Woori Financial Group Files 3Q 2024 Business Report

TL;DR

WF shares: 3Q24 results are in, check the 6-K for details.

AI Summary

Woori Financial Group Inc. filed a Form 6-K on November 14, 2024, to report on its business for the month of November 2024. The filing includes a summary of its 2024 Third Quarter Business Report and related review reports (Exhibits 99.1 and 99.2) for both consolidated and separate financial statements.

Why It Matters

This filing provides investors with key financial performance data and insights into Woori Financial Group's operations for the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine filing providing financial results and does not indicate any immediate or significant new risks.

Key Players & Entities

• Woori Financial Group Inc. (company) — Filer of the report
• 2024 Third Quarter (date) — Reporting period for the business report
• November 2024 (date) — Reporting month for the 6-K

FAQ

Filing Documents

• d881698d6k.htm (6-K) — 376KB
• d881698dex991.htm (EX-99.1) — 4469KB
• d881698dex992.htm (EX-99.2) — 1132KB
• 0001193125-24-258128.txt ( ) — 5978KB

From the Filing

Form 6-K Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of November 2024 Commission File Number: 001-31811 Woori Financial Group Inc. (Translation of registrants name into English) 51, Sogong-ro, Jung-gu, Seoul, 04632, Korea (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F Form 40-F Table of Contents Index 1. Summary of 2024 Third Quarter Business Report 2. Exhibit 99.1 Woori Financial Group Review Report for 2024 3Q (Consolidated) 3. Exhibit 99.2 Woori Financial Group Review Report for 2024 3Q (Separate) 2 Table of Contents Summary of 2024 Third Quarter Business Report Table of Contents I. INTRODUCTION OF THE COMPANY 5 II. BUSINESS OVERVIEW 5 1. Results of Operations 5 2. Funding Sources and Uses of Funds 5 3. Other Information Necessary for Making Investment Decisions 6 III. FINANCIAL INFORMATION 11 1. Condensed Financial Statements (Consolidated) 11 2. Condensed Financial Statements (Separate) 13 3. Dividend Information 15 IV. INDEPENDENT AUDITORS OPINION 16 1. Independent Auditors Opinion 16 2. Compensation to the Independent Auditor 16 V. CORPORATE GOVERNANCE 18 VI. SHAREHOLDER INFORMATION 18 1. Share Distribution 18 2. Stock Price and Stock Market Performance 19 VII. DIRECTORS AND EMPLOYEE INFORMATION 20 1. Directors and Executives 20 2. Employee Status 21 3. Directors Compensation 21 4. Stock-based Compensation 21 3 Table of Contents Except where indicated otherwise, financial information contained in this document (including the attached financial statements) has been prepared in accordance with the Korean equivalent of International Financial Reporting Standards (Korean IFRS), which differ in certain important respects from generally accepted accounting principles in the United States. All references to Woori Financial Group, we, us, the Group or the Company are to Woori Financial Group Inc. and, unless the context requires otherwise, its subsidiaries. In addition, all references to Won or KRW in this document are to the currency of the Republic of Korea. 4 Table of Contents I. Introduction of the Company This section has been omitted for quarterly business reports, pursuant to revised Korean regulations. For information on this section, please refer to the Form 6-K furnished to the Securities and Exchange Commission on August 14, 2024 under the title Summary of 2024 First Half Business Report. II. Business Overview 1. Results of Operations (unit: billions of Won) Type 2024 3Q 2023 2022 Operating income 3,581 3,499 4,431 Net non-operating income (expense) 11 18 55 Income before income tax 3,591 3,517 4,485 Income tax expense 874 891 1,161 Net income 2,717 2,627 3,324 Controlling Interest 2,660 2,506 3,142 Non-controlling Interest 57 121 182 Note 1) Based on K-IFRS consolidated financial statements 2. Funding Sources and Uses of Funds a. Sources of Funds For the periods indicated other than as noted below (units: millions of Won, %) Classification Funding Source 2024 3Q 2023 2022 Average Balance Interest Rate Proportion Average Balance Interest Rate Proportion Average Balance Interest Rate Proportion Source Deposits 350,221,938 2.88 70.05 324,824,465 2.83 68.98 313,019,768 1.45 68.21 Borrowings 28,160,435 4.19 5.63 28,052,983 4.02 5.96 27,296,742 1.99 5.95 Debentures 42,934,890 4.03 8.59 42,458,653 3.55 9.02 45,945,392 2.26 10.01 Others 44,002,505 8.80 42,829,998 9.09 42,537,152 9.27 Total Liabilities 465,319,768 93.07 438,166,099 93.05 428,799,054 93.44 Total Equity 34,667,963 6.93 32,708,219 6.95 30,082,662 6.56 Total Liabilities & Equity 499,987,731 100.00 470,874,318 100.00 458,881,716 100.00 Note 1) Average Balance : the simple average of the balances at the start of the fiscal year and at the end of each quarter Note 2) Based on K-IFRS consolidated financial statements 5 Table of Contents b. Use of Funds For the periods indicated other than as noted below (units: millions of Won, %) Type Managed Item 2024 3Q 2023 2022 Average Balance Interest Rate Proportion Average Balance Interest Rate Proportion Average Balance Interest Rate Proportion Use Cash & Due from Banks 18,360,557 3.27 3.67 16,692,268 3.26 3.54 16,097,533 1.52 3.51 Marketable securities 76,339,846 3.67 15.27 75,522,522 3.61 16.04 68,661,882 1.50 14.96

View Full Filing

View this 6-K filing on SEC EDGAR