Woori Financial (WF)2024-11-14 15:22Financial Performance - Net income for the three-month period ended September 30, 2024, was 916,978 million Won, a slight decrease from 918,116 million Won in the same period of 2023[20]. - Total comprehensive income for the nine-month period ended September 30, 2024, reached 2,849,156 million Won, compared to 3,028,535 million Won in the previous year[22]. - Operating income for the nine-month period ended September 30, 2024, was 3,581,030 million Won, an increase from 3,365,684 million Won in 2023[20]. - Net income attributable to owners for the nine-month period was 2,717,398 million Won, compared to 2,531,928 million Won in the same period last year[22]. - The company reported a net income of 2,659,867 million Won for the nine-month period ended September 30, 2024, reflecting a growth compared to the previous year[26]. - The net income for the nine-month period ended September 30, 2024, was 3,971,270 million Won, compared to 4,019,007 million Won in 2023, indicating a decline of about 1.2%[126]. Asset and Liability Management - Total assets increased to 543,705,197 million Korean Won as of September 30, 2024, up from 498,004,936 million Korean Won at the end of 2023, representing an increase of approximately 9.4%[17]. - Total liabilities increased to 507,502,792 million Korean Won, up from 464,607,446 million Korean Won, reflecting a growth of about 9.2%[17]. - The Group's total equity increased to 36,202,405 million Korean Won, compared to 33,397,490 million Korean Won, marking an increase of approximately 8.5%[17]. - Cash and cash equivalents at the end of the period rose to 33,485,919 million Korean Won from 25,891,826 million Korean Won, marking an increase of approximately 29.8%[30]. - The total liabilities as of September 30, 2024, were 509,936,575 million Won, compared to 455,094,511 million Won in 2023, indicating an increase of around 12%[126]. Credit and Risk Management - The Group's maximum exposure to credit risk is 635,862,118 million Won, an increase from 587,417,741 million Won as of December 31, 2023[89]. - The allowance for expected credit losses is calculated using Probability of Default (PD) and Loss Given Default (LGD) models, reflecting forward-looking information[87]. - The Group assesses credit risk using indicators such as days past due and credit rating changes, with significant increases noted for corporate exposures when more than 30 days past due[85]. - The total credit risk exposure across various industries as of September 30, 2024, was 635,862,118 million Korean Won, compared to 587,417,741 million Korean Won at the end of 2023, indicating an increase of about 8.2%[95]. - The total amount of loan commitments was 132,734,551 million KRW, with 126,702,026 million KRW rated above appropriate credit rating[100]. Investment and Securities - Financial assets at fair value through profit or loss (FVTPL) reached 22,124,297 million Korean Won, up from 21,544,756 million Korean Won, indicating a growth of 2.7%[17]. - The total amount of financial assets at fair value through other comprehensive income (FVTOCI) decreased to 36,699,049 million Won as of September 30, 2024, down from 37,891,495 million Won at the end of 2023, reflecting a decline of approximately 3.1%[134]. - The Group's financial assets at FVTOCI totaled 35,640,402 million Won as of September 30, 2024, with a loss allowance of 26,984 million Won[96]. - The total financial assets at FVTPL amounted to 5,364,501 million Korean Won, with a net income of 47,984 million Korean Won for the nine-month period[185]. Operational Highlights - The Group's operational risk management system has been established to comply with Basel III regulations implemented in 2023[120]. - The Group measures operational risk capital using the Basel III standardized approach, which involves the Business Indicator Component (BIC) and Internal Loss Multiplier (ILM)[121]. - The total cash flow from fair value risk hedge derivatives as of September 30, 2024, is 82,844 million Korean Won[117]. - The Group's reporting segments include banking, credit card, capital, investment securities, and other sectors, which are regularly reviewed for performance evaluation[123]. Subsidiary Performance - Woori Bank reported total assets of 501,761,489 million KRW and liabilities of 472,838,104 million KRW[54]. - Woori Card Co., Ltd. reported total assets of 16,965,431 million KRW and a net income of 140,204 million KRW for the same period[54]. - Woori Financial Capital Co., Ltd. had total assets of 12,930,618 million KRW and a net income of 115,656 million KRW[54]. - Woori Investment Securities Co., Ltd. reported total assets of 7,813,525 million KRW and a net income of 9,481 million KRW[54]. Equity and Dividends - Dividends to common stocks totaled 745,218 million Won for the nine-month period ended September 30, 2024[26]. - The share of gain from associates for the nine-month period ended September 30, 2024, was 4,844,705 million Won, compared to 4,861,533 million Won in 2023, showing a slight decrease of about 0.35%[125]. - The Group's total interest income for the nine-month period ended September 30, 2024 was 6,628,558 million Won, reflecting a robust income generation capability[199].