Woori Financial (WF) 6-K Current report (foreign)

Exhibit 99.2

WOORI FINANCIAL GROUP INC.

SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF AND FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022

WOORI FINANCIAL GROUP INC.

	Page(s)
Independent Auditor’s Review Report		1-2
Separate Interim Financial Statements
Separate Interim Statements of Financial Position		4
Separate Interim Statements of Comprehensive Income		5
Separate Interim Statements of Changes in Equity		6
Separate Interim Statements of Cash Flows		7
Notes to the Separate Interim Financial Statements		8-49

Independent Auditor’s Review Report

Based on a report originally issued in Korean

To the Board of Directors and Shareholders of Woori Financial Group Inc.

Reviewed Financial Statements

We have reviewed the accompanying condensed separate interim financial statements of Woori Financial Group Inc. (the “Company”), which comprise the separate interim statement of financial position as of March 31, 2023, the separate interim statements of comprehensive income for the three-month periods ended March 31, 2023, the separate interim statements of changes in equity and cash flows for the three-month periods ended March 31, 2023 and notes, comprising a summary of material accounting policy information and other explanatory information.

Management’s Responsibility

Management is responsible for the preparation and fair presentation of these condensed separate interim financial statements in accordance with Korean International Financial Reporting Standards (“K-IFRS”) No.1034 Interim Financial Reporting, and for such internal control as management determines is necessary to enable the preparation of the condensed separate interim financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s review responsibility

Our responsibility is to issue a report on these condensed separate interim financial statements based on our reviews.

We conducted our reviews in accordance with the Review Standards for Quarterly and Semiannual Financial Statements established by the Securities and Futures Commission of the Republic of Korea. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Korean Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe the accompanying condensed separate interim financial statements referred to above are not prepared, in all material respects, in accordance with K-IFRS No.1034 Interim Financial Reporting.

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Other Matters

The procedures and practices utilized in the Republic of Korea to review such condensed separate interim financial statements may differ from those generally accepted and applied in other countries.

The accompanying condensed separate interim statements of comprehensive income, changes in equity and cash flows for the three-month periods ended March 31, 2022, were reviewed by other auditor whose report thereon, dated May 16, 2022, expressed that nothing came to their attention that caused them to believe that those condensed interim financial statements are not prepared, in all material respects, in accordance with K-IFRS No.1034 Interim Financial Reporting.

The separate statement of financial position of the Company as of December 31, 2022, and the related separate statements of comprehensive income, changes in equity and cash flows for the year the ended, which are not accompanying this report, were audited by other auditor in accordance with Korean Standards on Auditing and their report thereon, dated March 7, 2023, expressed an unqualified opinion. The accompanying separate statement of financial position of the Company as of December 31, 2022, presented for comparative purposes, is consistent, in all material respects, with the audited separate statement of financial position from which it has been derived.

/s/ KPMG Samjong Accounting Corp.

Seoul, Korea

May 15, 2023

This report is effective as of May 15, 2023, the review report date. Certain subsequent events or circumstances, which may occur between the review report date and the time of reading this report, could have a material impact on the accompanying condensed separate interim financial statements and notes thereto. Accordingly, the readers of the review report should understand that the above review report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

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WOORI FINANCIAL GROUP INC.

SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND FOR THE THREE-MONTH PERIODS

ENDED MARCH 31, 2023 AND 2022

The accompanying separate interim financial statements including all footnote disclosures were prepared by, and are the responsibility of, the management of Woori Financial Group Inc.

Jong Yong Yim

President and Chief Executive Officer

Main Office Address: (Road Name Address) 51, Sogong-ro, Jung-gu, Seoul

(Phone Number)    02-2125-2000

WOORI FINANCIAL GROUP INC.

SEPARATE INTERIM STATEMENTS OF FINANCIAL POSITION

AS OF MARCH 31, 2023 (UNAUDITED) AND DECEMBER 31, 2022

	March 31, 2023			December 31, 2022
	(Korean Won in millions)
ASSETS
Cash and cash equivalents (Notes 5 and 31)		1,460,900			313,361
Financial assets at fair value through profit or loss (“FVTPL”) (Notes 4, 6, 9 and 18)		—			689
Financial assets at fair value through other comprehensive income (“FVTOCI”) (Notes 4, 7 and 9)		325,083			312,771
Loans and other financial assets at amortized cost (Notes 4, 8, 9 and 31)		2,269,569			2,041,877
Investments in subsidiaries (Notes 10 and 31)		22,786,881			22,394,915
Premises and equipment (Notes 11 and 31)		10,420			11,052
Intangible assets (Note 12)		4,845			4,859
Net defined benefit asset (Note 16)		2,471			5,947
Current tax assets (Note 28)		730			14,350
Deferred tax assets (Note 28)		9,843			13,433
Other assets (Note 13)		517			322
Total assets		26,871,259			25,113,576
LIABILITIES
Debentures (Notes 4, 9 and 14)		1,447,912			1,447,762
Provisions (Note 15)		1,253			487
Current tax liabilities		766,837			721,795
Other financial liabilities (Notes 4, 9, 17, 31 and 32)		736,303			46,039
Other liabilities (Note 17)		2,678			591
Total liabilities		2,954,983			2,216,674
EQUITY (Note 19)
Capital stock		3,640,303			3,640,303
Hybrid securities		3,411,501			3,112,273
Capital surplus		10,909,281			10,909,281
Other equity		(18,508	)		(26,186	)
Retained earnings		5,973,699			5,261,231
Total equity		23,916,276			22,896,902
Total liabilities and equity		26,871,259			25,113,576

The accompanying notes are part of this interim financial statement.

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WOORI FINANCIAL GROUP INC.

SEPARATE INTERIM STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

	For the three-month periods ended March 31
	2023			2022
	(Korean Won in millions)
Interest income		13,706			1,772
Interest expense		(8,024	)		(7,183	)
Net interest income(expense) (Notes 9, 21 and 31)		5,682			(5,411	)
Fees and commissions income		399			326
Fees and commissions expense		(3,736	)		(2,983	)
Net fees and commissions loss (Notes 22 and 31)		(3,337	)		(2,657	)
Dividend income (Notes 23 and 31)		1,469,291			1,260,716
Net gain(loss) on financial instruments at FVTPL (Notes 9 and 24)		2,023			—
Provision of impairment losses due to credit loss (Notes 25 and 31)		(41	)		(273	)
General and administrative expenses (Notes 26 and 31)		(16,445	)		(17,730	)
Operating income		1,457,173			1,234,645
Non-operating income(expense) (Note 27)		(9	)		4
Net income before income tax expense		1,457,164			1,234,649
Income tax expense (Note 28)		(785	)		(1,259	)
Net income		1,456,379			1,233,390
Net loss on valuation of equity securities at FVTOCI		9,024			3,264
Remeasurement profit(loss) related to defined benefit plan		(1,346	)		357
Items that will not be reclassified to profit or loss:		7,678			3,621
Other comprehensive income, net of tax		7,678			3,621
Total comprehensive income		1,464,057			1,237,011
Earnings per share (Note 29)
Basic and diluted earnings per share (Unit: In Korean Won)		1,959			1,668

The accompanying notes are part of this interim financial statement.

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WOORI FINANCIAL GROUP INC.

SEPARATE INTERIM STATEMENTS OF CASH FLOWS

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

	Capital stock		Capital surplus		Hybrid securities		Other equity			Retained earnings			Total equity
	(Korean Won in millions)
January 01, 2022		3,640,303		10,909,281		2,294,288		(3,874	)		4,824,991			21,664,989
Total comprehensive income
Net income		—		—		—		—			1,233,390			1,233,390
Net income on valuation of equity securities at FVTOCI		—		—		—		3,264			—			3,264
Remeasurement loss related to defined benefit plan		—		—		—		357			—			357
Transactions with owners
Dividends to common stocks		—		—		—		—			(546,044	)		(546,044	)
Issuance of hybrid securities		—		—		299,318		—			—			299,318
Dividends to hybrid securities		—		—		—		—			(19,150	)		(19,150	)
March 31, 2023 (Unaudited)		3,640,303		10,909,281		2,593,606		(253	)		5,493,187			22,636,124
January 01, 2023		3,640,303		10,909,281		3,112,273		(26,186	)		5,261,231			22,896,902
Total comprehensive income
Net income		—		—		—		—			1,456,379			1,456,379
Net income on valuation of equity securities at FVTOCI		—		—		—		9,024			—			9,024
Remeasurement gain related to defined benefit plan		—		—		—		(1,346	)		—			(1,346	)
Transactions with owners
Dividends to common stocks		—		—		—		—			(713,497	)		(713,497	)
Issuance of hybrid securities		—		—		299,228		—			—			299,228
Dividends to hybrid securities		—		—		—		—			(30,414	)		(30,414	)
March 31, 2023 (Unaudited)		3,640,303		10,909,281		3,411,501		(18,508	)		5,973,699			23,916,276

The accompanying notes are part of this interim financial statement.

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WOORI FINANCIAL GROUP INC.

SEPARATE INTERIM STATEMENTS OF CASH FLOWS

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)

	For the three-month periods ended March 31
	2023			2022
	(Korean Won in millions)
Cash flows from operating activities:
Net income		1,456,379			1,233,390
Adjustments to net income:
Income tax expense		785			1,259
Interest income		(13,706	)		(1,772	)
Interest expense		8,024			7,183
Dividend income		(1,469,291	)		(1,260,716	)
		(1,474,188	)		(1,254,046	)
Adjustments for profit/loss items not involving cash flows:
Provision of impairment losses due to credit loss		41			273
Loss on valuation of financial instruments at FVTPL		(2,023	)		—
Retirement benefit		907			677
Depreciation and amortization		1,785			1,492
		710			2,442
Changes in operating assets and liabilities:
Loans and other financial assets at amortized cost		265			543
Other assets		(196	)		(230	)
Net defined benefit liability		740			165
Other financial liabilities		(8,375	)		(631	)
Other liabilities		2,087			737
		(5,479	)		584
Interest income received		12,499			964
Interest expense paid		(7,843	)		(7,072	)
Dividends received		1,457,543			1,250,453
Income tax paid		(543	)		(199	)
		1,461,656			1,244,146
Net cash provided by operating activities		1,439,078			1,226,516
Cash flows from investing activities:
Net decrease(increase) on other investment assets		(170,000	)		(610,000	)
Acquisition of investments in subsidiaries		(389,254	)		(200,000	)
Acquisition of investments in financial assets at FVTOCI		—			(200,000	)
Acquisition of premises and equipment		(13	)		(2	)
Acquisition of intangible assets		(289	)		(278	)
Increase on guarantee deposits for leases		—			(142	)
		(559,556	)		(1,010,422	)
Cash flows from financing activities:
Issuance of hybrid securities		299,228			299,318
Redemption of lease liabilities		(797	)		(729	)
Dividends paid to hybrid securities		(30,414	)		(19,150	)
		268,017			279,439
Net increase in cash and cash equivalents		1,147,539			495,533
Cash and cash equivalents, beginning of the period		313,361			578,725
Cash and cash equivalents, end of the period (Note 5)		1,460,900			1,074,258

The accompanying notes are part of this interim financial statement.

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WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

1. GENERAL

(1) Summary of the parent company

Woori Financial Group, Inc. (hereinafter referred to as the “Company”) is primarily aimed at controlling subsidiaries that operate in the financial industry or those that are closely related to the financial industry through the ownership of shares and was established on January 11, 2019 under the Financial Holding Company Act through the comprehensive transfer with shareholders of Woori Bank, Woori FIS Co., Ltd., Woori Finance Research Institute Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund Services Co., Ltd. and Woori Private Equity Asset Management Co., Ltd. The headquarters of the Company is located at 51, Sogong-ro, Jung-gu, Seoul, Korea, and the capital is 3,640,303 million Won as of March 31. The Company’s stocks were listed on the Korea Exchange on February 13, 2019, and its American Depository Shares (“ADS”) are also being traded as the underlying common stock on the New York Stock Exchange since the same date.

The details of stock between from the Company and subsidiaries as of incorporation are as follows (Unit: Number of shares):

Stock transfer company	Total number of issued shares		Exchange ratio per share		Number of Parent company’s stocks
Woori Bank		676,000,000		1.0000000		676,000,000
Woori FIS Co., Ltd.		4,900,000		0.2999708		1,469,857
Woori Finance Research Institute Co., Ltd.		600,000		0.1888165		113,289
Woori Credit Information Co., Ltd.		1,008,000		1.1037292		1,112,559
Woori Fund Service Co., Ltd.		2,000,000		0.4709031		941,806
Woori Private Equity Asset Management Co., Ltd.		6,000,000		0.0877992		526,795

As of August 1, 2019, the Company acquired a 73% interests in Woori Asset Management Co. (Formerly Tongyang Asset Management Corp.). The remaining payment was completed on August 1, 2019 after the request for the change of major shareholder was approved by the Financial Service Commission on December 6, 2019 and the Company gained 100% control of Woori Global Asset Management Co., Ltd. (formerly ABL Global Asset Management Co., Ltd), and added it as a consolidated subsidiary.

The Company paid 598,391 million Won in cash and 42,103,377 new shares of the parent company to acquire 100% interests of Woori Card Co., Ltd. from its subsidiary Woori Bank on September 10, 2019. On the same date, the Company also acquired 59.8% interests of Woori Investment Bank Co., Ltd. from Woori Bank with 392,795 million Won in cash.

As of December 30, 2019, the Company acquired 67.2% interests (excluding treasury stock, 51.0% in the case of including treasury stock) in Woori Asset Trust Co. (formerly Kukje Asset Trust Co.) As of March 31, 2023, it acquired an additional 28.1% interests (excluding treasury stock, 21.3% in the case of including treasury stock).

As of December 10, 2020, the Company acquired 76.8% interests (excluding treasury stock, 74% in the case of including treasury stock) in Woori Financial Capital Co., Ltd. (formerly Aju Capital Co., Ltd.). In addition, as of April 15, 2021, the Company acquired an additional 13.3% interests in Woori Financial Capital Co., Ltd. (excluding treasury stock, 12.9% in the case of including treasury stock), and as of May 24, 2021, the Company additionally acquired treasury stock held by Woori Financial Capital Additional shares (3.6%).

As of March 12, 2021, the Company paid 113,238 million Won in cash to acquire 100% interests on Woori Savings Bank from Woori Financial Capital Co., Ltd., our subsidiary.

As of August 10, 2021, the Company paid 5,792,866 new shares of the company to the shareholders of Woori Financial Capital Co., Ltd. (excluding the Company) through comprehensive stock exchange and acquired residual interests(9.5%) of Woori Financial Capital Co., Ltd., to make it a wholly owned subsidiary.

As of January 7, 2022, Woori Financial F&I Co., Ltd., an investment company for non-performing loans and restructuring companies, was established (100% stock, 200 billion won in stock payments) and incorporated as a subsidiary.

As of March 23, 2023, the Company acquired a 53.9% interests in Woori Venture Partners Co., Ltd. (formerly Daol Investment Co., Ltd.) (excluding treasury stock, 52.0% in the case of including treasury stock).

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WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

2. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES

The Company’s financial statements are condensed interim financial statements prepared in accordance with Korean IFRS 1034, Interim Financial Reporting for some of periods in which the annual separate financial statements belong. They are also separate financial statements prepared in accordance with Korean IFRS 1027 Separate Financial Statements. It is necessary to use the Company’s annual separate financial statements for the year ended December 31, 2022 for understanding of the accompanying condensed interim financial statements.

(1) Except for the impacts on the newly adopted standards and interpretations explained below, the accounting policies applied in preparing the accompanying condensed interim financial statements have been applied consistently with the annual financial statements as of and for the year ended December 31, 2022.

1) Amendments to K-IFRS 1001 ‘Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements’ - Disclosure of Accounting Policy

To define and disclose material accounting policies has been amended. The amendment does not have a significant impact on the financial statements.

2) Amendments to K-IFRS 1008 ‘Accounting Policies, Changes in Accounting Estimates and Errors’ - Definition of Accounting Estimates

The amendments have defined accounting estimates and clarified how to distinguish them from changes in accounting policies. The amendment does not have a significant impact on the financial statements.

3) Amendments to K-IFRS 1001 ‘Presentation of Financial Statements’ - Disclosure of valuation gains or losses on financial liabilities with condition to adjust exercise price

The amendments require disclosure of valuation gains or losses (limited to those recognized in the profit or loss) of the conversion options or warrants (or financial liabilities including them), if all or part of the financial instrument with exercise price that is adjusted depending on the issuer’s share price change is classified as financial liability. The amendment does not have a significant impact on the financial statements.

4) Amendments to K-IFRS 1012 ‘Income Taxes’ - deferred tax related to assets and liabilities arising from a single transaction

Additional phrase ‘the temporary difference to be added and the temporary difference to be deducted do not occur in the same amount’ has been added to initial recognition exception for a transaction in which an asset or liability is initially recognized. The amendment does not have a significant impact on the financial statements.

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WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

(2) The details of Korean IFRSs that have been issued and published since January 1, 2023 but have not yet reached the effective date are as follows:

1) Amendments to K- IFRS 1001 ‘Presentation of Financial Statements’ – Classification of Liabilities as Current or Non-current

The amendments clarify that liabilities are classified as either current or non-current, depending on the substantive rights that exist at the end of the reporting period. Classification is unaffected by the likelihood that an entity will exercise right to defer settlement of the liability or the expectations of management. Also, the settlement of liability includes the transfer of the entity’s own equity instruments, however, it would be excluded if an option to settle them by the entity’s own equity instruments if compound financial instruments is met the definition of equity instruments and recognized separately from the liability. The amendments should be applied for annual periods beginning on or after January 1, 2024, and earlier application is permitted. The Company does not expect that these amendments have a significant impact on the financial statements.

The above enacted or amended standards will not have a significant impact on the Company.

(3) Significant accounting policies and method of computation used in the preparation of the condensed interim financial statements are consistent with those of the annual financial statements for the year ended December 31, 2022, except for the one described below.

• Income tax expense

Interim period corporate tax expense is calculated by applying the estimated average annual corporate tax rate to the interim period’s pre-tax profit, which is applicable to expected gross annual income.

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WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

3. SIGNIFICANT ACCOUNTING ESTIMATES AND ASSUMPTIONS

The management shall make judgements, estimates and assumptions that affect the application of accounting policies and application of assets, liabilities and revenues and expenses in preparing condensed interim financial statements. Therefore, the actual results may differ from these estimates.

The important judgements by the management on accounting policies and the main sources of estimation uncertainty for preparing condensed interim financial statements are identical to ones used in the Company’s annual separate financial statements for the year ended December 31, 2022.

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WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

4. RISK MANAGEMENT

The Company is exposed to various risks that may arise from its operating activities and credit risk, market risk and liquidity risk are the main types of risks. In order to manage such risks, the Risk Management Committee analyzes, assesses, and establishes risk management standards, including policies, guidelines, management systems and decision-making to ensure sound management of the Company.

The Risk Management Committee, Chief Risk Officer (“CRO”) and the Risk Management Department are operated as risk management organizations. The board of directors operates the Risk Management Committee, composed of nonexecutive directors for professional risk management. The Risk Management Committee performs as the top decision-making body for risk management by establishing fundamental risk management policies that are consistent with the Company’s management strategy and by determining the Company’s acceptable level of risk.

CRO assists the Risk Management Committee and operates the Company Risk Management Council, which is composed of the risk management managers of the subsidiaries, to periodically check and improve the external environment and the Company’s risk burden. The Risk Management Department which is independently structured, controls the risk management matter of the Company and reports key risks and assists decision-making.

(1) Credit risk

Credit risk represents the possibility of financial losses incurred when the counterparty fails to fulfill its contractual obligations. The goal of credit risk management is to maintain the Company’s credit risk exposure to a permissible degree and to optimize its rate of return considering such credit risk.

1) Credit risk management

The Company measures expected loss on assets subject to credit risk management and uses it as a management indicator.

2) Maximum exposure

The maximum exposure to credit risk is as follows (Unit: Korean Won in millions):

		March 31, 2023		December 31, 2022
Loans and other financial assets at amortized cost (*)	Banks		2,152,511		1,946,609
	Corporates		117,058		95,268
	Sub-total		2,269,569		2,041,877
Financial assets at FVTPL	Derivative assets		—		689
Total			2,269,569		2,042,566

(*) Cash and cash equivalents are not included.

a) Credit risk exposure by geographical areas

The following tables analyze credit risk exposure by geographical areas (Unit: Korean Won in millions):

	March 31, 2023		December 31, 2022
	Korea		Korea
Loans and other financial assets at amortized cost		2,269,569		2,041,877
Financial assets at FVTPL		—		689
Total		2,269,569		2,042,566

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WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

b) Credit risk exposure by industries

The following tables analyze credit risk exposure by industries, which are finance and insurance, and others in accordance with the Korea Standard Industrial Classification Code as of March 31, 2023 and December 31, 2022 (Unit: Korean Won in millions):

	March 31, 2023
	Finance and insurance		Others		Total
Loans and other financial assets at amortized cost		2,266,643		2,926		2,269,569
Total		2,266,643		2,926		2,269,569

	December 31, 2022
	Finance and insurance		Others		Total
Loans and other financial assets at amortized cost		2,039,388		2,489		2,041,877
Financial assets at FVTPL		689		—		689
Total		2,040,077		2,489		2,042,566

3) Credit risk exposure

The maximum exposure to credit risk by asset quality, except for financial assets at FVTPL as of March 31, 2023 and December 31, 2022 is as follows (Unit: Korean Won in millions):

	March 31, 2023
	Stage 1				Stage 2				Stage 3		Total		Loss allowance			Total, net
Financial assets	Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Above appropriate credit rating (*1)		Less than a limited credit rating (*2)
Loans and other financial assets at amortized cost		2,269,925		—		—		—		—		2,269,925		(356	)		2,269,569
Banks		2,152,868		—		—		—		—		2,152,868		(356	)		2,152,512
Corporates		117,057		—		—		—		—		117,057		—			117,057
General business		117,057		—		—		—		—		117,057		—			117,057
Total		2,269,925		—		—		—		—		2,269,925		(356	)		2,269,569

(*1) Credit grade of corporates are AAA ~ BBB.

(*2) Credit grade of corporates are BBB- ~ C.

	December 31, 2022
	Stage 1				Stage 2				Stage 3		Total		Loss allowance			Total, net
Financial assets	Above appropriate credit rating (*1)		Less than a limited credit rating (*2)		Above appropriate credit rating (*1)		Less than a limited credit rating (*2)
Loans and other financial assets at amortized cost		2,042,192		—		—		—		—		2,042,192		(315	)		2,041,877
Banks		1,946,924		—		—		—		—		1,946,924		(315	)		1,946,609
Corporates		95,268		—		—		—		—		95,268		—			95,268
General business		95,268		—		—		—		—		95,268		—			95,268
Total		2,042,192		—		—		—		—		2,042,192		(315	)		2,041,877

(*1) Credit grade of corporates are AAA ~ BBB.

(*2) Credit grade of corporates are BBB- ~ C.

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WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

(2) Market risk

Market risk is the possible risk of loss arising from trading position and non-trading position as a result of the volatility of market factors such as interest rates, stock prices and foreign exchange rates, and the Company’s main market risk is interest rate risk.

The Company estimates and manages risks related to changes in interest rate due to the difference in the maturities of interest-bearing assets and liabilities and discrepancies in the terms of interest rates. Cash flows (both principal and interest), interest bearing assets and liabilities, presented by each re-pricing date, are as follows (Unit: Korean Won in millions):

	March 31, 2023
	Within 3 months (*1)		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Asset:
Loans and other financial assets at amortized cost (*1)		2,086,888		872,225		—		—		—		—		2,959,113
Financial assets at FVTOCI (*2)		—		—		—		—		—		325,083		325,083
Sub-total		2,086,888		872,225		—		—		—		325,083		3,284,196
Liability:
Debentures		7,843		267,698		7,012		7,012		380,437		943,992		1,613,994
	December 31, 2022
	Within 3 months (*1)		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Asset:
Loans and other financial assets at amortized cost (*1)		315,632		406,445		913,995		—		—		—		1,636,072
Financial assets at FVTOCI (*2)		—		—		—		—		—		312,771		312,771
Sub-total		315,632		406,445		913,995		—		—		312,771		1,948,843
Liability:
Debentures		7,843		7,843		267,698		7,011		382,167		949,275		1,621,837

(*1) The principal and interest cash flows of cash and cash equivalents are included in the cash flows within three months, with 2,086,888 million Won and 315,632 million Won as of March 31, 2023 and December 31, 2022, respectively.

(*2) Due to the uncertain timing of the sale, it is included in the section for over 5 years in accordance with the expiration of the remaining contract

- 14 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

(3) Liquidity risk

Liquidity risk refers to the risk that the Company may encounter difficulties in meeting obligations from its financial liabilities.

1) Liquidity risk management

Liquidity risk management is to prevent damages from potential liquidity shortages with effective risk management that could arise from mismatching the assets and liabilities or unexpected cash outflows. The financial liabilities in the statement of financial position that are relevant to liquidity risk are incorporated within the scope of risk management.

The Company manages liquidity risk by identifying the maturity gap and such gap ratio through various cash flows analysis (i.e. based on remaining maturity and contract period, etc.).

2) Maturity analysis of non-derivative financial liabilities

a) Cash flows of principals and interests by remaining contractual maturities of non-derivative financial liabilities are as follows (Unit: Korean Won in millions):

	March 31, 2023
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Debentures		7,843		267,698		7,012		7,012		380,437		943,992		1,613,994
Lease liabilities		777		774		772		757		2,380		—		5,460
Other financial liabilities (*)		719,942		233		726		233		9,942		—		731,076
Total		728,562		268,705		8,510		8,002		392,759		943,992		2,350,530

(*) It does not include lease liabilities.

	December 31, 2022
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Debentures		7,843		7,843		267,698		7,011		382,167		949,275		1,621,837
Lease liabilities		797		770		767		764		3,070		—		6,168
Other financial liabilities (*)		10,720		21,087		—		348		8,000		—		40,155
Total		19,360		29,700		268,465		8,123		393,237		949,275		1,668,160

(*) It does not include lease liabilities.

- 15 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

b) Cash flows of principals and interests by expected maturities of non-derivative financial liabilities are as follows (Unit: Korean Won in millions):

	March 31, 2023
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Debentures		7,843		267,698		7,012		7,012		380,437		943,992		1,613,994
Lease liabilities		777		774		772		757		2,380		—		5,460
Other financial liabilities (*)		719,942		233		726		233		9,942		—		731,076
Total		728,562		268,705		8,510		8,002		392,759		943,992		2,350,530

(*) It does not include lease liabilities.

	December 31, 2022
	Within 3 months		4 to 6 months		7 to 9 months		10 to 12 months		1 to 5 years		Over 5 years		Total
Debentures		7,843		7,843		267,698		7,011		382,167		949,275		1,621,837
Lease liabilities		797		770		767		764		3,070		—		6,168
Other financial liabilities (*)		10,720		21,087		—		348		8,000		—		40,155
Total		19,360		29,700		268,465		8,123		393,237		949,275		1,668,160

(*) It does not include lease liabilities.

3) Maturity analysis of derivative financial liabilities.

There are no fair value measured derivative financial liabilities as of March 31, 2023 and December 31, 2022.

5. STATEMENTS OF CASH FLOWS

(1) Details of cash and cash equivalents are as follows (Unit: Korean Won in millions):

	March 31, 2023		December 31, 2022
Demand deposits		745,900		18,361
Fixed deposits		715,000		295,000
Total		1,460,900		313,361

(2) Significant transactions of investing activities and financing activities not involving cash inflows and outflows are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2023		2022
Changes in unpaid dividends on common stocks		713,497		546,044
Changes in other comprehensive income related to valuation of financial assets at FVTOCI		9,024		3,264
Changes in right-of-use assets due to new contract		82		675
Changes in lease liabilities due to new contract		82		584

- 16 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

6. FINANCIAL ASSETS AT FVTPL

(1) Details of financial assets at FVTPL as of March 31, 2023 and December 31, 2022 are as follows (Unit: Korean Won in millions):

	March 31, 2023		December 31, 2022
Financial assets at FVTPL mandatorily measured at fair value		—		689

(2) Financial assets at FVTPL mandatorily measured at fair value are as follows (Unit: Korean Won in millions):

	March 31, 2023		December 31, 2022
Derivatives assets		—		689

(3) Financial assets at FVTPL designated as upon initial recognition is nil among financial assets at FVTPL as of March 31, 2023 and December 31, 2022.

7. FINANCIAL ASSETS AT FVTOCI

(1) Details of financial assets at FVTOCI as of March 31, 2023 and December 31, 2022 are as follows (Unit: Korean Won in millions):

	March 31, 2023		December 31, 2022
Hybrid securities		325,083		312,771

(2) Details of equity securities designated as financial assets at FVTOCI as of March 31, 2023 and December 31, 2022 are as follows (Unit: Korean Won in millions):

Purpose of acquisition	March 31, 2023		December 31, 2022
Investment for political purpose		325,083		312,771

8. LOANS AND OTHER FINANCIAL ASSETS AT AMORTIZED COST

(1) Details of loans and other financial assets at amortized cost as of March 31, 2023 and December 31, 2022 are as follows (Unit: Korean Won in millions):

	March 31, 2023		December 31, 2022
Due from banks		1,469,647		1,299,687
Other financial assets		799,922		742,190
Total		2,269,569		2,041,877

(2) Details of due from banks are as follows (Unit: Korean Won in millions):

	March 31, 2023			December 31, 2022
Due from banks in local currency:
Due from depository banks		1,470,000			1,300,000
Loss allowance		(353	)		(313	)
Total		1,469,647			1,299,687

- 17 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

(3) Changes in the allowance for credit losses and gross carrying amount of due from banks are as follows (Unit: Korean Won in millions):

1) Allowance for credit losses

	For the three-month period ended March 31, 2023
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(313	)		—		—		(313	)
Provision of allowance for credit loss		(40	)		—		—		(40	)
Ending balance		(353	)		—		—		(353	)

	For the three-month period ended March 31, 2022
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(72	)		—		—		(72	)
Provision of allowance for credit loss		(273	)		—		—		(273	)
Ending balance		(345	)		—		—		(345	)

2) Gross carrying amount

	For the three-month period ended March 31, 2023
	Stage 1		Stage 2		Stage 3		Total
Beginning balance		1,300,000		—		—		1,300,000
Net increase(decrease)		170,000		—		—		170,000
Ending balance		1,470,000		—		—		1,470,000

	For the three-month period ended March 31, 2022
	Stage 1		Stage 2		Stage 3		Total
Beginning balance		160,000		—		—		160,000
Net increase(decrease)		610,000		—		—		610,000
Ending balance		770,000		—		—		770,000

(4) Details of other financial assets are as follows (Unit: Korean Won in millions):

	March 31, 2023			December 31, 2022
Receivables		770,076			724,101
Accrued income		27,730			15,991
Lease deposits		2,119			2,101
Loss allowance		(3	)		(3	)
Total		799,922			742,190

- 18 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

(5) Changes in the allowances for credit losses and gross carrying amount of other financial assets are as follows (Unit: Korean Won in millions).

1) Allowance for credit losses

	For the three-month period ended March 31, 2023
	Stage 1			Stage 2		Stage 3		Total
Beginning balance		(3	)		—		—		(3	)
Provision of allowance for credit loss		—			—		—		—
Ending balance		(3	)		—		—		(3	)

	For the three-month period ended March 31, 2022
	Stage 1		Stage 2		Stage 3		Total
Beginning balance		—		—		—		—
Reversal of allowance for credit loss		—		—		—		—
Ending balance		—		—		—		—

2) Gross carrying amount

	For the three-month period ended March 31, 2023
	Stage 1		Stage 2		Stage 3		Total
Beginning balance		742,193		—		—		742,193
Net increase(decrease)		57,732		—		—		57,732
Ending balance		799,925		—		—		799,925

	For the three-month period ended March 31, 2022
	Stage 1		Stage 2		Stage 3		Total
Beginning balance		473,182		—		—		473,182
Net increase(decrease)		287,503		—		—		287,503
Ending balance		760,685		—		—		760,685

- 19 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

9. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

(1) The fair value hierarchy

The fair value hierarchy is determined by the levels of judgment involved in estimating fair values of financial assets and liabilities. The specific financial instruments characteristics and market condition such as volume of transactions and transparency are reflected to the market observable inputs. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value of its financial assets and financial liabilities. Fair value is measured based on the perspective of a market participant. As such, even when market assumptions are not readily available, the Company’s own assumptions reflect those that market participants would use for measuring the assets or liabilities at the measurement date.

The fair value measurement is described in the one of the following three levels used to classify fair value measurements:

• Level 1—fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. The types of financial assets or liabilities generally included in Level 1 are publicly traded equity securities, derivatives, and debt securities issued by governmental bodies.

• Level 2—fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. prices) or indirectly (i.e. derived from prices). The types of financial assets or liabilities generally included in Level 2 are debt securities not traded in active markets and derivatives traded in OTC but not required significant judgment.

• Level 3—fair value measurements are those derived from valuation technique that include inputs for the assets or liabilities that are not based on observable market data (unobservable inputs). The types of financial assets or liabilities generally included in Level 3 are non-public securities and derivatives and debt securities of which valuation techniques require significant judgments and subjectivity.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to a fair value measurement in its entirety requires judgment and consideration of inherent factors of the asset or liability.

(2) Fair value hierarchy of financial assets and liabilities measured at fair value are as follows (Unit: Korean Won in millions):

	March 31, 2023
	Level 1		Level 2		Level 3		Total
Financial assets:
Financial assets at FVTPL
Derivative assets		—		—		—		—
Financial assets at FVTOCI
Hybrid securities		—		—		325,083		325,083

	December 31, 2022
	Level 1		Level 2		Level 3		Total
Financial assets:
Financial assets at FVTPL
Derivative assets		—		—		689		689
Financial assets at FVTOCI
Hybrid securities		—		—		312,771		312,771

Financial assets measured at FVTPL and financial assets measured at FVTOCI are recognized at fair value. Fair value is the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.

- 20 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

Financial instruments are measured at fair value using a quoted market price in active markets. If there is no active market for a financial instrument, the Company determines the fair value using valuation methods. Valuation methods and input variables for each type of financial instruments are as follows:

	Valuation methods	Input variables
Derivatives	As the transaction price of the forward contract is tentatively determined, the discounted cash flow method is used to calculate the fair values of the underlying asset, and based on this, the fair value of derivative is calculated.	Values of underlying assets
Hybrid securities	The fair value is measured using the Hull and White model and the Monte Carlo Simulations.	YTM Matrix, Additive spread by grade, Risk spread by entity, Effective Credit rating, Issuing information by item, Interest rate volatility estimate

Valuation methods of financial assets and liabilities measured at fair value and classified into Level 3 and significant but unobservable inputs are as follows:

	Fair value measurement technique	Type	Significant unobservable inputs	Range	Impact of changes in significant unobservable inputs on fair value measurement
Derivative assets	The discounted cash flow method	Equity related	Discount rate	9.25% ~ 11.25%	Variation of fair value and derivative assets decrease as discount rate increase.
Hybrid securities	Hull and White model and others	Hybrid securities related	Interest rate (YTM), Market rate	Interest rate 3.24% ~ 3.39% Market rate 4.12% ~ 6.64%	Variation of fair value increases as variation of interest rate (YTM) increases.

The fair value of financial assets classified as level 3 uses external valuation figures.

(3) Changes in financial assets and liabilities measured at fair value classified into Level 3 are as follows (Unit: Korean Won in millions):

	For the three-month period ended March 31, 2023
	Beginning balance		Net Income (loss)		Other comprehensive income		Purchases/ issuances		Disposals/ settlements			Transfer to or out of Level 3		Ending balance
Financial assets:
Financial assets at FVTPL
Derivative assets		689		2,023		—		—		(2,712	)		—		—
Financial assets at FVTOCI
Hybrid securities		312,771		—		12,312		—		—			—		325,083
Financial liabilities at FVTPL
Derivative liabilities		—		—		—		—		—			—		—

- 21 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

	For the three-month period ended March 31, 2022
	Beginning balance		Net Income (loss)		Other comprehensive income		Purchases/ issuances		Disposals/ settlements		Transfer to or out of Level 3		Ending balance
Financial assets:
Financial assets at FVTPL
Derivative assets		—		—		—		—		—		—		—
Financial assets at FVTOCI
Hybrid securities		146,294		—		4,503		200,000		—		—		350,797
Financial liabilities at FVTPL
Derivative liabilities		329		—		—		—		—		—		329

(4) Sensitivity analysis results on reasonable fluctuation of the significant unobservable input variables for the fair value of Level 3 financial instruments are as follows.

The sensitivity analysis on financial instruments shows how changes in unobservable inputs affect changes in fair value of the instruments through favorable and unfavorable changes. When the fair value of a financial instrument is affected by more than one unobservable assumption, the below table reflects the most favorable or the most unfavorable changes which resulted from varying the assumptions individually. The sensitivity analysis was performed for equity related derivatives of which fair value changes are recognized as net income and hybrid securities of which fair value changes are recognized as other comprehensive income among level 3 financial instruments.

The following table presents the sensitivity analysis to disclose the effect of reasonably possible volatility on the fair value of a Level 3 financial instruments (Unit: Korean Won in millions):

	March 31, 2023
	Net income (loss)				Other comprehensive income (loss)
	Favorable		Unfavorable		Favorable		Unfavorable
Financial assets:
Financial liabilities at FVTPL
Derivative assets		—		—		—		—
Financial assets at FVTOCI
Hybrid securities (*1)		—		—		10,005		(9,679	)

(*1) Fair value changes of hybrid securities are calculated by increasing or decreasing market rate, which is the major unobservable variable, by 1%, respectively.

	December 31, 2022
	Net income (loss)					Other comprehensive income (loss)
	Favorable		Unfavorable			Favorable		Unfavorable
Financial assets:
Financial assets at FVTPL
Derivative assets (*1)		16,523		(13,279	)		—		—
Financial assets at FVTOCI
Hybrid securities (*2)		—		—			10,347		(9,988	)

(*1) Fair value changes of equity related derivatives are calculated by increasing or decreasing stock price volatility rate of underlying assets and correlation, which are major unobservable variables, by 1%, respectively.

(*2) Fair value changes of hybrid securities are calculated by increasing or decreasing market rate, which is the major unobservable variable, by 1%, respectively.

- 22 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

(5) Fair value and carrying amount of financial liabilities that are recorded at amortized cost are as follows (Unit: Korean Won in millions):

	March 31, 2023
	Fair value								Book Value
	Level 1		Level 2		Level 3		Total
Financial assets:
Loans and other financial assets at amortized cost (*)		—		—		2,269,569		2,269,569		2,269,569
Financial liabilities:
Debentures		—		1,335,572		—		1,335,572		1,447,912
Other financial liabilities (*)		—		—		731,077		731,077		731,077

(*) The carrying amount is disclosed at fair value considering the carrying amount as an approximation of fair value.

	December 31, 2022
	Fair value								Book Value
	Level 1		Level 2		Level 3		Total
Financial assets:
Loans and other financial assets at amortized cost (*)		—		—		2,041,877		2,041,877		2,041,877
Financial liabilities:
Debentures		—		1,277,164		—		1,277,164		1,447,762
Other financial liabilities (*)		—		—		40,155		40,155		40,155

(*) The carrying amount is disclosed at fair value considering the carrying amount as an approximation of fair value.

The fair values of financial instruments are measured using quoted market price in active markets. In case there is no active market for financial instruments, the Company determines the fair value using valuation methods. For the disclosed items in which book value is considered to be the approximate value of fair value, valuation techniques and input variables are not disclosed. Valuation techniques and input variables for the fair value of financial liabilities that are recorded at amortized cost are as follows:

	Valuation methods	Input variables
Debentures	The fair value is measured by discounting the projected cash flows of debt products by applying the market discount rate that is reflecting credit rating of the Company.	Risk-free market rate, etc.

- 23 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

(6) Financial instruments by category

Carrying amounts of financial assets and liabilities by each category are as follows (Unit: Korean Won in millions):

	March 31, 2023
Financial assets	Financial assets at FVTPL		Financial assets at FVTOCI		Financial assets at amortized cost		Total
Deposits		—		—		1,469,647		1,469,647
Hybrid securities		—		325,083		—		325,083
Other financial assets		—		—		799,922		799,922
Total		—		325,083		2,269,569		2,594,652

	December 31, 2022
Financial assets	Financial assets at FVTPL		Financial assets at FVTOCI		Financial assets at amortized cost		Total
Deposits		—		—		1,299,687		1,299,687
Hybrid securities		—		312,771		—		312,771
Derivative assets		689		—		—		689
Other financial assets		—		—		742,190		742,190
Total		689		312,771		2,041,877		2,355,337

	March 31, 2023				December 31, 2022
Financial liabilities	Financial liabilities at FVTPL		Financial liabilities at amortized cost		Financial liabilities at FVTPL		Financial liabilities at amortized cost
Debentures		—		1,447,912		—		1,447,762
Other financial liabilities		—		731,077		—		40,155
Total		—		2,178,989		—		1,487,917

- 24 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

(7) Income or expense from financial instruments by category

Income or expense from financial assets and liabilities by each category for the three-month periods ended March 31, 2023 and 2022 are as follows (Unit: Korean Won in millions):

	For the three-month period ended March 31, 2023
	Interest Income (expense)			Reversal of credit loss			Gains (losses)		Others		Total
Financial assets at FVTPL		—			—			2,023		—		2,023
Financial assets at FVTOCI		—			—			—		3,466		3,466
Loans and other financial assets at amortized cost (*)		13,706			(41	)		—		—		13,665
Financial liabilities at amortized cost		(7,956	)		—			—		—		(7,956	)
Total		5,750			(41	)		2,023		3,466		11,198

(*) 6,374 million Won interest income of cash and cash equivalents are included.

	For the three-month period ended March 31, 2022
	Interest Income (expense)			Reversal of credit loss			Gains (losses)		Others		Total
Financial assets at FVTPL		—			—			—		—		—
Financial assets at FVTOCI		—			—			—		1,290		1,290
Loans and other financial assets at amortized cost (*)		1,772			(273	)		—		—		1,499
Financial liabilities at amortized cost		(7,172	)		—			—		—		(7,172	)
Total		(5,400	)		(273	)		—		1,290		(4,383	)

(*) 1,012 million Won interest income of cash and cash equivalents are included.

- 25 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

10. INVESTMENTS IN SUBSIDIARIES

(1) Details of Investments in subsidiaries are as follows (Unit: Korean Won in millions and number of shares):

Subsidiaries	Location		Capital stock		Main business
Woori Bank		Korea		3,581,400	Finance
Woori Card Co., Ltd.		Korea		896,300	Finance
Woori Financial Capital Co., Ltd.		Korea		373,800	Finance
Woori Investment Bank Co., Ltd.		Korea		437,100	Other credit finance
Woori Asset Trust Co., Ltd.		Korea		15,300	Finance
Woori Savings Bank		Korea		124,000	Savings bank business
Woori F&I Co., Ltd.		Korea		20,000	Finance
Woori Asset Management Corp		Korea		20,000	Finance
Woori Venture Partners Co., Ltd.		Korea		50,000	Finance
Woori Global Asset Management Co., Ltd.		Korea		20,000	Finance
Woori Private Equity Asset Management Co., Ltd.		Korea		80,000	Finance
Woori Credit Information Co., Ltd.		Korea		5,000	Credit information
Woori Fund Service Co., Ltd.		Korea		10,000	Finance
Woori FIS Co., Ltd.		Korea		24,500	System software development & maintenance
Woori Finance Research Institute Co., Ltd.		Korea		3,000	Other service business

	March 31, 2023						December 31, 2022
Subsidiaries (*1)	Number of shares		Percentage of ownership (%) (*2)		Financial statements date of use		Number of shares		Percentage of ownership (%) (*2)		Financial statements date of use
Woori Bank		716,000,000		100.0		March 31, 2023		716,000,000		100.0		December 31, 2022
Woori Card Co., Ltd.		179,266,200		100.0		March 31, 2023		179,266,200		100.0		December 31, 2022
Woori Financial Capital Co., Ltd.		74,757,594		100.0		March 31, 2023		74,757,594		100.0		December 31, 2022
Woori Investment Bank Co., Ltd.		513,162,392		58.7		March 31, 2023		513,162,392		58.7		December 31, 2022
Woori Asset Trust Co., Ltd.		2,210,600		95.3		March 31, 2023		1,560,000		67.2		December 31, 2022
Woori Savings Bank		24,802,623		100.0		March 31, 2023		24,802,623		100.0		December 31, 2022
Woori F&I Co., Ltd.		4,000,000		100.0		March 31, 2023		4,000,000		100.0		December 31, 2022
Woori Asset Management Corp		2,920,000		73.0		March 31, 2023		2,920,000		73.0		December 31, 2022
Woori Venture Partners Co., Ltd.		52,000,000		53.9		March 31, 2023		—		—		—
Woori Global Asset Management Co., Ltd.		4,000,000		100.0		March 31, 2023		4,000,000		100.0		December 31, 2022
Woori Private Equity Asset Management Co., Ltd.		16,000,000		100.0		March 31, 2023		6,000,000		100.0		December 31, 2022
Woori Credit Information Co., Ltd.		1,008,000		100.0		March 31, 2023		1,008,000		100.0		December 31, 2022
Woori Fund Service Co., Ltd.		2,000,000		100.0		March 31, 2023		2,000,000		100.0		December 31, 2022
Woori FIS Co., Ltd.		4,900,000		100.0		March 31, 2023		4,900,000		100.0		December 31, 2022
Woori Finance Research Institute Co., Ltd.		600,000		100.0		March 31, 2023		600,000		100.0		December 31, 2022

(*1) Only subsidiaries invested directly by the Company are included.

(*2) The percentage is based on the effective shareholding rate relative to the number of stocks outstanding.

- 26 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

(2) Changes in the carrying value of investments in subsidiaries are as follows (Unit: Korean Won in millions):

	For the three-month period ended March 31, 2023
	Beginning balance		Acquisition		Disposal		Ending balance
Woori Bank		18,921,151		—		—		18,921,151
Woori Card Co., Ltd.		1,118,367		—		—		1,118,367
Woori Financial Capital Co., Ltd.		1,003,206		—		—		1,003,206
Woori Investment Bank Co., Ltd.		447,673		—		—		447,673
Woori Asset Trust Co., Ltd.(*1)		224,198		179,444		—		403,642
Woori Savings Bank		213,238		—		—		213,238
Woori F&I Co., Ltd.		200,000		—		—		200,000
Woori Asset Management Corp		122,449		—		—		122,449
Woori Venture Partners Co., Ltd.(*2)		—		212,522		—		212,522
Woori Global Asset Management Co., Ltd.		33,000		—		—		33,000
Woori Private Equity Asset Management Co., Ltd.		57,797		—		—		57,797
Woori Credit Information Co., Ltd		16,466		—		—		16,466
Woori Fund Service Co., Ltd.		13,939		—		—		13,939
Woori FIS Co., Ltd.		21,754		—		—		21,754
Woori Finance Research Institute Co., Ltd.		1,677		—		—		1,677
Total		22,394,915		391,966		—		22,786,881

(*1) Woori Asset Trust Co Ltd 28.1% (excluding treasury stocks) as of March 31, 2023. In the case of including treasury stocks, the share ratio was 21.3%), and an additional stake was acquired.

(*2) 53.9% stake in Daol Investment Co Ltd (excluding treasury stocks) on March 23, 2023. In the case of including treasury stocks, the share ratio was 52.0%) and the Company name was changed to Woori Venture Partners Co., Ltd.

	For the three-month period ended March 31, 2022
	Beginning balance		Acquisition		Disposal		Ending balance
Woori Bank		18,921,151		—		—		18,921,151
Woori Card Co., Ltd.		1,118,367		—		—		1,118,367
Woori Financial Capital Co., Ltd.		1,003,206		—		—		1,003,206
Woori Investment Bank Co., Ltd.		447,673		—		—		447,673
Woori Asset Trust Co., Ltd.		224,198		—		—		224,198
Woori Savings Bank		213,238		—		—		213,238
Woori F&I Co., Ltd.(*)		—		200,000		—		200,000
Woori Asset Management Corp		122,449		—		—		122,449
Woori Global Asset Management Co., Ltd.		33,000		—		—		33,000
Woori Private Equity Asset Management Co., Ltd.		7,797		—		—		7,797
Woori Credit Information Co., Ltd		16,466		—		—		16,466
Woori Fund Service Co., Ltd.		13,939		—		—		13,939
Woori FIS Co., Ltd.		21,754		—		—		21,754
Woori Finance Research Institute Co., Ltd.		1,677		—		—		1,677
Total		22,144,915		200,000		—		22,344,915

(*) On January 7, 2022, Woori Financial F&I Co., Ltd. was established (100% stake, 200 billion won in stock payments) and included as a subsidiary.

- 27 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

11. PREMISES AND EQUIPMENT

(1) Details of premises and equipment as of March 31, 2023 and December 31, 2022 are as follows (Unit: Korean Won in millions):

	March 31, 2023
	Building		Equipment and Vehicles		Leasehold improvements		Total
Premises and equipment (owned)		—		1,650		2,825		4,475
Right-of-use asset		5,440		505		—		5,945
Total		5,440		2,155		2,825		10,420

	December 31, 2022
	Building		Equipment and Vehicles		Leasehold improvements		Total
Premises and equipment (owned)		—		1,944		3,125		5,069
Right-of-use asset		5,462		521		—		5,983
Total		5,462		2,465		3,125		11,052

(2) Details of premises and equipment (owned) as of March 31, 2023 and December 31, 2022 are as follows (Unit: Korean Won in millions):

	March 31, 2023
	Equipment and Vehicles			Leasehold improvements			Total
Acquisition cost		6,019			6,112			12,131
Accumulated depreciation		(4,369	)		(3,287	)		(7,656	)
Net carrying amount		1,650			2,825			4,475

	December 31, 2022
	Equipment and Vehicles			Leasehold improvements			Total
Acquisition cost		6,012			6,107			12,119
Accumulated depreciation		(4,068	)		(2,982	)		(7,050	)
Net carrying amount		1,944			3,125			5,069

(3) Details of changes in premises and equipment (owned) are as follows (Unit: Korean Won in millions):

	For the three-month period ended March 31, 2023
	Equipment and Vehicles			Leasehold improvements			Total
Beginning balance		1,944			3,125			5,069
Acquisitions		7			6			13
Depreciation		(301	)		(306	)		(607	)
Ending balance		1,650			2,825			4,475

	For the three-month period ended March 31, 2022
	Equipment and Vehicles			Leasehold improvements			Total
Beginning balance		2,676			2,411			5,087
Acquisitions		2			—			2
Depreciation		(279	)		(216	)		(495	)
Ending balance		2,399			2,195			4,594

- 28 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

(4) Details of right-of-use assets as of March 31, 2023 and December 31, 2022 are as follows (Unit: Korean Won in millions):

	March 31, 2023
	Building			Equipment and Vehicles			Total
Acquisition cost		5,825			1,273			7,098
Accumulated depreciation		(385	)		(768	)		(1,153	)
Net carrying amount		5,440			505			5,945

	December 31, 2022
	Building			Equipment and Vehicles			Total
Acquisition cost		10,320			1,191			11,511
Accumulated depreciation		(4,858	)		(670	)		(5,528	)
Net carrying amount		5,462			521			5,983

(5) Details of changes in right-of-use assets for the three-month periods ended March 31, 2023 and 2022 are as follows (Unit: Korean Won in millions):

	For the three-month period ended March 31, 2023
	Building			Equipment and Vehicles			Total
Beginning balance		5,462			521			5,983
New contracts		—			82			82
Depreciation		(777	)		(98	)		(875	)
Others		755			—			755
Ending balance		5,440			505			5,945

	For the three-month period ended March 31, 2022
	Building			Equipment and Vehicles			Total
Beginning balance		2,272			431			2,703
New contracts		314			361			675
Depreciation		(609	)		(97	)		(706	)
Others		—			—			—
Ending balance		1,977			695			2,672

12. INTANGIBLE ASSETS

(1) Details of intangible assets are as follows (Unit: Korean Won in millions):

	March 31, 2023
	Software			Development cost			Membership deposit		Assets under construction		Total
Acquisition cost		3,866			3,500			2,371		289		10,026
Accumulated amortization		(3,290	)		(1,891	)		—		—		(5,181	)
Net carrying amount		576			1,609			2,371		289		4,845

	December 31, 2022
	Software			Development cost			Membership deposit		Total
Acquisition cost		3,866			3,500			2,371		9,737
Accumulated amortization		(3,162	)		(1,716	)		—		(4,878	)
Net carrying amount		704			1,784			2,371		4,859

- 29 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

(2) Details of changes in intangible assets are as follows (Unit: Korean Won in millions):

	For the three-month period ended March 31, 2023
	Software			Development cost			Membership deposit		Assets under construction		Total
Beginning balance		704			1,784			2,371		—		4,859
Acquisitions		—			—			—		289		289
Amortization		(128	)		(175	)		—		—		(303	)
Replace		—			—			—		—		—
Ending balance		576			1,609			2,371		289		4,845

	For the three-month period ended March 31, 2022
	Software			Development cost			Membership deposit		Assets under construction		Total
Beginning balance		882			1,918			2,371		—		5,171
Acquisitions		278			—			—		—		278
Amortization		(141	)		(150	)		—		—		(291	)
Ending balance		1,019			1,768			2,371		—		5,158

13. OTHER ASSETS

Details of other assets are as follows (Unit: Korean Won in millions):

	March 31, 2023		December 31, 2022
Prepaid expenses		517		322

14. DEBENTURES

Details of debentures are as follows (Unit: Korean Won in millions):

	March 31, 2023					December 31, 2022
	Interest rate (%)		Amount			Interest rate (%)		Amount
Face value of bonds:
General bonds		1.23~3.90		500,000			1.23~3.90		500,000
Subordinated bonds		2.13~2.55		950,000			2.13~2.55		950,000
Sub-total				1,450,000					1,450,000
Deducted item:
Discounts on bonds				(2,088	)				(2,238	)
Total				1,447,912					1,447,762

- 30 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

15. PROVISIONS

(1) Details of provisions are as follows (Unit: Korean Won in millions):

	March 31, 2023		December 31, 2022
Asset retirement obligation		1,253		487

(2) Changes in asset retirement obligation are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2023			2022
Beginning balance		487			394
Increase		865			87
Amortization		12			1
Others		(111	)		—
Ending balance		1,253			482

16. NET DEFINED BENEFIT LIABILITY(ASSET)

The Company’s pension plan is based on the defined benefit retirement pension plan. Employees and directors with one or more years of service are entitled to receive a payment upon termination of their employment, based on their length of service and rate of salary at the time of termination. The assets of the plans are measured at their fair value at the end of reporting date. The plan liabilities are measured using the projected unit method, which takes into account of projected earnings’ increase, using actuarial assumptions that give the best estimate of the future cash flows that will arise under the plan liabilities.

The Company is exposed to various risks through defined benefit retirement pension plan, and the most significant risks are as follows:

Volatility of asset	The defined benefit obligation was estimated with an interest rate calculated based on blue chip corporate bonds earnings. A deficit may occur if the rate of return of plan assets falls short of the interest rate.
Decrease in profitability of blue chip bonds	A decrease in profitability of blue chip bonds will be offset by some increase in the value of debt securities that the employee benefit plan owns but will bring an increase in the defined benefit obligation.
Risk of inflation	Defined benefit obligations are related to inflation rate; the higher the inflation rate is, the higher the level of liabilities. Therefore, deficit occurs in the system if an inflation rate increases.

(1) Details of net defined benefit liability(asset) are as follows (Unit: Korean Won in millions):

	March 31, 2023			December 31, 2022
Present value of defined benefit obligation		(14,955	)		(18,660	)
Fair value of plan assets		17,426			24,607
Net defined benefit asset		2,471			5,947

- 31 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

(2) Changes in the carrying value of defined benefit obligation are as follows (Unit: Korean Won in millions):

		For the three-month periods ended March 31
		2023			2022
Beginning balance			18,660			20,966
Transfer-in / out			(4,778	)		329
Current service cost			999			696
Interest cost			242			152
Remeasurements	Financial assumption		546			(1,392	)
	Experience adjustment		1,141			818
Retirement benefit paid			(1,322	)		(366	)
Others			(533	)		(152	)
Ending balance			14,955			21,051

(3) Changes in the plan assets are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2023			2022
Beginning balance		24,607			22,482
Transfer-in / out		(5,563	)		309
Interest income		334			171
Remeasurements		(143	)		(81	)
Retirement benefit paid		(1,809	)		(663	)
Ending balance		17,426			22,218

(4) The fair value of plan assets as of March 31, 2023 and December 31, 2022 is as follows (Unit: Korean Won in millions):

	March 31, 2023		December 31, 2022
Cash and Deposit		17,426		24,607

Meanwhile, the actual revenue of plan assets for the three-month periods ended March 31, 2023 and 2022 is 191 million Won and 90 million Won, respectively.

(5) The amount recognized in profit or loss and total comprehensive income related to the defined benefit plan for the three-month periods ended March 31, 2023 and 2022 is as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2023			2022
Current service cost		999			696
Net interest expense(income)		(92	)		(19	)
Cost recognized in net income		907			677
Remeasurements (*)		1,830			(493	)
Cost recognized in total comprehensive income		2,737			184

(*) The amount is before income tax expense effect.

- 32 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

17. OTHER FINANCIAL LIABILITIES AND OTHER LIABILITIES

Other financial liabilities and other liabilities are as follows (Unit: Korean Won in millions):

	March 31, 2023		December 31, 2022
Other financial liabilities:
Accounts payable		716,974		20,243
Accrued expenses		14,103		19,912
Lease liabilities		5,226		5,884
Sub-total		736,303		46,039
Other liabilities:
Other miscellaneous liabilities		2,678		591
Total		738,981		46,630

18. DERIVATIVES

Derivative assets and derivative liabilities are as follows (Unit: Korean Won in millions):

	March 31, 2023				December 31, 2022
	Nominal amount		Assets		Nominal amount		Assets
Equity Forwards		—		—		176,720		689

Derivatives assets were terminated by the acquisition of additional shares in Woori Asset Trust as of March 31, 2023 (see Note 6, Notes 9).

19. EQUITY

(1) Details of equity as of March 31, 2023 and December 31, 2022 are as follows (Unit: Korean Won in millions):

	March 31, 2023			December 31, 2022
Capital		3,640,303			3,640,303
Hybrid securities		3,411,501			3,112,273
Capital surplus (*1)		10,909,281			10,909,281
Accumulated other comprehensive income treasury stock		(26	)		(26	)
Financial assets at FVTOCI		(18,482	)		(26,160	)
Sub-Total		(18,508	)		(26,186	)
Retained earnings (*1) (*2)		5,973,699			5,261,231
Total		23,916,276			22,896,902

(*1) The regulatory reserve for credit loss in retained earnings amounted to 3,697 million won and 2,356 million won as of March 31, 2023 and December 31, 2022 in accordance with the relevant regulation.

(*2) The earned surplus reserve in retained earnings amounted to 300,190 million won and 181,860 million won as of March 31, 2023 and December 31, 2022 in accordance with the Article 53 of the Financial Holding Company Act.

(2) The number of authorized shares and others of the Company are as follows:

	March 31, 2023		December 31, 2022
Shares of common stock authorized		4,000,000,000 Shares		4,000,000,000 Shares
Par value		5,000 Won		5,000 Won
Shares of common stock issued		728,060,549 Shares		728,060,549 Shares
Capital stock		3,640,303 million won		3,640,303 million won

- 33 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

(3) Hybrid securities

The bond-type hybrid securities classified as owner’s equity are as follows (Unit: Korean Won in millions):

	Issue date		Maturity		Interest rate (%)		March 31, 2023			December 31, 2022
Securities in local currency		2019-07-18		—		3.49		500,000			500,000
Securities in local currency		2019-10-11		—		3.32		500,000			500,000
Securities in local currency		2020-02-06		—		3.34		400,000			400,000
Securities in local currency		2020-06-12		—		3.23		300,000			300,000
Securities in local currency		2020-10-23		—		3.00		200,000			200,000
Securities in local currency		2021-04-08		—		3.15		200,000			200,000
Securities in local currency		2021-10-14		—		3.60		200,000			200,000
Securities in local currency		2022-02-17		—		4.10		300,000			300,000
Securities in local currency		2022-07-28		—		4.99		300,000			300,000
Securities in local currency		2022-10-25		—		5.97		220,000			220,000
Securities in local currency		2023-02-10		—		4.65		300,000			—
Issuance cost								(8,499	)		(7,727	)
Total								3,411,501			3,112,273

The hybrid securities mentioned above do not have maturity date but are redeemable after 5 years from the date of issuance.

(4) Accumulated other comprehensive income

Changes in the accumulated other comprehensive income are as follows (Unit: Korean Won in millions):

	For the three-month period ended March 31, 2023
	Beginning balance			Increase (decrease)			Income tax effect			Ending balance
Net gain(loss) on valuation of financial assets at FVTOCI		(27,364	)		12,311			(3,287	)		(18,340	)
Remeasurement gain(loss) related to defined benefit plan		1,204			(1,829	)		483			(142	)
Total		(26,160	)		10,482			(2,804	)		(18,482	)
	For the three-month period ended March 31, 2022
	Beginning balance			Increase (decrease)			Income tax effect			Ending balance
Net gain(loss) on valuation of financial assets at FVTOCI		(2,688	)		4,502			(1,238	)		576
Remeasurement loss related to defined benefit plan		(1,160	)		493			(136	)		(803	)
Total		(3,848	)		4,995			(1,374	)		(227	)

- 34 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

(5) Regulatory Reserve for Credit Loss

In accordance with Article 26 ~ 28 of the Financial holding company Supervision Regulations, the Company calculates and discloses the regulatory reserve for credit loss.

1) Balance of the regulatory reserve for credit loss

Balance of the planned regulatory reserve for credit loss is as follows (Unit: Korean Won in millions):

	March 31, 2023		December 31, 2022
Beginning balance		3,697		2,356
Planned provision of regulatory reserve for credit loss		289		1,341
Ending balance		3,986		3,697

2) Provision of regulatory reserve for credit loss, adjusted net income after the provision of regulatory reserve and others

Planned reserves provided, adjusted net income after the planned reserves provided and adjusted EPS after the planned reserves provided are as follows (Unit: Korean Won in millions, except for EPS amount):

	For the three-month periods ended March 31
	2023			2022
Net income before regulatory reserve		1,456,379			1,233,390
Provision of regulatory reserve for credit loss		289			1,436
Adjusted net income after the provision of regulatory reserve		1,456,090			1,231,954
Dividends to hybrid securities		(30,414	)		(19,150	)
Adjusted net income after regulatory reserve and dividends to hybrid securities		1,425,676			1,212,804
Adjusted EPS after regulatory reserve and dividends to hybrid securities (Unit: Korean Won)		1,958			1,666

(6) There were no changes in treasury stock for the 31 March 2023 and the 31 March 2022.

20. DIVIDENDS

Dividends per share and the total dividends for the fiscal year ending December 31, 2022 were 980 Won and 713,497 million Won, respectively, was approved at the regular general shareholders’ meeting held on March 24, 2023, and paid in April 2023.

- 35 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

21. NET INTEREST INCOME

(1) Interest income recognized is as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2023		2022
Interest on due from banks		13,687		1,766
Other interest income		19		6
Total		13,706		1,772

(2) Details of interest expense recognized are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2023		2022
Interest on debentures		7,955		7,172
Other interest expense		12		1
Interest on lease liabilities		57		10
Total		8,024		7,183

- 36 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

22. NET FEES AND COMMISSIONS INCOME

(1) Details of fees and commissions income recognized are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2023		2022
Fees and commissions income		399		326

(2) Details of fees and commissions expense incurred are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2022		2021
Fees and commissions paid		1,267		738
Others		2,469		2,245
Total		3,736		2,983

23. DIVIDEND INCOME

Details of dividend income recognized are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2023		2022
Dividend income recognized from investments in subsidiaries		1,465,825		1,259,426
Dividend income recognized from FVTOCI		3,466		1,290
Total		1,469,291		1,260,716

24. NET GAIN OR LOSS ON FINANCIAL INSTRUMENTS AT FVTPL

(1) Details of gain or loss related to net gain or loss on financial instruments at FVTPL are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2023		2022
Gains and losses on financial instruments at FVTPL mandatorily measured at fair value		2,023		—

(2) Details of net gain or loss on financial instrument at FVTPL are as follows (Unit: Korean Won in millions):

			For the year ended December 31, 2022		For the year ended December 31, 2021
Derivatives (Held for trading)	Equity derivatives	Gain on transactions and valuation		2,023		—

25. REVERSAL(PROVISION) FOR IMPAIRMENT LOSSES DUE TO CREDIT LOSS

Details of reversal for impairment losses due to credit loss recognized are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2023			2022
Reversal(Provision) for impairment losses due to credit loss on loans and other financial assets at amortized cost		(41	)		(273	)

- 37 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

26. GENERAL AND ADMINISTRATIVE EXPENSES

(1) Details of general and administrative expenses recognized are as follows (Unit: Korean Won in millions):

			For the three-month periods ended March 31
			2023			2022
Employee benefits	Short-term employee benefits	Salaries		7,243			7,396
		Employee fringe benefits		2,703			2,919
	Retirement benefit service costs			907			677
	Share based payments			(170	)		1,381
	Sub-total			10,683			12,373
Depreciation and amortization				1,785			1,492
Other general and administrative expenses	Rent			452			381
	Taxes and public dues			206			194
	Service charges			655			885
	Computer and IT related			1,598			1,474
	Telephone and communication			120			106
	Operating promotion			425			300
	Advertising			25			44
	Printing			15			14
	Traveling			73			21
	Supplies			34			46
	Insurance premium			50			48
	Reimbursement			263			285
	Vehicle maintenance			55			61
	Others			6			6
	Sub-total			3,977			3,865
	Total			16,445			17,730

- 38 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

(2) Share-based payment

Details of performance condition share-based payment granted to executives as of March 31, 2023 and 2022 are as follows.

1) Performance condition share-based payment

Subject to		Shares granted for the year 2020
Type of payment		Cash-settled
Vesting period		January 1, 2020 ~ December 31, 2023
Date of payment		2024-01-01
Fair value (*1)		10,953Won
Valuation method		Black-Scholes Model
Expected dividend rate		6.25%
Expected maturity date		0.75 years
Number of shares remaining	As of March 31, 2023	189,270 shares
	As of December 31, 2022	189,270 shares
Number of shares granted (*2)	As of March 31, 2023	189,270 shares
	As of December 31, 2022	189,270 shares
Subject to		Shares granted for the year 2021
Type of payment		Cash-settled
Vesting period		January 1, 2021 ~ December 31, 2024
Date of payment		2025-01-01
Fair value (*1)		10,289Won
Valuation method		Black-Scholes Model
Expected dividend rate		6.25%
Expected maturity date		1.75 years
Number of shares remaining	As of March 31, 2023	239,798 shares
	As of December 31, 2022	239,798 shares
Number of shares granted (*2)	As of March 31, 2023	239,798 shares
	As of December 31, 2022	239,798 shares
Subject to		Shares granted for the year 2022
Type of payment		Cash-settled
Vesting period		January 1, 2022 ~ December 31, 2025
Date of payment		2026-01-01
Fair value (*1)		9,666 Won
Valuation method		Black-Scholes Model
Expected dividend rate		6.25%
Expected maturity date		2.75 years
Number of shares remaining	As of March 31, 2023	223,176 shares
	As of December 31, 2022	223,176 shares
Number of shares granted (*2)	As of March 31, 2023	223,176 shares
	As of December 31, 2022	223,176 shares
Subject to		Shares granted for the year 2023
Type of payment		Cash-settled
Vesting period		January 1, 2023 ~ December 31, 2026
Date of payment		2027-01-01
Fair value (*1)		9,080 Won
Valuation method		Black-Scholes Model
Expected dividend rate		6.25%
Expected maturity date		3.75 years
Number of shares remaining	As of March 31, 2023	38,766 shares
	As of December 31, 2022	—
Number of shares granted (*2)	As of March 31, 2023	38,766 shares
	As of December 31, 2022	—

- 39 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

(*1) As the amount of payment varies according to the base price (the arithmetic average of the weighted average stock price of transactions in the past one week, the past one month, and the past two months) at the date of payment, the fair value is calculated and used to measure the liability according to the Black Shawls model based on the base price at the time of each settlement.

(*2) The number of payable stocks is granted at the initial contract date and the payment rate is determined based on the achievement of the pre-determined performance targets. Performance is evaluated as long-term performance indication including relative shareholder return, net income, return on equity (ROE), non-performing loan ratio and job performance.

2) The Company accounts for performance condition share-based payments according to the cash-settled method and the fair value of the liabilities is reflected in the compensation costs by re-measuring every closing period. As of March 31, 2023 and December 31, 2022 the book value of the liabilities related to the performance condition share-based payments recognized by the Company is 7,050 million Won and 8,266 million Won.

27. NON-OPERATING INCOME (EXPENSES)

(1) Details of non-operating income and expenses recognized are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2023			2022
Other non-operating income		1			5
Other non-operating expense		(10	)		(1	)
Total		(9	)		4

(2) Details of other non-operating income recognized are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2023		2022
Others		1		5

(3) Details of other non-operating expenses recognized are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2023		2022
Donations		10		—
Lease change cancellation loss		—		1
Total		10		1

- 40 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

28. INCOME TAX EXPENSE

Details of income tax expense are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2023			2022
Current tax expense
Current tax expense with respect to the current period		—			—
Sub-total		—			—
Deferred tax expense(income)
Change in deferred tax assets(liabilities) due to temporary differences		3,589			2,633
Tax expense(income) directly attributable to equity		(2,804	)		(1,374	)
Sub-total		785			1,259
Income tax expense		785			1,259

- 41 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

29. EARNINGS PER SHARE (“EPS”)

(1) Basic EPS is calculated by dividing net income attributable to common shareholders by weighted-average number of common shares outstanding (Unit: Korean Won in millions, except for EPS and number of shares):

	For the three-month periods ended March 31
	2023			2022
Net income attributable to Owners		1,456,379			1,233,390
Dividends to hybrid securities		(30,414	)		(19,150	)
Net income attributable to common shareholders		1,425,965			1,214,240
Weighted average number of common shares outstanding (Unit: million shares)		728			728
Basic EPS (Unit: Korean Won)		1,959			1,668

(2) The weighted average number of common shares outstanding is as follows: (Unit: number of shares, days)

	For the three-month period ended March 31, 2023
	Period	Number of shares	Dates	Accumulated number of shares outstanding during period
Common shares issued at the beginning of the period	2023-01-01~2023-03-31	728,060,549	90		65,525,449,410
Treasury stock	2023-01-01~2023-03-31	(2,324)	90		(209,160	)
	Sub-total (①)				65,525,240,250
Weighted average number of common shares outstanding (②=(①/90)					728,058,225

	For the three-month period ended March 31, 2021
	Period	Number of shares	Dates	Accumulated number of shares outstanding during period
Common shares issued at the beginning of the period	2022-01-01~2022-03-31	728,060,549	90		65,525,449,410
Treasury stock	2022-01-01~2022-03-31	(2,324)	90		(209,160	)
	Sub-total (①)				65,525,240,250
Weighted average number of common shares outstanding (②=(①/91)					728,058,225

Diluted EPS is equal to basic EPS because there is no dilution effect for the three-month periods ended March 31, 2023 and 2022.

- 42 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

30. CONTINGENT LIABILITIES AND COMMITMENTS

(1) Litigation case

As of March 31, 2023 and December 31, 2022, the Company has no litigation case in progress.

(2) Details of loan commitments with financial institutions are as follows (Unit: Korean Won in millions):

		March 31, 2023				December 31, 2022
	Financial institutions	Line of credit		Loan balance		Line of credit		Loan balance
Loans	Standard Chartered Bank Korea Ltd.		100,000		—		100,000		—
	Total		100,000		—		100,000		—

- 43 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

31. RELATED PARTY TRANSACTIONS

Related parties of the Company as of March 31, 2023 and December 31, 2022, and assets and liabilities recognized, guarantees and commitments, major transactions with related parties and compensation to key management for the three-month periods ended March 31, 2023 and 2022 are as follows:

(1) Assets and liabilities from transactions with related parties are as follows (Unit: Korean Won in millions):

Related parties	Title of account	March 31,2023			December 31, 2022
Subsidiaries
Woori Bank	Cash and cash equivalents		1,460,900			313,361
	Other financial assets		2,140,002			1,945,807
	Allowance for credit losses		(356	)		(315	)
	Other financial liabilities		6,062			21,242
Woori Card Co., Ltd.	Other financial assets		55,911			46,920
	Other financial liabilities		209			281
Woori Financial Capital Co., Ltd.	Other financial assets		59,142			46,487
Woori Investment Bank Co., Ltd.	Other financial assets		11,803			—
Woori Savings Bank	Other financial assets		—			389
	Other financial liabilities		294			—
Woori Financial F&I Co., Ltd.	Other financial liabilities		854			564
Woori Credit Information Co., Ltd.	Other financial assets		656			535
	Other financial liabilities		—			—
Woori Fund Service Co., Ltd.	Other financial assets		1,132			834
	Other financial liabilities		—			—
Woori Private Equity Asset Management Co. Ltd	Other financial liabilities		104			127
Woori Global Asset Management Co., Ltd	Other financial assets		101			101
Woori FIS Co., Ltd.	Other financial assets		1,057			1,054
	Other financial liabilities		477			480
Woori Finance Research Institute Co., Ltd.	Other financial assets		81			66
	Other financial liabilities		—			2,160
Associates of subsidiaries
W Service Networks Co., Ltd.	Other financial liabilities		98			90

- 44 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

(2) Gain or loss from transactions with related parties are as follows (Unit: Korean Won in millions):

		For the three-month periods ended March 31
Related party	Title of account	2023		2022
Subsidiaries
Woori Bank	Interest income		13,706		1,772
	Fees and commissions income		399		326
	Dividend income		1,372,572		1,175,672
	Interest expenses (*1)		53		7
	Fees and commissions expense		2		2
	Reversal of impairment loss due to credit loss		41		273
	General and administrative expenses (*1)		1,193		962
Woori Card Co., Ltd.	Dividend income		42,156		41,446
Woori Financial Capital Co., Ltd.	Dividend income		38,888		28,184
Woori Savings Bank	Dividend income		1,383		2,803
Woori Investment Bank Co., Ltd.	Dividend income		11,803		10,263
Woori FIS Co., Ltd.	General and administrative expenses		1,453		1,337
Woori Finance Research Institute Co., Ltd.	Fees and commissions expenses		1,700		1,600
Woori Credit Information Co., Ltd.	Dividend income		535		469
Woori Fund Service Co., Ltd.	Dividend income		1,174		1,100
Woori Asset Trust Co., Ltd	Dividend income		780		780
Associates of subsidiaries
W Service Networks Co., Ltd.	General and administrative expenses		281		279

(*1) The depreciation of right-of-use assets and interest expense of lease liabilities arising from lease transactions during the current term and prior term are included.

(3) The details of the right-of-use assets and lease liabilities due to lease transactions with related parties as of March 31, 2023 and December 31, 2022 are as follows (Unit: Korean Won in millions):

Related parties		Title of account	March 31, 2023		December 31, 2022
Subsidiaries	Woori Bank	Right-of-use assets		5,440		5,462
		Lease liabilities (*)		4,688		5,325

(*) Cash outflows of lease liabilities redemption for the three-month periods ended March 31, 2023 and 2022 are 690 million Won and 631 million Won.

- 45 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

(4) The details of loan and borrowing transactions with related parties for the three-month periods ended March 31, 2023 and 2022are as follows (Unit: Korean Won in millions):

			For the three-month period ended March 31, 2023
Related parties		Title of account	Beginning balance		Increase		Decrease		Ending balance
Subsidiaries	Woori Bank	Deposit (*)		1,595,000		1,855,000		1,265,000		2,185,000

(*) Excludes due from banks without withdrawal limitations.

			For the three-month period ended March 31, 2022
Related parties		Title of account	Beginning balance		Increase		Decrease		Ending balance
Subsidiaries	Woori Bank	Deposit (*)		520,000		1,155,000		400,000		1,275,000

(*) Excludes due from banks without withdrawal limitations.

(5) The details of equity-related transactions with related parties are as follows (Unit: Korean Won in million)

		For the threee-month period ended March 31, 2023
Related parties		Acquisition of hybrid securities
Subsidiary	Woori Asset Trust Co., Ltd(*1)		179,444
Subsidiary	Woori Venture Partneres Co., Ltd.(*2)		212,522

(*1) 28.1% stake in Woori Asset Trust Co., Ltd. (excluding treasury stocks) during the quarter. In the case of including treasury stocks, 21.3%) was acquired additionally.

(*2) During the quarter, 53.9% of Woori Venture Partners Co., Ltd. shares (excluding treasury stocks). In the case of including treasury stocks, the share ratio was 52.0% acquired and incorporated into the subsidiary.

		For the threee-month period ended March 31, 2022
Related parties		Investment(*1)		Acquisition of hybrid securities
Subsidiary	Woori Financial F&I Co., Ltd.		200,000		—
Subsidiary	Woori Financial Capital Co., Ltd.		—		200,000

(*1) During the current quarter, Woori Financial F&I Co., Ltd. was established (100% share ratio, 200 billion won in stock payments) and included as a subsidiary.

- 46 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

(6) There are no guarantees provided to the related parties. The unused commitments provided from the related parties are as follows (Unit: Korean Won in millions):

Related parties		March 31, 2023		December 31, 2022		Warranty
Subsidiaries	Woori Card Co., Ltd.		731		741	Unused loan commitment

(7) Compensation for key management is as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2023			2022
Short-term employee salaries		1,435			1,794
Retirement benefit service costs		81			50
Share-based compensation		(104	)		965
Total		1,412			2,809

Key management includes registered executives and non-registered executives. The Company has not recognized any outstanding assets, allowance and related impairment loss due to credit losses from transaction with key management as of March 31, 2023 and December 31, 2022. Liabilities related to key management compensation are 7,310 million Won and 10,272 million Won as of as of March 31, 2023 and December 31, 2022, respectively.

- 47 -

WOORI FINANCIAL GROUP INC.

NOTES TO SEPARATE INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2023 AND 2022 (UNAUDITED)

32. LEASES

(1) The future lease payments under the lease contracts are as follows (Unit: Korean Won in millions):

	March 31, 2023		December 31, 2022
Lease payments:
Within one year		3,080		3,098
After one year but within five years		2,380		3,070
Total		5,460		6,168

(2) Total cash outflows from lease are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2023		2022
Cash outflows from lease		848		776

(3) Details of lease payments that are not included in the measurement of lease liabilities due to the fact that they are leases for which the underlying asset is of low value are as follows (Unit: Korean Won in millions):

	For the three-month periods ended March 31
	2023		2022
Lease payments for which the underlying short-term lease payments		13		8
asset is of low value		38		39

33. EVENTS AFTER THE REPORTING PERIOD

The Company will acquire 100 billion Won worth of treasury stocks through a trust agreement from April 24 to October 24, 2023, with a resolution to acquire and incinerate treasury stocks at the board of directors meeting on April 21, 2023.

- 48 -