Share Cancellation - Woori Financial Group plans to cancel 8,503,401 shares of its common stock, which represents approximately 1.17% of the total shares issued (728,060,549 shares) [5] - The estimated amount of shares to be cancelled is KRW 100,000,000,000, based on the closing price as of April 20, 2023 [5] - The cancellation of treasury shares will not reduce the paid-in capital of Woori Financial Group, while the total number of shares issued will decrease [5] - The scheduled period for the acquisition of treasury shares is from April 24, 2023, to October 24, 2023 [5] - The actual number of shares to be cancelled may change depending on fluctuations in share price [5]

Financial Position and Capital Adequacy - As of December 31, 2022, the total amount of assets provided as collateral for secured borrowings was ₩21,748 billion[103]. - Approximately 95.3% of customer deposits had maturities of one year or less or were payable on demand as of December 31, 2022[109]. - The total book value of debt securities held in the trading and investment securities portfolio was ₩9,631 billion as of December 31, 2022[112]. - The common equity Tier I capital adequacy ratio was 11.57% as of December 31, 2022, exceeding the minimum requirement of 8.0%[113]. - The Tier I capital adequacy ratio was 13.62% as of December 31, 2022, above the required minimum of 9.5%[113]. - The combined Tier I and Tier II capital adequacy ratio was 15.30% as of December 31, 2022, surpassing the minimum requirement of 11.5%[113]. - Korean banks are required to maintain a minimum common equity Tier I capital ratio of 4.5% and Tier I capital ratio of 6.0% as of January 1, 2015, with additional capital conservation and counter-cyclical buffers[115]. - The company and Woori Bank are designated as domestic systemically important banks, subjecting them to an additional capital requirement of 1.0% for 2022 and 2023[115]. Regulatory and Compliance Issues - An investigation by the Financial Supervisory Service was launched in April 2022 due to an employee embezzling approximately ₩70.8 billion[102]. - The Financial Consumer Protection Act, effective March 25, 2021, imposes stricter distribution guidelines and increased liability for customer losses[141]. - The company is subject to various regulations that may limit operational flexibility and increase compliance costs due to heightened consumer protection laws[140]. - The Financial Services Commission may impose burdensome measures if the company is deemed financially unsound, potentially harming business operations[145]. - The company is cooperating with ongoing investigations related to compliance with U.S. sanctions, which may affect its business and reputation[126]. - The company reported employee embezzlements totaling approximately ₩70.8 billion, with ₩3.4 billion recovered as of December 31, 2022[136]. Economic and Market Conditions - The Korean economy showed signs of recovery in 2021 but faced high inflation and interest rates in 2022, impacting future growth prospects[147]. - The unemployment rate in Korea decreased from 4.0% in 2020 to 2.9% in 2022, indicating an improvement in the labor market[156]. - North Korea conducted over 60 ballistic missile tests in 2022, including 8 intercontinental ballistic missiles, raising geopolitical tensions[155]. - The KOSPI index was at 2,575.9 on April 17, 2023, reflecting the volatility of the Korean securities market[171]. - The company is exposed to risks from global economic conditions, including the impact of geopolitical tensions and fluctuations in commodity prices[148]. - The company reported that adverse developments in the financial markets could negatively affect its results of operations and financial condition[150]. Cybersecurity and Data Protection - The company has made substantial investments in cybersecurity, obtaining certifications such as ISMS-P, ISO27001, and ISO27701 to validate its data protection protocols[132]. - South Korea's Defense Ministry raised the Cyber Protection Condition level from 4 to 3 in March 2022, prompting the company to enhance its cybersecurity measures[131]. - The company continues to face evolving cybersecurity risks, which could lead to potential financial losses and reputational damage[133]. - The company may face significant penalties for data breaches under the Personal Information Protection Act, including quintuple damages for information leakage[140]. Shareholder and Ownership Dynamics - Major shareholders include IMM Private Equity, Inc. with 5.57% and BlackRock Fund Advisors with 5.07% of outstanding common stock[158]. - The market price of common stock may be adversely affected by potential future sales by major shareholders[157]. - The Financial Holding Company Act restricts single shareholders from owning more than 10.0% of voting stock, affecting ownership dynamics[162]. - Non-Korean holders may face adverse tax consequences if the KDIC sells shares received in the stock transfer[159]. Corporate History and Structure - Woori Finance Holdings was established in March 2001 as a new financial holding company, acquiring shares in several banks, including Hanvit Bank, Kyongnam Bank, and Kwangju Bank[184]. - In December 2000, the Korean government injected public funds totaling ₩2,764 billion into Hanvit Bank as part of a recapitalization effort[182]. - Woori Finance Holdings sold its 52.0% ownership interest in Woori Financial for ₩280 billion in March 2014[191]. - The merger of Woori Finance Holdings with Woori Bank was completed on November 1, 2014, with shareholders receiving one share of Woori Bank for each share of Woori Finance Holdings[193]. - Following the merger, Woori Bank's overall business operations became substantially identical to those of Woori Finance Holdings prior to the merger[194]. - Woori Bank acquired a 51% equity interest in Wealth Development Bank in the Philippines in October 2016[190]. - Woori Bank established a local subsidiary in Vietnam, Woori Bank Vietnam, which commenced operations in January 2017[190]. - Woori Bank obtained a commercial banking license in Cambodia in November 2021, allowing it to operate nationwide as Woori Bank (Cambodia) PLC[190]. - The privatization plan for Woori Finance Holdings was announced in June 2013, aiming to dispose of the Korean government's interest in the company[188]. - KDIC sold 40,143,022 shares of Woori Bank's common stock in December 2014, representing 5.9% of its outstanding common stock[196]. - In total, KDIC sold 200,685,395 shares of Woori Bank's common stock between December 2016 and January 2017, representing 29.7% of its outstanding common stock[196]. - As of April 2021, KDIC owned 1.3% of Woori Bank's outstanding common stock after multiple sales[198]. - Woori Financial Group was established on January 11, 2019, through a comprehensive stock transfer, with shareholders receiving one share of the new company for each share of Woori Bank[200]. - Woori Bank's common stock was de-listed from the KRX KOSPI Market on February 13, 2019, coinciding with the new listing of Woori Financial Group[203]. - In August 2019, Woori Financial Group acquired a 73% equity interest in Woori Asset Management Corp.[205]. - Woori Financial Group conducted a stock exchange with Woori Bank in September 2019, resulting in Woori Bank receiving 42,103,377 shares of Woori Financial Group's common stock and ₩598 billion in cash[205]. - Woori Financial Group acquired a 59.83% equity interest in Woori Investment Bank for ₩393 billion in September 2019[205]. - As of March 31, 2023, Woori Financial Group completed additional acquisitions to own a total of 72.3% equity interest in Woori Asset Trust Co., Ltd.[206].

Financial Position - As of December 31, 2022, loans measured at amortized cost amount to 346,252,713 million won, with allowances for credit losses of 2,334,153 million won[10]. - The Group's consolidated financial statements present a fair view of its financial position as of December 31, 2022, in accordance with Korean IFRS[4]. - Total assets increased to 480,474,396 million Korean Won in 2022, up from 447,183,871 million in 2021, representing a growth of approximately 7.3%[32]. - Total liabilities increased to 448,847,054 million Korean Won in 2022, up from 418,333,676 million in 2021, marking a rise of 7.3%[32]. - The total comprehensive income for 2022 was 3,084,163 million Korean Won, slightly up from 2,977,552 million in 2021, an increase of 3.6%[36]. - The total assets of the company as of December 31, 2022, were 31,627,342 million Korean Won, compared to 28,850,195 million Korean Won in 2021, indicating a growth of 9.7%[42]. Income and Earnings - Net income for 2022 was 3,323,982 million Korean Won, a 18.3% increase from 2,807,371 million in 2021[35]. - The company reported a basic and diluted earnings per share of 4,191 Korean Won in 2022, compared to 3,481 Korean Won in 2021, indicating an increase of 20.4%[37]. - Net interest income rose to 8,696,579 million Korean Won in 2022, compared to 6,985,721 million in 2021, reflecting a growth of 24.5%[35]. - Fees and commissions income grew to 2,499,700 million Korean Won in 2022, up from 2,171,705 million in 2021, a rise of 15.0%[35]. - Interest income for 2022 was 14,189,016 million Korean Won, compared to 9,351,055 million Korean Won in 2021, showing a growth of 51.5%[43]. - The total comprehensive income for 2022 reached 31,627,342 million Korean Won, up from 28,850,195 million Korean Won in 2021, reflecting a growth of 9.7%[42]. Cash Flow and Management - Cash inflow from operating activities in 2022 was 18,624,119 million Korean Won, significantly higher than 3,799,743 million Korean Won in 2021[44]. - The company reported a net cash outflow from investing activities of 6,968,690 million Korean Won in 2022, compared to 10,666,859 million Korean Won in 2021, indicating improved cash management[45]. - Cash and cash equivalents at the end of 2022 were 34,219,148 million Korean Won, up from 20,613,073 million Korean Won at the end of 2021, representing a 65.8% increase[44]. - The Group's cash and cash equivalents increased significantly from 13,047,255 million KRW in 2021 to 22,965,162 million KRW in 2022, marking an increase of 76.5%[92]. - Cash flows from operating activities rose from 5,600,710 million KRW in 2021 to 9,981,310 million KRW in 2022, an increase of 78.5%[93]. Credit Losses and Risk Management - The audit identified expected credit losses on loans as a key audit matter, requiring significant management judgment and estimation[9]. - The Group's expected credit loss model includes both individual and collective assessments, reflecting complex variables and assumptions[9]. - The audit confirmed that the methodologies used for estimating expected credit losses were based on sufficient and reasonable historical data[16]. - The Group's management recognized lifetime expected credit losses on loans with significant increases in credit risk[12]. - The Group recognizes loss allowance on expected credit losses for financial assets, measured by incorporating current conditions and forecasts of future economic conditions[192]. Subsidiaries and Investments - As of December 31, 2022, Woori Financial Group fully owns 12 subsidiaries, including Woori Bank and Woori Card Co., Ltd., with ownership percentages ranging from 58.7% to 100%[54]. - Woori Financial Group's subsidiaries operate in various sectors, including banking, finance, asset management, and credit information services[54]. - The Group's investment strategy includes a focus on structured entities for asset securitization and securities investment[63]. - The total assets of unconsolidated structured entities held by the Group amounted to 14,856,750 million won for asset securitization, 82,724,618 million won for structured finance, 132,264,383 million won for investment funds, and 1,316,930 million won for real estate trust as of December 31, 2022[80]. - The Group's maximum exposure to risks from unconsolidated structured entities was 8,153,111 million won for asset securitization, 6,086,831 million won for structured finance, 9,322,308 million won for investment funds, and 92,856 million won for real estate trust[80]. Accounting Policies and Standards - The Group's accounting policy changes regarding cash equivalents resulted in a retrospective increase in cash and cash equivalents by 22,965,162 million KRW as of December 31, 2022[92]. - The amendments to K-IFRS 1103 regarding business combinations did not have a significant impact on the financial statements, indicating stability in accounting practices[94]. - The Group does not expect significant impacts from the newly issued K-IFRS standards effective from January 1, 2023, suggesting a stable outlook for compliance costs[99]. - The Group's approach to business combinations emphasizes the acquisition method, ensuring fair value recognition of acquired assets and liabilities[109]. - Non-controlling interests are measured at fair value at the acquisition date, reflecting the proportional interest in changes in equity post-acquisition, which is crucial for financial reporting accuracy[112]. Revenue Recognition - The Group recognizes revenue from contracts with customers when a performance obligation is satisfied, with transaction prices allocated accordingly[136]. - Fees and commission received for brokerage primarily come from Banking segment activities, with significant contributions from bancassurance and beneficiary certificates[137]. - Revenue from electronic finance services is recognized immediately upon service completion, significantly contributing to Banking and Investment banking segments[139]. - The Group accounts for joint ventures and associates using the equity method, recognizing its share of net assets and any impairment[121]. - Loan origination fees are accounted for as deferred origination fees, impacting interest income calculations using the effective interest rate method[154].

Woori Financial Group Inc. (NYSE:WF) Q4 2022 Earnings Conference Call February 8, 2023 2:00 AM ET Company Participants Sang-Wook Chun - President Sung-Wook Lee - CFO Jung Seok-Yong - Chief Revenue Officer Conference Call Participants Park Hye-jin - Daishin Securities Jung Jun-Sup - NH Securities Kim Do Ha - Hanwha Securities Baek Doosan - Korea Investment & Securities Shim Jong-Min - CLSA Unidentified Company Representative Good afternoon. I am [indiscernible], Head of IR at Woori Financial Group and I will ...

WF NYSE LISTED | --- | --- | --- | --- | --- | |---------------|-------|-------|-------|-------| | | | | | | | 3Q22 | | | | | | | | | | | | Business | | | | | | Results | | | | | | October, 2022 | | | | | | | | | | | Contents Ⅰ. 3Q22 Financial Highlights Ⅱ. 3Q22 Financial Analysis Ⅲ. Key Subsidiaries IV. Appendix (Key ESG / Digital Highlights) Disclaimer This material has been prepared by Woori Financial Group ("the Company") to provide an overview of business results. This material contains certain prelimi ...

Woori Financial Group Inc. (NYSE:WF) Q3 2022 Earnings Conference Call October 25, 2022 2:00 AM ET Company Participants Yi Jung Su - Head, Investor Relations Son Tae-Seung - Chairman Chun Sang-Wook - President Jung Seok-Yong - Chief Revenue Officer Park Jong-il - CSO and ESG Officer Lee Sung-Wook - Chief Financial Officer Conference Call Participants Jeong Tae-joon - Yuanta Securities Jung Jun-Sup - NH Securities Park Hye-jin - Daishin Securities Kim Do Ha - Hanwha Securities Shim Jong-Min - CLSA Yi Jung Su ...

Exhibit 99.1 WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES CONSOLIDATED INTERIM FINANCIAL STATEMENTS AS OF AND FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED JUNE 30, 2022 AND 2021 WOORI FINANCIAL GROUP INC. | | Page(s) | | --- | --- | | Report on Review of Consolidated Interim Financial Statements | 1-2 | | Consolidated Interim Financial Statements | | | Consolidated Interim Statements of Financial Position | 4 | | Consolidated Interim Statements of Comprehensive Income | 5-6 | | Consolidated Interim Statem ...

Table of Contents As filed with the Securities and Exchange Commission on May 16, 2022 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SH ...

Table of Contents Exhibit 99.1 WOORI FINANCIAL GROUP INC. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020 WOORI FINANCIAL GROUP INC. Ta b l e o f C o n t e n t s | P | a | g | e | ( | s | ) | I | n | d | e | p | e | n | d | e | n | t | A | u | d | i | t | o | r | ' | s | R | e | p | o | r | t | 1 | - | 5 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- ...

Woori Financial Group, Inc. (NYSE:WF) Q4 2021 Earnings Conference Call February 9, 2022 2:00 AM ET Company Participants Lee Dong Su - Head of IR Son Tae-Seung - Chairman Lee Sung-wook - Group CFO Jung Seok-Young - Group CRO Park Jong-il - Group CFO Hwang Weon Cheol - Group CEO Conference Call Participants Kim Jin-Sang - Hyundai Motor Securities Kim Do Ha - Hanwha Investment & Securities Kim Eun - BNP Park Hye-jin - Daishin Securities Unidentified Company Representative Good afternoon. I am Lee Dong Su [ ...