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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.
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Summary of 2021 First Quarter Business Report
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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.
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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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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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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
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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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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
14
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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Table of Contents
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 |
18
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 |
21
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) |
22
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
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.
25
Table of Contents
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.
26
Table of Contents
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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