are 133,657 million Won) with a record date of
September 30, 2024. The dividends were paid in November 2024.
(5) Dividends per share and the total dividends for the fiscal year ending December 31, 2024 were 660
Won and 490,075 million Won, respectively, will be proposed at the regular general shareholders'
meeting to be held on March 26, 2025. The record date for the year-end dividend of the fiscal year
ending December 31, 2024, is February 28, 2025. The current financial statements do not include such
outstanding dividends.
30. NET INTEREST INCOME
(1) Details of Interest income recognized are as follows (Unit: Korean Won in millions):
For the years ended December 31
2024
2023
Financial assets at FVTPL
236,793
192,094
Financial assets at FVTOCI
1,281,642
999,407
Financial assets at amortized cost:
Securities at amortized cost
643,056
782,513
Loans and other financial assets at amortized cost:
Interest on due from banks
624,006
543,789
Interest on loans
19,116,813
18,042,706
Interest of other receivables
111,031
81,045
Subtotal
19,851,850
18,667,540
Total
22,013,341
20,641,554
(2) Details of interest expense recognized are as follows (Unit: Korean Won in millions):
For the years ended December 31
2024
2023
Interest on deposits due to customers
9,599,529
8,738,249
Interest on borrowings
1,351,612
1,294,710
Interest on debentures
1,760,003
1,507,108
Other interest expense
398,694
348,588
Interest on lease liabilities
17,167
10,359
Total
13,127,005
11,899,014
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 164 -
31. NET FEES AND COMMISSIONS INCOME
(1) Details of fees and commissions income recognized are as follows (Unit: Korean Won in millions):
For the years ended December 31
2024
2023
Fees and commission received for brokerage
156,534
146,216
Fees and commission received related to credit
178,136
182,151
Fees and commission received for electronic finance
128,163
125,760
Fees and commission received on foreign exchange handling
57,335
55,993
Fees and commission received on foreign exchange
115,450
99,071
Fees and commission received for guarantee
104,301
88,580
Fees and commission received on credit card
638,573
640,918
Fees and commission received on securities business
69,935
58,553
Fees and commission from trust management
252,732
266,197
Fees and commission received on credit information
10,733
10,768
Fees and commission received related to lease
892,126
698,463
Other fees
270,198
193,144
Total
2,874,216
2,565,814
(2) Details of fees and commissions expense incurred are as follows (Unit: Korean Won in millions):
For the years ended December 31
2024
2023
Fees and commissions paid
340,083
339,340
Credit card commission
426,820
488,742
Securities business commission
1,159
1,287
Others
19,984
15,964
Total
788,046
845,333
32. DIVIDEND INCOME
(1) Details of dividend income recognized are as follows (Unit: Korean Won in millions):
For the years ended December 31
2024
2023
Dividend income related to financial assets at FVTPL
291,123
222,357
Dividend income related to financial assets at
FVTOCI
19,198
17,936
Total
310,321
240,293
(2) Details of dividends related to financial assets at FVTOCI are as follows (Unit: Korean Won in
millions):
For the years ended December 31
2024
2023
Dividend income recognized from assets held:
Equity securities
19,198
17,936
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 165 -
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):
For the years ended December 31
2024
2023
Gain on financial instruments at FVTPL
1,512,430
488,486
Loss on financial instruments designated to be
measured at FVTPL
(19,647)
-
Total
1,492,783
488,486
(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):
For the years ended December 31
2024
2023
Financial assets
at FVTPL
Securities
Gain on transactions and valuation
701,955
889,250
Loss on transactions and valuation
(306,311)
(191,144)
Sub-total
395,644
698,106
Loans
Gain on transactions and valuation
16,825
6,064
Loss on transactions and valuation
(1,738)
(2,289)
Sub-total
15,087
3,775
Other financial
assets
Gain on transactions and valuation
12,715
9,742
Loss on transactions and valuation
(20,280)
(19,291)
Sub-total
(7,565)
(9,549)
Sub-total
403,166
692,332
Derivatives
(Held for
trading)
Interest rates
derivatives
Gain on transactions and valuation
2,981,638
4,741,233
Loss on transactions and valuation
(2,945,172)
(4,990,352)
Sub-total
36,466
(249,119)
Currency
derivatives
Gain on transactions and valuation
14,841,349
7,677,720
Loss on transactions and valuation
(13,757,446)
(7,528,291)
Sub-total
1,083,903
149,429
Equity
derivatives
Gain on transactions and valuation
1,182,962
3,169,071
Loss on transactions and valuation
(1,194,068)
(3,273,202)
Sub-total
(11,106)
(104,131)
Other
derivatives
Gain on transactions and valuation
27
14
Loss on transactions and valuation
(26)
(39)
Sub-total
1
(25)
Sub-total
1,109,264
(203,846)
Net, total
1,512,430
488,486
(3) Details of loss on financial instruments designated to be measured at FVTPL are as follows (Unit:
Korean Won in millions):
For the years ended December 31
2024
2023
Net loss on deposits due to customers
Net loss on valuation of time deposits
(19,647)
-
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 166 -
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) :
For the years ended December 31
2024
2023
Gain on redemption of securities
-
104
Gain (loss) on transactions of securities
96,620
(37,745)
Total
96,620
(37,641)
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):
For the years ended December 31
2024
2023
Provision for impairment loss due to credit loss on
financial assets at FVTOCI
(8,868)
(16,542)
Reversal of (provision for) impairment loss due to credit
loss on securities at amortized cost
3,287
(5,549)
Provision for impairment loss due to credit loss on loan
and other financial assets at amortized cost
(1,715,074)
(1,839,987)
Reversal of provision for guarantee (Provision for
guarantee)
5,250
(3,555)
Provision for unused loan commitment
(890)
(29,283)
Total
(1,716,295)
(1,894,916)
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 167 -
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):
For the years ended December 31
2024
2023
Employee benefits
Short-term
employee
benefits
Salaries
1,932,906
1,831,137
Employee fringe
benefits
640,924
600,001
Share based payment
27,629
12,946
Retirement benefit service costs
134,514
119,670
Termination
1,533
164,922
Subtotal
2,737,506
2,728,676
Depreciation and amortization
539,924
503,035
Other general and
administrative
expenses
Rent
124,041
124,355
Taxes and public dues
202,541
190,334
Service charges
257,113
245,656
Computer and IT related
142,979
144,017
Telephone and communication
93,178
88,018
Operating promotion
54,793
53,896
Advertising
156,795
161,896
Printing
5,955
6,072
Traveling
13,436
13,364
Supplies
9,021
9,156
Insurance premium
13,852
14,380
Maintenance
25,035
24,932
Water, light, and heating
19,415
19,161
Vehicle maintenance
14,394
14,725
Others (*)
58,995
101,760
Sub-total
1,191,543
1,211,722
Total
4,468,973
4,443,433
(*) In-house welfare fund contributions amounted to 40,047 million Won as of December 31, 2023.
(2) Details of other operating income recognized are as follows (Unit: Korean Won in millions):
For the years ended December 31
2024
2023
Gains on transactions of foreign exchange
722,827
1,428,737
Gains related to derivatives (designated for hedging)
192,000
114,875
Gains on fair value hedged items
25,469
8,986
Others
349,033
288,862
Total
1,289,329
1,841,460
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 168 -
(3) Details of other operating expenses recognized are as follows (Unit: Korean Won in millions):
For the years ended December 31
2024
2023
Losses on transactions of foreign exchange
1,754,516
1,295,557
KDIC deposit insurance premium
509,832
464,213
Contribution to miscellaneous funds
533,335
453,805
Losses related to derivatives (Designated for hedging)
24,252
35,583
Losses on fair value hedged items
64,571
72,601
Others (*)
1,121,479
1,040,424
Total
4,007,985
3,362,183
(*) Other expense includes 28,509 million Won and 22,349 million Won for intangible asset amortization cost
and 587,148 million Won and 462,394 million Won for lease depreciation cost for the years ended December 31,
2024 and 2023, respectively.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 169 -
(4) Share-based payment
Details of performance condition share-based payment granted to executives as of December 31, 2024 and
2023 are as follows.
1) Performance condition share-based payment
Subject to
Shares granted for the year 2020 (*3)
Type of payment
Cash-settled
Vesting period
January 1, 2020 ~ December 31, 2023
Date of payment
2024-01-01
Fair value (*1)
-
Valuation method
-
Expected dividend rate
-
Expected maturity date
-
Number of shares remaining
As of December 31, 2024
-
As of December 31, 2023
944,343 shares
Number of shares granted (*2) As of December 31, 2024
-
As of December 31, 2023
944,343 shares
Subject to
Shares granted for the year 2021
Type of payment
Cash-settled
Vesting period
January 1, 2021 ~ December 31, 2024
Date of payment
2025-01-01
Fair value (*1)
15,831 Won
Valuation method
Black-Scholes Model
Expected dividend rate
6.48%
Expected maturity date
-
Number of shares remaining
As of December 31, 2024
1,105,292 shares
As of December 31, 2023
1,105,515 shares
Number of shares granted (*2) As of December 31, 2024
1,105,292 shares
As of December 31, 2023
1,105,515 shares
Subject to
Shares granted for the year 2022
Type of payment
Cash-settled
Vesting period
January 1, 2022 ~ December 31, 2025
Date of payment
2026-01-01
Fair value (*1)
14,839 Won
Valuation method
Black-Scholes Model
Expected dividend rate
6.48%
Expected maturity date
1 years
Number of shares remaining
As of December 31, 2024
960,777 shares
As of December 31, 2023
968,119 shares
Number of shares granted (*2) As of December 31, 2024
960,777 shares
As of December 31, 2023
968,119 shares
Subject to
Shares granted for the year 2023
Type of payment
Cash-settled
Vesting period
January 1, 2023 ~ December 31, 2026
Date of payment
2027-01-01
Fair value (*1)
13,909 Won
Valuation method
Black-Scholes Model
Expected dividend rate
6.48%
Expected maturity date
2 years
Number of shares remaining
As of December 31, 2024
916,849 shares
As of December 31, 2023
924,077 shares
Number of shares granted (*2) As of December 31, 2024
916,849 shares
As of December 31, 2023
924,077 shares
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 170 -
Subject to
Shares granted for the year 2024
Type of payment
Cash-settled
Vesting period
January 1, 2024 ~ December 31, 2027
Date of payment
2028-01-01
Fair value (*1)
13,037 Won
Valuation method
Black-Scholes Model
Expected dividend rate
6.48%
Expected maturity date
3 years
Number of shares remaining
As of December 31, 2024
1,384,504 shares
As of December 31, 2023
-
Number of shares granted (*2) As of December 31, 2024
1,384,504 shares
As of December 31, 2023
-
(*1) As the amount of payment varies according to the base price (the arithmetic average of the weighted average stock
price of transactions in the past one week, the past one month, and the past two months) at the date of payment, the
fair value is calculated to measure the liability according to the Black Scholes model based on the base price at the
time of each settlement.
(*2) The number of payable stocks is granted at the initial contract date. This is a system in which the number of shares
to be granted is determined based on the evaluation results of long-term performance indicators over a total of four
years, including the current year, and the final cash compensation is made by reflecting the stock price at the time of
payment. Performance is evaluated as long-term performance indication including relative shareholder return, net
income, return on equity (ROE), C/I ratio, non-performing loan ratio and job performance.
(*3) Payment was completed in current period.
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, 2024 and 2023, the carrying amount of the liabilities related
to the performance condition share-based payments recognized by the Group amounts to 62,557
million Won and 46,741 million Won, respectively, including the carrying amount of liabilities
related to key management of 16,660 million Won and 19,924 million Won, respectively.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 171 -
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):
For the years ended December 31
2024
2023
Gains on valuation of investments in joint ventures and associates
96,176
132,541
Losses on valuation of investments in joint ventures and associates
(19,911)
(22,710)
Total
76,265
109,831
(2) Details of other non-operating income and expenses recognized are as follows (Unit: Korean Won in
millions):
For the years ended December 31
2024
2023
Other non-operating incomes
88,398
117,746
Other non-operating expenses
(197,006)
(209,153)
Total
(108,608)
(91,407)
(3) Details of other non-operating income recognized are as follows (Unit: Korean Won in millions):
For the years ended December 31
2024
2023
Rental fee income
23,307
26,477
Gains on disposal of investments in joint ventures and
associates
19,642
33,123
Gains on disposal of premise and equipment, intangible
assets and other assets
7,064
5,267
Reversal of impairment losses of premise and equipment,
intangible assets and other assets
147
230
Others (*)
38,238
52,649
Total
88,398
117,746
(*) ‘Others’ for the year ended December 31, 2024 and 2023 include 2,517 million Won and 14,060 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):
For the years ended December 31
2024
2023
Depreciation on investment properties
8,216
5,398
Operating expenses on investment properties
2,110
2,058
Losses on disposal of investments in joint ventures and
associates
532
588
Losses on disposal of premise and equipment, intangible
assets and other assets
2,233
1,873
Impairment losses of premise and equipment, intangible
assets and other assets
3,627
129
Donation
118,589
63,729
Others (*)
61,699
135,378
Total
197,006
209,153
(*) Other special losses related to other provisions for the years ended December 31, 2024 and 2023 are 31,023
million Won and 66,910 million Won, respectively.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 172 -
38. INCOME TAX EXPENSE
(1) Details of income tax expenses are as follows (Unit: Korean Won in millions):
For the years ended December 31
2024
2023
Current tax expense:
Current tax expense with respect to the current period
615,120
689,395
Adjustments recognized in the current period in relation
to the tax expense of prior periods
(35,823)
(22,825)
Income tax expense directly attributable to other equity
41,188
5,039
Sub-total
620,485
671,609
Deferred tax expense
Change in deferred tax assets (liabilities) due to
temporary differences
408,941
442,852
Income tax expense(income) directly attributable to
equity
18,128
(224,668)
Others
3,824
766
Sub-total
430,893
218,950
Income tax expense
1,051,378
890,559
(2) Income tax expense reconciled to net income before income tax expense is as follows (Unit: Korean
Won in millions):
For the years ended December 31
2024
2023
Net income before income tax expense
4,222,847
3,517,453
Tax calculated at statutory tax rate (*1)
1,014,678
859,608
Adjustments:
Effect of income that is exempt from taxation
(46,946)
(37,500)
Effect of expenses that are not deductible in determining
taxable income
53,719
12,163
Adjustments recognized in the current period in relation
to the current tax of prior periods
(36,205)
(22,456)
Others
66,132
78,744
Sub-total
36,700
30,951
Income tax expense
1,051,378
890,559
Effective tax rate
24.90%
25.32%
(*1) The applicable income tax rate: 9.9% up to 200 million Won in tax basis, 20.9% over 200 million Won to
20 billion Won, 23.1% over 20 billion Won to 300 billion Won and 26.4% over 300 billion Won.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 173 -
(3) Changes in deferred tax assets and liabilities for the years ended December 31, 2024 and 2023, are as
follows (Unit: Korean Won in millions):
For the year ended December 31, 2024
Beginning
balance
Business
combination
Recognized as
income (expense)
Recognized as other
comprehensive
income (expense)
Ending
Balance
Gain (loss) on financial
assets
(157,394)
-
(110,523)
15,463
(252,454)
Gain (loss) on valuation
of investment stocks
accounted in equity
method
(10,372)
-
(8,391)
1,608
(17,155)
Gain (loss) on valuation
of derivatives
35,812
-
(289,117)
(247)
(253,552)
Accrued income
(132,938)
-
16,258
-
(116,680)
Provision for loan losses
40,988
-
41,496
-
82,484
Loan and receivables
written off
9,772
-
(1,069)
-
8,703
Loan origination costs
and fees
(173,417)
-
(6,775)
-
(180,192)
Defined benefit obligation
427,265
-
29,008
22,120
478,393
Deposits with employee
retirement insurance
trust
(499,718)
-
(400)
514
(499,604)
Provision for guarantee
8,274
-
(2,474)
-
5,800
Other provision
179,117
-
(47,570)
-
131,547
Others (*)
(104,334)
(544)
(46,968)
(21,330)
(173,176)
Net deferred tax
assets(liabilities)
(376,945)
(544)
(426,525)
18,128
(785,886)
(*) Among the deferred tax assets and liabilities classified as ‘Others,’ the deferred tax asset arising from unused tax
losses amounts to 12,507 million won.
For the year ended December 31, 2023
Beginning
balance
Business
combination
Recognized as
income (expense)
Recognized as other
comprehensive
income (expense)
Ending
Balance
Gain (loss) on financial
assets
373,145
-
(272,072)
(258,467)
(157,394)
Gain (loss) on valuation
of investment stocks
accounted in equity
method
20,555
-
(35,357)
4,430
(10,372)
Gain on valuation of
derivatives
10,617
-
24,869
326
35,812
Accrued income
(90,330)
-
(42,608)
-
(132,938)
Provision for loan losses
(20,105)
-
61,093
-
40,988
Loan and receivables
written off
7,926
-
1,846
-
9,772
Loan origination costs
and fees
(169,093)
-
(4,324)
-
(173,417)
Defined benefit obligation
369,785
-
29,308
28,172
427,265
Deposits with employee
retirement insurance
trust
(450,222)
-
(50,044)
548
(499,718)
Provision for guarantee
8,328
-
(54)
-
8,274
Other provision
87,229
-
91,888
-
179,117
Others (*)
(70,335)
(11,593)
(22,729)
323
(104,334)
Net deferred tax
assets(liabilities)
77,500
(11,593)
(218,184)
(224,668)
(376,945)
(*) Among the deferred tax assets and liabilities classified as ‘Others,’ the deferred tax asset arising from unused tax
losses amounts to 1,998 million won.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 174 -
(4) Unrealizable temporary differences are as follows (Unit: Korean Won in millions):
December 31, 2024
December 31, 2023
Deductible temporary differences
332,384
313,565
Tax loss carry forward
62,963
16,823
Taxable temporary differences
(10,335,041)
(9,138,085)
Total
(9,939,694)
(8,807,697)
No deferred income tax asset has been recognized for the deductible temporary difference of 304,997 million
Won associated with investments in subsidiaries as of December 31, 2024, because it is not probable that the
temporary differences will be reversed in the foreseeable future. Also, no deferred income tax asset has been
recognized for the other 27,387 million won due to the uncertainty of its feasibility in the future.
No deferred income tax liability has been recognized for the taxable temporary difference of 10,335,041
million won associated with investment in subsidiaries as of December 31, 2024, 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, 2024, 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):
1 year or less
1 – 2 years
2 – 3 years
More than 3 years
Tax loss carry forward
7,609
7,204
6,661
41,489
(5) Details of accumulated current and deferred tax charged directly to other equity are as follows (Unit:
Korean Won in millions):
December 31, 2024
December 31, 2023
Loss on valuation of financial assets at FVTOCI
(28,645)
(44,591)
Loss on financial instruments designated to be
measured at FVTPL
(483)
-
Gain on valuation of equity method investments
2,272
664
Gain on foreign currency translation of foreign
operations
(11,069)
10,261
Gain on valuation of hedge accounting of the net
investment in foreign operations
56,042
14,854
Remeasurements of the defined benefit plan
30,770
8,136
Gain on derivatives designated as cash flow hedge
(7)
240
Total
48,880
(10,436)
(6) Current tax assets and liabilities are as follows (Unit: Korean Won in millions):
December 31, 2024
December 31, 2023
Current tax assets
61,613
203,542
Current tax liabilities
127,126
103,655
(7) Impact of Pillar Two income taxes
Under the Pillar Two legislation, the Group is liable to pay a top-up tax for the difference between their
GloBE effective tax rate per jurisdiction and the 15% minimum rate. All entities within the group have an
effective tax rate that exceeds 15%. There is no pillar two income tax expense for the year ended December
31, 2024. The Group applied the exception to recognizing and disclosing information about deferred tax and
assets and liabilities related to Pillar Two income Taxes.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 175 -
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
2024
2023
Net income attributable to common shareholders
3,085,995
2,506,296
Dividends to hybrid securities
(158,682)
(131,148)
Net income attributable to common shareholders
2,927,313
2,375,148
Weighted average number of common shares
outstanding (Unit: million shares)
741
735
Basic EPS (Unit: Korean Won)
3,950
3,230
(2) The weighted average number of common shares outstanding is as follows (Unit: number of shares):
For the year ended December 31, 2024
Number of shares
Accumulated number of shares
outstanding during period
Common shares issued at the beginning of the year
751,949,461
275,213,502,726
Treasury stocks
(3,427,497)
(1,254,463,902)
Acquisition of treasury stock
(9,359,809)
(2,742,480,364)
Disposal of treasury stock
347,070
89,415,280
Sub-total (①)
271,305,973,740
Weighted average number of common shares outstanding (②=(①/365))
741,273,152
For the year ended December 31, 2023
Number of shares
Accumulated number of shares
outstanding during period
Common shares issued at the beginning of the year
728,060,549
265,742,100,385
Treasury stocks
(343,991)
(125,556,715)
Acquisition and retirement of treasury stock etc.
(13,500,691)
(2,104,222,930)
Acquisition of treasury stock (odd-lot stock at
comprehensive share exchange)
(51,621)
(6,504,246)
Disposal of treasury stock
1,883,007
171,193,865
Issuance of new shares (comprehensive share exchange)
32,474,711
4,741,307,806
Sub-total (①)
268,418,318,165
Weighted average number of common shares outstanding (②=(①/366))
735,392,653
Diluted EPS is equal to basic EPS because there is no dilution effect for the years ended December 31, 2024
and 2023.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 176 -
40. CONTINGENT LIABILITIES AND COMMITMENTS
(1) Details of guarantees are as follows (Unit: Korean Won in millions):
December 31, 2024
December 31, 2023
Confirmed guarantees
Guarantee for loans
60,571
58,205
Acceptances
617,599
467,964
Guarantees in acceptances of imported goods
75,265
74,916
Other confirmed guarantees
10,337,850
8,050,815
Sub-total
11,091,285
8,651,900
Unconfirmed guarantees
Local letters of credit
167,580
161,608
Letters of credit
3,213,170
2,873,350
Other unconfirmed guarantees
1,558,187
1,516,585
Sub-total
4,938,937
4,551,543
Commercial paper purchase commitments and others
581,040
589,858
Total (*)
16,611,262
13,793,301
(*) Includes financial guarantees of 4,156,790 million won and 3,661,656 million won as of December 31, 2024 and
2023, respectively.
(2) Details of loan commitments and others are as follows (Unit: Korean Won in millions):
December 31, 2024
December 31, 2023
Loan commitments
133,863,588
126,829,192
Other commitments (*)
6,564,353
7,339,952
(*) As of December 31, 2024 and 2023, the amount of unsecured bills (purchase bills sales) and etc. are 1,992,030
million won and 2,485,853 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 871 cases (litigation value
of 862,669 million Won) and 603 cases (litigation value of 513,863 million Won) as of December 31,
2024 and 2023 respectively, and provisions for litigations are 23,233 million Won and 28,581 million
Won.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 177 -
(4)
Other commitments
1) Responsible completion type management land trust is a trust that bears the obligation of
responsible completion when the construction company fails to fulfill the obligation of responsible
completion, and the obligation to compensate losses to the lending financial institution if Woori
Asset Trust, a subsidiary, fails to fulfill the obligation of responsible completion. As of December
31, 2024, Woori Asset Trust, a subsidiary, has committed to fulfill responsibility for the completion
of 7 projects (including completed projects), including knowledge industry center in Tangjeong-
myeon, Asan-si, Chungcheongnam-do. the initial total limit of PF (Project Financing) loans from
PF lending financial institutions invested in the responsible completion type management land trust
business (including completion) is 546,000 million Won. After deduction of limits and other
adjustments, the total limit of the PF lending financial institution is 384,680 million Won and the
amount of PF loans is 354,830 million Won.
As of December 31, 2024, Woori Asset Trust has committed to fulfill responsibility for the
completion of 5 projects (excluding completed project), including an officetel in the Okjeong
district, Yangju-si, Gyeonggi-do. As of December 31, 2024, the initial total limit of PF (Project
Financing) loans from PF lending financial institutions invested in the responsible completion type
management land trust business (excluding completion) is 476,500 million Won and the amount of
PF loans is 310,580 million Won. Regarding these commitment about the responsibility for
completion, additional losses may occur. However, since the possibility and amount of loss cannot
be reliably estimated, these impacts have not been reflected in the financial statements at the end of
the current period.
Meanwhile, Woori Asset Trust Co., Ltd. has failed to fulfill the responsibility of the completion of
4 projects (excluding completion) including Oncheon park in Oncheon-dong, Busan. The total
amount of PF limit from PF lending financial institutions invested in projects is 386,500 million
Won and the amount of PF loans is 241,980 million Won. The PF limit may be subject to change
during the project progress due to reasons such as limit deductions. The total amount of trust
account limit for projects is 110,500 million Won and the amount utilized in the trust account is
80,535 million Won. The trust account limit may be subject to change during the project progress
due to reasons such as limit deductions.
As of December 31, 2024, Woori Asset Trust has 4 cases (including completion), such as Oncheon
park in Oncheon-dong, Busan, where our company's guaranteed completion deadlines have passed.
As of December 31, 2024, the total PF limit of the PF loan financial institutions invested in the
concerned project is 287,000 million Won and the PF loan amount is 137,530 million Won. The PF
limit may be subject to change during the project progress due to reasons such as limit deductions.
The total amount of trust account limit for projects is 45,200 million Won and the amount utilized
in the trust account is 39,266 million Won. The trust account limit may be subject to change during
the project progress due to reasons such as limit deductions.
2) Also, as of December 31, 2024, Woori Asset Trust, a subsidiary, may lend a trust account for a part
of the total project cost in relation to 33 debt-type land trust contracts including Boutique Terrace
Hotel in Woo-dong, Haeundae-gu, Busan. The maximum loan amount (unused limit) is 165,911
million Won. Whether or not Woori Asset Trust lends a trust account in relation to the relevant
businesses is not an unconditional payment obligation, and it is determined by considering overall
matters such as the unique account and the fund balance plan of each trust business.
3) Pursuant to some contracts related to asset securitization, as of December 31, 2024, Woori Card, a
subsidiary, utilizes various prerequisites as triggering events causing early redemption, limiting
risks that investors bear due to change in asset quality. Breach of such triggering clause leads to an
early redemption of the securitized bonds.
4) During the prior period, there was an investigation by Fair Trade Commission regarding Loan-To-
Value ratio. Woori Bank, a subsidiary, received the review report in January 2024, but cannot
reasonably estimate its impact on consolidated financial statements.
5) Woori Card, a subsidiary, is currently under investigation by regulatory authorities regarding the
leak of personal credit information of merchants' representatives between January and April 2024.
At this point, the outcome of the investigation cannot be predicted.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 178 -
41. RELATED PARTY TRANSACTIONS
Related parties of the Group as of December 31, 2024 and 2023, and assets and liabilities recognized,
guarantees and commitments, major transactions with related parties and compensation to key management
for the years ended December 31, 2024 and 2023 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):
Related parties
Account title
December 31,
2024
December 31,
2023
Associates
W Service Networks Co.,
Ltd.
Loans
51
108
Deposits due to customers
3,054
3,245
Accrued expenses
86
7
Other liabilities
339
100
Korea Credit Bureau Co.,
Ltd.
Loans
1
1
Deposits due to customers
780
771
Accrued expenses
13
1
Other liabilities
-
-
Korea Finance Security Co.,
Ltd.
Loans
3,225
3,228
Loss allowance
(43)
(71)
Deposits due to customers
1,145
1,323
Other liabilities
3
6
LOTTE CARD Co. Ltd.
Loans
27,913
12,209
Account receivables
21
31
Loss allowance
(297)
(269)
Derivative assets
1,075
-
Other assets
49
2
Deposits due to customers
20,207
62,587
Other liabilities
273
289
K BANK Co., Ltd.
Loans
18
54
Account receivables
32
13
Other assets
-
18
Other liabilities
193,719
214,135
Others (*1)
Loans
38,819
65,558
Loss allowance
(273)
(61)
Other assets
66,088
47,828
Deposits due to customers
3,575
4,212
Other liabilities
232
992
(*1) Others include IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership and etc., as of
December 31, 2024 and 2023.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 179 -
(2) Gain or loss from transactions with related parties are as follows (Unit: Korean Won in millions):
For the years ended
December 31
Related parties
Account title
2024
2023
Associates
W Service Network Co., Ltd.
Other income
35
-
Interest expenses
37
35
Fees expenses
483
552
Other expenses
1,095
1,575
Korea Credit Bureau Co., Ltd.
Interest expenses
-
9
Fees expenses
3,986
4,047
Other expenses
155
143
Korea Finance Security Co., Ltd. Interest income
142
181
Interest expenses
3
3
Provision (Reversal) of
allowance for credit loss
(32)
26
Other expenses
25
33
LOTTE CARD Co., Ltd.
Interest income
1,586
10
Fees income
4,019
4,164
Gain on derivatives
1,075
-
Loss on derivatives
457
-
Interest expenses
4,127
5,665
Provision (Reversal) of
allowance for credit loss
11
(455)
K BANK Co., Ltd.
Fees income
269
190
Fees expenses
-
339
Others (*)
Interest income
844
682
Fees income
53,562
15,295
Dividend income
3,729
1,700
Other income
2,890
4,760
Interest expenses
18,045
9,333
Other expenses
1,612
836
Provision (Reversal) of
allowance for credit loss
212
(27)
(*) Others include Win Mortgage Co., Ltd. and etc., for the years ended December 31, 2024 and 2023.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 180 -
(3) Major loan transactions with related parties for the years ended December 31, 2024 and 2023 are as
follows (Unit: Korean Won in millions):
For the year ended December 31, 2024
Related parties
Beginning
balance
Loan
Collection
Others
Ending
balance (*)
Associates
W Service Network Co., Ltd.
108
475
532
-
51
Korea Credit Bureau Co., Ltd.
1
3
3
-
1
Korea Finance Security Co., Ltd.
3,228
2,705
2,708
-
3,225
LOTTE CARD Co., Ltd.
12,209
288,794
274,484
1,394
27,913
K BANK Co., Ltd.
54
317
353
-
18
Win Mortgage Co.,Ltd.
15
243
250
-
8
ARAM CMC CO.LTD
41
-
-
-
41
Godo Kaisha Oceanos 1
38,121
-
-
649
38,770
Woori Zip 1
11,317
-
11,227
(90)
-
Woori Zip 2
16,063
-
15,936
(127)
-
(*) 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, 2023
Related parties
Beginning
balance
Loan
Collection
Others
Ending
balance (*)
Associates
W Service Network Co., Ltd.
120
483
495
-
108
Korea Credit Bureau Co., Ltd.
2
12
13
-
1
Korea Finance Security Co., Ltd.
3,433
2,911
3,116
-
3,228
LOTTE CARD Co., Ltd.
50,000
226,318
264,109
-
12,209
K BANK Co., Ltd.
3
218
167
-
54
Win Mortgage Co.,Ltd.
-
262
247
-
15
ARAM CMC CO.LTD
-
41
-
-
41
Godo Kaisha Oceanos 1
39,814
-
-
(1,693)
38,121
Woori Zip 1
11,819
-
-
(502)
11,317
Woori Zip 2
16,776
-
-
(713)
16,063
Central Network Solutions Co.,
Ltd.
251
-
251
-
-
(*) Payments that occurred for business reasons among related parties are excluded and net increase or decrease
was used for limited credit loan.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 181 -
(4) Details of changes in major deposits due to customers with related parties for the years ended December
31, 2024 and 2023 are as follows (Unit: Korean Won in millions):
For the year ended December 31, 2024
Related parties
Beginning
balance
Increase
Decrease
Ending
balance (*)
Associates
W Service Networks Co., Ltd
1,000
2,000
2,000
1,000
Win Mortgage Co.,Ltd.
600
2,266
1,479
1,387
(*) Details of payment between related parties, demand deposit due to customers and etc. are excluded.
For the year ended December 31, 2024
Related parties
Beginning
balance
Increase
Decrease
Ending
balance (*)
Associates
W Service Networks Co., Ltd
1,200
1,000
1,200
1,000
Partner One Value Up I Private Equity
Fund
100
-
100
-
Korea Credit Bureau Co., Ltd.
3,000
-
3,000
-
Win Mortgage Co.,Ltd.
-
1,200
600
600
(*) 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, 2024
and 2023.
(6) Guarantees provided to the related parties are as follows (Unit: Korean Won in millions):
Warrantee
December 31, 2024 December 31, 2023
Warranty
Korea Finance Security Co., Ltd.
635
632
Unused loan commitment
Korea Credit Bureau Co., Ltd.
34
34
Unused loan commitment
W Service Network Co., Ltd.
129
72
Unused loan commitment
K BANK Co., Ltd.
282
246
Unused loan commitment
LOTTE CARD Co. Ltd.
498,400
498,400
Unused loan commitment
1,691
1,483
Confirmed Foreign
Currency Payment
Guarantee
Win Mortgage Co.,Ltd.
42
34
Unused loan commitment
As of December 31, 2024 and 2023, the recognized payment guarantee provisions are 272 million won
and 294 million won, respectively, in relation to the guarantees provided to the related parties above.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 182 -
(7) Amount of commitments with the related parties
Warrantee
December 31, 2024 December 31, 2023
Warranty
NH Woori Newdeal Growth Alpha
Private Equity Fund 1
15,906
36,941
Securities purchase
commitment
Samsung Together Korea IPPF private
securities investment trust 3 [Equity-
FoFs]
990,000
990,000
Securities purchase
commitment
BTS 2nd Private Equity Fund
1,854
4,774
Securities purchase
commitment
STASSETS FUND III
3,000
6,000
Securities purchase
commitment
Synaptic Future Growth Private Equity
Fund 1
3,443
4,389
Securities purchase
commitment
IBK KIP Seongjang Dideemdol 1st
Private Investment Limited
Partnership
4,664
4,664
Securities purchase
commitment
Woori Seoul Beltway Private Special
Asset Fund No.1
30,949
34,437
Securities purchase
commitment
Woori Oncorp Corporate support of
Major Industry General Type Private
Investment Trust 2
60
-
Securities purchase
commitment
Woori Asset Global Partnership Fund
No.5
97,500
127,500
Securities purchase
commitment
Woori-Q Corporate Restructuring Private
Equity Fund
-
12,186
Securities purchase
commitment
JC Assurance No.2 Private Equity Fund
1,351
1,351
Securities purchase
commitment
Crevisse Raim Impact 1st Startup Venture
Specialist Private Equity Fund
148
243
Securities purchase
commitment
Woori Real Estate Investment No. 1
Limited Liability Company
7,100
-
Securities purchase
commitment
Woori Future Energy Private Special
Asset Investment Trust(General)
No.1
33,600
-
Securities purchase
commitment
LOTTE CARD Co., Ltd.
350,000
-
Derivative
commitment
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 183 -
(8) Major investment and Recovery transactions
There are no major investment and recovery transactions with related parties for the years ended
December 31, 2024. The details of such transactions with related parties for the years ended December
31, 2023 are as follows (Unit: Korean Won in millions):
For the year ended
December 31, 2023
Related parties
Investment
and others (*)
Recovery and
others (*)
Woori Oncorp Corporate support of Major Industry General Type Private Investment
Trust (Type 2)
38
-
Woori BIG SATISFACTION SHINJONG MMF 3RD
-
441,470
(*)
Investment and recovery transactions of associates are described in Note 13.(2)
(9) Compensation for key management is as follows (Unit: Korean Won in millions):
For the years ended December 31
2024
2023
Short-term employee salaries
34,676
22,626
Retirement benefit service costs
1,372
1,160
Share-based compensation
11,298
5,474
Total
47,346
29,260
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 3,523 million won and 3,932 million won, as of December 31, 2024 and 2023 respectively
and with respect to the assets, the Group has not recognized any allowance nor related impairment loss
due to credit losses. Also, liabilities from transaction with key management amount to 69,372 million
won and 34,054 million won, respectively, as of December 31, 2024 and 2023.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 184 -
42. TRUST ACCOUNTS
(1) Trust accounts of the Woori Bank are as follows (Unit: Korean Won in millions):
(2) Receivables and payables between the Woori Bank and trust accounts are as follows (Unit: Korean Won
in millions):
December 31, 2024
December 31, 2023
Receivables:
Trust fees receivables
46,273
48,383
Payables:
Deposits due to customers
265,364
166,241
Borrowings from trust accounts
5,214,906
3,769,913
Total
5,480,270
3,936,154
(3) Significant transactions between the Woori Bank and trust accounts are as follows (Unit: Korean Won
in millions):
For the years ended December 31
2024
2023
Revenue:
Trust fees
156,911
141,314
Termination fees
3,345
1,116
Total
160,256
142,430
Expense:
Interest expenses on deposits due to
customers
955
957
Interest expenses on borrowings from trust
accounts
148,498
88,099
Total
149,453
89,056
Total assets
Operating income
December 31, 2024
December 31, 2023
For the years ended December 31
2024
2023
Trust accounts
85,894,740
75,636,483
2,544,969
2,296,627
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 185 -
(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, 2024
December 31, 2023
Partial principal guaranteed trusts
Personal trust
7,823
7,767
Corporate trust
189
217
Deposit purpose
1,544
1,515
Sub-total
9,556
9,499
Principal guaranteed trusts
Old-age pension trusts
2,450
2,582
Personal pension trusts
399,860
429,068
Pension trusts
592,533
642,756
Retirement trusts
26,159
26,082
New personal pension trusts
6,084
6,441
New old-age pension trusts
815
892
Sub-total
1,027,901
1,107,821
Principal and interest guaranteed trusts
Development trusts
19
19
Unspecified money trusts
334
334
Sub-total
353
353
Total
1,037,810
1,117,673
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 186 -
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, 2024
Total investment in lease
Net investment in lease
Within one year
281,087
263,105
After one year but within two years
372,273
348,055
After two years but within three years
327,294
297,093
After three years but within four years
152,027
136,499
After four years but within five years
72,648
61,267
After five years
-
-
Total
1,205,329
1,106,019
December 31, 2023
Total investment in lease
Net investment in lease
Within one year
226,242
208,121
After one year but within two years
330,524
308,793
After two years but within three years
446,742
412,015
After three years but within four years
364,917
323,331
After four years but within five years
127,001
109,675
After five years
24
24
Total
1,495,450
1,361,959
② The unrealized interest income of the finance lease is as follows. (Unit: Korean Won in
millions)
December 31, 2024
December 31, 2023
Total investment in lease
1,205,329
1,495,450
Net investment in lease
Present value of minimum lease payments
1,106,019
1,361,959
Unearned interest income
99,310
133,491
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 187 -
2)
Operating lease
① The details of prepaid lease assets and operating lease assets are as follows (Unit: Korean
Won in millions):
December 31, 2024
December 31, 2023
Prepaid lease assets
42,996
20,538
Operating lease assets
Acquisition cost
5,132,477
4,199,535
Accumulated depreciation
(1,209,633)
(913,609)
Net carrying value
3,922,844
3,285,926
Total
3,965,840
3,306,464
② The details of changes in operating lease assets are as follows(Unit: Korean Won in millions)
For the years ended December 31
2024
2023
Beginning balance
3,285,926
2,590,457
Acquisition
1,463,419
1,336,203
Disposal
(262,184)
(202,542)
Depreciation
(587,148)
(462,394)
Others
22,831
24,202
Ending balance
3,922,844
3,285,926
③ The future lease payments to be received under the lease contracts are as follows (Unit:
Korean Won in millions)
December 31, 2024
December 31, 2023
Within one year
895,812
748,283
After one year but within two years
763,682
681,591
After two years but within three years
515,003
517,967
After three years but within four years
312,886
286,677
After four years but within five years
102,478
121,621
Total
2,589,861
2,356,139
④ There are no adjusted lease payments recognized as profit or loss for the years ended
December 31, 2024 and 2023.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 188 -
(2) Lessee
1) The future lease payments under the lease contracts are as follows (Unit: Korean Won in millions):
December 31, 2024 December 31, 2023
Lease payments
Within one year
194,384
206,798
After one year but within five years
317,609
146,755
After five years
50,352
25,356
Total
562,345
378,909
2) Total cash outflows from lease are as follows (Unit: Korean Won in millions):
For the years ended
December 31
2024
2023
Total cash outflows from lease
240,491
195,015
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):
For the years ended
December 31
2024
2023
Lease payments for short-term leases
273
936
Lease payments for which the underlying asset is of
low value
1,448
1,369
Total
1,721
2,305
Variable lease payments that were not included in the measurement of lease liabilities for the years ended
December 31, 2024 and 2023 were 24,380 million Won and 32,037 million Won.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 189 -
44. BUSINESS COMBINATION
(1) General
The Group resolved to merge with Korea Foss Securities Co., Ltd. on May 3, 2024, following a resolution
by the Board of Directors. This decision is based on maximizing synergy effects through the merger,
enhancing competitiveness, improving management efficiency, and achieving sustainable growth.
The Group merged with Korea Foss Securities Co., Ltd. as the surviving company and Woori Investment Bank
Co., Ltd. as the dissolving company, with the merger date set as August 1, 2024.
(2) Identifiable Net Assets
1) The amounts of acquired assets and assumed liabilities as of the merger date are as follows (Unit:
Korean Won in millions):
Amount
Assets
Cash and cash equivalents
2,008
Financial assets at fair value through profit or loss
53,669
Loans and other financial assets at amortized cost
168,576
Securities at amortized cost
10,000
Premises and equipment
2,485
Intangible assets (*1)
6,873
Current tax assets
103
Other assets
1,723
Sub-total
245,437
Liabilities
Deposits due to customers
193,648
Provisions
218
Other financial liabilities
2,515
Deferred tax liabilities (*2)
544
Other liabilities
967
Sub-total
197,892
Identifiable Net Assets Fair value
47,545
(*1) For the trademark item among intangible assets, an impairment adjustment of 10 million KRW was made
due to its lack of utility following the launch of Woori Investment Securities Co. Ltd. Additionally, the amount
includes 2,613 million KRW recognized for customer relationships as a result of the business combination.
This has been identified as a separate identifiable intangible asset and has been valued at fair value using the
Multi-Period Excess Earnings Method (MEEM).
The Multi-Period Excess Earnings Method (MEEM) estimates the future cash flows generated by each
intangible asset and deducts the portion of the cash flow attributable to the contribution of other assets. This
method then discounts the pure cash flow generated by the intangible asset to its present value.
(*2) The deferred tax liabilities were recognized by applying the marginal tax rate (20.9%) to the differences
between the fair value and the carrying amount of the identifiable assets and liabilities
2)
Merger Accounting
Legally, the merger is in the form of Korea Foss Securities Co., Ltd., the surviving company,
absorbing Woori Investment Bank Co., Ltd, the merged company. However, for accounting
purposes, it is treated as a reverse acquisition, where Woori Investment Bank Co., Ltd. is
considered to have acquired Korea Foss Securities Co., Ltd.
WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND 2023
- 190 -
(3) Goodwill
The goodwill recognized as a result of the business combination is as follows (Unit: Korean Won in millions):
Amount
Consideration transferred
56,240
Identifiable net assets fair value
47,545
Non-controlling interests(*)
6,444
Goodwill
15,139
(*) Non-controlling interests were recognized at fair value applying the closing price on the acquisition date of
Woori Venture Partners.
The consideration transferred in a business combination includes a control premium paid to acquire Korea
Foss Securities Co., Ltd., resulting in the recognition of goodwill. Additionally, the consideration paid for the
business combination includes amounts related to expected synergies, increased revenues, and future market
growth.
As part of the acquisition, the consolidated company also acquired customer relationships of Korea Foss
Securities Co., Ltd. These relationships meet the separability criterion and the recognition requirements for
intangible assets, and thus were recognized separately from goodwill.
(4) Assuming that the acquisition date for the business combination is the same as the beginning of the
reporting period, the revenue and net income of Woori Investment Securities Co., Ltd. reported in the
consolidated statement of comprehensive income are 439,640 million Won and 434 million Won,
respectively.
45. EVENTS AFTER THE REPORTING PERIOD
(1) At the Board of Directors meeting held on February 7, 2025, the Group declared to acquire and retire
treasury stocks, it is expected to acquire 150 billion Won through trust contracts from February 11,
2025 to September 11, 2025, and all of the stocks acquired through this case will be retired
afterwards.
(2) Woori Bank, a subsidiary, decided to implement a voluntary retirement program through a labor-
management agreement in January 2025. As a result, the Group will recognize severance pay
amounting to 169,013 million Won for the three-month period.
152, Teheran-ro, Gangnam-gu, Seoul 06236
(Yeoksam-dong, Gangnam Finance Center 27th Floor)
Republic of Korea
Based on a report originally issued in Korean
To the Board of Directors and Shareholders
Woori Financial Group Inc.:
Opinion on Internal Control over Financial Reporting for Consolidation Purposes
We have audited Woori Financial Group Inc. and its subsidiaries (“the Group”)’ internal control over financial
reporting (“ICFR”) for consolidation purposes as of December 31, 2024 based on the criteria established in
the Conceptual Framework for Designing and Operating ICFR (“ICFR Design and Operation Framework”)
issued by the Operating Committee of Internal Control over Financial Reporting in the Republic of Korea (the
“ICFR Committee”).
In our opinion, the Group maintained, in all material respects, effective internal control over financial reporting
for consolidation purposes as of December 31, 2024, based on ICFR Design and Operation Framework.
We also have audited, in accordance with Korean Standards on Auditing (KSAs), the consolidated financial
statements of the Group, which comprise the consolidated statement of financial position as of December 31,
2024, the consolidated statements of comprehensive income, changes in equity and cash flows for the year then
ended, and notes, comprising of material accounting policy information and other explanatory information,
and our report dated March 5, 2025 expressed an unmodified opinion on those consolidated financial statements.
Basis for Opinion on Internal Control over Financial Reporting for Consolidation Purposes
We conducted our audit in accordance with KSAs. Our responsibilities under those standards are further
described in the Auditor’s Responsibilities for the Audit of Internal Control over Financial Reporting for
Consolidation Purposes section of our report. We are independent of the Group in accordance with the ethical
requirements that are relevant to our audit of the internal control over financial reporting for consolidation
purposes in Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these
requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Responsibilities of Management and Those Charged with Governance for the Internal Control over
Financial Reporting for Consolidation Purposes
The Group’s management is responsible for designing, operating and maintaining effective internal control
over financial reporting for consolidation purposes and for its assessment of the effectiveness of internal control
over financial reporting for consolidation purposes, included in the accompanying ‘Operating Status Report of
Internal Control over Financial Reporting for Consolidation Purposes.’
Those charged with governance have the responsibilities for overseeing the Group’s internal control over
financial reporting for consolidation purposes.
Auditor’s Responsibilities for the Audit of the Internal Control over Financial Reporting for
Consolidation Purposes
Our responsibility is to express an opinion on the Group’s internal control over financial reporting for
consolidation purposes based on our audit. We conducted our audit in accordance with KSAs. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether effective internal
control over financial reporting for consolidation purposes was maintained in all material respects.
Our audit of internal control over financial reporting for consolidation purposes included obtaining an
understanding of internal control over financial reporting for consolidation purposes, assessing the risk that a
Independent Auditor’ Report on Internal Control over Financial
Reporting for Consolidation Purposes
material weakness exists, and testing and evaluating the design and operating effectiveness of internal control
based on the assessed risk.
Definition and Limitations of Internal Control over Financial Reporting for Consolidation Purposes
An entity’s internal control over financial reporting for consolidation purposes is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of the consolidated
financial statements for external purposes in accordance with Korean International Financial Reporting
Standards (“K-IFRS”). A Group’s internal control over financial reporting for consolidation purposes includes
those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of the group; (2) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of consolidated financial statements in
accordance with K-IFRS, and that receipts and expenditures of the group are being made only in accordance
with authorizations of management and directors of the group; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the group’s assets that could
have a material effect on the consolidated financial statements.
Because of its inherent limitations, internal control over financial reporting for consolidation purposes may not
prevent or detect misstatements in the consolidated financial statements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become inadequate because of changes
in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
The engagement partner on the audit resulting in this independent auditor’s report is Jae-Beom Choi.
KPMG Samjong Accounting Corp.
Seoul, Korea
March 5, 2025
This report is effective as of March 5, 2025, 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 internal control over financial reporting. Accordingly, the readers of the audit
report should understand that the above audit report has not been updated to reflect the impact of such
subsequent events or circumstances, if any.
- 193 -
Operating Status Report of
Internal Control over Financial Reporting for Consolidation Purposes
To the Shareholders, Board of Directors and Audit Committee of
Woori Financial Group Inc.
We, as the Chief Executive Officer (“CEO”) and Internal Control over Financial Reporting Officer
of Woori Financial Group Inc. (“the Group”), assessed operating status of the Group’s Internal
Control over Financial Reporting for Consolidation Purposes(“ICFR”) for the year ended December
31, 2024.
The Group’s management, including ourselves, is responsible for designing and operating ICFR.
We assessed whether the Group effectively designed and operated its ICFR to prevent and detect
errors or frauds which may cause a misstatement in consolidated financial statements to ensure
preparation and disclosure of reliable consolidated financial information.
We used the ‘Conceptual Framework for Designing and Operating Internal Control over Financial
Reporting’ established by the Operating Committee of Internal Control over Financial Reporting
in Korea (the “ICFR Committee”) as the criteria for design and operation of the Group’s ICFR. We
also conducted an assessment of ICFR based on the ‘Management Guideline for Evaluating and
Reporting Effectiveness of Internal Control over Financial Reporting’ established by the ICFR
Committee.
Based on our assessment, we concluded that the Group’s ICFR is designed and operated
effectively as of December 31, 2024, in all material respects, in accordance with the ‘Conceptual
Framework for Designing and Operating Internal Control over Financial Reporting’.
We certify that this report does not contain any untrue statement of a fact, or omit to state a
fact necessary to be presented herein. We also certify that this report does not contain or present
any statements which might cause material misunderstandings, and we have reviewed and
verified this report with sufficient care.
February 28, 2025
Jong Yong Yim, Chief Executive Officer
Sung Wook Lee, Internal Control over Financial Reporting Officer