6-K 1 d178760d6k.htm FORM 6-K Form 6-K
Table of Contents

 

 

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 May 2021

Commission File Number: 001-31811

 

 

Woori Financial Group Inc.

(Translation of registrant’s name into English)

 

 

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

(Address of principal executive office)

 

 

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

Form 20-F  ☒            Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submission to furnish a report or other document that the registration foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

 

 

 


Table of Contents


Table of Contents

Summary of 2021 First Quarter Business Report

Table of Contents

 

I.

  INTRODUCTION OF THE COMPANY      5  
  1.   Overview of the Company      5  
  2.   Capital Structure (Changes in Capital)      7  
  3.   Total Number of Authorized Shares      7  
  4.   Voting Rights      8  
  5.   Dividend Information      8  

II.

  BUSINESS OVERVIEW      9  
  1.   Results of Operations      9  
  2.   Funding Sources and Uses of Funds      9  
  3.   Other Information Necessary for Making Investment Decisions      10  

III.

  FINANCIAL INFORMATION      15  
  1.   Condensed Financial Statements (Consolidated)      15  
  2.   Condensed Financial Statements (Separate)      17  

IV.

  INDEPENDENT AUDITOR’S OPINION      20  
  1.   Independent Auditor’s Opinion      20  
  2.   Compensation to the Independent Auditor      20  
V.   CORPORATE GOVERNANCE AND AFFILIATED COMPANIES      22  
  1.   About the Board of Directors      22  
  2.   Affiliated Companies (As of March 31, 2021)      24  

VI.

  SHAREHOLDER INFORMATION      25  
  1.   Share Distribution      25  
  2.   Stock Price and Stock Market Performance      26  

VII.

  DIRECTORS AND EMPLOYEE INFORMATION      28  
  1.   Directors and Executives      28  
  2.   Employee Status      29  
  3.   Directors’ Compensation      29  


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” 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.


Table of Contents
I.

Introduction of the Company

 

1.

Overview of the Company

 

a.

History

 

  January 11, 2019    Establishment of the Company pursuant to a comprehensive stock transfer, by which Woori Bank, Woori FIS, Woori Finance Research Institute, Woori Credit Information, Woori Fund Services and Woori Private Equity Asset Management became wholly-owned subsidiaries of the Company.
  February 13, 2019    Listed on the Korea Exchange (KRX).
  April 5, 2019    Entered into share purchase agreements to acquire Tongyang Asset Management Corp. and ABL Global Asset Management Co., Ltd.
  June 21, 2019    Entered into a purchase agreement with Woori Bank to acquire the common shares of Woori Investment Bank Co., Ltd. (“Woori Investment Bank”) and integrate Woori Investment Bank as a first-tier subsidiary of the Company (Buyer: Woori Financial Group, Seller: Woori Bank)
  July 3, 2019    Entered into a stock exchange agreement between the Company and Woori Card Co., Ltd (“Woori Card”) to integrate Woori Card as a first-tier subsidiary of the Company
  July 25, 2019    Entered into a share purchase agreement to acquire Kukje Asset Trust, Ltd.
  August 1, 2019    Integrated Woori Asset Management Corp. (formerly known as Tongyang Asset Management Co., Ltd.) as a first-tier subsidiary of the Company.
  September 10, 2019    Integrated Woori Card and Woori Investment Bank as first-tier subsidiaries of the Company.
  September 26, 2019    Disposed 4% of common shares of the Company held by Woori Bank to a Taiwanese company, Fubon Life Insurance Co., Ltd.
  December 6, 2019    Integrated Woori Global Asset Management Corp. as a first-tier subsidiary of the Company
  December 30, 2019    Integrated Woori Asset Trust Ltd. as a first-tier subsidiary of the Company
  March 25, 2020    Held the first annual general meeting of shareholders of Woori Financial Group; reappointed the Chief Executive Officer
  October 26, 2020    Entered into a share purchase agreement to acquire Aju Capital Co., Ltd.
  December 10, 2020    Integrated Woori Financial Capital Co., Ltd., (formerly known as Aju Capital Co., Ltd.) as a first-tier subsidiary of the Company
     Integrated Woori Savings Bank(formerly known as Aju Savings Bank) as a second-tier subsidiary of the Company
  January 15, 2021    Joined the Carbon Disclosure Project (CDP), announced support for the Task force on Climate related Financial Disclosure (TCFD) and established the ESG management principles of Woori Financial Group
  March 5, 2021    Established the Board ESG Management Committee
  March 12, 2021    Integrated Woori Savings Bank as a first-tier subsidiary of the Company

 

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Table of Contents
b.

Affiliated Companies

 

  (1)

Overview of Business Group

 

  1.

Name of business group: Woori Financial Group Inc.

 

  (2)

Affiliated companies within the business group

As of March 31, 2021

 

Type

  

Name of Company

  

(Controlling Company)

Company    Woori Financial Group    —  

First Tier Subsidiaries

(13 companies)

   Woori Bank (equity ownership 100.0%)    Woori Financial Group
   Woori Card (equity ownership 100.0%)
   Woori Financial Capital (equity ownership 74.04%)
   Woori Investment Bank (equity ownership 58.70%)
   Woori Asset Trust (equity ownership 51.0)%
   Woori Asset Management (equity ownership 73.0%)
   Woori Savings Bank (equity ownership 100.0%)
   Woori Credit Information (equity ownership 100.0%)
   Woori Fund Services (equity ownership 100.0%)
   Woori Private Equity Asset Management (equity ownership 100.0%)
   Woori Global Asset Management (equity ownership 100.0%)
   Woori FIS (equity ownership 100.0%)   
   Woori Finance Research Institute (equity ownership 100.0%)

Second Tier Subsidiaries

(14 companies)

   Korea BTL Infrastructure Fund (equity ownership 99.88%)    Woori Bank
   Woori America Bank (equity ownership 100.0%)
   Woori Bank China Limited (equity ownership 100.0%)
   PT Bank Woori Saudara Indonesia (equity ownership 79.88%)
   AO Woori Bank (equity ownership 100.0% - 1 share)
   Banco Woori Bank do Brazil S.A. (equity ownership 100.0% - 1 share)
   Woori Global Markets Asia Limited (equity ownership 100.0%)
   Woori Bank Vietnam Limited (equity ownership 100.0%)
   Woori Wealth Development Bank (equity ownership 51.0%)
   Woori Finance Myanmar (equity ownership 100.0%)   
   WB Finance Co., Ltd (Cambodia) (equity ownership 100.0%)   
   Woori Bank Europe Gmbh (equity ownership 100.0%)     
   Tutu Finance-WCI Myanmar (equity ownership 100.0%)    Woori Card
     Woori-Hanwha Eureka Private Equity Fund (equity ownership 0.80%)    Woori Private Equity Asset Management

Note 1) Listed Companies : Woori Financial Group, Woori Financial Capital, Woori Investment Bank and PT Bank Woori Saudara Indonesia

Note 2) Includes subsidiaries, etc. under the Financial Holding Company Act as of March 31, 2021

 

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Table of Contents
2.

Capital Structure (Changes in Capital)

 

As of March 31, 2021           (units: Won, shares)
            Stock Decrease/Increase
Date    Category      Type      Quantity      Par
Value
     Issue
price
     Note

January 11, 2019

     —          Common        680,164,306        5,000        26,415      Establishment

(comprehensive stock transfer)

September 10, 2019

     —          Common        42,103,377        5,000        12,350      Comprehensive stock exchange

Stock increase ratio: 6.19018%

Note 1) Due to Woori Financial Group’s establishment through a comprehensive stock transfer, the issue price was calculated by dividing the total equity from its financial statements at the time of establishment (KRW 17,966,458,911,689) by the total number of issued shares (680,164,306).

Note 2) Our capital changed in September 2019 due to the comprehensive stock exchange. The issue price is based on the closing stock price of the comprehensive stock exchange date.

 

3.

Total Number of Authorized Shares

 

As of March 31, 2021           (unit: shares)  

Items

   Type      Notes  
   Common Shares      Total  

Number of authorized shares

     4,000,000,000        4,000,000,000        —    

Number of issued shares

     722,267,683        722,267,683        Note 1

Number of treasury shares

     2        2        Note 2

Number of outstanding shares

     722,267,681        722,267,681        —    

Note 1) Includes the 42,103,377 new common shares issued on September 10, 2019 due to a small scale stock exchange between Woori Financial Group and Woori Card.

Note 2) Acquired from the issuance of fractional shares.

 

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4.

Voting Rights

 

As of March 31, 2021    (unit: shares)  

Items

          Number of
shares
     Notes  

Number of issued shares

     Common Shares        722,267,683        —    
     Preferred Shares        —          —    

Number of shares without voting rights

     Common Shares        2        Note 1
     Preferred Shares        —          —    

Number of shares for which voting rights are excluded pursuant to the articles of incorporation

     Common Shares        —          —    
     Preferred Shares        —          —    

Number of shares for which voting rights are limited by law

     Common Shares        11,669,295        Note 2
     Preferred Shares        —          —    

Number of shares for which voting rights have been restored

     Common Shares        —          —    
     Preferred Shares        —          —    

Number of shares for which voting rights may be exercised

     Common Shares        710,598,388        —    
     Preferred Shares        —          —    

Note 1) Acquired treasury shares from the issuance of fractional shares (based on Article 369 of the Commercial Act).

Note 2) Pursuant to Article 8-2 of the Financial Holding Company Act, a non-financial business operator is restricted from exercising voting rights in excess of 4% of the total number of outstanding voting shares of a financial holding company.

 

5.

Dividend Information

 

   

In the mid- to long-term, Woori Financial Group plans to not only increase dividends per share according to improvement in net income, but also to gradually increase its dividend payout ratio to around 30% based on the group’s mid- to long-term management plan (resolved by the board of directors on December 18, 2020). The company also plans to review various market-friendly shareholder return policies to improve shareholder value while maintaining capital adequacy, once COVID-19 stabilizes.

 

   

The above plans may be altered taking into account factors such as the COVID-19 situation and changes in the domestic and overseas business environment. Further details will be separately disclosed after a resolution of the board of directors of our company.

 

Items

     2021 1Q      2020      2019  

Par value per share (Won)

 

     —          5,000        5,000  

Net profit (Millions of Won)

 

     —          1,307,266        1,872,207  

Earnings per share (Won)

 

     —          1,742        2,727  

Total cash dividends (Millions of Won)

 

     —          260,016        505,587  

Total stock dividends (Millions of Won)

 

     —          —          —    

Cash dividend payout ratio (%)

 

     —          19.89        27.00  

Cash dividend yield (%)

     Common Shares        —          3.6        5.8  
     Preferred Shares        —          —          —    

Stock dividend yield (%)

     Common Shares        —          —          —    
     Preferred Shares        —          —          —    

Cash dividend per share (Won)

     Common Shares        —          360        700  
     Preferred Shares        —          —          —    

Stock dividend per share (Share)

     Common Shares        —          —          —    
     Preferred Shares        —          —          —    

Note 1) There were no board resolutions regarding dividends during 2021 1Q.

 

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II.

Business Overview

 

1.

Results of Operations

 

As of March 31, 2021    (unit: billions of Won)  

Type

   2021 1Q      2020      2019  

Operating income

     934        2,080        2,800  

Non-operating income

     8        -79        -77  

Income from continuing operations before income tax

     942        2,001        2,723  

Income tax expense from continuing operations

     223        486        685  

Income from discontinued operations

     —          —          —    

Net income

     719        1,515        2,038  

Controlling Interest

     667        1,307        1,872  

Non-controlling Interest

     52        208        165  

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   2021 1Q     2020     2019  
  Average
Balance
    Interest
Rate
    Proportion     Average
Balance
    Interest
Rate
    Proportion     Average
Balance
    Interest
Rate
    Proportion  

Source

   Deposits     283,026,869     0.81     71.58     265,636,358     1.08     71.78     249,106,041       1.51       71.14  
   Borrowings     19,632,357     0.97     4.96     19,606,056     1.31     5.30     18,013,074       1.92       5.14  
   Debentures     38,278,807     1.92     9.68     32,287,676     2.24     8.73     30,401,987       2.56       8.68  
   Others     27,530,819     —         6.96     26,523,338     —         7.17     28,928,780       —         8.26  
   Total Liabilities     368,468,852     —         93.18     344,053,429     —         92.97     326,449,882       —         93.23  

Total Equity

    26,952,088     —         6.82       25,996,721     —         7.03     23,703,431     —         6.77  

Total Liabilities & Equity

    395,420,940     —         100.00       370,050,150     —         100.00     350,153,313     —         100.00  

Note 1) Average Balance : simple average of the starting balance for the fiscal year and the balance at the end of each quarter

Note 2) Based on K-IFRS consolidated financial statements

 

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b.

Use of Funds

 

For the periods indicated other than as noted below                       (units: millions of Won, %)  

Type

  

Managed Item

  2021 1Q     2020     2019  
  Average
Balance
    Interest
Rate
    Proportion     Average
Balance
    Interest
Rate
    Proportion     Average
Balance
    Interest
Rate
    Proportion  

Use

   Cash & Due from Banks     13,209,848       0.29       3.34       11,925,297     0.45     3.22     9,202,054       1.55       2.63  
   Marketable securities     55,643,419       1.79       14.07       54,474,169     1.87     14.72     50,396,362       2.29       14.39  
   Loans     290,237,455       2.76       73.40       269,533,892     2.98     72.84     254,691,201       3.48       72.74  
  

Loans in local currency

    253,297,459       2.55       64.06       233,117,610     2.75     63.00     219,418,214       3.22       62.66  
  

Loans in foreign currency

    22,738,151       3.73       5.75       22,614,578     3.99     6.11     20,982,894       4.59       5.99  
  

Guarantee payments

    30,014       2.21       0.01       15,845     4.04     0.00     12,410       1.48       0.00  
  

Credit card receivables

    8,720,531       7.41       2.21       8,207,859     7.87     2.22     8,139,789       7.98       2.32  
  

Foreign bills bought

    5,451,299       0.83       1.38       5,578,001     1.53       1.51     6,137,894       2.96       1.75  
   Bad debt expense in local currency (-)     1,906,586       —         0.48       1,708,074     —         0.46     1,666,215       —         0.48  
   Others     38,236,804       —         9.67       35,824,866       —         9.68     37,529,911       —         10.72  

Total Assets

    395,420,940       —         100.00       370,050,150       —         100.00       350,153,313       —         100.00  

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

Note 2) Based on K-IFRS consolidated financial statements

 

3.

Other Information Necessary for Making Investment Decisions

 

a.

Selected Ratios

Group BIS Capital Adequacy Ratios

 

As of the end of the period indicated    (units: billions of Won, % )  

Type

   2021 1Q      2020      2019  

Equity capital (A)

     27,957        27,448        27,115  

Risk weighted assets (B)

     205,421        198,269        228,046  

BIS(Capital adequacy) ratio (A/B)

     13.61        13.84        11.89  

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

Note 2) Based on K-IFRS consolidated financial statements and Basel III standards (2019 figures based on Standardised Approach / 2020 and 2021 1Q figures based on IRB Approach)

Note 3) 2021 1Q figures are estimates only and are subject to change

 

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Figures of Affiliated Companies

 

As of the end of the periods indicated         (units: 100 millions of Won, % )  

Name of Company

   Type    2021 1Q      2020      2019  

Woori Bank

   BIS ratio    Equity capital (A)      253,976        252,691        243,142  
   Risk weighted assets (B)      1,495,923        1,457,554        1,578,895  
   Capital adequacy ratio (A/B)      16.98        17.34        15.40  

Woori Card

   Adjusted capital ratio      19.47        19.93        18.33  
   Tangible common equity ratio      13.51        13.48        14.29  

Woori Financial Capital

   Adjusted capital ratio      12.11        12.17        13.46  
   Tangible common equity ratio      10.58        10.77        12.08  

Woori Investment Bank

   BIS ratio    Equity capital (A)      5,002        4,918        3,381  
   Risk weighted assets (B)      34,043        31,922        26,303  
   Capital adequacy ratio (A/B)      14.69        15.41        12.86  

Woori Asset Trust

   Operating capital ratio      1,320.54        1,286.43        1,397.97  

Woori Asset Management

   Minimum operating capital ratio      725.15        754.11        655.8  

Woori Savings Bank

   BIS Capital adequacy ratio      13.00        13.40        13.46  

 

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

 

Note 2) Figures for Woori Bank are based on K-IFRS consolidated financial statements and Basel III standards

 

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

 

Note 4) Figures for Woori Investment Bank are based on the applicable standards for business reports submitted to the Financial Supervisory Service and our K-IFRS consolidated financial statements

 

Note 5) Figures for Woori Asset Trust are based on K-IFRS separate financial statements

 

Note 6) Figures for Woori Savings Bank are based on K-GAAP

 

 

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Won Liquidity Ratios

 

As of the end of the periods indicated                                         (units: millions of Won, % )  

Type

   2021 1Q      2020      2019  
   Won
Liquidity
Assets
     Won
Liquidity
Liabilities
     Won
Liquidity
Ratio
     Won
Liquidity
Assets
     Won
Liquidity
Liabilities
     Won
Liquidity
Ratio
     Won
Liquidity
Assets
     Won
Liquidity
Liabilities
     Won
Liquidity
Ratio
 

Woori Financial Group

Note 1)

     801,992        360,626        222.4        40,308      7,911      509.5      45,079        7,475        603.1  

Woori Card

Note 2)

     6,128,711        1,306,914        468.9        6,255,965        1,406,387        444.8        5,976,031        1,407,335        424.6  

Woori Financial Capital

Note 2)

     1,363,665        769,653        177.2        1,357,876        616,632        220.2        1,037,894        498,197        208.3  

Woori Investment Bank

Note 2)

     2,759,733        1,956,341        141.1        2,166,208        1,555,418        139.3        1,671,823        1,118,318        149.5  

Woori Asset Trust

Note 2)

     167,630        16,702        1,003.7        148,856        16,157        921.3        67,555        14,595        462.9  

Woori Savings Bank

Note 2)

     301,238        250,879        120.1        267,927        209,712        127.8        263,961        228,491        115.5  

 

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

 

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

Foreign Currency (FC) Liquidity Ratios

 

As of the end of the periods indicated                                         (units: millions of Won, % )  

Type

   2021 1Q      2020      2019  
   FC
Liquidity
Assets
     FC
Liquidity
Liabilities
     FC
Liquidity
Ratio
     FC
Liquidity
Assets
     FC
Liquidity
Liabilities
     FC
Liquidity
Ratio
     FC
Liquidity
Assets
     FC
Liquidity
Liabilities
     FC
Liquidity
Ratio
 

Woori Investment Bank

Note 1)

     575        —          —          425        —          —          38,111        34,734        109.7  

 

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

Liquidity Coverage Ratios

 

       (unit: % )  

Name of Company

  

Type

   2021 1Q      2020      2019  

Woori Bank

  

Liquidity coverage ratio Note 1)

     90.26        92.07        107.27  
  

Foreign currency liquidity coverage ratio Note 2)

     107.92        106.06        110.50  
  

Ratio of business purpose premises and equipment

     11.57        11.68        12.22  

 

Note 1) Method of calculation based on business disclosure (average of daily ratios for business days in a quarter), applicable periods are 2021 1Q, 2020 4Q and 2019 4Q

 

•  Under the [Plans for Temporary Easing of Financial Regulations in Response to COVID-19] announced by the Financial Services Commission, the liquidity coverage ratio requirement for banks has been reduced from 100% to 85% until the end of September 2021.

 

Note 2) Method of calculation based on business disclosure, applicable periods are 2021 1Q, 2020 4Q and 2019 4Q

 

•  Under the [Plans for Temporary Easing of Financial Regulations in Response to COVID-19] announced by the Financial Services Commission, the foreign currency liquidity coverage ratio requirement for banks has been reduced from 80% to 70% until the end of September 2021.

 

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Profitability Ratios Note 1), Note2)

 

                    (unit: % )

Type

   2021 1Q Note3)      2020      2019  
   ROA      ROE      ROA      ROE      ROA      ROE  

Woori Financial Group

                 

Including non-controlling interests

     0.71        12.35        0.40      6.80      0.57      10.11

Excluding non-controlling interests

     0.65        11.46        0.34      5.87      0.52      9.29

Woori Bank

     0.62        9.78        0.38        5.83        0.55        8.36  

Woori Card

     0.95        5.08        0.98        5.29        0.90        5.05  

Woori Financial Capital

     1.70        15.73        1.53        13.83        1.64        12.64  

Woori Investment Bank

     1.46        12.61        1.47        13.13        1.69        13.66  

Woori Asset Trust

     18.63        26.83        22.03        31.51        25.18        37.40  

Woori Asset Management

     5.84        6.11        5.85        6.12        7.41        7.77  

Woori Savings Bank Note4)

     0.97        10.47        0.97        10.10        1.05        11.41  

 

Note 1) Total assets and total equity : simple average of the starting balance for the fiscal year and each quarter’s ending balance.

 

Note 2) Based on the applicable standards for business reports submitted to the Financial Supervisory Service. The figures for Woori Financial Group are on a consolidated basis and figures for the other subsidiaries are on a non-consolidated basis.

 

Note 3) On an annualized basis based on the applicable standards for business reports submitted to the Financial Supervisory Service.

 

Note 4) Figures for Woori Savings Bank are based on K-GAAP

 

Group Asset Quality

 

     (units: billions of Won, % )  

Type

   2021 1Q      2020      2019  

Total loans

     307,530        299,075      266,432

Substandard and below loans

     1,202        1,256      1,198

Substandard and below ratio

     0.39        0.42        0.45  

Non-Performing Loans

     1,115        1,149      1,068

NPL Ratio

     0.36        0.38        0.40  

Substandard and below coverage ratio (A/B)

     163.8        153.8        133.6  

Loan Loss reserve (A)

     1,970        1,932      1,600

Substandard and below loans (B)

     1,202        1,256      1,198

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

 

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Table of Contents

Asset Quality for Significant Subsidiaries and Consolidated Companies

 

                                                             (units: % )  

Type

   2021 1Q      2020      2019  
   Substandard
and below
ratio
     NPL
ratio
     Substandard
and below
coverage
ratio
     Substandard
and below
ratio
     NPL
ratio
     Substandard
and below
coverage
ratio
     Substandard
and below
ratio
     NPL
ratio
     Substandard
and below
coverage
ratio
 

Woori Bank

     0.30        0.28        164.90        0.32        0.30        153.95        0.40        0.36        121.80  

Woori Card

     0.59        —          102.55        0.63        —          102.65        0.80        —          102.84  

Woori Financial Capital

     1.60        1.58        144.88        1.77        1.75        140.16        2.28        2.28        97.86  

Woori Investment Bank

     0.76        0.19        81.69        0.79        0.20        84.72        0.49        0.21        167.39  

Woori Asset Trust

     74.67        —          —          63.64        —          —          37.51        —          —    

Woori Savings Bank

     3.49        —          91.26        3.40        —          90.37        3.51        —          79.42  

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

 

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Table of Contents
III.

Financial Information

 

1.

Condensed Financial Statements (Consolidated)

Summary Consolidated Statement of Financial Position

 

(The Company and its Consolidated Subsidiaries, as of the end of the periods indicated)               (unit: millions of Won)  

Classification

   2021 1Q      2020      2019  

ASSETS

        

Cash and cash equivalents

     11,149,089      9,990,983      6,392,566  

Financial assets at fair value through profit or loss (“FVTPL”)

     12,883,899      14,762,941      8,069,144  

Financial assets at fair value through other comprehensive income

     30,805,644      30,028,929      27,730,531  

Securities at amortized cost

     16,275,197      17,020,839      20,320,539  

Loans and other financial assets at amortized cost

     337,757,469      320,106,078      293,717,693  

Investments in joint ventures and associates

     1,048,325      993,291      806,360  

Investment properties

     380,583      387,464      280,239  

Premises and equipment

     3,268,837      3,287,198      3,364,716  

Intangible assets and goodwill

     787,344      792,077      844,110  

Assets held for sale

     57,664      60,002      10,556  

Net defined benefit asset

     2      5,658      2,582  

Current tax assets

     10,758      75,655      47,367  

Deferred tax assets

     41,865      46,088      39,544  

Derivative assets (designated for hedging)

     149,418      174,820      121,131  

Other assets

     1,488,290      1,348,994      233,646  
  

 

 

    

 

 

    

 

 

 

Total assets

     416,104,384      399,081,017      361,980,724  
  

 

 

    

 

 

    

 

 

 

LIABILITIES

        

Financial liabilities at FVTPL

     4,360,120      6,813,822      2,958,302  

Deposits due to customers

     298,919,981      291,477,279      264,685,578  

Borrowings

     20,256,488      20,745,466      18,998,920  

Debentures

     39,078,257      37,479,358      30,858,055  

Provisions

     511,874      501,643      443,980  

Net defined benefit liability

     85,746      52,237      92,470  

Current tax liabilities

     430,429      370,718      182,690  

Deferred tax liabilities

     135,159      160,250      134,322  

Derivative liabilities (designated for hedging)

     52,590      64,769      6,837  

Other financial liabilities

     24,549,472      14,215,817      17,706,767  

Other liabilities

     545,938      473,813      420,471  
  

 

 

    

 

 

    

 

 

 

 

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Table of Contents

Classification

   2021 1Q     2020     2019  

Total liabilities

     388,926,054     372,355,172       336,488,392  
  

 

 

   

 

 

   

 

 

 

EQUITY

      

Owners’ equity:

     23,512,894     23,053,608     21,510,370  

Capital stock

     3,611,338     3,611,338     3,611,338  

Hybrid securities

     1,895,366     1,895,366     997,544  

Capital surplus

     626,114     626,111     626,295  

Other equity

     (2,247,363     (2,347,472     (2,249,322

Retained earnings

     19,627,439     19,268,265     18,524,515  

Non-controlling interests

     3,665,436     3,672,237     3,436,658  
  

 

 

   

 

 

   

 

 

 

Total equity

     27,178,330     26,725,845     25,492,332  
  

 

 

   

 

 

   

 

 

 

Total liabilities and equity

     416,104,384     399,081,017     361,980,724  
  

 

 

   

 

 

   

 

 

 

Number of Consolidated Subsidiaries (excluding holding company)

     132       131       102  

Summary Consolidated Statement of Comprehensive Income

 

(The Company and its Consolidated Subsidiaries, for the periods indicated)          (unit: millions of Won, except per share amounts)  

Classification

   2021 1Q     2020 1Q     2020     2019  

Operating income

     933,512     773,338     2,080,394     2,799,976  

Net interest income

     1,619,666     1,462,959     5,998,512     5,893,706  

Net fees and commissions income

     358,461     273,980     1,014,039     1,102,628  

Dividend income

     66,590     47,769     138,543     107,959  

Net gain or loss on financial instruments at FVTPL

(fair value through profit or loss)

     82,083     468,075     421,709     25,455  

Net gain or loss on financial assets at FVTOCI

     37,011     2,600     24,138     11,015  

Net gain on disposals of financial assets at amortized cost

     34,676     26,747     44,443     102,115  

Impairment losses due to credit loss

     (135,993     (110,892     (784,371     (374,244

General and administrative expenses

     (917,607     (892,526     (3,956,181     (3,766,077

Other net operating income (expenses)

     (211,375     (505,374     (820,438     (302,581

Non-operating income(expense)

     8,250     (20,725     (79,143     (76,927
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income before income tax expense

     941,762     752,613     2,001,251     2,723,049  
  

 

 

   

 

 

   

 

 

   

 

 

 

Income tax expense

     (222,895     (194,842     (486,002     (685,453
  

 

 

   

 

 

   

 

 

   

 

 

 

 

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Classification

   2021 1Q      2020 1Q     2020     2019  

Net income

     718,867      557,771     1,515,249     2,037,596
  

 

 

    

 

 

   

 

 

   

 

 

 

Net income attributable to owners

     667,103      518,216     1,307,266     1,872,207

Net income attributable to the non-controlling interests

     51,764      39,555     207,983     165,389

Other comprehensive income (loss), net of tax

     46,594      (101,996     (82,207     51,782

Items that will not be reclassified to profit or loss

     18,151      (129,500     54,964     (92,777

Items that may be reclassified to profit or loss

     28,443      27,504     (137,171     144,559
  

 

 

    

 

 

   

 

 

   

 

 

 

Total comprehensive income

     765,461      455,775     1,433,042     2,089,378
  

 

 

    

 

 

   

 

 

   

 

 

 

Comprehensive income attributable to the owners

     711,552      427,259     1,233,097     1,914,393

Comprehensive income attributable to non-controlling interests

     53,909      28,516     199,945     174,985

Net income per share:

         

Basic and diluted loss per share (in Korean Won)

     902      706     1,742     2,727

 

2.

Condensed Financial Statements (Separate)

Summary Statement of Financial Position

 

(The Company, as of the end of the period indicated)           (unit: millions of Won)  

Classification

   2021 1Q      2020      2019  

ASSETS

        

Cash and cash equivalents

     701,818        69,176        43,670  

Financial assets at fair value through profit or loss

     7,247        7,247        9,434  

Financial assets at fair value through other comprehensive income

     149,213        149,614        —    

Loans and other financial assets at amortized cost

     681,104        619,117        1,269,203  

Investments in subsidiaries

     21,675,467        21,562,229        19,873,593  

Premises and equipment

     11,200        12,538        7,383  

Intangible assets

     5,248        5,282        3,310  

Net defined benefit asset

     —          3,509        —    

Current tax assets

     28        307        —    

Deferred tax assets

     1,163        964        —    

Other assets

     328        —          —    
  

 

 

    

 

 

    

 

 

 

Total assets

     23,232,816        22,429,983        21,206,593  
  

 

 

    

 

 

    

 

 

 

 

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Table of Contents

Classification

   2021 1Q     2020     2019  

LIABILITIES

      

Debentures

     1,147,595       1,147,503       947,679  

Provisions

     391       782       600  

Net defined benefit liability

     1,167       —         3,482  

Current tax liabilities

     373,113       215,071       133,526  

Deferred tax liabilities

     —         —         154  

Other financial liabilities

     277,065       22,085       10,745  

Other liabilities

     991       570       4,142  
  

 

 

   

 

 

   

 

 

 

Total liabilities

     1,800,322       1,386,011       1,100,328  
  

 

 

   

 

 

   

 

 

 

EQUITY

      

Capital stock

     3,611,338       3,611,338       3,611,338  

Hybrid security

     1,895,322       1,895,322       997,544  

Capital surplus

     10,874,084       14,874,084       14,874,084  

Other equity

     (2,543     (1,518     (631

Retained Earnings

     5,054,293       664,746       623,930  
  

 

 

   

 

 

   

 

 

 

Total equity

     21,432,494       21,043,972       20,106,265  
  

 

 

   

 

 

   

 

 

 

Total liabilities and equity

     23,232,816       22,429,983       21,206,593  
  

 

 

   

 

 

   

 

 

 

Summary Statement of Comprehensive Income

 

(The Company, for the period indicated)          (unit: millions of Won, except per share amounts)  

Classification

   2021 1Q     2020 1Q     2020     2019  

Operating Income:

     665,526       661,808       594,752       629,437  

Net interest income

     (5,612     (1,022     (12,953     40  

Interest income

     560       4,514       10,082       7,741  

Interest expense

     (6,172     (5,536     (23,035     (7,701

Net fees and commissions loss

     (3,359     (2,639     (15,394     (15,833

Fees and commissions income

     201       —         805       —    

Fees and commissions expense

     (3,560     (2,639     (16,199     (15,833

Dividend income

     688,735       677,795       680,375       676,000  

 

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Table of Contents

Classification

   2021 1Q     2020 1Q     2020     2019  

Net gain on financial instruments at FVTPL

     —         —         (920     9,434  

Impairment losses due to credit loss

     37       —         116       (263

General and administrative expenses

     (14,275     (12,326     (56,472     (39,941

Non-operating loss

     2       (200     (215     (750

Net Income before income tax expense

     665,528       661,608       594,537       628,687  

Income tax expense

     (190     (1,279     781       (394
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Income

     665,338       660,329       595,318       628,293  
  

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive loss, net of tax

     (1,025     (1,214     (887     (631

Items that will not be reclassified to profit or loss

     (1,025     (1,214     (887     (631

Net gain on valuation of equity securities at FVTOCI

     (292     —         (280     —    

Remeasurement of the net defined benefit liability

     (733     (1,214     (607     (631
  

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive Income

     664,313       659,115       594,431       627,662  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Income per share:

        

Basic and diluted Income per share (In Korean Won)

     899       902       757       900  

 

19


Table of Contents
IV.

Independent Auditor’s Opinion

 

1.

Independent Auditor’s Opinion

 

     2021 1Q    2020    2019

Auditor

   Samil PricewaterhouseCoopers    Samil PricewaterhouseCoopers    Deloitte Anjin LLC

Auditor’s Opinion

   Note 1)    Note 2)    Note 3)

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

Note 2) In its audit report, Samil PricewaterhouseCoopers has stated that the financial statements are presented fairly, in all material respects, in accordance with Korean IFRS.

Note 3) In its audit report, Deloitte Anjin LLC has stated that the financial statements are presented fairly, in all material respects, in accordance with Korean IFRS.

 

2.

Compensation to the Independent Auditor

 

a.

Audit Services

 

Term

   Auditor    Description   Contract    Actual
  Fee    Time    Fee    Time

2021 1Q

   Samil

PricewaterhouseCoopers

   1Q/1H/3Q Review

Closing audit (including internal

accounting management system)

  KRW

1,172 million

   10,450hours    KRW

170 million

   1,310 hours

2020

   Samil

PricewaterhouseCoopers

   1Q/1H/3Q Review

Closing audit (including internal

accounting management system)

  KRW

1,135 million

   10,400 hours    KRW

1,135 million

   10,514 hours

2019

   Deloitte Anjin LLC    1Q/1H/3Q Review

Closing audit (including internal

accounting management system)

  KRW

752 million

   7,995 hours    KRW

752 million

   10,849 hours

Note 1) Time includes planning time up until the commencement of the applicable services

 

b.

Other Audit Services

 

Term

   Auditor     

Description

   Fee  

2019

     Deloitte Anjin LLC      Auditing services provided in connection with the submission of a holding company establishment report to the Fair Trade Commission      KRW 67 million  

 

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Table of Contents
c.

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

 

Term

   Auditor     

Description

   Fee  

2020

    
Samil
PricewaterhouseCoopers
 
 
   U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2021)      KRW 2,370 million  
      U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2020)      KRW 2,280 million  

2019

     Deloitte Anjin LLC      U.S. PCAOB standard audit of consolidated financial statements and internal control over financial reporting (for FY2019)      KRW 1,873 million  

 

d.

Non-Audit Services

 

Term

   Date of Execution
of Agreement
    

Description of Service

   Service Term      Fees  

2021

1Q

     March 29, 2021      Tax adjustment (including review relating to application of consolidated tax)      June 1, 2021 ~ May 31, 2022        KRW 61 million  

2020

     July 9, 2020      Tax adjustment (including review relating to application of consolidated tax)      July 9, 2020 ~ May 31, 2021        KRW 61 million  

2019

     April 18, 2019      Tax adjustment (including review relating to application of consolidated tax)      April 18, 2019 ~ May 31, 2020        KRW 88 million  
     May 14, 2019      Issuance of agreed-upon procedure report relating to asset management company establishment registration submitted to the Financial Supervisory Service      May 14, 2019 ~ May 31, 2020        KRW 18 million  

 

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Table of Contents
V.

Corporate Governance and Affiliated Companies

 

1.

About the Board of Directors

 

  a.

Composition of the Board of Directors

The board of directors consists of standing directors, outside directors and non-standing directors.

 

  b.

Committees under the Board of Directors

We currently have the following committees serving under the board of directors:

 

  (a)

Audit Committee

 

  (b)

Board Risk Management Committee

 

  (c)

Compensation Committee

 

  (d)

Committee for Recommending Executive Officer Candidates

 

  (e)

Committee for Recommending Subsidiary Representative Director Candidates

 

  (f)

Committee for Internal Control Management

 

  (g)

Board ESG Management Committee

 

(As of March 31, 2021)

Name of Committee

  

Composition

  

Names of Members

Audit Committee    Three outside directors   

(Chairman) Chan-Hyoung Chung (outside director)

Sung-Tae Ro (outside director)

Dong-Woo Chang (outside director)

Board Risk Management

Committee

Note 1)

  

Three outside directors

One non-standing director

  

(Chairman) Sang-Yong Park (outside director)

Dennis Chan (outside director)

Zhiping Tian (outside director)

Hong-Tae Kim (non-standing director)

Compensation Committee   

Six outside directors

One non-standing director

  

(Chairman) Chan-Hyoung Chung (outside director)

Sung-Tae Ro (outside director)

Sang-Yong Park (outside director)

Dennis Chan (outside director)

Zhiping Tian (outside director)

Dong-Woo Chang (outside director)

Hong-Tae Kim (non-standing director)

 

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Table of Contents

Name of Committee

  

Composition

  

Names of Members

Committee for Recommending Executive Officer Candidates    Six outside directors   

(Chairman) Dong-Woo Chang (outside director)

Sung-Tae Ro (outside director)

Sang-Yong Park (outside director)

Chan-Hyoung Chung (outside director)

Dennis Chan (outside director)

Zhiping Tian (outside director)

Committee for Recommending Subsidiary Representative Director Candidates   

Six outside directors

One standing director

  

(Chairman) Tae-Seung Son (standing director)

Sung-Tae Ro (outside director)

Sang-Yong Park (outside director)

Chan-Hyoung Chung (outside director)

Dennis Chan (outside director)

Zhiping Tian (outside director)

Dong-Woo Chang (outside director)

Committee for Internal Control Management

Note 1)

  

One outside director

One non-standing director

Two standing directors

  

(Chairman) Sang-Yong Park (outside director)

Hong-Tae Kim (non-standing director)

Tae-Seung Son (standing director)

Won-Duk Lee (standing director)

Board ESG Management Committee

Note 2)

  

Six outside directors

One non-standing director

Two standing directors

  

(Chairman) Sung-Tae Ro (outside director)

Sang-Yong Park (outside director)

Chan-Hyoung Chung (outside director)

Dennis Chan (outside director)

Zhiping Tian (outside director)

Dong-Woo Chang (outside director)

Hong-Tae Kim (non-standing director)

Tae-Seung Son (standing director)

Won-Duk Lee (standing director)

Note 1) In order to secure the independence of the risk management function and strengthen the management of internal controls, Won-Duk Lee was moved from the Board Risk Management Committee to the Committee for Internal Control Management.

Note 2) The Board ESG Management Committee was established in March 2021.

 

23


Table of Contents
2.

Affiliated Companies (As of March 31, 2021)

 

 

24


Table of Contents
III.

Shareholder Information

 

1.

Share Distribution

 

a.

Share Information of the Largest Shareholder and Specially Related Parties

 

As of March 31, 2021    (units: shares, %)  

Name

   Relation      Type    Shares Held      Notes  
   Beginning balance      Ending balance  
   Number      Share      Number      Share  

Korea Deposit

Insurance Corporation (KDIC)

    

Largest

Shareholder

 

 

   Common      124,604,797        17.25        124,604,797        17.25        Note 1

Total

      Common      124,604,797        17.25        124,604,797        17.25     
      Others      —          —          —          —       

Note 1) Refer to ‘b. Changes in the largest shareholder’ for changes in the number and percentage of shares held by the KDIC

 

b.

Changes in the largest shareholder

 

As of March 31, 2021    (units: shares, %)

Change of Date

   Largest Shareholder    Number Held      Share      Notes

January 11, 2019

   Korea Deposit Insurance Corporation      124,604,797        18.32      Comprehensive Stock Transfer

(Woori Financial Group) Note 1)

September 10, 2019

   Korea Deposit Insurance Corporation      124,604,797        17.25      Issuance of new common shares
(42,103,377 shares) Note 2)

Note 1) Woori Financial Group was established pursuant to a comprehensive stock transfer of Woori Bank and five other companies, and the KDIC received new shares of Woori Financial Group in accordance with the stock transfer ratio.

※transfer ratio Woori Bank : Woori Financial Group = 1: 1.0000000

Note2) Small scale stock exchange between Woori Financial Group and Woori Card.

 

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c.

Share Ownership of More Than 5%

 

As of March 31, 2021    (units: shares, %)  
     Name   Shares      Notes  
  No. of shares      Percentage of shareholding  

Share ownership of more than 5%

   Korea Deposit Insurance Corporation     124,604,797        17.25       

Note 1

Note 2

)

   National Pension Service     70,818,135        9.80        Note 2
   Nobis1, Inc. (IMM PE)     40,560,000        5.62        Note 2

Employee Stock Ownership Association

    62,421,261        8.64        Note 3

Note 1) Shares as of reporting date : 110,159,443 shares (15.25%) (Sold 14,445,354 shares through after-hours trading on April 9, 2021)

(Publicly disclosed on a Form 6-K on April 13, 2020)

Note 2) Shares based on the list of shareholders as of December 31, 2020

Note 3) Total shares of the employee stock ownership association of Woori Financial Group and Woori Bank

 

2.

Stock Price and Stock Market Performance

 

a.

Domestic Stock Market

 

                                        (units: Won, shares)  

Period

   October
2020
     November
2020
     December
2020
     January
2021
     February
2021
     March
2021
 

Common Shares

   High      9,220        10,300        10,300        10,250        9,820        10,150  
   Low      8,410        9,230        9,690        8,800        8,990        9,610  
   Average      8,748        9,830        10,033        9,629        9,444        9,993  

Monthly

Trade Volume

   High      3,478,736        3,694,198        4,970,135        5,405,431        2,794,858        4,093,277  
   Low      1,167,198        1,164,944        1,223,598        1,294,345        1,234,105        1,372,690  
   Monthly Total      37,069,678        40,859,660        45,404,568        54,373,947        32,863,926        48,749,529  

Note 1) Source: KRX KOSPI Market

Note 2) Share prices are based on closing prices.

 

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b.

Foreign Stock Market (NYSE)

 

                                 (units: US Dollars, Won, ADSs)  

Period

   October
2020
     November
2020
     December
2020
     January
2021
     February
2021
     March
2021
 

ADS

   High      24.88        28.00        28.50        28.07        26.49        27.10  
   Low      21.66        24.43        26.64        23.89        24.47        25.69  
   Average      22.98        26.51        27.68        26.50        25.61        26.58  

Won

Conversion

   High      28,216        31,153        31,552        30,874        29,425        30,642  
   Low      25,199        27,616        29,336        26,628        27,260        28,475  
   Average      26,305        29,610        30,308        29,086        28,469        30,067  

Monthly

Trade Volume

   High      74,436        42,413        39,011        55,960        33,889        26,461  
   Low      8,687        5,856        10,162        18,846        11,675        7,330  
   Monthly Total      564,413        386,106        481,268        657,375        360,600        382,624  

Note 1) Source: standard trading rate (daily and monthly average) (Seoul Money Brokerage, www.smbs.biz)

Note 2) One ADS represents three common shares.

Note 3) Share prices are based on closing prices.

 

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IV.

Directors and Employee Information

 

1.

Directors and Executives

 

As of March 31, 2021                           

Position

   Name    Common
Shares
Owned
     Term
Commencement Date
   Expiration of Term

Chief Executive Officer

   Registered    Tae-Seung Son      88,127      January 11, 2019 ~    Note 1)

Senior Deputy President

   Registered    Won-Duk Lee      21,500      December 18, 2020 ~    Note 2)

Outside Director

   Registered    Sung-Tae Ro      5,000      January 11, 2019 ~    Note 2)

Outside Director

   Registered    Sang-Yong Park      1,000      January 11, 2019 ~    Note 2)

Outside Director

   Registered    Chan-Hyoung
Chung
     10,532      January 11, 2019 ~    Note 2)

Outside Director

   Registered    Dennis Chan      —        March 25, 2020 ~    Note 2)

Outside Director

   Registered    Zhiping Tian      —        January 11, 2019 ~    Note 2)

Outside Director

   Registered    Dong-Woo
Chang
     —        January 11, 2019 ~    Note 2)

Non-standing Director

   Registered    Hong-Tae Kim      —        March 25, 2020 ~    Note 2)

Deputy President

   Non-Registered    Min-Cheol Shin      17,000      December 24, 2020 ~    December 23, 2022

Deputy President

   Non-Registered    Dong-Su Choi      19,738      January 11, 2019 ~    December 17, 2021

Deputy President

   Non-Registered    Jin-Ho Noh      6,000      February 11, 2020 ~    December 17, 2021

Deputy President

   Non-Registered    Kyu-Mok
Hwang
     16,239      December 18, 2020 ~    December 17, 2021

Deputy President

   Non-Registered    Seok-Tae Lee      18,857      December 18, 2020 ~    December 17, 2021

Deputy President

   Non-Registered    Seok-Young
Chung
     22,951      December 18, 2020 ~    January 10, 2023

Senior Managing Director

   Non-Registered    Weon-Cheol
Hwang
     4,000      December 18, 2020 ~    December 17, 2021

Senior Managing Director

   Non-Registered    Jong-Il Park      14,619      December 18, 2020 ~    December 31, 2021

Senior Managing Director

   Non-Registered    Byoung-Kwon
Woo
     5,500      December 18, 2020 ~    February 10, 2022

Senior Managing Director

   Non-Registered    Sung-Wook Lee      10,000      December 18, 2020 ~    December 31, 2021

Managing Director

   Non-Registered    Jong-Keun Lee      2,000      December 18, 2020 ~    December 17, 2022

Note 1) End of the annual general meeting of shareholders for FY 2022

Note 2) End of the annual general meeting of shareholders for FY 2021

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

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

 

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2.

Employee Status

 

As of March 31, 2021

                         (units: persons, millions of Won)  
     Number of Employees      Average
Tenure
  Total
Compensation
     Average
Compensation

Per Person
     Note  
   Regular      Contract      Total  
   Total      (Short time
worker)
     Total      (Short time
worker)
 

Total

     125        —          31        —          156      1 year 9 months

(15 years 6 months)

    6,799        44        —    

Note 1) 26 employees concurrently employed by affiliated companies are excluded

Note 2) Average tenure: term in ( ) includes tenure at affiliated companies

Note 3) Contract employees include non-registered executives

 

3.

Directors’ Compensation

 

As of March 31, 2021           (units: persons, millions of Won)  

Items

   Number of
Persons
     Total
Compensation
     Average
Compensation

Per Director
     Note  

Registered Directors

(excludes outside directors and audit committee members)

     3        288        96        —    

Outside Directors

(excludes audit committee members)

     3        50        17        —    

Audit Committee Members

     3        37        12        —    

Auditor

     —          —          —          —    

Note 1) Registered directors and audit committee members include uncompensated directors

Note 2) Only the compensation amount paid by Woori Financial Group is included for the three executives concurrently employed by Woori Bank

 

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SIGNATURES

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

 

    Woori Financial Group Inc.
    (Registrant)
Date: May 17, 2021     By:  

/s/ Sung-Wook Lee

    (Signature)
    Name: Sung-Wook Lee
    Title: Senior Managing Director

 

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