Woori Financial (US:WF)2025-11-14 17:09Financial Performance - For the three-month period ended September 30, 2025, net income was 1,291,504 million Korean Won, an increase from 916,978 million Korean Won in the same period of 2024, representing a growth of 40.9%[15] - Net income for the nine-month period ended September 30, 2025, was 2,885,803 million Korean Won, an increase from 2,717,398 million Korean Won in the same period of 2024, representing a growth of approximately 6.2%[20] - Total comprehensive income for the nine-month period ended September 30, 2025, was 2,699,429 million Korean Won, compared to 2,849,156 million Korean Won in 2024, reflecting a decrease of 5.3%[16] - Basic and diluted earnings per share for the three-month period was 1,651 Korean Won, compared to 1,162 Korean Won in the same period of 2024, reflecting an increase of 42.1%[16] - The net gain on financial instruments at FVTPL for the three-month period was 534,290 million Korean Won, a significant recovery from a loss of 120,117 million Korean Won in the same period of 2024[15] Assets and Liabilities - Total assets increased to KRW 586,956,410 million as of September 30, 2025, up from KRW 525,753,320 million at the end of 2024, representing a growth of approximately 11.4%[13] - Total liabilities reached KRW 549,804,902 million, up from KRW 489,858,051 million, indicating an increase of around 12.2%[13] - The total equity of the Group increased to KRW 37,151,508 million from KRW 35,895,269 million, representing a growth of about 3.5%[13] - The Group's cash and cash equivalents stood at KRW 29,232,549 million, compared to KRW 27,281,123 million, showing an increase of approximately 7.2%[13] - The total cash and cash equivalents at the end of the period were 29,232,549 million Won, down from 33,485,919 million Won in 2024, indicating a decrease of about 13%[21] Income and Expenses - Net interest income for the nine-month period increased to 6,730,587 million Korean Won from 6,614,592 million Korean Won, marking a rise of 1.8%[15] - The total interest expense for the nine-month period decreased to 9,055,065 million Korean Won from 9,802,138 million Korean Won, a reduction of 7.6%[15] - General and administrative expenses for the nine-month period ended September 30, 2025, were 3,689,177 million Won, compared to 3,158,105 million Won in 2024, indicating an increase of about 16.73%[130] - Non-interest income for the nine-month period ended September 30, 2025, was 1,443,303 million Won, compared to 1,378,313 million Won in 2024, indicating an increase of about 4.73%[130] Credit and Impairment - The impairment loss due to credit loss for the nine-month period was 1,518,969 million Korean Won, an increase from 1,253,770 million Korean Won, representing a rise of 21.2%[15] - The total credit impairment allowance was 3,918,889 million Won as of September 30, 2025, compared to 3,883,146 million Won at the end of 2024, indicating a slight increase of about 0.9%[94] - The total allowance for credit losses on other financial assets reached 315,048 million Korean Won, an increase from 213,014 million Korean Won at the end of 2024[162] - The ending balance of credit impairment for credit card accounts was (1,416,742) million Korean Won as of September 30, 2025[160] Investments and Acquisitions - The Parent company acquired 77.9% of Tongyang Life Insurance Co., Ltd. and 100% of ABL Life Insurance Co., Ltd. on July 1, 2025, expanding its insurance segment[34] - The Parent company paid 22,541,465 new shares to acquire the remaining 41.3% of Woori Investment Bank Co., Ltd. on August 8, 2023, making it a wholly-owned subsidiary[30] - The company issued hybrid securities amounting to 398,789 million Korean Won during the nine-month period ended September 30, 2025[20] - The Group's strategic acquisitions and mergers aim to strengthen its market position and expand its service offerings in the financial sector[45] Risk Management - The Group's risk management organization includes a Risk Management Committee and a Chief Risk Officer to oversee credit, market, and liquidity risks[71] - The Group applies K-IFRS 1109 to measure expected credit losses, classifying financial assets into three stages based on credit risk[78] - Liquidity risk management aims to prevent potential cash shortages due to mismatched maturity of assets and liabilities or unexpected cash outflows[110] - The Group manages liquidity risk by analyzing cash flow and maintaining the maturity gap ratio at or below the target limit[111] Ownership Structure - Woori Financial Group maintains 100% ownership in key subsidiaries including Woori Private Equity Asset Management Co., Ltd. and Woori Credit Information Co., Ltd. as of September 30, 2025[36] - The company has a 90.8% ownership in PT Bank Woori Saudara Indonesia 1906 Tbk, reflecting its strategic investment in the Indonesian market[36] - The financial statements indicate a consistent ownership structure across subsidiaries from 2024 to 2025, with no changes in percentage ownership reported[36] - The Group's subsidiaries include a variety of investment trusts, with ownership stakes ranging from 50% to 100% across different funds[46] Financial Instruments - The total fair value of financial assets measured at fair value was 107,157,660 million Korean Won, with Level 1 assets amounting to 37,221,327 million Korean Won[167] - The total financial assets at fair value through profit or loss (FVTPL) amounted to 12,379,386 million Won, an increase from 5,924,081 million Won as of September 30, 2024[178] - The net income from financial assets at FVTPL for the nine-month period ended September 30, 2025, was 81,521 million Won, compared to 47,984 million Won for the same period in 2024[178] - The total financial liabilities at fair value through profit or loss (FVTPL) remained stable at 1,402 million Won as of September 30, 2025, with no changes reported during the period[178]